$VRTS
Virtus Investment Partners Inc

2021 Q4 Form 10-Q Financial Statement

#000088323721000255 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $266.3M $252.1M $154.8M
YoY Change 55.12% 62.84% 6.05%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $127.5M $124.0M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.55M $915.0K $1.106M
YoY Change -17.27% -11.16%
% of Gross Profit
Operating Expenses $170.2M $158.8M $113.8M
YoY Change 39.55% 3.28%
Operating Profit $93.28M $41.01M
YoY Change 127.47% 14.59%
Interest Expense -$7.214M $7.356M $5.726M
YoY Change 28.47% 14.25%
% of Operating Profit 7.89% 13.96%
Other Income/Expense, Net $632.0K -$2.304M $6.177M
YoY Change -137.3% -234.4%
Pretax Income $89.47M $98.33M $52.91M
YoY Change 85.84% 46.15%
Income Tax $27.46M $25.82M $11.98M
% Of Pretax Income 30.69% 26.26% 22.64%
Net Earnings $49.84M $72.51M $29.65M
YoY Change -19.37% 144.57% 23.1%
Net Earnings / Revenue 18.72% 28.77% 19.15%
Basic Earnings Per Share $7.64 $3.86
Diluted Earnings Per Share $6.287M $7.36 $3.71
COMMON SHARES
Basic Shares Outstanding 7.588M shares 7.691M shares 7.684M shares
Diluted Shares Outstanding 7.984M shares 7.997M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $487.8M $542.9M
YoY Change
Cash & Equivalents $586.1M $593.5M $256.4M
Short-Term Investments $108.9M $105.6M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $123.9M $127.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $611.7M $669.8M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $12.54M $12.43M $15.29M
YoY Change -13.43% -18.7% -21.58%
Goodwill $338.4M $315.4M $290.4M
YoY Change 16.54% 8.61% 0.0%
Intangibles $500.6M $370.4M $287.8M
YoY Change 78.61% 28.72% -9.48%
Long-Term Investments $207.2M $156.2M
YoY Change
Other Assets $86.22M $80.33M
YoY Change
Total Long-Term Assets $3.322B $3.108B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $611.7M $669.8M
Total Long-Term Assets $3.322B $3.108B
Total Assets $3.934B $3.778B $3.391B
YoY Change 13.48% 11.42% 8.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.50M $41.72M
YoY Change
Accrued Expenses $187.4M $139.1M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $413.3M $332.8M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $2.300B $2.351B
YoY Change
Other Long-Term Liabilities $245.3M $141.8M
YoY Change
Total Long-Term Liabilities $2.545B $2.492B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $413.3M $332.8M
Total Long-Term Liabilities $2.545B $2.492B
Total Liabilities $2.959B $2.825B $2.603B
YoY Change 12.47% 8.52% 11.07%
SHAREHOLDERS EQUITY
Retained Earnings $60.96M $23.03M -$178.6M
YoY Change -145.07% -112.9% -25.0%
Common Stock $1.277B $1.273B $1.302B
YoY Change -1.66% -2.18% 8.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $509.2M $484.2M $444.2M
YoY Change 12.73% 9.0% 8.55%
Treasury Stock Shares 4.401M shares 4.319M shares 4.167M shares
Shareholders Equity $828.3M $812.3M $679.0M
YoY Change
Total Liabilities & Shareholders Equity $3.934B $3.778B $3.391B
YoY Change 13.48% 11.42% 8.92%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $49.84M $72.51M $29.65M
YoY Change -19.37% 144.57% 23.1%
Depreciation, Depletion And Amortization $15.55M $915.0K $1.106M
YoY Change -17.27% -11.16%
Cash From Operating Activities $242.1M $184.5M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$1.016M -$486.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$157.5M -$10.51M
YoY Change
Cash From Investing Activities -$158.5M -$11.00M
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 -90.89M 14.13M
YoY Change
NET CHANGE
Cash From Operating Activities 242.1M 184.5M
Cash From Investing Activities -158.5M -11.00M
Cash From Financing Activities -90.89M 14.13M
Net Change In Cash -7.345M 187.6M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $242.1M $184.5M
Capital Expenditures -$1.016M -$486.0K
Free Cash Flow $243.1M $185.0M
YoY Change

Facts In Submission

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us-gaap Nature Of Operations
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Organization and Business<div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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>
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252822000 USD
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120388000 USD
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30219000 USD
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30219000 USD
us-gaap Amortization Of Intangible Assets
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30219000 USD
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609958000 USD
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283041000 USD
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326917000 USD
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43516000 USD
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10391000 USD
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41440000 USD
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35136000 USD
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30368000 USD
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168804000 USD
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326917000 USD
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4500000 USD
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us-gaap Treasury Stock Value Acquired Cost Method
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32500000 USD
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805875 shares
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3370000 shares
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us-gaap Profit Loss
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200822000 USD
us-gaap Profit Loss
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13775000 USD
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11286000 USD
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42531000 USD
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21507000 USD
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58736000 USD
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29648000 USD
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158291000 USD
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36642000 USD
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7691000 shares
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7684000 shares
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293000 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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313000 shares
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340000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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347000 shares
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7984000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7997000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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8028000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7958000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
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7.64
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3.86
us-gaap Earnings Per Share Basic
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20.59
us-gaap Earnings Per Share Basic
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4.81
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7.36
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3.71
us-gaap Earnings Per Share Diluted
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19.72
us-gaap Earnings Per Share Diluted
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4.60
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.240
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.339
CY2021Q3 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
8300000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
687500 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2750000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2750000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2750000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2750000 USD
CY2021Q3 vrts Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
263312500 USD
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
275000000 USD
CY2020Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
115513000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
7434000 USD
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
41812000 USD
vrts Noncontrolling Interest Subscriptions Redemptions
NoncontrollingInterestSubscriptionsRedemptions
-25656000 USD
CY2021Q3 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
131669000 USD
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
0 USD
CY2021Q3 us-gaap Derivative Assets
DerivativeAssets
0 USD
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
0 USD

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