Victory Capital Reports Strong First-Quarter 2023 Financial Results

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

[{"type":"text","content":"\nFirst Quarter 2023 Highlights\n\n\n\nTotal Assets Under Management of $158.6 billion1\n\n\n\nLong-term gross flows of $5.8 billion\n\n\n\nLong-term net flows of -$1.2 billion\n\n\n\nGAAP operating margin of 37.0%\n\n\n\nAdjusted EBITDA margin of 49.3%2\n\n\n\nGAAP net income of $0.71 per diluted share\n\n\n\nAdjusted net income with tax benefit of $1.08 per diluted share2\n\n\n\nBoard authorizes regular $0.32 quarterly cash dividend\n\n\n\n SAN ANTONIO, Texas--(BUSINESS WIRE)--\nVictory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or “the Company”) today reported financial results for the quarter ended March 31, 2023.\n\n\n“Our business continues to perform well in an uncertain market environment that has caused many investors to stay on the sidelines,” said David Brown, Chairman and Chief Executive Officer. “In the first quarter, our Adjusted EBITDA Margin continued to be strong at 49.3%. This was our 11th consecutive quarter of achieving a margin in excess of 49%, which is industry leading and reflects our differentiated operating platform. The consistency in our operating and financial performance is the consequence of superior execution by our team.\n\n\n“Comparing to last quarter, we achieved significant improvement in net flows this quarter. In addition, we generated higher quarter-over-quarter earnings per diluted share.\n\n\n“Investment performance remained strong. The majority of our assets under management performed above respective benchmarks during the quarter, and half of our mutual fund and ETF assets under management achieved top-quartile rankings over the trailing one-year period.\n\n\n“In March, our Board authorized a new $100 million share repurchase plan, which gives us significant flexibility with our capital allocation strategy. During the quarter, we repurchased 1.4 million shares and declared a dividend of $0.32 per share.\n\n\n“As always, we continue to focus on our top priority, which is generating strong investment performance and serving our clients.”\n\n\n\n\n1 Total AUM includes both discretionary and non-discretionary client assets.\n2 The Company reports its financial results in accordance with generally accepted accounting principles (“GAAP”). Adjusted EBITDA and Adjusted Net Income are not defined by GAAP and should not be regarded as an alternative to any measurement under GAAP. Pl...

More updates from Victory Capital Holdings, Inc. Class A Common Stock