$VRTS
Virtus Investment Partners Inc

2014 Q1 Form 10-Q Financial Statement

#000119312514187630 Filed on May 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $107.9M $86.17M
YoY Change 25.19% 38.09%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $200.0K
YoY Change -71.43%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.675M $1.739M
YoY Change -3.68% 438.39%
% of Gross Profit
Operating Expenses $75.25M $65.07M
YoY Change 15.64% 19.51%
Operating Profit $32.63M $21.10M
YoY Change 54.63% 165.31%
Interest Expense $138.0K $221.0K
YoY Change -37.56% 9.95%
% of Operating Profit 0.42% 1.05%
Other Income/Expense, Net $2.033M $1.179M
YoY Change 72.43% -3.68%
Pretax Income $35.78M $22.64M
YoY Change 58.06% 149.23%
Income Tax $14.01M $8.450M
% Of Pretax Income 39.16% 37.33%
Net Earnings $21.77M $14.19M
YoY Change 53.45% 160.28%
Net Earnings / Revenue 20.18% 16.46%
Basic Earnings Per Share $2.41 $1.79
Diluted Earnings Per Share $2.34 $1.73
COMMON SHARES
Basic Shares Outstanding 9.116M shares 7.820M shares
Diluted Shares Outstanding 9.361M shares 8.088M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $331.3M $104.2M
YoY Change 217.79%
Cash & Equivalents $237.3M $45.93M
Short-Term Investments $93.95M $58.32M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $42.50M
Other Receivables
Total Short-Term Assets $154.2M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $6.898M $7.669M
YoY Change -10.05%
Goodwill $5.260M $5.260M
YoY Change 0.0%
Intangibles $43.53M $47.66M
YoY Change -8.67% -6.81%
Long-Term Investments $4.242M
YoY Change
Other Assets $12.02M
YoY Change
Total Long-Term Assets $160.5M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $154.2M
Total Long-Term Assets $160.5M
Total Assets $585.8M $314.7M
YoY Change 86.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.030M
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 $44.92M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $22.54M
YoY Change
Total Long-Term Liabilities $22.54M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $44.92M
Total Long-Term Liabilities $22.54M
Total Liabilities $71.86M $67.46M
YoY Change 6.52%
SHAREHOLDERS EQUITY
Retained Earnings -$583.3M -$666.5M
YoY Change -12.48%
Common Stock $95.00K $81.00K
YoY Change 17.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $37.44M $28.09M
YoY Change 33.28%
Treasury Stock Shares 350.0K shares 305.0K shares
Shareholders Equity $510.2M $245.1M
YoY Change
Total Liabilities & Shareholders Equity $585.8M $314.7M
YoY Change 86.14%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $21.77M $14.19M
YoY Change 53.45% 160.28%
Depreciation, Depletion And Amortization $1.675M $1.739M
YoY Change -3.68% 438.39%
Cash From Operating Activities -$5.362M
YoY Change -43.11%
INVESTING ACTIVITIES
Capital Expenditures $439.0K $762.0K
YoY Change -42.39% -46.6%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.544M
YoY Change -1.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $10.36M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.61M
YoY Change 630.65%
NET CHANGE
Cash From Operating Activities -5.362M
Cash From Investing Activities -1.544M
Cash From Financing Activities -10.61M
Net Change In Cash -17.52M
YoY Change 40.73%
FREE CASH FLOW
Cash From Operating Activities -$5.362M
Capital Expenditures $439.0K $762.0K
Free Cash Flow -$6.124M
YoY Change -43.57%

Facts In Submission

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CY2014Q1 dei Trading Symbol
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VIRTUS INVESTMENT PARTNERS, INC.
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AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000883237
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3643 shares
CY2014Q1 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
-45075000
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.34
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9361000 shares
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.41
CY2014Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Organization and Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Virtus Investment Partners, Inc. (the &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us,&#x201D; &#x201C;our&#x201D; or &#x201C;Virtus&#x201D;), a Delaware corporation, operates in the investment management industry through its wholly-owned subsidiaries.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company provides investment management and related services to individuals and institutions throughout the United States of America. The Company&#x2019;s retail investment management services are provided to individuals through products consisting of open-end mutual funds, closed-end funds, variable insurance funds and separately managed accounts. Separately managed accounts are offered through intermediary programs that are sponsored and distributed by unaffiliated broker-dealers and individual direct managed account investment services that are provided by the Company. Institutional investment management services are provided primarily to corporations, multi-employer retirement funds, employee retirement systems, foundations and endowments.</p> </div>
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-33231000
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
245000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
32.50
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9116000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
4833000
CY2014Q1 us-gaap Revenues
Revenues
107871000
CY2014Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
1118000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
22025000
CY2014Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
1846000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
21854000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
35777000
CY2014Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
53000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21938000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
151000
CY2014Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
383000
CY2014Q1 us-gaap Distribution And Servicing Fees
DistributionAndServicingFees
22438000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
263000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
32626000
CY2014Q1 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
568000
CY2014Q1 us-gaap Payments For Commissions
PaymentsForCommissions
4559000
CY2014Q1 us-gaap Cash Divested From Deconsolidation
CashDivestedFromDeconsolidation
366000
CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7401000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
24000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2033000
CY2014Q1 us-gaap Fees And Commissions Transfer Agent
FeesAndCommissionsTransferAgent
13073000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
21767000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
87000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2509000
CY2014Q1 us-gaap Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
900000
CY2014Q1 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
849000
CY2014Q1 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
71792000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2014Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
134000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
439000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
63000
CY2014Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
0
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-31052000
CY2014Q1 us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
-18223000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-171000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-15000
CY2014Q1 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
-171000
CY2014Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
4794000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-118000
CY2014Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
10534000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
7925000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1629000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-34207000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-858000
CY2014Q1 us-gaap Interest Expense
InterestExpense
138000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-40000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
105000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1675000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
263000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1105000
CY2014Q1 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
0
CY2014Q1 us-gaap Depreciation
Depreciation
657000
CY2014Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
35029000
CY2014Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
6915000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
75245000
CY2014Q1 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
27737000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14010000
CY2014Q1 vrts Other Operating Expenses Of Consolidated Sponsored Investment Products
OtherOperatingExpensesOfConsolidatedSponsoredInvestmentProducts
331000
CY2014Q1 vrts Amortization Of Intangible Assets And Contingent Amortization
AmortizationOfIntangibleAssetsAndContingentAmortization
957000
CY2014Q1 vrts Net Income Loss Available To Common Stockholders After Adjustments
NetIncomeLossAvailableToCommonStockholdersAfterAdjustments
21928000
CY2014Q1 vrts Number Of Mutual Funds Deconsolidated
NumberOfMutualFundsDeconsolidated
1 Funds
CY2014Q1 vrts Purchase Of Investments By Consolidated Sponsored Investment Products Net
PurchaseOfInvestmentsByConsolidatedSponsoredInvestmentProductsNet
12481000
CY2014Q1 vrts Interest Dividend Income Of Investments Of Consolidated Sponsored Investment Products
InterestDividendIncomeOfInvestmentsOfConsolidatedSponsoredInvestmentProducts
873000
CY2014Q1 vrts Other Nonoperating Income Expenses
OtherNonoperatingIncomeExpenses
3151000
CY2014Q1 vrts Contingent Consideration Paid For Acquired Investment Management Contracts
ContingentConsiderationPaidForAcquiredInvestmentManagementContracts
0
CY2014Q1 vrts Realized And Unrealized Gain Loss On Investments Of Consolidated Sponsored Investment Products Net
RealizedAndUnrealizedGainLossOnInvestmentsOfConsolidatedSponsoredInvestmentProductsNet
36000
CY2014Q1 vrts Number Of Additional Consolidated Mutual Funds
NumberOfAdditionalConsolidatedMutualFunds
1 Funds
CY2014Q1 vrts Increase Decrease In Other Current Assets Of Consolidated Sponsored Investment Products
IncreaseDecreaseInOtherCurrentAssetsOfConsolidatedSponsoredInvestmentProducts
-6480000
CY2014Q1 vrts Increase Decrease In Other Accrued Liabilities Of Consolidated Sponsored Investment Products
IncreaseDecreaseInOtherAccruedLiabilitiesOfConsolidatedSponsoredInvestmentProducts
-4074000
CY2014Q1 vrts Adjustment To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
105000

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0001193125-14-187630.txt Edgar Link pending
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d713188d10q.htm Edgar Link pending
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