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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Revenues $ 227,029 $ 219,271 $ 673,455 $ 630,681
Operating Expenses        
Employment expenses 105,555 101,587 326,385 304,895
Distribution and other asset-based expenses 24,175 24,157 72,218 73,332
Change in fair value of contingent consideration (4,000) 0 (7,300) (6,800)
Restructuring expense 0 691 1,487 691
Depreciation expense 2,330 1,504 6,628 4,134
Amortization expense 12,883 15,382 43,416 45,581
Total operating expenses 171,771 174,368 541,686 518,153
Operating Income (Loss) 55,258 44,903 131,769 112,528
Other Income (Expense)        
Other income (expense), net 548 128 1,695 (1,062)
Total other income (expense), net (28) (2,803) (8,419) (1,446)
Interest Income (Expense)        
Total interest income (expense), net 9,671 8,235 26,019 23,689
Income (Loss) Before Income Taxes 64,901 50,335 149,369 134,771
Income tax expense (benefit) 15,797 12,181 36,376 31,794
Net Income (Loss) 49,104 38,154 112,993 102,977
Noncontrolling interests (8,124) (7,248) (24,541) (3,190)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 40,980 $ 30,906 $ 88,452 $ 99,787
Earnings (Loss) per Share—Basic (in dollars per share) $ 5.80 $ 4.26 $ 12.45 $ 13.72
Earnings (Loss) per Share—Diluted (in dollars per share) $ 5.71 $ 4.19 $ 12.23 $ 13.50
Weighted Average Shares Outstanding—Basic (in shares) 7,071 7,258 7,105 7,272
Weighted Average Shares Outstanding—Diluted (in shares) 7,176 7,379 7,234 7,393
Consolidated Entity excluding Consolidated Investment Products        
Operating Expenses        
Other operating expenses $ 30,363 $ 30,494 $ 94,788 $ 94,707
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 4,552 (1,918) 6,415 2,469
Interest Income (Expense)        
Interest expense (5,807) (6,222) (17,099) (17,444)
Interest and dividend income 2,913 2,872 9,025 8,785
Consolidated Investment Products        
Operating Expenses        
Other operating expenses 465 553 4,064 1,613
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (5,128) (1,013) (16,529) (2,853)
Interest Income (Expense)        
Interest expense (38,063) (38,218) (120,035) (112,153)
Interest and dividend income 50,628 49,803 154,128 144,501
Investment management fees        
Revenues        
Revenues 193,843 184,869 573,855 529,326
Distribution and service fees        
Revenues        
Revenues 13,567 14,333 41,007 42,618
Administration and shareholder service fees        
Revenues        
Revenues 18,560 19,069 55,546 55,668
Other income and fees        
Revenues        
Revenues $ 1,059 $ 1,000 $ 3,047 $ 3,069