Victory Capital (VCTR) 10-Q11 May 202020 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Apr. 30, 2020
Document Information [Line Items]
Entity Registrant Name	Victory Capital Holdings, Inc.
Entity Central Index Key	0001570827
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Ex Transition Period	false
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value
Trading Symbol	VCTR
Security Exchange Name	NASDAQ
Entity Tax Identification Number	32-0402956
Entity File Number	001-38388
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	15935 La Cantera Parkway
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78256
City Area Code	216
Local Phone Number	898-2400
Document Quarterly Report	true
Document Transition Report	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,588,474
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		51,307,072

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 37,130	$ 37,121
Receivables	77,610	95,093
Prepaid expenses	6,709	4,852
Investments	15,631	19,076
Property and equipment, net	14,028	13,240
Goodwill	404,750	404,750
Other intangible assets, net	1,172,305	1,175,471
Other assets	3,600	3,706
Total assets	1,731,763	1,753,309
Liabilities and stockholders' equity
Accounts payable and accrued expenses	79,111	89,203
Accrued compensation and benefits	33,544	54,842
Consideration payable for acquisition of business	113,200	118,700
Deferred tax liability, net	11,134	5,486
Other liabilities	25,047	22,668
Long-term debt, net	888,647	924,539
Total liabilities	1,150,683	1,215,438
Stockholders' equity
Additional paid-in capital	632,468	624,766
Accumulated other comprehensive loss	(4,887)
Retained earnings (deficit)	18,860	(34,705)
Total stockholders' equity	581,080	537,871
Total liabilities and stockholders' equity	1,731,763	1,753,309
Class A
Stockholders' equity
Common stock	185	181
Treasury stock, at cost	(25,918)	(21,524)
Class B
Stockholders' equity
Common stock	545	539
Treasury stock, at cost	$ (40,173)	$ (31,386)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Class A
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	18,508,087	18,099,772
Common stock, shares outstanding	16,582,902	16,414,617
Treasury stock, shares	1,925,185	1,685,155
Class B
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	54,537,895	53,937,394
Common stock, shares outstanding	51,436,953	51,281,512
Treasury stock, shares	3,100,942	2,655,882

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Total revenue	$ 204,421	$ 87,479
Expenses
Personnel compensation and benefits	47,571	34,501
Distribution and other asset-based expenses	54,860	15,767
General and administrative	11,888	7,087
Depreciation and amortization	4,050	5,222
Change in value of consideration payable for acquisition of business	(5,500)
Acquisition-related costs	(69)	2,777
Restructuring and integration costs	998
Total operating expenses	113,798	65,354
Income from operations	90,623	22,125
Other (expense) income
Interest income and other (expense) income	(4,172)	1,833
Interest expense and other financing costs	(11,408)	(4,624)
Loss on debt extinguishment	(1,054)
Total other expense, net	(16,634)	(2,791)
Income before income taxes	73,989	19,334
Income tax expense	(16,823)	(4,807)
Net income	$ 57,166	$ 14,527
Earnings per share of common stock
Basic	$ 0.84	$ 0.22
Diluted	$ 0.77	$ 0.20
Weighted average number of shares outstanding
Basic	67,790	67,521
Diluted	74,350	72,282
Dividends declared per share of common stock	$ 0.05
Investment Management Fees
Revenue
Total revenue	$ 146,881	$ 74,411
Fund Administration and Distribution Fees
Revenue
Total revenue	$ 57,540	$ 13,068

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 57,166	$ 14,527
Other comprehensive (loss) income, net of tax
Net unrealized loss on cash flow hedges	(4,820)
Net unrealized (loss) income on foreign currency translation	(67)	12
Total other comprehensive (loss) income, net of tax	(4,887)	12
Comprehensive income	$ 52,279	$ 14,539

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common StockClass A	Common StockClass B	Treasury StockClass A	Treasury StockClass B	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained (Deficit) Earnings
Balance at beginning of period at Dec. 31, 2018	$ 455,548	$ 153	$ 553	$ (8,045)	$ (21,719)	$ 604,401	$ (86)	$ (119,709)
Balance at beginning of period (in shares) at Dec. 31, 2018		15,281	55,284	(856)	(2,147)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	13					13
Share conversion - Class B to A		$ 4	$ (4)
Repurchase of shares	(1,344)			$ (1,344)
Shares withheld related to net settlement of equity awards	(318)				$ (318)
Exercise of options	221		1			220
Cumulative effect of adoption of ASU 2016-01 and 2018-02							62	(62)
Other comprehensive loss	12						12
Share-based compensation	1,547					1,547
Dividends paid	(41)							(41)
Net income	14,527							14,527
Balance at end of period at Mar. 31, 2019	470,165	$ 157	$ 550	$ (9,389)	$ (22,037)	606,181	(12)	(105,285)
Balance at end of period (in shares) at Mar. 31, 2019		15,663	55,014	(979)	(2,176)
Balance at beginning of period at Dec. 31, 2019	537,871	$ 181	$ 539	$ (21,524)	$ (31,386)	624,766		(34,705)
Balance at beginning of period (in shares) at Dec. 31, 2019		18,100	53,937	(1,685)	(2,656)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	26					26
Share conversion - Class B to A		$ 4	$ (4)
Repurchase of shares	(4,394)			$ (4,394)
Shares withheld related to net settlement of equity awards	(8,787)				$ (8,787)
Vesting of restricted share grants			7			(7)
Exercise of options	1,693		3			1,690
Other comprehensive loss	(4,887)						(4,887)
Share-based compensation	5,993					5,993
Dividends paid	(3,601)							(3,601)
Net income	57,166							57,166
Balance at end of period at Mar. 31, 2020	$ 581,080	$ 185	$ 545	$ (25,918)	$ (40,173)	$ 632,468	$ (4,887)	$ 18,860
Balance at end of period (in shares) at Mar. 31, 2020		18,508	54,538	(1,925)	(3,101)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 57,166	$ 14,527
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for deferred income taxes	7,182	1,360
Depreciation and amortization	4,050	5,222
Deferred financing costs and derivative and accretion expense	1,174	593
Stock-based and deferred compensation	2,772	3,924
Change in fair value of contingent consideration obligations	(5,500)
Unrealized depreciation (appreciation) on investments	4,971	(1,458)
Loss on equity method investment		4
Loss on debt extinguishment	1,054
Changes in operating assets and liabilities:
Receivables	16,439	(327)
Prepaid expenses	(1,857)	(1,181)
Other assets	(18)
Accounts payable and accrued expenses	(11,760)	5,685
Accrued compensation and benefits	(23,990)	(10,331)
Other liabilities	239	(80)
Net cash provided by operating activities	51,922	17,938
Cash flows from investing activities
Purchases of property and equipment	(708)	(484)
Purchases of trading securities	(2,617)	(1,533)
Sales of trading securities	1,091	570
Net cash used in investing activities	(2,234)	(1,447)
Cash flows from financing activities
Repurchase of common stock	(6,020)	(1,643)
Payments of taxes related to net share settlement of equity awards	(4,431)	(196)
Repayment of long-term senior debt	(38,000)
Repayment of promissory note		(96)
Payment of dividends	(3,490)	(41)
Receipt of consideration for acquisition	649
Net cash used in financing activities	(49,573)	(1,742)
Effect of changes of foreign exchange rate on cash and cash equivalents	(106)	21
Net increase in cash and cash equivalents	9	14,770
Cash and cash equivalents, beginning of period	37,121	51,491
Cash and cash equivalents, end of period	37,130	66,261
Supplemental cash flow information
Cash paid for interest	20,112	3,801
Cash paid for income taxes	1,345	343
Class A
Cash flows from financing activities
Issuance of common stock, net of costs	26	13
Class B
Cash flows from financing activities
Issuance of common stock, net of costs	$ 1,693	$ 221

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
Organization and Nature of Business	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Business	Note 1. ORGANIZATION AND NATURE OF BUSINESS Victory Capital Holdings, Inc., a Delaware corporation (along with its wholly-owned subsidiaries, collectively referred to as the “Company,” “Victory,” or in the first-person notations of “we,” “us,” and “our”) was formed on February 13, 2013 for the purpose of acquiring Victory Capital Management Inc. (“VCM”) and Victory Capital Advisers, Inc. (“VCA”), which occurred on August 1, 2013. On February 12, 2018, the Company completed the initial public offering (the “IPO”) of its Class A common stock, which trades on the NASDAQ under the symbol “VCTR.” On and effective July 1, 2019, the Company completed the acquisition (the “USAA AMCO Acquisition”) of USAA Adviser and VCTA, formerly known as the USAA Transfer Agency Company d/b/a USAA Shareholder Account Services. The USAA AMCO Acquisition includes USAA’s mutual fund and ETF businesses and its 529 College Savings Plan (collectively, the “USAA Mutual Fund Business”). Refer to Note 4, Acquisitions, for further details on the acquisition. VCM is a registered investment adviser managing assets through open-end mutual funds, separately managed accounts, unified management accounts, ETFs, collective trust funds, wrap separate account programs and Undertakings Collective Investment in Transferable Securities (“UCITs”). VCM also provides mutual fund administrative services for the Victory Portfolios, Victory Variable Insurance Funds, Victory Institutional Funds and the mutual fund series of the Victory Portfolios II (collectively, the “Victory Funds”), a family of open-end mutual funds, the VictoryShares (the Company’s ETF brand), as well as the USAA Mutual Fund Business, which includes the USAA Mutual Fund Trust, a family of open-end mutual funds (the “USAA Funds”). Additionally, VCM employs all of the Company’s United States investment professionals across its Franchises and Solutions, which are not separate legal entities. Effective on or about June 30, 2020, Victory Capital Advisers, Inc. is changing its name to Victory Capital Services, Inc. VCA is registered with the SEC as an introducing broker-dealer and serves as distributor and underwriter for the Victory Funds and USAA Funds. VCTA is registered with the SEC as a transfer agent for the USAA Funds.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, the consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial condition, results of operations, and cash flows for the interim periods presented. Operating results for the three month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Principles of Consolidation The unaudited condensed consolidated financial statements include the operations of the Company and its wholly-owned subsidiaries, after elimination of all intercompany balances and transactions. Our involvement with non-consolidated variable interest entities (“VIEs”) include sponsored investment funds and, in 2019, an equity method investment. For further discussion regarding VIEs, refer to Note 2, Significant Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2019. Use of Estimates and Assumptions The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements and the notes. Actual results may ultimately differ materially from those estimates. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. The global spread of COVID-19 has created significant volatility, uncertainty, and economic disruption. COVID-19 did not have a material adverse effect on our reported results for our first quarter. New Accounting Pronouncements Accounting Standards Adopted in 2020 • Derivatives and Hedging: Effective January 1, 2020, the Company early adopted Accounting Standards Update (“ASU”) 2017-12 (“ASU 2017-12”), Derivatives and Hedging (Topic 815) and ASU 2019-04, Codification Improvements to Topic 815, Derivatives and Hedging (“ASU 2019-04”). ASU 2017-12 improves and simplifies accounting rules for hedge accounting to better present the economic results of an entity’s risk management activities in its financial statements and improves the disclosures of hedging arrangements. Various provisions of ASU 2017-12 were subsequently clarified by the Financial Accounting Standards Board (“FASB”) in April 2019 through the issuance of ASU 2019-04. The Company did not have any existing hedging relationships at the time of adoption; therefore, the adoption of ASU 2017-12 and ASU 2019-04 had no impact on our consolidated financial statements. On March 27, 2020, the Company entered into an interest rate swap transaction (the “Swap”) to manage interest rate risk associated with a portion of its floating-rate long term debt (notional amount of $450 million). The Swap was designated as a cash flow hedge and the initial prospective quantitative hedge effectiveness assessment was deemed highly effective. Under ASU 2017-12, the Company has the option to perform subsequent assessments of hedge effectiveness qualitatively. The Company has elected to assess the Swap’s hedge effectiveness qualitatively and will verify and document on a quarterly basis that facts and circumstances have not changed. Recently Issued Accounting Standards • Subsequent Measurement of Goodwill: In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) (“ASU 2017-04”) which simplifies the test for goodwill impairment. ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill (step two) to measure a goodwill impairment charge. Goodwill impairment will be based upon the results of step one of the impairment test, which is defined as the excess of the carrying amount of a reporting unit over its fair value, not to exceed the carrying amount of goodwill allocated to that reporting unit. The effective date for calendar-year public business entities was January 1, 2020. Due to the Company’s status as an emerging growth company (“EGC”), the new guidance will be effective for the Company’s fiscal year that begins on January 1, 2021 and requires a prospective approach to adoption. Early adoption is permitted for interim or annual goodwill impairment tests. The impact of this new guidance will depend upon the performance of our one reporting unit and the market conditions impacting the fair value. • Leases: In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) (the “New Lease Standard”) which supersedes previous lease guidance, Accounting Standards Codification (“ASC”) Topic 840 (“ASC Topic 840”). The New Lease Standard requires lessees to recognize a right-of-use asset and a lease liability for all leases (with the exception of short-term leases) on their balance sheet at the commencement date and recognize expenses on their income statement similar to ASC Topic 840 guidance. In addition, the FASB issued ASU 2018-11, Leases Targeted Improvements, which provides a package of practical expedients for entities to apply upon adoption. The effective date for calendar-year public business entities was January 1, 2019. In November 2019, the FASB deferred the effective date of the New Lease Standard for private companies and other companies who had not yet been required to adopt the standard. Due to the Company’s EGC status, we will adopt the New Lease Standard on January 1, 2021. We have assessed and evaluated our portfolio of active real estate leases and are currently surveying our business for other leases. As outlined in our Annual Report on Form 10-K for the year ended December 31, 2019, we have approximately $23 million in undiscounted, future minimum cash commitments under net operating leases. The New Lease Standard is expected to result in a gross up on our Consolidated Balance Sheets and to have no material impact to our Consolidated Statements of Operations, our liquidity or our debt covenant compliance under our current credit agreement. • Expected Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 creates a new model for determining current expected credit losses (“CECL”) on trade and other receivables, net investments in leases, contract assets and long-term receivables. The CECL impairment model requires companies to consider the risk of loss even if it is remote and to include forecasts of future economic conditions as well as information about past events and current conditions. The effective date for calendar-year public business entities is January 1, 2020. As an EGC, the Company currently expects to adopt ASU 2016-13 on January 1, 2023. We are currently reviewing the effect of this new standard on our consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 3. Revenue RECOGNITION In accordance with the new revenue recognition standard requirements, the following table disaggregates our revenue by type and product: Three Months Ended March 31, (in thousands) 2020 2019 Investment management fees Mutual funds (Victory/USAA Funds) $ 119,514 $ 50,576 ETFs (VictoryShares) 3,162 2,016 Separate accounts and other vehicles 24,545 22,050 Performance-based fees Separate accounts and other vehicles (340 ) (231 ) Total investment management fees $ 146,881 $ 74,411 Fund administration and distribution fees Administration fees Mutual funds (Victory/USAA Funds) $ 29,610 $ 5,245 ETFs (VictoryShares) 385 270 Distribution fees Mutual funds (Victory/USAA Funds) 6,796 7,553 Transfer agent fees Mutual funds (USAA Funds) 20,749 — Total fund administration and distribution fees $ 57,540 $ 13,068 Total revenue $ 204,421 $ 87,479 The following table presents balances of receivables: (in thousands) March 31, 2020 December 31, 2019 Customer receivables Mutual funds (Victory/USAA Funds) $ 54,464 $ 64,407 ETFs (VictoryShares) 1,155 1,391 Separate accounts and other vehicles 21,861 27,836 Receivables from contracts with customers 77,480 93,634 Non-customer receivables 130 1,459 Total receivables $ 77,610 $ 95,093 Revenue The Company’s revenue includes fees earned from providing; • investment management services, • fund administration services, • fund transfer agent services, and • fund distribution services. Revenue is recognized for each distinct performance obligation identified in customer contracts when the performance obligation has been satisfied by transferring services to a customer either over time or at the point in time when the customer obtains control of the service. Revenue is recognized in the amount of variable or fixed consideration allocated to the satisfied performance obligation that Victory expects to be entitled to in exchange for transferring services to a customer. Variable consideration is included in the transaction price only when it is probable that a significant reversal of such revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Investment management, fund administration and fund distribution fees are generally considered variable consideration as they are typically calculated as a percentage of AUM. Fund transfer agent fees are also considered variable consideration as they are calculated as a percentage of AUM or based on the number of accounts in the fund. In such cases, the amount of fees earned is subject to factors outside of the Company’s control including customer or underlying investor contributions and redemptions and financial market volatility. These fees are considered constrained and are excluded from the transaction price until the asset values or number of accounts on which the customer is billed are calculated and the value of consideration is measurable. The Company has contractual arrangements with third parties to provide certain advisory, administration, transfer agent and distribution services. Management considers whether we are acting as the principal service provider or as an agent to determine whether revenue should be recorded based on the gross amount payable by the customer or net of payments to third-party service providers, respectively. Victory is considered a principal service provider if we control the service that is transferred to the customer. We are considered an agent when we arrange for the service to be provided by another party and do not control the service. Investment Management Fees Investment management fees are received in exchange for investment management services that represent a series of distinct incremental days of investment management service. Control of investment management services is transferred to the customers over time as these customers receive and consume the benefits provided by these services. Investment management fees are calculated as a contractual percentage of AUM and are generally paid in arrears on a monthly or quarterly basis. Investment management fees are recognized as revenue using a time-based output method to measure progress. Revenue is recorded at month end or quarter end when the value of consideration is measured. The amount of investment management fee revenue varies from one reporting period to another as levels of AUM change (from inflows, outflows and market movements) and as the number of days in the reporting period change. The Company may waive certain fees for investment management services provided to the Victory Funds, USAA Funds and VictoryShares and may subsidize certain share classes of the Victory Funds, USAA Funds and VictoryShares to ensure that specified operating expenses attributable to such share classes do not exceed a specified percentage. These waivers and reimbursements reduce the transaction price allocated to investment management services and are recognized as a reduction to investment management fees revenue. The amounts due to the Victory Funds, USAA Funds and VictoryShares for waivers and expense reimbursements represent consideration payable to customers, which is recorded in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets, and no distinct services are received in exchange for these payments. Performance‑based investment management fees, which include fees under performance fee and fulcrum fee arrangements, are included in the transaction price for providing investment management services. Performance-based investment management fees are calculated as a percentage of investment performance on a client’s account versus a specified benchmark or hurdle based on the terms of the contract with the customer. Performance-based investment management fees are variable consideration and are recognized as revenue when it is probable that a significant reversal of the cumulative revenue for the contractual performance period will not occur. Performance-based investment management fees recognized as revenue in the current period may pertain to performance obligations satisfied in prior periods. Fund Administration Fees The Company recognizes fund administration fees as revenue using a time-based output method to measure progress. Fund administration fees are determined based on the contractual rate applied to average daily net assets of the Victory Funds, USAA Funds and VictoryShares for which administration services are provided. Revenue is recorded on a monthly basis when the value of consideration is measured using actual average daily net assets and constraints are removed. The Company has contractual arrangements with a third party to provide certain sub-administration services. We are the primary obligor under the contracts with the Victory Funds, USAA Funds and VictoryShares and have the ability to select the service provider and establish pricing. As a result, fund administration fees and sub-administration expenses are recorded on a gross basis. Fund Transfer Agent Fees The Company recognizes fund transfer agent fees using a time-based output method to measure progress. Fund transfer agent fees are determined based on the contractual rate applied to either the average daily net assets of the USAA Funds for which transfer agent services are provided or number of accounts in the USAA Funds. Revenue is recorded on a monthly basis when the value of consideration is measured using actual average daily net assets or actual number of accounts and constraints are removed. The Company has contractual arrangements with a third party to provide certain sub-transfer agent services. We are the primary obligor under the transfer agency contracts with the USAA Funds and have the ability to select the service provider and establish pricing. As a result, fund transfer agent fees and sub-transfer agent expenses are recorded on a gross basis. Fund Distribution Fees The Company receives compensation for sales and sales-related services promised under distribution contracts with the Victory Funds and USAA Funds. Revenue is measured in an amount that reflects the consideration to which the Company expects to be entitled in exchange for providing distribution services. Distribution fees are generally calculated as a percentage of average net assets in the Victory Funds and USAA Funds. The Company’s performance obligation is satisfied at the point in time when control of the services is transferred to customers, which is upon investor subscription or redemption. Based on the nature of the calculation, the revenue for these services is accounted for as variable consideration, the Company may recognize distribution fee revenue in the current period that pertains to performance obligations satisfied in prior periods, as it represents variable consideration and is recognized as uncertainties are resolved. The Company’s distribution fee revenue is recorded in fund administration and distribution fees in the unaudited Condensed Consolidated Statements of Operations. The Company has contractual arrangements with third parties to provide certain distribution services. The Company is the primary obligor under the contracts with the Victory Funds and USAA Funds and has the ability to select the service provider and establish pricing. Substantially all of the Company’s revenue is recorded gross of payments made to third parties. Costs Incurred to Obtain or Fulfill Customer Contracts The Company is required to capitalize certain costs directly related to the acquisition or fulfillment of a contract with a customer. Victory has not identified any sales-based compensation or similar costs that meet the definition of an incremental cost to acquire a contract and as such we have no intangible assets related to contract acquisitions. Direct costs incurred to fulfill services under the Company’s distribution contracts include sales commissions paid to third party dealers for the sale of Class C Shares. The Company may pay upfront sales commissions to dealers and institutions that sell Class C shares of the participating Victory Funds at the time of such sale. Upfront sales commission payments with respect to Class C shares equal 1.00% of the purchase price of the Class C shares sold by the dealer or institution. When the Company makes an upfront payment to a dealer or institution for the sale of Class C shares, the Company capitalizes the cost of such payment, which is recorded in Prepaid expenses in the unaudited Condensed Consolidated Balance Sheets and amortizes the cost over a 12-month period, the estimated period of benefit. Valuation of Assets Under Management The fair value of assets under management of the Victory Funds, USAA Funds and VictoryShares is primarily determined using quoted market prices or independent third-party pricing services or broker price quotes. In limited circumstances, a quotation or price evaluation is not readily available from a pricing service. In these cases, pricing is determined by management based on a prescribed valuation process that has been approved by the directors/trustees of the sponsored products. The same prescribed valuation process is used to price securities in separate accounts and other vehicles for which a quotation or price evaluation is not readily available from a pricing service. For the periods presented, a de minimis amount of the AUM was priced in this manner.

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions	NOTE 4. ACQUISITIONS USAA AMCO Acquisition On and effective July 1, 2019, the Company completed the USAA AMCO Acquisition, acquiring 100% of the outstanding common stock of the USAA Acquired Companies and the USAA Mutual Fund Business. The USAA AMCO Acquisition expands and diversifies the Company’s investment platform, particularly in the fixed income and solutions asset classes, and increases the Company’s size and scale. Additional products added to the Company’s investment platforms include target date and target risk strategies, managed volatility mutual funds, active fixed income ETFs, sub-advised and multi-manager equity funds. The acquisition also added to the Company’s lineup of asset allocation portfolios and smart beta equity ETFs and provided the Company the rights to offer products and services using the USAA brand and the opportunity to offer its products to USAA members through a direct member channel. Purchase Price During the first quarter of 2020, the Company received a post-closing purchase price adjustment of $0.7 million in cash from the sellers related to net working capital adjustments. We continue to evaluate the acquisition and purchase price accounting. Total consideration paid through March 31, 2020 for the USAA AMCO Acquisition was $949.4 million, comprised of $851.3 million of cash paid at closing plus the acquisition date value of contingent payments due to sellers of $98.8 million less $0.7 million in net working capital adjustments settled in the first quarter of 2020. A maximum of $150.0 million ($37.5 million per year) in contingent payments is payable to sellers based on the annual revenue of USAA Adviser attributable to all “non-managed money”-related AUM in each of the first four years following the closing. To receive any contingent payment in respect of “non-managed money”-related assets for a given year, annual revenue from “non-managed money”-related assets must be at least 80% of the revenue run-rate (as calculated under the Stock Purchase Agreement) of the USAA Adviser’s “non-managed money”-related assets under management as of the closing date, and to achieve the maximum contingent payment for a given year, such annual revenue must total at least 100% of that closing date revenue run-rate. Annual contingent payments in respect of “non-managed money”-related assets are subject to certain “catch-up” provisions set forth in the USAA Stock Purchase Agreement. The Company accounted for the acquisition in accordance with ASC 805, Business Combinations. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the USAA AMCO Acquisition. We used an independent valuation specialist to assist with the determination of fair value for certain of the acquired assets and assumed liabilities disclosed below. The excess purchase price over the estimated fair values of assets acquired and liabilities assumed of $120.6 million was recorded to goodwill in the unaudited Condensed Consolidated Balance Sheets, all of which is expected to be deductible for tax purposes. The goodwill arising from the acquisition primarily results from expected future earnings and cash flows, as well as the synergies created by the integration of the USAA Acquired Companies within our organization. The following table summarizes the estimated amounts of identified acquired assets and liabilities assumed as of the acquisition date: (in thousands) Cash and cash equivalents $ 17,473 Investment management fees receivable 25,353 Fund administration and distribution fees receivable 4,779 Other receivables and prepaid expenses 299 Property and equipment 1,165 Other intangible assets (1) 808,670 Goodwill 120,643 Accounts payable and accrued expenses (5,575 ) Accrued compensation and benefits (5,907 ) Payable to members and custodians (17,473 ) Contingent consideration payable to sellers (98,800 ) Total purchase price consideration $ 850,627 (1) The following table summarizes the change in the goodwill balance from December 31, 2019 to March 31, 2020: (in thousands) As of March 31, 2020 Balance, beginning of period $ 404,750 Goodwill recorded in acquisition — Balance, end of period $ 404,750 Contingent Consideration The fair value of contingent consideration payable to sellers at March 31, 2020 was estimated to be $113.2 million as compared to $118.7 million at December 31, 2019. The decrease in the liability of $5.5 million in the first quarter of 2020 was recorded in change in value of consideration payable for acquisition of business in the unaudited Condensed Consolidated Statements of Operations. The fair value of the USAA AMCO Acquisition contingent consideration payable was estimated using the real options method. Revenue related to “non-managed money” assets was simulated in a risk-neutral framework to calculate expected probability-weighted earn out payments, which were then discounted from the expected payment dates at the relevant cost of debt. Significant assumptions and inputs include the “non-managed money” revenue projected annual growth rate, the market price of risk, which adjusts the projected revenue growth rate to a risk-neutral expected growth rate, revenue volatility and discount rate. As of March 31, 2020, the projected annual growth rate for “non-managed money” revenue was approximately 5%. The market price of risk and revenue volatility of approximately 8% and 18%, respectively, were based on data for comparable companies. As the contingent consideration represents a subordinate, unsecured claim of the Company, we have assessed a discount rate of approximately 7.5%, which incorporates adjustments for credit risk and the subordination of the contingent consideration. Total estimated undiscounted earn out payments ranged from $130 million to $150 million, the maximum amount payable to sellers. Actual and Pro Forma Results for USAA Acquired Companies Revenue of the USAA Acquired Companies for the three months ended March 31, 2019, was as follows: Unaudited Three Months Ended (in millions) March 31, 2019 Revenue $ 117.4 Net income attributable to the USAA Acquired Companies for the three months ended March 31, 2019 is impractical to determine as the Company does not prepare discrete financial information at that level. The following Unaudited Pro Forma Condensed Combined Statements of Operations are provided for illustrative purposes only and assume that the acquisition occurred on January 1, 2018. This unaudited information should not be relied upon as indicative of historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future. The historical consolidated financial information of Victory and the USAA Acquired Companies have been adjusted to give effect to unaudited pro forma events that are directly attributable to the transaction, factually supportable and expected to have continuing impact on the combined results. These amounts have been calculated after adjusting the results of the USAA Acquired Companies to reflect additional interest expense, distribution costs, share-based compensation expense, income taxes and intangible asset amortization that would have been expensed assuming the fair value adjustments had been applied on January 1, 2018. In addition, Victory’s and the USAA Acquired Companies’ results were adjusted to remove incentive compensation, legal fees and mutual fund proxy costs directly attributable to the acquisition. Unaudited Three Months Ended (in thousands, except per share amount) March 31, 2019 Revenue $ 205.0 Net income $ 13.2 Earnings per share of common stock Basic $ 0.20 Diluted $ 0.18 Weighted average number of shares outstanding Basic 67,599 Diluted 72,376 Acquisition-Related Costs Costs related to acquisitions are summarized below and include legal and filing fees, advisory services, mutual fund proxy voting costs and other one-time expenses related to the transactions. These costs are included in acquisition-related costs in the unaudited Condensed Consolidated Statements of Operations. Acquisition-related costs Three Months Ended March 31, (in thousands) 2020 2019 USAA AMCO Acquisition $ (124 ) $ 2,586 Other 55 191 Total acquisition-related costs $ (69 ) $ 2,777 Restructuring and Integration Costs In connection with business combinations, asset purchases and changes in business strategy, the Company incurs costs integrating investment platforms, products and personnel into existing systems, processes and service provider arrangements and restructuring the business to capture operating expense synergies. The following table presents the rollforward of restructuring and integration liabilities, which are recorded in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets, for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (in millions) 2020 2019 Liability balance, beginning of period $ 3.0 $ 0.1 Integration costs-USAA AMCO 1.0 — Total restructuring and integration costs 1.0 — Settlement of liabilities (1.5 ) — Liability balance, end of period $ 2.5 $ 0.1

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 5. Fair Value Measurements The Company determines the fair value of certain financial and nonfinancial assets and liabilities. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value determinations utilize a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the fair value hierarchy contains three levels: • Level 1—Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets. • Level 2—Valuation inputs are quoted prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets and other observable inputs directly or indirectly related to the asset or liability being measured. • Level 3—Valuation inputs are unobservable and significant to the fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. The table below shows liabilities measured at fair value on a recurring basis. As of March 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Financial Liabilities Interest Rate Swap Liability $ (6,300 ) $ - $ (6,300 ) $ - Contingent Consideration Arrangements (113,200 ) - - (113,200 ) Total Financial Liabilities $ (119,500 ) $ - $ (6,300 ) $ (113,200 ) As of December 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Financial Liabilities Contingent Consideration Arrangements $ (118,700 ) $ - $ - $ (118,700 ) Total Financial Liabilities $ (118,700 ) $ - $ - $ (118,700 ) The Swap liability represents amounts owed as of March 31, 2020 under a The contingent consideration arrangement liabilities represent the USAA AMCO Acquisition estimated earn-out payment liability, which is included in consideration payable for acquisition of business in the unaudited Condensed Consolidated Balance Sheets. Refer to Note 4, Acquisitions, for further details related to the contingent consideration arrangement. Significant unobservable inputs for the option pricing model used to determine the estimated fair value of the USAA AMCO Acquisition earn-out payment liability include the “non-managed money” revenue projected growth rate, revenue volatility, market price of risk and discount rate. An increase in market price of risk, discount rate and revenue volatility results in a lower fair value for the earn-out payment liability, while an increase in the projected growth rate for “non-managed money” revenue results in a higher fair value for the earn-out payment liability. Refer to Note 4, Acquisitions, for further details related to the valuation of contingent consideration payable related to the USAA AMCO Acquisition. Changes in the fair value of the liability, realized or unrealized, are recorded in earnings and are included in change in value of consideration payable for acquisition of business in the unaudited Condensed Consolidated Statements of Operations. The following table presents the balance of the contingent consideration arrangement liabilities at December 31, 2019 and March 31, 2020, respectively. (in thousands) Contingent Consideration Liabilities Balance, December 31, 2019 $ (118,700 ) USAA AMCO change in fair value measurement 5,500 Balance, March 31, 2020 $ (113,200 ) There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy from December 31, 2019 to March 31, 2020. The Company recognizes transfers at the end of the reporting period. The net carrying value of accounts receivable and accounts payable approximates fair value due to the short‑term nature of these assets and liabilities. The fair value of our long-term debt at March 31, 2020 is considered to be its carrying value as the interest rate on the bank debt is variable and approximates current market rates. As a result, Level 2 inputs are utilized to determine the fair value of our long‑term debt. The fair value of the Company’s money market investment ($10.1 million within cash and cash equivalents), available-for-sale investments and trading securities are measured using Level 1 inputs, which are the market prices for shares in these open-end mutual funds .

Related-Party Transactions

Related-Party Transactions	3 Months Ended
Related-Party Transactions	Mar. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	NOTE 6. Related-Party Transactions The Company considers certain funds that it manages, including the Victory Funds, the USAA Funds, the VictoryShares and collective trust funds that it sponsors (the “Victory Collective Funds”), to be related parties as a result of our advisory relationship. The Company receives investment management, administrative, distribution and compliance fees in accordance with contracts that VCM and VCA have with the Victory Funds and the USAA Funds and has invested a portion of its balance sheet cash in the USAA Treasury Money Market Fund and earns interest on the amount invested in this fund. We also receive investment management fees from the VictoryShares and Victory Collective Funds under VCM’s advisory contracts with these funds and administrative fees from the VictoryShares. In addition, we receive transfer agent fees in accordance with a contract that VCTA has with the USAA Funds. The table below presents balances and transactions involving related parties included in the unaudited Condensed Consolidated Balance Sheets and unaudited Condensed Consolidated Statements of Operations. • Included in cash and cash equivalents is cash held in the USAA Treasury Money Market Fund. • Included in receivables (fund administration and distribution fees) are amounts due from the Victory Funds and USAA Funds for compliance services and amounts due from the USAA Funds for transfer agent services. • Included in revenue (fund administration and distribution fees) are amounts earned for compliance services and transfer agent services. • Realized and unrealized gains and losses and dividend income on investments in the Victory Funds classified as available-for-sale securities and investments in the Victory Funds and USAA Funds classified as trading securities and dividend income on investments in the USAA Treasury Money Market Fund are recorded in interest income and other income (expense) in the unaudited Condensed Consolidated Statements of Operations. • Amounts due to the Victory Funds, USAA Funds and VictoryShares for waivers of investment management fees and reimbursements of fund operating expenses are included in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets and represent consideration payable to customers. (in thousands) March 31, 2020 December 31, 2019 Related party assets Cash and cash equivalents $ 10,085 $ 10,060 Receivables (investment management fees) 39,722 47,872 Receivables (fund administration and distribution fees) 17,315 19,313 Investments (available-for-sale securities, fair value) 582 771 Investments (trading securities, fair value) 14,679 17,914 Total $ 82,383 $ 95,930 Related party liabilities Accounts payable and accrued expenses (fund reimbursements) $ 4,587 $ 4,316 Three Months Ended March 31, (in thousands) 2020 2019 Related party revenue Investment management fees $ 124,312 $ 53,793 Fund administration and distribution fees 57,540 13,067 Total $ 181,852 $ 66,860 Related party other (expense) income Interest income and other (expense) income $ (4,798 ) $ 1,361

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Investments	NOTE 7. Investments As of March 31, 2020 and December 31, 2019, the Company held both available-for-sale securities and trading securities. Available-for-sale investments consist entirely of seed capital investments in certain Victory Funds. Trading securities are held under a deferred compensation plan and include Victory Funds, USAA Funds and third party mutual funds. Available‑For‑Sale Securities A summary of the cost and fair value of investments classified as available-for-sale were as follows: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of March 31, 2020 $ 696 $ 4 $ (118 ) $ 582 As of December 31, 2019 696 85 (10 ) 771 Unrealized and realized gains and losses on available‑for‑sale investments are recognized in the unaudited Condensed Consolidated Statements of Operations as interest income and other income (expense). There were no sales of available-for-sale investments in the three months ended March 31, 2020 and 2019. Trading Securities A summary of the cost and fair value of investments classified as trading securities were as follows: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of March 31, 2020 $ 20,170 $ 38 $ (5,159 ) $ 15,049 As of December 31, 2019 18,670 733 (1,098 ) 18,305 Unrealized and realized gains and losses on trading securities are recorded in i nterest income and other income (expense) in the unaudited Condensed Consolidated Statements of Operations. Proceeds from sales and realized gains and losses from trading securities in the periods ended March 31 , 20 20 and 201 9 were as follows: Sale Realized (in thousands) Proceeds Gains (Losses) For the three months ended March 31, 2020 $ 1,091 $ 20 $ (46 ) For the three months ended March 31, 2019 570 2 (20 )

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8. Income Taxes The effective tax rate for the three months ended March 31, 2020 and 2019 differs from the United States federal statutory rate primarily as a result of state and local income taxes, excess tax benefits on share-based compensation, certain non-deductible expenses and for 2020, expense related to increasing the liability for unrecorded state tax benefits. For the three months ended March 31, 2020 and 2019, the provision for income taxes was $16.8 million and $4.8 million, or 22.7% and 24.9%, of pre-tax income respectively. No valuation allowance was recorded for deferred tax assets in the period ended March 31, 2020 and 2019. During the three months ended March 31, 2020, the Company recorded a liability for $0.3 million ($0.2 million net of federal benefit) for unrecognized tax benefits. The gross unrecognized tax benefits and interest and penalties of $2.2 million and $2.9 million at March 31, 2020 and December 31, 2019, respectively, are included in other liabilities in the unaudited Condensed Consolidated Balance Sheets. The Company expects that the amount of unrecognized tax benefits will change in the next 12 months; however, this change is not expected to have a material impact on the consolidated financial statements. The following table presents the changes in gross unrecognized tax benefits, excluding interest and penalties, for the three months ending March 31, 2020 and 2019. (in thousands) 2020 2019 Beginning balance $ 2,582 $ — Additions based on tax positions related to current period 280 — Reductions related to settlement of tax matters (908 ) — Ending balance $ 1,954 $ —

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	NOTE 9. Debt 2020 Debt Repricing Concurrent with the USAA AMCO Acquisition on July 1, 2019, the Company (i) entered into the 2019 Credit Agreement, (ii) repaid all indebtedness outstanding under the previous credit agreement (dated February 2018), and (iii) terminated the previous credit agreement. On January 17, 2020, we entered into the First Amendment (the “First Amendment”) to the 2019 Credit Agreement The following table summarizes the components of l ong-term debt under the 2019 Credit Agreement in the unaudited Condensed Consolidated Balance Sheets at March 31 , 20 20 and December 31, 201 9 : (in thousands) March 31, 2020 December 31, 2019 Term loan principal outstanding $ 914,000 $ 952,000 Unamortized debt issuance costs (15,907 ) (17,230 ) Unamortized debt discount (9,446 ) (10,231 ) Long-term debt, net $ 888,647 $ 924,539 The 2019 Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the first lien leverage ratio, measured as of the last day of each fiscal quarter on which outstanding borrowings under the revolving credit facility exceed 35.0% of the commitments thereunder (excluding certain letters of credit), of no greater than 3.80 to 1.00. As of March 31, 2020, there were no outstanding borrowings under the revolving credit facility and we were in compliance with our financial performance covenant. A total of $38.0 million of the outstanding term loans under the 2019 Credit Agreement was repaid in the first quarter of 2020. Refer to Note 15, Subsequent Events, for information related to term loan activity subsequent to March 31, 2020. 2020 Swap Transaction On March 27, 2020, the Company executed the Swap, a floating-to-fixed interest rate swap transaction, to effectively fix the interest rate at 3.465% on $450 million of its outstanding term loan through the term loan maturity date of July 2026. Refer to Note 14, Derivatives, for further information on the Swap. Interest Expense As of March 31, 2020, the term loans under the 2019 Credit Agreement had an interest period of one month and an interest rate of 4.02%. Including the impact of amortization of debt issuance costs and original issue discount described herein, the effective yield for term loans under the 2019 Credit Agreement as of March 31, 2020 was 4.45%. The following table summarizes the components of interest expense and other financing costs in the unaudited Condensed Consolidated Statements of Operations for the periods ended March 31, 2020 and 2019: For the Three Months Ended March 31, (in thousands) 2020 2019 Interest expense $ 10,056 $ 3,880 Amortization of debt issuance costs 781 364 Amortization of debt discount 392 146 Other 179 234 Total $ 11,408 $ 4,624

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2020
Equity [Abstract]
Equity	NOTE 10. Equity Shares Rollforward The following tables present the changes in the number of shares of common stock issued and repurchased (in thousands): Shares of Common Stock Issued Shares of Treasury Stock Class A Class B Class A Class B Balance, December 31, 2019 18,100 53,937 (1,685 ) (2,656 ) Issuance of shares 2 — — — Share conversion - Class B to A 406 (406 ) — — Repurchase of shares — — (240 ) — Vesting of restricted share grants — 719 — — Exercise of options — 288 — — Shares withheld related to net settlement of equity awards — — — (445 ) Balance, March 31, 2020 18,508 54,538 (1,925 ) (3,101 ) Shares of Common Stock Issued Shares of Treasury Stock Class A Class B Class A Class B Balance, December 31, 2018 15,281 55,284 (856 ) (2,147 ) Issuance of shares — — — — Share conversion - Class B to A 382 (382 ) — — Repurchase of shares — — (123 ) — Vesting of restricted share grants — 40 — — Exercise of options — 72 — — Shares withheld related to net settlement of equity awards — — — (29 ) Balance, March 31, 2019 15,663 55,014 (979 ) (2,176 ) Share Repurchase Program The share repurchase program authorized in 2018 for $15.0 million of the Company’s Class A common stock was completed in September 2019. In August 2019, the Company’s Board of Directors authorized the Company to repurchase up to an additional $15.0 million of the Company’s Class A common stock in the open market or in privately negotiated transactions (“2019 Share Repurchase Program”). The amount and timing of the purchases under the 2019 Share Repurchase Program will depend on a number of factors including the price and availability of the Company’s shares, trading volume, capital availability, Company performance and general economic and market conditions. The 2019 Share Repurchase Program can be suspended or discontinued at any time. As of March 31, 2020, a total of 1,925,185 shares of Class A common stock had been repurchased under the initial share repurchase program and the 2019 Share Repurchase Program at a total cost of $25.9 million for an average price of $13.46 per share. As of March 31, 2020, $4.1 million was available for future repurchases. The 2019 Share Repurchase Program expires on December 31, 2020. Quarterly Dividends Dividends paid during the three months ended March 31, 2020 included $3.4 million for the March 2020 quarterly dividend and $0.1 million in cash bonuses and distributions related to dividends previously declared upon vesting of restricted stock and stock option awards.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	NOTE 11. Share‑Based Compensation Current Period Activity During the three months ended March 31, 2020, the Company issued restricted stock awards for 276,981 shares of common stock, of which awards for 3,238 shares were fully vested on the grant date and awards for 273,743 shares vest based on service over a three year period. Stock option award and restricted stock award activity during the three months ended March 31, 2020 and 2019 was as follows: Shares Subject to Stock Option Awards Three Months Ended March 31, 2020 2019 Avg wtd Avg wtd Avg wtd Avg wtd grant-date exercise grant-date exercise fair value price Units fair value price Units Outstanding at beginning of period $ 3.83 $ 6.27 7,880,167 $ 3.79 $ 6.12 9,070,052 Forfeited 6.32 13.80 1,708 6.52 14.27 (25,160 ) Exercised 3.74 5.89 (287,565 ) 2.80 3.08 (71,652 ) Outstanding at end of the period $ 3.84 $ 6.28 7,594,310 $ 3.79 $ 6.12 8,973,240 Vested $ 3.67 $ 5.75 6,659,406 $ 3.41 $ 4.95 6,752,579 Unvested 5.04 10.05 934,904 4.94 9.69 2,220,661 Restricted Stock Awards Three Months Ended March 31, 2020 2019 Avg wtd grant- Avg wtd grant- date fair value Units date fair value Units Unvested at beginning of period $ 14.29 3,215,619 $ 13.17 2,997,856 Granted 16.62 276,981 14.97 518,385 Vested 14.14 (719,531 ) 13.15 (39,636 ) Forfeited 16.07 (2,390 ) 14.02 (367,998 ) Unvested at end of period $ 14.62 2,770,679 $ 13.37 3,108,607 Dividend Payments At March 31, 2020 and December 31, 2019, the amount of cash bonuses and distributions related to dividends previously declared on unvested and outstanding restricted share awards and stock options totaled $1.2 million and $1.3 million, respectively, which was not recorded as a liability as of the balance sheet date. A liability will be recorded for these cash bonuses and dividends when the restricted shares and options vest. Share-Based Compensation Expense The Company recorded $6.0 million and $1.5 million of share-based compensation expense in the three months ended March 31, 2020 and 2019, respectively, in personnel compensation and benefits in the unaudited Condensed Consolidated Statements of Operations.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 12. Earnings Per Share The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (in thousands except per share amounts) 2020 2019 Net income $ 57,166 $ 14,527 Shares: Basic 67,790 67,521 Plus 6,560 4,761 Diluted 74,350 72,282 Earnings per share Basic: $ 0.84 $ 0.22 Diluted: $ 0.77 $ 0.20 Outstanding instruments excluded from the computation of weighted average shares for diluted earnings per share because the effect would be anti-dilutive totaled 31 thousand and 1.4 million for the three months ended March 31, 2020 and 2019, respectively. Holders of non-vested share-based compensation awards do not have rights to receive nonforfeitable dividends on the shares covered by the awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Mar. 31, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	NOTE 13. Accumulated Other Comprehensive Loss The following table presents changes in accumulated other comprehensive loss by component for the three months ended March 31, 2020 and 2019. Available-for- Cumulative Sale Cash Flow Translation (in thousands) Securities Hedges Adjustment Total Balance, December 31, 2019 $ — $ — $ — $ — Other comprehensive loss before reclassification and tax — (6,318 ) (88 ) (6,406 ) Tax impact — 1,498 21 1,519 Net current period other comprehensive loss — (4,820 ) (67 ) (4,887 ) Balance, March 31, 2020 $ — $ (4,820 ) $ (67 ) $ (4,887 ) Balance, December 31, 2018 $ (59 ) $ — $ (27 ) $ (86 ) Other comprehensive income before reclassification and tax — — 16 16 Tax impact — — (4 ) (4 ) Net current period other comprehensive income — — 12 12 Cumulative effect of adoption of ASU 2016-01 and 2018-02 59 — 3 62 Balance, March 31, 2019 $ — $ — $ (12 ) $ (12 )

Derivatives

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 14. DERIVATIVES Interest Rate Swaps On March 27, 2020, the Company entered into the Swap to manage interest rate risk associated with a portion of its floating-rate long-term debt. The Swap has a notional amount of $450 million. The Company will pay interest at a fixed rate of interest of 3.465% and receive interest that varies with the three-month LIBOR rate. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how the Company reflects the change in fair value of the derivative instrument. A derivative qualifies for hedge accounting treatment if, at inception, it meets defined correlation and effectiveness criteria. These criteria require that the anticipated cash flows and/or changes in fair value of the hedging instrument substantially offset those of the position being hedged. The Swap is designated as a cash flow hedge. Accordingly, the Swap is measured at fair value with mark-to-market gains or losses deferred and included in accumulated other comprehensive income (loss), net of tax, to the extent the hedge is determined to be effective. Gains or losses from the Swap will be reclassified to interest expense in the same period during which the hedged transaction affects earnings. At March 31, 2020, the fair value of the interest rate swap was $6.3 million, which was included in other liabilities on the unaudited Condensed Consolidated Balance Sheets.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 15. SUBSEQUENT EVENTS Subsequent to March 31, 2020, the Company established a trading account to purchase its outstanding term loans in the open market and has bought back $31 million of outstanding term loans for a total debt reduction of $217 million since July 1, 2019. On May 11, 2020, our Board of Directors declared a quarterly cash dividend of $0.05 per share on Victory common stock. The dividend is payable on June 25, 2020, to stockholders of record on June 10, 2020.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, the consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial condition, results of operations, and cash flows for the interim periods presented. Operating results for the three month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the operations of the Company and its wholly-owned subsidiaries, after elimination of all intercompany balances and transactions. Our involvement with non-consolidated variable interest entities (“VIEs”) include sponsored investment funds and, in 2019, an equity method investment. For further discussion regarding VIEs, refer to Note 2, Significant Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2019.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements and the notes. Actual results may ultimately differ materially from those estimates. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. The global spread of COVID-19 has created significant volatility, uncertainty, and economic disruption. COVID-19 did not have a material adverse effect on our reported results for our first quarter.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted in 2020 • Derivatives and Hedging: Effective January 1, 2020, the Company early adopted Accounting Standards Update (“ASU”) 2017-12 (“ASU 2017-12”), Derivatives and Hedging (Topic 815) and ASU 2019-04, Codification Improvements to Topic 815, Derivatives and Hedging (“ASU 2019-04”). ASU 2017-12 improves and simplifies accounting rules for hedge accounting to better present the economic results of an entity’s risk management activities in its financial statements and improves the disclosures of hedging arrangements. Various provisions of ASU 2017-12 were subsequently clarified by the Financial Accounting Standards Board (“FASB”) in April 2019 through the issuance of ASU 2019-04. The Company did not have any existing hedging relationships at the time of adoption; therefore, the adoption of ASU 2017-12 and ASU 2019-04 had no impact on our consolidated financial statements. On March 27, 2020, the Company entered into an interest rate swap transaction (the “Swap”) to manage interest rate risk associated with a portion of its floating-rate long term debt (notional amount of $450 million). The Swap was designated as a cash flow hedge and the initial prospective quantitative hedge effectiveness assessment was deemed highly effective. Under ASU 2017-12, the Company has the option to perform subsequent assessments of hedge effectiveness qualitatively. The Company has elected to assess the Swap’s hedge effectiveness qualitatively and will verify and document on a quarterly basis that facts and circumstances have not changed. Recently Issued Accounting Standards • Subsequent Measurement of Goodwill: In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) (“ASU 2017-04”) which simplifies the test for goodwill impairment. ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill (step two) to measure a goodwill impairment charge. Goodwill impairment will be based upon the results of step one of the impairment test, which is defined as the excess of the carrying amount of a reporting unit over its fair value, not to exceed the carrying amount of goodwill allocated to that reporting unit. The effective date for calendar-year public business entities was January 1, 2020. Due to the Company’s status as an emerging growth company (“EGC”), the new guidance will be effective for the Company’s fiscal year that begins on January 1, 2021 and requires a prospective approach to adoption. Early adoption is permitted for interim or annual goodwill impairment tests. The impact of this new guidance will depend upon the performance of our one reporting unit and the market conditions impacting the fair value. • Leases: In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) (the “New Lease Standard”) which supersedes previous lease guidance, Accounting Standards Codification (“ASC”) Topic 840 (“ASC Topic 840”). The New Lease Standard requires lessees to recognize a right-of-use asset and a lease liability for all leases (with the exception of short-term leases) on their balance sheet at the commencement date and recognize expenses on their income statement similar to ASC Topic 840 guidance. In addition, the FASB issued ASU 2018-11, Leases Targeted Improvements, which provides a package of practical expedients for entities to apply upon adoption. The effective date for calendar-year public business entities was January 1, 2019. In November 2019, the FASB deferred the effective date of the New Lease Standard for private companies and other companies who had not yet been required to adopt the standard. Due to the Company’s EGC status, we will adopt the New Lease Standard on January 1, 2021. We have assessed and evaluated our portfolio of active real estate leases and are currently surveying our business for other leases. As outlined in our Annual Report on Form 10-K for the year ended December 31, 2019, we have approximately $23 million in undiscounted, future minimum cash commitments under net operating leases. The New Lease Standard is expected to result in a gross up on our Consolidated Balance Sheets and to have no material impact to our Consolidated Statements of Operations, our liquidity or our debt covenant compliance under our current credit agreement. • Expected Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 creates a new model for determining current expected credit losses (“CECL”) on trade and other receivables, net investments in leases, contract assets and long-term receivables. The CECL impairment model requires companies to consider the risk of loss even if it is remote and to include forecasts of future economic conditions as well as information about past events and current conditions. The effective date for calendar-year public business entities is January 1, 2020. As an EGC, the Company currently expects to adopt ASU 2016-13 on January 1, 2023. We are currently reviewing the effect of this new standard on our consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregation of Revenue by Type and Product	In accordance with the new revenue recognition standard requirements, the following table disaggregates our revenue by type and product: Three Months Ended March 31, (in thousands) 2020 2019 Investment management fees Mutual funds (Victory/USAA Funds) $ 119,514 $ 50,576 ETFs (VictoryShares) 3,162 2,016 Separate accounts and other vehicles 24,545 22,050 Performance-based fees Separate accounts and other vehicles (340 ) (231 ) Total investment management fees $ 146,881 $ 74,411 Fund administration and distribution fees Administration fees Mutual funds (Victory/USAA Funds) $ 29,610 $ 5,245 ETFs (VictoryShares) 385 270 Distribution fees Mutual funds (Victory/USAA Funds) 6,796 7,553 Transfer agent fees Mutual funds (USAA Funds) 20,749 — Total fund administration and distribution fees $ 57,540 $ 13,068 Total revenue $ 204,421 $ 87,479
Schedule of Balances of Receivables from Contracts with Customers	The following table presents balances of receivables: (in thousands) March 31, 2020 December 31, 2019 Customer receivables Mutual funds (Victory/USAA Funds) $ 54,464 $ 64,407 ETFs (VictoryShares) 1,155 1,391 Separate accounts and other vehicles 21,861 27,836 Receivables from contracts with customers 77,480 93,634 Non-customer receivables 130 1,459 Total receivables $ 77,610 $ 95,093

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
Acquisitions (Tables)	Mar. 31, 2020
Acquisitions
Schedule Of Goodwill	The following table summarizes the change in the goodwill balance from December 31, 2019 to March 31, 2020: (in thousands) As of March 31, 2020 Balance, beginning of period $ 404,750 Goodwill recorded in acquisition — Balance, end of period $ 404,750
Summary of Revenue from Acquisition	Revenue of the USAA Acquired Companies for the three months ended March 31, 2019, was as follows: Unaudited Three Months Ended (in millions) March 31, 2019 Revenue $ 117.4
Summary of Unaudited Pro Forma Information	Unaudited Three Months Ended (in thousands, except per share amount) March 31, 2019 Revenue $ 205.0 Net income $ 13.2 Earnings per share of common stock Basic $ 0.20 Diluted $ 0.18 Weighted average number of shares outstanding Basic 67,599 Diluted 72,376
Summary of Business Acquisition Related Cost	Acquisition-related costs Three Months Ended March 31, (in thousands) 2020 2019 USAA AMCO Acquisition $ (124 ) $ 2,586 Other 55 191 Total acquisition-related costs $ (69 ) $ 2,777
Summary of Rollforward of Restructuring and Integration Liabilities	The following table presents the rollforward of restructuring and integration liabilities, which are recorded in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets, for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (in millions) 2020 2019 Liability balance, beginning of period $ 3.0 $ 0.1 Integration costs-USAA AMCO 1.0 — Total restructuring and integration costs 1.0 — Settlement of liabilities (1.5 ) — Liability balance, end of period $ 2.5 $ 0.1
USAA AMCO
Acquisitions
Summary of Allocation of Purchase Price	The following table summarizes the estimated amounts of identified acquired assets and liabilities assumed as of the acquisition date: (in thousands) Cash and cash equivalents $ 17,473 Investment management fees receivable 25,353 Fund administration and distribution fees receivable 4,779 Other receivables and prepaid expenses 299 Property and equipment 1,165 Other intangible assets (1) 808,670 Goodwill 120,643 Accounts payable and accrued expenses (5,575 ) Accrued compensation and benefits (5,907 ) Payable to members and custodians (17,473 ) Contingent consideration payable to sellers (98,800 ) Total purchase price consideration $ 850,627 (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Summary of Fair Value Measured at Fair Value on Recurring Basis	The table below shows liabilities measured at fair value on a recurring basis. As of March 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Financial Liabilities Interest Rate Swap Liability $ (6,300 ) $ - $ (6,300 ) $ - Contingent Consideration Arrangements (113,200 ) - - (113,200 ) Total Financial Liabilities $ (119,500 ) $ - $ (6,300 ) $ (113,200 ) As of December 31, 2019 (in thousands) Total Level 1 Level 2 Level 3 Financial Liabilities Contingent Consideration Arrangements $ (118,700 ) $ - $ - $ (118,700 ) Total Financial Liabilities $ (118,700 ) $ - $ - $ (118,700 )
Summary of Contingent Consideration	The following table presents the balance of the contingent consideration arrangement liabilities at December 31, 2019 and March 31, 2020, respectively. (in thousands) Contingent Consideration Liabilities Balance, December 31, 2019 $ (118,700 ) USAA AMCO change in fair value measurement 5,500 Balance, March 31, 2020 $ (113,200 )

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
Related-Party Transactions (Tables)	Mar. 31, 2020
Related Party Transactions [Abstract]
Summary of Related-Party Transactions	(in thousands) March 31, 2020 December 31, 2019 Related party assets Cash and cash equivalents $ 10,085 $ 10,060 Receivables (investment management fees) 39,722 47,872 Receivables (fund administration and distribution fees) 17,315 19,313 Investments (available-for-sale securities, fair value) 582 771 Investments (trading securities, fair value) 14,679 17,914 Total $ 82,383 $ 95,930 Related party liabilities Accounts payable and accrued expenses (fund reimbursements) $ 4,587 $ 4,316 Three Months Ended March 31, (in thousands) 2020 2019 Related party revenue Investment management fees $ 124,312 $ 53,793 Fund administration and distribution fees 57,540 13,067 Total $ 181,852 $ 66,860 Related party other (expense) income Interest income and other (expense) income $ (4,798 ) $ 1,361

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2020
Available For Sale Securities
Gain (Loss) on Securities [Line Items]
Summary of Cost and Fair Value of Investments	A summary of the cost and fair value of investments classified as available-for-sale were as follows: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of March 31, 2020 $ 696 $ 4 $ (118 ) $ 582 As of December 31, 2019 696 85 (10 ) 771
Trading Securities
Gain (Loss) on Securities [Line Items]
Summary of Cost and Fair Value of Investments	A summary of the cost and fair value of investments classified as trading securities were as follows: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of March 31, 2020 $ 20,170 $ 38 $ (5,159 ) $ 15,049 As of December 31, 2019 18,670 733 (1,098 ) 18,305
Summary of Proceeds and Realized Gains and Losses	Proceeds from sales and realized gains and losses from trading securities in the periods ended March 31 , 20 20 and 201 9 were as follows: Sale Realized (in thousands) Proceeds Gains (Losses) For the three months ended March 31, 2020 $ 1,091 $ 20 $ (46 ) For the three months ended March 31, 2019 570 2 (20 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Changes in Gross Unrecognized Tax Benefits Excluding Interest And Penalties	The following table presents the changes in gross unrecognized tax benefits, excluding interest and penalties, for the three months ending March 31, 2020 and 2019. (in thousands) 2020 2019 Beginning balance $ 2,582 $ — Additions based on tax positions related to current period 280 — Reductions related to settlement of tax matters (908 ) — Ending balance $ 1,954 $ —

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Components of Long-Term Debt	(in thousands) March 31, 2020 December 31, 2019 Term loan principal outstanding $ 914,000 $ 952,000 Unamortized debt issuance costs (15,907 ) (17,230 ) Unamortized debt discount (9,446 ) (10,231 ) Long-term debt, net $ 888,647 $ 924,539
Schedule of Components of Interest Expense and Other Financing Costs	For the Three Months Ended March 31, (in thousands) 2020 2019 Interest expense $ 10,056 $ 3,880 Amortization of debt issuance costs 781 364 Amortization of debt discount 392 146 Other 179 234 Total $ 11,408 $ 4,624

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 31, 2020
Equity [Abstract]
Schedule of Changes in Number of Shares of Common Stock Issued and Repurchased	The following tables present the changes in the number of shares of common stock issued and repurchased (in thousands): Shares of Common Stock Issued Shares of Treasury Stock Class A Class B Class A Class B Balance, December 31, 2019 18,100 53,937 (1,685 ) (2,656 ) Issuance of shares 2 — — — Share conversion - Class B to A 406 (406 ) — — Repurchase of shares — — (240 ) — Vesting of restricted share grants — 719 — — Exercise of options — 288 — — Shares withheld related to net settlement of equity awards — — — (445 ) Balance, March 31, 2020 18,508 54,538 (1,925 ) (3,101 ) Shares of Common Stock Issued Shares of Treasury Stock Class A Class B Class A Class B Balance, December 31, 2018 15,281 55,284 (856 ) (2,147 ) Issuance of shares — — — — Share conversion - Class B to A 382 (382 ) — — Repurchase of shares — — (123 ) — Vesting of restricted share grants — 40 — — Exercise of options — 72 — — Shares withheld related to net settlement of equity awards — — — (29 ) Balance, March 31, 2019 15,663 55,014 (979 ) (2,176 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
Share-Based Compensation (Tables)	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Activity Related to Stock Options Awards, Restricted Stock Awards	Stock option award and restricted stock award activity during the three months ended March 31, 2020 and 2019 was as follows: Shares Subject to Stock Option Awards Three Months Ended March 31, 2020 2019 Avg wtd Avg wtd Avg wtd Avg wtd grant-date exercise grant-date exercise fair value price Units fair value price Units Outstanding at beginning of period $ 3.83 $ 6.27 7,880,167 $ 3.79 $ 6.12 9,070,052 Forfeited 6.32 13.80 1,708 6.52 14.27 (25,160 ) Exercised 3.74 5.89 (287,565 ) 2.80 3.08 (71,652 ) Outstanding at end of the period $ 3.84 $ 6.28 7,594,310 $ 3.79 $ 6.12 8,973,240 Vested $ 3.67 $ 5.75 6,659,406 $ 3.41 $ 4.95 6,752,579 Unvested 5.04 10.05 934,904 4.94 9.69 2,220,661 Restricted Stock Awards Three Months Ended March 31, 2020 2019 Avg wtd grant- Avg wtd grant- date fair value Units date fair value Units Unvested at beginning of period $ 14.29 3,215,619 $ 13.17 2,997,856 Granted 16.62 276,981 14.97 518,385 Vested 14.14 (719,531 ) 13.15 (39,636 ) Forfeited 16.07 (2,390 ) 14.02 (367,998 ) Unvested at end of period $ 14.62 2,770,679 $ 13.37 3,108,607

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2020
Earnings Per Share [Abstract]
Summary of Reconciliation of Basic Earnings Per Share and Diluted Earnings Per Share	The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (in thousands except per share amounts) 2020 2019 Net income $ 57,166 $ 14,527 Shares: Basic 67,790 67,521 Plus 6,560 4,761 Diluted 74,350 72,282 Earnings per share Basic: $ 0.84 $ 0.22 Diluted: $ 0.77 $ 0.20

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Mar. 31, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income/(Loss) by Component	The following table presents changes in accumulated other comprehensive loss by component for the three months ended March 31, 2020 and 2019. Available-for- Cumulative Sale Cash Flow Translation (in thousands) Securities Hedges Adjustment Total Balance, December 31, 2019 $ — $ — $ — $ — Other comprehensive loss before reclassification and tax — (6,318 ) (88 ) (6,406 ) Tax impact — 1,498 21 1,519 Net current period other comprehensive loss — (4,820 ) (67 ) (4,887 ) Balance, March 31, 2020 $ — $ (4,820 ) $ (67 ) $ (4,887 ) Balance, December 31, 2018 $ (59 ) $ — $ (27 ) $ (86 ) Other comprehensive income before reclassification and tax — — 16 16 Tax impact — — (4 ) (4 ) Net current period other comprehensive income — — 12 12 Cumulative effect of adoption of ASU 2016-01 and 2018-02 59 — 3 62 Balance, March 31, 2019 $ — $ — $ (12 ) $ (12 )

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($)	Mar. 27, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Future minimum cash commitments under operating leases		$ 23,000,000
Interest Rate Swap
Significant Accounting Policies [Line Items]
Notional amount	$ 450,000,000

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Type and Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of revenue
Total revenue	$ 204,421	$ 87,479
Investment Management Fees
Disaggregation of revenue
Total revenue	146,881	74,411
Investment Management Fees \| Mutual Funds
Disaggregation of revenue
Total revenue	119,514	50,576
Investment Management Fees \| ETF's
Disaggregation of revenue
Total revenue	3,162	2,016
Investment Management Fees \| Separate Accounts and Other Vehicles
Disaggregation of revenue
Total revenue	24,545	22,050
Performance-based Investment Fees \| Separate Accounts and Other Vehicles
Disaggregation of revenue
Total revenue	(340)	(231)
Administration Fees \| Mutual Funds
Disaggregation of revenue
Total revenue	29,610	5,245
Administration Fees \| ETF's
Disaggregation of revenue
Total revenue	385	270
Fund Distribution Fees \| Mutual Funds
Disaggregation of revenue
Total revenue	6,796	7,553
Transfer Agent Fees \| Mutual Funds
Disaggregation of revenue
Total revenue	20,749
Fund Administration and Distribution Fees
Disaggregation of revenue
Total revenue	$ 57,540	$ 13,068

Revenue - Schedule of Balances

Revenue - Schedule of Balances of Receivables from Contracts with Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Disaggregation of revenue
Receivables from contracts with customers	$ 77,480	$ 93,634
Non-customer receivables	130	1,459
Total receivables	77,610	95,093
Mutual Funds
Disaggregation of revenue
Receivables from contracts with customers	54,464	64,407
ETF's
Disaggregation of revenue
Receivables from contracts with customers	1,155	1,391
Separate Accounts and Other Vehicles
Disaggregation of revenue
Receivables from contracts with customers	$ 21,861	$ 27,836

Revenue - Additional Informatio

Revenue - Additional Information (Details)	3 Months Ended
Revenue - Additional Information (Details)	Mar. 31, 2020
Class C
Disaggregation of revenue
Upfront sales commission percentage	1.00%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($)	Jul. 01, 2019	Mar. 31, 2020	Dec. 31, 2019
Acquisitions
Contingent consideration liability		$ 113,200,000	$ 118,700,000
Goodwill		404,750,000	$ 404,750,000
Decrease in contingent consideration liability		$ 5,500,000
Percentage of projected annual growth rate for non managed money revenue		5.00%
Percentage of market price risk		8.00%
Percentage of revenue volatility		18.00%
Discount rate		7.50%
Minimum
Acquisitions
Estimated undiscounted earn out payments		$ 130,000,000
Maximum
Acquisitions
Estimated undiscounted earn out payments		150,000,000
USAA AMCO
Acquisitions
Percentage of outstanding common stock acquired	100.00%
Working capital adjustment	$ 700,000	700,000
Total consideration	949,400,000
Payments to acquire business	851,300,000
Contingent consideration liability	98,800,000
Maximum aggregate contingent payment	150,000,000
Maximum annual contingent payment	$ 37,500,000
Period of time over which contingent payments will be made	4 years
Contingent consideration threshold percentage	80.00%
Annual revenue percentage requirement to achieve the maximum contingent payment	100.00%
Goodwill	$ 120,643,000	120,600,000
Decrease in contingent consideration liability		$ (5,500,000)

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jul. 01, 2019
Acquisitions
Goodwill	$ 404,750	$ 404,750
Contingent consideration payable to sellers	(113,200)	$ (118,700)
USAA AMCO
Acquisitions
Cash and cash equivalents			$ 17,473
Investment management fees receivable			25,353
Fund administration and distribution fees receivable			4,779
Other receivables and prepaid expenses			299
Property and equipment			1,165
Other intangible assets			808,670
Goodwill	$ 120,600		120,643
Accounts payable and accrued expenses			(5,575)
Accrued compensation and benefits			(5,907)
Payable to members and custodians			(17,473)
Contingent consideration payable to sellers			(98,800)
Total purchase price consideration			$ 850,627

Acquisitions - Summary of All_2

Acquisitions - Summary of Allocation of Purchase Price (Parenthetical) (Details) - USAA AMCO $ in Thousands	Jul. 01, 2019USD ($)
Acquisitions
Other intangible assets, net	$ 808,670
Trade Name
Acquisitions
Other intangible assets, net	38,200
Lease-Related Assets
Acquisitions
Other intangible assets, net	400
Investment Advisory Contracts
Acquisitions
Other intangible assets, net	750,200
Transfer Agent Contracts
Acquisitions
Other intangible assets, net	19,100
Distribution Contracts
Acquisitions
Other intangible assets, net	$ 800

Acquisitions - Summary of Chang

Acquisitions - Summary of Change in Goodwill Balance (Details) $ in Thousands	Mar. 31, 2020USD ($)
Changes in the goodwill balance
Balance, beginning of period	$ 404,750
Balance, end of period	$ 404,750

Acquisitions - Summary of Reven

Acquisitions - Summary of Revenue from Acquisition (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Acquisitions
Revenue	$ 205,000
USAA AMCO
Acquisitions
Revenue	$ 117,400,000

Acquisitions - Summary of Unaud

Acquisitions - Summary of Unaudited Pro Forma Information (Details) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Business Combinations [Abstract]
Revenue \| $	$ 205,000
Net income \| $	$ 13,200
Basic \| $ / shares	$ 0.20
Diluted \| $ / shares	$ 0.18
Basic \| shares	67,599
Diluted \| shares	72,376

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquisition Related Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Acquisitions
Acquisition-related costs	$ (69)	$ 2,777
USAA AMCO
Acquisitions
Acquisition-related costs	(124)	2,586
Other
Acquisitions
Acquisition-related costs	$ 55	$ 191

Acquisitions - Summary of Rollf

Acquisitions - Summary of Rollforward of Restructuring and Integration Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Rollforward of restructuring and integration liabilities
Liability balance, beginning of period	$ 3,000	$ 100
Restructuring and integration costs	998
Settlement of liabilities	(1,500)
Liability balance, end of period	2,500	100
USAA AMCO
Rollforward of restructuring and integration liabilities
Integration costs-USAA AMCO	$ 1,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial Liabilities
Interest Rate Swap Liability	$ (6,300)
Contingent Consideration Arrangements	(113,200)	$ (118,700)
Total Financial Liabilities	(119,500)	(118,700)
Level 2
Financial Liabilities
Interest Rate Swap Liability	(6,300)
Total Financial Liabilities	(6,300)
Level 3
Financial Liabilities
Contingent Consideration Arrangements	(113,200)	(118,700)
Total Financial Liabilities	$ (113,200)	$ (118,700)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 27, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers between levels		$ 0	$ 0
Cash and Cash Equivalents \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value		$ 10,100,000
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional amount	$ 450,000,000
Rate of interest	3.465%

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Contingent Consideration Arrangement Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ (118,700)
Change in fair value of contingent consideration obligations	(5,500)
Ending balance	(113,200)
USAA AMCO
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value of contingent consideration obligations	$ 5,500

Related-Party Transactions - Su

Related-Party Transactions - Summary of Related-Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related party assets
Cash and cash equivalents	$ 37,130		$ 37,121
Related party revenue
Total revenue	204,421	$ 87,479
Investment Management Fees
Related party revenue
Total revenue	146,881	74,411
Fund Administration and Distribution Fees
Related party revenue
Total revenue	57,540	13,068
VCH
Related party assets
Cash and cash equivalents	10,085		10,060
Receivables (investment management fees)	39,722		47,872
Receivables (fund administration and distribution fees)	17,315		19,313
Investments (available-for-sale securities, fair value)	582		771
Investments (trading securities, fair value)	14,679		17,914
Total	82,383		95,930
Related party liabilities
Accounts payable and accrued expenses (fund reimbursements)	4,587		$ 4,316
Related party revenue
Total revenue	181,852	66,860
Related party other (expense) income
Interest income and other (expense) income	4,798	(1,361)
VCH \| Investment Management Fees
Related party revenue
Total revenue	124,312	53,793
VCH \| Fund Administration and Distribution Fees
Related party revenue
Total revenue	$ 57,540	$ 13,067

Investments - Summary of Cost a

Investments - Summary of Cost and Fair Value of Investments Classified as Available-for-sale (Details) - Available For Sale Securities - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Cost	$ 696	$ 696
Gross Unrealized Gains	4	85
Gross Unrealized (Losses)	(118)	(10)
Available-for-sale securities, at fair value	$ 582	$ 771

Investments - Summary of Cost_2

Investments - Summary of Cost and Fair Value of Investments Classified as Trading Securities (Details) - Trading Securities - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost	$ 20,170	$ 18,670
Gross Unrealized Gains	38	733
Gross Unrealized (Losses)	(5,159)	(1,098)
Trading securities, at fair value	$ 15,049	$ 18,305

Investments - Summary of Procee

Investments - Summary of Proceeds and Realized Gains and Losses Classified as Trading Securities (Details) - Trading Securities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Proceeds and realized gains and losses recognized
Sale Proceeds	$ 1,091	$ 570
Realized Gains	20	2
Realized (Losses)	$ (46)	$ (20)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Taxes [Line Items]
Income Tax Expense (Benefit)	$ 16,823	$ 4,807
Federal income tax at U.S. statutory rate	22.70%	24.90%
Valuation allowance, deferred tax assets	$ 0	$ 0
Unrecognized tax benefits	300
Unrecognized tax benefits, net of federal benefit	200
Other Liabilities
Income Taxes [Line Items]
Accrual for interest and penalties	$ 2,200		$ 2,900

Income Taxes - Schedule of Chan

Income Taxes - Schedule of Changes in Gross Unrecognized Tax Benefits Excluding Interest and Penalties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Beginning balance	$ 2,582
Additions based on tax positions related to current period	280
Reductions related to settlement of tax matters	(908)
Ending balance	$ 1,954

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Mar. 27, 2020	Jan. 17, 2020	Jul. 01, 2019	Mar. 31, 2020
Interest Rate Swap
Debt Instrument [Line Items]
Base Spread (as a percent)	3.465%
Notional amount	$ 450,000,000
Repriced Term Loans
Debt Instrument [Line Items]
Principal amount		$ 952,000
Debt maturity date		2026-07
Debt instrument interest rate description		Repriced Term Loans provide for a reduced applicable margin on LIBOR of 75 basis points.
Basis spread on variable rate, increase (decrease)		0.075%
Repriced Term Loans \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Base Spread (as a percent)		2.50%
Term Loans
Debt Instrument [Line Items]
Repayments of debt				$ 38,000
Term Loans \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Base Spread (as a percent)		3.25%
Credit Agreement
Debt Instrument [Line Items]
Maximum percentage of borrowings for revolving credit facility as a percent of total commitments			35.00%
Maximum first lien leverage ratio on last day of quarter (as a percent)			380.00%
Average effective interest rate (as a percent)				4.02%
Effective interest rate (as a percent)				4.45%
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowing				$ 0

Debt - Schedule of Components o

Debt - Schedule of Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (15,907)	$ (17,230)
Unamortized debt discount	(9,446)	(10,231)
Long-term debt, net	888,647	924,539
Term Loans
Debt Instrument [Line Items]
Principal outstanding	$ 914,000	$ 952,000

Debt - Schedule of Components_2

Debt - Schedule of Components of Interest Expense and Other Financing Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Disclosure [Abstract]
Interest expense	$ 10,056	$ 3,880
Amortization of debt issuance costs	781	364
Amortization of debt discount	392	146
Other	179	234
Total	$ 11,408	$ 4,624

Equity - Schedule of Changes in

Equity - Schedule of Changes in Number of Shares of Common Stock Issued and Repurchased (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Common Stock \| Class A
Balance at beginning of period (in shares)	18,100	15,281
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares	2
Share conversion - Class B to A	406	382
Balance at end of period (in shares)	18,508	15,663
Common Stock \| Class B
Balance at beginning of period (in shares)	53,937	55,284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share conversion - Class B to A	(406)	(382)
Vesting of restricted share grants	719	40
Exercise of options	288	72
Balance at end of period (in shares)	54,538	55,014
Treasury Stock \| Class A
Balance at beginning of period (in shares)	(1,685)	(856)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares	(240)	(123)
Balance at end of period (in shares)	(1,925)	(979)
Treasury Stock \| Class B
Balance at beginning of period (in shares)	(2,656)	(2,147)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld related to net settlement of equity awards	(445)	(29)
Balance at end of period (in shares)	(3,101)	(2,176)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Aug. 31, 2019	Dec. 31, 2018
Number of shares acquired	1,925,185
Average cost of acquired shares (in dollars per share)	$ 13.46
Cost of acquired shares	$ 25.9
Remaining authorized amount for share repurchase program	4.1
Dividends paid	3.4
Special dividends paid	$ 0.1
Class A
Authorized amount for share repurchase program		$ 15	$ 15

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of cash bonuses and distributions related to all dividends previously declared on unvested shares	$ 0.1
Stock based compensation expense	$ 6	$ 1.5
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted	276,981	518,385
Restricted Shares \| Vested Immediately
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted	3,238
Restricted Shares \| Three Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted	273,743
Vesting period from grant date	3 years
Stock Options and Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of cash bonuses and distributions related to all dividends previously declared on unvested shares	$ 1.2	$ 1.3

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Activity Related to Stock Options Awards, Restricted Stock Awards (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Options
Avg wtd grant-date fair value
Outstanding at beginning of period	$ 3.83	$ 3.79
Forfeited	6.32	6.52
Exercised	3.74	2.80
Outstanding at end of the period	3.84	3.79
Vested	3.67	3.41
Unvested	5.04	4.94
Avg wtd exercise price
Outstanding at beginning of period	6.27	6.12
Forfeited	13.80	14.27
Exercised	5.89	3.08
Outstanding at end of the period	6.28	6.12
Vested	5.75	4.95
Unvested	$ 10.05	$ 9.69
Units
Outstanding at beginning of period	7,880,167	9,070,052
Reversal of Forfeited	1,708
Forfeited		(25,160)
Exercised	(287,565)	(71,652)
Outstanding at end of the period	7,594,310	8,973,240
Vested	6,659,406	6,752,579
Unvested	934,904	2,220,661
Restricted Shares
Avg wtd grant-date fair value
Unvested at beginning of period	$ 14.29	$ 13.17
Granted	16.62	14.97
Vested	14.14	13.15
Forfeited	16.07	14.02
Unvested at end of period	$ 14.62	$ 13.37
Units
Unvested at beginning of period	3,215,619	2,997,856
Granted	276,981	518,385
Vested	(719,531)	(39,636)
Forfeited	(2,390)	(367,998)
Unvested at end of period	2,770,679	3,108,607

Earnings Per Share - Summary of

Earnings Per Share - Summary of Reconciliation of Basic Earnings Per Share and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share Reconciliation [Abstract]
Net income	$ 57,166	$ 14,527
Shares:
Basic: Weighted average number of shares outstanding	67,790	67,521
Plus: Incremental shares from assumed conversion of dilutive instruments	6,560	4,761
Diluted: Weighted average number of shares outstanding	74,350	72,282
Earnings per share
Basic:	$ 0.84	$ 0.22
Diluted:	$ 0.77	$ 0.20

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Number of shares excluded from the computations of weighted average shares for diluted earnings per share because the effects would be anti dilutive	31	1,400

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ 537,871	$ 455,548
Total other comprehensive (loss) income, net of tax	(4,887)	12
Balance at end of period	581,080	470,165
Available-for-sale Securities
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period		(59)
Cumulative effect of adoption of ASU 2016-01 and 2018-02		59
Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive loss before reclassification and tax	(6,318)
Tax impact	1,498
Total other comprehensive (loss) income, net of tax	(4,820)
Balance at end of period	(4,820)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period		(27)
Other comprehensive loss before reclassification and tax	(88)	16
Tax impact	21	(4)
Total other comprehensive (loss) income, net of tax	(67)	12
Cumulative effect of adoption of ASU 2016-01 and 2018-02		3
Balance at end of period	(67)	(12)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period		(86)
Other comprehensive loss before reclassification and tax	(6,406)	16
Tax impact	1,519	(4)
Total other comprehensive (loss) income, net of tax	(4,887)	12
Cumulative effect of adoption of ASU 2016-01 and 2018-02		62
Balance at end of period	$ (4,887)	$ (12)

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($)	Mar. 27, 2020	Mar. 31, 2020
Derivative [Line Items]
Fair value of interest rate swap		$ 6,300,000
Other Liabilities
Derivative [Line Items]
Fair value of interest rate swap		$ 6,300,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 450,000,000
Rate of interest	3.465%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	May 11, 2020	Mar. 31, 2020	May 08, 2020
Subsequent Event [Line Items]
Dividends declared per share of common stock		$ 0.05
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of common stock	$ 0.05
Dividends, date of declared	May 11, 2020
Dividends payable date	Jun. 25, 2020
Dividends payable, date of record	Jun. 10, 2020
Term Loans
Subsequent Event [Line Items]
Repayments of debt		$ 38,000
Term Loans \| Subsequent Event
Subsequent Event [Line Items]
Outstanding debt bought back amount			$ 31,000,000
Repayments of debt			$ 217,000,000