NASDAQ$VCTR

Victory Capital Holdings Inc · Q4 2023 earnings

Q4 2023 earnings · · Investor relations

Briefing

Reported strong results driven by strategic growth initiatives and resilient operating platform.

Victory Capital reported an increase in revenue and GAAP net income compared to the same quarter last year. The company's AUM increased, driven by positive market action, and the board increased the regular quarterly cash dividend by 5%.

  • Total AUM reached $166.6 billion.
  • Long-term gross flows were $6.6 billion.
  • GAAP operating margin was 41.9%.
  • Adjusted EBITDA margin was 52.3%.

Headline financials

Total Revenue

$206M

Previous: $202M+2.1%
EPS (adj)

$1.15

Previous: $1.05+9.5%
Ending AUM

$153B

Previous: $153B-0.0%
GAAP Operating Margin

39.5%

Previous: 39.5%+0.0%
Adjusted EBITDA Margin

49.7%

Previous: 49.7%+0.0%
Long-term Gross Flows

$6.5B

No prior period
Long-term Net Flows

-$4.41B

No prior period
Money Market / Short-term Gross Flows

$179M

No prior period
Money Market / Short-term Net Flows

-$62M

No prior period
Total Gross Flows

$6.68B

No prior period
Total Net Flows

-$4.47B

No prior period
AUM Revenue Realization (in bps)

51.7%

No prior period
Adjusted EBITDA

$100M

No prior period
Adjusted Net Income with Tax Benefit

$74.5M

No prior period
Capital Expenditures

$796K

Previous: $959K-17.0%
Net Income

$55.2M

Previous: $52.3M+5.6%
Operating Income

$86.3M

Previous: $79.6M+8.4%
Gross Profit

$161M

Previous: $105M+53.6%

Revenue & EPS history

Victory Capital · Revenue · Quarterly

$206M

Q4 2023+2.1%vs Q4 2022
Beat estimate in 5 of 15 quarters(33%)
ActualEstimate

Forward guidance

The company is optimistic about executing on a transaction aligned with strategic growth objectives and continues to focus on serving clients.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2023

Historical avgQ4 2023

+1.6%

Avg return

Earnings day

+2.1%

Avg return

5 days after

+1.3%

Avg return

30 days after

50%

20 / 40 earnings

Positive

+22.4%

Q3 2018

Best reaction

-6.6%

Q1 2024

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+1.9%+4.0%+4.4%
Q4 2025-2.2%+8.3%-1.5%
Q3 2025-0.8%+3.0%+3.2%
Q1 2025-1.6%+7.6%+8.1%
Q4 2024+7.5%+3.4%-10.9%
Q3 2024+2.1%-0.0%+4.3%
Q2 2024+8.2%+9.1%+13.0%
Q1 2024-6.6%-1.3%-4.7%
Q4 2023+4.8%-0.6%+13.1%
Q3 2023+8.9%+5.2%+8.0%
Q2 2023+1.7%+0.1%+4.9%
Q1 2023+0.8%+2.5%+9.2%
Q4 2022-2.8%+4.7%-3.2%
Q3 2022+0.7%+3.0%+4.9%
Q2 2022-0.2%-1.1%-4.4%
Q1 2022-6.4%-10.1%+1.2%
Q4 2021-3.0%-3.5%-11.8%
Q3 2021+11.7%+10.4%-7.9%
Q2 2021+6.5%+7.0%+6.7%
Q1 2021+6.3%+3.6%+7.1%
Q4 2020+2.4%+0.8%+4.7%
Q3 2020+7.2%+7.3%+22.5%
Q2 2020+0.3%+3.7%-1.5%
Q1 2020+0.7%-6.1%+21.5%
Q4 2019-1.8%-2.4%-34.8%
Q3 2019+9.8%+11.3%+26.9%
Q2 2019-1.7%-8.2%-2.2%
Q1 2019+5.8%+16.9%+12.4%
Q4 2018-2.4%+1.6%+17.6%
Q3 2017-0.6%+1.3%-10.2%
Q3 2018+22.4%+39.9%+38.7%
Q2 2018-1.8%-0.5%-5.0%
Q1 2017-1.7%-2.6%+2.4%
Q1 2018-0.6%-4.5%+2.2%
Q2 2017-2.8%-6.6%-14.8%
Q2 2016-2.8%-6.6%-14.8%
Q4 2016-2.8%-6.6%-14.8%
Q3 2016-2.8%-6.6%-14.8%
Q4 2015-2.8%-6.6%-14.8%
Q4 2017+4.2%+3.2%-11.0%
Q1 2016

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