$VRTS
Virtus Investment Partners Inc

2017 Q4 Form 10-Q Financial Statement

#000088323717000093 Filed on November 06, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $128.0M $123.7M $82.32M
YoY Change 60.33% 50.23% -10.88%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.038M $754.0K
YoY Change 37.67% -17.14%
% of Gross Profit
Operating Expenses $106.9M $65.79M
YoY Change 62.48% -5.01%
Operating Profit $28.02M $16.79M $16.54M
YoY Change 119.16% 1.52% -28.44%
Interest Expense -$1.908M $1.716M
YoY Change -211.19% 1143.48%
% of Operating Profit -11.36% 10.38%
Other Income/Expense, Net $15.27M $4.891M
YoY Change 212.17% -124.12%
Pretax Income $30.15M $23.15M
YoY Change 30.26% 287.95%
Income Tax $9.626M $6.869M
% Of Pretax Income 31.93% 29.68%
Net Earnings $5.643M $18.79M $15.63M
YoY Change 20.27% -521.96%
Net Earnings / Revenue 4.41% 15.19% 18.98%
Basic Earnings Per Share $0.48 $2.32 $2.04
Diluted Earnings Per Share $0.46 $2.21 $1.99
COMMON SHARES
Basic Shares Outstanding 7.158M shares 7.212M shares 7.676M shares
Diluted Shares Outstanding 8.492M shares 7.854M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $198.6M $461.8M $260.8M
YoY Change 25.22% 77.08% 54.31%
Cash & Equivalents $132.2M $386.1M $179.3M
Short-Term Investments $66.42M $75.70M $81.49M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $10.83M $11.56M $7.864M
YoY Change 40.18% 46.96% -13.03%
Goodwill $170.2M $170.2M $6.788M
YoY Change 2406.67% 2406.67% 2.09%
Intangibles $302.0M $307.0M $39.03M
YoY Change 685.79% 686.62% -6.34%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.591B $2.742B $929.6M
YoY Change 214.27% 194.93% 12.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $1.981B $2.074B $429.5M
YoY Change 325.7% 382.85% 80.8%
SHAREHOLDERS EQUITY
Retained Earnings -$386.2M -$391.7M -$436.7M
YoY Change -8.97% -10.3% -8.84%
Common Stock $1.216B $1.217B $1.089B
YoY Change 11.54% 11.69% -4.63%
Preferred Stock
YoY Change
Treasury Stock (at cost) $351.7M $351.7M $182.7M
YoY Change 2.18% 92.53% 48.9%
Treasury Stock Shares 3.296M shares 3.296M shares 1.502M shares
Shareholders Equity $588.6M $584.2M $469.8M
YoY Change
Total Liabilities & Shareholders Equity $2.591B $2.742B $929.6M
YoY Change 214.27% 194.93% 12.43%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $5.643M $18.79M $15.63M
YoY Change 20.27% -521.96%
Depreciation, Depletion And Amortization $1.038M $754.0K
YoY Change 37.67% -17.14%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2016Q3 vrts Amortization Of Intangible Assets And Contingent Amortization
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vrts Amortization Of Intangible Assets And Contingent Amortization
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CY2017Q3 vrts Amortization Of Intangible Assets And Contingent Amortization
AmortizationOfIntangibleAssetsAndContingentAmortization
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vrts Amortization Of Intangible Assets And Contingent Amortization
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vrts Change In Accruals Or Liabilities For Capital Expenditures
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vrts Change In Accruals Or Liabilities For Capital Expenditures
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CY2016Q3 vrts Common Stock Dividends Accrued But Not Yet Paid
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vrts Contingent Consideration Issued
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vrts Contingent Consideration Issued
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CY2017Q3 vrts Marketable Securities Accumulated Unrealized Gain
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us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Business</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Virtus Investment Partners, Inc. (&#8220;the Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or &#8220;Virtus&#8221;), a Delaware corporation, operates in the investment management industry through its subsidiaries.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company provides investment management and related services to individuals and institutions. The Company&#8217;s retail investment management services are provided to individuals through products consisting of U.S. 1940 Act mutual funds and Undertaking for Collective Investment in Transferable Securities ("UCITS") (collectively, "open-end funds"), closed-end funds, exchange traded funds (&#8220;ETFs&#8221;) and retail separate accounts. Institutional investment management services are provided to corporations, multi-employer retirement funds, employee retirement systems, foundations, endowments, structured products and as a subadviser to unaffiliated mutual funds.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 1, 2017, the Company completed the acquisition of RidgeWorth Investments ("RidgeWorth"), which provided investment management services through its affiliated managers to clients in North America, Europe and Asia. See Note 3 for further discussion of the RidgeWorth acquisition.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. Previously, the Company reported consolidated investment products and consolidated sponsored investment products separately. Currently, the Company combines these categories under the caption "consolidated investment products" and has accordingly reclassified prior presentations. Further, the Company has reclassified its prior net presentation of purchases and sales of investments by its consolidated sponsored investments products and its consolidated investment product in the Condensed Consolidated Statement of Cash Flows for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;"> to conform with the current year presentation of showing such purchases and sales as separate line items within the cash flows from operating activities. The reclassifications had no impact on the net cash provided by or used in operating, investing or financing activities within the Condensed Consolidated Statement of Cash Flows, nor any impact on the other Condensed Consolidated Financial Statements. </font></div></div>

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