2024 Q1 Form 10-K Financial Statement

#000088323724000025 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $222.0M $214.6M $845.3M
YoY Change 12.21% 8.17% -4.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $139.5M $123.3M $501.5M
YoY Change 14.05% 10.06% 3.65%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.36M $17.12M $66.83M
YoY Change 11.76% 6.5% 4.07%
% of Gross Profit
Operating Expenses $188.9M $174.2M $698.5M
YoY Change 11.6% 7.52% 1.39%
Operating Profit $32.31M $151.5M
YoY Change 13.04% -23.28%
Interest Expense $13.84M $10.93M $41.03M
YoY Change -8.39% 248.26% 123.4%
% of Operating Profit 42.85% 27.09%
Other Income/Expense, Net $550.0K $622.0K -$440.0K
YoY Change -260.35% -276.7% -99.15%
Pretax Income $46.70M $51.79M $186.6M
YoY Change 7.73% 32.37% 13.84%
Income Tax $8.831M $13.29M $45.09M
% Of Pretax Income 18.91% 25.67% 24.17%
Net Earnings $29.86M $30.83M $130.6M
YoY Change -22.7% -12.9% 22.5%
Net Earnings / Revenue 13.45% 14.37% 15.45%
Basic Earnings Per Share $4.19 $18.02
Diluted Earnings Per Share $4.10 $4.21 $17.71
COMMON SHARES
Basic Shares Outstanding 7.088M shares 7.185M shares 7.249M shares
Diluted Shares Outstanding 7.287M shares 7.375M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $251.3M $372.3M $372.3M
YoY Change -23.63% -15.11% -15.11%
Cash & Equivalents $247.7M $341.0M $239.6M
Short-Term Investments $127.4M $132.7M $132.7M
Other Short-Term Assets $155.6M $144.6M $144.6M
YoY Change -51.2%
Inventory
Prepaid Expenses
Receivables $116.4M $109.1M $109.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $367.7M $481.4M $481.4M
YoY Change -13.88% -10.5% -10.5%
LONG-TERM ASSETS
Property, Plant & Equipment $26.09M $26.22M $2.172B
YoY Change 34.2% 37.09% -4.47%
Goodwill $397.1M $397.1M
YoY Change 13.84% 13.84%
Intangibles $416.8M $432.1M
YoY Change -2.65% -2.35%
Long-Term Investments $123.8M $101.4M $101.4M
YoY Change -39.54% -59.59% -59.59%
Other Assets $135.4M $94.50M $94.50M
YoY Change -15.98% -4.61% -4.61%
Total Long-Term Assets $3.180B $3.197B $3.197B
YoY Change -2.77% -6.38% -6.38%
TOTAL ASSETS
Total Short-Term Assets $367.7M $481.4M $481.4M
Total Long-Term Assets $3.180B $3.197B $3.197B
Total Assets $3.548B $3.679B $3.679B
YoY Change -4.05% -6.94% -6.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.28M $38.76M $38.76M
YoY Change 14.83% 16.73% 16.73%
Accrued Expenses $95.59M $200.8M $200.8M
YoY Change 38.33% 10.47% 10.47%
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 $223.1M $347.8M $347.8M
YoY Change -0.26% -3.17% -3.17%
LONG-TERM LIABILITIES
Long-Term Debt $2.175B $2.176B $2.176B
YoY Change -5.89% -6.96% -6.96%
Other Long-Term Liabilities $158.7M $182.0M $182.0M
YoY Change -25.23% -42.9% -42.9%
Total Long-Term Liabilities $2.334B $2.358B $2.358B
YoY Change -7.51% -11.27% -11.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $223.1M $347.8M $347.8M
Total Long-Term Liabilities $2.334B $2.358B $2.358B
Total Liabilities $2.557B $2.705B $2.815B
YoY Change -6.92% -10.3% -10.24%
SHAREHOLDERS EQUITY
Retained Earnings $223.0M $207.4M
YoY Change 43.15% 59.19%
Common Stock $1.298B $1.301B
YoY Change 1.3% 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $871.7M $863.9M $863.9M
YoY Change
Total Liabilities & Shareholders Equity $3.548B $3.679B $3.679B
YoY Change -4.05% -6.94% -6.94%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $29.86M $30.83M $130.6M
YoY Change -22.7% -12.9% 22.5%
Depreciation, Depletion And Amortization $17.36M $17.12M $66.83M
YoY Change 11.76% 6.5% 4.07%
Cash From Operating Activities -$34.53M $7.317M $237.2M
YoY Change -19.63% -132.99% 78.76%
INVESTING ACTIVITIES
Capital Expenditures $1.923M $2.383M $8.821M
YoY Change 32.8% 119.23% 34.02%
Acquisitions $109.0M
YoY Change 429.71%
Other Investing Activities -$537.0K $0.00 -$120.9M
YoY Change -95.41% -100.0% 478.94%
Cash From Investing Activities -$2.460M -$2.383M -$129.7M
YoY Change -81.29% 38.55% 372.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$56.15M -70.34M -$356.1M
YoY Change -51.21% -132.43% 248.94%
NET CHANGE
Cash From Operating Activities -$34.53M 7.317M $237.2M
Cash From Investing Activities -$2.460M -2.383M -$129.7M
Cash From Financing Activities -$56.15M -70.34M -$356.1M
Net Change In Cash -$93.34M -65.41M -$248.2M
YoY Change -45.42% -133.89% -8279.47%
FREE CASH FLOW
Cash From Operating Activities -$34.53M $7.317M $237.2M
Capital Expenditures $1.923M $2.383M $8.821M
Free Cash Flow -$36.45M $4.934M $228.3M
YoY Change -17.92% -121.21% 81.09%

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Organization and Business<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><div style="text-indent:36pt"><span style="color:#000000;font-family:'Calibri',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:22.5pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company provides investment management and related services to institutions and individuals. The Company's investment strategies are offered to institutional clients through institutional separate and commingled accounts, including structured products. 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. The Company also provides subadvisory services to other investment advisers.</span></div>
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<div style="text-indent:36pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.</span></div>
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CY2023 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
55400000 usd
CY2023 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
55400000 usd
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IndefinitelivedIntangibleAssetsAcquired
0 usd
CY2023 vrts Intangible Assets Acquired
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55400000 usd
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FiniteLivedIntangibleAssetsPeriodIncreaseDecrease
-4773000 usd
CY2023 us-gaap Finite Lived Intangible Assets Period Increase Decrease
FiniteLivedIntangibleAssetsPeriodIncreaseDecrease
-4773000 usd
CY2023 us-gaap Finite Lived Intangible Assets Period Increase Decrease
FiniteLivedIntangibleAssetsPeriodIncreaseDecrease
-4773000 usd
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
61027000 usd
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
61027000 usd
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
61027000 usd
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FiniteLivedIntangibleAssetsGross
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
416834000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
389821000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
56299000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
51532000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
50552000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
47450000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
41787000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
142201000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P8Y2M12D
CY2023Q4 us-gaap Equity Securities Fv Ni Cost
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97147000 usd
CY2023Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
97304000 usd
CY2022Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
80912000 usd
CY2022Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
76999000 usd
CY2023 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
2100000 usd
CY2022 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
-1400000 usd
CY2021 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
5000000 usd
CY2023 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
2300000 usd
CY2022 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
2200000 usd
CY2021 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
3700000 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
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307226000 usd
CY2023Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
56200000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
287126000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
374279000 usd
CY2022Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
78100000 usd
CY2023Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
26710000 usd
CY2022Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
22657000 usd
CY2023Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
15459000 usd
CY2022Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
12389000 usd
CY2023Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
6671000 usd
CY2022Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
5764000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
48840000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
40810000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22624000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21687000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26216000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19123000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M12D
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
63200000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
78100000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.037
CY2023 us-gaap Lease Cost
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14700000 usd
CY2022 us-gaap Lease Cost
LeaseCost
14000000 usd
CY2021 us-gaap Lease Cost
LeaseCost
5600000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
16400000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
17168000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
16758000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
14909000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
14216000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
12033000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
12984000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
88068000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9926000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
78142000 usd
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
33523000 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
40113000 usd
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
75525000 usd
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
10171000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
19107000 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
24974000 usd
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
43694000 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
59220000 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
100499000 usd
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
789000 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1506000 usd
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
605000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-454000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-3423000 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1394000 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1960000 usd
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-9664000 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45088000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
57260000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
90835000 usd
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
39178000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
34416000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
74271000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
9240000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.05
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
14736000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.09
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
17283000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.05
CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-1767000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.01
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-2792000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.01
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-4095000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.01
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
2106000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.01
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
2356000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.01
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
3461000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.01
CY2023 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
2299000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.01
CY2022 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
1435000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.01
CY2021 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
2637000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.01
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-1547000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.01
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
9596000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.06
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1941000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.01
CY2023 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
177000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
383000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
611000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45088000 usd
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
57260000 usd
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
90835000 usd
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.26
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35
CY2023Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
19206000 usd
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
17773000 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
10754000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
11881000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
19614000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
16813000 usd
CY2023Q4 vrts Deferred Tax Asset Lease Liability
DeferredTaxAssetLeaseLiability
19009000 usd
CY2022Q4 vrts Deferred Tax Asset Lease Liability
DeferredTaxAssetLeaseLiability
10026000 usd
CY2023Q4 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
11643000 usd
CY2022Q4 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
18283000 usd
CY2023Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
6139000 usd
CY2022Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
2197000 usd
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2188000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
94000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
88553000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
77067000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16539000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
19480000 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
72014000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
57587000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssets
26746000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssets
24163000 usd
CY2023Q4 vrts Deferred Tax Liability Rightof Use Asset
DeferredTaxLiabilityRightofUseAsset
15677000 usd
CY2022Q4 vrts Deferred Tax Liability Rightof Use Asset
DeferredTaxLiabilityRightofUseAsset
7672000 usd
CY2023Q4 vrts Deferred Tax Liability Fixed Assets
DeferredTaxLiabilityFixedAssets
4197000 usd
CY2022Q4 vrts Deferred Tax Liability Fixed Assets
DeferredTaxLiabilityFixedAssets
1869000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
370000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
712000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
46990000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
34416000 usd
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
25024000 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
23171000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16500000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
19500000 usd
CY2023Q4 vrts Percentage Of Change In Ownership
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0.05
CY2023Q4 us-gaap Operating Loss Carryforwards
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7000000 usd
CY2023Q4 vrts Built In Losses Annual Limitation
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1100000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
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856000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1235000 usd
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1021000 usd
CY2023 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
214000 usd
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
593000 usd
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 usd
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
214000 usd
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
214000 usd
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
214000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
856000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
856000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1235000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
700000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
900000 usd
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2750000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2750000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2750000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2750000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
247813000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
258813000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.65
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.65
CY2023Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.90
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.90
CY2023 us-gaap Dividends Common Stock
DividendsCommonStock
53500000 usd
CY2023Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
17300000 usd
CY2023 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
223807 shares
CY2023 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
200.73
CY2023 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
45200000 usd
CY2023Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
604545 shares
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.050
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
8300000 usd
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
7400000 usd
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
5900000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
478216 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3370000 shares
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26825000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24042000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26225000 usd
CY2023 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 usd
CY2022 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 usd
CY2021 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 usd
CY2023 us-gaap Profit Loss
ProfitLoss
141476000 usd
CY2022 us-gaap Profit Loss
ProfitLoss
106628000 usd
CY2021 us-gaap Profit Loss
ProfitLoss
262835000 usd
CY2023 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
10855000 usd
CY2022 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-10913000 usd
CY2021 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
54704000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
130621000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
117541000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
208131000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7249000 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7391000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7672000 shares
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
126000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
191000 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
331000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7375000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7582000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8003000 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
18.02
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
15.90
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
27.13
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
17.71
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
15.50
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
26.01
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3000 shares
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
113718000 usd
CY2023 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
9103000 usd
CY2023 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
10785000 usd
CY2023 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
20784000 usd
CY2023 vrts Noncontrolling Interest Subscriptions Redemptions And Other
NoncontrollingInterestSubscriptionsRedemptionsAndOther
-1150000 usd
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
104869000 usd

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