CORRECTING and REPLACING Victory Capital Reports Record Net Income and Earnings Per Share in First Quarter

About this update from Victory Capital Holdings, Inc. Class A Common Stock

[{"type":"text","content":"\nFirst Quarter 2021 Highlights\n\n\nTotal Assets Under Management (AUM) of $154.3 billion\n\n\nLong-term gross flows of $6.7 billion; long-term net outflows of $983 million\n\n\nGAAP operating margin of 42.1%\n\n\nAdjusted EBITDA margin of 50.2%1\n\n\nGAAP net income of $0.88 per diluted share\n\n\nAdjusted net income with tax benefit of $1.13 per diluted share1\n\n\nBoard authorizes 33% increase in regular quarterly cash dividend\n\n\n SAN ANTONIO, Texas--(BUSINESS WIRE)--\n\nHeadline of release should read: Victory Capital Reports Record Net Income and Earnings Per Share in First Quarter (instead of Victory Capital Reports Record Net Income and Earnings Per Share in First Quarter First Quarter 2021 Highlights). Also, subheadline of release should begin: First Quarter 2021 Highlights...\n\nThe updated release reads:\n\nVICTORY CAPITAL REPORTS RECORD NET INCOME AND EARNINGS PER SHARE IN FIRST QUARTER\n\nFirst Quarter 2021 Highlights\n\n\nTotal Assets Under Management (AUM) of $154.3 billion\n\n\nLong-term gross flows of $6.7 billion; long-term net outflows of $983 million\n\n\nGAAP operating margin of 42.1%\n\n\nAdjusted EBITDA margin of 50.2%1\n\n\nGAAP net income of $0.88 per diluted share\n\n\nAdjusted net income with tax benefit of $1.13 per diluted share1\n\n\nBoard authorizes 33% increase in regular quarterly cash dividend\n\n\nVictory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or “the Company”) today reported financial results for the quarter ended March 31, 2021.\n\n“I am pleased to report that Victory Capital is off to a very strong start in 2021,” said David Brown, Chairman and Chief Executive Officer. “Investment performance generated on behalf of clients was excellent across our Investment Franchises and Solutions platform in the first quarter. At the same time, long-term gross sales increased 18% from the fourth quarter. Our long-term net flows were positive in March and the steady improvement that began in the middle of last year has continued in the second quarter.\n\n“First quarter operating performance was also exceptional. We achieved robust GAAP and adjusted profit margins that resulted in the highest net income and earnings per share for any three-month period in our Company’s history.\n\n“We continue to generate substantial cash flow, and this allowed us to reduce our leverage ratio to 1.6x. I...

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