In This Story
Victory Capital Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets under management (AUM) at $176.1 billion, an increase from $168.7 billion as of June 30, 2024, driven by market appreciation of $10.1 billion and net outflows of $2.6 billion.
Total revenue for the quarter was $225.6 million, an increase from $209.7 million in the same quarter of the previous year, attributed to higher average AUM.
Net income for the quarter was $81.983 million, compared to $52.007 million in the prior year, reflecting improved operating performance.
Operating expenses totaled $105.265 million, down from $129.639 million in the previous year, primarily due to a decrease in personnel compensation and benefits.
Interest expense and other financing costs were $16.414 million, slightly higher than the $15.580 million reported in the same quarter last year.
The company recorded a decrease in the fair value of contingent consideration payable for acquisition of business, resulting in a $1.6 million reduction for the quarter.
Cash provided by operating activities was $248.168 million for the nine months ended September 30, 2024, compared to $233.190 million in the prior year.
Victory Capital announced a quarterly dividend of $0.44 per share, payable on December 23, 2024, to shareholders of record on December 9, 2024.
The company continues to focus on its growth strategy, including the anticipated closing of the Amundi US acquisition in the first quarter of 2025, subject to regulatory approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Victory Capital Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.