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VICTORY CAPITAL REPORTS FOURTH QUARTER AND FULL YEAR 2017 RESULTS
Fourth Quarter 2017 Highlights and Recent Developments(1)
· Assets under management (AUM) of $61.8 billion as of December 31, 2017, a 12% year-over-year increase
· Strong investment performance, with 88% of AUM outperforming their respective benchmarks over the trailing one-year period, 84% over the three- and five-year periods, and 80% over the 10-year period ended December 31, 2017
· $294 million of net client cash inflows
· $106 million in revenue, an 8% year-over-year increase
· GAAP earnings of $0.19 per diluted share and Adjusted Net Income with tax benefit per diluted share of $0.39, a 25% increase over the Adjusted Net Income with tax benefit per diluted share for the fourth quarter of 2016
· Operating margin of 25.5%, up from 6.7% in the fourth quarter of 2016
· Adjusted EBITDA margin of 37.9%, up from 32.7% in the fourth quarter of 2016
· Subsequent to year-end 2017, paid down $177 million in debt, reducing debt outstanding to $323 million
Cleveland, Ohio, March 26, 2018 Victory Capital Holdings, Inc. (NASDAQ: VCTR) (Victory Capital or the Company) today reported its results for the fourth quarter and year ended December 31, 2017.
Our strong results for the fourth quarter and full-year 2017 are a direct reflection of our continued commitment to delivering superior risk-adjusted investment performance to our clients, said David Brown, Chairman and Chief Executive Officer of Victory Capital. We have evolved our business into a next-generation, integrated multi-boutique investment management firm with nine individually branded, largely autonomous Investment Franchises. Our focus is on attracting specialist managers and providing a centralized not standardized operating platform that enables them to focus on the pursuit of investment excellence.
Our progress over the last several years has included the completion of three strategic acquisitions and the development of a suite of rules-based, strategic beta ETFs branded VictoryShares which we believe is resonating with our clients.
During the fourth quarter, AUM increased to $61.8 billion, reflecting positive net flows, solid market returns and strong investment results from our Investment Franchises and our VictoryShares ETFs.
Looking ahead, we are excited about the opportunity to create long-term value for our shareholders through the disciplined execution of our long-term corporate vision, which combines strategic acquisitions with organic growth. As in the past, serving the needs of our clients remains our top priority.
The following information was filed by Victory Capital Holdings, Inc. (VCTR) on Monday, March 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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