Virtus Investment Partners Q2 2024 10-Q Filing

TL;DR

Virtus Investment Partners filed its Q2 2024 10-Q. Financials look steady.

AI Summary

Virtus Investment Partners, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial metrics and business segments are presented, reflecting the company's ongoing activities in investment management.

Why It Matters

This filing provides investors with a detailed look at Virtus Investment Partners' financial health and operational performance during the second quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the quarter for which the financial data is reported.)
• 2024-01-01 to 2024-06-30 — Fiscal Year to Date (Covers the first six months of the fiscal year 2024.)
• 2024-04-01 to 2024-06-30 — Second Quarter (Specific period for the second quarter of 2024.)

Key Players & Entities

• VIRTUS INVESTMENT PARTNERS, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filed as of Date
• ONE FINANCIAL PLAZA (location) — Business Address
• HARTFORD (location) — City
• CT (location) — State
• 06103 (location) — ZIP Code
• 860-263-4707 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• vrts-20240630.htm (10-Q) — 1629KB
• vrts06302024ex-311.htm (EX-31.1) — 8KB
• vrts06302024ex-312.htm (EX-31.2) — 8KB
• vrts06302024ex-321.htm (EX-32.1) — 7KB
• vrts-20240630_g1.jpg (GRAPHIC) — 347KB
• 0000883237-24-000103.txt ( ) — 8543KB
• vrts-20240630.xsd (EX-101.SCH) — 44KB
• vrts-20240630_cal.xml (EX-101.CAL) — 86KB
• vrts-20240630_def.xml (EX-101.DEF) — 289KB
• vrts-20240630_lab.xml (EX-101.LAB) — 610KB
• vrts-20240630_pre.xml (EX-101.PRE) — 456KB
• vrts-20240630_htm.xml (XML) — 1041KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets (Unaudited) as of June 30 , 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 3 0 , 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended J une 3 0 , 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 3 0 , 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the Three and Six Months Ended June 3 0 , 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 29

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 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 32 "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) June 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 183,001 $ 239,602 Investments 122,316 132,696 Accounts receivable, net 105,638 109,076 Assets of consolidated investment products ("CIP") Cash and cash equivalents of CIP 166,738 100,732 Cash pledged or on deposit of CIP 958 680 Investments of CIP 2,106,659 2,082,713 Other assets of CIP 39,187 43,235 Furniture, equipment and leasehold improvements, net 25,150 26,216 Intangible assets, net 401,586 432,119 Goodwill 397,098 397,098 Deferred taxes, net 24,471 25,024 Other assets 74,894 89,438 Total assets $ 3,647,696 $ 3,678,629 Liabilities and Equity Liabilities: Accrued compensation and benefits $ 132,261 $ 200,837 Accounts payable and accrued liabilities 30,275 38,756 Dividends payable 16,982 17,291 Contingent consideration 63,404 90,938 Debt 247,605 253,412 Other liabilities 63,137 91,471 Liabilities of CIP Notes payable of CIP 1,990,338 1,922,243 Securities purchased payable and other liabilities of CIP 102,126 90,523 Total liabilities 2,646,128 2,705,471 Commitments and Contingencies (Note 14) Redeemable noncontrolling interests 129,450 104,869 Equity: Equity attributable to Virtus Investment Partners, Inc.: Common stock, $ 0.01 par value, 1,000,000,000 shares authorized; 12,233,778 shares issued and 7,082,071 shares outstanding at June 30, 2024; and 12,163,228 shares issued and 7,087,728 shares outstanding at December 31, 2023 122 122 Additional paid-in capital 1,304,176 1,300,999 Retained earnings (accumulated deficit) 226,540 207,356 Accumulated other comprehensive income (loss) ( 200 ) ( 87 ) Treasury stock, at cost, 5,151,707 and 5,075,500 shares at June 30, 2024 and December 31, 2023, respectively ( 661,963 ) ( 644,464 ) Total equity attributable to Virtus Investment Partners, Inc. 868,675 863,926 Nonc

View Full Filing

View this 10-Q filing on SEC EDGAR