UNITED STATES SECURITIES AND EXCHANGE COMMISSION or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-38388 Victory Capital Holdings, Inc. Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 (Exact name of registrant as specified in its charter) (State or other jurisd ...

Victory Capital Holdings, Inc. (NASDAQ:VCTR) Q1 2023 Earnings Conference Call May 5, 2023 8:00 AM ET Company Participants Matthew Dennis - Chief of Staff and Director of Investor Relations David Brown - Chairman and Chief Executive Officer Michael Policarpo - President, Chief Financial Officer and Chief Administrative Officer Conference Call Participants Kenneth Lee - RBC Capital Markets Michael Brown - KBW Michael Cho - JPMorgan Operator Good morning, and welcome to the Victory Capital First Quarter 2023 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM to Commission file number: 001-38388 Victory Capital Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 32-0402956 (S ...

Financial Data and Key Metrics Changes - Operating income increased by 7% from $374 million in 2021 to $399 million in 2022 [12] - Full year adjusted EBITDA margin was 49.6% in 2022, exceeding the long-term guidance of 49% [12][15] - Adjusted net income was $1.05 per diluted share in Q4 and $4.58 per diluted share for the full year 2022 [13][24] - Total AUM increased by $5.7 billion or 4% in Q4 to $153 billion, driven by over $10 billion of positive market actions [22] Business Line Data and Key Metrics Changes - Gross long-term flows in 2022 were $33.3 billion, a 20% increase from $27.9 billion in 2021 [9] - Net long-term outflows were $2.5 billion for the year, representing only 1.4% of the beginning of year AUM [10] - WestEnd Advisors, Sycamore, Sophus, and RS Global each had positive net flows for 2022 [27] Market Data and Key Metrics Changes - The company experienced elevated net long-term outflows in Q4 due to clients selling assets for various reasons [11] - Approximately 80% of total AUM outperformed benchmarks for the three, five, and ten-year periods as of year-end [16] Company Strategy and Development Direction - The company continues to invest in hiring, technology, data, and marketing, which are beginning to yield returns [8] - The strategy includes maintaining a flexible balance sheet to pursue acquisitions while balancing buybacks and dividends [34][36] - The company is well-positioned to capture market share in fixed income as investors rotate back into this asset class [18] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for 2023, noting improved net long-term flows compared to Q4 2022 [11] - The company remains patient and selective regarding M&A opportunities, focusing on finding suitable targets [68] - Management highlighted the importance of maintaining a balanced approach to capital allocation, including debt reduction and shareholder returns [36] Other Important Information - The company returned over $200 million to shareholders in 2022, significantly higher than the $62 million returned in 2021 [13] - A new independent director, Vice Admiral Mary Jackson, was added to the corporate board [21] Q&A Session Summary Question: Thoughts on share buyback process in 2023 - Management indicated that share buybacks will be opportunistic and depend on market conditions, evaluating it week by week [34] Question: Purpose of dividend hike - The dividend increase was aimed at rewarding existing shareholders rather than attracting a specific type of investor [35] Question: Position to capture fixed income net flows - Management noted strong investment performance and a diverse range of fixed income products, positioning the company well for potential inflows [39] Question: Key growth opportunities for net flows - Management identified WestEnd Advisors, Victory Shares ETF platform, and fixed income as key growth areas [42][45] Question: Stability of fee rate - The fee rate has remained stable, with expectations to maintain it around 52 basis points moving forward [47] Question: Impact of recent acquisitions on flows - All mentioned acquisitions (WestEnd, THB, NEC) contributed positively to net flows, with WestEnd showing particularly strong performance [70]

Fourth Quarter 2022 Earnings Presentation February 10, 2023 Forward Looking Statements This presentation may contain "forward-looking" statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, competitive position and potential organic and inorganic growth opportunities. Forward-looking statements include all statements that are not ...

Financial Data and Key Metrics Changes - Total AUM decreased by $7.7 billion or 5% in the quarter to $147.3 billion, primarily driven by over $7 billion of negative market action [24] - Revenue of $207 million in the third quarter was down 4% from the second quarter due to lower AUM [25] - Adjusted EBITDA was $103.6 million in the third quarter, a 2% decline from the second quarter, resulting in an adjusted EBITDA margin of 50% [26][33] - GAAP net income was $72.8 million or $1.01 per diluted share, with adjusted net income increasing to $85.6 million or $1.19 per diluted share, up from $80.7 million or $1.11 per diluted share in the second quarter [26][33] Business Line Data and Key Metrics Changes - Gross long-term sales in the quarter totaled $6.6 billion, which is 16% higher than the same quarter last year [11] - Net long-term flows improved to a positive year-to-date net long-term flow of $1.9 billion, with WestEnd Advisors having positive long-term flows every month since the acquisition [13][30] - The VictoryShares ETF business recorded its eighth consecutive quarter of positive long-term flows [13] Market Data and Key Metrics Changes - The equity and debt markets continued to decline in the third quarter, with investors experiencing the largest drawdown since 1937 [8] - 81% and 79% of total AUM outperformed benchmarks for the critical three- and five-year measurement periods as of September 30 [18] Company Strategy and Development Direction - The company is focused on increasing capital return to shareholders while maintaining a flexible balance sheet for acquisitions [22] - The digital marketplace is being developed to enhance products and services available to direct investors, with enhancements expected to roll out next year [17] - The company is actively evaluating acquisition opportunities despite the current market environment [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing market share once interest rates stabilize, particularly in the fixed income sector [15] - The company believes that the current market volatility presents opportunities for growth and acquisition [23] - Management anticipates a significant shift back into fixed income once bond prices stabilize, positioning the company favorably to capture those assets [50] Other Important Information - The company reduced debt by $30 million and returned a total of $67 million of capital to shareholders in the quarter, including share repurchases [27] - The cash dividend was maintained at $0.25 per share, representing an additional $17.4 million of capital return to shareholders [28] Q&A Session Summary Question: Performance of WestEnd in the current environment - Management noted that WestEnd has had positive net flows every month and has outperformed in a challenging asset class [42] Question: Capital deployment strategy moving forward - Management emphasized a flexible approach to capital deployment, balancing debt reduction and share repurchases based on market conditions [44] Question: Outlook for fixed income in 2023 - Management expects a significant shift back into fixed income once bond prices stabilize, highlighting the strong performance of their fixed income team [50] Question: M&A environment comparison to last year - Management indicated that while financing costs have risen, they remain open to acquisitions that enhance the company [52] Question: Willingness of companies to engage in M&A discussions - Management observed an increase in discussions, though the pace of transactions has slowed due to market volatility [58] Question: Expansion of VictoryShares ETF business - Management confirmed ongoing growth in the ETF franchise and plans for new product launches in the near term [60]

Third Quarter 2022 Earnings Presentation November 4, 2022 Forward Looking Statements This presentation may contain "forward-looking" statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, competitive position and potential organic and inorganic growth opportunities. Forward-looking statements include all statements that are not h ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-38388 Victory Capital Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdi ...

Second Quarter 2022 Earnings Presentation August 5, 2022 Forward Looking Statements This presentation may contain "forward-looking" statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, competitive position and potential organic and inorganic growth opportunities. Forward-looking statements include all statements that are not hi ...

Victory Capital Holdings, Inc. (NASDAQ:VCTR) Q2 2022 Earnings Conference Call August 5, 2022 8:00 AM ET Company Participants Matthew Dennis – Chief-Staff and Director-Investor Relations David Brown – Chairman and Chief Executive Officer Michael Policarpo – President, Chief Financial Officer and Chief Administrative Officer Conference Call Participants Craig Siegenthaler – Bank of America Ken Worthington – JPMorgan Kenneth Lee – RBC Capital Michael Brown – KBW Michael Cyprys – Morgan Stanley Brennan Hawken – ...