$VRTS
Virtus Investment Partners Inc

2019 Q4 Form 10-Q Financial Statement

#000088323719000116 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $146.1M $146.0M $152.2M
YoY Change 5.81% -4.11% 23.07%
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 $1.245M $1.189M
YoY Change 4.71% 14.55%
% of Gross Profit
Operating Expenses $110.2M $118.3M
YoY Change -6.85% 10.64%
Operating Profit $37.80M $35.79M $33.95M
YoY Change 29.31% 5.42% 102.19%
Interest Expense $5.012M $5.198M
YoY Change -3.58% -372.43%
% of Operating Profit 14.01% 15.31%
Other Income/Expense, Net -$4.596M -$4.560M
YoY Change 0.79% -129.87%
Pretax Income $36.20M $34.58M
YoY Change 4.68% 14.71%
Income Tax $10.84M $6.653M
% Of Pretax Income 29.95% 19.24%
Net Earnings $29.78M $24.09M $27.00M
YoY Change 2624.79% -10.79% 43.67%
Net Earnings / Revenue 20.39% 16.5% 17.74%
Basic Earnings Per Share $3.02 $3.17 $3.47
Diluted Earnings Per Share $2.83 $2.95 $3.19
COMMON SHARES
Basic Shares Outstanding 6.878M shares 6.947M shares 7.175M shares
Diluted Shares Outstanding 8.157M shares 8.456M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $221.8M $279.0M $220.2M
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 $18.15M $19.49M $12.00M
YoY Change -9.94% 62.48% 3.82%
Goodwill $290.4M $290.4M $290.4M
YoY Change 0.0% 0.0% 70.65%
Intangibles $310.4M $317.9M $346.4M
YoY Change -8.39% -8.21% 12.81%
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 $3.205B $3.113B $2.884B
YoY Change 11.64% 7.93% 5.21%
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 $2.455B $2.344B $2.165B
YoY Change 13.15% 8.27% 4.4%
SHAREHOLDERS EQUITY
Retained Earnings -$215.2M -$238.1M -$313.0M
YoY Change -30.77% -23.93% -20.09%
Common Stock $1.199B $1.202B $1.211B
YoY Change -0.88% -0.7% -0.5%
Preferred Stock
YoY Change
Treasury Stock (at cost) $419.2M $409.2M $364.2M
YoY Change 10.55% 12.35% 3.55%
Treasury Stock Shares 3.928M shares 3.842M shares 3.395M shares
Shareholders Equity $675.7M $665.7M $643.7M
YoY Change
Total Liabilities & Shareholders Equity $3.205B $3.113B $2.884B
YoY Change 11.64% 7.93% 5.21%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $29.78M $24.09M $27.00M
YoY Change 2624.79% -10.79% 43.67%
Depreciation, Depletion And Amortization $1.245M $1.189M
YoY Change 4.71% 14.55%
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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VIRTUS INVESTMENT PARTNERS, INC.
dei Entity Incorporation State Country Code
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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 advisers and serves as the collateral manager for structured products.</span></div>
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17601000 USD
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29992000 USD
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274408000 USD
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3696000 USD
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1673000 USD
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 USD
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
2023000 USD
CY2019Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
159967000 USD
CY2019Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
191657000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
158596000 USD
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
226606000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y1M6D
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17600000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
26000000.0 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0491
CY2019Q3 us-gaap Lease Cost
LeaseCost
1300000 USD
CY2018Q3 us-gaap Lease Cost
LeaseCost
1800000 USD
us-gaap Lease Cost
LeaseCost
3900000 USD
us-gaap Lease Cost
LeaseCost
5200000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
3700000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1628000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5703000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4707000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3664000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3339000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
12202000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
31243000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5207000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
26036000 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
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.67
CY2019Q3 us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
1.8125
CY2019Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
70949 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
286620 shares
CY2019Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
105.68
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
104.63
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
552128 shares
CY2019Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7500000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
30000000.0 USD
CY2019Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
338183 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2820000 shares
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5000000 USD
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4841000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16384000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16914000 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
66120 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.79
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10631 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.96
CY2019Q3 us-gaap Profit Loss
ProfitLoss
25359000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
27931000 USD
us-gaap Profit Loss
ProfitLoss
75726000 USD
us-gaap Profit Loss
ProfitLoss
74987000 USD
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1274000 USD
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
933000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2969000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1619000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
24085000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
26998000 USD
us-gaap Net Income Loss
NetIncomeLoss
72757000 USD
us-gaap Net Income Loss
NetIncomeLoss
73368000 USD
CY2019Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2085000 USD
CY2018Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2085000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6253000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6253000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22000000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24913000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
66504000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
67115000 USD
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6947000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7175000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6990000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7195000 shares
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1210000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1281000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1225000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1268000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8157000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8456000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8215000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8463000 shares
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.17
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.47
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
9.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
9.33
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.95
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
8.86
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
8.67
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32000 shares
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16000 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.240
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.232
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
57481000 USD
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
3266000 USD
vrts Noncontrolling Interest Subscriptions Redemptions
NoncontrollingInterestSubscriptionsRedemptions
30863000 USD
CY2019Q3 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
91610000 USD

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