$VCTR
Victory Capital Holdings, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024123762 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $225.6M
YoY Change 7.6%
Cost Of Revenue $36.83M
YoY Change -3.59%
Gross Profit $188.8M
YoY Change 10.09%
Gross Profit Margin 83.68%
Selling, General & Admin $72.44M
YoY Change 5.91%
% of Gross Profit 38.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.510M
YoY Change -39.11%
% of Gross Profit 3.98%
Operating Expenses $105.3M
YoY Change -18.8%
Operating Profit $120.4M
YoY Change 50.36%
Interest Expense -$16.96M
YoY Change 21.13%
% of Operating Profit -14.09%
Other Income/Expense, Net -$12.86M
YoY Change -8.95%
Pretax Income $107.5M
YoY Change 63.07%
Income Tax $25.50M
% Of Pretax Income 23.72%
Net Earnings $81.98M
YoY Change 57.64%
Net Earnings / Revenue 36.34%
Basic Earnings Per Share $1.26
Diluted Earnings Per Share $1.24
COMMON SHARES
Basic Shares Outstanding 65.03M 64.88M
Diluted Shares Outstanding 66.06M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $188.2M
YoY Change 74.3%
Cash & Equivalents $188.2M
Short-Term Investments
Other Short-Term Assets $7.932M
YoY Change 22.03%
Inventory
Prepaid Expenses
Receivables $94.34M
Other Receivables $2.584M
Total Short-Term Assets $293.1M
YoY Change 39.77%
LONG-TERM ASSETS
Property, Plant & Equipment $13.72M
YoY Change -35.29%
Goodwill $981.8M
YoY Change 0.0%
Intangibles $1.266B
YoY Change -1.68%
Long-Term Investments $34.74M
YoY Change 16.2%
Other Assets
YoY Change
Total Long-Term Assets $2.319B
YoY Change -2.65%
TOTAL ASSETS
Total Short-Term Assets $293.1M
Total Long-Term Assets $2.319B
Total Assets $2.612B
YoY Change 0.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.26M
YoY Change 2.78%
Accrued Expenses $67.41M
YoY Change 5.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $268.3M
YoY Change -28.08%
LONG-TERM LIABILITIES
Long-Term Debt $982.7M
YoY Change -0.57%
Other Long-Term Liabilities $34.20M
YoY Change 16.33%
Total Long-Term Liabilities $1.017B
YoY Change -0.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $268.3M
Total Long-Term Liabilities $1.017B
Total Liabilities $1.437B
YoY Change -5.16%
SHAREHOLDERS EQUITY
Retained Earnings $875.7M
YoY Change 24.69%
Common Stock $747.8M
YoY Change 3.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $470.7M
YoY Change 22.44%
Treasury Stock Shares
Shareholders Equity $1.175B
YoY Change
Total Liabilities & Shareholders Equity $2.612B
YoY Change 0.78%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $81.98M
YoY Change 57.64%
Depreciation, Depletion And Amortization $7.510M
YoY Change -39.11%
Cash From Operating Activities $99.78M
YoY Change 8.93%
INVESTING ACTIVITIES
Capital Expenditures $398.0K
YoY Change -77.89%
Acquisitions
YoY Change
Other Investing Activities $330.0K
YoY Change -166.0%
Cash From Investing Activities -$68.00K
YoY Change -97.17%
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
YoY Change 21.92%
NET CHANGE
Cash From Operating Activities 99.78M
Cash From Investing Activities -68.00K
Cash From Financing Activities -30.60M
Net Change In Cash 69.11M
YoY Change 7.82%
FREE CASH FLOW
Cash From Operating Activities $99.78M
Capital Expenditures $398.0K
Free Cash Flow $99.38M
YoY Change 10.67%

Facts In Submission

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us-gaap Nature Of Operations
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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 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 July 8, 2024, the Company entered into definitive agreements with Amundi Asset Management S.A.S ("Amundi') whereby Amundi’s U.S. business (formerly Pioneer Investments)</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> will be combined into the Company. Under the terms of the Contribution Agreement, Amundi US becomes a wholly owned subsidiary of Victory in exchange for a </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">26.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">% economic stake in the Company composed of newly issued shares of Victory's common stock (the "Company Common Stock") representing </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">4.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">% of the number of issued and outstanding shares of Company Common Stock, after giving effect to that issuance, and the balance in newly issued shares of the Company's preferred stock (the "Company Preferred Stock"). The parties have also entered into reciprocal </span><span style="font-size:10pt;font-family:Arial;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">15-year</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> distribution </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">agreements, which will be effective upon closing of the transaction. The closing of the contemplated transaction, expected during the first quarter of 2025, is subject to customary closing conditions and regulatory approvals. On October 11, 2024, the Company held a special meeting of its shareholders and the Company’s shareholders voted to approve the issuance of the Company Common Stock, the Company Preferred</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;">Stock </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">and the other proposals set forth in the definitive proxy statement (the “Proxy Statement”), filed on September 6, 2024, with the Securities and Exchange Commission (the “SEC”)</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> in each case in connection with the Contribution.</span></p>
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<p style="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-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="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-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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CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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