Virtus Investment Partners, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Virtus Investment Partners, Inc. reported $210.3 million in total revenue for Q1 2024, with investment management fees as the largest contributor.</b>

AI Summary

VIRTUS INVESTMENT PARTNERS, INC. (VRTS) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Total revenue for the three months ended March 31, 2024, was $210.3 million. Investment management fees were $151.9 million for Q1 2024. Distribution and service fees amounted to $33.1 million in Q1 2024. Administration and shareholder service fees totaled $17.8 million for Q1 2024. Other income and fees contributed $7.5 million in Q1 2024.

Why It Matters

For investors and stakeholders tracking VIRTUS INVESTMENT PARTNERS, INC., this filing contains several important signals. The filing provides a detailed breakdown of revenue streams, allowing investors to assess the performance of different business segments. Understanding the fee structure and revenue sources is crucial for evaluating the company's profitability and growth potential in the asset management industry.

Risk Assessment

Risk Level: medium — VIRTUS INVESTMENT PARTNERS, INC. shows moderate risk based on this filing. The company operates in the highly competitive asset management industry, which is subject to market volatility and changing investor preferences, potentially impacting revenue and profitability.

Analyst Insight

Investors should monitor the growth and composition of Virtus's fee-based revenues, particularly investment management fees, to gauge future performance.

Revenue Breakdown

Key Numbers

• 210.3 — Total Revenue (Three months ended March 31, 2024)
• 151.9 — Investment Management Fees (Three months ended March 31, 2024)
• 33.1 — Distribution and Service Fees (Three months ended March 31, 2024)
• 17.8 — Administration and Shareholder Service Fees (Three months ended March 31, 2024)
• 7.5 — Other Income and Fees (Three months ended March 31, 2024)

Key Players & Entities

• VIRTUS INVESTMENT PARTNERS, INC. (company) — Filer
• 0000883237 (company) — Central Index Key
• 20240331 (date) — Period of Report
• 20240508 (date) — Filed as of date
• HARTFORD (location) — Business Address City
• DE (location) — State of Incorporation
• PHOENIX INVESTMENT PARTNERS LTD/CT (company) — Former Company Name
• PHOENIX DUFF & PHELPS CORP (company) — Former Company Name

FAQ

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value VRTS New York Stock Exchange

Filing Documents

• vrts-20240331.htm (10-Q) — 1273KB
• vrts03312024ex-311.htm (EX-31.1) — 8KB
• vrts03312024ex-312.htm (EX-31.2) — 8KB
• vrts03312024ex-321.htm (EX-32.1) — 7KB
• vrts-20240331_g1.jpg (GRAPHIC) — 347KB
• 0000883237-24-000050.txt (&nbsp;) — 7723KB
• vrts-20240331.xsd (EX-101.SCH) — 44KB
• vrts-20240331_cal.xml (EX-101.CAL) — 81KB
• vrts-20240331_def.xml (EX-101.DEF) — 285KB
• vrts-20240331_lab.xml (EX-101.LAB) — 581KB
• vrts-20240331_pre.xml (EX-101.PRE) — 442KB
• vrts-20240331_htm.xml (XML) — 911KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets (Unaudited) as of March 3 1 , 202 4 and December 31, 202 3 1 Condensed Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 "We," "us," "our," the "Company," and "Virtus" as used in this Quarterly Report on Form 10-Q (the "10-Q") refer to Virtus Investment Partners, Inc., a Delaware corporation, and its subsidiaries. Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Virtus Investment Partners, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) March 31, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 123,880 $ 239,602 Investments 127,448 132,696 Accounts receivable, net 116,387 109,076 Assets of consolidated investment products ("CIP") Cash and cash equivalents of CIP 123,030 100,732 Cash pledged or on deposit of CIP 767 680 Investments of CIP 2,081,225 2,082,713 Other assets of CIP 31,848 43,235 Furniture, equipment and leasehold improvements, net 26,088 26,216 Intangible assets, net 416,784 432,119 Goodwill 397,098 397,098 Deferred taxes, net 23,974 25,024 Other assets 79,596 89,438 Total assets $ 3,548,125 $ 3,678,629 Liabilities and Equity Liabilities: Accrued compensation and benefits $ 95,591 $ 200,837 Accounts payable and accrued liabilities 44,282 38,756 Dividends payable 16,553 17,291 Contingent consideration 66,704 90,938 Debt 253,008 253,412 Other liabilities 67,460 91,471 Liabilities of CIP Notes payable of CIP 1,922,051 1,922,243 Securities purchased payable and other liabilities of CIP 91,288 90,523 Total liabilities 2,556,937 2,705,471 Commitments and Contingencies (Note 14) Redeemable noncontrolling interests 115,185 104,869 Equity: Equity attributable to Virtus Investment Partners, Inc.: Common stock, $ 0.01 par value, 1,000,000,000 shares authorized; 12,224,489 shares issued and 7,127,881 shares outstanding at March 31, 2024; and 12,163,228 shares issued and 7,087,728 shares outstanding at December 31, 2023 122 122 Additional paid-in capital 1,298,157 1,300,999 Retained earnings (accumulated deficit) 223,023 207,356 Accumulated other comprehensive income (loss) ( 187 ) ( 87 ) Treasury stock, at cost, 5,096,608 and 5,075,500 shares at March 31, 2024 and December 31, 2023, respectively ( 649,463 ) ( 644,464 ) Total equity attributable to Virtus Investment Partners, Inc. 871,652 863,926 Non

View Full Filing

View this 10-Q filing on SEC EDGAR