$VCTR
Victory Capital Holdings, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024057507 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $219.6M $215.9M
YoY Change 7.54% 7.22%
Cost Of Revenue $36.47M $36.26M
YoY Change -2.21% -3.69%
Gross Profit $183.1M $179.6M
YoY Change 9.73% 9.73%
Gross Profit Margin 83.39% 83.2%
Selling, General & Admin $69.52M $73.47M
YoY Change 1.93% 4.97%
% of Gross Profit 37.96% 40.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.551M $7.601M
YoY Change -21.75% -34.92%
% of Gross Profit 4.12% 4.23%
Operating Expenses $109.0M $131.0M
YoY Change -6.58% 3.39%
Operating Profit $110.6M $84.81M
YoY Change 26.36% 13.74%
Interest Expense -$18.75M -$16.96M
YoY Change 46.47% 34.85%
% of Operating Profit -16.95% -19.99%
Other Income/Expense, Net -$14.82M -$12.92M
YoY Change 14.62% 1.78%
Pretax Income $95.78M $71.89M
YoY Change 28.39% 16.19%
Income Tax $21.50M $16.20M
% Of Pretax Income 22.45% 22.54%
Net Earnings $74.25M $55.69M
YoY Change 31.02% 13.03%
Net Earnings / Revenue 33.81% 25.8%
Basic Earnings Per Share $1.15 $0.86
Diluted Earnings Per Share $1.12 $0.84
COMMON SHARES
Basic Shares Outstanding 64.71M 64.32M
Diluted Shares Outstanding 66.08M 65.97M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.0M $79.94M
YoY Change 171.62% 108.52%
Cash & Equivalents $119.0M $79.94M
Short-Term Investments
Other Short-Term Assets $6.979M $7.269M
YoY Change -0.3% -37.12%
Inventory
Prepaid Expenses
Receivables $93.00M $96.51M
Other Receivables $7.659M $699.0K
Total Short-Term Assets $226.6M $184.4M
YoY Change 57.59% 36.34%
LONG-TERM ASSETS
Property, Plant & Equipment $15.60M $17.55M
YoY Change -30.62% -10.66%
Goodwill $981.8M $981.8M
YoY Change 0.0% 0.0%
Intangibles $1.271B $1.277B
YoY Change -2.03% -2.18%
Long-Term Investments $33.76M $33.52M
YoY Change 12.53% 16.12%
Other Assets
YoY Change
Total Long-Term Assets $2.315B $2.322B
YoY Change -3.34% -2.98%
TOTAL ASSETS
Total Short-Term Assets $226.6M $184.4M
Total Long-Term Assets $2.315B $2.322B
Total Assets $2.541B $2.506B
YoY Change 0.11% -0.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.53M $62.02M
YoY Change -5.0% 5.44%
Accrued Expenses $54.02M $48.52M
YoY Change -8.29% 12.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $249.7M $259.9M
YoY Change -29.77% -23.46%
LONG-TERM LIABILITIES
Long-Term Debt $981.7M $990.2M
YoY Change -0.57% 0.38%
Other Long-Term Liabilities $44.58M $45.66M
YoY Change 51.12% 7.55%
Total Long-Term Liabilities $1.026B $1.036B
YoY Change 0.92% 0.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $249.7M $259.9M
Total Long-Term Liabilities $1.026B $1.036B
Total Liabilities $1.418B $1.429B
YoY Change -4.95% -3.42%
SHAREHOLDERS EQUITY
Retained Earnings $820.4M $770.2M
YoY Change 22.18% 21.12%
Common Stock $742.3M $736.3M
YoY Change 3.38% 3.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $464.9M $457.5M
YoY Change 23.11% 38.65%
Treasury Stock Shares
Shareholders Equity $1.123B $1.077B
YoY Change
Total Liabilities & Shareholders Equity $2.541B $2.506B
YoY Change 0.11% -0.87%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $74.25M $55.69M
YoY Change 31.02% 13.03%
Depreciation, Depletion And Amortization $7.551M $7.601M
YoY Change -21.75% -34.92%
Cash From Operating Activities $79.70M $68.68M
YoY Change 2.98% 7.06%
INVESTING ACTIVITIES
Capital Expenditures $225.0K $500.0K
YoY Change -88.75% -12.59%
Acquisitions
YoY Change
Other Investing Activities -$380.0K -$410.0K
YoY Change -5.0% -57.91%
Cash From Investing Activities -$605.0K -$910.0K
YoY Change -74.79% -41.14%
FINANCING ACTIVITIES
Cash Dividend Paid $22.38M
YoY Change 1.24%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.07M -111.3M
YoY Change -42.35% 78.24%
NET CHANGE
Cash From Operating Activities 79.70M 68.68M
Cash From Investing Activities -605.0K -910.0K
Cash From Financing Activities -40.07M -111.3M
Net Change In Cash 39.03M -43.61M
YoY Change 609.67% -26691.46%
FREE CASH FLOW
Cash From Operating Activities $79.70M $68.68M
Capital Expenditures $225.0K $500.0K
Free Cash Flow $79.48M $68.18M
YoY Change 5.41% 7.23%

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CY2024Q1 us-gaap Nature Of Operations
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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;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="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;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 Class A common stock, which trades on the NASDAQ under the symbol “VCTR.”</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Victory provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With 11 autonomous Investment Franchises and a Solutions Platform, the Company offers a wide array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (“ETFs”), institutional separate accounts, variable insurance products (“VIPs”), alternative investments, private closed end funds, and a 529 Education Savings Plan. The Company’s strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts (“SMAs”) and unified managed accounts (“UMAs”) through wrap account programs, Collective Investment Trusts (“CITs”), and undertakings for the collective investment in transferable securities (“UCITs”).</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">VCM is a registered investment adviser and 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. VCM’s other wholly-owned subsidiary, RS Investments (HK) Limited, ceased operations in May 2023.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;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 a 529 Education Savings Plan. VCS offers brokerage services to individual investors through an open architecture brokerage platform launched in April 2023. 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><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">On November 1, 2021, the Company completed the acquisition of </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">% of the equity interests in 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 through private closed-end funds (the “NEC Funds”). AUM acquired in the NEC acquisition totaled $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> billion as of November 1, 2021.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">On December 31, 2021, the Company completed the acquisition (“WestEnd Acquisition”) of </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">% of the equity interests in 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. AUM acquired in the WestEnd Acquisition totaled $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">19.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> billion on December 31, 2021. WestEnd is a wholly-owned subsidiary of Victory Capital Holdings, Inc. and is the Company’s second registered investment adviser.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:6pt;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></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
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215857000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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NontradeReceivables
699000
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1444000
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
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AccountsReceivableNet
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CY2024Q1 vctr Fair Value Assets Transfer Between Levels Amount
FairValueAssetsTransferBetweenLevelsAmount
0
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16200000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12600000
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.225
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
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0
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CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8118000
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DeferredFinanceCostsNet
8753000
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
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3384000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
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3686000
CY2024Q1 us-gaap Long Term Debt
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990206000
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989269000
CY2024Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
19463000
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
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755000
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748000
CY2024Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
302000
CY2023Q1 us-gaap Amortization Of Debt Discount Premium
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298000
CY2023Q1 vctr Interest Rate Swap Income Expense
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4154000
CY2024Q1 us-gaap Interest Expense Other
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CY2024Q1 us-gaap Interest And Debt Expense
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CY2023Q1 us-gaap Interest And Debt Expense
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CY2024Q1 us-gaap Treasury Stock Shares Acquired
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CY2023Q1 us-gaap Treasury Stock Shares Acquired
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CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2023Q1 vctr Treasury Stock Value Excise Taxes Payable On Shares
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200000
CY2023Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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31.88
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3000000
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1700000
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CY2023Q1 us-gaap Dividends Common Stock
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22500000
CY2023Q1 us-gaap Dividends Common Stock Cash
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1583000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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2439000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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0.86
CY2023Q1 us-gaap Earnings Per Share Basic
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0.73
CY2024Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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CY2024Q1 vctr Rule10 B51 Arr Modified Flag
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false

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