$VRTS
Virtus Investment Partners Inc

2022 Q2 Form 10-Q Financial Statement

#000088323722000183 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $225.3M $252.4M $266.3M
YoY Change -7.67% 16.39% 55.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $117.9M $138.8M $127.5M
YoY Change -4.62%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.24M $15.98M $15.55M
YoY Change 1555.56% 42.52%
% of Gross Profit
Operating Expenses $165.7M $186.9M $170.2M
YoY Change 5.16% 20.76%
Operating Profit $56.67M $65.55M
YoY Change -34.42% 5.49%
Interest Expense -$29.40M $6.341M -$7.214M
YoY Change -588.41% -12.54%
% of Operating Profit -51.88% 9.67%
Other Income/Expense, Net $571.0K -$16.04M $632.0K
YoY Change -90.59% 692.05%
Pretax Income $30.74M $55.85M $89.47M
YoY Change -68.79% -17.09%
Income Tax $16.48M $16.74M $27.46M
% Of Pretax Income 53.61% 29.96% 30.69%
Net Earnings $17.40M $39.12M $49.84M
YoY Change -77.13% -25.08% -19.37%
Net Earnings / Revenue 7.72% 15.5% 18.72%
Basic Earnings Per Share $2.34 $4.38
Diluted Earnings Per Share $2.288M $4.22 $6.287M
COMMON SHARES
Basic Shares Outstanding 7.473M shares 7.546M shares 7.588M shares
Diluted Shares Outstanding 7.607M shares 7.839M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $353.4M $342.0M $487.8M
YoY Change -1.08%
Cash & Equivalents $250.5M $336.0M $586.1M
Short-Term Investments $102.8M $116.8M $108.9M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $108.2M $124.1M $123.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $461.6M $466.1M $611.7M
YoY Change -3.29%
LONG-TERM ASSETS
Property, Plant & Equipment $2.009B $18.14M $12.54M
YoY Change 15479.83% 34.49% -13.43%
Goodwill $347.4M $338.4M
YoY Change 10.17% 16.54%
Intangibles $496.7M $500.6M
YoY Change 26.97% 78.61%
Long-Term Investments $108.3M $110.7M $207.2M
YoY Change -16.96%
Other Assets $135.3M $144.2M $86.22M
YoY Change 29.93%
Total Long-Term Assets $3.082B $3.236B $3.322B
YoY Change -4.14%
TOTAL ASSETS
Total Short-Term Assets $461.6M $466.1M $611.7M
Total Long-Term Assets $3.082B $3.236B $3.322B
Total Assets $3.544B $3.702B $3.934B
YoY Change -4.03% -0.01% 13.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.80M $62.34M $48.50M
YoY Change -10.83%
Accrued Expenses $105.1M $70.65M $187.4M
YoY Change 8.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $293.4M $278.1M $413.3M
YoY Change 1.7%
LONG-TERM LIABILITIES
Long-Term Debt $2.160B $2.244B $2.300B
YoY Change -6.97%
Other Long-Term Liabilities $159.4M $216.4M $245.3M
YoY Change -0.83%
Total Long-Term Liabilities $2.320B $2.461B $2.545B
YoY Change -6.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $293.4M $278.1M $413.3M
Total Long-Term Liabilities $2.320B $2.461B $2.545B
Total Liabilities $2.759B $2.739B $2.959B
YoY Change -0.44% -3.93% 12.47%
SHAREHOLDERS EQUITY
Retained Earnings $81.78M $60.96M
YoY Change -182.88% -145.07%
Common Stock $1.274B $1.277B
YoY Change -0.84% -1.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $539.2M $509.2M
YoY Change 18.06% 12.73%
Treasury Stock Shares 4.526M shares 4.401M shares
Shareholders Equity $784.7M $816.4M $828.3M
YoY Change
Total Liabilities & Shareholders Equity $3.544B $3.702B $3.934B
YoY Change -4.03% -0.01% 13.48%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $17.40M $39.12M $49.84M
YoY Change -77.13% -25.08% -19.37%
Depreciation, Depletion And Amortization $16.24M $15.98M $15.55M
YoY Change 1555.56% 42.52%
Cash From Operating Activities $119.4M -$81.78M $242.1M
YoY Change -50.09% -154.46%
INVESTING ACTIVITIES
Capital Expenditures -$1.851M $2.510M -$1.016M
YoY Change -57.31% -1.95%
Acquisitions $19.77M
YoY Change
Other Investing Activities -$16.00K -$20.07M -$157.5M
YoY Change -98.66%
Cash From Investing Activities -$1.867M -$22.58M -$158.5M
YoY Change -66.22% 765.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.00M
YoY Change 500.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -94.40M -$145.8M -90.89M
YoY Change -43.69% 66.27%
NET CHANGE
Cash From Operating Activities 119.4M -$81.78M 242.1M
Cash From Investing Activities -1.867M -$22.58M -158.5M
Cash From Financing Activities -94.40M -$145.8M -90.89M
Net Change In Cash 23.12M -$250.2M -7.345M
YoY Change -64.98% -517.88%
FREE CASH FLOW
Cash From Operating Activities $119.4M -$81.78M $242.1M
Capital Expenditures -$1.851M $2.510M -$1.016M
Free Cash Flow $121.2M -$84.29M $243.1M
YoY Change -50.21% -157.11%

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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:112%">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: mutual funds registered pursuant to the Investment Company Act of 1940 ("U.S. retail funds"), as amended; Undertaking for Collective Investment in Transferable Securities ("UCITS") and Qualifying Investor Funds ("QIFs"), collectively "global funds" and collectively with mutual funds, exchange traded funds ("ETFs"), and variable insurance funds, the "open-end funds"; closed-end funds (collectively, with open-end funds, the "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>
CY2021Q4 us-gaap Goodwill
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CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2021Q4 us-gaap Equity Securities Fv Ni
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645198 shares
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6060000 USD
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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33059000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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36588000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7546000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7633000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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293000 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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419000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7839000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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8052000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
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CY2021Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2021Q1 us-gaap Earnings Per Share Diluted
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4.54
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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21000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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10000 shares
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.300
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.225
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1594000 USD
CY2022Q1 us-gaap Temporary Equity Net Income
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6117000 USD
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138965000 USD
CY2022Q1 vrts Noncontrolling Interest Subscriptions Redemptions
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CY2022Q1 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
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138738000 USD
CY2022Q1 us-gaap Derivative Liabilities
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0 USD

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