$VRTS
VIRTUS INVESTMENT PARTNERS, INC.

2012 Form 10-K Financial Statement

#000119312513087932 Filed on March 01, 2013

View on sec.gov

Income Statement

Concept 2012 2011 Q4 2011 Q3
Revenue $280.1M $56.17M $55.46M
YoY Change 36.86%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.000K
YoY Change -95.16%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.198M
YoY Change 5.68%
% of Gross Profit
Operating Expenses $219.6M
YoY Change 15.15%
Operating Profit $60.45M $8.194M -$2.193M
YoY Change 334.76%
Interest Expense $854.0K
YoY Change 9.21%
% of Operating Profit 1.41%
Other Income/Expense, Net $3.925M
YoY Change -972.22%
Pretax Income $64.80M
YoY Change 398.79%
Income Tax $27.03M
% Of Pretax Income 41.71%
Net Earnings $37.77M
YoY Change -74.02%
Net Earnings / Revenue 13.49%
Basic Earnings Per Share $4.87 $17.60 -$0.56
Diluted Earnings Per Share $4.66 $16.35 -$0.56
COMMON SHARES
Basic Shares Outstanding 7.727M shares
Diluted Shares Outstanding 8.073M shares

Balance Sheet

Concept 2012 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.26M
YoY Change
Cash & Equivalents $45.27M
Short-Term Investments $15.00M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $27.09M
Other Receivables
Total Short-Term Assets $92.60M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.453M
YoY Change
Goodwill $4.795M
YoY Change 0.0%
Intangibles $52.10M
YoY Change -1.66%
Long-Term Investments
YoY Change
Other Assets $9.341M
YoY Change
Total Long-Term Assets $193.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $92.60M
Total Long-Term Assets $193.8M
Total Assets $286.4M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.031M
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.66M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $46.66M
Total Long-Term Liabilities
Total Liabilities $68.01M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$718.1M
YoY Change
Common Stock $63.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.794M
YoY Change
Treasury Stock Shares 155.0K shares
Shareholders Equity $183.2M
YoY Change
Total Liabilities & Shareholders Equity $286.4M
YoY Change

Cashflow Statement

Concept 2012 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $37.77M
YoY Change -74.02%
Depreciation, Depletion And Amortization $6.198M
YoY Change 5.68%
Cash From Operating Activities $39.82M
YoY Change 68.36%
INVESTING ACTIVITIES
Capital Expenditures $3.782M
YoY Change 409.02%
Acquisitions $656.0K
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.167M
YoY Change 26.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.940M
YoY Change 13.6%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.47M
YoY Change -9.8%
NET CHANGE
Cash From Operating Activities 39.82M
Cash From Investing Activities -5.167M
Cash From Financing Activities -16.47M
Net Change In Cash 18.18M
YoY Change 1278.24%
FREE CASH FLOW
Cash From Operating Activities $39.82M
Capital Expenditures $3.782M
Free Cash Flow $36.04M
YoY Change 57.31%

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vrts Percentage Of Outstanding Common Stock By Which Holding Of Related Party Exceeds
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CY2010 us-gaap Investment Income Interest
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CY2010 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2010 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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CY2010 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2010 us-gaap Payments For Proceeds From Investments
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CY2010 us-gaap Stock Repurchased During Period Value
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CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2010 us-gaap Operating Income Loss
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CY2010 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2010 us-gaap Earnings Per Share Basic
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CY2010 us-gaap Deferred Income Tax Expense Benefit
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CY2010 us-gaap Net Income Loss
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CY2010 us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
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CY2010 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2010 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2010 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2010 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2010 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2010 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2010 us-gaap Marketable Securities Realized Gain Loss
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CY2010 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2010 us-gaap Payments Of Financing Costs
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CY2010 us-gaap Gain Loss On Investments
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CY2010 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2010 us-gaap Operating Expenses
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CY2010 us-gaap Revenues
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CY2010 us-gaap Selling General And Administrative Expense
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CY2010 us-gaap Income Tax Expense Benefit
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CY2010 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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CY2010 us-gaap Stock Issued During Period Value New Issues
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CY2010 us-gaap Proceeds From Payments For Trading Securities
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CY2010 us-gaap Income Loss From Equity Method Investments
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CY2010 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2010 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2010 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2010 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2010 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2010 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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CY2010 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2010 vrts Share Based Compensation Arrangement By Share Based Payment Award Options Grant Date Fair Value
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CY2010 vrts Payment Of Withholding Taxes Related To Restricted Stock
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CY2010 vrts Convertible Preferred Stock Shares Issued Upon Conversion Value
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CY2010 vrts Contingent Consideration Paid For Acquired Investment Management Contracts
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CY2010 vrts Investment Management Fees Revenue
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CY2010 vrts Effective Income Tax Rate Reconciliation Affiliated Stock Loss
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CY2010 vrts Effective Income Tax Rate Reconciliation Contingency Reserve
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CY2010 vrts Income Tax Reconciliation Affiliated Stock Loss
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CY2010 vrts Effective Income Tax Reconciliation Contingency Reserve
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4922000
CY2010 vrts Comprehensive Income Loss Net Of Tax Portion Attributable To Common Stockholders
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CY2010 vrts Transaction Costs
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CY2011 vrts Transaction Costs
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2011 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2011 us-gaap Preferred Stock Dividends And Other Adjustments
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CY2011 us-gaap Noninterest Expense Investment Advisory Fees
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CY2011 us-gaap Investment Income Interest
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2011 us-gaap Effective Income Tax Rate Continuing Operations
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CY2011 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y6M
CY2011 us-gaap Dividends Preferred Stock Stock
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CY2011 us-gaap Increase Decrease In Accounts Receivable
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CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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12992000
CY2011 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2011 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
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CY2011 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2011 us-gaap Payments For Proceeds From Investments
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CY2011 us-gaap Interest Paid
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CY2011 us-gaap Payments For Commissions
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CY2011 us-gaap Proceeds From Contributions From Affiliates
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CY2011 us-gaap Income Loss From Continuing Operations
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CY2011 us-gaap Share Based Compensation
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2011 us-gaap Operating Costs And Expenses
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CY2011 us-gaap Stock Repurchased During Period Value
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CY2011 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
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1319000
CY2011 us-gaap Other Operating Income
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1919000
CY2011 us-gaap Current State And Local Tax Expense Benefit
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CY2011 us-gaap Payments To Acquire Intangible Assets
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CY2011 us-gaap Operating Income Loss
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CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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5523000
CY2011 us-gaap Earnings Per Share Basic
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17.98
CY2011 us-gaap Amortization Of Deferred Sales Commissions
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8874000
CY2011 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P6Y4M24D
CY2011 us-gaap Other Cost And Expense Operating
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CY2011 us-gaap Deferred Income Tax Expense Benefit
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CY2011 us-gaap Asset Management Fees
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CY2011 us-gaap Net Income Loss
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CY2011 us-gaap Fees And Commissions Transfer Agent
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CY2011 us-gaap Goodwill Acquired During Period
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CY2011 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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CY2011 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2011 us-gaap Earnings Per Share Diluted
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16.34
CY2011 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2011 us-gaap Payments For Repurchase Of Common Stock
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7870000
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2011 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2011 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2011 us-gaap Net Cash Provided By Used In Financing Activities
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CY2011 us-gaap Dividends Preferred Stock
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CY2011 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.472 pure
CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2011 us-gaap Payments Of Financing Costs
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CY2011 us-gaap Gain Loss On Investments
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CY2011 us-gaap Comprehensive Income Net Of Tax
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CY2011 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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34139000
CY2011 us-gaap Current Federal Tax Expense Benefit
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CY2011 us-gaap Advertising Expense
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300000
CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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945000
CY2011 us-gaap Interest Income Expense Net
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-461000
CY2011 us-gaap Operating Expenses
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190749000
CY2011 us-gaap Revenues
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2011 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2011 us-gaap Indefinite Lived Intangible Assets Acquired During Period
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CY2011 us-gaap Interest Expense
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2011 vrts Release Of Valuation Allowance
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CY2011 vrts Share Based Compensation Arrangement By Share Based Payment Award Options Grant Date Fair Value
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CY2011 vrts Purchase Of Investment Management Contracts
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CY2011 vrts Income Tax Reconciliation Affiliated Stock Loss
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CY2011 vrts Effective Income Tax Reconciliation Contingency Reserve
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CY2011 vrts Comprehensive Income Loss Net Of Tax Portion Attributable To Common Stockholders
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CY2011 vrts Comprehensive Income Loss Net Of Tax Portion Attributable To Preferred Stockholders
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CY2012 dei Document Fiscal Period Focus
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CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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CY2012 dei Document Period End Date
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2012-12-31
CY2012 dei Entity Central Index Key
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CY2012 dei Entity Well Known Seasoned Issuer
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--12-31
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VRTS
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VIRTUS INVESTMENT PARTNERS, INC.
CY2012 dei Entity Current Reporting Status
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassifications</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain amounts in the prior years&#x2019; financial statements have been reclassified to conform to the current year&#x2019;s presentation.</font></p> </div>
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CY2012 us-gaap Distribution And Servicing Fees
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CY2012 us-gaap Effective Income Tax Rate Continuing Operations
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CY2012 us-gaap Increase Decrease In Accounts Receivable
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2012 us-gaap Income Tax Expense Benefit
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CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">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 revenue 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.</font></p> </div>
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DefinedContributionPlanMaximumEmployerMatchPercentageForNextCompensationSlab
0.020 pure
CY2012 vrts Credit Facility Term
CreditFacilityTerm
P5Y
CY2012 vrts Other Operating Expenses Of Consolidated Sponsored Investment Products
OtherOperatingExpensesOfConsolidatedSponsoredInvestmentProducts
315000
CY2012 vrts Interest Dividend Income Of Investments Of Consolidated Sponsored Investment Products
InterestDividendIncomeOfInvestmentsOfConsolidatedSponsoredInvestmentProducts
577000
CY2012 vrts Convertible Preferred Stock Shares Issued Upon Conversion Value
ConvertiblePreferredStockSharesIssuedUponConversionValue
35217000
CY2012 vrts Contingent Consideration Paid For Acquired Investment Management Contracts
ContingentConsiderationPaidForAcquiredInvestmentManagementContracts
665000
CY2012 vrts Purchase Of Investment Management Contracts
PurchaseOfInvestmentManagementContracts
435000
CY2012 vrts Fair Value Assets Level One To Level Two Transfer Amount
FairValueAssetsLevelOneToLevelTwoTransferAmount
0
CY2012 vrts Fair Value Assets Level Two To Level One Transfer Amount
FairValueAssetsLevelTwoToLevelOneTransferAmount
0
CY2012 vrts Investment Management Fees Revenue
InvestmentManagementFeesRevenue
2500000
CY2012 vrts Effective Income Tax Rate Reconciliation Affiliated Stock Loss
EffectiveIncomeTaxRateReconciliationAffiliatedStockLoss
pure
CY2012 vrts Effective Income Tax Rate Reconciliation Contingency Reserve
EffectiveIncomeTaxRateReconciliationContingencyReserve
pure
CY2012 vrts Income Tax Reconciliation Affiliated Stock Loss
IncomeTaxReconciliationAffiliatedStockLoss
CY2012 vrts Effective Income Tax Reconciliation Contingency Reserve
EffectiveIncomeTaxReconciliationContingencyReserve
CY2012 vrts Amortization Of Intangible Assets And Contingent Amortization
AmortizationOfIntangibleAssetsAndContingentAmortization
4121000
CY2012 vrts Comprehensive Income Loss Net Of Tax Portion Attributable To Common Stockholders
ComprehensiveIncomeLossNetOfTaxPortionAttributableToCommonStockholders
-64000
CY2012 vrts Comprehensive Income Loss Net Of Tax Portion Attributable To Preferred Stockholders
ComprehensiveIncomeLossNetOfTaxPortionAttributableToPreferredStockholders
37335000
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4443000
CY2011Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2011Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2011Q1 us-gaap Revenues
Revenues
44121000
CY2011Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2979000
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3459000
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2011Q2 us-gaap Revenues
Revenues
48902000
CY2011Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2043000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
7953000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
CY2012Q1 us-gaap Revenues
Revenues
62398000
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5386000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
14253000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.08
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
CY2012Q2 us-gaap Revenues
Revenues
66818000
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8367000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2193000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.56
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
CY2011Q3 us-gaap Revenues
Revenues
55457000
CY2011Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3483000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
17767000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.48
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.43
CY2012Q3 us-gaap Revenues
Revenues
71951000
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11642000
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
8194000
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
17.60
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
16.35
CY2011Q4 us-gaap Revenues
Revenues
56172000
CY2011Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
109555000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.50
CY2012Q4 us-gaap Revenues
Revenues
78919000
CY2012Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12213000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
20472000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.56

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