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Virtus Investment Partners, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $227.0 million from $219.3 million in the same quarter the previous year, attributed to increased average assets under management.
Operating income for the quarter was $55.3 million, up from $44.9 million in the previous year, due to increased revenue and decreased operating expenses.
Net income per diluted share was $5.71, compared to $4.19 in the previous year, reflecting a 36.3% increase.
Total assets under management were $183.7 billion as of September 30, 2024, an increase from $162.5 billion as of September 30, 2023, driven by positive market performance.
Net flows for the quarter were $(1.7) billion, compared to $(1.5) billion in the same quarter of the previous year.
Cash and cash equivalents were $195.5 million as of September 30, 2024, down from $239.6 million at the end of 2023.
The company repurchased 72,850 common shares during the quarter, at a total cost of $14.9 million, under its share repurchase program.
Virtus declared a quarterly cash dividend of $2.25 per common share, payable on November 13, 2024, to shareholders of record on October 31, 2024.
The filing also details various financial agreements, including a credit agreement comprising a $275.0 million term loan and a $175.0 million revolving credit facility.
The company reported no material changes to its risk factors from those previously disclosed in its 2023 Annual Report on Form 10-K.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Virtus Investment Partners Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.