$VRTS
Virtus Investment Partners Inc

2018 Q4 Form 10-Q Financial Statement

#000088323718000099 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $138.1M $152.2M $123.7M
YoY Change 7.84% 23.07% 50.23%
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 $1.189M $1.038M
YoY Change 14.55% 37.67%
% of Gross Profit
Operating Expenses $118.3M $106.9M
YoY Change 10.64% 62.48%
Operating Profit $29.23M $33.95M $16.79M
YoY Change 4.33% 102.19% 1.52%
Interest Expense $5.198M -$1.908M
YoY Change -372.43% -211.19%
% of Operating Profit 15.31% -11.36%
Other Income/Expense, Net -$4.560M $15.27M
YoY Change -129.87% 212.17%
Pretax Income $34.58M $30.15M
YoY Change 14.71% 30.26%
Income Tax $6.653M $9.626M
% Of Pretax Income 19.24% 31.93%
Net Earnings $1.093M $27.00M $18.79M
YoY Change -80.63% 43.67% 20.27%
Net Earnings / Revenue 0.79% 17.74% 15.19%
Basic Earnings Per Share $0.01 $3.47 $2.32
Diluted Earnings Per Share $0.01 $3.19 $2.21
COMMON SHARES
Basic Shares Outstanding 7.147M shares 7.175M shares 7.212M shares
Diluted Shares Outstanding 8.456M shares 8.492M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $461.8M
YoY Change 77.08%
Cash & Equivalents $201.7M $220.2M $386.1M
Short-Term Investments $75.70M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $20.15M $12.00M $11.56M
YoY Change 86.04% 3.82% 46.96%
Goodwill $290.4M $290.4M $170.2M
YoY Change 70.65% 70.65% 2406.67%
Intangibles $338.8M $346.4M $307.0M
YoY Change 12.21% 12.81% 686.62%
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 $2.871B $2.884B $2.742B
YoY Change 10.8% 5.21% 194.93%
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 $2.169B $2.165B $2.074B
YoY Change 9.48% 4.4% 382.85%
SHAREHOLDERS EQUITY
Retained Earnings -$310.9M -$313.0M -$391.7M
YoY Change -19.51% -20.09% -10.3%
Common Stock $1.210B $1.211B $1.217B
YoY Change -0.52% -0.5% 11.69%
Preferred Stock
YoY Change
Treasury Stock (at cost) $379.2M $364.2M $351.7M
YoY Change 7.82% 3.55% 92.53%
Treasury Stock Shares 3.555M shares 3.395M shares 3.296M shares
Shareholders Equity $629.9M $643.7M $584.2M
YoY Change
Total Liabilities & Shareholders Equity $2.871B $2.884B $2.742B
YoY Change 10.8% 5.21% 194.93%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $1.093M $27.00M $18.79M
YoY Change -80.63% 43.67% 20.27%
Depreciation, Depletion And Amortization $1.189M $1.038M
YoY Change 14.55% 37.67%
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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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Stock Issued1
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CY2018Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
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us-gaap Stock Repurchased During Period Value
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CY2018Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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CY2018Q3 us-gaap Stockholders Equity
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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. ("the Company," "we," "us," "our" or "Virtus"), 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 ("ETFs") 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 July 1, 2018, the Company completed the acquisition of a majority interest in Sustainable Growth Advisers, LP ("SGA"), an investment manager specializing in U.S. and global growth equity portfolios. See Note 4 for further discussion of the SGA acquisition.</font></div></div>

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