Virtus Investment Partners (VRTS) FY2018 results: revenue $552 million, up 29.8% on the year
Virtus Investment Partners, Inc. (VRTS) reported revenue of $552 million for fiscal 2018, the year ended 31 December 2018, up 29.8% on the year before. Net income was $76 million, up 104.1%, and diluted earnings per share $8.86. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$552 million
+29.8% on the year
FY2011FY2018
Operating margin
20.5%
13.6% a year earlier
FY2011FY2018
Net income
$76 million
+104.1% on the year
FY2011FY2018
Diluted EPS
$8.86
+123.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
552
426
323
+29.8%
Operating income
113
58.0
50.8
+94.9%
Operating margin
20.5%
13.6%
15.8%
Pre-tax income
109
80.4
69.8
+35.6%
Income tax
33.0
40.5
21.0
-18.6%
Effective tax rate
30.2%
50.3%
30.1%
Net income
75.5
37.0
48.5
+104.1%
Net margin
13.7%
8.7%
15.0%
Diluted EPS
$8.86
$3.96
$6.20
+123.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
-62.6
-183
20.9
Capital expenditure
11.7
1.5
2.0
+675.4%
Free cash flow
-74.3
-184
18.9
Free cash flow margin
-13.4%
-43.3%
5.9%
Cash from investing
-121
-417
3.1
Cash from financing
204
750
-48.1
-72.8%
Depreciation and amortisation
33.4
18.3
5.8
+82.4%
Share-based compensation
23.1
20.3
11.9
+13.6%
Buybacks
27.5
7.5
234
+266.6%
Dividends paid
14.0
12.6
13.8
+11.6%
Dividend per share
$2.00
$1.80
$1.80
+11.1%
Diluted shares, weighted
9m
7m
8m
+17.7%
Shares outstanding at period end
7m
7m
6m
-2.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
630
589
322
+7.0%
Non-controlling interest
14.0
16.7
0.0
-16.3%
Redeemable equity
57.5
4.2
37.3
+1,275.8%
Debt
329
248
30.0
+32.6%
Other liabilities
1,840
1,733
435
+6.2%
Total liabilities and equity
2,871
2,591
824
+10.8%
Fixed assets
20.2
10.8
7.7
+86.0%
Goodwill
290
170
6.8
+70.6%
Intangible assets
339
302
38.4
+12.2%
Securities held for sale or to maturity
2.1
20.7
n/a
-89.8%
Trading assets
n/a
66.4
n/a
Cash and equivalents
202
132
82.7
+52.6%
Other assets
2,017
1,889
689
+6.8%
Total assets
2,871
2,591
824
+10.8%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.