$VCTR
Victory Capital Holdings, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023058750 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $205.8M $209.7M
YoY Change 2.12% 1.17%
Cost Of Revenue $36.44M $38.20M
YoY Change -3.18% -2.1%
Gross Profit $169.4M $171.5M
YoY Change 3.34% 1.94%
Gross Profit Margin 82.29% 81.79%
Selling, General & Admin $70.65M $68.40M
YoY Change -2.19% -1.11%
% of Gross Profit 41.72% 39.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.984M $12.33M
YoY Change -28.39% 15.41%
% of Gross Profit 4.71% 7.19%
Operating Expenses $78.63M $129.6M
YoY Change -5.7% 19.35%
Operating Profit $90.72M $80.05M
YoY Change 12.7% -18.85%
Interest Expense -$12.80M -$14.00M
YoY Change 21.01% 9.36%
% of Operating Profit -14.1% -17.49%
Other Income/Expense, Net $2.661M -$14.13M
YoY Change -2317.5% 6.27%
Pretax Income $73.52M $65.92M
YoY Change 6.33% -22.76%
Income Tax $18.32M $13.90M
% Of Pretax Income 24.91% 21.09%
Net Earnings $55.21M $52.01M
YoY Change 5.62% -28.53%
Net Earnings / Revenue 26.83% 24.8%
Basic Earnings Per Share $0.79
Diluted Earnings Per Share $0.82 $0.77
COMMON SHARES
Basic Shares Outstanding 65.99M 65.77M
Diluted Shares Outstanding 67.68M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.5M $108.0M
YoY Change 223.67% 61.99%
Cash & Equivalents $123.5M $108.0M
Short-Term Investments
Other Short-Term Assets $5.785M $6.500M
YoY Change -31.48% -11.21%
Inventory
Prepaid Expenses
Receivables $86.13M $86.10M
Other Receivables $1.444M $9.100M
Total Short-Term Assets $216.9M $209.7M
YoY Change 65.46% 29.83%
LONG-TERM ASSETS
Property, Plant & Equipment $19.58M $21.20M
YoY Change -7.42% -8.31%
Goodwill $981.8M $981.8M
YoY Change 0.0% 0.0%
Intangibles $1.282B $1.288B
YoY Change -2.5% -2.74%
Long-Term Investments $31.81M $29.90M
YoY Change 16.66% 3.43%
Other Assets
YoY Change
Total Long-Term Assets $2.326B $2.382B
YoY Change -3.49% -1.87%
TOTAL ASSETS
Total Short-Term Assets $216.9M $209.7M
Total Long-Term Assets $2.326B $2.382B
Total Assets $2.543B $2.592B
YoY Change 0.07% 0.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.48M $59.60M
YoY Change 11.04% 18.86%
Accrued Expenses $55.46M $63.80M
YoY Change -5.14% 20.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $329.1M $373.0M
YoY Change -3.12% 0.54%
LONG-TERM LIABILITIES
Long-Term Debt $989.3M $988.3M
YoY Change 0.38% -1.15%
Other Long-Term Liabilities $42.50M $29.40M
YoY Change 0.91% -38.6%
Total Long-Term Liabilities $1.032B $1.018B
YoY Change 0.4% -2.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $329.1M $373.0M
Total Long-Term Liabilities $1.032B $1.018B
Total Liabilities $1.490B $1.516B
YoY Change 0.96% -0.42%
SHAREHOLDERS EQUITY
Retained Earnings $736.9M $702.3M
YoY Change 20.97% 22.41%
Common Stock $729.1M $724.1M
YoY Change 3.23% 3.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $444.3M $384.5M
YoY Change 55.66% 57.63%
Treasury Stock Shares
Shareholders Equity $1.053B $1.076B
YoY Change
Total Liabilities & Shareholders Equity $2.543B $2.592B
YoY Change 0.07% 0.1%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $55.21M $52.01M
YoY Change 5.62% -28.53%
Depreciation, Depletion And Amortization $7.984M $12.33M
YoY Change -28.39% 15.41%
Cash From Operating Activities $97.09M $91.60M
YoY Change 44.71% -11.12%
INVESTING ACTIVITIES
Capital Expenditures $769.0K $1.800M
YoY Change -19.81% -462.9%
Acquisitions
YoY Change
Other Investing Activities -$772.0K -$500.0K
YoY Change -133.58% 5455.56%
Cash From Investing Activities -$1.541M -$2.400M
YoY Change -215.0% 375.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.03M -25.10M
YoY Change -17.58% -68.02%
NET CHANGE
Cash From Operating Activities 97.09M 91.60M
Cash From Investing Activities -1.541M -2.400M
Cash From Financing Activities -80.03M -25.10M
Net Change In Cash 15.52M 64.10M
YoY Change -154.11% 166.35%
FREE CASH FLOW
Cash From Operating Activities $97.09M $91.60M
Capital Expenditures $769.0K $1.800M
Free Cash Flow $96.32M $89.80M
YoY Change 45.65% -13.29%

Facts In Submission

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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="text-transform:uppercase;color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">NOTE 1. ORGANIZATION AND NATURE OF BUSINESS</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">On November 1, 2021, the Company completed the acquisition of New Energy Capital Partners (“NEC”). Founded in 2004 and based in Hanover, New Hampshire, NEC is an alternative asset management firm focused on debt and equity investments in clean energy infrastructure projects and companies.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">On December 31, 2021, the Company completed the acquisition of WestEnd Advisors, LLC (“WestEnd”). Founded in 2004, and headquartered in Charlotte, North Carolina, WestEnd is an ETF strategist advisor that provides financial advisors with a turnkey, core model allocation strategy for either a holistic solution or complementary source of alpha. The firm offers four primary ETF strategies and one large cap core strategy, all in tax efficient Separately Managed Account (SMA) structures. Refer to Note 4, Acquisitions, for further details on the USAA AMCO, NEC and WestEnd acquisitions.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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 (UK) Limited, Victory Capital Digital Assets, LLC and NEC Pipeline LLC. RS Investments (Hong Kong) Limited, VCM’s other wholly-owned subsidiary, ceased operations on May 31, 2023.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">VCTA is registered with the SEC as a transfer agent for the Victory Funds III.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">WestEnd, a wholly-owned subsidiary of Victory Capital Holdings, Inc., is the Company’s second registered investment adviser.</span></p>
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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">Use of Estimates and Assumptions</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
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CY2022Q3 us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Shares Acquired
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CY2022Q3 vctr Share Based Compensation Arrangement By Share Based Payment Employee Stock Option Exercise Prices
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
2132000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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4172000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68636000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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72797000
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.79
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.06
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EarningsPerShareBasic
2.38
us-gaap Earnings Per Share Basic
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3.25
CY2023Q3 us-gaap Earnings Per Share Diluted
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0.77
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.07
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200000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2022Q3 us-gaap Long Term Debt Average Amount Outstanding
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450000000
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OperatingLeaseRightOfUseAsset
9977000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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10227000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
11586000
CY2022Q4 us-gaap Operating Lease Liability
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CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q3 us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Short Term Lease Cost
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481000
CY2022Q3 us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
VariableLeaseCost
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CY2022Q3 vctr Gross Lease Cost
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vctr Gross Lease Cost
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vctr Gross Lease Cost
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5390000
CY2023Q3 us-gaap Sublease Income
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204000
CY2022Q3 us-gaap Sublease Income
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206000
us-gaap Sublease Income
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610000
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CY2022Q3 us-gaap Lease Cost
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CY2023Q3 us-gaap Operating Lease Payments
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CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
3720000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1379000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4197000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2444000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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1623000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1069000
CY2023Q3 vctr Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1928000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12640000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q3 us-gaap Operating Lease Liability
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