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10-Q Filing

VICTORY CAPITAL HOLDINGS, INC. CIK: 1570827 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001564590-22-018705
Period End Date 20220331
Filing Date 20220509
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance vctr-10q_20220331_htm.xml
Balance Sheet 58 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $38.55M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 600.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $69.53M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 600.00M shares Point-in-time
Receivables AccountsReceivableNet $104.31M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 77.95M shares Point-in-time
Receivables AccountsReceivableNet $93.71M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 77.24M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 68.79M shares Point-in-time
Prepaid expenses PrepaidExpenseCurrentAndNoncurrent $6.65M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 68.66M shares Point-in-time
Prepaid expenses PrepaidExpenseCurrentAndNoncurrent $7.91M USD Point-in-time
Investments, at fair value DebtSecurities $31.72M USD Point-in-time
Treasury stock, shares TreasuryStockShares 9.16M shares Point-in-time
Investments, at fair value DebtSecurities $32.39M USD Point-in-time
Treasury stock, shares TreasuryStockShares 8.58M shares Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $24.76M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $25.30M USD Point-in-time
Goodwill Goodwill $981.80M USD Point-in-time
Goodwill Goodwill $981.80M USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.34B USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.35B USD Point-in-time
Other assets OtherAssets $52.32M USD Point-in-time
Other assets OtherAssets $10.63M USD Point-in-time
Total assets Assets $2.57B USD Point-in-time
Total assets Assets $2.58B USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesExcludingEmployeeBenefits $47.59M USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesExcludingEmployeeBenefits $62.10M USD Point-in-time
Accrued compensation and benefits AccruedEmployeeBenefitsCurrentAndNoncurrent $43.39M USD Point-in-time
Accrued compensation and benefits AccruedEmployeeBenefitsCurrentAndNoncurrent $53.91M USD Point-in-time
Consideration payable for acquisition of business BusinessCombinationContingentConsiderationLiability $309.38M USD Point-in-time
Consideration payable for acquisition of business BusinessCombinationContingentConsiderationLiability $305.55M USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $76.18M USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $63.12M USD Point-in-time
Other liabilities OtherLiabilities $33.39M USD Point-in-time
Other liabilities OtherLiabilities $53.09M USD Point-in-time
Long-term debt, net LongTermDebt $1.06B USD Point-in-time
Long-term debt, net LongTermDebt $1.13B USD Point-in-time
Total liabilities Liabilities $1.65B USD Point-in-time
Total liabilities Liabilities $1.59B USD Point-in-time
Common stock, $0.01 par value per share: 2022 - 600,000,000 shares authorized, 77,947,578 shares issued and 68,789,615 shares outstanding; 2021 - 600,000,000 shares authorized, 77,242,372 shares issued and 68,662,779 shares outstanding CommonStockValue $779.00K USD Point-in-time
Common stock, $0.01 par value per share: 2022 - 600,000,000 shares authorized, 77,947,578 shares issued and 68,789,615 shares outstanding; 2021 - 600,000,000 shares authorized, 77,242,372 shares issued and 68,662,779 shares outstanding CommonStockValue $772.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $678.81M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $673.57M USD Point-in-time
Treasury stock, at cost: 2022 - 9,157,963 shares; 2021 - 8,579,593 shares TreasuryStockValue $153.20M USD Point-in-time
Treasury stock, at cost: 2022 - 9,157,963 shares; 2021 - 8,579,593 shares TreasuryStockValue $171.95M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $22.17M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $5.97M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $456.47M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $402.81M USD Point-in-time
Total stockholders' equity StockholdersEquity $929.93M USD Point-in-time
Total stockholders' equity StockholdersEquity $765.38M USD Point-in-time
Total stockholders' equity StockholdersEquity $707.54M USD Point-in-time
Total stockholders' equity StockholdersEquity $986.27M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $2.57B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $2.58B USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $230.02M USD 1 Quarter
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $212.95M USD 1 Quarter
Personnel compensation and benefits SalariesWagesAndOfficersCompensation $59.01M USD 1 Quarter
Personnel compensation and benefits SalariesWagesAndOfficersCompensation $64.90M USD 1 Quarter
Distribution and other asset-based expenses ExpenseRelatedToDistributionOrServicingAndUnderwritingFees $42.10M USD 1 Quarter
Distribution and other asset-based expenses ExpenseRelatedToDistributionOrServicingAndUnderwritingFees $43.58M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $13.31M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $12.76M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $4.38M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $10.61M USD 1 Quarter
Change in value of consideration payable for acquisition of business ChangeInValueOfConsiderationPayableForAcquisitionOfBusiness $2.50M USD 1 Quarter
Change in value of consideration payable for acquisition of business ChangeInValueOfConsiderationPayableForAcquisitionOfBusiness $-3.50M USD 1 Quarter
Acquisition-related costs BusinessCombinationAcquisitionRelatedCosts $117.00K USD 1 Quarter
Acquisition-related costs BusinessCombinationAcquisitionRelatedCosts $-164.00K USD 1 Quarter
Restructuring and integration costs RestructuringAndRelatedCostIncurredCost $2.05M USD 1 Quarter
Restructuring and integration costs RestructuringAndRelatedCostIncurredCost $9.00K USD 1 Quarter
Total operating expenses OperatingExpenses $128.48M USD 1 Quarter
Total operating expenses OperatingExpenses $123.19M USD 1 Quarter
Income from operations OperatingIncomeLoss $101.54M USD 1 Quarter
Income from operations OperatingIncomeLoss $89.76M USD 1 Quarter
Interest income and other income (expense) InvestmentIncomeNet $-207.00K USD 1 Quarter
Interest income and other income (expense) InvestmentIncomeNet $2.73M USD 1 Quarter
Interest expense and other financing costs FinancingInterestExpense $9.23M USD 1 Quarter
Interest expense and other financing costs FinancingInterestExpense $6.84M USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt $-1.55M USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt $-2.78M USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-10.99M USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-6.89M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $82.86M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $90.54M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $19.27M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $17.66M USD 1 Quarter
Net income NetIncomeLoss $65.20M USD 1 Quarter
Net income NetIncomeLoss $71.27M USD 1 Quarter
Basic EarningsPerShareBasic $0.96 USD 1 Quarter
Basic EarningsPerShareBasic $1.04 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.97 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.88 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 68.75M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 67.76M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 74.11M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 73.65M shares 1 Quarter
Dividends declared per share of common stock CommonStockDividendsPerShareDeclared $0.25 USD 1 Quarter
Dividends declared per share of common stock CommonStockDividendsPerShareDeclared $0.09 USD 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $65.20M USD 1 Quarter
Net income ProfitLoss $71.27M USD 1 Quarter
Provision for deferred income taxes DeferredIncomeTaxesAndTaxCredits $6.27M USD 1 Quarter
Provision for deferred income taxes DeferredIncomeTaxesAndTaxCredits $7.89M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $4.38M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $10.61M USD 1 Quarter
Deferred financing costs and derivative and accretion expense DeferredFinancingCostsAndDerivativeAndAccretionExpense $983.00K USD 1 Quarter
Deferred financing costs and derivative and accretion expense DeferredFinancingCostsAndDerivativeAndAccretionExpense $1.17M USD 1 Quarter
Stock-based and deferred compensation EmployeeBenefitsAndShareBasedCompensationNoncash $4.79M USD 1 Quarter
Stock-based and deferred compensation EmployeeBenefitsAndShareBasedCompensationNoncash $9.47M USD 1 Quarter
Change in fair value of contingent consideration obligations BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $2.50M USD 1 Quarter
Change in fair value of contingent consideration obligations BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-3.50M USD 1 Quarter
Unrealized depreciation (appreciation) on investments IncreaseDecreaseInTradingSecurities $2.72M USD 1 Quarter
Unrealized depreciation (appreciation) on investments IncreaseDecreaseInTradingSecurities $-452.00K USD 1 Quarter
Noncash lease expense NoncashLeaseExpense $94.00K USD 1 Quarter
Loss on equity method investment IncomeLossFromEquityMethodInvestments $-57.00K USD 1 Quarter
Loss on equity method investment IncomeLossFromEquityMethodInvestments $-92.00K USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt $-1.55M USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt $-2.78M USD 1 Quarter
Receivables IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets $6.73M USD 1 Quarter
Receivables IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets $-4.21M USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidExpense $695.00K USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidExpense $1.26M USD 1 Quarter
Other assets IncreaseDecreaseInOtherNoncurrentAssets $80.00K USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedExpensesExcludingEmployeeBenefits $13.57M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedExpensesExcludingEmployeeBenefits $-8.82M USD 1 Quarter
Accrued compensation and benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-14.99M USD 1 Quarter
Accrued compensation and benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-13.49M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-146.00K USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-490.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $79.63M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $74.81M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.18M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $393.00K USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $2.63M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $2.37M USD 1 Quarter
Sales of investments ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $1.25M USD 1 Quarter
Sales of investments ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $1.91M USD 1 Quarter
Purchase of equity method investment ProceedsFromPaymentsInEquityMethodInvestment $-1.50M USD 1 Quarter
Acquisition of business and assets, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $327.00K USD 1 Quarter
Acquisition of business and assets, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $30.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-1.14M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-4.12M USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $834.00K USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $1.30M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $10.19M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $7.66M USD 1 Quarter
Payments of taxes related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $7.61M USD 1 Quarter
Payments of taxes related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $5.37M USD 1 Quarter
Repayment of long-term senior debt RepaymentsOfSeniorDebt $70.00M USD 1 Quarter
Repayment of long-term senior debt RepaymentsOfSeniorDebt $50.00M USD 1 Quarter
Payment of dividends PaymentsOfDividends $17.38M USD 1 Quarter
Payment of dividends PaymentsOfDividends $6.39M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-70.83M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-101.64M USD 1 Quarter
Effect of changes of foreign exchange rate on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-18.00K USD 1 Quarter
Effect of changes of foreign exchange rate on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-32.00K USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $7.64M USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-30.98M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.39M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $22.74M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $69.53M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $38.55M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.39M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $22.74M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $69.53M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $38.55M USD Point-in-time
Cash paid for interest InterestPaidNet $8.10M USD 1 Quarter
Cash paid for interest InterestPaidNet $7.07M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $831.00K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $1.01M USD 1 Quarter
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $2.99M USD 1 Quarter
Stockholders Equity 24 line items
Line Item Tag Value Unit Period
Balance at beginning of period StockholdersEquity $929.93M USD Point-in-time
Balance at beginning of period StockholdersEquity $765.38M USD Point-in-time
Balance at beginning of period StockholdersEquity $707.54M USD Point-in-time
Balance at beginning of period StockholdersEquity $986.27M USD Point-in-time
Issuance of common stock StockIssuedDuringPeriodValueNewIssues $69.00K USD 1 Quarter
Issuance of common stock StockIssuedDuringPeriodValueNewIssues $44.00K USD 1 Quarter
Repurchase of shares TreasuryStockRetiredCostMethodAmount $7.12M USD 1 Quarter
Repurchase of shares TreasuryStockRetiredCostMethodAmount $9.44M USD 1 Quarter
Shares withheld related to net settlement of equity awards SharesWithheldRelatedToNetSettlementOfEquityAwards $10.92M USD 1 Quarter
Shares withheld related to net settlement of equity awards SharesWithheldRelatedToNetSettlementOfEquityAwards $9.32M USD 1 Quarter
Exercise of options StockIssuedDuringPeriodValueStockOptionsExercised $790.00K USD 1 Quarter
Exercise of options StockIssuedDuringPeriodValueStockOptionsExercised $1.23M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $5.55M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.94M USD 1 Quarter
Dividends paid Dividends $17.62M USD 1 Quarter
Dividends paid Dividends $6.48M USD 1 Quarter
Net income NetIncomeLoss $65.20M USD 1 Quarter
Net income NetIncomeLoss $71.27M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $10.77M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $16.20M USD 1 Quarter
Balance at end of period StockholdersEquity $929.93M USD Point-in-time
Balance at end of period StockholdersEquity $765.38M USD Point-in-time
Balance at end of period StockholdersEquity $707.54M USD Point-in-time
Balance at end of period StockholdersEquity $986.27M USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $65.20M USD 1 Quarter
Net income NetIncomeLoss $71.27M USD 1 Quarter
Net unrealized income on cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $10.77M USD 1 Quarter
Net unrealized income on cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $16.28M USD 1 Quarter
Net unrealized loss on foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-2.00K USD 1 Quarter
Net unrealized loss on foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-77.00K USD 1 Quarter
Total other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $10.77M USD 1 Quarter
Total other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $16.20M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $75.97M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $87.47M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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