Virtus Investment Partners Earnings 2019-06-30
VRTS 10Q Quarterly Report
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 June 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.
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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 6,944,892 as of July 26, 2019 .
VIRTUS INVESTMENT PARTNERS, INC.
INDEX
Copy 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 Copy+ History
June 30,
December 31,
($ in thousands, except share data)
Assets:
Cash and cash equivalents
$
166,026
$
201,705
Investments
73,396
79,558
Accounts receivable, net
71,519
70,047
Assets of consolidated investment products ("CIP")
Cash and cash equivalents of CIP
84,844
52,015
Cash pledged or on deposit of CIP
414
936
Investments of CIP
1,963,476
1,749,568
Other assets of CIP
13,958
31,057
Furniture, equipment and leasehold improvements, net
20,092
20,154
Intangible assets, net
325,384
338,812
Goodwill
290,366
290,366
Deferred taxes, net
21,611
22,116
Other assets
35,612
14,201
Total assets
$
3,066,698
$
2,870,535
Liabilities and Equity
Liabilities:
Accrued compensation and benefits
$
52,675
$
93,339
Accounts payable and accrued liabilities
24,757
27,926
Dividends payable
7,625
7,762
Debt
306,110
329,184
Other liabilities
39,785
20,010
Liabilities of CIP
Notes payable of CIP
1,831,129
1,620,260
Securities purchased payable and other liabilities of CIP
80,443
70,706
Total liabilities
2,342,524
2,169,187
Commitments and Contingencies (Note 15)
Redeemable noncontrolling interests
60,502
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 June 30, 2019 and December 31, 2018
110,843
110,843
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,715,805 shares issued and 6,944,892 shares outstanding at June 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
1,204,033
1,209,805
Retained earnings (accumulated deficit)
(262,193
)
(310,865
)
Accumulated other comprehensive income (loss)
(7
)
(731
)
Treasury stock, at cost, 3,770,913 and 3,555,242 shares at June 30, 2019 and December 31, 2018, respectively
(401,748
)
(379,249
)
Total equity attributable to stockholders
651,035
629,909
Noncontrolling interests of CIP
12,637
13,958
Total equity
663,672
643,867
Total liabilities and equity
$
3,066,698
$
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 Copy+ History
Three Months Ended
Six Months Ended
2019
2018
2019
2018
($ in thousands, except per share data)
Revenues
Investment management fees
$
114,591
$
103,168
$
220,509
$
203,644
Distribution and service fees
10,617
13,549
20,680
26,156
Administration and shareholder service fees
15,054
15,967
29,467
31,705
Other income and fees
227
248
551
455
Total revenues
140,489
132,932
271,207
261,960
Operating Expenses
Employment expenses
58,123
54,868
118,974
115,564
Distribution and other asset-based expenses
21,322
23,721
41,086
46,012
Other operating expenses
19,174
19,128
37,897
35,990
Operating expenses of consolidated investment products ("CIP")
2,568
1,783
3,019
2,294
Restructuring and severance
320
—
1,496
—
Depreciation and other amortization
1,271
1,100
2,484
2,115
Amortization expense
7,583
5,024
15,124
10,060
Total operating expenses
110,361
105,624
220,080
212,035
Operating Income (Loss)
30,128
27,308
51,127
49,925
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net
2,039
960
5,472
1,398
Realized and unrealized gain (loss) of CIP, net
9,720
(1,779
)
7,799
480
Other income (expense), net
696
455
1,146
1,774
Total other income (expense), net
12,455
(364
)
14,417
3,652
Interest Income (Expense)
Interest expense
(5,151
)
(4,469
)
(10,316
)
(8,327
)
Interest and dividend income
964
1,818
2,154
2,539
Interest and dividend income of investments of CIP
29,368
23,679
56,770
45,082
Interest expense of CIP
(31,077
)
(15,278
)
(50,778
)
(29,827
)
Total interest income (expense), net
(5,896
)
5,750
(2,170
)
9,467
Income (Loss) Before Income Taxes
36,687
32,694
63,374
63,044
Income tax expense (benefit)
8,788
9,465
13,007
15,988
Net Income (Loss)
27,899
23,229
50,367
47,056
Noncontrolling interests
(973
)
(159
)
(1,695
)
(686
)
Net Income (Loss) Attributable to Stockholders
26,926
23,070
48,672
46,370
Preferred stockholder dividends
(2,084
)
(2,084
)
(4,168
)
(4,168
)
Net Income (Loss) Attributable to Common Stockholders
$
24,842
$
20,986
$
44,504
$
42,202
Earnings (Loss) per Share—Basic
$
3.55
$
2.91
$
6.35
$
5.86
Earnings (Loss) per Share—Diluted
$
3.26
$
2.75
$
5.87
$
5.52
Cash Dividends Declared per Preferred Share
$
1.81
$
1.81
$
3.63
$
3.63
Cash Dividends Declared per Common Share
$
0.55
$
0.45
$
1.10
$
0.90
Weighted Average Shares Outstanding—Basic (in thousands)
6,999
7,211
7,010
7,204
Weighted Average Shares Outstanding—Diluted (in thousands)
8,252
8,401
8,290
8,396
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 Copy+ History
Three Months Ended
Six Months Ended
2019
2018
2019
2018
($ in thousands)
Net Income (Loss)
$
27,899
$
23,229
$
50,367
$
47,056
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $4 and $6 for the three months ended June 30, 2019 and 2018, respectively, and $1 and $2 for the six months ended June 30, 2019 and 2018, respectively
(8
)
(18
)
(2
)
(8
)
Unrealized gain (loss) on available-for-sale securities, net of tax of ($20) and $77 for the three and six months ended June 30, 2018, respectively
—
57
—
(192
)
Other comprehensive income (loss)
(8
)
39
(2
)
(200
)
Comprehensive income (loss)
27,891
23,268
50,365
46,856
Comprehensive (income) loss attributable to noncontrolling interests
(973
)
(159
)
(1,695
)
(686
)
Comprehensive Income (Loss) Attributable to Stockholders
$
26,918
$
23,109
$
48,670
$
46,170
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 Copy+ History
Six Months Ended
2019
2018
($ in thousands)
Cash Flows from Operating Activities:
Net income (loss)
$
50,367
$
47,056
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization
19,810
13,641
Stock-based compensation
11,384
12,073
Amortization of deferred commissions
1,805
1,646
Payments of deferred commissions
(973
)
(2,600
)
Equity in earnings of equity method investments
(1,209
)
(1,801
)
Realized and unrealized (gains) losses on investments, net
(4,634
)
(1,398
)
Distributions received from equity method investments
675
669
Sales (purchases) of investments, net
13,767
6,150
Deferred taxes, net
252
1,374
Changes in operating assets and liabilities:
Accounts receivable, net and other assets
(2,394
)
(5,469
)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities
(44,325
)
(45,713
)
Operating activities of consolidated investment products ("CIP"):
Realized and unrealized (gains) losses on investments of CIP, net
(13,222
)
(608
)
Purchases of investments by CIP
(532,342
)
(641,236
)
Sales of investments by CIP
348,771
465,213
Net purchases (sales) of short term investments by CIP
(309
)
97
Sales (purchases) of securities sold short by CIP, net
1,193
187
Change in other assets of CIP
71
(829
)
Change in liabilities of CIP
3,140
(2,965
)
Amortization of discount on notes payable of CIP
4,505
—
Net cash provided by (used in) operating activities
(143,668
)
(154,513
)
Cash Flows from Investing Activities:
Capital expenditures and other asset purchases
(6,111
)
(2,274
)
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net
(1,571
)
—
Sale of available-for-sale securities
2,044
37,785
Purchases of available-for-sale securities
—
(20,188
)
Net cash provided by (used in) investing activities
(5,638
)
15,323
Cash Flows from Financing Activities:
Repayments on debt
(24,825
)
(1,300
)
Payment of deferred financing costs
—
(3,548
)
Common stock dividends paid
(8,392
)
(6,735
)
Preferred stock dividends paid
(4,168
)
(4,168
)
Repurchases of common shares
(22,499
)
(7,500
)
Stock options exercised
643
698
Taxes paid related to net share settlement of restricted stock units
(6,509
)
(5,238
)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests
6,599
(2,140
)
Financing activities of CIP:
Proceeds from issuance of notes payable by CIP
400,782
784,867
Repayment of notes payable by CIP
(195,697
)
(669,500
)
Net cash provided by (used in) financing activities
145,934
85,436
Net increase (decrease) in cash, cash equivalents and restricted cash
(3,372
)
(53,754
)
Cash, cash equivalents and restricted cash, beginning of period
254,656
234,282
Cash, Cash Equivalent and Restricted Cash, End of Period
$
251,284
$
180,528
Non-Cash Investing Activities:
Change in accrual for capital expenditures
$
(1,813
)
$
(439
)
Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net
$
(6,423
)
$
—
Common stock dividends payable
$
3,849
$
3,225
Preferred stock dividends payable
$
2,084
$
2,084
Copy Copy+ History
June 30,
December 31, 2018
($ in thousands)
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents
$
166,026
$
201,705
Cash of consolidated investment products
84,844
52,015
Cash pledged or on deposit of consolidated investment products
414
936
Cash, cash equivalents and restricted cash at end of period
$
251,284
$
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)
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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, 2018
7,217,443
$
105
1,150,000
$
110,843
$
1,213,342
$
(363,094
)
$
(661
)
3,296,289
$
(351,748
)
$
608,787
$
16,619
$
625,406
$
4,162
Net income (loss)
—
—
—
—
—
23,070
—
—
—
23,070
94
23,164
65
Net unrealized gain (loss) on securities available-for-sale
—
—
—
—
—
—
57
—
—
57
—
57
—
Foreign currency translation adjustments
—
—
—
—
—
—
(18
)
—
—
(18
)
—
(18
)
—
Net subscriptions (redemptions) and other
—
—
—
—
—
—
—
—
—
—
(742
)
(742
)
(807
)
Cash dividends declared ($1.8125 per preferred share)
—
—
—
—
(2,084
)
—
—
—
—
(2,084
)
—
(2,084
)
—
Cash dividends declared ($0.45 per common share)
—
—
—
—
(3,483
)
—
—
—
—
(3,483
)
—
(3,483
)
—
Repurchases of common shares
(60,622
)
—
—
—
—
—
—
60,622
(7,500
)
(7,500
)
—
(7,500
)
—
Issuance of common shares related to employee stock transactions
9,318
—
—
—
680
—
—
—
—
680
—
680
—
Taxes paid on stock-based compensation
—
—
—
—
(224
)
—
—
—
—
(224
)
—
(224
)
—
Stock-based compensation
—
—
—
—
5,110
—
—
—
—
5,110
—
5,110
—
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
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
Copy 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)
—
—
—
—
—
46,370
—
—
—
46,370
766
47,136
(80
)
Net unrealized gain (loss) on securities available-for-sale
—
—
—
—
—
—
(192
)
—
—
(192
)
—
(192
)
—
Foreign currency translation adjustments
—
—
—
—
—
—
(8
)
—
—
(8
)
—
(8
)
—
Net subscriptions (redemptions) and other
—
—
—
—
—
—
—
—
—
—
(1,462
)
(1,462
)
(678
)
Cash dividends declared ($3.625 per preferred share)
—
—
—
—
(4,168
)
—
—
—
—
(4,168
)
—
(4,168
)
—
Cash dividends declared ($0.90 per common share)
—
—
—
—
(6,877
)
—
—
—
—
(6,877
)
—
(6,877
)
—
Repurchases of common shares
(60,622
)
—
—
—
—
—
—
