Company Quick10K Filing
Virtus Investment Partners
Price114.29 EPS9
Shares8 P/E12
MCap939 P/FCF-9
Net Debt13 EBIT101
TEV952 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-01
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-07-24 Earnings, Exhibits
8-K 2020-07-04 Other Events, Exhibits
8-K 2020-05-18
8-K 2020-05-01
8-K 2020-02-09
8-K 2020-01-31
8-K 2020-01-09
8-K 2019-10-25
8-K 2019-09-29
8-K 2019-07-26
8-K 2019-05-15
8-K 2019-04-26
8-K 2019-04-10
8-K 2019-02-01
8-K 2018-10-26
8-K 2018-07-27
8-K 2018-07-02
8-K 2018-06-11
8-K 2018-05-15
8-K 2018-04-27
8-K 2018-03-26
8-K 2018-02-15
8-K 2018-02-14
8-K 2018-02-07
8-K 2018-02-02

VRTS 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 vrts06302020ex-311.htm
EX-31.2 vrts06302020ex-312.htm
EX-32.1 vrts06302020ex-321.htm

Virtus Investment Partners Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.22.61.91.30.60.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.40.20.1-0.1-0.2-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
 
 
 
 
FORM 10-Q
 
 
 
 
 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-10994
 
 
 
 
 
 
vrtslogo2019a02.jpg
VIRTUS INVESTMENT PARTNERS, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
Delaware
 
26-3962811
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
One Financial Plaza, Hartford, CT 06103
(Address of principal executive offices, including Zip Code)
(800) 248-7971
(Registrant’s telephone number, including area code)
 
 
 
 
 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
 
 
 
 
 
Common Stock, $0.01 par value
 
VRTS
 
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares outstanding of the registrant’s common stock was 7,664,272 as of July 20, 2020.
 
 
 
 
 



VIRTUS INVESTMENT PARTNERS, INC.
INDEX
 
 
 
Page
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 6.
 
"We," "us," "our," the "Company," and "Virtus" as used in this Quarterly Report on Form 10-Q refer to Virtus Investment Partners, Inc., a Delaware corporation, and its subsidiaries.




PART I – FINANCIAL INFORMATION
 
Item 1.    Financial Statements
Virtus Investment Partners, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
June 30,
2020
 
December 31,
2019
Assets:
 
 
 
Cash and cash equivalents
$
168,268

 
$
221,781

Investments
61,301

 
83,206

Accounts receivable, net
72,435

 
74,132

Assets of consolidated investment products ("CIP")
 
 
 
Cash and cash equivalents of CIP
77,321

 
99,691

Cash pledged or on deposit of CIP
6,464

 
467

Investments of CIP
2,273,820

 
2,030,110

Other assets of CIP
29,787

 
23,612

Furniture, equipment and leasehold improvements, net
16,068

 
18,150

Intangible assets, net
295,325

 
310,391

Goodwill
290,366

 
290,366

Deferred taxes, net
10,874

 
15,879

Other assets
38,058

 
36,849

Total assets
$
3,340,087

 
$
3,204,634

Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Accrued compensation and benefits
$
56,228

 
$
101,377

Accounts payable and accrued liabilities
19,528

 
23,308

Dividends payable
7,196

 
8,915

Debt
234,765

 
277,839

Other liabilities
36,272

 
40,507

Liabilities of CIP
 
 
 
Notes payable of CIP
2,156,587

 
1,834,535

Securities purchased payable and other liabilities of CIP
72,313

 
168,051

Total liabilities
2,582,889

 
2,454,532

Commitments and Contingencies (Note 13)

 

Redeemable noncontrolling interests
90,687

 
63,845

Equity:
 
 
 
Equity attributable to stockholders:
 
 
 
Series D mandatory convertible preferred stock, $0.01 par value, 0 and 1,150,000 shares authorized, issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 
110,843

Common stock, $0.01 par value, 1,000,000,000 shares authorized; 11,777,732 shares issued and 7,664,272 shares outstanding at June 30, 2020 and 10,736,887 shares issued and 6,809,280 shares outstanding at December 31, 2019, respectively
118

 
107

Additional paid-in capital
1,303,036

 
1,199,205

Retained earnings (accumulated deficit)
(208,222
)
 
(215,216
)
Accumulated other comprehensive income (loss)
(17
)
 
9

Treasury stock, at cost, 4,113,460 and 3,927,607 shares at June 30, 2020 and December 31, 2019, respectively
(436,749
)
 
(419,249
)
Total equity attributable to stockholders
658,166

 
675,699

Noncontrolling interests
8,345

 
10,558

Total equity
666,511

 
686,257

Total liabilities and equity
$
3,340,087

 
$
3,204,634


The accompanying notes are an integral part of these condensed consolidated financial statements.

1


Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands, except per share data)
2020
 
2019
 
2020
 
2019
Revenues
 
 
 
 
 
 
 
Investment management fees
$
110,550

 
$
114,591

 
$
230,838

 
$
220,509

Distribution and service fees
8,889

 
10,617

 
18,349

 
20,680

Administration and shareholder service fees
13,289

 
15,054

 
27,942

 
29,467

Other income and fees
166

 
227

 
331

 
551

Total revenues
132,894

 
140,489

 
277,460

 
271,207

Operating Expenses
 
 
 
 
 
 
 
Employment expenses
60,163

 
58,123

 
126,293

 
118,974

Distribution and other asset-based expenses
17,345

 
21,322

 
36,754

 
41,086

Other operating expenses
17,436

 
19,174

 
36,321

 
37,897

Operating expenses of consolidated investment products ("CIP")
2,179

 
2,568

 
8,928

 
3,019

Restructuring and severance
420

 
320

 
420

 
1,496

Depreciation expense
1,196

 
1,271

 
2,454

 
2,484

Amortization expense
7,533

 
7,583

 
15,066

 
15,124

Total operating expenses
106,272

 
110,361

 
226,236

 
220,080

Operating Income (Loss)
26,622

 
30,128

 
51,224

 
51,127

Other Income (Expense)
 
 
 
 
 
 
 
Realized and unrealized gain (loss) on investments, net
7,114

 
2,039

 
(430
)
 
5,472

Realized and unrealized gain (loss) of CIP, net
(6,744
)
 
9,720

 
(15,413
)
 
7,799

Other income (expense), net
(805
)
 
696

 
(193
)
 
1,146

Total other income (expense), net
(435
)
 
12,455

 
(16,036
)
 
14,417

Interest Income (Expense)
 
 
 
 
 
 
 
Interest expense
(3,126
)
 
(5,151
)
 
(6,325
)
 
(10,316
)
Interest and dividend income
242

 
964

 
994

 
2,154

Interest and dividend income of investments of CIP
28,634

 
29,368

 
57,863

 
56,770

Interest expense of CIP
(28,150
)
 
(31,077
)
 
(52,636
)
 
(50,778
)
Total interest income (expense), net
(2,400
)
 
(5,896
)
 
(104
)
 
(2,170
)
Income (Loss) Before Income Taxes
23,787

 
36,687

 
35,084

 
63,374

Income tax expense (benefit)
7,578

 
8,788

 
17,869

 
13,007

Net Income (Loss)
16,209

 
27,899

 
17,215

 
50,367

Noncontrolling interests
(4,930
)
 
(973
)
 
(10,221
)
 
(1,695
)
Net Income (Loss) Attributable to Stockholders
11,279

 
26,926

 
6,994

 
48,672

Preferred stockholder dividends

 
(2,084
)
 

 
(4,168
)
Net Income (Loss) Attributable to Common Stockholders
$
11,279

 
$
24,842

 
$
6,994

 
$
44,504

Earnings (Loss) per Share—Basic
$
1.46

 
$
3.55

 
$
0.92

 
$
6.35

Earnings (Loss) per Share—Diluted
$
1.43

 
$
3.26

 
$
0.88

 
$
5.87

Weighted Average Shares Outstanding—Basic
7,720

 
6,999

 
7,572

 
7,010

Weighted Average Shares Outstanding—Diluted
7,895

 
8,252

 
7,936

 
8,290


The accompanying notes are an integral part of these condensed consolidated financial statements.

2


Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands)
2020
 
2019
 
2020
 
2019
Net Income (Loss)
$
16,209

 
$
27,899

 
$
17,215

 
$
50,367

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of tax of $0 and $4 for the three months ended June 30, 2020 and 2019, respectively, and $9 and $1 for the six months ended June 30, 2020 and 2019, respectively
(1
)
 
(8
)
 
(26
)
 
(2
)
Other comprehensive income (loss)
(1
)
 
(8
)
 
(26
)
 
(2
)
Comprehensive income (loss)
16,208

 
27,891

 
17,189

 
50,365

Comprehensive (income) loss attributable to noncontrolling interests
(4,930
)
 
(973
)
 
(10,221
)
 
(1,695
)
Comprehensive Income (Loss) Attributable to Stockholders
$
11,278

 
$
26,918

 
$
6,968

 
$
48,670

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Six Months Ended
June 30,
(in thousands)
2020
 
2019
Cash Flows from Operating Activities:
 
 
 
Net income (loss)
$
17,215

 
$
50,367

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
Depreciation expense, intangible asset and other amortization
21,557

 
19,810

Stock-based compensation
10,113

 
11,384

Amortization of deferred commissions
1,038

 
1,805

Payments of deferred commissions
(974
)
 
(973
)
Equity in earnings of equity method investments
93

 
(1,209
)
(Gain) loss on extinguishment of debt
(705
)
 

Realized and unrealized (gains) losses on investments, net
431

 
(4,634
)
Distributions from equity method investments
726

 
675

Sales (purchases) of investments, net
4,703

 
13,767

Deferred taxes, net
5,014

 
252

Changes in operating assets and liabilities:
 
 
 
Accounts receivable, net and other assets
(2,032
)
 
(2,394
)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities
(52,788
)
 
(44,325
)
Operating activities of consolidated investment products ("CIP"):
 
 
 
Realized and unrealized (gains) losses on investments of CIP, net
11,603

 
(13,222
)
Purchases of investments by CIP
(920,392
)
 
(532,342
)
Sales of investments by CIP
442,859

 
348,771

Net proceeds (purchases) of short term investments by CIP
68

 
(309
)
(Purchases) sales of securities sold short by CIP, net
250

 
1,193

Change in other assets of CIP
(1,790
)
 
71

Change in liabilities of CIP
2,130

 
3,140

Amortization of discount on notes payable of CIP
11,169

 
4,505

Net cash provided by (used in) operating activities
(449,712
)
 
(143,668
)
Cash Flows from Investing Activities:
 
 
 
Capital expenditures and other asset purchases
(475
)
 
(6,111
)
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net
9,724

 
(1,571
)
Sale of available-for-sale securities

 
2,044

Net cash provided by (used in) investing activities
9,249

 
(5,638
)
Cash Flows from Financing Activities:
 
 
 
Payment of long term debt
(44,059
)
 
(24,825
)
Common stock dividends paid
(11,320
)
 
(8,392
)
Preferred stock dividends paid
(2,084
)
 
(4,168
)
Repurchases of common shares
(17,500
)
 
(22,499
)
Proceeds from exercise of stock options
114

 
643

Taxes paid related to net share settlement of restricted stock units
(5,569
)
 
(6,509
)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests
(3,951
)
 
6,599

Financing activities of CIP:
 
 
 
Payments on borrowings by CIP
(326,201
)
 
(195,697
)
Borrowings by CIP
781,147

 
400,782

Net cash provided by (used in) financing activities
370,577

 
145,934

Net increase (decrease) in cash, cash equivalents and restricted cash
(69,886
)
 
(3,372
)
Cash, cash equivalents and restricted cash, beginning of period
321,939

 
254,656

Cash, cash equivalents and restricted cash, end of period
$
252,053

 
$
251,284

Non-Cash Investing Activities:
 
 
 
Change in accrual for capital expenditures
$
(21
)
 
$
(1,813
)
Non-Cash Financing Activities:
 
 
 
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net
$
17,137

 
$
(6,423
)
Common stock dividends payable
$
5,169

 
$
3,849

Preferred stock dividends payable
$

 
$
2,084

Conversion of preferred stock to common stock
$
115,000

 
$


(in thousands)
June 30,
2020
 
December 31, 2019
Reconciliation of cash, cash equivalents and restricted cash
 
 
 
Cash and cash equivalents
$
168,268

 
$
221,781

Cash of CIP
77,321

 
99,691

Cash pledged or on deposit of CIP
6,464

 
467

Cash, cash equivalents and restricted cash at end of period
$
252,053

 
$
321,939


The accompanying notes are an integral part of these condensed consolidated financial statements.

4


Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
 
Permanent Equity
 
Temporary Equity
 
Common Stock
 
Preferred Stock
 
Additional
Paid-in
Capital
 
Retained Earnings (Accumulated
Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock
 
Total
Attributed To
Stockholders
 
Non-
controlling
Interests
 
Total
Equity
 
Redeemable
Non-
controlling
Interests
(in thousands, except per share data)
Shares
 
Par Value
 
Shares
 
Amount
 
Shares
 
Amount
 
Balances at March 31, 2019
6,978,925

 
$
107

 
1,150,000

 
$
110,843

 
$
1,205,926

 
$
(289,119
)
 
$
1

 
3,703,204

 
$
(394,248
)
 
$
633,510

 
$
12,948

 
$
646,458

 
$
59,003

Net income (loss)

 

 

 

 

 
26,926

 

 

 

 
26,926

 
224

 
27,150

 
749

Foreign currency translation adjustments

 

 

 

 

 

 
(8
)
 

 

 
(8
)
 

 
(8
)
 

Net subscriptions (redemptions) and other

 

 

 

 
290

 

 

 

 

 
290

 
(535
)
 
(245
)
 
750

Cash dividends declared ($1.8125 per preferred share)

 

 

 

 
(2,084
)
 

 

 

 

 
(2,084
)
 

 
(2,084
)
 

Cash dividends declared ($0.55 per common share)

 

 

 

 
(4,104
)
 

 

 

 

 
(4,104
)
 

 
(4,104
)
 

Repurchases of common shares
(67,709
)
 

 

 

 

 

 

 
67,709

 
(7,500
)
 
(7,500
)
 

 
(7,500
)
 

Issuance of common shares related to employee stock transactions
33,676

 

 

 

 
565

 

 

 

 

 
565

 

 
565

 

Taxes paid on stock-based compensation

 

 

 

 
(1,294
)
 

 

 

 

 
(1,294
)
 

 
(1,294
)
 

Stock-based compensation

 

 

 

 
4,734

 

 

 

 

 
4,734

 

 
4,734

 

Balances at June 30, 2019
6,944,892

 
$
107

 
1,150,000

 
$
110,843

 
$
1,204,033

 
$
(262,193
)
 
$
(7
)
 
3,770,913

 
$
(401,748
)
 
$
651,035

 
$
12,637

 
$
663,672

 
$
60,502

Balances at March 31, 2020
7,695,413

 
$
117

 

 
$

 
$
1,304,868

 
$
(219,501
)
 
$
(16
)
 
4,038,563

 
$
(429,249
)
 
$
656,219

 
$
10,247

 
$
666,466

 
$
87,115

Net income (loss)

 

 

 

 

 
11,279

 

 

 

 
11,279

 
(1,378
)
 
9,901

 
6,308

Foreign currency translation adjustments

 

 

 

 

 

 
(1
)
 

 

 
(1
)
 

 
(1
)
 

Net subscriptions (redemptions) and other

 

 

 

 
(167
)
 

 

 

 

 
(167
)
 
(524
)
 
(691
)
 
(2,736
)
Cash dividends declared ($0.67 per common share)

 

 

 

 
(5,496
)
 

 

 

 

 
(5,496
)
 

 
(5,496
)
 

Repurchases of common shares
(74,897
)
 

 

 

 

 

 

 
74,897

 
(7,500
)
 
(7,500
)
 

 
(7,500
)
 

Issuance of common shares related to employee stock transactions
43,756

 
1

 

 

 
12

 

 

 

 

 
13

 

 
13

 

Taxes paid on stock-based compensation

 

 

 

 
(2,019
)
 

 

 

 

 
(2,019
)
 
 
 
(2,019
)
 

Stock-based compensation

 

 

 

 
5,838

 

 

 

 

 
5,838

 

 
5,838

 

Balances at June 30, 2020
7,664,272

 
$
118

 

 
$

 
$
1,303,036

 
$
(208,222
)
 
$
(17
)
 
4,113,460

 
$
(436,749
)
 
$
658,166

 
$
8,345

 
$
666,511

 
$
90,687






 
Permanent Equity
 
Temporary Equity
 
Common Stock
 
Preferred Stock
 
Additional
Paid-in
Capital
 
Retained Earnings (Accumulated
Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock
 
Total
Attributed To
Stockholders
 
Non-
controlling
Interests
 
Total
Equity
 
Redeemable
Non-
controlling
Interests
(in thousands, except per share data)
Shares
 
Par Value
 
Shares
 
Amount
 
Shares
 
Amount
 
Balances at December 31, 2018
6,997,382

 
$
106

 
1,150,000

 
$
110,843

 
$
1,209,805

 
$
(310,865
)
 
$
(731
)
 
3,555,242

 
$
(379,249
)
 
$
629,909

 
$
13,958

 
$
643,867

 
$
57,481

Net income (loss)

 

 

 

 

 
48,672

 

 

 

 
48,672

 
(229
)
 
48,443

 
1,924