Virtus investment partners, inc. (VRTSP)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash Flows from Operating Activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

105,508

76,080

39,939

48,763

30,671

96,965

77,130

37,773

145,420

9,642

-6,484

Net income attributable to noncontrolling interests

-

-

-

-

-

-

-

-

-

0

-

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

39,643

33,426

18,329

5,796

6,967

6,759

7,046

6,198

5,865

2,007

1,920

Intangible asset amortization

-

-

-

-

-

-

-

-

-

4,922

7,071

Stock-based compensation

22,230

23,100

20,327

11,948

11,863

9,778

7,960

6,927

5,625

3,894

3,521

Excess tax benefit from stock-based compensation

-

-

-

-

1,586

24,805

478

89

-

0

-

Amortization of deferred commissions

2,940

3,847

2,308

2,413

7,924

17,907

14,453

10,715

8,874

5,053

2,755

Payments of deferred commissions

2,097

4,218

2,871

1,887

3,322

13,796

18,912

10,868

11,392

5,636

3,605

Equity in earnings of equity method investments

2,600

3,703

1,678

1,075

879

488

161

-

-223

48

-295

Realized and unrealized (gains) losses on investments, net

-

-

-

2,099

-1,158

914

2,350

-

-

1,131

1,699

Realized (gain) loss on sale of equity method investment

-

-

-

-

0

0

-

-

-

-

-

Distributions from equity method investments

800

4,200

900

0

0

-

-

-

-

-

-

Realized and unrealized gains on trading securities, net

-

-

-

-

-

-

-

1,891

-256

0

-

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

-

-

-

-

-

-

-

2,072

-

-

-

Sales (purchases) of investments, net

9,057

4,995

20,444

16,828

8,962

26,742

-2,701

2,025

-4,425

429

-758

Other non-cash items, net

0

-39

-345

3,099

0

0

-

-

-

-

-

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

-

-

-

-

-

-

-

41,155

-

0

-

Deferred taxes, net

5,982

10,429

22,835

6,399

6,356

4,394

32,596

26,689

-132,477

46

40

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

1,382

-24,794

961

1,695

-10,620

4,157

13,416

10,047

5,953

1,736

1,313

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

-2,991

-24,714

11,468

50

-14,795

17,754

31,051

15,919

13,316

4,217

-9,250

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

-

-

-

-

-

-

-

-

-

-165

-3,801

Liabilities of consolidated sponsored investment products

-

-

-

-

-

-

-

377

-737

-

-

Net cash provided by (used in) operating activities

-36,723

-62,555

-182,859

20,918

-209,430

-58,871

28,837

39,818

23,650

22,144

-11,650

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

7,555

11,717

1,511

2,023

4,683

2,432

2,009

3,782

743

323

824

Proceeds from sale of equity method investment

-

-

-

8,621

0

0

-

-

-

-

-

Purchase of investment management contracts

-

-

-

-

-

-

-

-

-

1,419

1,043

Equity method investment contributions

-

-

-

2,471

1,617

5,000

3,364

1,006

-

-

-

Acquisition of business, net of cash acquired

0

126,995

393,446

0

89

0

0

-

-

0

-

Sale of available-for-sale securities

2,023

37,785

0

0

-

-

-

-

-

-

-

Purchases of available-for-sale securities

0

20,188

21,433

145

227

313

196

379

259

118

128

Other acquisitions

-

-

-

-

-

-

-

-

3,068

-

-

Net cash provided by (used in) investing activities

4,448

-121,228

-416,994

3,079

-6,438

-8,181

-6,231

-5,167

-4,070

-1,860

-1,995

Cash Flows from Financing Activities:
Issuance of debt

0

105,000

260,000

0

0

-

-

-

-

-

15,000

Payment of long term debt

54,851

23,776

650

0

0

-

-

-

-

-

20,000

Payment of contingent consideration

0

0

51,690

0

0

-

-

-

-

-

-

Common stock dividends paid

16,977

14,038

12,581

13,774

16,047

-

-

-

-

-

-

Preferred stock dividends paid

8,338

8,338

6,253

0

0

-

-

-

10,186

3,404

-2,860

Payment of deferred financing costs

0

3,810

15,549

1,159

47

0

-

-

41

367

931

Contingent consideration paid for acquired investment management contracts

-

-

-

-

-

-

630

665

789

0

-

Borrowings (repayments) on credit facility and other debt

0

0

30,970

30,000

0

0

-

-

-

-

-

Repurchases of common shares

40,000

27,501

7,502

233,757

80,000

40,261

19,704

8,940

7,870

924

-

Dividends paid

-

-

-

-

-

8,182

0

-

-

-

-

Proceeds from exercise of stock options

700

800

100

491

116

753

570

2,636

1,345

146

-

Taxes paid related to net share settlement of restricted stock units

7,696

6,591

3,499

1,530

5,080

9,512

7,513

11,951

720

407

-

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

0

0

111,004

0

-

-

-

-

-

-

-

Proceeds from issuance of common stock, net of issuance costs

0

0

109,487

0

0

-

191,771

-

-

-

-

Payment of debt and deferred financing costs

-

-

-

-

-

-

15,026

700

-

-

-

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

-4,685

-5,512

30,047

-

55,700

28,653

35,547

3,059

-

0

-

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

12,471

0

0

10,904

-

-

-

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

401

1,586

24,805

478

89

-

0

-

Net cash provided by (used in) financing activities

99,558

204,157

750,464

-48,063

109,948

-1,189

185,493

-16,472

-18,261

-4,956

-8,791

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

67,283

20,374

150,611

-24,066

-105,920

-68,241

208,099

18,179

1,319

15,328

-22,436

Supplemental Disclosure of Cash Flow Information
Interest paid

18,072

11,846

8,147

420

266

266

393

415

362

472

1,319

Income taxes paid, net

29,062

23,800

12,149

16,715

31,850

23,274

1,697

74

427

679

368

Non-Cash Financing Activities:
Dividends payable

-

-

-

-

-

4,270

-

-

-

-

-

Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net

-

-

-

-

-

-

1,477

-

-

-

-

Common stock dividends payable

4,562

3,849

965

2,650

-

-

-

-

-

-

-

Purchase of investment management contracts

-

-

-

-

-

-

-

435

-

2,100

-

Activity related to rabbi trust

-

-

-

-

-

843

1,250

144

486

-

-

Capital expenditures

-1,791

2,165

70

134

-692

-311

-52

-

-

0

-

Preferred stock dividends payable

2,084

2,084

2,084

0

-

-

-

-

-

-

-

Stock issued for acquisition of business

0

0

21,738

0

0

-

-

-

-

-

-

Accrued stock issuance costs

0

0

332

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

-

-

-

-

-

-

-

-

273

-

-

Preferred stock conversion

-

-

-

-

-

-

-

35,217

-

-

-

Non-cash furniture, equipment and leasehold improvement additions

-

-

-

-

-

-

-

-

-

-

-3,442

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

6,855

-5,736

3,237

-

-

-

-

-

-

-

-

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

106

-18,706

14,051

3,648

-

-

-

-

-

-

-

Purchases of investments by CIP

1,029,746

1,106,991

923,519

464,216

-

-

-

-

-

-

-

Sales of investments by CIP

810,749

874,279

615,565

400,493

-

-

-

-

-

-

-

Net proceeds (purchases) of short term investments by CIP

4,402

-552

595

6,139

-

-

-

-

-

-

-

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

1,241

209

256

-4,520

-

-

-

-

-

-

-

Change in other assets of CIP

-998

628

255

1,491

-

-

-

-

-

-

-

Change in liabilities of CIP

971

-1,567

5,284

2,100

-

-

-

-

-

-

-

Amortization of discount on notes payable of CIP

4,505

0

5,107

3,719

-

-

-

-

-

-

-

Payments on borrowings by CIP

195,697

669,500

105,500

155,919

-

-

-

-

-

-

-

Borrowings by CIP

414,605

857,404

474,009

0

-

-

-

-

-

-

-

Proceeds from issuance of notes payable by CIP

-

-

-

316,280

-

-

-

-

-

-

-

Repayment of notes payable by CIP

-

-

-

0

-

-

-

-

-

-

-

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

9,980

-113

-604

903

-

-

-

-

-

-

-

Increase (Decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net

-13,926

56

-65,576

-47,763

-

-

-

-

-

-

-