$VRTS
Virtus Investment Partners Inc

2019 Q2 Form 10-Q Financial Statement

#000088323719000082 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $140.5M $132.9M
YoY Change 5.68% 41.22%
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 $1.271M $1.100M
YoY Change 15.55% 41.75%
% of Gross Profit
Operating Expenses $110.4M $105.6M
YoY Change 4.48% 16.14%
Operating Profit $30.13M $27.31M
YoY Change 10.33% 757.66%
Interest Expense -$5.896M $5.750M
YoY Change -202.54% -584.82%
% of Operating Profit -19.57% 21.06%
Other Income/Expense, Net $12.46M -$364.0K
YoY Change -3521.7% 304.44%
Pretax Income $36.69M $32.69M
YoY Change 12.21% 1613.52%
Income Tax $8.788M $9.465M
% Of Pretax Income 23.95% 28.95%
Net Earnings $26.93M $23.07M
YoY Change 16.71% -7663.93%
Net Earnings / Revenue 19.17% 17.35%
Basic Earnings Per Share $3.55 $2.91
Diluted Earnings Per Share $3.26 $2.75
COMMON SHARES
Basic Shares Outstanding 6.999M shares 7.211M shares
Diluted Shares Outstanding 8.252M shares 8.401M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $251.3M $180.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $20.09M $11.41M
YoY Change 76.11% -7.21%
Goodwill $290.4M $170.2M
YoY Change 70.65% -0.59%
Intangibles $325.4M $291.9M
YoY Change 11.47% -6.47%
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 $3.067B $2.690B
YoY Change 14.01% 17.38%
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 $2.343B $2.046B
YoY Change 14.49% 24.39%
SHAREHOLDERS EQUITY
Retained Earnings -$262.2M -$340.0M
YoY Change -22.89% -17.17%
Common Stock $1.204B $1.213B
YoY Change -0.77% -0.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $401.7M $359.2M
YoY Change 11.83% 4.36%
Treasury Stock Shares 3.771M shares 3.357M shares
Shareholders Equity $651.0M $624.4M
YoY Change
Total Liabilities & Shareholders Equity $3.067B $2.690B
YoY Change 14.01% 17.38%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $26.93M $23.07M
YoY Change 16.71% -7663.93%
Depreciation, Depletion And Amortization $1.271M $1.100M
YoY Change 15.55% 41.75%
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

Frame Concept Type Concept / XBRL Key Value Unit
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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dei Security12b Title
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us-gaap Nature Of Operations
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Organization and Business<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company provides investment management and related services to individuals and institutions. The Company’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" or "offshore funds" and, collectively with U.S. 1940 Act mutual funds, "open-end funds"), exchange traded funds ("ETFs"), closed-end funds (collectively with open-end funds and ETFs, "funds") and retail separate accounts. Institutional investment management services are provided to corporations, multi-employer retirement funds, employee retirement systems, foundations and endowments. The Company also provides subadvisory services to other investment advisors and serves as the collateral manager for structured products.</span></div>
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OperatingLeaseWeightedAverageDiscountRatePercent
0.0491
CY2019Q2 us-gaap Lease Cost
LeaseCost
1900000 USD
CY2018Q2 us-gaap Lease Cost
LeaseCost
1700000 USD
us-gaap Lease Cost
LeaseCost
3200000 USD
us-gaap Lease Cost
LeaseCost
3400000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
2400000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2881000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5703000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4707000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3664000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3339000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
12202000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32496000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5534000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
26962000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
6100000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6500000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5100000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3900000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3500000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
12900000 USD
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.55
CY2019Q2 us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
1.8125
CY2019Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
67709 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
215671 shares
CY2019Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
110.74
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
104.29
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7500000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
22500000 USD
CY2019Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
409132 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
571870 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2820000 shares
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5755000 USD
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6164000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11384000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12073000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
76751 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.86
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
65880 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.75
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10871 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.71
CY2019Q2 us-gaap Profit Loss
ProfitLoss
27899000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
23229000 USD
us-gaap Profit Loss
ProfitLoss
50367000 USD
us-gaap Profit Loss
ProfitLoss
47056000 USD
CY2019Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
973000 USD
CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
159000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1695000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
686000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
26926000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
23070000 USD
us-gaap Net Income Loss
NetIncomeLoss
48672000 USD
us-gaap Net Income Loss
NetIncomeLoss
46370000 USD
CY2019Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2084000 USD
CY2018Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2084000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4168000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4168000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24842000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20986000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
44504000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
42202000 USD
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6999000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7211000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7010000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7204000 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1253000 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1190000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1280000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1192000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8252000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8401000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8290000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8396000 shares
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.55
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.91
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.86
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.26
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.75
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.87
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.52
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27000 shares
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
44000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29000 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.205
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.254
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
57481000 USD
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
1924000 USD
vrts Noncontrolling Interest Subscriptions Redemptions
NoncontrollingInterestSubscriptionsRedemptions
1097000 USD
CY2019Q2 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
60502000 USD

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