$VRTS
VIRTUS INVESTMENT PARTNERS, INC.

2023 Q3 Form 10-Q Financial Statement

#000088323723000124 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $219.3M $213.5M $225.3M
YoY Change 4.29% -5.22% -7.67%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $125.7M $130.2M $117.9M
YoY Change 9.3% 10.35% -4.62%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.504M $17.29M $16.24M
YoY Change -90.33% 6.48% 1555.56%
% of Gross Profit
Operating Expenses $174.4M $181.3M $165.7M
YoY Change 7.48% 9.38% 5.16%
Operating Profit $44.90M $39.05M $56.67M
YoY Change 2.01% -31.1% -34.42%
Interest Expense $8.235M $9.691M -$29.40M
YoY Change -258.7% -132.96% -588.41%
% of Operating Profit 18.34% 24.82% -51.88%
Other Income/Expense, Net -$2.803M -$847.0K $571.0K
YoY Change 325.34% -248.34% -90.59%
Pretax Income $50.34M $41.09M $30.74M
YoY Change 31.87% 33.67% -68.79%
Income Tax $12.18M $10.91M $16.48M
% Of Pretax Income 24.2% 26.55% 53.61%
Net Earnings $38.15M $30.26M $17.40M
YoY Change 20.44% 73.87% -77.13%
Net Earnings / Revenue 17.4% 14.17% 7.72%
Basic Earnings Per Share $4.26 $4.14 $2.34
Diluted Earnings Per Share $4.19 $4.10 $2.288M
COMMON SHARES
Basic Shares Outstanding 7.255M shares 7.288M shares 7.473M shares
Diluted Shares Outstanding 7.379M shares 7.385M shares 7.607M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $347.8M $324.8M $353.4M
YoY Change -14.66% -8.08% -1.08%
Cash & Equivalents $405.8M $357.7M $250.5M
Short-Term Investments $152.3M $123.3M $102.8M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $107.0M $104.2M $108.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $454.8M $429.0M $461.6M
YoY Change -11.21% -7.06% -3.29%
LONG-TERM ASSETS
Property, Plant & Equipment $25.50M $23.23M $2.009B
YoY Change 32.57% -98.84% 15479.83%
Goodwill $397.1M $397.1M
YoY Change 13.84%
Intangibles $452.3M $467.8M
YoY Change -3.24%
Long-Term Investments $210.4M $156.2M $108.3M
YoY Change 143.6% 44.24% -16.96%
Other Assets $155.9M $147.3M $135.3M
YoY Change 15.57% 8.83% 29.93%
Total Long-Term Assets $3.311B $3.217B $3.082B
YoY Change 9.12% 4.36% -4.14%
TOTAL ASSETS
Total Short-Term Assets $454.8M $429.0M $461.6M
Total Long-Term Assets $3.311B $3.217B $3.082B
Total Assets $3.765B $3.646B $3.544B
YoY Change 6.18% 2.87% -4.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.74M $39.38M $40.80M
YoY Change -13.29% -3.49% -10.83%
Accrued Expenses $161.7M $117.7M $105.1M
YoY Change 11.27% 11.96% 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 $305.8M $266.1M $293.4M
YoY Change -7.93% -9.32% 1.7%
LONG-TERM LIABILITIES
Long-Term Debt $2.218B $2.206B $2.160B
YoY Change 4.59% 2.11% -6.97%
Other Long-Term Liabilities $278.0M $206.7M $159.4M
YoY Change 70.33% 29.65% -0.83%
Total Long-Term Liabilities $2.496B $2.412B $2.320B
YoY Change 9.29% 4.0% -6.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $305.8M $266.1M $293.4M
Total Long-Term Liabilities $2.496B $2.412B $2.320B
Total Liabilities $2.801B $2.679B $2.759B
YoY Change 7.1% -2.92% -0.44%
SHAREHOLDERS EQUITY
Retained Earnings $190.6M $174.0M
YoY Change 77.61%
Common Stock $1.296B $1.287B
YoY Change 1.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $862.1M $851.5M $784.7M
YoY Change
Total Liabilities & Shareholders Equity $3.765B $3.646B $3.544B
YoY Change 6.18% 2.87% -4.03%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $38.15M $30.26M $17.40M
YoY Change 20.44% 73.87% -77.13%
Depreciation, Depletion And Amortization $1.504M $17.29M $16.24M
YoY Change -90.33% 6.48% 1555.56%
Cash From Operating Activities $127.8M $145.0M $119.4M
YoY Change 8.97% 21.49% -50.09%
INVESTING ACTIVITIES
Capital Expenditures $3.890M $1.100M -$1.851M
YoY Change -443.03% -159.43% -57.31%
Acquisitions
YoY Change
Other Investing Activities -$215.0K -$109.0M -$16.00K
YoY Change 25.73% 681143.75% -98.66%
Cash From Investing Activities -$4.105M -$110.1M -$1.867M
YoY Change 214.56% 5797.11% -66.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -75.04M -95.65M -94.40M
YoY Change -4.76% 1.32% -43.69%
NET CHANGE
Cash From Operating Activities 127.8M 145.0M 119.4M
Cash From Investing Activities -4.105M -110.1M -1.867M
Cash From Financing Activities -75.04M -95.65M -94.40M
Net Change In Cash 48.60M -60.70M 23.12M
YoY Change 30.86% -362.56% -64.98%
FREE CASH FLOW
Cash From Operating Activities $127.8M $145.0M $119.4M
Capital Expenditures $3.890M $1.100M -$1.851M
Free Cash Flow $123.9M $143.9M $121.2M
YoY Change 4.64% 18.73% -50.21%

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: 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>
CY2022Q4 us-gaap Goodwill
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us-gaap Finitelived Intangible Assets Acquired1
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50991000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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47890000 usd
CY2023Q2 vrts Finite Lived Intangible Asset Expected Amortization After Year Four
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187004000 usd
CY2023Q2 us-gaap Equity Securities Fv Ni Cost
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CY2023Q2 us-gaap Equity Securities Fv Ni
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CY2022Q4 us-gaap Equity Securities Fv Ni Cost
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CY2022Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
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CY2023Q2 us-gaap Debt And Equity Securities Realized Gain Loss
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us-gaap Debt And Equity Securities Realized Gain Loss
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CY2022Q2 us-gaap Debt And Equity Securities Realized Gain Loss
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CY2023Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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163053000 usd
CY2023Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
263863000 usd
CY2023Q2 us-gaap Liabilities Fair Value Disclosure
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54910000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2022Q4 us-gaap Assets Fair Value Disclosure
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CY2022Q4 us-gaap Liabilities Fair Value Disclosure
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CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
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1.65
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CY2023Q2 us-gaap Stock Repurchased During Period Shares
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CY2023Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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192.87
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
192.87
CY2023Q2 us-gaap Stock Repurchased During Period Value
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10000000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2023Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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3370000 shares
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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12404000 usd
us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Profit Loss
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14259000 usd
us-gaap Profit Loss
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64823000 usd
us-gaap Profit Loss
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CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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68881000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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7496000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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158000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
121000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
225000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7607000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7398000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7721000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
9.47
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.73
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
9.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.54
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
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CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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84000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24000 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.232
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
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CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
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113718000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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4475000 usd
us-gaap Temporary Equity Net Income
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vrts Noncontrolling Interest Subscriptions Redemptions And Other
NoncontrollingInterestSubscriptionsRedemptionsAndOther
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CY2023Q2 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
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110399000 usd
CY2023Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
0 usd
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
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