$VRTS
Virtus Investment Partners Inc

2020 Q1 Form 10-Q Financial Statement

#000088323720000090 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $144.6M $130.7M
YoY Change 10.59% 1.31%
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 $10.88M $9.874M
YoY Change 10.17% 44.8%
% of Gross Profit
Operating Expenses $120.0M $109.7M
YoY Change 9.34% 3.11%
Operating Profit $24.60M $21.00M
YoY Change 17.16% -7.15%
Interest Expense $2.296M $3.726M
YoY Change -38.38% 0.24%
% of Operating Profit 9.33% 17.74%
Other Income/Expense, Net -$15.60M $1.962M
YoY Change -895.16% -51.15%
Pretax Income $11.30M $26.69M
YoY Change -57.67% -12.07%
Income Tax $10.29M $4.219M
% Of Pretax Income 91.09% 15.81%
Net Earnings -$4.285M $21.75M
YoY Change -119.7% -6.67%
Net Earnings / Revenue -2.96% 16.64%
Basic Earnings Per Share -$0.58 $2.80
Diluted Earnings Per Share -$0.58 $2.61
COMMON SHARES
Basic Shares Outstanding 7.422M shares 7.015M shares
Diluted Shares Outstanding 7.422M shares 8.322M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $393.6M $198.1M
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 $17.15M $20.17M
YoY Change -14.99% 77.0%
Goodwill $290.4M $290.4M
YoY Change 0.0% 70.65%
Intangibles $302.9M $331.3M
YoY Change -8.58% 11.57%
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 $3.392B $2.845B
YoY Change 19.22% 12.1%
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 $2.638B $2.140B
YoY Change 23.3% 12.11%
SHAREHOLDERS EQUITY
Retained Earnings -$219.5M -$289.1M
YoY Change -24.08% -20.37%
Common Stock $1.305B $1.206B
YoY Change 8.2% -0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $429.2M $394.2M
YoY Change 8.88% 12.08%
Treasury Stock Shares 4.039M shares 3.703M shares
Shareholders Equity $656.2M $633.5M
YoY Change
Total Liabilities & Shareholders Equity $3.392B $2.845B
YoY Change 19.22% 12.1%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$4.285M $21.75M
YoY Change -119.7% -6.67%
Depreciation, Depletion And Amortization $10.88M $9.874M
YoY Change 10.17% 44.8%
Cash From Operating Activities -$252.3M -$23.22M
YoY Change 986.88% -62.41%
INVESTING ACTIVITIES
Capital Expenditures $358.0K $2.568M
YoY Change -86.06% 101.41%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $9.366M -$2.095M
YoY Change -547.06% -90.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.00M $15.00M
YoY Change -33.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $314.6M -$31.28M
YoY Change -1105.89% 116.46%
NET CHANGE
Cash From Operating Activities -$252.3M -$23.22M
Cash From Investing Activities $9.366M -$2.095M
Cash From Financing Activities $314.6M -$31.28M
Net Change In Cash $71.69M -$56.59M
YoY Change -226.68% -42.13%
FREE CASH FLOW
Cash From Operating Activities -$252.3M -$23.22M
Capital Expenditures $358.0K $2.568M
Free Cash Flow -$252.7M -$25.78M
YoY Change 880.02% -59.09%

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CY2020Q1 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 offered through separate accounts and pooled or commingled structures to a variety of institutional clients. The Company also provides subadvisory services to other investment advisers and serves as the collateral manager for structured products.</span></div>
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
144566000 USD
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7533000 USD
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123621000 USD
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CY2020Q1 us-gaap Equity Securities Fv Ni Cost
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37097000 USD
CY2020Q1 us-gaap Equity Securities Fv Ni
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CY2019Q4 us-gaap Equity Securities Fv Ni Cost
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CY2019Q4 us-gaap Equity Securities Fv Ni
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CY2020Q1 us-gaap Debt And Equity Securities Realized Gain Loss
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CY2020Q1 vrts Convertible Preferred Stock Threshold Consecutive Trading Days
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0.67
CY2020Q1 us-gaap Treasury Stock Shares Acquired
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110956 shares
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90.10
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
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10000000.0 USD
CY2020Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
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141482 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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364416 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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2820000 shares
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
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3621000 USD
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5629000 USD
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6654 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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39.35
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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3145 shares
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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31.74
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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3509 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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46.17
CY2020Q1 us-gaap Profit Loss
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1006000 USD
CY2019Q1 us-gaap Profit Loss
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22468000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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5291000 USD
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722000 USD
CY2020Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
21746000 USD
CY2020Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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0 USD
CY2019Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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2084000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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19662000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7422000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7015000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1307000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7422000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8322000 shares
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.58
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.80
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.58
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.61
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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918000 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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121000 shares
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.911
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.158
CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
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63845000 USD
CY2019 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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-1339000 USD
CY2019 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
5036000 USD
CY2020Q1 vrts Noncontrolling Interest Subscriptions Redemptions
NoncontrollingInterestSubscriptionsRedemptions
18234000 USD
CY2020Q1 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
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87115000 USD
CY2020Q1 us-gaap Assets Fair Value Adjustment
AssetsFairValueAdjustment
-20000000.0 USD

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