$VCTR
Victory Capital Holdings, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021055243 Filed on November 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 Q3
Revenue $226.3M $200.4M $188.7M
YoY Change 19.95% -8.31% -12.24%
Cost Of Revenue $44.86M $40.10M $39.10M
YoY Change 14.73% -30.26% -31.64%
Gross Profit $181.4M $160.3M $149.5M
YoY Change 21.36% -0.5% -5.26%
Gross Profit Margin 80.18% 79.99% 79.24%
Selling, General & Admin $69.63M $66.00M $60.60M
YoY Change 14.9% -4.35% -17.21%
% of Gross Profit 38.38% 41.17% 40.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.377M $4.200M $3.936M
YoY Change 11.2% -25.0% -49.54%
% of Gross Profit 2.41% 2.62% 2.63%
Operating Expenses $127.3M $122.7M $108.1M
YoY Change 17.8% -20.51% -32.21%
Operating Profit $99.00M $77.68M $80.59M
YoY Change 22.84% 21.01% 45.02%
Interest Expense -$5.879M -$3.800M -$6.900M
YoY Change -14.8% -71.21% -50.71%
% of Operating Profit -5.94% -4.89% -8.56%
Other Income/Expense, Net -$6.641M -$100.0K -$7.825M
YoY Change -15.13% 0.0% 3812.5%
Pretax Income $92.36M $72.60M $72.77M
YoY Change 26.92% 50.0% 113.4%
Income Tax $18.20M $17.70M $17.00M
% Of Pretax Income 19.71% 24.38% 23.36%
Net Earnings $74.18M $54.90M $55.74M
YoY Change 33.07% 46.04% 114.45%
Net Earnings / Revenue 32.78% 27.39% 29.55%
Basic Earnings Per Share $1.09 $0.81 $0.82
Diluted Earnings Per Share $1.00 $0.75 $0.76
COMMON SHARES
Basic Shares Outstanding 67.98M 67.74M
Diluted Shares Outstanding 74.05M 73.44M

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.74M $22.70M $75.90M
YoY Change -14.7% -59.61% -3.92%
Cash & Equivalents $64.74M $22.74M $56.28M
Short-Term Investments $19.62M
Other Short-Term Assets $5.569M $6.100M $5.300M
YoY Change 5.08% 24.49% 15.22%
Inventory
Prepaid Expenses
Receivables $91.29M $84.90M $76.10M
Other Receivables $11.89M $3.300M $3.100M
Total Short-Term Assets $173.5M $117.0M $140.8M
YoY Change 23.22% -14.66% -17.18%
LONG-TERM ASSETS
Property, Plant & Equipment $23.69M $18.75M $18.70M
YoY Change 26.66% 41.59% 65.49%
Goodwill $404.8M
YoY Change 0.0%
Intangibles $1.163B
YoY Change -1.09%
Long-Term Investments $29.80M $23.50M $19.60M
YoY Change 52.05% 23.04% 15.29%
Other Assets
YoY Change
Total Long-Term Assets $1.618B $1.614B $1.613B
YoY Change 0.27% -0.15% -0.52%
TOTAL ASSETS
Total Short-Term Assets $173.5M $117.0M $140.8M
Total Long-Term Assets $1.618B $1.614B $1.613B
Total Assets $1.791B $1.731B $1.754B
YoY Change 2.11% -1.29% -2.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.06M $1.400M $56.30M
YoY Change -3.98% 366.67% -44.86%
Accrued Expenses $44.54M $88.10M $40.90M
YoY Change 8.89% -38.73% -8.3%
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 $201.7M $182.0M $217.7M
YoY Change -7.35% -30.75% -12.75%
LONG-TERM LIABILITIES
Long-Term Debt $633.9M $769.0M $815.9M
YoY Change -22.31% -16.82% -18.89%
Other Long-Term Liabilities $30.86M $34.60M $32.80M
YoY Change -5.92% 52.42% 64.0%
Total Long-Term Liabilities $664.8M $803.6M $848.7M
YoY Change -21.67% -15.16% -17.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $201.7M $182.0M $217.7M
Total Long-Term Liabilities $664.8M $803.6M $848.7M
Total Liabilities $923.4M $1.023B $1.094B
YoY Change -15.63% -15.82% -14.83%
SHAREHOLDERS EQUITY
Retained Earnings $344.7M $161.6M $111.4M
YoY Change 209.46% -565.58%
Common Stock $665.9M $647.6M
YoY Change 3.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $867.7M $707.5M $659.6M
YoY Change
Total Liabilities & Shareholders Equity $1.791B $1.731B $1.754B
YoY Change 2.11% -1.29% -2.1%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income $74.18M $54.90M $55.74M
YoY Change 33.07% 46.04% 114.45%
Depreciation, Depletion And Amortization $4.377M $4.200M $3.936M
YoY Change 11.2% -25.0% -49.54%
Cash From Operating Activities $99.89M $67.90M $61.80M
YoY Change 61.63% 13.74% -47.8%
INVESTING ACTIVITIES
Capital Expenditures -$3.110M -$1.100M -$1.700M
YoY Change 82.94% -52.17% -15.0%
Acquisitions
YoY Change
Other Investing Activities -$605.0K -$800.0K -$1.800M
YoY Change -66.39% -50.0% -99.79%
Cash From Investing Activities -$3.715M -$1.800M -$3.600M
YoY Change 3.19% -53.85% -99.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -63.02M -99.70M -57.20M
YoY Change 10.17% 2.05% -108.07%
NET CHANGE
Cash From Operating Activities 99.89M 67.90M 61.80M
Cash From Investing Activities -3.715M -1.800M -3.600M
Cash From Financing Activities -63.02M -99.70M -57.20M
Net Change In Cash 33.16M -33.60M 1.000M
YoY Change 3215.9% -19.81% -106.1%
FREE CASH FLOW
Cash From Operating Activities $99.89M $67.90M $61.80M
Capital Expenditures -$3.110M -$1.100M -$1.700M
Free Cash Flow $103.0M $69.00M $63.50M
YoY Change 62.2% 11.29% -47.26%

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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: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 September 13, 2021, the Company announced that VCM had reached a definitive agreement to acquire 100% of 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. On November 1, 2021, the acquisition of NEC was completed, resulting in NEC becoming the Company’s eleventh investment franchise. </p> <p style="text-align:justify;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 September 24, 2021, the Company filed a Registration Statement on Form S-3 on behalf of Crestview Victory, Crestview, Reverence Capital Partners Opportunities Fund I, L.P., Reverence Capital Partners Opportunities Fund I (Cayman), L.P., and Reverence Capital Partners Opportunities Fund I (AI), L.P. (collectively, the “Reverence Capital Funds”) and RCP Lake Co-Invest, L.P.  (the “Selling Shareholders”) to permit the Selling Shareholders to sell up to 44,973,804 shares of the Company’s Class A common stock from time to time. On October 13, 2021, the Form S-3 was declared effective.</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 September 27, 2021, the Company announced that its Board of Directors approved amendments to its corporate charter and bylaws to eliminate the Company’s dual-class share structure. The charter amendment is subject to shareholder approval at a Special Meeting of Stockholders scheduled for November 19, 2021.</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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AllocatedShareBasedCompensationExpense
3600000
CY2021Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67980000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
17.63
CY2021Q3 us-gaap Dividends Common Stock
DividendsCommonStock
10800000
us-gaap Dividends Common Stock
DividendsCommonStock
25500000
CY2020Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67743000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13500000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
67785000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
6073000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
5694000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
6322000
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
5918000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74053000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73437000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74162000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73703000
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.09
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.33
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.00
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.81
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.14

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