Virtus Investment Partners (VRTS) FY2016 results: revenue $323 million, down 15.6% on the year
Virtus Investment Partners, Inc. (VRTS) reported revenue of $323 million for fiscal 2016, the year ended 31 December 2016, down 15.6% on the year before. Net income was $49 million, up 38.2%, and diluted earnings per share $6.20. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2017.
Revenue
$323 million
-15.6% on the year
FY2009FY2016
Operating margin
15.8%
21.0% a year earlier
FY2009FY2016
Net income
$49 million
+38.2% on the year
FY2009FY2016
Diluted EPS
$6.20
+58.2% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
323
382
451
-15.6%
Operating income
50.8
80.4
131
-36.8%
Operating margin
15.8%
21.0%
29.0%
Interest expense
n/a
0.5
0.5
Pre-tax income
69.8
67.6
136
+3.2%
Income tax
21.0
37.0
39.3
-43.1%
Effective tax rate
30.1%
54.7%
28.9%
Net income
48.5
35.1
97.0
+38.2%
Net margin
15.0%
9.2%
21.5%
Diluted EPS
$6.20
$3.92
$10.51
+58.2%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
20.9
-209
-58.9
Capital expenditure
2.0
4.7
2.4
-56.8%
Free cash flow
18.9
-214
-61.3
Free cash flow margin
5.9%
-56.1%
-13.6%
Cash from investing
3.1
-6.4
-8.2
Cash from financing
-48.1
110
-1.2
Depreciation and amortisation
5.8
7.0
6.8
-16.8%
Share-based compensation
11.9
11.9
9.8
+0.7%
Buybacks
234
80.0
40.3
+192.2%
Dividends paid
13.8
16.0
8.2
-14.2%
Dividend per share
$1.80
$1.80
$1.35
0.0%
Diluted shares, weighted
8m
9m
9m
-12.7%
Shares outstanding at period end
6m
8m
9m
-29.9%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
322
510
564
-36.9%
Non-controlling interest
0.0
-0.2
-0.2
Redeemable equity
37.3
73.9
23.1
-49.5%
Debt
30.0
n/a
0.0
Other liabilities
435
276
112
+57.5%
Total liabilities and equity
824
860
699
-4.1%
Fixed assets
7.7
9.1
7.2
-15.2%
Goodwill
6.8
6.7
5.3
+1.3%
Intangible assets
38.4
40.9
41.8
-6.0%
Cash and equivalents
82.7
97.4
203
-15.1%
Other assets
689
706
441
-2.4%
Total assets
824
860
699
-4.1%
10-K for the year ended 31 December 2016, filed 27 February 2017: the filing.