Virtus Investment Partners (VRTS) FY2015 results: revenue $382 million, down 15.2% on the year
Virtus Investment Partners, Inc. (VRTS) reported revenue of $382 million for fiscal 2015, the year ended 31 December 2015, down 15.2% on the year before. Net income was $35 million, down 63.8%, and diluted earnings per share $3.92. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2016.
Revenue
$382 million
-15.2% on the year
FY2009FY2015
Operating margin
21.0%
29.0% a year earlier
FY2009FY2015
Net income
$35 million
-63.8% on the year
FY2009FY2015
Diluted EPS
$3.92
-62.7% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
382
451
389
-15.2%
Operating income
80.4
131
114
-38.5%
Operating margin
21.0%
29.0%
29.2%
Interest expense
0.5
0.5
0.8
-2.6%
Pre-tax income
67.6
136
122
-50.4%
Income tax
37.0
39.3
44.8
-6.0%
Effective tax rate
54.7%
28.9%
36.7%
Net income
35.1
97.0
77.1
-63.8%
Net margin
9.2%
21.5%
19.8%
Diluted EPS
$3.92
$10.51
$8.92
-62.7%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
-209
-58.9
28.8
Capital expenditure
4.7
2.4
2.0
+92.6%
Free cash flow
-214
-61.3
26.8
Free cash flow margin
-56.1%
-13.6%
6.9%
Cash from investing
-6.4
-8.2
-6.2
Cash from financing
110
-1.2
185
Depreciation and amortisation
7.0
6.8
7.0
+3.1%
Share-based compensation
11.9
9.8
8.0
+21.3%
Buybacks
80.0
40.3
19.7
+98.7%
Dividends paid
16.0
8.2
0.0
+96.1%
Dividend per share
$1.80
$1.35
$0.00
+33.3%
Diluted shares, weighted
9m
9m
8m
-3.6%
Shares outstanding at period end
8m
9m
9m
-6.4%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
510
564
493
-9.6%
Non-controlling interest
-0.2
-0.2
-0.1
Redeemable equity
73.9
23.1
42.2
+220.2%
Debt
n/a
0.0
0.0
Other liabilities
276
112
110
+146.0%
Total liabilities and equity
860
699
645
+23.0%
Fixed assets
9.1
7.2
7.2
+26.7%
Goodwill
6.7
5.3
5.3
+27.4%
Intangible assets
40.9
41.8
44.6
-2.1%
Cash and equivalents
97.4
203
272
-52.1%
Other assets
706
441
316
+59.9%
Total assets
860
699
645
+23.0%
10-K for the year ended 31 December 2015, filed 24 February 2016: the filing.