Virtus Investment Partners (VRTS) FY2017 results: revenue $426 million, up 31.9% on the year
Virtus Investment Partners, Inc. (VRTS) reported revenue of $426 million for fiscal 2017, the year ended 31 December 2017, up 31.9% on the year before. Net income was $37 million, down 23.7%, and diluted earnings per share $3.96. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2018.
Revenue
$426 million
+31.9% on the year
FY2010FY2017
Operating margin
13.6%
15.8% a year earlier
FY2010FY2017
Net income
$37 million
-23.7% on the year
FY2010FY2017
Diluted EPS
$3.96
-36.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
426
323
382
+31.9%
Operating income
58.0
50.8
80.4
+14.2%
Operating margin
13.6%
15.8%
21.0%
Interest expense
n/a
n/a
0.5
Pre-tax income
80.4
69.8
67.6
+15.2%
Income tax
40.5
21.0
37.0
+92.4%
Effective tax rate
50.3%
30.1%
54.7%
Net income
37.0
48.5
35.1
-23.7%
Net margin
8.7%
15.0%
9.2%
Diluted EPS
$3.96
$6.20
$3.92
-36.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
-183
20.9
-209
Capital expenditure
1.5
2.0
4.7
-25.3%
Free cash flow
-184
18.9
-214
Free cash flow margin
-43.3%
5.9%
-56.1%
Cash from investing
-417
3.1
-6.4
Cash from financing
750
-48.1
110
Depreciation and amortisation
18.3
5.8
7.0
+216.2%
Share-based compensation
20.3
11.9
11.9
+70.1%
Buybacks
7.5
234
80.0
-96.8%
Dividends paid
12.6
13.8
16.0
-8.7%
Dividend per share
$1.80
$1.80
$1.80
0.0%
Diluted shares, weighted
7m
8m
9m
-7.4%
Shares outstanding at period end
7m
6m
8m
+21.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
589
322
510
+83.0%
Non-controlling interest
16.7
0.0
-0.2
Redeemable equity
4.2
37.3
73.9
-88.8%
Debt
248
30.0
n/a
+727.7%
Other liabilities
1,733
435
276
+298.0%
Total liabilities and equity
2,591
824
860
+214.3%
Fixed assets
10.8
7.7
9.1
+40.2%
Goodwill
170
6.8
6.7
+2,406.7%
Intangible assets
302
38.4
40.9
+685.8%
Securities held for sale or to maturity
20.7
n/a
n/a
Trading assets
66.4
n/a
n/a
Cash and equivalents
132
82.7
97.4
+59.8%
Other assets
1,889
689
706
+174.2%
Total assets
2,591
824
860
+214.3%
10-K for the year ended 31 December 2017, filed 27 February 2018: the filing.