Company Quick10K Filing
⚲
Virtus Investment Partners
Financials
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
Filings
10-Q 2020-09-30 Filed 2020-11-05
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
Reports
8-K 2020-10-23 Earnings, Exhibits
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

Content
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
Exhibits
EX-31.1 vrts09302020ex-311.htm
EX-31.2 vrts09302020ex-312.htm
EX-32.1 vrts09302020ex-321.htm

Virtus Investment Partners Earnings 2020-09-30

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
vrts-20200930
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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 September 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
 
vrts-20200930_g1.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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value VRTSThe 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 7,613,154 as of October 20, 2020.


Table of Contents
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.


Table of Contents
PART I – FINANCIAL INFORMATION
 
Item 1.    Financial Statements
Virtus Investment Partners, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)September 30,
2020		December 31,
2019
Assets:
Cash and cash equivalents$202,212 $221,781 
Investments54,446 83,206 
Accounts receivable, net76,616 74,132 
Assets of consolidated investment products ("CIP")
Cash and cash equivalents of CIP48,228 99,691 
Cash pledged or on deposit of CIP6,007 467 
Investments of CIP2,333,685 2,030,110 
Other assets of CIP27,415 23,612 
Furniture, equipment and leasehold improvements, net15,287 18,150 
Intangible assets, net287,793 310,391 
Goodwill290,366 290,366 
Deferred taxes, net8,862 15,879 
Other assets39,807 36,849 
Total assets$3,390,724 $3,204,634 
Liabilities and Equity
Liabilities:
Accrued compensation and benefits$87,256 $101,377 
Accounts payable and accrued liabilities21,633 23,308 
Dividends payable8,742 8,915 
Debt218,014 277,839 
Other liabilities35,833 40,507 
Liabilities of CIP
Notes payable of CIP2,190,937 1,834,535 
Securities purchased payable and other liabilities of CIP41,020 168,051 
Total liabilities2,603,435 2,454,532 
Commitments and Contingencies (Note 13)
Redeemable noncontrolling interests99,277 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 September 30, 2020 and December 31, 2019, respectively
— 110,843 
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 11,780,481 shares issued and 7,613,154 shares outstanding at September 30, 2020, respectively, and 10,736,887 shares issued and 6,809,280 shares outstanding at December 31, 2019, respectively
118 107 
Additional paid-in capital1,301,735 1,199,205 
Retained earnings (accumulated deficit)(178,574)(215,216)
Accumulated other comprehensive income (loss)— 9 
Treasury stock, at cost, 4,167,327 and 3,927,607 shares at September 30, 2020 and December 31, 2019, respectively
(444,249)(419,249)
Total equity attributable to stockholders679,030 675,699 
Noncontrolling interests8,982 10,558 
Total equity 688,012 686,257 
Total liabilities and equity$3,390,724 $3,204,634 

The accompanying notes are an integral part of these condensed consolidated financial statements.
1
Table of Contents
Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands, except per share data)2020201920202019
Revenues
Investment management fees$129,785 $120,023 $360,623 $340,532 
Distribution and service fees9,797 10,442 28,146 31,122 
Administration and shareholder service fees15,114 15,280 43,056 44,747 
Other income and fees94 210 425 761 
Total revenues154,790 145,955 432,250 417,162 
Operating Expenses
Employment expenses67,479 61,282 193,772 180,256 
Distribution and other asset-based expenses19,570 20,927 56,324 62,013 
Other operating expenses16,343 18,228 52,664 56,125 
Operating expenses of consolidated investment products ("CIP")1,016 376 9,944 3,395 
Restructuring and severance735 523 1,155 2,019 
Depreciation expense1,106 1,245 3,560 3,729 
Amortization expense7,532 7,587 22,598 22,711 
Total operating expenses113,781 110,168 340,017 330,248 
Operating Income (Loss)41,009 35,787 92,233 86,914 
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net2,498 2 2,068 5,474 
Realized and unrealized gain (loss) of CIP, net2,680 (5,344)(12,733)2,455 
Other income (expense), net999 746 806 1,892 
Total other income (expense), net6,177 (4,596)(9,859)9,821 
Interest Income (Expense)
Interest expense(2,877)(4,889)(9,202)(15,205)
Interest and dividend income137 863 1,131 3,017 
Interest and dividend income of investments of CIP26,088 30,290 83,951 87,060 
Interest expense of CIP(17,622)(21,252)(70,258)(72,030)
Total interest income (expense), net5,726 5,012 5,622 2,842 
Income (Loss) Before Income Taxes52,912 36,203 87,996 99,577 
Income tax expense (benefit)11,978 10,844 29,847 23,851 
Net Income (Loss)40,934 25,359 58,149 75,726 
Noncontrolling interests(11,286)(1,274)(21,507)(2,969)
Net Income (Loss) Attributable to Stockholders29,648 24,085 36,642 72,757 
Preferred stockholder dividends— (2,085)— (6,253)
Net Income (Loss) Attributable to Common Stockholders$29,648 $22,000 $36,642 $66,504 
Earnings (Loss) per Share—Basic$3.86 $3.17 $4.81 $9.51 
Earnings (Loss) per Share—Diluted$3.71 $2.95 $4.60 $8.86 
Weighted Average Shares Outstanding—Basic7,684 6,947 7,611 6,990 
Weighted Average Shares Outstanding—Diluted7,997 8,157 7,958 8,215 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2020201920202019
Net Income (Loss)$40,934 $25,359 $58,149 $75,726 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $(6) and $4 for the three months ended September 30, 2020 and 2019, respectively, and $3 and $5 for the nine months ended September 30, 2020 and 2019, respectively
17 (12)(9)(14)
Other comprehensive income (loss)17 (12)(9)(14)
Comprehensive income (loss)40,951 25,347 58,140 75,712 
Comprehensive (income) loss attributable to noncontrolling interests(11,286)(1,274)(21,507)(2,969)
Comprehensive Income (Loss) Attributable to Stockholders$29,665 $24,073 $36,633 $72,743 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended
September 30,
(in thousands)20202019
Cash Flows from Operating Activities:
Net income (loss)$58,149 $75,726 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization32,153 29,766 
Stock-based compensation16,412 16,384 
Amortization of deferred commissions1,544 2,413 
Payments of deferred commissions(1,475)(1,522)
Equity in earnings of equity method investments(855)(2,001)
(Gain) loss on extinguishment of debt(705)— 
Realized and unrealized (gains) losses on investments, net(2,069)(4,636)
Distributions from equity method investments921 828 
Sales (purchases) of investments, net15,586 8,784 
Deferred taxes, net7,020 3,392 
Changes in operating assets and liabilities:
Accounts receivable, net and other assets(7,989)(3,057)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities(22,931)(24,211)
Operating activities of consolidated investment products ("CIP"):
Realized and unrealized (gains) losses on investments of CIP, net6,739 (3,063)
Purchases of investments by CIP(1,114,801)(805,599)
Sales of investments by CIP624,675 588,678 
Net proceeds (purchases) of short term investments by CIP1,434 2,294 
(Purchases) sales of securities sold short by CIP, net267 1,241 
Change in other assets of CIP(2,039)(184)
Change in liabilities of CIP(3,472)7,247 
Amortization of discount on notes payable of CIP11,169 4,505 
Net cash provided by (used in) operating activities(380,267)(103,015)
Cash Flows from Investing Activities:
Capital expenditures and other asset purchases(789)(6,961)
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net9,724 18,408 
Sale of available-for-sale securities— 2,023 
Net cash provided by (used in) investing activities8,935 13,470 
Cash Flows from Financing Activities:
Payment of long term debt(61,573)(39,839)
Common stock dividends paid(16,460)(12,244)
Preferred stock dividends paid(2,084)(6,253)
Repurchases of common shares(25,000)(30,000)
Taxes paid related to net share settlement of restricted stock units(5,530)(5,953)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests(5,935)7,630 
Financing activities of CIP:
Payments on borrowings by CIP(358,725)(195,697)
Borrowings by CIP781,147 396,277 
Net cash provided by (used in) financing activities305,840 113,921 
Net increase (decrease) in cash, cash equivalents and restricted cash(65,492)24,376 
Cash, cash equivalents and restricted cash, beginning of period321,939 254,656 
Cash, cash equivalents and restricted cash, end of period$256,447 $279,032 
Non-Cash Investing Activities:
Change in accrual for capital expenditures$8 $(1,784)
Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net$17,137 $22,046 
Common stock dividends payable$6,288 $4,608 
Preferred stock dividends payable$— $2,085 
Conversion of preferred stock to common stock$115,000 $— 

(in thousands)September 30,
2020		December 31, 2019
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$202,212 $221,781 
Cash of CIP48,228 99,691 
Cash pledged or on deposit of CIP6,007 467 
Cash, cash equivalents and restricted cash at end of period$256,447 $321,939 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Permanent EquityTemporary Equity
 Common StockPreferred StockAdditional
Paid-in
Capital		Retained Earnings (Accumulated
Deficit)		Accumulated
Other
Comprehensive
Income (Loss)		Treasury StockTotal
Attributed To
Stockholders		Non-
controlling
Interests		Total
Equity		Redeemable
Non-
controlling
Interests
(in thousands, except per share data)SharesPar ValueSharesAmountSharesAmount
Balances at June 30, 20196,944,892 $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 
Net income (loss)— — — — — 24,085 — — — 24,085 (68)24,017 1,342 
Foreign currency translation adjustments— — — — — — (12)— — (12)— (12)— 
Net subscriptions (redemptions) and other— — — — 548 — — — — 548 (657)(109)29,766 
Cash dividends declared ($1.81 per preferred share)
— — — — (2,085)— — — — (2,085)— (2,085)— 
Cash dividends declared ($0.67 per common share)
— — — — (4,972)— — — — (4,972)— (4,972)— 
Repurchases of common shares(70,949)— — — — — — 70,949 (7,501)(7,501)— (7,501)— 
Issuance of common shares related to employee stock transactions3,653 — — — 5 — — — — 5 — 5 — 
Taxes paid on stock-based compensation— — — — (93)— — — — (93)— (93)— 
Stock-based compensation— — — — 4,694 — — — — 4,694 — 4,694 — 
Balances at September 30, 20196,877,596 $107 1,150,000 $110,843 $1,202,130 $(238,108)$(19)3,841,862 $(409,249)$665,704 $11,912 $677,616 $91,610 
Balances at June 30, 20207,664,272 $118 — $— $1,303,036 $(208,222)$(17)4,113,460 $(436,749)$658,166 $8,345 $666,511 $90,687 
Net income (loss)— — — — — 29,648 — — — 29,648 977 30,625 10,309 
Foreign currency translation adjustments— — — — — — 17 — — 17 — 17 — 
Net subscriptions (redemptions) and other— — — — — — — — — — (340)(340)(1,719)
Cash dividends declared ($0.82 per common share)
— — — — (6,695)— — — — (6,695)— (6,695)— 
Repurchases of common shares(53,867)— — — — — — 53,867 (7,500)(7,500)— (7,500)— 
Issuance of common shares related to employee stock transactions2,749 — — — 49 — — — — 49 — 49 — 
Taxes paid on stock-based compensation— — — — (124)— — — — (124)(124)— 
Stock-based compensation— — — — 5,469 — — — — 5,469 — 5,469 — 
Balances at September 30, 20207,613,154 $118 — $— $1,301,735 $(178,574)$— 4,167,327 $(444,249)$679,030 $8,982 $688,012 $99,277 





Permanent EquityTemporary Equity
 Common StockPreferred StockAdditional
Paid-in
Capital		Retained Earnings (Accumulated
Deficit)		Accumulated
Other
Comprehensive
Income (Loss)		Treasury StockTotal
Attributed To
Stockholders		Non-
controlling
Interests		Total
Equity		Redeemable
Non-
controlling
Interests
(in thousands, except per share data)SharesPar ValueSharesAmountSharesAmount
Balances at December 31, 20186,997,382 $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)— — — — — 72,757 — — — 72,757 (297)72,460 3,266 
Reclassification from other comprehensive (income) loss— — — — — — 726 — — 726 — 726 — 
Foreign currency translation adjustments— — — — — — (14)— — (14)— (14)— 
Net subscriptions (redemptions) and other— — — — 838 — — — — 838 (1,749)(911)30,863 
Cash dividends declared ($5.44 per preferred share)
— — — — (6,253)— — — — (6,253)— (6,253)— 
Cash dividends declared ($1.77