$VRTS
Virtus Investment Partners Inc

2023 Q2 Form 10-Q Financial Statement

#000088323723000054 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $213.5M $197.9M
YoY Change -5.22% -21.62%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $130.2M $122.3M
YoY Change 10.35% -11.89%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.29M $15.54M
YoY Change 6.48% -2.79%
% of Gross Profit
Operating Expenses $181.3M $169.3M
YoY Change 9.38% -9.41%
Operating Profit $39.05M $28.58M
YoY Change -31.1% -56.4%
Interest Expense $9.691M $15.11M
YoY Change -132.96% 138.29%
% of Operating Profit 24.82% 52.87%
Other Income/Expense, Net -$847.0K -$343.0K
YoY Change -248.34% -97.86%
Pretax Income $41.09M $43.35M
YoY Change 33.67% -22.39%
Income Tax $10.91M $8.703M
% Of Pretax Income 26.55% 20.08%
Net Earnings $30.26M $38.62M
YoY Change 73.87% -1.27%
Net Earnings / Revenue 14.17% 19.52%
Basic Earnings Per Share $4.14 $5.33
Diluted Earnings Per Share $4.10 $5.21
COMMON SHARES
Basic Shares Outstanding 7.288M shares 7.182M shares
Diluted Shares Outstanding 7.385M shares 7.410M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $324.8M $329.1M
YoY Change -8.08% -3.77%
Cash & Equivalents $357.7M $418.2M
Short-Term Investments $123.3M $115.7M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $104.2M $97.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $429.0M $427.0M
YoY Change -7.06% -8.39%
LONG-TERM ASSETS
Property, Plant & Equipment $23.23M $19.44M
YoY Change -98.84% 7.15%
Goodwill $397.1M $348.8M
YoY Change 0.41%
Intangibles $467.8M $428.1M
YoY Change -13.81%
Long-Term Investments $156.2M $204.8M
YoY Change 44.24% 84.89%
Other Assets $147.3M $161.2M
YoY Change 8.83% 11.79%
Total Long-Term Assets $3.217B $3.271B
YoY Change 4.36% 1.09%
TOTAL ASSETS
Total Short-Term Assets $429.0M $427.0M
Total Long-Term Assets $3.217B $3.271B
Total Assets $3.646B $3.698B
YoY Change 2.87% -0.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.38M $38.56M
YoY Change -3.49% -38.13%
Accrued Expenses $117.7M $69.10M
YoY Change 11.96% -2.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $266.1M $223.7M
YoY Change -9.32% -19.56%
LONG-TERM LIABILITIES
Long-Term Debt $2.206B $2.311B
YoY Change 2.11% 2.97%
Other Long-Term Liabilities $206.7M $212.3M
YoY Change 29.65% -1.89%
Total Long-Term Liabilities $2.412B $2.523B
YoY Change 4.0% 2.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $266.1M $223.7M
Total Long-Term Liabilities $2.412B $2.523B
Total Liabilities $2.679B $2.747B
YoY Change -2.92% 0.3%
SHAREHOLDERS EQUITY
Retained Earnings $174.0M $155.8M
YoY Change 90.49%
Common Stock $1.287B $1.282B
YoY Change 0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $599.2M
YoY Change 11.13%
Treasury Stock Shares
Shareholders Equity $851.5M $837.9M
YoY Change
Total Liabilities & Shareholders Equity $3.646B $3.698B
YoY Change 2.87% -0.1%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $30.26M $38.62M
YoY Change 73.87% -1.27%
Depreciation, Depletion And Amortization $17.29M $15.54M
YoY Change 6.48% -2.79%
Cash From Operating Activities $145.0M -$42.96M
YoY Change 21.49% -47.47%
INVESTING ACTIVITIES
Capital Expenditures $1.100M $1.448M
YoY Change -159.43% -42.31%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$109.0M -$11.70M
YoY Change 681143.75% -41.7%
Cash From Investing Activities -$110.1M -$13.15M
YoY Change 5797.11% -41.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -95.65M -$115.1M
YoY Change 1.32% -21.06%
NET CHANGE
Cash From Operating Activities 145.0M -$42.96M
Cash From Investing Activities -110.1M -$13.15M
Cash From Financing Activities -95.65M -$115.1M
Net Change In Cash -60.70M -$171.0M
YoY Change -362.56% -31.65%
FREE CASH FLOW
Cash From Operating Activities $145.0M -$42.96M
Capital Expenditures $1.100M $1.448M
Free Cash Flow $143.9M -$44.41M
YoY Change 18.73% -47.31%

Facts In Submission

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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: mutual funds registered pursuant to the Investment Company Act of 1940, as amended ("U.S. retail funds"); Undertaking for Collective Investment in Transferable Securities and Qualifying Investor Funds (collectively, "global funds") and collectively with U.S. retail funds, variable insurance funds, and exchange-traded funds ("ETFs"), the "open-end funds"); closed-end funds (collectively, with open-end funds, the "funds"); and retail separate accounts that include intermediary-sold and private client accounts. Our investment strategies are offered to institutional clients through separate accounts and pooled, or commingled, structures. We also provide subadvisory services to other investment advisers and serve as the collateral manager for structured products.</span></div>
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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