$VCTR
Victory Capital Holdings, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024094388 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $225.6M $219.6M
YoY Change 7.6% 7.54%
Cost Of Revenue $36.83M $36.47M
YoY Change -3.59% -2.21%
Gross Profit $188.8M $183.1M
YoY Change 10.09% 9.73%
Gross Profit Margin 83.68% 83.39%
Selling, General & Admin $72.44M $69.52M
YoY Change 5.91% 1.93%
% of Gross Profit 38.37% 37.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.510M $7.551M
YoY Change -39.11% -21.75%
% of Gross Profit 3.98% 4.12%
Operating Expenses $105.3M $109.0M
YoY Change -18.8% -6.58%
Operating Profit $120.4M $110.6M
YoY Change 50.36% 26.36%
Interest Expense -$16.96M -$18.75M
YoY Change 21.13% 46.47%
% of Operating Profit -14.09% -16.95%
Other Income/Expense, Net -$12.86M -$14.82M
YoY Change -8.95% 14.62%
Pretax Income $107.5M $95.78M
YoY Change 63.07% 28.39%
Income Tax $25.50M $21.50M
% Of Pretax Income 23.72% 22.45%
Net Earnings $81.98M $74.25M
YoY Change 57.64% 31.02%
Net Earnings / Revenue 36.34% 33.81%
Basic Earnings Per Share $1.26 $1.15
Diluted Earnings Per Share $1.24 $1.12
COMMON SHARES
Basic Shares Outstanding 64.88M 64.71M
Diluted Shares Outstanding 66.06M 66.08M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $188.2M $119.0M
YoY Change 74.3% 171.62%
Cash & Equivalents $188.2M $119.0M
Short-Term Investments
Other Short-Term Assets $7.932M $6.979M
YoY Change 22.03% -0.3%
Inventory
Prepaid Expenses
Receivables $94.34M $93.00M
Other Receivables $2.584M $7.659M
Total Short-Term Assets $293.1M $226.6M
YoY Change 39.77% 57.59%
LONG-TERM ASSETS
Property, Plant & Equipment $13.72M $15.60M
YoY Change -35.29% -30.62%
Goodwill $981.8M $981.8M
YoY Change 0.0% 0.0%
Intangibles $1.266B $1.271B
YoY Change -1.68% -2.03%
Long-Term Investments $34.74M $33.76M
YoY Change 16.2% 12.53%
Other Assets
YoY Change
Total Long-Term Assets $2.319B $2.315B
YoY Change -2.65% -3.34%
TOTAL ASSETS
Total Short-Term Assets $293.1M $226.6M
Total Long-Term Assets $2.319B $2.315B
Total Assets $2.612B $2.541B
YoY Change 0.78% 0.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.26M $54.53M
YoY Change 2.78% -5.0%
Accrued Expenses $67.41M $54.02M
YoY Change 5.66% -8.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $268.3M $249.7M
YoY Change -28.08% -29.77%
LONG-TERM LIABILITIES
Long-Term Debt $982.7M $981.7M
YoY Change -0.57% -0.57%
Other Long-Term Liabilities $34.20M $44.58M
YoY Change 16.33% 51.12%
Total Long-Term Liabilities $1.017B $1.026B
YoY Change -0.08% 0.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $268.3M $249.7M
Total Long-Term Liabilities $1.017B $1.026B
Total Liabilities $1.437B $1.418B
YoY Change -5.16% -4.95%
SHAREHOLDERS EQUITY
Retained Earnings $875.7M $820.4M
YoY Change 24.69% 22.18%
Common Stock $747.8M $742.3M
YoY Change 3.27% 3.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $470.7M $464.9M
YoY Change 22.44% 23.11%
Treasury Stock Shares
Shareholders Equity $1.175B $1.123B
YoY Change
Total Liabilities & Shareholders Equity $2.612B $2.541B
YoY Change 0.78% 0.11%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $81.98M $74.25M
YoY Change 57.64% 31.02%
Depreciation, Depletion And Amortization $7.510M $7.551M
YoY Change -39.11% -21.75%
Cash From Operating Activities $99.78M $79.70M
YoY Change 8.93% 2.98%
INVESTING ACTIVITIES
Capital Expenditures $398.0K $225.0K
YoY Change -77.89% -88.75%
Acquisitions
YoY Change
Other Investing Activities $330.0K -$380.0K
YoY Change -166.0% -5.0%
Cash From Investing Activities -$68.00K -$605.0K
YoY Change -97.17% -74.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.60M -40.07M
YoY Change 21.92% -42.35%
NET CHANGE
Cash From Operating Activities 99.78M 79.70M
Cash From Investing Activities -68.00K -605.0K
Cash From Financing Activities -30.60M -40.07M
Net Change In Cash 69.11M 39.03M
YoY Change 7.82% 609.67%
FREE CASH FLOW
Cash From Operating Activities $99.78M $79.70M
Capital Expenditures $398.0K $225.0K
Free Cash Flow $99.38M $79.48M
YoY Change 10.67% 5.41%

Facts In Submission

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<p style="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="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;">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, and was deregistered and dissolved in May 2024.</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 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;">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><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 April 16, 2024, the Company and Amundi Asset Management S.A.S ("Amundi') announced that they had signed a non-binding Memorandum of Understanding to combine Amundi US into Victory, for Amundi to become a strategic shareholder of Victory, and to establish long-term global distribution agreements. On July 9, 2024, the Company announced that it had reached a definitive agreement with Amundi for their previously announced transaction. Refer to Note 15, Subsequent Events, for further information.</span></p>
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vctr Global Minimum Tax
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1400000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2400000
CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
44500000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
77400000
CY2023Q2 vctr Treasury Stock Value Excise Taxes Payable On Shares
TreasuryStockValueExciseTaxesPayableOnShares
200000
vctr Treasury Stock Value Excise Taxes Payable On Shares
TreasuryStockValueExciseTaxesPayableOnShares
600000
CY2023Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
32.25
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
32.09
CY2024Q2 vctr Share Based Compensation Arrangement By Share Based Payment Employee Stock Option Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentEmployeeStockOptionExercisePrices
2100000
CY2023Q2 vctr Share Based Compensation Arrangement By Share Based Payment Employee Stock Option Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentEmployeeStockOptionExercisePrices
1400000
vctr Share Based Compensation Arrangement By Share Based Payment Employee Stock Option Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentEmployeeStockOptionExercisePrices
5100000
vctr Share Based Compensation Arrangement By Share Based Payment Employee Stock Option Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentEmployeeStockOptionExercisePrices
3000000
us-gaap Dividends Common Stock
DividendsCommonStock
46400000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
45600000
vctr Cash Bonuses And Dividends
CashBonusesAndDividends
800000
us-gaap Dividends Common Stock
DividendsCommonStock
43600000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
42500000
vctr Cash Bonuses And Dividends
CashBonusesAndDividends
1100000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3700000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7700000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8500000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
74251000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
56671000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
129942000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
105944000
CY2024Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
64734000
CY2023Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
66466000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
64561000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
66874000
CY2024Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1341000
CY2023Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
2034000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1464000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
2163000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66075000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68500000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66025000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69037000
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.15
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.58
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.12
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.97
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.53
CY2023Q4 us-gaap Long Term Debt Average Amount Outstanding
LongTermDebtAverageAmountOutstanding
450000000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 vctr Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q2 vctr Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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