Virtus Investment Partners Earnings 2019-09-30
VRTS 10Q Quarterly Report
Comparables ($MM TTM)
Ticker
M Cap
Assets
Liab
Rev
G Profit
Net Inc
EBITDA
EV
G Margin
EV/EBITDA
ROA
NOAH
1,324
8,014
1,839
0
0
0
0
-1,382
0%
BSIG
1,236
1,356
1,304
886
0
137
223
1,779
0%
8.0
10%
VRTS
880
3,067
2,343
561
0
80
150
935
0%
6.2
3%
OZM
790
1,364
950
496
0
17
54
940
0%
17.4
1%
PZN
622
167
76
115
0
54
59
587
0%
9.9
32%
DHIL
480
306
54
138
0
55
77
368
0%
4.8
18%
WHG
288
179
26
102
0
13
24
232
0%
9.9
7%
VALU
247
101
52
37
0
12
17
243
0%
14.3
12%
MN
137
221
72
110
31
12
15
80
29%
5.2
5%
SAMG
116
151
69
96
0
16
23
65
0%
2.8
10%
Document
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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, 2019
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
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 (including Preferred Share Purchase Rights)
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.
Copy History
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 6,878,020 as of October 24, 2019 .
VIRTUS INVESTMENT PARTNERS, INC.
INDEX
Copy History
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)
Copy History
September 30,
December 31,
($ in thousands, except share data)
Assets:
Cash and cash equivalents
$
195,870
$
201,705
Investments
44,583
79,558
Accounts receivable, net
74,173
70,047
Assets of consolidated investment products ("CIP")
Cash and cash equivalents of CIP
77,562
52,015
Cash pledged or on deposit of CIP
5,600
936
Investments of CIP
2,018,923
1,749,568
Other assets of CIP
16,822
31,057
Furniture, equipment and leasehold improvements, net
19,494
20,154
Intangible assets, net
317,924
338,812
Goodwill
290,366
290,366
Deferred taxes, net
18,475
22,116
Other assets
33,339
14,201
Total assets
$
3,113,131
$
2,870,535
Liabilities and Equity
Liabilities:
Accrued compensation and benefits
$
78,073
$
93,339
Accounts payable and accrued liabilities
23,310
27,926
Dividends payable
8,744
7,762
Debt
291,995
329,184
Other liabilities
36,487
20,010
Liabilities of CIP
Notes payable of CIP
1,821,243
1,620,260
Securities purchased payable and other liabilities of CIP
84,053
70,706
Total liabilities
2,343,905
2,169,187
Commitments and Contingencies (Note 15)
Redeemable noncontrolling interests
91,610
57,481
Equity:
Equity attributable to stockholders:
Series D mandatory convertible preferred stock, $0.01 par value, 1,150,000 shares authorized, issued and outstanding at September 30, 2019 and December 31, 2018
110,843
110,843
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,719,458 shares issued and 6,877,596 shares outstanding at September 30, 2019 and 10,552,624 shares issued and 6,997,382 shares outstanding at December 31, 2018, respectively
107
106
Additional paid-in capital
1,202,130
1,209,805
Retained earnings (accumulated deficit)
(238,108
)
(310,865
)
Accumulated other comprehensive income (loss)
(19
)
(731
)
Treasury stock, at cost, 3,841,862 and 3,555,242 shares at September 30, 2019 and December 31, 2018, respectively
(409,249
)
(379,249
)
Total equity attributable to stockholders
665,704
629,909
Noncontrolling interests of CIP
11,912
13,958
Total equity
677,616
643,867
Total liabilities and equity
$
3,113,131
$
2,870,535
The accompanying notes are an integral part of these condensed consolidated financial statements.
Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Copy History
Three Months Ended
Nine Months Ended
2019
2018
2019
2018
($ in thousands, except per share data)
Revenues
Investment management fees
$
120,023
$
121,713
$
340,532
$
325,357
Distribution and service fees
10,442
13,730
31,122
39,886
Administration and shareholder service fees
15,280
16,567
44,747
48,272
Other income and fees
210
200
761
655
Total revenues
145,955
152,210
417,162
414,170
Operating Expenses
Employment expenses
61,282
63,269
180,256
178,833
Distribution and other asset-based expenses
20,927
25,386
62,013
71,398
Other operating expenses
18,228
20,350
56,125
56,340
Operating expenses of consolidated investment products ("CIP")
376
529
3,395
2,823
Restructuring and severance
523
—
2,019
—
Depreciation and other amortization
1,245
1,189
3,729
3,304
Amortization expense
7,587
7,541
22,711
17,601
Total operating expenses
110,168
118,264
330,248
330,299
Operating Income (Loss)
35,787
33,946
86,914
83,871
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net
2
(374
)
5,474
1,024
Realized and unrealized gain (loss) of CIP, net
(5,344
)
(4,735
)
2,455
(4,255
)
Other income (expense), net
746
549
1,892
2,323
Total other income (expense), net
(4,596
)
(4,560
)
9,821
(908
)
Interest Income (Expense)
Interest expense
(4,889
)
(5,155
)
(15,205
)
(13,482
)
Interest and dividend income
863
716
3,017
3,255
Interest and dividend income of investments of CIP
30,290
26,596
87,060
71,678
Interest expense of CIP
(21,252
)
(16,959
)
(72,030
)
(46,786
)
Total interest income (expense), net
5,012
5,198
2,842
14,665
Income (Loss) Before Income Taxes
36,203
34,584
99,577
97,628
Income tax expense (benefit)
10,844
6,653
23,851
22,641
Net Income (Loss)
25,359
27,931
75,726
74,987
Noncontrolling interests
(1,274
)
(933
)
(2,969
)
(1,619
)
Net Income (Loss) Attributable to Stockholders
24,085
26,998
72,757
73,368
Preferred stockholder dividends
(2,085
)
(2,085
)
(6,253
)
(6,253
)
Net Income (Loss) Attributable to Common Stockholders
$
22,000
$
24,913
$
66,504
$
67,115
Earnings (Loss) per Share—Basic
$
3.17
$
3.47
$
9.51
$
9.33
Earnings (Loss) per Share—Diluted
$
2.95
$
3.19
$
8.86
$
8.67
Cash Dividends Declared per Preferred Share
$
1.81
$
1.81
$
5.44
$
5.44
Cash Dividends Declared per Common Share
$
0.67
$
0.55
$
1.77
$
1.45
Weighted Average Shares Outstanding—Basic (in thousands)
6,947
7,175
6,990
7,195
Weighted Average Shares Outstanding—Diluted (in thousands)
8,157
8,456
8,215
8,463
The accompanying notes are an integral part of these condensed consolidated financial statements.
Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Copy History
Three Months Ended
Nine Months Ended
2019
2018
2019
2018
($ in thousands)
Net Income (Loss)
$
25,359
$
27,931
$
75,726
$
74,987
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $4 and $2 for the three months ended September 30, 2019 and 2018, respectively, and $5 and $4 for the nine months ended September 30, 2019 and 2018, respectively
(12
)
(2
)
(14
)
(10
)
Unrealized gain (loss) on available-for-sale securities, net of tax of ($9) and $68 for the three and nine months ended September 30, 2018, respectively
—
24
—
(168
)
Other comprehensive income (loss)
(12
)
22
(14
)
(178
)
Comprehensive income (loss)
25,347
27,953
75,712
74,809
Comprehensive (income) loss attributable to noncontrolling interests
(1,274
)
(933
)
(2,969
)
(1,619
)
Comprehensive Income (Loss) Attributable to Stockholders
$
24,073
$
27,020
$
72,743
$
73,190
The accompanying notes are an integral part of these condensed consolidated financial statements.
Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Copy History
Nine Months Ended
2019
2018
($ in thousands)
Cash Flows from Operating Activities:
Net income (loss)
$
75,726
$
74,987
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization
29,766
23,147
Stock-based compensation
16,384
16,914
Amortization of deferred commissions
2,413
2,734
Payments of deferred commissions
(1,522
)
(3,839
)
Equity in earnings of equity method investments
(2,001
)
(2,358
)
Realized and unrealized (gains) losses on investments, net
(4,636
)
(752
)
Distributions received from equity method investments
828
4,032
Sales (purchases) of investments, net
8,784
5,571
Deferred taxes, net
3,392
9,710
Changes in operating assets and liabilities:
Accounts receivable, net and other assets
(3,057
)
10,368
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities
(24,211
)
(39,560
)
Operating activities of consolidated investment products ("CIP"):
Realized and unrealized (gains) losses on investments of CIP, net
(3,063
)
2,108
Purchases of investments by CIP
(805,599
)
(857,999
)
Sales of investments by CIP
588,678
655,335
Net purchases (sales) of short term investments by CIP
2,294
111
Sales (purchases) of securities sold short by CIP, net
1,241
—
Change in other assets of CIP
(184
)
(609
)
Change in liabilities of CIP
7,247
(1,589
)
Amortization of discount on notes payable of CIP
4,505
—
Net cash provided by (used in) operating activities
(103,015
)
(101,689
)
Cash Flows from Investing Activities:
Capital expenditures and other asset purchases
(6,961
)
(2,516
)
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net
18,408
—
Acquisition of businesses (cash paid of $129.5 million, less cash acquired of $2.5 million in 2018)
—
(126,995
)
Sale of available-for-sale securities
2,023
37,785
Purchases of available-for-sale securities
—
(20,188
)
Net cash provided by (used in) investing activities
13,470
(111,914
)
Cash Flows from Financing Activities:
Issuance of debt
—
105,000
Repayments on debt
(39,839
)
(12,863
)
Payment of deferred financing costs
—
(3,810
)
Common stock dividends paid
(12,244
)
(10,093
)
Preferred stock dividends paid
(6,253
)
(6,253
)
Repurchases of common shares
(30,000
)
(12,501
)
Stock options exercised
648
719
Taxes paid related to net share settlement of restricted stock units
(6,601
)
(6,517
)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests
7,630
(2,159
)
Financing activities of CIP:
Payments on borrowings by CIP
(195,697
)
(669,500
)
Borrowings by CIP
396,277
817,474
Net cash provided by (used in) financing activities
113,921
199,497
Net increase (decrease) in cash, cash equivalents and restricted cash
24,376
(14,106
)
Cash, cash equivalents and restricted cash, beginning of period
254,656
234,282
Cash, Cash Equivalents and Restricted Cash, End of Period
$
279,032
$
220,176
Non-Cash Investing Activities:
Change in accrual for capital expenditures
$
(1,784
)
$
1,906
Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net
$
22,046
$
—
Common stock dividends payable
$
4,608
$
3,930
Preferred stock dividends payable
$
2,085
$
2,085
Copy History
September 30,
December 31, 2018
($ in thousands)
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents
$
195,870
$
201,705
Cash of CIP
77,562
52,015
Cash pledged or on deposit of CIP
5,600
936
Cash, cash equivalents and restricted cash at end of period
$
279,032
$
254,656
The accompanying notes are an integral part of these condensed consolidated financial statements.
Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Copy History
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 June 30, 2018
7,166,139
$
105
1,150,000
$
110,843
$
1,213,341
$
(340,024
)
$
(622
)
3,356,911
$
(359,248
)
$
624,395
$
15,971
$
640,366
$
3,420
Acquisition of business
—
—
—
—
—
—
—
—
—
—
—
—
55,500
Net income (loss)
—
—
—
—
—
26,998
—
—
—
26,998
110
27,108
823
Net unrealized gain (loss) on securities available-for-sale
—
—
—
—
—
—
24
—
—
24
—
24
—
Foreign currency translation adjustments
—
—
—
—
—
—
(2
)
—
—
(2
)
—
(2
)
—
Net subscriptions (redemptions) and other
—
—
—
—
—
—
—
—
—
—
(574
)
(574
)
505
Cash dividends declared ($1.81 per preferred share)
—
—
—
—
(2,085
)
—
—
—
—
(2,085
)
—
(2,085
)
—
Cash dividends declared ($0.55 per common share)
—
—
—
—
(4,222
)
—
—
—
—
(4,222
)
—
(4,222
)
—
Repurchases of common shares
(38,184
)
—
—
—
—
—
—
38,184
(5,001
)
(5,001
)
—
(5,001
)
—
Issuance of common shares related to employee stock transactions
18,647
—
—
—
66
—
—
—
—
66
—
66
—
Taxes paid on stock-based compensation
—
—
—
—
(1,279
)
—
—
—
—
(1,279
)
—
(1,279
)
—
Stock-based compensation
—
—
—
—
4,824
—
—
—
—
4,824
—
4,824
—
Balances at September 30, 2018
7,146,602
$
105
1,150,000
$
110,843
$
1,210,645
$
(313,026
)
$
(600
)
3,395,095
$
(364,249
)
$
643,718
$
15,507
$
659,225
$
60,248
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
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 transactions
3,653
—
—
—
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, 2019
6,877,596
$
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
Copy History
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, 2017
7,159,645
$
105
1,150,000
$
110,843
$
1,216,173
$
(386,216
)
$
(600
)
3,296,289
$
(351,748
)
$
588,557
$
16,667
$
605,224
$
4,178
Adjustment for adoption of ASU 2016-01
—
—
—
—
—
(178
)
178
—
—
—
—
—
—
Net income (loss)
—
—
—
—
—
73,368
—
—
—
73,368
876
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