$VRTS
Virtus Investment Partners Inc

2015 Q1 Form 10-Q Financial Statement

#000119312515180728 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $103.8M $107.9M
YoY Change -3.75% 25.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.671M $1.675M
YoY Change -0.24% -3.68%
% of Gross Profit
Operating Expenses $79.29M $75.25M
YoY Change 5.37% 15.64%
Operating Profit $24.54M $32.63M
YoY Change -24.78% 54.63%
Interest Expense $123.0K $138.0K
YoY Change -10.87% -37.56%
% of Operating Profit 0.5% 0.42%
Other Income/Expense, Net $3.570M $2.033M
YoY Change 75.6% 72.43%
Pretax Income $30.59M $35.78M
YoY Change -14.49% 58.06%
Income Tax $10.87M $14.01M
% Of Pretax Income 35.52% 39.16%
Net Earnings $19.73M $21.77M
YoY Change -9.38% 53.45%
Net Earnings / Revenue 19.0% 20.18%
Basic Earnings Per Share $2.16 $2.41
Diluted Earnings Per Share $2.11 $2.34
COMMON SHARES
Basic Shares Outstanding 8.964M shares 9.116M shares
Diluted Shares Outstanding 9.151M shares 9.361M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $211.8M $331.3M
YoY Change -36.07% 217.79%
Cash & Equivalents $168.1M $237.3M
Short-Term Investments $43.70M $93.95M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $8.578M $6.898M
YoY Change 24.35% -10.05%
Goodwill $5.260M $5.260M
YoY Change 0.0% 0.0%
Intangibles $40.95M $43.53M
YoY Change -5.93% -8.67%
Long-Term Investments $7.199M $4.242M
YoY Change 69.71%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $680.4M $585.8M
YoY Change 16.14% 86.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
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
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
Total Long-Term Liabilities
Total Liabilities $80.25M $71.86M
YoY Change 11.67% 6.52%
SHAREHOLDERS EQUITY
Retained Earnings -$488.2M -$583.3M
YoY Change -16.3% -12.48%
Common Stock $1.146B $95.00K
YoY Change 1205957.89% 17.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $91.70M $37.44M
YoY Change 144.94% 33.28%
Treasury Stock Shares 679.3K shares 350.0K shares
Shareholders Equity $565.4M $510.2M
YoY Change
Total Liabilities & Shareholders Equity $680.4M $585.8M
YoY Change 16.14% 86.14%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $19.73M $21.77M
YoY Change -9.38% 53.45%
Depreciation, Depletion And Amortization $1.671M $1.675M
YoY Change -0.24% -3.68%
Cash From Operating Activities -$24.85M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $1.397M $439.0K
YoY Change 218.22% -42.39%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.440M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid $4.129M
YoY Change
Common Stock Issuance & Retirement, Net $14.00M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$8.923M
YoY Change
NET CHANGE
Cash From Operating Activities -$24.85M
Cash From Investing Activities -$1.440M
Cash From Financing Activities -$8.923M
Net Change In Cash -$35.22M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$24.85M
Capital Expenditures $1.397M $439.0K
Free Cash Flow -$26.25M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2015Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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CY2015Q1 dei Document Type
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10-Q
CY2015Q1 dei Entity Registrant Name
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VIRTUS INVESTMENT PARTNERS, INC.
CY2015Q1 dei Trading Symbol
TradingSymbol
VRTS
CY2015Q1 us-gaap Minority Interest Period Increase Decrease
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450000
CY2015Q1 us-gaap Treasury Stock Shares Acquired
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Large Accelerated Filer
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0.355 pure
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2015Q1 us-gaap Nature Of Operations
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<div> <p style="margin-top:12pt; 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 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 <font style="white-space:nowrap">open-end</font> 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, endowments and subadvisory accounts.</p> </div>
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-24852000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0 shares
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0 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2015Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
134.81
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.16
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
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WeightedAverageNumberOfDilutedSharesOutstanding
9151000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000883237
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.45
CY2015Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
280000
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14000000
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6085 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3315 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2015Q1 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
695000
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities
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43000
CY2015Q1 us-gaap Payments For Commissions
PaymentsForCommissions
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CY2015Q1 us-gaap Interest Income Expense Net
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2481000
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545000
CY2015Q1 us-gaap Fees And Commissions Transfer Agent
FeesAndCommissionsTransferAgent
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CY2015Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
54000
CY2015Q1 us-gaap Payments Of Dividends
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4129000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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1314000
CY2015Q1 us-gaap Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
400000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
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CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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30593000
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OperatingIncomeLoss
24542000
CY2015Q1 us-gaap Distribution And Servicing Fees
DistributionAndServicingFees
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CY2015Q1 us-gaap Comprehensive Income Net Of Tax
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CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2015Q1 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
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CY2015Q1 us-gaap Revenues
Revenues
103831000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1397000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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19342000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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3784000
CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
1130000
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4122000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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4000
CY2015Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
425000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2015Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Income Tax Deficiency From Share Based Compensation
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CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2368000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1671000
CY2015Q1 us-gaap Interest Expense
InterestExpense
123000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2015Q1 us-gaap Proceeds From Payments For Trading Securities
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CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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1314000
CY2015Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
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CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2015Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2015Q1 us-gaap Amortization Of Deferred Sales Commissions
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CY2015Q1 us-gaap Amortization Of Intangible Assets
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CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10868000
CY2015Q1 us-gaap Proceeds From Payments To Minority Shareholders
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CY2015Q1 us-gaap Depreciation
Depreciation
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CY2015Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
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CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
165000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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1000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
54000
CY2015Q1 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
383000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3063000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
383000
CY2015Q1 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
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CY2015Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
16726000
CY2015Q1 vrts Other Operating Expenses Of Consolidated Sponsored Investment Products
OtherOperatingExpensesOfConsolidatedSponsoredInvestmentProducts
818000
CY2015Q1 vrts Number Of Sponsored Investment Products Consolidated
NumberOfSponsoredInvestmentProductsConsolidated
12 Product
CY2015Q1 vrts Increase Decrease In Other Current Assets Of Consolidated Sponsored Investment Products
IncreaseDecreaseInOtherCurrentAssetsOfConsolidatedSponsoredInvestmentProducts
-137000
CY2015Q1 vrts Purchase Of Investments By Consolidated Sponsored Investment Products Net
PurchaseOfInvestmentsByConsolidatedSponsoredInvestmentProductsNet
19550000
CY2015Q1 vrts Other Nonoperating Income Expenses
OtherNonoperatingIncomeExpenses
6051000
CY2015Q1 vrts Payment Of Withholding Taxes Related To Restricted Stock
PaymentOfWithholdingTaxesRelatedToRestrictedStock
4100000
CY2015Q1 vrts Realized And Unrealized Gain Loss On Investments Of Consolidated Sponsored Investment Products Net
RealizedAndUnrealizedGainLossOnInvestmentsOfConsolidatedSponsoredInvestmentProductsNet
2590000
CY2015Q1 vrts Amortization Of Intangible Assets And Contingent Amortization
AmortizationOfIntangibleAssetsAndContingentAmortization
837000
CY2015Q1 vrts Net Income Loss Available To Common Stockholders After Adjustments
NetIncomeLossAvailableToCommonStockholdersAfterAdjustments
19308000
CY2015Q1 vrts Interest Dividend Income Of Investments Of Consolidated Sponsored Investment Products
InterestDividendIncomeOfInvestmentsOfConsolidatedSponsoredInvestmentProducts
2324000
CY2015Q1 vrts Increase Decrease In Cash Pledged Or On Deposit Of Consolidated Sponsored Investment Products
IncreaseDecreaseInCashPledgedOrOnDepositOfConsolidatedSponsoredInvestmentProducts
-2245000
CY2015Q1 vrts Sale Of Securities Sold Short By Consolidated Sponsored Investment Products Net
SaleOfSecuritiesSoldShortByConsolidatedSponsoredInvestmentProductsNet
1533000
CY2015Q1 vrts Realized And Unrealized Gain Loss On Investments Of Consolidated Sponsored Investment Products Net And Derivatives
RealizedAndUnrealizedGainLossOnInvestmentsOfConsolidatedSponsoredInvestmentProductsNetAndDerivatives
1659000
CY2015Q1 vrts Number Of Additional Consolidated Sponsored Investment Products
NumberOfAdditionalConsolidatedSponsoredInvestmentProducts
1 Product
CY2015Q1 vrts Number Of Sponsored Investment Products Deconsolidated
NumberOfSponsoredInvestmentProductsDeconsolidated
1 Product
CY2015Q1 vrts Proceeds From Borrowings From Short Sales By Consolidated Sponsored Investment Products
ProceedsFromBorrowingsFromShortSalesByConsolidatedSponsoredInvestmentProducts
921000
CY2015Q1 vrts Increase Decrease In Accrued Liabilities Of Consolidated Sponsored Investment Products
IncreaseDecreaseInAccruedLiabilitiesOfConsolidatedSponsoredInvestmentProducts
2857000

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