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 ...

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 ...