Virtus Investment Partners Files Q3 2024 10-Q

TL;DR

**VRTS Q3 10-Q filed. Financials look steady, focus on investment management fees.**

AI Summary

Virtus Investment Partners, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its investment management fees and consolidated entities. The company's fiscal year ends on December 31st, and this report covers the third quarter of 2024.

Why It Matters

This filing provides investors with a detailed look at Virtus Investment Partners' financial health and operational performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

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

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
• 1231 — Fiscal Year End (The company's fiscal year concludes on December 31st.)

Key Players & Entities

• VIRTUS INVESTMENT PARTNERS, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• 20241108 (date) — Filing date
• 0000883237 (company) — Central Index Key
• 6282 (dollar_amount) — Standard Industrial Classification code for Investment Advice

FAQ

Key Financial Figures

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

Filing Documents

• vrts-20240930.htm (10-Q) — 1650KB
• vrts09302024ex-311.htm (EX-31.1) — 8KB
• vrts09302024ex-312.htm (EX-31.2) — 8KB
• vrts09302024ex-321.htm (EX-32.1) — 7KB
• vrts-20240930_g1.jpg (GRAPHIC) — 347KB
• 0000883237-24-000122.txt ( ) — 8789KB
• vrts-20240930.xsd (EX-101.SCH) — 44KB
• vrts-20240930_cal.xml (EX-101.CAL) — 88KB
• vrts-20240930_def.xml (EX-101.DEF) — 296KB
• vrts-20240930_lab.xml (EX-101.LAB) — 618KB
• vrts-20240930_pre.xml (EX-101.PRE) — 464KB
• vrts-20240930_htm.xml (XML) — 1110KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

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

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) September 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 195,533 $ 239,602 Investments 164,671 132,696 Accounts receivable, net 112,158 109,076 Assets of consolidated investment products ("CIP") Cash and cash equivalents of CIP 114,956 100,732 Cash pledged or on deposit of CIP 1,424 680 Investments of CIP 2,075,410 2,082,713 Other assets of CIP 32,625 43,235 Furniture, equipment and leasehold improvements, net 23,331 26,216 Intangible assets, net 388,703 432,119 Goodwill 397,098 397,098 Deferred taxes, net 27,937 25,024 Other assets 67,839 89,438 Total assets $ 3,601,685 $ 3,678,629 Liabilities and Equity Liabilities: Accrued compensation and benefits $ 180,078 $ 200,837 Accounts payable and accrued liabilities 30,073 38,756 Dividends payable 19,545 17,291 Contingent consideration 59,404 90,938 Debt 237,467 253,412 Other liabilities 60,374 91,471 Liabilities of CIP Notes payable of CIP 1,940,085 1,922,243 Securities purchased payable and other liabilities of CIP 83,826 90,523 Total liabilities 2,610,852 2,705,471 Commitments and Contingencies (Note 14) Redeemable noncontrolling interests 98,111 104,869 Equity: Equity attributable to Virtus Investment Partners, Inc.: Common stock, $ 0.01 par value, 1,000,000,000 shares authorized; 12,240,990 shares issued and 7,016,433 shares outstanding at September 30, 2024; and 12,163,228 shares issued and 7,087,728 shares outstanding at December 31, 2023 122 122 Additional paid-in capital 1,314,228 1,300,999 Retained earnings (accumulated deficit) 251,298 207,356 Accumulated other comprehensive income (loss) 230 ( 87 ) Treasury stock, at cost, 5,224,557 and 5,075,500 shares at September 30, 2024 and December 31, 2023, respectively ( 676,832 ) ( 644,464 ) Total equity attributable to Virtus Investment Partners, Inc. 889,046 86

View Full Filing

View this 10-Q filing on SEC EDGAR