0001157523-24-000205.txt : 20240208 0001157523-24-000205.hdr.sgml : 20240208 20240208163042 ACCESSION NUMBER: 0001157523-24-000205 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240208 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240208 DATE AS OF CHANGE: 20240208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Victory Capital Holdings, Inc. CENTRAL INDEX KEY: 0001570827 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38388 FILM NUMBER: 24609547 BUSINESS ADDRESS: STREET 1: 4900 TIEDEMANN ROAD STREET 2: 4TH FLOOR CITY: BROOKLYN STATE: OH ZIP: 44144 BUSINESS PHONE: 216-898-2400 MAIL ADDRESS: STREET 1: 4900 TIEDEMANN ROAD STREET 2: 4TH FLOOR CITY: BROOKLYN STATE: OH ZIP: 44144 8-K 1 a53893988.htm VICTORY CAPITAL HOLDINGS, INC. 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 8-K

 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 
February 8, 2024
Date of Report (date of earliest event reported)
 
Victory Capital Holdings, Inc.
(Exact name of registrant as specified in its charter)

 
Delaware
001-38388
32-0402956
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)

     
   
15935 La Cantera Parkway; San Antonio, Texas
  
78256
(Address of principal executive offices)
  
(Zip Code)

(216) 898 2400
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

 
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):
 
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐   Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)
 
☐    Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
 
☐    Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

     
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $0.01
VCTR
NASDAQ
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition
 
On February 8, 2024, Victory Capital Holdings, Inc., (the “Company”) issued a press release (the “Earnings Press Release”) reporting results for the three months and year ended December 31, 2023. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
 
The information set forth in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing of the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit
    
  
Number
  
Description
 
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)

- 2 -

SIGNATURE(S)
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
VICTORY CAPITAL HOLDINGS, INC.
   
   
Date: February 8, 2024
By:
/s/ MICHAEL D. POLICARPO
   
Name: Michael D. Policarpo
   
Title: President, Chief Financial Officer and Chief Administrative Officer




- 3 -
 EX-99.1 2 a53893988ex99_1.htm EXHIBIT 99.1
Exhibit 99.1


Victory Capital Reports Strong Fourth-Quarter and Full-Year 2023 Results

Fourth-Quarter 2023 Highlights

  • Total Assets Under Management (AUM) of $166.6 billion1
  • Long-term gross flows of $6.6 billion in the quarter
  • Long-term net flows of ($1.1) billion in the quarter
  • GAAP operating margin of 41.9%
  • Adjusted EBITDA margin of 52.3% in the quarter2
  • GAAP net income of $0.82 per diluted share
  • Adjusted net income with tax benefit of $1.15 per diluted share2
  • Board increased regular quarterly cash dividend by 5% to $0.335

SAN ANTONIO--(BUSINESS WIRE)--February 8, 2024--Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or “the Company”) today reported financial results for the quarter and year ended December 31, 2023.

“We made significant progress in our strategic growth initiatives during 2023 and continued to validate the effectiveness and resiliency of our unique operating platform,” said David Brown, Chairman and Chief Executive Officer. “We invested in our business via the launching of several new products, enhancing our investment capabilities in several areas, and expanding our technology resources across the platform. Concurrently, we also expanded our profit margin with adjusted EBITDA margin rising 130 basis points to 50.9% for the year.

“In the final quarter of 2023, both long-term gross and net flows improved to their best levels in more than a year, which is encouraging as we begin 2024.

“Our Franchises continued to deliver excellent investment performance for clients. At year end, the percentage of our AUM outperforming benchmarks over the respective 3-, 5-, and 10-year periods was 62%, 84%, and 79%. In addition, 70% of our AUM in mutual funds and ETFs were rated four or five stars overall by Morningstar.

“During the fourth quarter, we repurchased an additional 1.8 million shares, increasing the capital returned to shareholders from repurchases during the year to $158 million. Combined with cash dividends, we returned $243 million to shareholders in 2023, an increase of 21% over the previous year, and the most we have ever returned to our shareholders in our Company’s history.

“Our M&A diligence activities have progressed, and entering the new year we are optimistic about the prospects for executing on a transaction aligned with our strategic growth objectives.

“As always, we continue to focus on serving our clients, which is our top priority.”

1

Total AUM includes both discretionary and non-discretionary client assets.

2

The Company reports its financial results in accordance with generally accepted accounting principles (“GAAP”). Adjusted EBITDA and Adjusted Net Income are not defined by GAAP and should not be regarded as an alternative to any measurement under GAAP. Please refer to the section “Information Regarding Non-GAAP Financial Measures” at the end of this press release for an explanation of Non-GAAP financial measures and a reconciliation to the nearest GAAP financial measure.

The table below presents AUM, and certain GAAP and non-GAAP (“adjusted”) financial results. Due to rounding, AUM values and other amounts in this press release may not add up precisely to the totals provided.

(in millions except per share amounts or as otherwise noted)



For the Three Months Ended

 

For the Year Ended



December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,



2023

 

2023

 

2022

 

2023

 

2022

Assets Under Management1














Ending
$

166,611

 


$

153,506

 


$

152,952

 


$

166,611

 


$

152,952

 

Average

156,734

 



161,147

 



154,632

 



158,268

 



164,025

 
















 
Long-term Flows2














Long-term Gross
$

6,557

 


$

5,255

 


$

6,502

 


$

23,251

 


$

33,313

 

Long-term Net

(1,134

)



(1,700

)



(4,405

)



(6,176

)



(2,545

)
















 
Money Market/Short-term Flows














Money Market / Short-term Gross
$

188

 


$

193

 


$

179

 


$

853

 


$

621

 

Money Market / Short-term Net

(47

)



(19

)



(62

)



(391

)



(187

)
















 
Total Flows














Total Gross
$

6,745

 


$

5,449

 


$

6,681

 


$

24,104

 


$

33,934

 

Total Net

(1,181

)



(1,719

)



(4,466

)



(6,567

)



(2,732

)
















 
Consolidated Financial Results (GAAP)














Revenue
$

205.8

 


$

209.7

 


$

201.5

 


$

821.0

 


$

854.8

 

Revenue realization (in bps)

52.1

 



51.6

 



51.7

 



51.9

 



52.1

 

Operating expenses

119.5

 



129.6

 



121.9

 



492.6

 



455.7

 

Income from operations

86.3

 



80.0

 



79.6

 



328.5

 



399.1

 

Operating margin

41.9

%



38.2

%



39.5

%



40.0

%



46.7

%

Net income

55.2

 



52.0

 



52.3

 



213.2

 



275.5

 

Earnings per diluted share
$

0.82

 


$

0.77

 


$

0.74

 


$

3.12

 


$

3.81

 

Cash flow from operations

97.1

 



91.6

 



67.1

 



330.3

 



335.2

 
















 
Adjusted Performance Results (Non-GAAP)3














Adjusted EBITDA
$

107.6

 


$

107.2

 


$

100.1

 


$

418.0

 


$

424.2

 

Adjusted EBITDA margin

52.3

%



51.1

%



49.7

%



50.9

%



49.6

%

Adjusted net income

67.4

 



70.3

 



65.0

 



269.7

 



293.8

 

Tax benefit of goodwill and acquired intangible assets

9.7

 



9.5

 



9.5

 



38.3

 



37.5

 

Adjusted net income with tax benefit

77.0

 



79.8

 



74.5

 



307.9

 



331.2

 

Adjusted net income with tax benefit per diluted share
$

1.15

 


$

1.18

 


$

1.05

 


$

4.51

 


$

4.58

 

_________________



















1 Total AUM includes both discretionary and non-discretionary client assets.

2 Long-term AUM is defined as total AUM excluding Money Market and Short-term assets.

3 The Company reports its financial results in accordance with GAAP. Adjusted EBITDA and Adjusted Net Income are not defined by GAAP and should not be regarded as an alternative to any measurement under GAAP. Please refer to the section “Information Regarding Non-GAAP Financial Measures” at the end of this press release for an explanation of Non-GAAP financial measures and a reconciliation to the nearest GAAP financial measure.


AUM, Flows and Investment Performance

Victory Capital’s total AUM increased by 8.5%, or $13.1 billion, to $166.6 billion at December 31, 2023, compared with $153.5 billion at September 30, 2023. The increase was attributable to $14.3 billion of positive market action partially offset by $1.2 billion in negative net flows.

Total gross flows were $6.7 billion in the fourth quarter and $24.1 billion for the year. Long-term AUM increased by 8.7%, or $13.0 billion, to $163.3 billion at December 31, 2023, compared with $150.3 billion at September 30, 2023. For the fourth quarter, the Company reported long-term gross flows of $6.6 billion and net long-term outflows of $1.1 billion. For the year-to-date period, the Company reported long-term gross flows of $23.3 billion and net long-term outflows of $6.2 billion.

At December 31, 2023, Victory Capital offered 118 investment strategies through its 11 autonomous Investment Franchises and Solutions Platform. The table below presents outperformance against benchmarks by AUM as of December 31, 2023.

Percentage of AUM Outperforming Benchmark

Trailing

 

Trailing

 

Trailing

 

Trailing

1-Year

 

3-Years

 

5-Years

 

10-Years

49%

 

62%

 

84%

 

79%

Fourth Quarter 2023 Compared with Third Quarter 2023

Revenue decreased 1.9% to $205.8 million, in the fourth quarter, compared with $209.7 million in the third quarter, primarily due to lower average AUM, which decreased 2.7% from $161.1 billion at September 30, 2023 to $156.7 billion at December 31, 2023. GAAP operating margin expanded 370 basis points in the fourth quarter to 41.9%, up from 38.2% in the third quarter. The increase was primarily due to the combination of a non-cash $6.3 million difference in amounts recorded to the change in the fair value of consideration payable for acquisitions and a decrease in depreciation and amortization expense as a result of a write-down of an intangible asset in the third quarter. Reflecting these lower non-cash expenses, fourth-quarter GAAP net income increased 6.2% to $55.2 million, up from $52.0 million in the prior quarter. On a per-share basis, GAAP net income increased 6.5% to $0.82 per diluted share in the fourth quarter, versus $0.77 per diluted share in the third quarter.

Adjusted net income with tax benefit decreased 3.5% to $77.0 million in the fourth quarter, down from $79.8 million in the third quarter. On a per-share basis, adjusted net income with tax benefit decreased 2.5% to $1.15 per diluted share in the fourth quarter, from $1.18 per diluted share in the prior quarter. Adjusted EBITDA was $107.6 million in the fourth quarter, compared to $107.2 million in the third quarter. Adjusted EBITDA margin expanded 120 basis points in the fourth quarter of 2023 to 52.3%, compared with 51.1% in the prior quarter.

Fourth Quarter 2023 Compared with Fourth Quarter 2022

Revenue for the three months ended December 31, 2023 increased 2.1% to $205.8 million, compared with $201.5 million in the same quarter of 2022. The increase was primarily due to higher average AUM, which increased 1.4% to $156.7 billion, compared with $154.6 billion in the same quarter last year. Also contributing was a slight increase in revenue realization due to a change in asset mix.

Operating expenses decreased 2.0% to $119.5 million, compared with $121.9 million in last year’s fourth quarter primarily due to a $4.9 million decrease in personnel compensation and benefits and a $3.2 million decrease in depreciation and amortization expense partially offset by a $4.0 million increase in non-cash difference in amounts recorded to the change in the fair value of consideration payable for acquisitions as well as a $3.3 million increase in general and administrative expense due to unwind costs associated with the monetization of the Company’s Swap. GAAP operating margin expanded 240 basis points to 41.9% in the fourth quarter, from 39.5% in the same quarter of 2022. GAAP net income increased 5.6% to $55.2 million, or $0.82 per diluted share, in the fourth quarter compared with $52.3 million, or $0.74 per diluted share, in the same quarter of 2022.

Adjusted net income with tax benefit increased 3.4% to $77.0 million in the fourth quarter, up from $74.5 million in the same quarter last year. On a per share basis, adjusted net income with tax benefit increased 9.5% to $1.15 per diluted share in the fourth quarter, from $1.05 per diluted share in the same quarter last year. Adjusted EBITDA increased 7.4% to $107.6 million in the fourth quarter, compared with $100.1 million in last year’s same quarter. Year-over-year, adjusted EBITDA margin expanded 260 basis points to 52.3% in the fourth quarter of 2023, compared with 49.7% in the same quarter last year.

Year Ended December 31, 2023 Compared with Year Ended December 31, 2022

Revenue for the year ended December 31, 2023, declined 4.0% to $821.0 million, compared with $854.8 million in the same period of 2022. The decrease was primarily due to lower average AUM.

Operating expenses increased 8.1% to $492.6 million for year ended December 31, 2023, compared with $455.7 million in 2022 due to a non-cash $63.8 million difference in amounts recorded from the change in fair value of consideration payable for acquisitions partially offset by a decrease in variable operating expenses from lower average AUM and earnings. GAAP operating margin was 40.0% for the year ended December 31, 2023, a 670 basis point decrease from the 46.7% recorded in 2022. GAAP net income declined 22.6% to $213.2 million for the year ended 2023 compared with $275.5 million in the prior year. GAAP net earnings per share decreased to $3.12 per diluted share in 2023, down from $3.81 per diluted share in 2022.

Adjusted net income with tax benefit decreased 7.0% to $307.9 million for the year ended December 31, 2023, down from $331.2 million in 2022. On a per share basis, adjusted net income with tax benefit decreased 1.5% to $4.51 per diluted share for the year ended December 31, 2023, from $4.58 per diluted share in 2022. For the year ended December 31, 2023, adjusted EBITDA declined 1.5% to $418.0 million, compared with $424.2 million in 2022. Year-over-year, adjusted EBITDA margin expanded 130 basis points to 50.9% for the year ended December 31, 2023, compared with 49.6% in the previous year.

Balance Sheet / Capital Management

The Company ended the year with $124 million of cash on its balance sheet.

Total debt outstanding as of December 31, 2023 was approximately $1,002 million and consisted of an existing term loan balance of $631 million and the 2021 Incremental Term Loans balance of $371 million.

During the fourth quarter, the Company repurchased 1.7 million shares under the 10b-5 plan and net settled 0.1 million shares. For the year ended December 31, 2023, the Company repurchased 4.2 million shares under the 10b-5 plan and net settled 0.8 million shares.

The Company’s Board of Directors also approved a regular quarterly cash dividend of $0.335 per share. The dividend is payable on March 25, 2024, to shareholders of record on March 11, 2024.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call tomorrow morning, February 9, 2024, at 8:00 a.m. ET to discuss the results. Analysts and investors may participate in the question-and-answer session. To participate in the conference call, please call 1-888-330-3571 (domestic) or 1-646-960-0657 (international), shortly before 8:00 a.m. ET and reference the Victory Capital Conference Call. A live, listen-only webcast will also be available via the investor relations section of the Company’s website at https://ir.vcm.com. Prior to the call, supplemental materials will be available on the investor relations section of the Company’s website at https://ir.vcm.com before the conference call begins. For anyone who is unable to join the live event, an archive of the webcast will be available for replay shortly after the call concludes.

About Victory Capital

Victory Capital is a diversified global asset management firm with $166.6 billion in assets under management as of December 31, 2023. The Company employs a next-generation business strategy that combines boutique investment qualities with the benefits of a fully integrated, centralized operating and distribution platform.

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With 11 autonomous Investment Franchises and a Solutions Business, Victory Capital offers a wide array of investment products and services, including mutual funds, ETFs, separately managed accounts, alternative investments, third-party ETF model strategies, collective investment trusts, private funds, a 529 Education Savings Plan, and brokerage services.

Victory Capital is headquartered in San Antonio, Texas, with offices and investment professionals in the U.S. and around the world. To learn more please visit www.vcm.com or follow Victory Capital on Facebook, Twitter, and LinkedIn.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “assume,” “budget,” “continue,” “estimate,” “future,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Victory Capital’s control such as continued geopolitical uncertainty including the conflicts in Ukraine and Israel and its effect on our business, operations and financial results going forward, as discussed in Victory Capital’s filings with the SEC, that could cause Victory Capital’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements.

Although it is not possible to identify all such risks and factors, they include, among others, the following: reductions in AUM based on investment performance, client withdrawals, difficult market conditions and other factors such as a pandemic; the nature of the Company’s contracts and investment advisory agreements; the Company’s ability to maintain historical returns and sustain its historical growth; the Company’s dependence on third parties to market its strategies and provide products or services for the operation of its business; the Company’s ability to retain key investment professionals or members of its senior management team; the Company’s reliance on the technology systems supporting its operations; the Company’s ability to successfully acquire and integrate new companies; the concentration of the Company’s investments in long-only small- and mid-cap equity and U.S. clients; risks and uncertainties associated with non-U.S. investments; the Company’s efforts to establish and develop new teams and strategies; the ability of the Company’s investment teams to identify appropriate investment opportunities; the Company’s ability to limit employee misconduct; the Company’s ability to meet the guidelines set by its clients; the Company’s exposure to potential litigation (including administrative or tax proceedings) or regulatory actions; the Company’s ability to implement effective information and cyber security policies, procedures and capabilities; the Company’s substantial indebtedness; the potential impairment of the Company’s goodwill and intangible assets; disruption to the operations of third parties whose functions are integral to the Company’s ETF platform; the Company’s determination that Victory Capital is not required to register as an "investment company" under the 1940 Act; the fluctuation of the Company’s expenses; the Company’s ability to respond to recent trends in the investment management industry; the level of regulation on investment management firms and the Company’s ability to respond to regulatory developments; the competitiveness of the investment management industry; the level of control over the Company retained by Crestview GP; and other risks and factors listed under "Risk Factors" and elsewhere in the Company’s filings with the SEC.

Such forward-looking statements are based on numerous assumptions regarding Victory Capital’s present and future business strategies and the environment in which it will operate in the future. Any forward-looking statement made in this press release speaks only as of the date hereof. Except as required by law, Victory Capital assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

 

Victory Capital Holdings, Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations

(in thousands except per share data and percentages)





 


For the Three Months Ended

 

For the Year Ended



December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,



2023

 

2023

 

2022

 

2023

 

2022

Revenue














Investment management fees
$

160,677

 


$

163,953

 


$

156,346

 


$

640,876

 


$

664,710

 

Fund administration and distribution fees

45,117

 



45,735

 



45,169

 



180,152

 



190,090

 

Total revenue

205,794

 



209,688

 



201,515

 



821,028

 



854,800

 
















 
Expenses














Personnel compensation and benefits

53,949

 



54,501

 



58,846

 



220,992

 



238,198

 

Distribution and other asset-based expenses

36,438

 



38,160

 



37,634

 



149,596

 



161,105

 

General and administrative

16,702

 



13,947

 



13,389

 



56,287

 



52,373

 

Depreciation and amortization

7,984

 



12,333

 



11,150

 



41,647

 



43,201

 

Change in value of consideration payable for acquisition of business

4,000

 



10,336

 



—

 



23,236

 



(40,600

)

Acquisition-related costs

83

 



116

 



85

 



217

 



534

 

Restructuring and integration costs

320

 



246

 



808

 



595

 



881

 

Total operating expenses

119,476

 



129,639

 



121,912

 



492,570

 



455,692

 
















 
Income from operations

86,318

 



80,049

 



79,603

 



328,458

 



399,108

 

Operating margin

41.9

%



38.2

%



39.5

%



40.0

%



46.7

%
















 
Other income (expense)














Interest income and other income (expense)

3,765

 



1,452

 



2,633

 



8,732

 



(2,463

)

Interest expense and other financing costs

(16,561

)



(15,580

)



(13,327

)



(61,282

)



(43,964

)

Loss on debt extinguishment

—

 



—

 



239

 



—

 



(2,648

)

Total other expense, net

(12,796

)



(14,128

)



(10,455

)



(52,550

)



(49,075

)
















 
Income before income taxes

73,522

 



65,921

 



69,148

 



275,908

 



350,033

 
















 
Income tax expense

(18,316

)



(13,914

)



(16,879

)



(62,751

)



(74,522

)
















 
Net income
$

55,206

 


$

52,007

 


$

52,269

 


$

213,157

 


$

275,511

 
















 
Earnings per share of common stock














Basic
$

0.85

 


$

0.79

 


$

0.77

 


$

3.22

 


$

4.02

 

Diluted

0.82

 



0.77

 



0.74

 



3.12

 



3.81

 
















 
Weighted average number of shares outstanding














Basic

65,309

 



65,774

 



68,054

 



66,202

 



68,481

 

Diluted

66,935

 



67,676

 



70,685

 



68,214

 



72,266

 
















 
Dividends declared per share
$

0.32

 


$

0.32

 


$

0.25

 


$

1.28

 


$

1.00

 
















 

Victory Capital Holdings, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures1

(unaudited; in thousands except per share data and percentages)





 


For the Three Months Ended

 

For the Year Ended



December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,



2023

 

2023

 

2022

 

2023

 

2022

Net income (GAAP)
$

55,206

 


$

52,007

 


$

52,269

 


$

213,157

 


$

275,511

 

Income tax expense

(18,316

)



(13,914

)



(16,879

)



(62,751

)



(74,522

)

Income before income taxes
$

73,522

 


$

65,921

 


$

69,148

 


$

275,908

 


$

350,033

 

Interest expense

15,532

 



14,660

 



12,006

 



57,820

 



41,024

 

Depreciation

2,273

 



2,302

 



1,959

 



8,842

 



8,045

 

Other business taxes

305

 



636

 



448

 



1,707

 



2,118

 

Amortization of acquisition-related intangible assets

5,711

 



10,032

 



9,191

 



32,805

 



35,160

 

Stock-based compensation

1,503

 



1,451

 



2,420

 



6,496

 



10,143

 

Acquisition, restructuring and exit costs

5,586

 



11,463

 



3,997

 



28,982

 



(28,722

)

Debt issuance costs

3,128

 



762

 



935

 



5,394

 



5,620

 

Losses from equity method investments

—

 



—

 



—

 



—

 



825

 

Adjusted EBITDA
$

107,560

 


$

107,227

 


$

100,104

 


$

417,954

 


$

424,246

 

Adjusted EBITDA margin

52.3

%



51.1

%



49.7

%



50.9

%



49.6

%
















 















 
Net income (GAAP)
$

55,206

 


$

52,007

 


$

52,269

 


$

213,157

 


$

275,511

 

Adjustment to reflect the operating performance of the Company














Other business taxes

305

 



636

 



448

 



1,707

 



2,118

 

Amortization of acquisition-related intangible assets

5,711

 



10,032

 



9,191

 



32,805

 



35,160

 

Stock-based compensation

1,503

 



1,451

 



2,420

 



6,496

 



10,143

 

Acquisition, restructuring and exit costs

5,586

 



11,463

 



3,997

 



28,982

 



(28,722

)

Debt issuance costs

3,128

 



762

 



935

 



5,394

 



5,620

 

Tax effect of above adjustments

(4,061

)



(6,085

)



(4,247

)



(18,847

)



(6,080

)

Adjusted net income
$

67,378

 


$

70,266

 


$

65,013

 


$

269,694

 


$

293,750

 

Adjusted net income per diluted share
$

1.01

 


$

1.04

 


$

0.92

 


$

3.95

 


$

4.06

 
















 
Tax benefit of goodwill and acquired intangible assets
$

9,655

 


$

9,536

 


$

9,513

 


$

38,252

 


$

37,490

 

Tax benefit of goodwill and acquired intangible assets per diluted share
$

0.14

 


$

0.14

 


$

0.13

 


$

0.56

 


$

0.52

 
















 
Adjusted net income with tax benefit
$

77,033

 


$

79,802

 


$

74,526

 


$

307,946

 


$

331,240

 

Adjusted net income with tax benefit per diluted share
$

1.15

 


$

1.18

 


$

1.05

 


$

4.51

 


$

4.58

 
















 

1 The Company reports its financial results in accordance with GAAP. Adjusted EBITDA and Adjusted Net Income are not defined by GAAP and should not be regarded as an alternative to any measurement under GAAP. Please refer to the section “Information Regarding Non-GAAP Financial Measures” at the end of this press release for an explanation of Non-GAAP financial measures and a reconciliation to the nearest GAAP financial measure.


Victory Capital Holdings, Inc. and Subsidiaries

Unaudited Consolidated Balance Sheets

(In thousands, except for shares)





 


December 31, 2023


December 31, 2022

Assets





Cash and cash equivalents
$

123,547

 


$

38,171

 

Investment management fees receivable

71,888

 



68,347

 

Fund administration and distribution fees receivable

14,238

 



14,379

 

Other receivables

1,444

 



1,747

 

Prepaid expenses

5,785

 



8,443

 

Investments in proprietary funds, at fair value

534

 



466

 

Deferred compensation plan investments, at fair value

31,274

 



26,800

 

Property and equipment, net

19,578

 



21,146

 

Goodwill

981,805

 



981,805

 

Other intangible assets, net

1,281,832

 



1,314,637

 

Other assets

10,691

 



64,958

 

Total assets
$

2,542,616

 


$

2,540,899

 







 
Liabilities and stockholders' equity





Accounts payable and accrued expenses
$

56,477

 


$

50,862

 

Accrued compensation and benefits

55,456

 



58,458

 

Consideration payable for acquisition of business

217,200

 



230,400

 

Deferred compensation plan liability

31,274

 



26,800

 

Deferred tax liability, net

128,714

 



108,138

 

Other liabilities

11,225

 



15,317

 

Long-term debt(1)

989,269

 



985,514

 

Total liabilities

1,489,615

 



1,475,489

 







 
Stockholders' equity:





Common stock; $0.01 par value per share: 2023 - 600,000,000 shares authorized, 82,404,305 shares issued and 64,254,714 shares outstanding; 2022 - 600,000,000 shares authorized, 80,528,137 shares issued and 67,325,534 shares outstanding

824

 



805

 

Additional paid-in capital

728,283

 



705,466

 

Treasury stock, at cost: 2023 - 18,149,591 shares; 2022 - 13,202,603 shares

(444,286

)



(285,425

)

Accumulated other comprehensive income

31,328

 



35,442

 

Retained earnings

736,852

 



609,122

 

Total stockholders' equity

1,053,001

 



1,065,410

 

Total liabilities and stockholders’ equity
$

2,542,616

 


$

2,540,899

 







 

1 Balances at December 31, 2023 and December 31, 2022 are shown net of unamortized loan discount and debt issuance costs in the amount of $12.4 million and $16.2 million, respectively. The gross amount of the debt outstanding was $1,001.7 million as of December 31, 2023 and 2022, respectively.







 

Victory Capital Holdings, Inc. and Subsidiaries

Assets Under Management

(unaudited; in millions except for percentages)





 


For the Three Months Ended

 

% Change from



December 31,

 

September 30,

 

December 31,

 

September 30,

 

December 31,



2023

 

2023

 

2022

 

2023

 

2022

Beginning assets under management
$

153,506

 


$

161,622

 


$

147,257

 


-5%

 

4%

Gross client cash inflows

6,745

 



5,449

 



6,681

 


24%

 

1%

Gross client cash outflows

(7,926

)



(7,168

)



(11,147

)


11%

 

-29%

Net client cash flows

(1,181

)



(1,719

)



(4,466

)


-31%

 

-74%

Market appreciation (depreciation)

14,315

 



(4,888

)



10,492

 


N/A

 

36%

Realizations and distributions

(27

)



—

 



(295

)


N/A

 

N/A

Acquired & divested assets / Net transfers1

(2

)



(1,508

)



(36

)


N/A

 

N/A

Ending assets under management

166,611

 



153,506

 



152,952

 


9%

 

9%

Average assets under management

156,734

 



161,147

 



154,632

 


-3%

 

1%












 

 

 



For the Year Ended





% Change from

 

 



December 31,

 

December 31,





December 31,

 

 



2023

 

2022





2022

 

 

Beginning assets under management
$

152,952

 


$

183,654

 





-17%

 

 

Gross client cash inflows

24,104

 



33,934

 





-29%

 

 

Gross client cash outflows

(30,671

)



(36,666

)





-16%

 

 

Net client cash flows

(6,567

)



(2,732

)





140%

 

 

Market appreciation (depreciation)

21,878

 



(26,495

)





N/A

 

 

Realizations and distributions

(100

)



(376

)





-73%

 

 

Acquired & divested assets / Net transfers2

(1,552

)



(1,100

)





41%

 

 

Ending assets under management

166,611

 



152,952

 





9%

 

 

Average assets under management

158,268

 



164,025

 





-4%

 

 
















 

1 The three months ended September 30, 2023 reflects divested assets of $1.3 billion associated with the INCORE transaction.

2 The year ended December 31, 2023 reflects divested assets of $1.3 billion associated with the INCORE transaction.














 

Victory Capital Holdings, Inc. and Subsidiaries

Assets Under Management by Asset Class

(unaudited; in millions)



 
For the Three Months Ended
By Asset Class














Global /
















U.S. Mid
U.S. Small
Fixed
U.S. Large
Non-U.S.



Alternative
Total
Money Market /




Cap Equity
Cap Equity
Income
Cap Equity
Equity
Solutions
Investments
Long-term
Short-term
Total
December 31, 2023





























Beginning assets under management
$

28,235

 


$

14,650

 


$

23,790

 


$

11,596

 


$

14,807

 


$

53,998

 


$

3,222

 


$

150,298

 


$

3,208

 


$

153,506

 

Gross client cash inflows

1,008

 



555

 



1,072

 



62

 



1,251

 



2,110

 



498

 



6,557

 



188

 



6,745

 

Gross client cash outflows

(1,548

)



(938

)



(1,890

)



(329

)



(657

)



(1,977

)



(352

)



(7,691

)



(234

)



(7,926

)

Net client cash flows

(541

)



(383

)



(818

)



(267

)



595

 



133

 



146

 



(1,134

)



(47

)



(1,181

)

Market appreciation (depreciation)

2,917

 



1,698

 



1,392

 



1,320

 



1,387

 



5,474

 



91

 



14,278

 



38

 



14,315

 

Realizations and distributions

—

 



—

 



—

 



—

 



—

 



—

 



(27

)



(27

)



—

 



(27

)

Acquired & divested assets / Net transfers

(8

)



(6

)



(8

)



(15

)



(16

)



(20

)



(1

)



(74

)



72

 



(2

)

Ending assets under management
$

30,604

 


$

15,959

 


$

24,355

 


$

12,635

 


$

16,772

 


$

59,585

 


$

3,431

 


$

163,340

 


$

3,271

 


$

166,611

 































 
September 30, 2023





























Beginning assets under management
$

30,007

 


$

15,664

 


$

26,098

 


$

12,170

 


$

15,392

 


$

55,836

 


$

3,301

 


$

158,469

 


$

3,152

 


$

161,622

 

Gross client cash inflows

1,224

 



458

 



892

 



51

 



392

 



1,988

 



249

 



5,255

 



193

 



5,449

 

Gross client cash outflows

(1,769

)



(920

)



(1,343

)



(282

)



(519

)



(1,720

)



(402

)



(6,955

)



(213

)



(7,168

)

Net client cash flows

(545

)



(462

)



(451

)



(231

)



(126

)



268

 



(153

)



(1,700

)



(19

)



(1,719

)

Market appreciation (depreciation)

(1,224

)



(547

)



(460

)



(287

)



(451

)



(2,028

)



71

 



(4,927

)



39

 



(4,888

)

Realizations and distributions

—

 



—

 



—

 



—

 



—

 



—

 



—

 



—

 



—

 



—

 

Acquired & divested assets / Net transfers 1

(2

)



(5

)



(1,397

)



(57

)



(8

)



(78

)



3

 



(1,545

)



37

 



(1,508

)

Ending assets under management
$

28,235

 


$

14,650

 


$

23,790

 


$

11,596

 


$

14,807

 


$

53,998

 


$

3,222

 


$

150,298

 


$

3,208

 


$

153,506

 































 
December 31, 2022





























Beginning assets under management
$

25,754

 


$

14,109

 


$

27,198

 


$

10,762

 


$

12,293

 


$

48,551

 


$

5,334

 


$

144,001

 


$

3,256

 


$

147,257

 

Gross client cash inflows

1,442

 



754

 



1,342

 



87

 



1,025

 



1,372

 



479

 



6,502

 



179

 



6,681

 

Gross client cash outflows

(2,259

)



(1,133

)



(2,694

)



(450

)



(767

)



(1,697

)



(1,907

)



(10,906

)



(241

)



(11,147

)

Net client cash flows

(818

)



(379

)



(1,352

)



(362

)



258

 



(324

)



(1,427

)



(4,405

)



(62

)



(4,466

)

Market appreciation (depreciation)

2,963

 



1,378

 



601

 



680

 



1,628

 



3,166

 



48

 



10,464

 



28

 



10,492

 

Realizations and distributions

—

 



—

 



—

 



—

 



—

 



—

 



(295

)



(295

)



—

 



(295

)

Acquired & divested assets / Net transfers

(8

)



(6

)



(94

)



(106

)



(19

)



114

 



3

 



(116

)



80

 



(36

)

Ending assets under management
$

27,892

 


$

15,103

 


$

26,353

 


$

10,973

 


$

14,160

 


$

51,507

 


$

3,663

 


$

149,649

 


$

3,302

 


$

152,952

 































 

1 The three months ended September 30, 2023 reflects divested assets of $1.3 billion associated with the INCORE transaction.































 

Victory Capital Holdings, Inc. and Subsidiaries

Assets Under Management by Asset Class

(unaudited; in millions)



 
For the Year Ended
By Asset Class














Global /
















U.S. Mid
U.S. Small
Fixed
U.S. Large
Non-U.S.



Alternative
Total
Money Market /




Cap Equity
Cap Equity
Income
Cap Equity
Equity
Solutions
Investments
Long-term
Short-term
Total
December 31, 2023





























Beginning assets under management
$

27,892

 


$

15,103

 


$

26,353

 


$

10,973

 


$

14,160

 


$

51,507

 


$

3,663

 


$

149,649

 


$

3,302

 


$

152,952

 

Gross client cash inflows

5,090

 



2,741

 



4,024

 



284

 



2,581

 



6,937

 



1,593

 



23,251

 



853

 



24,104

 

Gross client cash outflows

(5,536

)



(3,859

)



(6,129

)



(1,286

)



(2,304

)



(8,310

)



(2,002

)



(29,426

)



(1,245

)



(30,671

)

Net client cash flows

(446

)



(1,117

)



(2,105

)



(1,002

)



276

 



(1,373

)



(409

)



(6,176

)



(391

)



(6,567

)

Market appreciation (depreciation)

3,153

 



1,978

 



1,595

 



2,809

 



2,431

 



9,494

 



270

 



21,729

 



149

 



21,878

 

Realizations and distributions

—

 



—

 



—

 



—

 



—

 



—

 



(100

)



(100

)



—

 



(100

)

Acquired & divested assets / Net transfers1

5

 



(4

)



(1,487

)



(145

)



(96

)



(43

)



7

 



(1,763

)



211

 



(1,552

)

Ending assets under management
$

30,604

 


$

15,959

 


$

24,355

 


$

12,635

 


$

16,772

 


$

59,585

 


$

3,431

 


$

163,340

 


$

3,271

 


$

166,611

 































 
December 31, 2022





























Beginning assets under management
$

30,578

 


$

20,094

 


$

35,154

 


$

15,766

 


$

16,050

 


$

60,364

 


$

2,548

 


$

180,554

 


$

3,100

 


$

183,654

 

Gross client cash inflows

6,859

 



3,162

 



5,524

 



406

 



4,149

 



8,169

 



5,045

 



33,313

 



621

 



33,934

 

Gross client cash outflows

(6,919

)



(5,214

)



(9,545

)



(1,498

)



(3,111

)



(6,247

)



(3,324

)



(35,858

)



(807

)



(36,666

)

Net client cash flows

(60

)



(2,053

)



(4,020

)



(1,093

)



1,038

 



1,921

 



1,721

 



(2,545

)



(187

)



(2,732

)

Market appreciation (depreciation)

(2,641

)



(2,965

)



(3,345

)



(3,328

)



(3,153

)



(10,887

)



(215

)



(26,533

)



39

 



(26,495

)

Realizations and distributions

—

 



—

 



—

 



—

 



—

 



—

 



(376

)



(376

)



—

 



(376

)

Acquired & divested assets / Net transfers

14

 



27

 



(1,436

)



(372

)



226

 



107

 



(16

)



(1,450

)



350

 



(1,100

)

Ending assets under management
$

27,892

 


$

15,103

 


$

26,353

 


$

10,973

 


$

14,160

 


$

51,507

 


$

3,663

 


$

149,649

 


$

3,302

 


$

152,952

 































 

1 The year ended December 31, 2023 reflects divested assets of $1.3 billion associated with the INCORE transaction.































 

Victory Capital Holdings, Inc. and Subsidiaries

Assets Under Management by Vehicle

(unaudited; in millions)



 
For the Three Months Ended
By Vehicle








Separate










Accounts




Mutual



and Other




Funds1
ETFs2
Vehicles3
Total
December 31, 2023











Beginning assets under management
$

101,138

 


$

4,710

 


$

47,658

 


$

153,506

 

Gross client cash inflows

4,126

 



343

 



2,276

 



6,745

 

Gross client cash outflows

(5,887

)



(356

)



(1,682

)



(7,926

)

Net client cash flows

(1,761

)



(13

)



593

 



(1,181

)

Market appreciation (depreciation)

9,466

 



273

 



4,577

 



14,315

 

Realizations and distributions

—

 



—

 



(27

)



(27

)

Acquired & divested assets / Net transfers

(41

)



—

 



39

 



(2

)

Ending assets under management
$

108,802

 


$

4,970

 


$

52,840

 


$

166,611

 













 
September 30, 2023











Beginning assets under management
$

105,916

 


$

5,193

 


$

50,513

 


$

161,622

 

Gross client cash inflows

3,283

 



232

 



1,933

 



5,449

 

Gross client cash outflows

(5,119

)



(557

)



(1,492

)



(7,168

)

Net client cash flows

(1,836

)



(324

)



441

 



(1,719

)

Market appreciation (depreciation)

(2,925

)



(165

)



(1,799

)



(4,888

)

Realizations and distributions

—

 



—

 



—

 



—

 

Acquired & divested assets / Net transfers4

(17

)



6

 



(1,497

)



(1,508

)

Ending assets under management
$

101,138

 


$

4,710

 


$

47,658

 


$

153,506

 













 
December 31, 2022











Beginning assets under management
$

96,591

 


$

5,110

 


$

45,557

 


$

147,257

 

Gross client cash inflows

4,217

 



378

 



2,087

 



6,681

 

Gross client cash outflows

(7,953

)



(178

)



(3,016

)



(11,147

)

Net client cash flows

(3,736

)



200

 



(930

)



(4,466

)

Market appreciation (depreciation)

6,620

 



327

 



3,546

 



10,492

 

Realizations and distributions

—

 



—

 



(295

)



(295

)

Acquired & divested assets / Net transfers

(27

)



(9

)



—

 



(36

)

Ending assets under management
$

99,447

 


$

5,627

 


$

47,877

 


$

152,952

 













 

1 Includes institutional and retail share classes, money market and VIP funds.

2 Represents only ETF assets held by third parties. Excludes ETF assets held by other Victory Capital products.

3 Includes collective trust funds, wrap program accounts, UMAs, UCITS, private funds and non-U.S. domiciled pooled vehicles.

4 The three months ended September 30, 2023 reflects divested assets of $1.3 billion associated with the INCORE transaction.













 

Victory Capital Holdings, Inc. and Subsidiaries

Assets Under Management by Vehicle

(unaudited; in millions)



 
For the Year Ended
By Vehicle








Separate










Accounts




Mutual



and Other




Funds1
ETFs2
Vehicles3
Total
December 31, 2023











Beginning assets under management
$

99,447

 


$

5,627

 


$

47,877

 


$

152,952

 

Gross client cash inflows

15,594

 



969

 



7,542

 



24,104

 

Gross client cash outflows

(21,276

)



(1,567

)



(7,828

)



(30,671

)

Net client cash flows

(5,682

)



(599

)



(286

)



(6,567

)

Market appreciation (depreciation)

15,114

 



(56

)



6,820

 



21,878

 

Realizations and distributions

—

 



—

 



(100

)



(100

)

Acquired & divested assets / Net transfers4

(77

)



(3

)



(1,471

)



(1,552

)

Ending assets under management
$

108,802

 


$

4,970

 


$

52,840

 


$

166,611

 













 
December 31, 2022











Beginning assets under management
$

124,142

 


$

4,871

 


$

54,641

 


$

183,654

 

Gross client cash inflows

21,198

 



2,043

 



10,692

 



33,934

 

Gross client cash outflows

(27,703

)



(572

)



(8,391

)



(36,666

)

Net client cash flows

(6,505

)



1,472

 



2,302

 



(2,732

)

Market appreciation (depreciation)

(17,092

)



(724

)



(8,679

)



(26,495

)

Realizations and distributions

—

 



—

 



(376

)



(376

)

Acquired & divested assets / Net transfers5

(1,098

)



9

 



(11

)



(1,100

)

Ending assets under management
$

99,447

 


$

5,627

 


$

47,877

 


$

152,952

 













 

1 Includes institutional and retail share classes, money market and VIP funds.

2 Represents only ETF assets held by third parties. Excludes ETF assets held by other Victory Capital products.

3 Includes collective trust funds, wrap program accounts, UMAs, UCITS, private funds and non-U.S. domiciled pooled vehicles.

4 The year ended December 31, 2023 reflects divested assets of $1.3 billion associated with the INCORE transaction.













 

Information Regarding Non-GAAP Financial Measures

Victory Capital uses non-GAAP financial measures referred to as Adjusted EBITDA and Adjusted Net Income to measure the operating profitability of the Company. These measures eliminate the impact of one-time acquisition, restructuring and integration costs and demonstrate the ongoing operating earnings metrics of the Company. The Company has included these non-GAAP measures to provide investors with the same financial metrics used by management to assess the operating performance of the Company.

Adjusted EBITDA

Adjustments made to GAAP Net Income to calculate Adjusted EBITDA, as applicable, are:

  • Adding back income tax expense;
  • Adding back interest paid on debt and other financing costs, net of interest income;
  • Adding back depreciation on property and equipment;
  • Adding back other business taxes;
  • Adding back amortization expense on acquisition-related intangible assets;
  • Adding back stock-based compensation expense associated with equity awards issued from pools created in connection with the management-led buyout and various acquisitions and as a result of equity grants related to the IPO;
  • Adding back direct incremental costs of acquisitions, including restructuring costs;
  • Adding back debt issuance cost expense;
  • Adjusting for earnings/losses on equity method investments.

Adjusted Net Income

Adjustments made to GAAP Net Income to calculate Adjusted Net Income, as applicable, are:

  • Adding back other business taxes;
  • Adding back amortization expense on acquisition-related intangible assets;
  • Adding back stock-based compensation expense associated with equity awards issued from pools created in connection with the management-led buyout and various acquisitions and as a result of any equity grants related to the IPO;
  • Adding back direct incremental costs of acquisitions, including restructuring costs;
  • Adding back debt issuance cost expense;
  • Subtracting an estimate of income tax expense applied to the sum of the adjustments above.

Tax Benefit of Goodwill and Acquired Intangible Assets

Due to Victory Capital’s acquisitive nature, tax deductions allowed on acquired intangible assets and goodwill provide it with additional significant supplemental economic benefit. The tax benefit of goodwill and intangible assets represent the tax benefits associated with deductions allowed for intangible assets and goodwill generated from prior acquisitions in which the Company received a step-up in basis for tax purposes. Acquired intangible assets and goodwill may be amortized for tax purposes, generally over a 15-year period. The tax benefit from amortization on these assets is included to show the full economic benefit of deductions for all acquired intangible assets with a step-up in tax basis. 

Contacts

Investors:
Matthew Dennis, CFA
Chief of Staff
Director, Investor Relations
216-898-2412
mdennis@vcm.com

Media:
Jessica Davila
Director, Global Communications
210-694-9693
jessica_davila@vcm.com

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