Virtus Investment Partners (VRTS) FY2020 results: revenue $604 million, up 7.2% on the year
Virtus Investment Partners, Inc. (VRTS) reported revenue of $604 million for fiscal 2020, the year ended 31 December 2020, up 7.2% on the year before. Net income was $80 million, down 16.4%, and diluted earnings per share $10.02. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$604 million
+7.2% on the year
FY2013FY2020
Operating margin
23.7%
22.1% a year earlier
FY2013FY2020
Net income
$80 million
-16.4% on the year
FY2013FY2020
Diluted EPS
$10.02
-14.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
604
563
552
+7.2%
Operating income
143
125
113
+14.8%
Operating margin
23.7%
22.1%
20.5%
Pre-tax income
164
141
109
+16.5%
Income tax
43.9
35.2
33.0
+24.9%
Effective tax rate
26.8%
25.0%
30.2%
Net income
80.0
95.6
75.5
-16.4%
Net margin
13.2%
17.0%
13.7%
Diluted EPS
$10.02
$11.74
$8.86
-14.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-226
-36.7
-62.6
Capital expenditure
1.0
7.6
11.7
-86.2%
Free cash flow
-227
-44.3
-74.3
Free cash flow margin
-37.6%
-7.9%
-13.4%
Cash from investing
8.7
4.4
-121
+95.2%
Cash from financing
235
99.6
204
+136.4%
Depreciation and amortisation
38.9
39.6
33.4
-2.0%
Share-based compensation
21.5
22.2
23.1
-3.4%
Buybacks
32.5
40.0
27.5
-18.8%
Dividends paid
22.8
17.0
14.0
+34.3%
Dividend per share
$2.98
$2.44
$2.00
+22.1%
Diluted shares, weighted
8m
8m
9m
-2.1%
Shares outstanding at period end
8m
7m
7m
+11.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
711
676
630
+5.2%
Non-controlling interest
9.8
10.6
14.0
-7.2%
Redeemable equity
116
63.8
57.5
+80.9%
Debt
201
278
329
-27.6%
Other liabilities
2,429
2,177
1,840
+11.6%
Total liabilities and equity
3,467
3,205
2,871
+8.2%
Fixed assets
14.5
18.1
20.2
-20.2%
Goodwill
290
290
290
0.0%
Intangible assets
280
310
339
-9.7%
Securities held for sale or to maturity
n/a
0.0
2.1
Cash and equivalents
340
222
202
+53.2%
Other assets
2,542
2,364
2,017
+7.5%
Total assets
3,467
3,205
2,871
+8.2%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.