$VCTR
Victory Capital Holdings, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023038531 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $209.7M $204.2M
YoY Change 1.17% -5.45%
Cost Of Revenue $38.20M $37.30M
YoY Change -2.1% -8.73%
Gross Profit $171.5M $166.9M
YoY Change 1.94% -4.7%
Gross Profit Margin 81.79% 81.72%
Selling, General & Admin $68.40M $68.20M
YoY Change -1.11% -4.62%
% of Gross Profit 39.88% 40.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.33M $9.650M
YoY Change 15.41% -10.3%
% of Gross Profit 7.19% 5.78%
Operating Expenses $129.6M $116.7M
YoY Change 19.35% 20.71%
Operating Profit $80.05M $87.53M
YoY Change -18.85% -26.65%
Interest Expense -$14.00M -$12.80M
YoY Change 9.36% -3.38%
% of Operating Profit -17.49% -14.62%
Other Income/Expense, Net -$14.13M -$12.93M
YoY Change 6.27% -9.77%
Pretax Income $65.92M $74.60M
YoY Change -22.76% -28.95%
Income Tax $13.90M $17.90M
% Of Pretax Income 21.09% 24.0%
Net Earnings $52.01M $56.67M
YoY Change -28.53% -28.45%
Net Earnings / Revenue 24.8% 27.75%
Basic Earnings Per Share $0.79 $0.85
Diluted Earnings Per Share $0.77 $0.83
COMMON SHARES
Basic Shares Outstanding 65.77M 66.89M
Diluted Shares Outstanding 67.68M 68.50M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.0M $43.80M
YoY Change 61.99% 2.53%
Cash & Equivalents $108.0M $43.78M
Short-Term Investments
Other Short-Term Assets $6.500M $7.000M
YoY Change -11.21% -9.79%
Inventory
Prepaid Expenses
Receivables $86.10M $85.30M
Other Receivables $9.100M $7.700M
Total Short-Term Assets $209.7M $143.8M
YoY Change 29.83% 1.71%
LONG-TERM ASSETS
Property, Plant & Equipment $21.20M $22.49M
YoY Change -8.31% -8.63%
Goodwill $981.8M $981.8M
YoY Change 0.0% 0.0%
Intangibles $1.288B $1.298B
YoY Change -2.74% -2.62%
Long-Term Investments $29.90M $30.00M
YoY Change 3.43% 1.7%
Other Assets
YoY Change
Total Long-Term Assets $2.382B $2.395B
YoY Change -1.87% -1.3%
TOTAL ASSETS
Total Short-Term Assets $209.7M $143.8M
Total Long-Term Assets $2.382B $2.395B
Total Assets $2.592B $2.538B
YoY Change 0.1% -1.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.60M $57.40M
YoY Change 18.86% 25.5%
Accrued Expenses $63.80M $58.90M
YoY Change 20.49% 21.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $373.0M $355.6M
YoY Change 0.54% -4.52%
LONG-TERM LIABILITIES
Long-Term Debt $988.3M $987.4M
YoY Change -1.15% -2.96%
Other Long-Term Liabilities $29.40M $29.50M
YoY Change -38.6% -39.22%
Total Long-Term Liabilities $1.018B $1.017B
YoY Change -2.87% -4.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $373.0M $355.6M
Total Long-Term Liabilities $1.018B $1.017B
Total Liabilities $1.516B $1.492B
YoY Change -0.42% -2.42%
SHAREHOLDERS EQUITY
Retained Earnings $702.3M $671.5M
YoY Change 22.41% 29.53%
Common Stock $724.1M $718.0M
YoY Change 3.43% 4.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $384.5M $377.7M
YoY Change 57.63% 94.98%
Treasury Stock Shares
Shareholders Equity $1.076B $1.046B
YoY Change
Total Liabilities & Shareholders Equity $2.592B $2.538B
YoY Change 0.1% -1.14%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $52.01M $56.67M
YoY Change -28.53% -28.45%
Depreciation, Depletion And Amortization $12.33M $9.650M
YoY Change 15.41% -10.3%
Cash From Operating Activities $91.60M $77.40M
YoY Change -11.12% -14.23%
INVESTING ACTIVITIES
Capital Expenditures $1.800M $2.000M
YoY Change -462.9% -187.45%
Acquisitions
YoY Change
Other Investing Activities -$500.0K -$400.0K
YoY Change 5455.56% -46.38%
Cash From Investing Activities -$2.400M -$2.400M
YoY Change 375.25% -20.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.10M -69.50M
YoY Change -68.02% -16.2%
NET CHANGE
Cash From Operating Activities 91.60M 77.40M
Cash From Investing Activities -2.400M -2.400M
Cash From Financing Activities -25.10M -69.50M
Net Change In Cash 64.10M 5.500M
YoY Change 166.35% 28.84%
FREE CASH FLOW
Cash From Operating Activities $91.60M $77.40M
Capital Expenditures $1.800M $2.000M
Free Cash Flow $89.80M $75.40M
YoY Change -13.29% -18.51%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);text-transform:uppercase;color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">NOTE 1. ORGANIZATION AND NATURE OF BUSINESS</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Victory Capital Holdings, Inc., a Delaware corporation (along with its wholly-owned subsidiaries, collectively referred to as the “Company,” “Victory,” or in the first-person notations of “we,” “us,” and “our”), was formed on February 13, 2013 for the purpose of acquiring Victory Capital Management Inc. (“VCM”) and Victory Capital Services, Inc. (“VCS”), formerly known as Victory Capital Advisers, Inc., which occurred on August 1, 2013. On February 12, 2018, the Company completed the initial public offering (the “IPO”) of its Common Stock, which trades on the NASDAQ under the symbol “VCTR.”</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">On July 1, 2019, the Company completed the acquisition (the “USAA AMCO Acquisition” or “USAA AMCO”) of USAA Asset Management Company and Victory Capital Transfer Agency, Inc. (“VCTA”), formerly known as the USAA Transfer Agency Company d/b/a USAA Shareholder Account Services. The USAA AMCO Acquisition included USAA’s mutual fund and ETF businesses and its 529 Education Savings Plan. Refer to Note 4, Acquisitions, for further details on the acquisition.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">VCM is a registered investment adviser managing assets through mutual funds, institutional separate accounts, separately managed account products, unified managed account products, third-party ETF model strategies, collective trust funds, private funds, undertakings for the collective investment in transferrable securities, other pooled vehicles and ETFs.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">VCM also provides mutual fund administrative services for the Victory Portfolios, Victory Variable Insurance Funds, the mutual fund series of the Victory Portfolios II and the Victory Portfolios III (collectively, the “Victory Funds”), a family of open-end mutual funds, and the VictoryShares (the Company’s ETF brand). Additionally, VCM employs all of the Company’s United States investment professionals across its Franchises and Solutions, which are not separate legal entities. VCM’s wholly-owned subsidiaries include RS Investment Management (Singapore) Pte. Ltd., RS Investments (Hong Kong) Limited, RS Investments (UK) Limited, Victory Capital Digital Assets, LLC and NEC Pipeline LLC.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">VCS is registered with the SEC as an introducing broker-dealer and serves as distributor and underwriter for the Victory Funds, which includes the mutual funds of the Victory Portfolios III (the “Victory Funds III”) and the USAA 529 Education Savings Plan. VCS is also the placement agent for certain private funds managed by VCM. VCTA is registered with the SEC as a transfer agent for the Victory Funds III.</span></p>
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Use of Estimates and Assumptions</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements and the notes. Actual results may ultimately differ materially from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
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us-gaap Dividends Common Stock
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43600000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
42500000
vctr Cash Bonuses And Dividends
CashBonusesAndDividends
1100000
us-gaap Dividends Common Stock
DividendsCommonStock
34900000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
34300000
vctr Cash Bonuses And Dividends
CashBonusesAndDividends
600000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4200000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8900000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
56671000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
79205000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
105944000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
150478000
CY2023Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
66466000
CY2022Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
68521000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
66874000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
68633000
CY2023Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
2034000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
4346000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
2163000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
4632000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68500000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72867000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69037000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73265000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.58
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.19
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.05
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1423000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1192000
us-gaap Operating Lease Payments
OperatingLeasePayments
2818000
CY2022Q3 us-gaap Long Term Debt Average Amount Outstanding
LongTermDebtAverageAmountOutstanding
450000000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11020000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13396000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4689000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5056000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8065000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10227000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
12754000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
15283000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1300000
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1300000
us-gaap Operating Lease Cost
OperatingLeaseCost
2604000
us-gaap Operating Lease Cost
OperatingLeaseCost
2665000
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2022Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
21000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
us-gaap Short Term Lease Cost
ShortTermLeaseCost
42000
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
438000
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
386000
us-gaap Variable Lease Cost
VariableLeaseCost
930000
us-gaap Variable Lease Cost
VariableLeaseCost
884000
CY2023Q2 vctr Gross Lease Cost
GrossLeaseCost
1738000
CY2022Q2 vctr Gross Lease Cost
GrossLeaseCost
1707000
vctr Gross Lease Cost
GrossLeaseCost
3534000
vctr Gross Lease Cost
GrossLeaseCost
3591000
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
203000
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
206000
us-gaap Sublease Income
SubleaseIncome
406000
us-gaap Sublease Income
SubleaseIncome
415000
CY2023Q2 us-gaap Lease Cost
LeaseCost
1535000
CY2022Q2 us-gaap Lease Cost
LeaseCost
1501000
us-gaap Lease Cost
LeaseCost
3128000
us-gaap Lease Cost
LeaseCost
3176000
us-gaap Operating Lease Payments
OperatingLeasePayments
2469000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2786000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4112000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2415000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1623000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1069000
CY2023Q2 vctr Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1929000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13934000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1180000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
12754000
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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