Virtus investment partners, inc. (VRTS)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash Flows from Operating Activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

1,006

29,782

25,359

27,899

22,468

1,093

27,931

23,229

23,827

5,643

20,523

28

13,745

11,917

16,276

8,700

11,870

5,637

-3,703

9,012

19,725

18,411

36,995

19,792

21,767

26,860

21,302

14,783

14,185

12,314

11,642

8,367

5,450

140,665

-2,778

3,196

4,337

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization

10,878

9,877

9,956

9,936

9,874

10,279

9,506

6,822

6,819

6,708

6,727

3,934

960

1,366

1,421

1,436

1,573

1,726

1,805

1,765

1,671

1,704

1,715

1,665

1,675

1,755

1,788

1,764

1,739

-

-

436

323

4,438

453

485

489

Intangible asset amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

988

-

978

1,011

1,046

Stock-based compensation

3,621

5,846

5,000

5,755

5,629

6,186

4,841

6,164

5,909

5,357

5,480

5,999

3,491

2,884

2,406

3,388

3,270

2,697

2,733

3,370

3,063

2,757

2,511

2,881

1,629

1,977

1,939

2,596

1,448

1,561

1,616

2,117

1,633

1,590

1,517

1,677

841

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

28

34

130

71

187

14

1,314

-284

24,506

320

263

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred commissions

517

527

608

825

980

1,113

1,088

909

737

642

594

556

516

-

-

-

-

1,021

1,564

2,275

3,064

3,875

4,454

4,784

4,794

4,421

3,867

3,288

2,877

2,626

2,528

2,741

2,820

2,716

2,549

2,040

1,569

Payments of deferred commissions

518

575

549

518

455

379

1,239

1,525

1,075

767

715

718

671

482

484

421

500

737

545

872

1,168

2,035

3,271

3,931

4,559

4,919

4,905

4,807

4,281

3,124

2,408

2,548

2,788

2,347

2,499

3,660

2,886

Equity in earnings of equity method investments

657

599

792

713

496

1,345

557

479

1,322

528

471

50

629

631

243

-17

218

75

135

244

425

193

234

-73

134

-

-

-

-

-

-

-

-

0

0

-112

-111

(Gain) Loss on extinguishment of debt

705

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Realized and unrealized (gains) losses on investments, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-658

332

-2,099

64

545

-

-

-

-

-

-

-

-

-

629

-214

1,224

-

-1,576

278

561

Realized and unrealized gains on trading securities, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,846

-

1,285

-223

825

-

-

-

-

-

-

-

-

Realized and unrealized losses (gains) on investments of consolidated sponsored investment products, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,630

36

-

324

-3,156

372

-

-

-

-

-

-

-

-

Sales (purchases) of investments, net

2,153

273

-4,983

4,354

9,413

-576

-579

1,432

4,718

16,585

-1,699

3,162

2,396

6,017

-311

-75

11,197

-983

1,814

-579

8,710

1,746

4,420

38,799

-18,223

-1,538

-1,899

610

126

1,334

-171

889

-27

-2,572

2,080

-3,025

-908

(Purchases) sales of securities sold short by consolidated sponsored investment products, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

137,992

12,481

-

39,733

9,622

4,176

-

-

-

-

-

-

-

-

Deferred taxes, net

7,175

2,590

3,140

1,957

-1,705

719

8,336

728

646

16,779

6,632

-3,393

2,817

-2,633

1,842

2,290

4,900

5,701

19

-1,732

2,368

-432

-2,488

-611

7,925

3,595

12,132

8,885

7,984

10,737

6,897

5,549

3,506

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable, net and other assets

-6,377

-1,675

663

-338

2,732

-14,426

-15,837

8,098

-2,629

-8,505

2,107

-5,654

13,013

1,398

873

-5,520

4,944

-6,519

564

-10,719

6,054

-13,619

12,754

189

4,833

3,333

1,782

1,870

6,431

4,300

146

1,222

4,379

4,635

-2,324

1,822

1,820

Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities

-64,917

21,220

20,114

16,532

-60,857

14,846

6,153

5,435

-51,148

13,615

20,318

1,840

-24,305

12,943

12,537

10,280

-35,710

-6,693

7,002

19,916

-35,020

9,330

13,730

25,746

-31,052

27,265

12,333

8,756

-17,303

14,631

10,714

7,334

-16,760

14,151

-144

7,844

-8,535

Operating activities of consolidated investment products (CIP):
Change in liabilities of CIP

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,506

125

1,880

-

-224

-1,230

545

Liabilities of consolidated sponsored investment products

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,468

-4,074

-

40,232

253

466

-

-

-

-

-

-

-

-

Net cash provided by (used in) operating activities

-252,320

66,292

40,653

-120,453

-23,215

39,134

52,824

-92,758

-61,755

-78,814

-158,547

69,684

-15,182

22,048

-53,075

90,320

-38,375

-152,479

-58,505

26,406

-24,852

43,417

-11,205

-57,852

-33,231

2,758

3,903

27,538

-5,362

25,266

-1,614

25,591

-9,425

16,987

6,607

6,849

-6,793

Cash Flows from Investing Activities:
Capital expenditures and other asset purchases

358

594

850

3,543

2,568

9,201

242

999

1,275

268

565

309

369

562

368

502

591

960

745

1,581

1,397

618

355

1,020

439

355

383

509

762

1,170

275

910

1,427

341

29

160

213

Purchase of investment management contracts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

141

Change in cash and cash equivalents of CIP due to deconsolidation, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

366

-

-68

0

734

-

-

-

-

-

-

-

-

Equity method investment contributions

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,712

0

759

0

16

1,601

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sale of available-for-sale securities

0

0

-21

0

2,044

0

0

37,785

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of available-for-sale securities

-

-

-

-

-

0

0

-114

20,302

21,239

64

64

66

-38

62

61

60

59

57

68

43

53

56

151

53

51

49

48

48

147

45

45

142

43

38

137

41

Net cash provided by (used in) investing activities

9,366

-9,022

19,108

-3,543

-2,095

-9,314

-127,237

36,900

-21,577

-27,577

-291

-394,306

5,180

-1,530

-2,142

8,058

-1,307

-1,019

-818

-3,161

-1,440

-741

-5,411

-1,171

-858

-402

-364

-3,921

-1,544

-1,973

-670

-955

-1,569

-3,311

-67

-297

-395

Cash Flows from Financing Activities:
Payment of long term debt

26,547

-

15,014

12,412

12,413

-

11,563

650

650

-

699

271

30,000

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Common stock dividends paid

5,832

4,733

3,852

3,951

4,441

3,945

3,358

3,323

3,412

3,229

3,292

3,166

2,894

2,655

3,481

3,727

3,911

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Preferred stock dividends paid

2,084

2,085

2,085

2,084

2,084

2,085

2,085

2,084

2,084

2,084

2,085

2,084

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-704

Payment of deferred financing costs

-

-

-

-

-

0

262

148

3,400

0

29

15,459

61

-283

1,442

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contingent consideration paid for acquired investment management contracts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

210

135

140

145

155

160

174

176

195

220

519

-145

Repurchases of common shares

10,000

10,000

7,501

7,500

14,999

15,000

5,001

7,500

0

-

-

-

-

161,541

10,407

46,809

15,000

35,000

17,000

14,000

14,000

-

-

-

-

0

4,738

4,610

10,356

-

-

-

-

0

3,050

2,003

2,817

Dividends paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,979

4,038

4,129

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

101

52

5

194

449

81

21

0

698

-6

20

0

86

63

28

25

375

46

9

7

54

93

269

286

105

92

117

235

126

849

453

582

752

675

260

16

394

Taxes paid related to net share settlement of restricted stock units

3,551

1,095

92

1,705

4,804

74

1,279

224

5,014

63

407

565

2,464

12

186

331

1,001

0

239

719

4,122

0

241

1,870

7,401

20

321

2,015

5,157

671

72

9,180

2,028

0

235

0

485

Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs

-

-

-

-

-

-

-

-

-

0

0

-276

111,280

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock, net of issuance costs

-

-

-

-

-

-

-

-

-

0

0

-275

109,762

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-

13,824

-6,091

-

2,422

-18,391

19,928

16,953

4,510

23,198

11,039

3,782

11,779

6,177

6,915

24,151

-1,394

7,867

4,923

-

-

-

-

-

-

-

-

Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests

728

4,841

1,031

587

6,012

-2,159

19

1,551

589

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

209

28

34

130

71

187

14

1,314

-284

24,506

320

263

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

314,641

-14,363

-32,013

177,214

-31,280

4,660

114,061

99,887

-14,451

-46,112

365,730

251,655

179,191

-126,473

-13,180

90,041

1,549

122,035

-7,536

4,372

-8,923

-13,136

19,652

-7,587

-118

24,462

170,303

1,337

-10,609

-3,082

-3,166

-8,772

-1,452

-7,634

-3,950

-2,920

-3,757

Net increase (decrease) in cash, cash equivalents and restricted cash

71,687

42,907

27,748

53,218

-56,590

34,480

39,648

44,029

-97,783

-152,503

206,892

-72,967

169,189

-105,955

-68,397

188,419

-38,133

-31,463

-66,859

27,617

-35,215

29,540

3,036

-66,610

-34,207

26,818

173,842

24,954

-17,515

20,211

-5,450

15,864

-12,446

6,042

2,590

3,632

-10,945

Non-Cash Investing Activities:
Change in accrual for capital expenditures

-20

-

29

-546

-1,267

-

2,345

-64

-375

-

270

-8

-166

-

95

198

-153

-

152

-923

458

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net

17,137

-

28,469

0

-6,423

-

0

0

0

-

0

-1,797

13,083

-

4,582

0

-52,874

-

-7,071

-2,019

450

-

390

72

-45,075

-2,937

10,601

0

-6,187

-

-

-

-

-

-

-

-

Common stock dividends payable

5,175

-46

759

-16

3,865

-81

705

-23

3,248

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital expenditures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

99

-

-

-

-

-

-

-

-

-

-

-

-

Preferred stock dividends payable

0

-1

1

0

2,084

-1

1

0

2,084

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Conversion of preferred stock to common stock

115,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Reconciliation of cash, cash equivalents and restricted cash
Satisfaction of accrued compensation through the issuance of RSU's

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-211

420

-

-

-

-

-

-

-

-

Preferred stock conversion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

35,217

-

-

-

-

Consolidated entity excluding consolidated investment products
Realized and unrealized (gains) losses on investments, net

-7,544

2,219

2

1,342

3,292

-6,488

-646

1,065

333

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Realized and unrealized (gains) losses on trading securities, net

-

-

-

-

-

-

-

-

-

-

-

-

297

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Consolidated Investment Products
Realized and unrealized (gains) losses on investments, net

-6,581

-2,957

-10,159

14,719

-1,497

-16,598

-2,716

-1,774

2,382

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of investments by CIP

509,337

224,147

273,257

375,184

157,158

248,992

216,763

376,838

264,398

396,305

376,714

58,022

92,478

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sales of investments by CIP

273,962

222,071

239,907

196,199

152,572

218,944

190,122

247,649

217,564

238,327

171,891

107,156

98,191

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds (purchases) of short term investments by CIP

-396

2,108

2,603

602

-911

-663

14

274

-177

30

300

2,000

-1,735

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Purchases) sales of securities sold short by CIP, net

181

0

48

129

1,064

209

-187

-3

190

-

-

173

-20

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in other assets of CIP

17

-1,182

255

507

-578

19

-220

337

492

672

1,172

-1,054

-535

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in liabilities of CIP

932

-6,276

4,107

2,824

316

22

1,376

502

-3,467

4,242

1,250

-380

172

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of discount on notes payable of CIP

3,300

0

0

4,505

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on borrowings by CIP

40,690

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Borrowings by CIP

402,516

-

-

-

1,000

-

-

-

350,000

-

-

-

73

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of notes payable by CIP

-

-

-

-

-

-

-

784,867

0

-

474,009

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of notes payable by CIP

-

-

-

-

-

-

-

319,500

350,000

-

0

0

500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Consolidated investment products
Realized and unrealized (gains) losses on trading securities, net

-

-

-

-

-

-

-

-

-

-

-

-

4,857

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net

9,724

-8,428

19,979

0

-1,571

-113

0

0

0

-6,070

0

-149

5,615

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-