Virtus Investment Partners (VRTS) FY2019 results: revenue $563 million, up 2.0% on the year
Virtus Investment Partners, Inc. (VRTS) reported revenue of $563 million for fiscal 2019, the year ended 31 December 2019, up 2.0% on the year before. Net income was $96 million, up 26.6%, and diluted earnings per share $11.74. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$563 million
+2.0% on the year
FY2012FY2019
Operating margin
22.1%
20.5% a year earlier
FY2012FY2019
Net income
$96 million
+26.6% on the year
FY2012FY2019
Diluted EPS
$11.74
+32.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
563
552
426
+2.0%
Operating income
125
113
58.0
+10.3%
Operating margin
22.1%
20.5%
13.6%
Pre-tax income
141
109
80.4
+29.0%
Income tax
35.2
33.0
40.5
+6.7%
Effective tax rate
25.0%
30.2%
50.3%
Net income
95.6
75.5
37.0
+26.6%
Net margin
17.0%
13.7%
8.7%
Diluted EPS
$11.74
$8.86
$3.96
+32.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-36.7
-62.6
-183
Capital expenditure
7.6
11.7
1.5
-35.5%
Free cash flow
-44.3
-74.3
-184
Free cash flow margin
-7.9%
-13.4%
-43.3%
Cash from investing
4.4
-121
-417
Cash from financing
99.6
204
750
-51.2%
Depreciation and amortisation
39.6
33.4
18.3
+18.6%
Share-based compensation
22.2
23.1
20.3
-3.8%
Buybacks
40.0
27.5
7.5
+45.4%
Dividends paid
17.0
14.0
12.6
+20.9%
Dividend per share
$2.44
$2.00
$1.80
+22.0%
Diluted shares, weighted
8m
9m
7m
-4.4%
Shares outstanding at period end
7m
7m
7m
-2.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
676
630
589
+7.3%
Non-controlling interest
10.6
14.0
16.7
-24.4%
Redeemable equity
63.8
57.5
4.2
+11.1%
Debt
278
329
248
-15.6%
Other liabilities
2,177
1,840
1,733
+18.3%
Total liabilities and equity
3,205
2,871
2,591
+11.6%
Fixed assets
18.1
20.2
10.8
-9.9%
Goodwill
290
290
170
0.0%
Intangible assets
310
339
302
-8.4%
Securities held for sale or to maturity
0.0
2.1
20.7
-99.2%
Trading assets
n/a
n/a
66.4
Cash and equivalents
222
202
132
+10.0%
Other assets
2,364
2,017
1,889
+17.2%
Total assets
3,205
2,871
2,591
+11.6%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.