Virtus Investment Partners, Inc. (NASDAQ:VRTS) Q1 2022 Earnings Conference Call April 29, 2022 10:00 AM ET

Company Participants

Sean Rourke – Vice President, Investor Relations

George Aylward – President and Chief Executive Officer

Mike Angerthal – Chief Financial Officer

Conference Call Participants

Sumeet Mody – Piper Sandler

Michael Cyprys – Morgan Stanley

Operator

Good morning. My name is Cherry, and I’ll be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners’ Quarterly Conference Call. The slide presentation for this call is available in the Investor Relations section of the Virtus website, www.virtus.com. This call is being recorded and will be available for replay on the Virtus website.

At this time, all participants are in a listen-only mode. After the speakers’ presentation – remarks, there will be a question-and-answer period and instructions will follow at that time.

I will now turn the conference to your host, Sean Rourke.

Sean Rourke

Thank you, and good morning, everyone. On behalf of Virtus Investment Partners, I’d like to welcome you to the discussion of our operating and financial results for the First Quarter of 2022. Our speakers today are George Aylward, President and CEO; and Mike Angerthal, Chief Financial Officer. Following the prepared remarks, we will have a Q&A period.

Before we begin, please note the disclosures on Page 2 of the slide presentation. Certain matters discussed on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and as such are subject to known and unknown risks and uncertainties, including, but not limited to, those factors set forth in today’s news release and discussed in our SEC filings. These risks and uncertainties may cause actual results to differ materially from those discussed in the statements.

In addition to results presented on a GAAP basis, we use certain non-GAAP measures to evaluate our financial results. Our non-GAAP financial measures are not substitutes for GAAP financial results and should be read in conjunction with the GAAP results. Reconciliations of these non-GAAP financial measures, the applicable GAAP measures are included in today’s news release and financial supplement, which are available on our website.

Now, I’d like to turn the call over to George. George?

George Aylward

Thank you, Sean. Good morning, everyone. I’ll start with an overview of the results we reported earlier today and then Mike will provide more detail. Our first quarter financial and operating performance in the context of the challenging market environment were strong as while we did have net outflows and open-end funds – the quarter also included strong sales in all product categories, including meaningful growth in funds and institutional, continued positive net flows in retail separate accounts and institutional, higher operating income and earnings per share as adjusted compared with the prior year period and increased capital return to shareholders.