$VCTR
Victory Capital Holdings, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459021041936 Filed on August 06, 2021

View on sec.gov

Income Statement

Concept 2020 Q2
Revenue $181.9M
YoY Change 99.09%
Cost Of Revenue $41.60M
YoY Change 156.79%
Gross Profit $140.3M
YoY Change 86.57%
Gross Profit Margin 77.14%
Selling, General & Admin $62.40M
YoY Change 46.48%
% of Gross Profit 44.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.100M
YoY Change -22.64%
% of Gross Profit 2.92%
Operating Expenses $116.1M
YoY Change 69.11%
Operating Profit $65.81M
YoY Change 189.61%
Interest Expense -$6.600M
YoY Change 78.38%
% of Operating Profit -10.03%
Other Income/Expense, Net -$100.0K
YoY Change -50.0%
Pretax Income $59.20M
YoY Change 213.23%
Income Tax $14.50M
% Of Pretax Income 24.49%
Net Earnings $44.72M
YoY Change 210.92%
Net Earnings / Revenue 24.59%
Basic Earnings Per Share $0.66
Diluted Earnings Per Share $0.61
COMMON SHARES
Basic Shares Outstanding 67.82M
Diluted Shares Outstanding 73.20M

Balance Sheet

Concept 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.20M
YoY Change 135.9%
Cash & Equivalents $55.18M
Short-Term Investments
Other Short-Term Assets $6.300M
YoY Change 70.27%
Inventory
Prepaid Expenses
Receivables $74.80M
Other Receivables $0.00
Total Short-Term Assets $136.3M
YoY Change 91.16%
LONG-TERM ASSETS
Property, Plant & Equipment $16.00M
YoY Change 70.21%
Goodwill $404.8M
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.50M
YoY Change 10.12%
Other Assets
YoY Change
Total Long-Term Assets $1.612B
YoY Change 109.34%
TOTAL ASSETS
Total Short-Term Assets $136.3M
Total Long-Term Assets $1.612B
Total Assets $1.748B
YoY Change 107.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.30M
YoY Change 161.87%
Accrued Expenses $33.90M
YoY Change 56.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $230.7M
YoY Change 301.22%
LONG-TERM LIABILITIES
Long-Term Debt $857.2M
YoY Change 217.72%
Other Long-Term Liabilities $30.30M
YoY Change 72.16%
Total Long-Term Liabilities $887.5M
YoY Change 208.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $230.7M
Total Long-Term Liabilities $887.5M
Total Liabilities $1.133B
YoY Change 219.97%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $614.8M
YoY Change
Total Liabilities & Shareholders Equity $1.748B
YoY Change 107.8%

Cashflow Statement

Concept 2020 Q2
OPERATING ACTIVITIES
Net Income $44.72M
YoY Change 210.92%
Depreciation, Depletion And Amortization $4.100M
YoY Change -22.64%
Cash From Operating Activities $69.00M
YoY Change 119.75%
INVESTING ACTIVITIES
Capital Expenditures -$4.600M
YoY Change 1050.0%
Acquisitions
YoY Change
Other Investing Activities -$200.0K
YoY Change -66.67%
Cash From Investing Activities -$4.700M
YoY Change 327.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.20M
YoY Change 3750.0%
NET CHANGE
Cash From Operating Activities 69.00M
Cash From Investing Activities -4.700M
Cash From Financing Activities -46.20M
Net Change In Cash 18.10M
YoY Change -37.8%
FREE CASH FLOW
Cash From Operating Activities $69.00M
Capital Expenditures -$4.600M
Free Cash Flow $73.60M
YoY Change 131.45%

Facts In Submission

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<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;Background-color:#FFFFFF;margin-bottom:6pt;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;">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.”</p> <p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:6pt;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;">On and effective July 1, 2019, the Company completed the acquisition (the “USAA AMCO Acquisition”) of USAA Asset Management Company (“USAA Adviser”) and the Victory Capital Transfer Agency, Inc. (“VCTA”), formerly known as the USAA Transfer Agency Company d/b/a USAA Shareholder Account Services (together with USAA Adviser, the “USAA Acquired Companies”). 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;Background-color:#FFFFFF;margin-bottom:6pt;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;">On March 1, 2021, the Company completed the acquisition of THB Asset Management (“THB”), resulting in THB becoming the Company’s tenth investment franchise. At March 1, 2021, the THB AUM that was acquired totaled $547 million. THB manages responsible investment portfolios in the micro-cap, small-cap and mid-cap asset classes, including U.S., global and international strategies. Refer to Note 4, Acquisitions, for further details on the acquisition.</p> <p style="text-align:justify;Background-color:#FFFFFF;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;">VCM is a registered investment adviser managing assets through mutual funds, institutional separate accounts, separately managed account products, unified managed account products, collective trust funds, private funds, undertakings for the collective investment in transferrable securities, other pooled vehicles and ETFs. 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. VCM’s three wholly-owned subsidiaries are RS Investment Management (Singapore) Pte. Ltd., RS Investments (Hong Kong) Limited, and RS Investments (UK) Limited. VCS is registered with the SEC as a limited purpose 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>
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<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 COVID-19 a pandemic. The global spread of COVID-19 has created significant volatility, uncertainty, and economic disruption. COVID-19 did not have a material adverse effect on our reported results for the three and six months ended June 30, 2021.</span></p>
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InterestAndDebtExpense
6155000
CY2020Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
9710000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
21118000
CY2021Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
63300000
CY2021Q2 us-gaap Interest Expense Other
InterestExpenseOther
72000
CY2020Q2 us-gaap Interest Expense Other
InterestExpenseOther
129000
us-gaap Interest Expense Other
InterestExpenseOther
187000
us-gaap Interest Expense Other
InterestExpenseOther
308000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
16.84
CY2021Q2 us-gaap Dividends Common Stock
DividendsCommonStock
8200000
us-gaap Dividends Common Stock
DividendsCommonStock
14700000
CY2021Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
8100000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
14200000
CY2021Q2 vctr Cash Bonuses And Dividends
CashBonusesAndDividends
100000
vctr Cash Bonuses And Dividends
CashBonusesAndDividends
500000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4300000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3900000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9900000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9900000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
69270000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
44720000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
134472000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
101886000
CY2021Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67776000
CY2020Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67821000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67769000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67806000
CY2021Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
6390000
CY2020Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
5383000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
6386000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
6012000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74166000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73204000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74155000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73818000
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.02
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.98
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.50
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.93
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.81
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.38
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000

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