VIRTUS INVESTMENT PARTNERS, INC. 8-K

What Happened
Virtus Investment Partners, Inc. (filed 8‑K on April 17, 2026) announced it will revise the definitions of certain non‑GAAP financial measures to include tax benefits realized on amortization of goodwill and intangible assets beginning with the release of its first quarter 2026 results. These tax benefits had previously been excluded from the company's adjusted (non‑GAAP) metrics. The company provided historical reconciliations (Q1 2024–Q4 2025 and full‑year 2024 and 2025) in Exhibit 99.1 to show the revised presentation; these do not restate or amend previously filed GAAP results.

Key Details

• Effective: change applies beginning with the release of Q1 2026 results; historical reconciliations for Q1 2024–Q4 2025 and FY 2024 & 2025 are included as Exhibit 99.1.
• Impacted non‑GAAP measures: non‑GAAP effective tax rate; earnings per share — diluted, as adjusted; tax expense, as adjusted; and net income attributable to common stockholders, as adjusted.
• Not impacted: revenues, as adjusted; operating expenses, as adjusted; operating income, as adjusted; and operating margin, as adjusted.
• Rationale: management says acquisitions over several years created an intangible tax asset that now generates meaningful tax benefits; including these benefits better reflects underlying performance and supports decision‑making and incentive plans.

Why It Matters
For investors, this is a change in presentation of adjusted results — it can increase reported adjusted net income and lower the adjusted effective tax rate compared with the company’s prior non‑GAAP presentation. The change does not alter U.S. GAAP results; it changes how management and some external readers will view adjusted profitability and EPS comparisons. Non‑GAAP measures have limitations and should be read together with the comparable GAAP figures and the provided reconciliations.