Virtus Investment Partners (VRTS) FY2014 results: revenue $451 million, up 15.8% on the year
Virtus Investment Partners, Inc. (VRTS) reported revenue of $451 million for fiscal 2014, the year ended 31 December 2014, up 15.8% on the year before. Net income was $97 million, up 25.7%, and diluted earnings per share $10.51. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$451 million
+15.8% on the year
FY2009FY2014
Operating margin
29.0%
29.2% a year earlier
FY2009FY2014
Net income
$97 million
+25.7% on the year
FY2009FY2014
Diluted EPS
$10.51
+17.8% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
451
389
280
+15.8%
Selling, general and administrative
n/a
n/a
0.0
Operating income
131
114
60.4
+15.2%
Operating margin
29.0%
29.2%
21.6%
Interest expense
0.5
0.8
0.9
-31.3%
Pre-tax income
136
122
64.8
+11.8%
Income tax
39.3
44.8
27.0
-12.1%
Effective tax rate
28.9%
36.7%
41.7%
Net income
97.0
77.1
37.8
+25.7%
Net margin
21.5%
19.8%
13.5%
Diluted EPS
$10.51
$8.92
$4.66
+17.8%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
-58.9
28.8
39.8
Capital expenditure
2.4
2.0
3.8
+21.1%
Free cash flow
-61.3
26.8
36.0
Free cash flow margin
-13.6%
6.9%
12.9%
Cash from investing
-8.2
-6.2
-5.2
Cash from financing
-1.2
185
-16.5
Depreciation and amortisation
6.8
7.0
6.2
-4.1%
Share-based compensation
9.8
8.0
6.9
+22.8%
Buybacks
40.3
19.7
8.9
+104.3%
Dividends paid
8.2
0.0
n/a
Dividend per share
$1.35
$0.00
n/a
Diluted shares, weighted
9m
8m
8m
+10.2%
Shares outstanding at period end
9m
9m
8m
-1.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
564
493
244
+14.3%
Non-controlling interest
-0.2
-0.1
3.2
Redeemable equity
23.1
42.2
3.2
-45.3%
Debt
0.0
0.0
15.0
Other liabilities
112
110
67.0
+2.2%
Total liabilities and equity
699
645
333
+8.3%
Fixed assets
7.2
7.2
7.8
-0.4%
Goodwill
5.3
5.3
5.3
0.0%
Intangible assets
41.8
44.6
48.7
-6.4%
Investments
n/a
n/a
2.7
Cash and equivalents
203
272
63.4
-25.1%
Receivables
n/a
n/a
37.3
Other assets
441
316
168
+39.5%
Total assets
699
645
333
+8.3%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.