VCTR FY 2019 Earnings Report — Victory Capital Holdings, Inc. Revenue & Financial Results | Market Cap Arena

Victory Capital Holdings, Inc.VCTR

FY 2019 Earnings

Reported March 13, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$612M	—	$413M	—	48.1%
Op. Income	$165M	—	$115M	—	43.7%
Gross Margin	46.7%	—	41.8%	—	4.9pp
Net Margin	15.1%	—	15.4%	—	-0.3pp
EPS (Diluted)	$1.26	—	$0.90	—	40.0%
Free Cash Flow	$222M	—	$132M	—	68.5%

Revenue Flow

Item	Amount
REVENUE	$612M
Cost of Revenue	$326M
GROSS PROFIT	$286M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$47M
SG&A Expenses	$47M
Other Expenses	$75M
Operating Expenses	$121M
Cost & Expenses	$448M
OPERATING INCOME	$165M
Interest Income	$7M
Interest Expense	$41M
Other Income/Expenses	-$44M
INCOME BEFORE TAX	$121M
Income Tax Expense	$28M
Net Income from Continuing Ops	$92M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$92M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$92M
D&A	$24M
EBIT	$159M
EBITDA	$183M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$612M
Cost of Revenue	$326M
GROSS PROFIT	$286M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$47M
SG&A Expenses	$47M
Other Expenses	$75M
Operating Expenses	$121M
Cost & Expenses	$448M
OPERATING INCOME	$165M
Interest Income	$7M
Interest Expense	$41M
Other Income/Expenses	-$44M
INCOME BEFORE TAX	$121M
Income Tax Expense	$28M
Net Income from Continuing Ops	$92M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$92M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$92M
D&A	$24M
EBIT	$159M
EBITDA	$183M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$92M
Depreciation & Amortization	$24M
Stock-Based Compensation	$22M
Deferred Income Tax	-$745.0K
Other Non-Cash Items	$29M
Change in Working Capital	$61M
OPERATING CASH FLOW	$227M
Capital Expenditure	-$5M
Acquisitions (Net)	-$841M
Purchases of Investments	-$7M
Sales/Maturities of Investments	$3M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$850M
Net Debt Issuance	$660M
Common Stock Repurchased	-$16M
Common Dividends Paid	-$7M
Other Financing Activities	-$33M
NET CASH FROM FINANCING	$608M
FREE CASH FLOW	$222M
Net Change in Cash	-$14M

Balance Sheet

Item	Amount
Cash & Equivalents	$37M
Short-Term Investments	$771.0K
Net Receivables	$95M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$138M
PP&E (Net)	$13M
Goodwill	$405M
Intangible Assets	$1.2B
Long-Term Investments	$18M
Tax Assets	$0
Other Non-Current Assets	$4M
TOTAL NON-CURRENT ASSETS	$1.6B
TOTAL ASSETS	$1.8B
Account Payables	$271.0K
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$208M
Long-Term Debt	$925M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$5M
Other Non-Current Liabilities	$78M
TOTAL NON-CURRENT LIABILITIES	$1.0B
TOTAL LIABILITIES	$1.2B
Common Stock	$720.0K
Additional Paid-In Capital	$625M
Retained Earnings	-$35M
Treasury Stock	-$53M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$538M
Minority Interest	$0
TOTAL EQUITY	$538M
TOTAL LIABILITIES & EQUITY	$1.8B
Total Debt	$925M
Net Debt	$887M