$VRTS
Virtus Investment Partners Inc

2022 Q4 Form 10-Q Financial Statement

#000088323722000246 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $198.4M $210.3M
YoY Change -25.5% -16.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $112.0M $115.0M
YoY Change -12.14% -7.25%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.07M $15.55M
YoY Change 3.34% 1599.13%
% of Gross Profit
Operating Expenses $162.0M $162.2M
YoY Change -4.81% 2.17%
Operating Profit $44.02M
YoY Change -52.81%
Interest Expense $3.137M -$5.189M
YoY Change -143.48% -170.54%
% of Operating Profit -11.79%
Other Income/Expense, Net -$352.0K -$659.0K
YoY Change -155.7% -71.4%
Pretax Income $39.13M $38.17M
YoY Change -56.27% -61.18%
Income Tax $13.29M $10.75M
% Of Pretax Income 33.97% 28.17%
Net Earnings $35.40M $31.68M
YoY Change -28.97% -56.31%
Net Earnings / Revenue 17.85% 15.07%
Basic Earnings Per Share $4.33
Diluted Earnings Per Share $4.77 $4.245M
COMMON SHARES
Basic Shares Outstanding 7.232M shares 7.308M shares
Diluted Shares Outstanding 7.463M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $438.6M $407.5M
YoY Change -10.1% -24.94%
Cash & Equivalents $589.2M $395.6M
Short-Term Investments $100.3M $98.25M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $99.27M $104.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $537.8M $512.2M
YoY Change -12.07% -23.54%
LONG-TERM ASSETS
Property, Plant & Equipment $19.12M $19.24M
YoY Change 52.47% 54.78%
Goodwill $348.8M $348.8M
YoY Change 3.08% 10.61%
Intangibles $442.5M $467.5M
YoY Change -11.6% 26.2%
Long-Term Investments $250.9M $86.38M
YoY Change 21.1% -44.71%
Other Assets $99.06M $134.9M
YoY Change 14.9% 67.98%
Total Long-Term Assets $3.415B $3.034B
YoY Change 2.79% -2.39%
TOTAL ASSETS
Total Short-Term Assets $537.8M $512.2M
Total Long-Term Assets $3.415B $3.034B
Total Assets $3.953B $3.546B
YoY Change 0.48% -6.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.20M $37.76M
YoY Change -31.54% -9.49%
Accrued Expenses $181.8M $145.4M
YoY Change -3.01% 4.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $359.2M $332.1M
YoY Change -13.09% -0.2%
LONG-TERM LIABILITIES
Long-Term Debt $2.338B $2.120B
YoY Change 1.67% -9.79%
Other Long-Term Liabilities $318.7M $163.2M
YoY Change 29.94% 15.08%
Total Long-Term Liabilities $2.657B $2.284B
YoY Change 4.39% -8.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $359.2M $332.1M
Total Long-Term Liabilities $2.657B $2.284B
Total Liabilities $3.016B $2.616B
YoY Change 1.95% -7.42%
SHAREHOLDERS EQUITY
Retained Earnings $130.3M $107.3M
YoY Change 113.68% 365.98%
Common Stock $1.286B $1.282B
YoY Change 0.77% 0.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $599.2M $589.2M
YoY Change 17.67% 21.68%
Treasury Stock Shares
Shareholders Equity $817.0M $799.2M
YoY Change
Total Liabilities & Shareholders Equity $3.953B $3.546B
YoY Change 0.48% -6.14%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $35.40M $31.68M
YoY Change -28.97% -56.31%
Depreciation, Depletion And Amortization $16.07M $15.55M
YoY Change 3.34% 1599.13%
Cash From Operating Activities -$22.18M $117.2M
YoY Change -109.16% -36.46%
INVESTING ACTIVITIES
Capital Expenditures $1.087M -$1.134M
YoY Change -206.99% 133.33%
Acquisitions
YoY Change
Other Investing Activities -$633.0K -$171.0K
YoY Change -99.6% -98.37%
Cash From Investing Activities -$1.720M -$1.305M
YoY Change -98.91% -88.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 216.9M -78.79M
YoY Change -338.66% -657.54%
NET CHANGE
Cash From Operating Activities -22.18M 117.2M
Cash From Investing Activities -1.720M -1.305M
Cash From Financing Activities 216.9M -78.79M
Net Change In Cash 193.0M 37.14M
YoY Change -2727.79% -80.2%
FREE CASH FLOW
Cash From Operating Activities -$22.18M $117.2M
Capital Expenditures $1.087M -$1.134M
Free Cash Flow -$23.27M $118.4M
YoY Change -109.57% -36.01%

Facts In Submission

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dei Current Fiscal Year End Date
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dei Document Type
DocumentType
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dei Document Quarterly Report
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dei Document Period End Date
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dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
VIRTUS INVESTMENT PARTNERS, INC.
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EntityIncorporationStateCountryCode
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dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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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, as amended ("U.S. retail funds"); 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>
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5148000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5989000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19267000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21833000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
42531000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
31680000 usd
us-gaap Restructuring Charges
RestructuringCharges
4000000 usd
CY2022Q3 us-gaap Restructuring Charges
RestructuringCharges
4000000 usd
CY2022Q3 us-gaap Profit Loss
ProfitLoss
27415000 usd
CY2021Q3 us-gaap Profit Loss
ProfitLoss
72511000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
58736000 usd
us-gaap Profit Loss
ProfitLoss
80793000 usd
us-gaap Profit Loss
ProfitLoss
200822000 usd
CY2022Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4265000 usd
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
13775000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1348000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
82141000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
158291000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7308000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7691000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7434000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7688000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
155000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
293000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
202000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
340000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7463000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7984000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7636000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8028000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.33
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
11.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
20.59
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.25
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.36
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
10.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
19.72
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.352
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.240
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
138965000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
3778000 usd
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
-1164000 usd
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
11089000 usd
vrts Noncontrolling Interest Subscriptions Redemptions And Other
NoncontrollingInterestSubscriptionsRedemptionsAndOther
-2270000 usd
CY2022Q3 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
124442000 usd
CY2022Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
0 usd

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