$VCTR
Victory Capital Holdings, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020051669 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $188.7M $218.6M $215.0M
YoY Change -12.24% 127.74% 98.9%
Cost Of Revenue $39.10M $57.50M $57.20M
YoY Change -31.64% 172.51% 135.39%
Gross Profit $149.5M $161.1M $157.8M
YoY Change -5.26% 115.37% 88.31%
Gross Profit Margin 79.24% 73.71% 73.4%
Selling, General & Admin $60.60M $69.00M $73.20M
YoY Change -17.21% 69.12% 62.67%
% of Gross Profit 40.54% 42.83% 46.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.936M $5.600M $7.800M
YoY Change -49.54% 3.7% 39.29%
% of Gross Profit 2.63% 3.48% 4.94%
Operating Expenses $108.1M $154.4M $159.4M
YoY Change -32.21% 119.85% 109.0%
Operating Profit $80.59M $64.20M $55.57M
YoY Change 45.02% 149.24% 74.7%
Interest Expense -$6.900M -$13.20M -$14.00M
YoY Change -50.71% 85.92% 197.87%
% of Operating Profit -8.56% -20.56% -25.19%
Other Income/Expense, Net -$7.825M -$100.0K -$200.0K
YoY Change 3812.5%
Pretax Income $72.77M $48.40M $34.10M
YoY Change 113.4% 158.82% 25.37%
Income Tax $17.00M $10.90M $8.058M
% Of Pretax Income 23.36% 22.52% 23.63%
Net Earnings $55.74M $37.59M $25.99M
YoY Change 114.45% 170.13% 26.24%
Net Earnings / Revenue 29.55% 17.2% 12.09%
Basic Earnings Per Share $0.82 $0.56 $0.38
Diluted Earnings Per Share $0.76 $0.51 $0.35
COMMON SHARES
Basic Shares Outstanding 67.74M 67.72M
Diluted Shares Outstanding 73.44M 73.67M

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.90M $56.20M $79.00M
YoY Change -3.92% 9.12% 214.74%
Cash & Equivalents $56.28M $37.12M $78.96M
Short-Term Investments $19.62M $19.08M
Other Short-Term Assets $5.300M $4.900M $4.600M
YoY Change 15.22% 81.48% 84.0%
Inventory
Prepaid Expenses
Receivables $76.10M $93.60M $86.40M
Other Receivables $3.100M $1.500M $0.00
Total Short-Term Assets $140.8M $137.1M $170.0M
YoY Change -17.18% 39.47% 117.95%
LONG-TERM ASSETS
Property, Plant & Equipment $18.70M $13.24M $11.30M
YoY Change 65.49% 50.8% 31.4%
Goodwill $404.8M
YoY Change 42.46%
Intangibles $1.175B
YoY Change 203.21%
Long-Term Investments $19.60M $19.10M $17.00M
YoY Change 15.29% 43.61% 16.44%
Other Assets
YoY Change
Total Long-Term Assets $1.613B $1.616B $1.622B
YoY Change -0.52% 129.83% 128.97%
TOTAL ASSETS
Total Short-Term Assets $140.8M $137.1M $170.0M
Total Long-Term Assets $1.613B $1.616B $1.622B
Total Assets $1.754B $1.753B $1.792B
YoY Change -2.1% 118.75% 127.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.30M $300.0K $102.1M
YoY Change -44.86% -50.0% 504.14%
Accrued Expenses $40.90M $143.8M $44.60M
YoY Change -8.3% 187.6% 47.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $217.7M $262.8M $249.5M
YoY Change -12.75% 365.96% 370.75%
LONG-TERM LIABILITIES
Long-Term Debt $815.9M $924.5M $1.006B
YoY Change -18.89% 243.81% 274.78%
Other Long-Term Liabilities $32.80M $22.70M $20.00M
YoY Change 64.0% 56.55% 26.58%
Total Long-Term Liabilities $848.7M $947.2M $1.026B
YoY Change -17.27% 234.23% 260.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $217.7M $262.8M $249.5M
Total Long-Term Liabilities $848.7M $947.2M $1.026B
Total Liabilities $1.094B $1.215B $1.285B
YoY Change -14.83% 251.32% 273.22%
SHAREHOLDERS EQUITY
Retained Earnings $111.4M -$34.71M
YoY Change -71.01%
Common Stock $624.8M
YoY Change 3.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $659.6M $537.9M $506.7M
YoY Change
Total Liabilities & Shareholders Equity $1.754B $1.753B $1.792B
YoY Change -2.1% 118.75% 127.88%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $55.74M $37.59M $25.99M
YoY Change 114.45% 170.13% 26.24%
Depreciation, Depletion And Amortization $3.936M $5.600M $7.800M
YoY Change -49.54% 3.7% 39.29%
Cash From Operating Activities $61.80M $59.70M $118.4M
YoY Change -47.8% 73.55% 193.8%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$2.300M -$2.000M
YoY Change -15.0% 187.5% 400.0%
Acquisitions
YoY Change
Other Investing Activities -$1.800M -$1.600M -$841.4M
YoY Change -99.79% -48.39% 44184.21%
Cash From Investing Activities -$3.600M -$3.900M -$843.4M
YoY Change -99.57% 2.63% 35041.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -57.20M -97.70M 708.6M
YoY Change -108.07% 2226.19% -2630.71%
NET CHANGE
Cash From Operating Activities 61.80M 59.70M 118.4M
Cash From Investing Activities -3.600M -3.900M -843.4M
Cash From Financing Activities -57.20M -97.70M 708.6M
Net Change In Cash 1.000M -41.90M -16.40M
YoY Change -106.1% -258.71% -265.66%
FREE CASH FLOW
Cash From Operating Activities $61.80M $59.70M $118.4M
Capital Expenditures -$1.700M -$2.300M -$2.000M
Free Cash Flow $63.50M $62.00M $120.4M
YoY Change -47.26% 76.14% 195.82%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Nature Of Operations
NatureOfOperations
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;">Note 1. ORGANIZATION AND NATURE OF BUSINESS</p> <p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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., 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.” </p> <p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On and effective July 1, 2019, the Company completed the acquisition (the “USAA AMCO Acquisition”) of USAA Adviser and VCTA, formerly known as the USAA Transfer Agency Company d/b/a USAA Shareholder Account Services. The USAA AMCO Acquisition includes USAA’s mutual fund and ETF businesses and its 529 College Savings Plan (collectively, the “USAA Mutual Fund Business”). Refer to Note 4, Acquisitions, for further details on the acquisition.</p> <p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">VCM is a registered investment adviser managing assets through open-end mutual funds, separately managed accounts, unified management accounts, ETFs, collective trust funds, wrap separate account programs and Undertakings Collective Investment in Transferable Securities (“UCITs”). VCM also provides mutual fund administrative services for the Victory Portfolios, Victory Variable Insurance Funds, Victory Institutional Funds and the mutual fund series of the Victory Portfolios II (collectively, the “Victory Funds”), a family of open-end mutual funds, the VictoryShares (the Company’s ETF brand), as well as the USAA Mutual Fund Business, which includes the USAA Mutual Fund Trust, a family of open-end mutual funds (the “USAA Funds”). Additionally, VCM employs all of the Company’s United States investment professionals across its Franchises and Solutions, which are not separate legal entities. VCS is registered with the SEC as an introducing broker-dealer and serves as distributor and underwriter for the Victory Funds and USAA Funds. VCTA is registered with the SEC as a transfer agent for the USAA Funds.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates and Assumptions<span style="font-weight:normal;"> </span></p> <p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p> <p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On March 11, 2020, the World Health Organization declared the outbreak of </span><span style="Background-color:#FFFFFF;">COVID-19</span><span style="Background-color:#FFFFFF;"> a pandemic. The global spread of COVID-19 has created significant volatility, uncertainty</span><span style="Background-color:#FFFFFF;">,</span><span style="Background-color:#FFFFFF;"> and economic disruption. </span><span style="Background-color:#FFFFFF;">COVID-19 did not have a material adverse effect on our reported results for </span><span style="Background-color:#FFFFFF;">the three and </span><span style="Background-color:#FFFFFF;">nine</span><span style="Background-color:#FFFFFF;"> months ended </span><span style="Background-color:#FFFFFF;">September</span><span style="Background-color:#FFFFFF;"> 30, 2020</span><span style="Background-color:#FFFFFF;">.</span></p>
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
23000000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
632900
us-gaap Business Acquisitions Pro Forma Net Income Loss
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76500
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1.13
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73300000
CY2020Q3 us-gaap Interest Rate Derivative Liabilities At Fair Value
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11772000
CY2020Q3 us-gaap Business Combination Contingent Consideration Liability
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CY2020Q3 us-gaap Financial Liabilities Fair Value Disclosure
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us-gaap Business Combination Acquisition Related Costs
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us-gaap Business Combination Acquisition Related Costs
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CY2019Q3 us-gaap Restructuring And Related Cost Incurred Cost
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us-gaap Restructuring And Related Cost Incurred Cost
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us-gaap Restructuring And Related Cost Incurred Cost
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CY2020Q3 us-gaap Payments For Restructuring
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1200000
CY2019Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
4400000
us-gaap Payments For Restructuring
PaymentsForRestructuring
5000000.0
us-gaap Payments For Restructuring
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CY2019Q3 us-gaap Restructuring Reserve
RestructuringReserve
1900000
CY2020Q3 us-gaap Restructuring Reserve
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0
CY2019Q4 vctr Fair Value Assets Transfer Between Levels Amount
FairValueAssetsTransferBetweenLevelsAmount
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CY2020Q1 vctr Unrecognized Tax Benefits Excluding Interest And Penalties
UnrecognizedTaxBenefitsExcludingInterestAndPenalties
1954000
CY2020Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
367000
CY2019Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
475000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1136000
CY2020Q2 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
1954000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
768000
CY2020Q3 vctr Interest Rate Swap Income Expense
InterestRateSwapIncomeExpense
-724000
CY2019Q3 vctr Interest Rate Swap Income Expense
InterestRateSwapIncomeExpense
-153000
vctr Interest Rate Swap Income Expense
InterestRateSwapIncomeExpense
-205000
CY2020Q3 us-gaap Interest Expense Other
InterestExpenseOther
121000
CY2020Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
908000
CY2019Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q4 vctr Unrecognized Tax Benefits Excluding Interest And Penalties
UnrecognizedTaxBenefitsExcludingInterestAndPenalties
2582000
CY2020Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
280000
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
7959000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
17230000
CY2020Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
13403000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
10231000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
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CY2019Q4 us-gaap Long Term Debt
LongTermDebt
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CY2020Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
6236000
CY2019Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
15308000
us-gaap Interest Expense Debt
InterestExpenseDebt
25260000
us-gaap Interest Expense Debt
InterestExpenseDebt
22931000
CY2020Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
739000
CY2019Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
920000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2275000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1650000
us-gaap Interest Expense Other
InterestExpenseOther
429000
us-gaap Interest Expense Other
InterestExpenseOther
651000
CY2020Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
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CY2019Q3 us-gaap Interest And Debt Expense
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us-gaap Interest And Debt Expense
InterestAndDebtExpense
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us-gaap Interest And Debt Expense
InterestAndDebtExpense
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2020Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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CY2019Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67724000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
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us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67610000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2911402
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
42500000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
14.59
CY2020Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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2500000
vctr Stock Repurchase Program Expiration Description
StockRepurchaseProgramExpirationDescription
The Additional 2020 Share Repurchase Program expires when $15 million shares of Class A common stock are repurchased or on December 31, 2022.
CY2020Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4100000
us-gaap Dividends Common Stock
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us-gaap Dividends Common Stock Cash
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10800000
vctr Cash Bonuses And Dividends
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CY2020Q3 us-gaap Allocated Share Based Compensation Expense
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3600000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4800000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10100000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
55741000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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25992000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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5694000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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5947000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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5918000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
5690000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73437000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73671000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73703000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73300000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.81
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.76
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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43000000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1300000
CY2020Q2 vctr Percentage Of Increase In Dividend
PercentageOfIncreaseInDividend
0.17
CY2020Q3 vctr Percentage Of Increase In Dividend
PercentageOfIncreaseInDividend
0.40

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