Virtus Investment Partners (VRTS) FY2013 results: revenue $389 million, up 39.0% on the year
Virtus Investment Partners, Inc. (VRTS) reported revenue of $389 million for fiscal 2013, the year ended 31 December 2013, up 39.0% on the year before. Net income was $77 million, up 104.2%, and diluted earnings per share $8.92. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2014.
Revenue
$389 million
+39.0% on the year
FY2009FY2013
Operating margin
29.2%
21.6% a year earlier
FY2009FY2013
Net income
$77 million
+104.2% on the year
FY2009FY2013
Diluted EPS
$8.92
+91.4% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
389
280
205
+39.0%
Selling, general and administrative
n/a
0.0
0.1
Operating income
114
60.4
13.9
+87.8%
Operating margin
29.2%
21.6%
6.8%
Interest expense
0.8
0.9
0.8
-8.4%
Pre-tax income
122
64.8
13.0
+88.1%
Income tax
44.8
27.0
-132
+65.7%
Effective tax rate
36.7%
41.7%
-1019.3%
Net income
77.1
37.8
145
+104.2%
Net margin
19.8%
13.5%
71.1%
Diluted EPS
$8.92
$4.66
$16.34
+91.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
28.8
39.8
23.6
-27.6%
Capital expenditure
2.0
3.8
0.7
-46.9%
Free cash flow
26.8
36.0
22.9
-25.6%
Free cash flow margin
6.9%
12.9%
11.2%
Cash from investing
-6.2
-5.2
-4.1
Cash from financing
185
-16.5
-18.3
Depreciation and amortisation
7.0
6.2
5.9
+13.7%
Share-based compensation
8.0
6.9
5.6
+14.9%
Buybacks
19.7
8.9
7.9
+120.4%
Dividends paid
0.0
n/a
n/a
Dividend per share
$0.00
n/a
n/a
Diluted shares, weighted
8m
8m
7m
+4.5%
Shares outstanding at period end
9m
8m
6m
+16.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
493
244
183
+101.6%
Non-controlling interest
-0.1
3.2
0.0
Redeemable equity
42.2
3.2
35.2
+1,233.7%
Debt
0.0
15.0
21.4
Other liabilities
110
67.0
46.7
+64.1%
Total liabilities and equity
645
333
286
+93.8%
Fixed assets
7.2
7.8
5.5
-7.3%
Goodwill
5.3
5.3
4.8
0.0%
Intangible assets
44.6
48.7
52.1
-8.4%
Investments
n/a
2.7
2.5
Cash and equivalents
272
63.4
45.3
+328.0%
Receivables
n/a
37.3
27.1
Other assets
316
168
149
+88.8%
Total assets
645
333
286
+93.8%
10-K for the year ended 31 December 2013, filed 24 February 2014: the filing.