Financial Performance - Total revenue for Q2 2022 was $216,006,000, a decrease of 2% compared to $221,904,000 in Q2 2021[16] - Net income for Q2 2022 increased to $79,205,000, up 14% from $69,270,000 in Q2 2021[16] - Earnings per share (EPS) for Q2 2022 were $1.16 (basic) and $1.09 (diluted), compared to $1.02 and $0.93 in Q2 2021, representing increases of 14% and 17% respectively[16] - The company reported a total operating income of $119,326,000 for Q2 2022, an increase of 25% from $95,268,000 in Q2 2021[16] - Net income for the six months ended June 30, 2022, was $150,478 thousand, compared to $134,472 thousand for the same period in 2021, representing an increase of approximately 11.9%[24] - Total revenue for the six months ended June 30, 2022, was $446.0 million, compared to $434.9 million for the same period in 2021, reflecting a year-over-year increase[49] Assets and Liabilities - Total assets as of June 30, 2022, were $2,567,570,000, a slight decrease from $2,579,746,000 at the end of 2021[13] - Long-term debt decreased to $1,017,496,000 from $1,127,924,000 at the end of 2021, reflecting a reduction of approximately 10%[13] - Total stockholders' equity increased to $1,038,181,000 as of June 30, 2022, up from $929,927,000 at the end of 2021, marking an increase of about 12%[13] - Customer receivables as of June 30, 2022, totaled $90.9 million, down from $104.3 million at December 31, 2021[49] - The net carrying value of accounts receivable and accounts payable approximates fair value due to their short-term nature, with long-term debt fair value considered equal to its carrying value as of June 30, 2022[107] Cash Flow and Dividends - Cash provided by operating activities for the six months ended June 30, 2022, was $165,055 thousand, slightly higher than $164,172 thousand in 2021[24] - The company declared dividends of $0.25 per share in Q2 2022, up from $0.12 per share in Q2 2021[16] - The company paid dividends totaling $34,739 thousand in the six months ended June 30, 2022, compared to $14,638 thousand in 2021[24] - Total dividends paid or payable for the six months ended June 30, 2022, amounted to $34.9 million, including $34.3 million in quarterly dividends[132] Acquisitions - The company completed the acquisition of USAA Asset Management Company on July 1, 2019, enhancing its mutual fund and ETF businesses[26] - The Company completed the acquisition of THB Asset Management on March 1, 2021, with an acquired AUM of $547 million[28] - The acquisition of New Energy Capital Partners was finalized on November 1, 2021, with an AUM of $795 million[29] - WestEnd Advisors was acquired on December 31, 2021, with an AUM of $19.3 billion, making it the Company's twelfth investment franchise[30] - The company completed the acquisition of WestEnd on December 31, 2021, for an estimated purchase price of $716.1 million, with acquired assets totaling $19.3 billion[165][166] - The NEC Acquisition was completed on November 1, 2021, for a purchase price of $63.1 million, with acquired AUM totaling $795.0 million[168][169] Investment Management Fees - Investment management fees for the first half of 2022 were $347,594,000, an increase of 6% compared to $328,317,000 in the first half of 2021[16] - Total investment management fees for the three months ended June 30, 2022, were $168.1 million, slightly up from $168.0 million in the same period of 2021[49] - The Company’s investment management fees for the six months ended June 30, 2022 totaled $267.5 million, a decrease from $274.8 million in the same period of 2021[113] Market Performance and AUM - Assets under management (AUM) decreased by $23.2 billion, or 13.0%, to $154.9 billion as of June 30, 2022, from $178.1 billion at March 31, 2022, primarily due to negative market action of $21.7 billion[181] - As of June 30, 2022, the company has $154.9 billion in Assets Under Management (AUM) [158] - The ending AUM for the six months ended June 30, 2022 was $154.9 billion, a decrease of $28.7 billion, or 15.6%, from $183.7 billion at December 31, 2021[200] - The estimated net revenue growth rate for WestEnd is projected at 36% for the five-year average as of June 30, 2022, down from 38% at the acquisition date[89] Operating Expenses - Total operating expenses for the three months ended June 30, 2022 were $96.7 million, down from $126.6 million in the same period in 2021[204] - Personnel compensation and benefits for the three months ended June 30, 2022 were $57.6 million, an increase of $0.1 million, or 0.2%, from $57.5 million for the same period in 2021[211] Tax and Other Comprehensive Income - The effective tax rate for the three months ended June 30, 2022 was 24.6%, compared to 22.9% for the same period in 2021, with provisions for income taxes of $25.8 million and $20.6 million respectively[119] - Other comprehensive income for the first half of 2022 was $21,203,000, compared to $7,811,000 in the first half of 2021, indicating a significant improvement[19] - The company reported a net current period other comprehensive income of $21.2 million for the six months ended June 30, 2022 [143]

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 ...

Financial Data and Key Metrics Changes - Total AUM decreased by $23.2 billion or 13% in the quarter to $154.9 billion at the end of June, bringing the year-to-date decline in AUM to $28.7 billion or 16% lower than at the beginning of the year [19][20] - Revenue of $216 million in the second quarter was 6% lower than in the first quarter and down 3% from the same quarter last year [20][26] - Adjusted EBITDA was $106.2 million in the second quarter, resulting in an adjusted EBITDA margin of 49.2% [22][31] - GAAP net income was $79.2 million or $1.09 per diluted share [23] Business Line Data and Key Metrics Changes - Gross long-term flows totaled $9.2 billion in the quarter, with record first half gross flows of $20.2 billion, up 21% from the first half of last year [9][25] - The Market Neutral Income Fund generated significant positive net asset flows, contributing to the overall positive net long-term flows year-to-date [11][54] - The ETF platform has seen positive flows for seven consecutive quarters, indicating strong demand for diversified investment strategies [10] Market Data and Key Metrics Changes - The first half of 2022 was noted as the worst first half period for public markets in over half a century, yet the company managed to achieve strong performance [7] - The diversification strategy has positioned the company well to manage through the current volatile environment, with a wide range of products suitable for various market conditions [10] Company Strategy and Development Direction - The company continues to invest in growth initiatives despite lower AUM and revenue, maintaining a long-term growth strategy focused on data, technology, marketing, distribution, and personnel [8][31] - The M&A environment remains constructive, with the company actively conducting diligence on multiple prospective deals, emphasizing that every acquisition must enhance the company's capabilities [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current market environment, highlighting strong investment performance and a robust pipeline of potential new business [11][15] - The focus on active management is expected to play a larger role in client portfolios moving forward, as clients reassess their investment strategies in light of changing market conditions [46] Other Important Information - The company returned a total of $34 million to shareholders through share repurchases and dividends, marking a 26% increase from the previous quarter [18] - The company has maintained a flexible approach to capital allocation, balancing debt repayment and share buybacks based on market conditions [19][66] Q&A Session Summary Question: Update on M&A appetite and focus - Management reiterated that their M&A strategy remains unchanged, focusing on transactions that enhance the company [38][41] Question: Current excess capital and deal capacity - Management indicated they do not feel constrained in terms of deal capacity, with various financing options available [42] Question: Client interest and demand rebound - Management noted that clients are rethinking their portfolios and focusing on active management strategies [45][46] Question: Performance of direct investor business - The direct investor business has shown resilience during market disruptions, with positive net flows in the 529 education savings plan [68] Question: Retail separately managed accounts (SMAs) performance - Management highlighted strong performance in retail SMAs, with significant contributions from the WestEnd acquisition [74][77] Question: Inorganic opportunities and pricing - Management observed that bid-ask spreads have narrowed, with sellers more open to structuring deals that share future risks [82]

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 March 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 ...

Victory Capital Holdings, Inc. (NASDAQ:VCTR) Q1 2022 Earnings Conference Call May 6, 2022 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 and Administrative Officer Conference Call Participants Craig Siegenthaler - Bank of America Kenneth Lee - RBC Capital Markets Alex Blostein - Goldman Sachs Robert Lee - KBW Brennan Hawken - UBS Michael Cyprys - Morgan Stanle ...

First Quarter 2022 Earnings Presentation May 6, 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 histor ...

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, 2021 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 jurisdiction of incorpor ...

Victory Capital Management, Inc. (NASDAQ:VCTR) Q4 2021 Earnings Conference Call February 11, 2022 8:00 AM ET Company Participants Matthew Dennis - Chief of Staff and Director of Investor Relations David Brown - Chairman & Chief Executive Officer Michael Policarpo - President, Chief Financial and Administrative Officer Conference Call Participants Craig Siegenthaler - Bank of America Securities Ken Worthington - JPMorgan Cullen Johnson - B. Riley Kenneth Lee - RBC Capital Markets Alex Murray - KBW Disclaimer ...

Fourth Quarter 2021 Earnings Presentation February 11, 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 ...

Financial Performance - Total revenue for Q3 2021 was $226.29 million, a 20% increase from $188.66 million in Q3 2020[14] - Net income for Q3 2021 reached $74.18 million, up 33% from $55.74 million in Q3 2020[14] - Earnings per share (EPS) for Q3 2021 were $1.09 (basic) and $1.00 (diluted), compared to $0.82 and $0.76 in Q3 2020, marking a 33% and 32% increase respectively[14] - Comprehensive income for Q3 2021 was $75.40 million, compared to $55.16 million in Q3 2020, indicating a 36.7% increase[16] - Net income for the nine months ended September 30, 2021, was $208.6 million, an increase of 32.4% compared to $157.6 million for the same period in 2020[22] - Total revenue for the three months ended September 30, 2021, was $226.29 million, an increase of 20% compared to $188.66 million for the same period in 2020[42] - Adjusted Net Income with tax benefit for the three months ended September 30, 2021, was $92.6 million, compared to $73.4 million for the same period in 2020, marking a year-over-year increase of 26.1%[152] - For the nine months ended September 30, 2021, total revenue was $661.1 million, compared to $575.0 million for the same period in 2020, indicating a year-over-year increase of 15.0%[152] Assets and Liabilities - Total assets as of September 30, 2021, were $1.79 billion, up from $1.73 billion at the end of 2020, reflecting a 3.5% increase[12] - Long-term debt decreased to $633.90 million from $769.01 million at the end of 2020, a reduction of approximately 17.5%[12] - Cash and cash equivalents at the end of the period on September 30, 2021, were $64.7 million, compared to $56.3 million at the end of September 2020[22] - The fair value of financial assets as of September 30, 2021, totaled $41.879 million, with liabilities of $103.1 million primarily from contingent consideration arrangements[78] - The fair value of long-term debt at September 30, 2021, is considered to be its carrying value due to the variable interest rate approximating current market rates[85] Investment Management - Investment management fees increased to $171.36 million in Q3 2021, compared to $137.24 million in Q3 2020, representing a 25% growth[14] - The Company’s investment management fees are calculated as a contractual percentage of assets under management (AUM), which can fluctuate due to market movements[46] - The Company’s revenue recognition is based on the transfer of services to customers, with variable consideration included only when it is probable that a significant reversal will not occur[43] - AUM as of September 30, 2021, was $159.9 billion, a significant increase from $17.9 billion in August 2013[133] - The company completed the acquisition of THB Asset Management on March 1, 2021, which added $547 million in AUM and expanded its investment platform[139] Dividends and Share Repurchases - The company declared dividends of $0.15 per share in Q3 2021, up from $0.06 per share in Q3 2020[14] - Total dividends paid in the nine months ended September 30, 2021, were $25.4 million, an increase from $11.5 million in 2020[22] - The company repurchased common stock totaling $25.9 million during the nine months ended September 30, 2021, compared to $22.8 million in the same period of 2020[22] - The company repurchased 188,525 shares of Class A common stock for $6.3 million during the three months ended September 30, 2021, at an average price of $33.29 per share[110] - Cumulative total of 3,946,187 shares of Class A common stock repurchased at a total cost of $69.6 million, averaging $17.63 per share[110] Costs and Expenses - Total operating expenses for the three months ended September 30, 2021 were $127.3 million, an increase of $19.2 million, or 17.8%, from $108.1 million for the same period in 2020[168] - Personnel compensation and benefits increased by $8.5 million, or 17.9%, to $55.8 million for the three months ended September 30, 2021, from $47.4 million for the same period in 2020[176] - Interest expense for the three months ended September 30, 2021, was $4.0 million, a decrease of 35.9% from $6.2 million in the same period of 2020[107] - Total interest expense and other financing costs for the nine months ended September 30, 2021, was $18.9 million, down 35.4% from $29.3 million in the same period of 2020[107] - Acquisition-related costs for the three months ended September 30, 2021 were $6.0 million, compared to $1.1 million for the same period in 2020[187] Acquisitions - The company completed the acquisition of New Energy Capital Partners on November 1, 2021, expanding its investment franchise to eleven[151] - The company completed the acquisition of THB Asset Management on March 1, 2021, with total assets under management (AUM) acquired amounting to $547 million[25] - The company has entered into a definitive agreement to acquire WestEnd Advisors for an aggregate purchase price of $480 million in cash, with potential earn-out payments of up to $320 million[129] - The company paid $37.5 million in cash for the second annual earn-out period related to the USAA AMCO Acquisition on October 12, 2021[126] Cash Flow - Cash provided by operating activities for the nine months ended September 30, 2021, was $264.1 million, up from $182.7 million in 2020, reflecting a 44.5% increase[22] - The company reduced outstanding debt by $35.0 million for the three months ended September 30, 2021, and by $142.0 million for the nine months ended September 30, 2021, totaling a reduction of $453.8 million since July 1, 2019[208] - The company maintained a $100.0 million revolving credit facility as of September 30, 2021, with approximately $100.0 million undrawn[207] Tax and Regulatory - The provision for income taxes for the three months ended September 30, 2021, was $18.2 million, or 19.7% of pre-tax income, compared to $17.0 million, or 23.4% in the same period of 2020[98] - The effective tax rate for the three months ended September 30, 2021 was 19.7%, down from 23.4% in 2020, primarily due to an increase in excess tax benefits on share-based compensation[197] - The company plans to eliminate its dual-class share structure, pending shareholder approval at a special meeting scheduled for November 19, 2021[28]