Earnings call transcript Q4 2022

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Operator

Good morning, and welcome to the Victory Capital Fourth Quarter and Full Year 2022 Earnings Conference Call. All callers are in a listen-only mode.

Following the company's prepared remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Mr. Staff of of Relations. Chief Dennis, and Investor Director Matthew Please Mr. go ahead, Dennis.

Matthew Dennis

you. Thank

a those note call. actual from list that over turn Brown, risk that today's may factors differ I to the to Capital statements. the remind results differ duty results our not during forward-looking make of Please we to call, materially Before SEC Victory Capital's and call today's forward-looking of may conference undertake to filings Please some you expressed materially assumes to David no any number statements. of like from these for I actual would Victory update could cause on statements. a does that any obligation refer

market in non-GAAP enhance our can are GAAP measures this closed yesterday of GAAP release comparable on measures press slide which at presentation portion business of these Our our ir.vcm.com. are disclosed in non-GAAP financial the non-GAAP call, the website measures We and found included press accompanying both of the and believe available tables the the understanding that Reconciliations between release and our most and Relations the Investor that be was performance. after results. both our in earnings issued

pleasure and my turn CEO. now to to Chairman over It's David? the David Brown, call

David Brown

Administrative joined Thanks, Staff Relations. well Matt. as of I'm Policarpo, of XXXX by Investor today Good our Financial Officer; call. morning, Dennis, and conference Michael and welcome President, to Director quarter Victory Capital's as earnings third and Chief our Matt Chief

to Mike results review Then investment over period. of turn by Then and today full quarter detail. performance, be I in to year to I strong. cover start call an will will financial overview our the very the greater the I'll providing which continues the

will I, take Following questions. available and to prepared remarks, Mike, your Matt be our

year-over-year drove year the a assets asset The and fixed Slide The XXXX for markets both in overview with income equity lower asset industry and across history quarterly begins most on declines operating disruptions was X. classes revenue industry. in margins. levels significantly the business management wide

progress are our and the we strategy not our step reported the long last and I long-term market and company of strategic backdrop, year, out review objectives start like range each to very our in goals. achieved take the measurable we and against At While the have several the view end a pleased immune of At results I with we back and to each key we laid year, progress of tangible area. night. am

and strategic data, that, in continue are make As pay these year investments to that technology, part of and hiring, the investments and to are beginning back. we marketing distribution we us during seeing

$XX.X were A our higher long-term of for period XXXX XX% billion quarter The in generated record of good a of in $X.X gross this which is gross than the billion gross billion in $XX.X long-term flows and flows any than history. gross the quarter higher high fourth XX% XXXX example achieved flows fourth in XXXX in long-term is flows XXXX. long-term in

areas business. in a can where of our we meaningful reinforce results These investing impact our on strategy make

to beginning were Our action and negative market we to of $X.X negative beginning billion year assets the the the of long-term during since the flows year. in X.X% under only net year of which pales equates of comparison experienced $XX more the billion management than the

XXXX our distribution harvesting, materially capital have clients quarter. at our To-date net flows experienced to gain, fourth a pace quarter, the elevated. fourth business long-term of pivoting positions reasons an long-term including and were the tax a number risk outflows few. name selling across loss, improved to accelerated avoidance, off We for Specific assets in from net to

was in a which representation XX.X% million defensibility Operating a of in during EBITDA margin exceeded our is XXXX volatile of long-term million our XXXX. year good $XXX in rose X% $XXX XXXX very to year. margin from XX% adjusted income guidance Full and

for or $X.XX $X.XX XXXX. income share and net of tax Adjusted benefit was all in the per share diluted per dilute quarter

our accelerated return We in total our in to we were continue second We XXXX. million of to in than In time, share of the $XXX repurchases same reduce in capital times in increase shareholders three returned flexibility. shareholders, year. which million more our opportunistic to to returned At capital to the half $XX balance was continued debt the more the than we sheet capital XXXX. which

of cash the quarter. quarterly flow generation, our of cash declared in on Based dividend outlook our positive XX% this excess Board an increase

to in offerings included These enhancing continued available of can talent, hire have our as and business, aspects have our data our technology for marketing, of use the investors. business products the we in investing in make all areas to expanding continuing new service the impacts. that distribution, capabilities, our expanding well as investments Additionally, greatest direct in

their in are in people, industry many we cutting While capital platform allocated their the not. to and invest are

XXXX invest we at and XX%. same continuing have steady of our to the in we'll We maintained years, pace maintaining also same adjusted hire long-term few guidance last while margin the thing over are do the and EBITDA

from ETFs. in and Turning for see XX% our had XX the These with and behalf funds its funds ETFs final or five you investment on strong can five four four X, performance of mutual ratings deliver AUM and overall clients products has Slide stars throughout Morningstar. the or mutual quarter. star of our continued to we with year We account

for XX% XX-year of benchmarks total the and of outperformed approximately periods three, Additionally, measurement five, as AUM yearend. our

with seven During the platform Advisors our WestEnd year, new franchise secured placements firms.

expand increase more also account which Model sets underlying the experienced Year. New growth flagship utilizing of being platform, This clients LPL models. products Portfolios XX% of added to for strong the many three WestEnd's WestEnd LPL's start advisors a is XXXX first WestEnd's during opening number Wealth off is organic foundation platform we for to advisors. as these with the solid new advisors a addition, with In of their than new

distribution rotation outperforming back from products USAA the benefit standpoint performance income. well over into very also The are our an income fixed secured have we shelf very We last fixed us well the space positioned has to from increased Keep offering investments available investment and more and product for to a capture fixed investors as market share perspective, from funds, reallocate back have we franchise in separate this franchise. years, to accounts, mind, for income. ETFs few mutual positioned

conditions, was Turning X.X allocating the repurchases to than of We cash year, Slide during repurchases to price generation higher more during prior the year. excess years. full market significantly specifically the due to given X. million pivoted remained flow VCTR. free strong share quarter Share Cash flow to fourth which our totaled in of and and shares equity

continue dividend. did our to we growing we debt Additionally, maintained and reduce ancillary cash

slide on chart of The right this allocations. the respective XXXX capital year full illustrates

capital maintain strategically growth, to at excess sheet capital deploying included intend flexibility shareholder the Our allocate creation. rewarding shareholders time We earnings appreciation, balance capital maximize strategy flexibility, and returns. and same to with support, value while long-term capital

As conduct selective. diligence we served and This we has well continue to time. on over remain approach acquisition us opportunities, patient

are a and hard work number shareholders. opportunities and our business continuing outcome to our for a We of will positive believe evaluate our yield for patience and

Jackson We new States forward look Board. after contributions we welcomed leadership addition independent Vice end, year We Admiral for retired United to to to more a and Mary serving her company. board. corporate Vice subsequent as Jackson to director Admiral new the three our of decades. the Navy the a announce Lastly, than

it quarter's Mike over more will financials. I With that, to Mike? details turn for on the

Michael Policarpo

actions the the Slide Dave average of market as $XXX positive rebounded during final in the Thanks X% more the billion December. the decline in morning to good AUM on was the in AUM despite higher the billion the quarter financial million or X% $XX end was of The year's review with in results quarter. Revenue in quarter of at increased billion up and which quarter the everyone. consistent begins fourth point-to-point was quarter, XX. $X.X third by This driven AUM. markets Total $XXX X% than

in $XXX and Full XXXX. year for income $XXX $XX.X was attributable all and compares recent million acquisitions. million year-over-year increase million the in XXXX fourth for GAAP for million our change year million. period. revenue the in of quarter income $XXX non-cash of full consideration with last to in same the value the On $XX.X operating The basis a was This quarter is namely items, year, operating contingent

and was EBITDA the for million million $XXX in quarter the fourth $XXX year. Adjusted

margin Our EBITDA the for in full margins in the sector. income per have held and with quarter $XX.X up quarter or fourth $X.XX XX.X% year. and share our the was better share in than Adjusted XX.X% most tax was companies per $XXX.X million all Adjusted diluted year. in net diluted or $X.XX million benefit the full

through that returned capital repurchases allocation, million the shareholders to amount to fourth dividends. shareholders $XX of with record at we capital in returned during $XX In and year. the we a of million $XX quarter, Looking million share

XXth to quarterly on we cash per shareholders that be $X.XX share, on XX% Lastly, and our March of will March to XXth. increased record by dividend payable

On AUM well XX, has diversification market see end us you distribution in year billion from Slide at the current can remains the perspective. diversified This $XXX the and of volatile channel served of client total a well environment.

Victory fourth we've XX, fourth reported flows ninth a long-term Slide quarter of $X.X a $XX.X gross period. quarter new year business. to billion, was flows ETF Shares net marked of positive flows Sycamore, the the positive for quarter fourth also Global, for flows the had which for net Full and RS long-term Turning ever each gross our quarter, highest Advisors, Sophus, were and in record. WestEnd the XXXX represented billion consecutive

model will sales of We a also product number earned that during activity. support XXXX recommendations future allocations and

trivalent of Strategic intermediate shares ETF the Fidelity to Advisors For bond respectively models. and its USAA and example, Edward growth Jones added to one model made term RS allocations and Schwab core Victory

Morgan was the was addition, LPL. Third And both Saterra to Bank market recommended neutral Lynch, Fidelity Stanley, added income added and lists and Merrill LPL. In this our at Fifth [ph], models fund at to

points One make our quarter. is illustrates note revenue held nicely in XX rate up on and was our basis slide quarter. by this fee Slide XX.X the to

AUM to expense On in restructuring a related XX.X% recorded acquisition, compensation and to the from our acquisitions expenses. percentage Slide designed due with at basis, contingent and our in an of variable out cash in which non-cash as steady revenue. and XX, million On expenses held $XX.X as a expenses increase primarily consideration operating recent of increased revenue value change calibrated break we our integration

XX, the income the in with diluted adjusted on with associated our of per $XX.X incremental $X.XX non-GAAP quarter. the in $XX.X net ANI tax to the million $X.X Slide payment million, was tax on or in earnout benefit increased fourth million to million $XX The the QX. quarter was made USAA payment results benefit share. tax benefit of third Moving reflecting

continued We're investments margin for opening quarter. in our Dave no EBITDA came of changes growth guidance highlighted XXXX, numerous the in making his our XX% to in in inclusive adjusted which is Our in that at maintaining very initiatives XX.X% areas of strong our support long-term remarks.

through turning by Slide We ratio our times. debt was during leverage year purchases and year XX, $XXX in million open net at the the Lastly, repayments market. to end X.X reduced

the reducing have we a that debt As are portion we hedged at rate. debt the of $XXX reminder, million of our interest and floating not X.XX%

$XXX cash In the from million was addition, in undrawn. revolver fourth GAAP quarter. million flow operating remains $XX.X our operations

over That back the it concludes prepared our for remarks. I operator questions. now turn will to

Operator

Instructions] Craig Bank comes Siegenthaler America. [Operator first Our question from of with

Craig Siegenthaler

Dave. Michael, both hope well. morning, Good you're

David Brown

Craig. Hi,

Craig Siegenthaler

were share last year, the of X the robust returns we pleased So really million almost capital see to levels buyback. especially

have given Given any or buyback, how the in should we the think visibility about the rebounded XXXX might half process the first especially has XXbX programs? you nicely, of with stock

David Brown

Good morning.

share to think primary week the dividend and capital last of week. six go we our it going conditions. would capital the because it it allocation I strategy really have market depends to shares the in can at talked the forward allocation in is and and pursue of the which purpose really a months flexible that. the is going ancillary buying balance we're the our an part take ahead That's about to overall market. way. and buyback this we So so buyback We're our opportunistic strategy, sheet When look of by on acquisitions we really of into script leaned We market

our week take the the value market quarter. levels way from script week it our that over stock how this there's really by see and think way next So our But I'd in behaves stock. really we in at behaves. reiterate that today, does we'll the and we'll we're good quarter market said what the the I

Craig Siegenthaler

capital on also And Dave, followup my is return.

You I now your know, X%. think hike, around with the dividend is yield

M&A, is dividend long-term stock You of not desire there not and valuation know, on just to the I attract focus today M&A a is based? of buyback forward? your hike where but shareholder going more Because purpose really versus thinking know the more about ton income your a for given I'm capital, why focused it's

David Brown

Yes, it's a good question.

a we're was of shareholder. I type a taking balanced done The increase dividend attract think not certain to approach.

purpose I our that think have secure it financial shareholders was done grown. position. of for We're the enough we rewarding in

think have debt balance. We really and future the balance is and pay the down, that a buyback between positive the we we outlook right have dividend to

and For debt did capital majority pay allocation we how look XXXX, down go of at if capital, our to you ahead down. the go allocated

We also have M&A. lot on of tools a different

We have undrawn revolver. an

our We lot know, hedged have X% that plus. our structuring. as of we portion We have you about debt that generate of a and out cash is a at

investor. type a look at It's think increase I as being to component. any of done certain The is not we reward. really dividend So all-in-all, the a attract

Craig Siegenthaler

Great. for taking Guys, thank questions. my you

Operator

Kenneth from Capital Lee RBC question comes Our with Markets. next

Kenneth Lee

taking my remarks If as well Wondering about gaps also if capture about thanks Thanks. Hi, well? good if upon net potentially just morning, wonder your reach your question. positioned prepared inflect, being trends fixed distribution you flows. offerings and you any the and expand industry could talk current product for just income to further

David Brown

Yes, very and good morning. great question timely. A

just short-term is this the in I star, said on about, franchise the are remarkable them have prepared have fund, which excellent government investment tax mutual five and exempt. an bond also fund, we really XX term fund franchise. or of in bond offer intermediate with remarks, separate it's four And so we accounts. ETF, fund, intermediate a We fund, XX what have to and products we that under this think know, we securities income a and You expand products these then performance. USAA intermediate,

lot a and real the cover do perspective. fixed of income from really we estate So investors'

to becomes back the into the and Fed, out franchise franchise of assets, the time in side Since we've fixed as of the clear, long some this time. about And retail so think in on do and income, as billion the institutional hope is to and well we the we the acquisition, starting performance. is with been has we quite deep going through the progress intermediary positioned we progress side. on spent then that is doing much sizeable come and make distribution it's we're resources a and manages building period also that lot also Fed more $XX We're year what investors really that think this investment a a a

Kenneth Lee

see very helpful opportunities year, And a on Thanks. net then level, you Great, potentially? or there. perhaps of more do in strategies which broader as key growth this you look terms out areas as flows, further

David Brown

yeah, with start any priority in off but not order, start off So WestEnd. I'd I'd

model performance. their flow of XXXX the positive WestEnd really know, net Advisors We like competitors in a They've weren't. You was lot solid investment when space. got

We it's have about and we're so excited excellent distribution there, really opportunity. expanding, that

we so our don't we're excited consistency of and XXXX that that Shares, seeing of Mike into mentioned and that business. there our see platform part been about the Victory flows we're has impressive, moving really ETF changing,

side Sophus, you if income and around franchises then our behind then discussed, into the investment and obviously those asset those I Sycamore, areas which Trivalent, went distribution classes good excellent performance RS other had really and And really of following have good just some them. and Global, fixed

opportunity. that's and Energy we're lastly, as our New expect about to we also that excited make around then well progress And and funds, Capital acquisition with we private that

Kenneth Lee

there. Very Thanks helpful Great. again.

Operator

Mike Our next KBW. question Brown comes from with

Michael Brown

morning How are Good you? Great. guys.

David Brown

Good.

Michael Policarpo

Good.

Michael Brown

recent here here a I mix start acquisitions. of kind of with So, relatively some and It's shift of you the lot in you've the your rate on know, remained to just of the AUM I guess wanted had fee here. maybe stable kind

fee growth the about about you your think profile XXXX? here we for rate as think As

David Brown

of think well driven Good channel morning, beta by has as our rate fee think mix, mix. the mix, Dave we some look you the out Mike. very asset Yes, both rate expect areas we product highlighted, as as to be mentioned, just continue And I would fee that impact I remained that will as stable. in

we As some bit fees quarter, on on for points, there gives the fourth our opportunities fulcrum Those little in expansion upside about some upside. have basis products and fees were we've of fee rate, about we the positive a opportunity that. about fulcrum of think is for X.X talked that

think forward. forward, point we say in I basis organic quite growth And we as XX the the have would guidance going forward. level But would the that's on thing I range. at say that margins. the about different looking kind going will But be obviously going that as we're this often, very vary focused we're last of in changes we'll That see products

slightly think move operating to really I fee platform on rates allows of margins. power will focus continue to our different but in So directions, the us

Michael Brown

thought Okay, lot the When that various how how give a some additions to a benefits talked magnitude those through? contribute flow those great. of your back you platform did and you to And start quickly Could flows? of speak additions Michael, you’ve affiliates. of the about to in some you maybe maybe different past then seen on pickups number historically, look the for come start to

David Brown

Yes, I’d with Dave. it’s start WestEnd.

You XXXX, net we that at of for and look was WestEnd all Advisors, flow business positive. own that

really fast existing very that. They a we’re platform great that’s had and expanding distribution So a addition.

go time, a little to that did platform. ETF grower. pre-IPO, was has a consistent our which we been one and back was that has that done That bit that grower been You but in could a of XXXX, took consistent

opportunity a accelerate, income we that not, it's have that investments will but think and be the income think with see grower. we at we will that fixed that Today USAA be look we grower. as also the We a fixed one

their to network And that clients. own into that investment that, out that’s more its has ranges set has to our franchises different gain examples. excellent and opportunity different unique and in of and situation. take on really one concept the each lots time plug really different perspectives distribution is what and is point really expand the The The

Michael Brown

the David. the Thanks appreciate on Thank I color you. great. Okay, franchises there.

Operator

from next comes Hawken Our with Brennan UBS. question

Brennan Hawken

versus, Good again is in of of private to end the and as you interesting and Victory or like on concern concern the side morning. either, large to Thanks maybe return discount. about ownership guys discount, winding one speak that when to I’d the questions. we the investors prior that might for things to that’s the But when point for that start robust capital taking many things, equity question. down ownership a buybacks bit spoke and about my a reason up a

about or So discussions I’m have any current to whether valuation curious sell. probably your I appreciate not that don’t attractive levels consider with you had owners. the as they

And chicken situation. so like and it’s egg almost a

What have will at position I’m at there you that ownership, ownership indication allow that buyback grind that trying equity up for to time, to over allocate exiting a to is, a them be to see owners down their with situation? at could clear market with a maybe end chip improving to a get you considered your allow the program away so to could you could would the an valuation and path win-win which private the that

David Brown

great question. Yes,

I equity programs position through so quite their our couple come think significantly the and happy last years private quite and have reduced ownership liquidated significantly few and a has over the that. we’re first with actually owners down

We equity. private very the well with other the of also have on ownership hand, done

performance hindrance not been So a the as of has on owners business. having the them

what of The every with we do equity our buyback, private around with shareholders. we programs quarter, interact board different how kinds evaluates all our every time,

of mentioned to we so that things continue And you’ve evaluate. all the

is time. we perspective. on the structure itself of over care performing what And As period we focused a forward, of from ownership take look business think a will really we’re

out that we not really point that’s focused really investors. opportunity, saying as on we ownership you entrance Because are just more discount, up would challenges I a those think the sum they’re business related, But business. the And have for pointed think, tremendous related. it we’re

clients smart buybacks and equity with we’ll evaluate every our We’re interact care with acquisitions, and of taking our the sponsors. doing the we how quarter focused on what growing business, we do private

Brennan Hawken

absolutely the all really And right fair. that’s That’s focus. Yes.

So appreciate I that. really

you your do know You at those getting products you see to there’s momentum to added spoke the to getting -- future? typical or in any outlook that and LPL of speak many of start expanded you getting how those the see even models to models should if at to from added the added around models some lag to models timing and firm. the us maybe centralized in lineup benefits for think behind that when we Can those about

David Brown

Unless lag marketing from or the platforms, into a there a in getting so There’s Every is couldn’t history a process meetings, will definitely timeframe, getting out time a advisors there material office, getting home educate of office different. do you is step in lag. be positive is a to Sure. the a allocation do have a direct I and CIO platform getting to a give clients go more and know we flows. lag. first to getting models from but and that onto you’re

know of I to beginning. it’s point flows. the end impact really, an And we think nice, on a nice So first really seeing important a really it’s step

Brennan Hawken

the Thanks for color. Okay.

Operator

Our Ken with next from comes question JPMorgan. Worthington

Kenneth Worthington

in good or questions morning. taking is additions we’ve this this sort throughout Maybe number the additions, of the products? unusual an model always quarter were there of, heard level number unusual and now? of is of questions. a sort your that portfolio for of this just Thanks maybe call, sort there follow-up changed there’s normal of and the drive an there this to quarter course on business, the Hi, if other of additions has interest What subtractions why to were it’s

David Brown

has or than it conditions. I think do little But what’s given just focusing say I a it’s usual That I just but opposed down market future more don’t say a market be a volatility. and as bit specific probably would calming don’t two that I maybe the have know my bit to the would could digesting about would market happening, other a have guess thinking than little people I than more the I normal. quarter. some trend Ken. this that to reason. Hi if I a guess, bit with, little there’s on of

Kenneth Worthington

unusual Okay. And on to eliminations then the or this your symmetry, there gains additions any largely were platforms? products of offsets quarter? for any Were there

David Brown

We total had that assets I But amount net for extremely large of impacted was a relationship. low flows large make relationship ended, would a was relationship the that was very which low quarter. note with fee that one that a our fourth and margin

So that, but a assets, lot client, with of lot earnings. nothing institutional than one note. but it was not of of other of a type That’s kind

Kenneth Worthington

Okay. and the comments regard I then And And outlook guess comments. for your New on XXXX? focus things is out throughout of coming mentioned also think of prior privates, just flushing Energy, New out year? the evolve you flushing Again, some some what of I did your to How Energy alternatives. with sort on a

David Brown

I New it was so within it our platform a that XXXX environment phase. and for for working a growth think for business Energy, getting was in themselves So setting, and ready

and really first us. for And That’s we’re area and very potential a that time Energy that’s of on. part that interested really track and think they a team that especially a positive it, does XXXX acquisition done. and Victory in. space we’ve a New think is perspective private with record I our we’re just and spending do, positive beginning beyond, in a lot I of the what especially was their from business when look interest the and And operate something that of the I long in in out, alternatives for market future given We’re they that

Kenneth Worthington

much. you Okay, very great. Thank

Operator

Michael comes question with Stanley. from final Cyprys Morgan Our

Michael Cyprys

years. costs the and bit been have Hey, M&A, just a out. question. Thanks quite have spreads good the bit taking that morning. have on widen gotten higher you for Markets have volatile, over quite active Maybe guys though financing been

update how your what you that on hoping the size, looks XX Victory, help magnitude, evolved pipeline today how months? like, M&A see past Any just how deals, those So for evolving? in backdrop could types the on have color you are and conversations of us maybe conversations

David Brown

Mike. Hi,

always script, we’ve patient been. So as said as I and are in we selective the very

acquisitions we’ve five done active. four in As we’ve a company, years, so public really been

in I four in about think I capital. billion think we’ve those acquisitions, done $X.X

done sizable So there the in discussions. very but a doesn’t the happening a and see mean for sale. we comparison today of market a lot lot we’ve we our things There’s of are And that good way there’s to of size. -- companies lot that have, is are deals

It of mean doesn’t fit that us. companies a lot with there are

the works then that forward. strategy. So part It we’ve we history I with with balance not something structure, strategy. the as our with costs, to we’ll is on It’s debt used the sheet, with do our to our it find of look we’re our we’re something well with only of financing that of with move part cost just if And continuing at of, environment positioned find if feel also and but execute good, we our it. we really pricing,

Michael Cyprys

the just flows you individually help could you. And Thank XXXX? you’ve those you far? done THB, contributed NEC, synergies guys that WestEnd, selling some in selling are maybe just of much So each distribution quantify three on can onto? And to Great. recent how with with that on the some today? new of of I able many you acquisitions of WestEnd, the elaborate so been more How you more How platforms added selling have to advisors. more ambition you’ve realize was part advisors about many to they’re know of

David Brown

tell we if all specific their franchise of each them so I will net three flow the accumulated flow you positive. you you as know, three flows give profile accumulated, you that are don’t but for Yes, mentioned,

net of net additive so positive, will all that be been group flows combined at, flow they’ve look you if their to profile. our flow So

as WestEnd far specifically, script. As I think the we numbers some in had

and that. added well. had ETF we’ve we’ve also We MODL [ph] platforms as launched have We’ve multiple added advisors, an

a in are THB there. pleased then we really about product. there XXXX, really, the we’re grow So and out as how for SMA year and think been growth And NEC funds. and XXXX has said raise this as couple I to large you added platforms, preparing private go we

So for flow said, we’re you it’s I think of put numbers, really pleased with them about three as them. And XXXX. positive together, all net the if I

Michael Cyprys

Great. Thank you.

Operator

time. I'll this now turn There David over call Mr. Brown further to questions closing back at are no remarks. for the

David Brown

interest you your Capital. in Thank for Victory

Victory. York be Markets back we you Conference. we’ll progress RBC March look attending Capital to our the updated Services and your interest as you the week Securities will Next be Institution’s the forward you at Financial in New York New Thank there in BofA Financial for in unfolds. keeping hope in on We year to see And Conference.

Operator

That concludes today’s presentation.

You disconnect. may now

Victory Capital (VCTR) 10 Feb 232022 Q4 Earnings call transcript