falsedesktopVRTS2020-09-30000088323720000138{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_1": "\t\tPage\nPart I. FINANCIAL INFORMATION\t\t\nItem 1.\tFinancial Statements (Unaudited)\t\n\tCondensed Consolidated Balance Sheets (Unaudited) as of September 30 2020 and December 31 2019\t1\n\tCondensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30 2020 and 2019\t2\n\tCondensed Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30 2020 and 2019\t3\n\tCondensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30 2020 and 2019\t4\n\tCondensed Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30 2020 and 2019\t6\n\tNotes to Condensed Consolidated Financial Statements (Unaudited)\t8\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t21\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t33\nItem 4.\tControls and Procedures\t33\nPart II. OTHER INFORMATION\t\t\nItem 1.\tLegal Proceedings\t34\nItem 1A.\tRisk Factors\t34\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t35\nItem 6.\tExhibits\t35\n\tSignatures\t36\n", "q10k_tbl_2": "(in thousands except share data)\tSeptember 30 2020\tDecember 31 2019\nAssets:\t\t\nCash and cash equivalents\t202212\t221781\nInvestments\t54446\t83206\nAccounts receivable net\t76616\t74132\nAssets of consolidated investment products (\"CIP\")\t\t\nCash and cash equivalents of CIP\t48228\t99691\nCash pledged or on deposit of CIP\t6007\t467\nInvestments of CIP\t2333685\t2030110\nOther assets of CIP\t27415\t23612\nFurniture equipment and leasehold improvements net\t15287\t18150\nIntangible assets net\t287793\t310391\nGoodwill\t290366\t290366\nDeferred taxes net\t8862\t15879\nOther assets\t39807\t36849\nTotal assets\t3390724\t3204634\nLiabilities and Equity\t\t\nLiabilities:\t\t\nAccrued compensation and benefits\t87256\t101377\nAccounts payable and accrued liabilities\t21633\t23308\nDividends payable\t8742\t8915\nDebt\t218014\t277839\nOther liabilities\t35833\t40507\nLiabilities of CIP\t\t\nNotes payable of CIP\t2190937\t1834535\nSecurities purchased payable and other liabilities of CIP\t41020\t168051\nTotal liabilities\t2603435\t2454532\nCommitments and Contingencies (Note 13)\t\t\nRedeemable noncontrolling interests\t99277\t63845\nEquity:\t\t\nEquity attributable to stockholders:\t\t\nSeries D mandatory convertible preferred stock $0.01 par value 0 and 1150000 shares authorized issued and outstanding at September 30 2020 and December 31 2019 respectively\t0\t110843\nCommon stock $0.01 par value 1000000000 shares authorized; 11780481 shares issued and 7613154 shares outstanding at September 30 2020 respectively and 10736887 shares issued and 6809280 shares outstanding at December 31 2019 respectively\t118\t107\nAdditional paid-in capital\t1301735\t1199205\nRetained earnings (accumulated deficit)\t(178574)\t(215216)\nAccumulated other comprehensive income (loss)\t0\t9\nTreasury stock at cost 4167327 and 3927607 shares at September 30 2020 and December 31 2019 respectively\t(444249)\t(419249)\nTotal equity attributable to stockholders\t679030\t675699\nNoncontrolling interests\t8982\t10558\nTotal equity\t688012\t686257\nTotal liabilities and equity\t3390724\t3204634\n", "q10k_tbl_3": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in thousands except per share data)\t2020\t2019\t2020\t2019\nRevenues\t\t\t\t\nInvestment management fees\t129785\t120023\t360623\t340532\nDistribution and service fees\t9797\t10442\t28146\t31122\nAdministration and shareholder service fees\t15114\t15280\t43056\t44747\nOther income and fees\t94\t210\t425\t761\nTotal revenues\t154790\t145955\t432250\t417162\nOperating Expenses\t\t\t\t\nEmployment expenses\t67479\t61282\t193772\t180256\nDistribution and other asset-based expenses\t19570\t20927\t56324\t62013\nOther operating expenses\t16343\t18228\t52664\t56125\nOperating expenses of consolidated investment products (\"CIP\")\t1016\t376\t9944\t3395\nRestructuring and severance\t735\t523\t1155\t2019\nDepreciation expense\t1106\t1245\t3560\t3729\nAmortization expense\t7532\t7587\t22598\t22711\nTotal operating expenses\t113781\t110168\t340017\t330248\nOperating Income (Loss)\t41009\t35787\t92233\t86914\nOther Income (Expense)\t\t\t\t\nRealized and unrealized gain (loss) on investments net\t2498\t2\t2068\t5474\nRealized and unrealized gain (loss) of CIP net\t2680\t(5344)\t(12733)\t2455\nOther income (expense) net\t999\t746\t806\t1892\nTotal other income (expense) net\t6177\t(4596)\t(9859)\t9821\nInterest Income (Expense)\t\t\t\t\nInterest expense\t(2877)\t(4889)\t(9202)\t(15205)\nInterest and dividend income\t137\t863\t1131\t3017\nInterest and dividend income of investments of CIP\t26088\t30290\t83951\t87060\nInterest expense of CIP\t(17622)\t(21252)\t(70258)\t(72030)\nTotal interest income (expense) net\t5726\t5012\t5622\t2842\nIncome (Loss) Before Income Taxes\t52912\t36203\t87996\t99577\nIncome tax expense (benefit)\t11978\t10844\t29847\t23851\nNet Income (Loss)\t40934\t25359\t58149\t75726\nNoncontrolling interests\t(11286)\t(1274)\t(21507)\t(2969)\nNet Income (Loss) Attributable to Stockholders\t29648\t24085\t36642\t72757\nPreferred stockholder dividends\t0\t(2085)\t0\t(6253)\nNet Income (Loss) Attributable to Common Stockholders\t29648\t22000\t36642\t66504\nEarnings (Loss) per Share-Basic\t3.86\t3.17\t4.81\t9.51\nEarnings (Loss) per Share-Diluted\t3.71\t2.95\t4.60\t8.86\nWeighted Average Shares Outstanding-Basic\t7684\t6947\t7611\t6990\nWeighted Average Shares Outstanding-Diluted\t7997\t8157\t7958\t8215\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in thousands)\t2020\t2019\t2020\t2019\nNet Income (Loss)\t40934\t25359\t58149\t75726\nOther comprehensive income (loss) net of tax:\t\t\t\t\nForeign 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\t17\t(12)\t(9)\t(14)\nOther comprehensive income (loss)\t17\t(12)\t(9)\t(14)\nComprehensive income (loss)\t40951\t25347\t58140\t75712\nComprehensive (income) loss attributable to noncontrolling interests\t(11286)\t(1274)\t(21507)\t(2969)\nComprehensive Income (Loss) Attributable to Stockholders\t29665\t24073\t36633\t72743\n", "q10k_tbl_5": "\tNine Months Ended September 30\t\n(in thousands)\t2020\t2019\nCash Flows from Operating Activities:\t\t\nNet income (loss)\t58149\t75726\nAdjustments to reconcile net income to net cash provided by (used in) operating activities:\t\t\nDepreciation expense intangible asset and other amortization\t32153\t29766\nStock-based compensation\t16412\t16384\nAmortization of deferred commissions\t1544\t2413\nPayments of deferred commissions\t(1475)\t(1522)\nEquity in earnings of equity method investments\t(855)\t(2001)\n(Gain) loss on extinguishment of debt\t(705)\t0\nRealized and unrealized (gains) losses on investments net\t(2069)\t(4636)\nDistributions from equity method investments\t921\t828\nSales (purchases) of investments net\t15586\t8784\nDeferred taxes net\t7020\t3392\nChanges in operating assets and liabilities:\t\t\nAccounts receivable net and other assets\t(7989)\t(3057)\nAccrued compensation and benefits accounts payable accrued liabilities and other liabilities\t(22931)\t(24211)\nOperating activities of consolidated investment products (\"CIP\"):\t\t\nRealized and unrealized (gains) losses on investments of CIP net\t6739\t(3063)\nPurchases of investments by CIP\t(1114801)\t(805599)\nSales of investments by CIP\t624675\t588678\nNet proceeds (purchases) of short term investments by CIP\t1434\t2294\n(Purchases) sales of securities sold short by CIP net\t267\t1241\nChange in other assets of CIP\t(2039)\t(184)\nChange in liabilities of CIP\t(3472)\t7247\nAmortization of discount on notes payable of CIP\t11169\t4505\nNet cash provided by (used in) operating activities\t(380267)\t(103015)\nCash Flows from Investing Activities:\t\t\nCapital expenditures and other asset purchases\t(789)\t(6961)\nChange in cash and cash equivalents of CIP due to consolidation (deconsolidation) net\t9724\t18408\nSale of available-for-sale securities\t0\t2023\nNet cash provided by (used in) investing activities\t8935\t13470\nCash Flows from Financing Activities:\t\t\nPayment of long term debt\t(61573)\t(39839)\nCommon stock dividends paid\t(16460)\t(12244)\nPreferred stock dividends paid\t(2084)\t(6253)\nRepurchases of common shares\t(25000)\t(30000)\nTaxes paid related to net share settlement of restricted stock units\t(5530)\t(5953)\nNet subscriptions received from (redemptions/distributions paid to) noncontrolling interests\t(5935)\t7630\nFinancing activities of CIP:\t\t\nPayments on borrowings by CIP\t(358725)\t(195697)\nBorrowings by CIP\t781147\t396277\nNet cash provided by (used in) financing activities\t305840\t113921\nNet increase (decrease) in cash cash equivalents and restricted cash\t(65492)\t24376\nCash cash equivalents and restricted cash beginning of period\t321939\t254656\nCash cash equivalents and restricted cash end of period\t256447\t279032\nNon-Cash Investing Activities:\t\t\nChange in accrual for capital expenditures\t8\t(1784)\nNon-Cash Financing Activities:\t\t\nIncrease (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP net\t17137\t22046\nCommon stock dividends payable\t6288\t4608\nPreferred stock dividends payable\t0\t2085\nConversion of preferred stock to common stock\t115000\t0\n", "q10k_tbl_6": "(in thousands)\tSeptember 30 2020\tDecember 31 2019\nReconciliation of cash cash equivalents and restricted cash\t\t\nCash and cash equivalents\t202212\t221781\nCash of CIP\t48228\t99691\nCash pledged or on deposit of CIP\t6007\t467\nCash cash equivalents and restricted cash at end of period\t256447\t321939\n", "q10k_tbl_7": "\tPermanent Equity\t\t\t\t\t\t\t\t\t\t\t\tTemporary Equity\n\tCommon Stock\t\tPreferred Stock\t\tAdditional Paid-in Capital\tRetained Earnings (Accumulated Deficit)\tAccumulated Other Comprehensive Income (Loss)\tTreasury Stock\t\tTotal Attributed To Stockholders\tNon- controlling Interests\tTotal Equity\tRedeemable Non- controlling Interests\n(in thousands except per share data)\tShares\tPar Value\tShares\tAmount\tShares\tAmount\nBalances at June 30 2019\t6944892\t107\t1150000\t110843\t1204033\t(262193)\t(7)\t3770913\t(401748)\t651035\t12637\t663672\t60502\nNet income (loss)\t0\t0\t0\t0\t0\t24085\t0\t0\t0\t24085\t(68)\t24017\t1342\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t0\t(12)\t0\t0\t(12)\t0\t(12)\t0\nNet subscriptions (redemptions) and other\t0\t0\t0\t0\t548\t0\t0\t0\t0\t548\t(657)\t(109)\t29766\nCash dividends declared ($1.81 per preferred share)\t0\t0\t0\t0\t(2085)\t0\t0\t0\t0\t(2085)\t0\t(2085)\t0\nCash dividends declared ($0.67 per common share)\t0\t0\t0\t0\t(4972)\t0\t0\t0\t0\t(4972)\t0\t(4972)\t0\nRepurchases of common shares\t(70949)\t0\t0\t0\t0\t0\t0\t70949\t(7501)\t(7501)\t0\t(7501)\t0\nIssuance of common shares related to employee stock transactions\t3653\t0\t0\t0\t5\t0\t0\t0\t0\t5\t0\t5\t0\nTaxes paid on stock-based compensation\t0\t0\t0\t0\t(93)\t0\t0\t0\t0\t(93)\t0\t(93)\t0\nStock-based compensation\t0\t0\t0\t0\t4694\t0\t0\t0\t0\t4694\t0\t4694\t0\nBalances at September 30 2019\t6877596\t107\t1150000\t110843\t1202130\t(238108)\t(19)\t3841862\t(409249)\t665704\t11912\t677616\t91610\nBalances at June 30 2020\t7664272\t118\t0\t0\t1303036\t(208222)\t(17)\t4113460\t(436749)\t658166\t8345\t666511\t90687\nNet income (loss)\t0\t0\t0\t0\t0\t29648\t0\t0\t0\t29648\t977\t30625\t10309\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t0\t17\t0\t0\t17\t0\t17\t0\nNet subscriptions (redemptions) and other\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t(340)\t(340)\t(1719)\nCash dividends declared ($0.82 per common share)\t0\t0\t0\t0\t(6695)\t0\t0\t0\t0\t(6695)\t0\t(6695)\t0\nRepurchases of common shares\t(53867)\t0\t0\t0\t0\t0\t0\t53867\t(7500)\t(7500)\t0\t(7500)\t0\nIssuance of common shares related to employee stock transactions\t2749\t0\t0\t0\t49\t0\t0\t0\t0\t49\t0\t49\t0\nTaxes paid on stock-based compensation\t0\t0\t0\t0\t(124)\t0\t0\t0\t0\t(124)\t\t(124)\t0\nStock-based compensation\t0\t0\t0\t0\t5469\t0\t0\t0\t0\t5469\t0\t5469\t0\nBalances at September 30 2020\t7613154\t118\t0\t0\t1301735\t(178574)\t0\t4167327\t(444249)\t679030\t8982\t688012\t99277\n", "q10k_tbl_8": "\tPermanent Equity\t\t\t\t\t\t\t\t\t\t\t\tTemporary Equity\n\tCommon Stock\t\tPreferred Stock\t\tAdditional Paid-in Capital\tRetained Earnings (Accumulated Deficit)\tAccumulated Other Comprehensive Income (Loss)\tTreasury Stock\t\tTotal Attributed To Stockholders\tNon- controlling Interests\tTotal Equity\tRedeemable Non- controlling Interests\n(in thousands except per share data)\tShares\tPar Value\tShares\tAmount\tShares\tAmount\nBalances at December 31 2018\t6997382\t106\t1150000\t110843\t1209805\t(310865)\t(731)\t3555242\t(379249)\t629909\t13958\t643867\t57481\nNet income (loss)\t0\t0\t0\t0\t0\t72757\t0\t0\t0\t72757\t(297)\t72460\t3266\nReclassification from other comprehensive (income) loss\t0\t0\t0\t0\t0\t0\t726\t0\t0\t726\t0\t726\t0\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t0\t(14)\t0\t0\t(14)\t0\t(14)\t0\nNet subscriptions (redemptions) and other\t0\t0\t0\t0\t838\t0\t0\t0\t0\t838\t(1749)\t(911)\t30863\nCash dividends declared ($5.44 per preferred share)\t0\t0\t0\t0\t(6253)\t0\t0\t0\t0\t(6253)\t0\t(6253)\t0\nCash dividends declared ($1.77 per common share)\t0\t0\t0\t0\t(13228)\t0\t0\t0\t0\t(13228)\t0\t(13228)\t0\nRepurchases of common shares\t(286620)\t0\t0\t0\t0\t0\t0\t286620\t(30000)\t(30000)\t0\t(30000)\t0\nIssuance of common shares related to employee stock transactions\t166834\t1\t0\t0\t1429\t0\t0\t0\t0\t1430\t0\t1430\t0\nTaxes paid on stock-based compensation\t0\t0\t0\t0\t(6601)\t0\t0\t0\t0\t(6601)\t0\t(6601)\t0\nStock-based compensation\t0\t0\t0\t0\t16140\t0\t0\t0\t0\t16140\t0\t16140\t0\nBalances at September 30 2019\t6877596\t107\t1150000\t110843\t1202130\t(238108)\t(19)\t3841862\t(409249)\t665704\t11912\t677616\t91610\nBalances at December 31 2019\t6809280\t107\t1150000\t110843\t1199205\t(215216)\t9\t3927607\t(419249)\t675699\t10558\t686257\t63845\nNet income (loss)\t0\t0\t0\t0\t0\t36642\t0\t0\t0\t36642\t(146)\t36496\t21653\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t0\t(9)\t0\t0\t(9)\t0\t(9)\t0\nNet subscriptions (redemptions) and other\t0\t0\t0\t0\t(167)\t0\t0\t0\t0\t(167)\t(1430)\t(1597)\t13779\nConversion of preferred stock\t912806\t9\t(1150000)\t(110843)\t110834\t0\t0\t0\t0\t0\t0\t0\t0\nCash dividends declared ($2.16 per common share)\t0\t0\t0\t0\t(18371)\t0\t0\t0\t0\t(18371)\t0\t(18371)\t0\nRepurchases of common shares\t(239720)\t0\t0\t0\t0\t0\t0\t239720\t(25000)\t(25000)\t0\t(25000)\t0\nIssuance of common shares related to employee stock transactions\t130788\t2\t0\t0\t161\t0\t0\t0\t0\t163\t0\t163\t0\nTaxes paid on stock-based compensation\t0\t0\t0\t0\t(5693)\t0\t0\t0\t0\t(5693)\t\t(5693)\t0\nStock-based compensation\t0\t0\t0\t0\t15766\t0\t0\t0\t0\t15766\t0\t15766\t0\nBalances at September 30 2020\t7613154\t118\t0\t0\t1301735\t(178574)\t0\t4167327\t(444249)\t679030\t8982\t688012\t99277\n", "q10k_tbl_9": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in thousands)\t2020\t2019\t2020\t2019\nInvestment management fees\t\t\t\t\nOpen-end funds\t63458\t59060\t176584\t169326\nClosed-end funds\t8959\t10846\t27695\t31485\nRetail separate accounts\t26412\t22092\t74524\t60761\nInstitutional accounts\t29048\t25180\t76571\t71013\nStructured products\t1297\t1725\t3288\t4957\nOther products\t611\t1120\t1961\t2990\nTotal investment management fees\t129785\t120023\t360623\t340532\nDistribution and service fees\t9797\t10442\t28146\t31122\nAdministration and shareholder service fees\t15114\t15280\t43056\t44747\nOther income and fees\t94\t210\t425\t761\nTotal revenues\t154790\t145955\t432250\t417162\n", "q10k_tbl_10": "(in thousands)\tSeptember 30 2020\tDecember 31 2019\nDefinite-lived intangible assets:\t\t\nInvestment contracts and other\t489570\t489570\nAccumulated amortization\t(245293)\t(222695)\nDefinite-lived intangible assets net\t244277\t266875\nIndefinite-lived intangible assets\t43516\t43516\nTotal intangible assets net\t287793\t310391\n", "q10k_tbl_11": "\tNine Months Ended September 30\t\n(in thousands)\t2020\t2019\nIntangible assets net\t\t\nBalance beginning of period\t310391\t338812\nAdditions\t0\t1823\nAmortization\t(22598)\t(22711)\nBalance end of period\t287793\t317924\n", "q10k_tbl_12": "Fiscal Year\tAmount (in thousands)\nRemainder of 2020\t7529\n2021\t30116\n2022\t29992\n2023\t29330\n2024\t23689\n2025 and thereafter\t123621\n\t244277\n", "q10k_tbl_13": "(in thousands)\tSeptember 30 2020\tDecember 31 2019\nInvestment securities - fair value\t31641\t60990\nEquity method investments (1)\t12039\t12030\nNonqualified retirement plan assets\t9302\t8724\nOther investments\t1464\t1462\nTotal investments\t54446\t83206\n", "q10k_tbl_14": "\tSeptember 30 2020\t\tDecember 31 2019\t\n(in thousands)\tCost\tFair Value\tCost\tFair Value\nInvestment Securities - fair value\t\t\t\t\nSponsored funds\t21075\t22043\t44588\t47654\nEquity securities\t7105\t9594\t11250\t13320\nDebt securities\t7\t4\t44\t16\nTotal investment securities - fair value\t28187\t31641\t55882\t60990\n", "q10k_tbl_15": "(in thousands)\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets\t\t\t\t\nCash equivalents\t170763\t0\t0\t170763\nInvestment securities - fair value\t\t\t\t\nSponsored funds\t22043\t0\t0\t22043\nEquity securities\t9594\t0\t0\t9594\nDebt securities\t0\t4\t0\t4\nNonqualified retirement plan assets\t9302\t0\t0\t9302\nTotal assets measured at fair value\t211702\t4\t0\t211706\n", "q10k_tbl_16": "(in thousands)\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets\t\t\t\t\nCash equivalents\t187255\t0\t0\t187255\nInvestment securities - fair value\t\t\t\t\nSponsored funds\t47654\t0\t0\t47654\nEquity securities\t13320\t0\t0\t13320\nDebt securities\t0\t16\t0\t16\nNonqualified retirement plan assets\t8724\t0\t0\t8724\nTotal assets measured at fair value\t256953\t16\t0\t256969\n", "q10k_tbl_17": "(in thousands)\tUnrealized Gains (Losses) on Securities Available-for-Sale\tForeign Currency Translation Adjustments\nBalance at December 31 2018\t(726)\t(5)\nForeign currency translation adjustments net of tax of $5\t0\t(14)\nAmounts reclassified from accumulated other comprehensive income (loss) net of tax of $(254)\t726\t0\nNet current-period other comprehensive income (loss)\t726\t(14)\nBalance at September 30 2019\t0\t(19)\n", "q10k_tbl_18": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\n(in thousands)\t\t\t\t\nStock-based compensation expense\t6299\t5000\t16412\t16384\n", "q10k_tbl_19": "\tNumber of Shares\tWeighted Average Grant Date Fair Value\nOutstanding at December 31 2019\t528376\t115.74\nGranted\t211660\t86.73\nForfeited\t(3844)\t118.95\nSettled\t(181091)\t110.79\nOutstanding at September 30 2020\t555101\t106.27\n", "q10k_tbl_20": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in thousands except per share amounts)\t2020\t2019\t2020\t2019\nNet Income (Loss)\t40934\t25359\t58149\t75726\nNoncontrolling interests\t(11286)\t(1274)\t(21507)\t(2969)\nNet Income (Loss) Attributable to Stockholders\t29648\t24085\t36642\t72757\nPreferred stock dividends\t0\t(2085)\t0\t(6253)\nNet Income (Loss) Attributable to Common Stockholders\t29648\t22000\t36642\t66504\nShares:\t\t\t\t\nBasic: Weighted-average number of shares outstanding\t7684\t6947\t7611\t6990\nPlus: Incremental shares from assumed conversion of dilutive instruments\t313\t1210\t347\t1225\nDiluted: Weighted-average number of shares outstanding\t7997\t8157\t7958\t8215\nEarnings (Loss) per Share-Basic\t3.86\t3.17\t4.81\t9.51\nEarnings (Loss) per Share-Diluted\t3.71\t2.95\t4.60\t8.86\n", "q10k_tbl_21": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in thousands)\t2020\t2019\t2020\t2019\nRestricted stock units and options\t1\t32\t0\t29\nTotal anti-dilutive securities\t1\t32\t0\t29\n", "q10k_tbl_22": "(in thousands)\tCIP\tAffiliate Noncontrolling Interests\tTotal\nBalances at December 31 2019\t5429\t58416\t63845\nNet income (loss) attributable to noncontrolling interests\t(852)\t3474\t2622\nChanges in redemption value (1)\t0\t19031\t19031\nTotal net income (loss) attributable to noncontrolling interests\t(852)\t22505\t21653\nNet subscriptions (redemptions) and other\t20074\t(6295)\t13779\nBalances at September 30 2020\t24651\t74626\t99277\n", "q10k_tbl_23": "\tAs of\t\t\t\t\t\n\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\n\t\tVIEs\t\t\tVIEs\t\n(in thousands)\tVOEs\tCLOs\tOther\tVOEs\tCLOs\tOther\nCash and cash equivalents\t9128\t43930\t1177\t2665\t97130\t363\nInvestments\t46623\t2231691\t55371\t22223\t1976148\t31739\nOther assets\t2756\t23821\t838\t1563\t21450\t599\nNotes payable\t0\t(2190937)\t0\t0\t(1834535)\t0\nSecurities purchased payable and other liabilities\t(2972)\t(37378)\t(670)\t(2964)\t(164887)\t(200)\nNoncontrolling interests\t(22362)\t(8982)\t(2289)\t(3865)\t(10558)\t(1564)\nNet interests in CIP\t33173\t62145\t54427\t19622\t84748\t30937\n", "q10k_tbl_24": "(in thousands)\tNine Months Ended September 30 2020\nIncome:\t\nRealized and unrealized gain (loss) net\t(9648)\nInterest income\t81846\nTotal income\t72198\nExpenses:\t\nOther operating expenses\t9535\nInterest expense\t70258\nTotal expense\t79793\nNoncontrolling interests\t146\nNet Income (loss) attributable to CIP\t(7449)\n", "q10k_tbl_25": "(in thousands)\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets\t\t\t\t\nCash equivalents\t43930\t0\t0\t43930\nDebt investments\t14472\t2275610\t13326\t2303408\nEquity investments\t27092\t1349\t1836\t30277\nDerivatives\t586\t845\t0\t1431\nTotal assets measured at fair value\t86080\t2277804\t15162\t2379046\nLiabilities\t\t\t\t\nNotes payable\t0\t2190937\t0\t2190937\nDerivatives\t539\t433\t0\t972\nShort sales\t472\t0\t0\t472\nTotal liabilities measured at fair value\t1011\t2191370\t0\t2192381\n", "q10k_tbl_26": "(in thousands)\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets\t\t\t\t\nCash equivalents\t97130\t0\t0\t97130\nDebt investments\t218\t1973427\t39389\t2013034\nEquity investments\t15872\t171\t1033\t17076\nTotal assets measured at fair value\t113220\t1973598\t40422\t2127240\nLiabilities\t\t\t\t\nNotes payable\t0\t1834535\t0\t1834535\nShort sales\t430\t0\t0\t430\nTotal liabilities measured at fair value\t430\t1834535\t0\t1834965\n", "q10k_tbl_27": "\tNine Months Ended September 30\t\n(in thousands)\t2020\t2019\nLevel 3 Investments of CIP (1)\t\t\nBalance at beginning of period\t40422\t6848\nRealized gains (losses) net\t5\t(95)\nChange in unrealized gains (losses) net\t(335)\t310\nPurchases\t1137\t2157\nAmortization\t9\t(16)\nSales\t(1256)\t(5414)\nTransfers to Level 2\t(50463)\t(42232)\nTransfers from Level 2\t25643\t51544\nBalance at end of period\t15162\t13102\n", "q10k_tbl_28": "\tAs of September 30\t\tChange\t\n(in millions)\t2020\t2019\t$\t%\nOpen-End Funds (1)\t43369\t41190\t2179\t5.3%\nClosed-End Funds\t5629\t6816\t(1187)\t(17.4)%\nExchange Traded Funds\t543\t1054\t(511)\t(48.5)%\nRetail Separate Accounts\t24727\t18863\t5864\t31.1%\nInstitutional Accounts\t36596\t30951\t5645\t18.2%\nStructured Products\t4163\t3972\t191\t4.8%\nTotal Long-Term\t115027\t102846\t12181\t11.8%\nLiquidity (2)\t1460\t1221\t239\t19.6%\nTotal\t116487\t104067\t12420\t11.9%\nAverage Assets Under Management (3)\t105651\t101059\t4592\t4.5%\nAverage Long-Term Assets Under Management (3)\t104358\t99324\t5034\t5.1%\n", "q10k_tbl_29": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nOpen-End Funds (1)\t\t\t\t\nBeginning balance\t40053\t41223\t42870\t37710\nInflows\t3755\t2982\t12017\t8492\nOutflows\t(3368)\t(3164)\t(12844)\t(10245)\nNet flows\t387\t(182)\t(827)\t(1753)\nMarket performance\t3004\t(69)\t1518\t5235\nOther (2)\t(75)\t218\t(192)\t(2)\nEnding balance\t43369\t41190\t43369\t41190\nClosed-End Funds\t\t\t\t\nBeginning balance\t5639\t6653\t6748\t5956\nInflows\t15\t14\t20\t34\nOutflows\t0\t0\t0\t0\nNet flows\t15\t14\t20\t34\nMarket performance\t54\t246\t(751)\t1090\nOther (2)\t(79)\t(97)\t(388)\t(264)\nEnding balance\t5629\t6816\t5629\t6816\nExchange Traded Funds\t\t\t\t\nBeginning balance\t541\t1078\t1156\t668\nInflows\t60\t94\t220\t620\nOutflows\t(35)\t(54)\t(408)\t(217)\nNet flows\t25\t40\t(188)\t403\nMarket performance\t(12)\t(36)\t(380)\t67\nOther (2)\t(11)\t(28)\t(45)\t(84)\nEnding balance\t543\t1054\t543\t1054\nRetail Separate Accounts\t\t\t\t\nBeginning balance\t22054\t18260\t20414\t14998\nInflows\t1727\t819\t4271\t2303\nOutflows\t(617)\t(435)\t(2046)\t(1354)\nNet flows\t1110\t384\t2225\t949\nMarket performance\t1591\t297\t2111\t3069\nOther (2)\t(28)\t(78)\t(23)\t(153)\nEnding balance\t24727\t18863\t24727\t18863\nInstitutional Accounts\t\t\t\t\nBeginning balance\t34545\t32056\t32635\t27445\nInflows\t2075\t851\t6715\t3542\nOutflows\t(2381)\t(2216)\t(5824)\t(4629)\nNet flows\t(306)\t(1365)\t891\t(1087)\nMarket performance\t2472\t527\t3199\t4824\nOther (2)\t(115)\t(267)\t(129)\t(231)\nEnding balance\t36596\t30951\t36596\t30951\nStructured Products\t\t\t\t\nBeginning balance\t4264\t3984\t3903\t3640\nInflows\t0\t0\t491\t389\nOutflows\t(69)\t(16)\t(184)\t(53)\nNet flows\t(69)\t(16)\t307\t336\nMarket performance\t10\t54\t82\t137\nOther (2)\t(42)\t(50)\t(129)\t(141)\nEnding balance\t4163\t3972\t4163\t3972\n", "q10k_tbl_30": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nTotal Long-Term\t\t\t\t\nBeginning balance\t107096\t103254\t107726\t90417\nInflows\t7632\t4760\t23734\t15380\nOutflows\t(6470)\t(5885)\t(21306)\t(16498)\nNet flows\t1162\t(1125)\t2428\t(1118)\nMarket performance\t7119\t1019\t5779\t14422\nOther (2)\t(350)\t(302)\t(906)\t(875)\nEnding balance\t115027\t102846\t115027\t102846\nLiquidity (3)\t\t\t\t\nBeginning balance\t1365\t1752\t1178\t1613\nOther (2)\t95\t(531)\t282\t(392)\nEnding balance\t1460\t1221\t1460\t1221\nTotal\t\t\t\t\nBeginning balance\t108461\t105006\t108904\t92030\nInflows\t7632\t4760\t23734\t15380\nOutflows\t(6470)\t(5885)\t(21306)\t(16498)\nNet flows\t1162\t(1125)\t2428\t(1118)\nMarket performance\t7119\t1019\t5779\t14422\nOther (2)\t(255)\t(833)\t(624)\t(1267)\nEnding balance\t116487\t104067\t116487\t104067\n", "q10k_tbl_31": "\tAs of September 30\t\tChange\t\t% of Total\t\n(in millions)\t2020\t2019\t$\t%\t2020\t2019\nAsset Class\t\t\t\t\t\t\nEquity\t81032\t65544\t15488\t23.6%\t69.6%\t63.0%\nFixed income\t29603\t31704\t(2101)\t(6.6)%\t25.4%\t30.4%\nAlternatives (1)\t4392\t5598\t(1206)\t(21.5)%\t3.8%\t5.4%\nLiquidity (2)\t1460\t1221\t239\t19.6%\t1.2%\t1.2%\nTotal\t116487\t104067\t12420\t11.9%\t100.0%\t100.0%\n", "q10k_tbl_32": "\tThree Months Ended September 30\t\t\t\n\tAverage Fee Earned (expressed in basis points)\t\tAverage Assets Under Management (in millions) (2)\t\n\t2020\t2019\t2020\t2019\nProducts\t\t\t\t\nOpen-End Funds (1)\t59.5\t56.6\t42475\t41457\nClosed-End Funds\t62.1\t64.7\t5742\t6649\nExchange Traded Funds\t13.7\t25.3\t549\t1048\nRetail Separate Accounts\t47.6\t48.0\t22054\t18260\nInstitutional Accounts\t31.7\t31.8\t36506\t31462\nStructured Products\t34.2\t37.3\t4171\t3957\nAll Long-Term Products\t47.0\t46.9\t111497\t102833\nLiquidity (3)\t12.3\t10.7\t1393\t1710\nAll Products\t46.6\t46.3\t112890\t104543\n\tNine Months Ended September 30\t\t\t\n\tAverage Fee Earned (expressed in basis points)\t\tAverage Assets Under Management (in millions) (2)\t\n\t2020\t2019\t2020\t2019\nProducts\t\t\t\t\nOpen-End Funds (1)\t58.6\t55.4\t40244\t40650\nClosed-End Funds\t62.2\t64.9\t5944\t6486\nExchange Traded Funds\t17.3\t12.3\t689\t1000\nRetail Separate Accounts\t49.7\t47.8\t20043\t16794\nInstitutional Accounts\t30.8\t31.1\t33229\t30529\nStructured Products\t31.6\t36.5\t4209\t3865\nAll Long-Term Products\t46.9\t46.1\t104358\t99324\nLiquidity (3)\t11.4\t10.4\t1293\t1735\nAll Products\t46.4\t45.5\t105651\t101059\n", "q10k_tbl_33": "\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\n(in thousands)\t2020\t2019\t2020 vs. 2019\t%\t2020\t2019\t2020 vs. 2019\t%\nInvestment management fees\t129785\t120023\t9762\t8.1%\t360623\t340532\t20091\t5.9%\nOther revenue\t25005\t25932\t(927)\t(3.6)%\t71627\t76630\t(5003)\t(6.5)%\nTotal revenues\t154790\t145955\t8835\t6.1%\t432250\t417162\t15088\t3.6%\nTotal operating expenses\t113781\t110168\t3613\t3.3%\t340017\t330248\t9769\t3.0%\nOperating income (loss)\t41009\t35787\t5222\t14.6%\t92233\t86914\t5319\t6.1%\nOther income (expense) net\t6177\t(4596)\t10773\t(234.4)%\t(9859)\t9821\t(19680)\t(200.4)%\nInterest income (expense) net\t5726\t5012\t714\t14.2%\t5622\t2842\t2780\t97.8%\nIncome (loss) before income taxes\t52912\t36203\t16709\t46.2%\t87996\t99577\t(11581)\t(11.6)%\nIncome tax expense (benefit)\t11978\t10844\t1134\t10.5%\t29847\t23851\t5996\t25.1%\nNet income (loss)\t40934\t25359\t15575\t61.4%\t58149\t75726\t(17577)\t(23.2)%\nNoncontrolling interests\t(11286)\t(1274)\t(10012)\t785.9%\t(21507)\t(2969)\t(18538)\t624.4%\nNet Income (Loss) Attributable to Stockholders\t29648\t24085\t5563\t23.1%\t36642\t72757\t(36115)\t(49.6)%\nPreferred stockholder dividends\t0\t(2085)\t2085\t(100.0)%\t0\t(6253)\t6253\t(100.0)%\nNet Income (Loss) Attributable to Common Stockholders\t29648\t22000\t7648\t34.8%\t36642\t66504\t(29862)\t(44.9)%\n", "q10k_tbl_34": "\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\n(in thousands)\t2020\t2019\t2020 vs. 2019\t%\t2020\t2019\t2020 vs. 2019\t%\nInvestment management fees\t\t\t\t\t\t\t\t\nOpen-end funds\t63458\t59060\t4398\t7.4%\t176584\t169326\t7258\t4.3%\nClosed-end funds\t8959\t10846\t(1887)\t(17.4)%\t27695\t31485\t(3790)\t(12.0)%\nRetail separate accounts\t26412\t22092\t4320\t19.6%\t74524\t60761\t13763\t22.7%\nInstitutional accounts\t29048\t25180\t3868\t15.4%\t76571\t71013\t5558\t7.8%\nStructured products\t1297\t1725\t(428)\t(24.8)%\t3288\t4957\t(1669)\t(33.7)%\nOther products\t611\t1120\t(509)\t(45.4)%\t1961\t2990\t(1029)\t(34.4)%\nTotal investment management fees\t129785\t120023\t9762\t8.1%\t360623\t340532\t20091\t5.9%\nDistribution and service fees\t9797\t10442\t(645)\t(6.2)%\t28146\t31122\t(2976)\t(9.6)%\nAdministration and shareholder service fees\t15114\t15280\t(166)\t(1.1)%\t43056\t44747\t(1691)\t(3.8)%\nOther income and fees\t94\t210\t(116)\t(55.2)%\t425\t761\t(336)\t(44.2)%\nTotal revenues\t154790\t145955\t8835\t6.1%\t432250\t417162\t15088\t3.6%\n", "q10k_tbl_35": "\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\n(in thousands)\t2020\t2019\t2020 vs. 2019\t%\t2020\t2019\t2020 vs. 2019\t%\nOperating expenses\t\t\t\t\t\t\t\t\nEmployment expenses\t67479\t61282\t6197\t10.1%\t193772\t180256\t13516\t7.5%\nDistribution and other asset-based expenses\t19570\t20927\t(1357)\t(6.5)%\t56324\t62013\t(5689)\t(9.2)%\nOther operating expenses\t16343\t18228\t(1885)\t(10.3)%\t52664\t56125\t(3461)\t(6.2)%\nOther operating expenses of CIP\t1016\t376\t640\t170.2%\t9944\t3395\t6549\t192.9%\nRestructuring and severance\t735\t523\t212\t40.5%\t1155\t2019\t(864)\t(42.8)%\nDepreciation expense\t1106\t1245\t(139)\t(11.2)%\t3560\t3729\t(169)\t(4.5)%\nAmortization expense\t7532\t7587\t(55)\t(0.7)%\t22598\t22711\t(113)\t(0.5)%\nTotal operating expenses\t113781\t110168\t3613\t3.3%\t340017\t330248\t9769\t3.0%\n", "q10k_tbl_36": "\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\n(in thousands)\t2020\t2019\t2020 vs. 2019\t%\t2020\t2019\t2020 vs. 2019\t%\nOther Income (Expense)\t\t\t\t\t\t\t\t\nRealized and unrealized gain (loss) on investments net\t2498\t2\t2496\tN/M\t2068\t5474\t(3406)\t(62.2)%\nRealized and unrealized gain (loss) of CIP net\t2680\t(5344)\t8024\t(150.1)%\t(12733)\t2455\t(15188)\t(618.7)%\nOther income (expense) net\t999\t746\t253\t33.9%\t806\t1892\t(1086)\t(57.4)%\nTotal Other Income (Expense) net\t6177\t(4596)\t10773\t(234.4)%\t(9859)\t9821\t(19680)\t(200.4)%\n", "q10k_tbl_37": "\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\n(in thousands)\t2020\t2019\t2020 vs. 2019\t%\t2020\t2019\t2020 vs. 2019\t%\nInterest Income (Expense)\t\t\t\t\t\t\t\t\nInterest expense\t(2877)\t(4889)\t2012\t(41.2)%\t(9202)\t(15205)\t6003\t(39.5)%\nInterest and dividend income\t137\t863\t(726)\t(84.1)%\t1131\t3017\t(1886)\t(62.5)%\nInterest and dividend income of investments of CIP\t26088\t30290\t(4202)\t(13.9)%\t83951\t87060\t(3109)\t(3.6)%\nInterest expense of CIP\t(17622)\t(21252)\t3630\t(17.1)%\t(70258)\t(72030)\t1772\t(2.5)%\nTotal Interest Income (Expense) net\t5726\t5012\t714\t14.2%\t5622\t2842\t2780\t97.8%\n", "q10k_tbl_38": "\tSeptember 30 2020\tDecember 31 2019\tChange\t\n(in thousands)\t2020 vs. 2019\t%\nBalance Sheet Data\t\t\t\t\nCash and cash equivalents\t202212\t221781\t(19569)\t(8.8)%\nInvestments\t54446\t83206\t(28760)\t(34.6)%\nDebt\t218014\t277839\t(59825)\t(21.5)%\nRedeemable noncontrolling interests\t99277\t63845\t35432\t55.5%\nTotal equity\t688012\t686257\t1755\t0.3%\n", "q10k_tbl_39": "\tNine Months Ended September 30\t\tChange\t\n(in thousands)\t2020\t2019\t2020 vs. 2019\t%\nCash Flow Data\t\t\t\t\nProvided by (Used In):\t\t\t\t\nOperating Activities\t(380267)\t(103015)\t(277252)\t269.1%\nInvesting Activities\t8935\t13470\t(4535)\t(33.7)%\nFinancing Activities\t305840\t113921\t191919\t168.5%\n", "q10k_tbl_40": "Period\tTotal number of shares purchased\tAverage price paid per share (1)\tTotal number of shares purchased as part of publicly announced plans or programs (2)\tMaximum number of shares that may yet be purchased under the plans or programs (2)\nJuly 1-31 2020\t0\t0\t0\t816585\nAugust 1-31 2020\t27552\t141.15\t27552\t789033\nSeptember 1-30 2020\t26315\t137.17\t26315\t762718\nTotal\t53867\t\t53867\t\n", "q10k_tbl_41": "Exhibit Number\tDescription\n31.1\tCertification of the Registrant's Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\n31.2\tCertification of the Registrant's Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\n32.1\tCertification of the Registrant's Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\n", "q10k_tbl_42": "101\tThe following information formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (Unaudited) as of September 30 2020 and December 31 2019 (ii) Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30 2020 and 2019 (iii) Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30 2020 and 2019 (iv) Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30 2020 and 2019 (v) Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30 2020 and 2019 and (vi) Notes to Condensed Consolidated Financial Statements (Unaudited).\n104\tCover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_5"}None
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
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, CT06103
(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 7,613,154 as of October 20, 2020.
"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.
Assets of consolidated investment products ("CIP")
Cash and cash equivalents of CIP
48,228
99,691
Cash pledged or on deposit of CIP
6,007
467
Investments of CIP
2,333,685
2,030,110
Other assets of CIP
27,415
23,612
Furniture, equipment and leasehold improvements, net
15,287
18,150
Intangible assets, net
287,793
310,391
Goodwill
290,366
290,366
Deferred taxes, net
8,862
15,879
Other assets
39,807
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 liabilities
21,633
23,308
Dividends payable
8,742
8,915
Debt
218,014
277,839
Other liabilities
35,833
40,507
Liabilities of CIP
Notes payable of CIP
2,190,937
1,834,535
Securities purchased payable and other liabilities of CIP
41,020
168,051
Total liabilities
2,603,435
2,454,532
Commitments and Contingencies (Note 13)
Redeemable noncontrolling interests
99,277
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 capital
1,301,735
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 stockholders
679,030
675,699
Noncontrolling interests
8,982
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.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands)
2020
2019
2020
2019
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.