Earnings call transcript Q2 2023

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Operator

Good morning, and welcome to the Victory Capital Second Quarter 2023 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.

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

Matthew Dennis

you. Thank

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

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

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

David Brown

financial to Mike the Good Dennis, and Matt Policarpo, the President, as Chief over will quarter. review I start our morning, by Capital's the After turn Staff second today Administrative providing an of of I'm second Michael by as results overview of quarter Investor Director Chief I'll detail. Relations. call to in to well Matt. and Thanks, that, Victory call. Financial welcome today XXXX earnings joined conference our Officer; and

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

$X quarter the billion quarter of improved of revenue, $X.X the consecutive first for the of of The billion X. second overview and mandate is our generated in close to basis the essentially on outflows Slide earnings X half to with Long-term strong revenue out Average net year. realization first margins quarter first quarter. our begins which AUM recorded another compared We passive compared outflows with excludes the basis disclosed quarterly which the business in points XX.X and quarter-over-quarter, contributed to points, in the fee redemption higher April, average flat of This rose year. April with AUM was the release. previously flows

of in we margins coming Our remained at structure. our guidance platform achieved highlights that eighth XX.X% exceptional its variable period that And This and XX%. a above quarter, nature row margin the margins our where over XX%. quarter quarter this surpassed XXth the in is which expense long-term highly our differentiated operating is the this of

remains investments help at factor grow the XX%. business Our will long-term in future. unchanged margin our And that ongoing in this mind, guidance in strategic does keep us

or quarter. share the net up We the for half first to the $XX repurchases X.X shareholders million quarter. our record repurchased Adjusted quarter, $XX paid of versus allocated and capital continued to income capital XXXX. Substantial We benefit of tax from the a first in rose through $X.XX return previous per in diluted quarter. the for total dividends out X.X $XX shares cash million to quarter million million of million a in return this share in $X.XX

in $XXX of for and of X.X cash capital paid the a million half first million. a On shares $XX return we've of year-to-date repurchased total basis, for million dividends million $XX

in our direct business in of rebranded to in brokerage We We the at time. the areas. and platform continue April new same different invest a number channel our launched

on well. few and a we distribution and Additionally, resources and data as marketing continue initiatives to technology to embarking allocate new are

Morningstar. These or and AUM performance XX our four five for and of ratings in five end, and funds our products ETFs Turning quarter mutual At remains funds ETFs. four to from and mutual star of had Slide Investment excellent nearly X. star account consistent. two-thirds overall

AUM of outperformed the quarters our five three, three XX. approximately benchmarks Additionally, periods and for total ended XX-year June measurement

top as Fund into AUM Investors Investors of Income ETF. Tax-Exempt to emerging year and Partners Victory Victory the rankings. Morningstar's Fund XXth. three in is as according of RS approximately to value of quartile funds Bond ranked as the Fund, number These Victory XX% include Fund the products trailing A and RS the well Intermediate Munder our Fund, top Global rose ETF Victory Term mutual momentum RS total, the markets our our MidCap quartile June Victory In

our products Income representing fixed income rated of managed or that five quarter ratings. XX% four with are that by XX franchise products Morningstar, the Victory XX star AUM of the on Investors specifically XX overall by Focusing those ended

these subsides, performance, cycle last few years, we products of this market to positioned migrate fixed inflows Fed's nicely the presently this money dollars holdings we their the into to investment for are the invested Given investors the trillions distribution out have strategies. and tightening into funds, capture as franchise in built begin longer-duration we over income believe

X. to Turning Slide

cash with activity robust this given where quarter, flow Once share second again, our shares our We quarter. the in we trading repurchase excess free the to period. were continue generate during remain opportunistic

from it deviating to through are our making While we is proven intend to flexible not acquisitions. of our we state remain important with our approach better allocation, company capital that

excess in run, to acquisitions cash that our long shareholder create use growth free and best organic of the both we strategic the to value. Over is initiatives flow believe invest

Cash our a in ticker June. organic mentioned investing VictoryShares One launched side, are few we we Flow VFLO the I also On in slides ETF, example in development. what back, new product that Free to addition recent is

bit side, a opportunities. inorganic on are spending On time multiple quite the of conducting inorganic we diligence

be term. we long That at patient, and Although evaluate to a we getting and being generally what optimistic going. we transaction selective cannot we enhancing remain close over with disciplined guaranteed, and said, how timing are opportunities seeing value as things are are shareholder the aimed

we want anniversary third XXth equity an take of the of we Partners. executed of by management was buyout, I when to milestone. equity significant Mike, to the a the Crestview celebrated moment over On our a highlight being In call the required XXXX, funded independent employees about balance turn I our contributed to Before company. and on Monday, company

equity been other Reverence offering Reverence private XXXX. Crestview investors Capital or and and public neither XXXX. up investment long-term during have of the began sold Partners of shares quarter in their to our investor, fourth initial Our leaving in February firm any

of Since better of we our the then, earnings adjusted income than our per and and benefit and adjusted with with XXXX, year with billion million net EBITDA of generated AUM XX.X% $XXX calendar rate more EBITDA ended AUM, revenue of and adjusted tripled revenue $XXX For tax have an million year of we margin $X.XX. our and increased with made our diluted share $XX run by more basis us expand substantially our But of than significantly diversifying company. of efficiency importance public over adding a and classes, to is during size by time durable across margins increased more and and most being twofold. points distribution investment products, has business scale X,XXX we company broadening our well asset allowed by

a than of a their first VCTR they've on sold It XXXX then, their equity time at offering. our the our in textbook secondary executed the taking equity from holders down case distributed private IPO been of holders that win-win either XX% XX approximately past Since The sale more shares genuine a relationship approximately to of or of has today. wasn't until decade. shares the XX% combined over million November stake private ownership with

very who the of We our shareholders, an beginning. to ability on proud return our are for the strategy very track attractive on differentiated and our in strategy executing understood producing record believed the from and vision our

remain anticipate nature moving of continue shareholders monetization their they given While their forward. model, business investments today, the of will we

at that sole organizations. timing discretion Although of the their we are anticipated to and the monetization the decision monetize exact of respective

I in through quarter's that, Mike the over call With to to turn greater results detail. will financial the go Mike?

Michael Policarpo

on good morning, everyone. XX. review financial results and Thanks, The begins Dave, Slide

increased under management from $XXX.X by June. nearly billion billion $XXX.X Assets March at end the of end of to the X%

first point the in perspective. The us of in AUM due higher, quarter jump-off average nice from third gives to AUM the was lower Revenue intra-quarter a June was our to point-to-point than slightly volatility. start variance ending higher second point AUM While market the million revenue on a realization higher the was quarter compared of and lower in day first The one up of the additional was revenue a $XXX.X fee quarter period. average the rate of higher result million $XXX.X with the the quarter. quarter-over-quarter in in a revenue

previous operating GAAP and up EBITDA was the our quarter was income quarter. million, $XX.X adjusted $XXX the from million both in

on net or quarter increasing EPS payable GAAP XX% GAAP And income The share. million of on million of share will September $X.XX dividend benefit from rose prior quarter. tax September shareholders be basis, share resulting $XX.X diluted income quarter-over-quarter $XX.X $X.XX a or the XX on XX. was to or $X.XX per Second net in quarterly by adjusted record per cash to per diluted

can increase XX, XX-month you On see steady trailing of AUM over quarter. period, $XXX.X the end at billion Slide second the reaching the in a total

Our AUM perspective. from distribution and remains channel client diversified well a

from well model a representing ETFs a managed with perspective more of vehicle diversified delivery, are separately also AUM. our including third We and than accounts, total

the the sales WestEnd Slide softness heightened flows in Energy volatility attractive market Turning Five and enter risk-adjusted to many New Integrity, has $X.X holding billion Long-term an in Industry-wide and were remaining Sycamore with quarter. option the flows Global, hesitant uncertainty gross for become to XX. persisted each cash second quarter. gross positive given and for net investors. had including has franchises, RS investors Capital,

XXXX net result but since the acquisition only XXXX acquisition. for of year calendar and the WestEnd in is investment new end and their positive the This distribution excellent enhanced In a placements has been XXXX. also winning full to date fact, of platform since at the flow performance, reach closed not

regarding as models such growth reinforced advisers the our model the Moreover, an fee-based shift of industry in by adoption financial attractive and original to the revenue strong increasing thesis WestEnd. of industry profile tailwinds, portfolios have

forward. a active achieved also products quarter, excellent during flows growth believe we ETF our in is which going the vehicle very net with attractive prospects wrapper positive We

by quarter. Slide XX illustrates our revenue

have fee is past have basis In mix rate and general, realization four second quarter, vehicle the the fees increased variations. highest quarters. points in in Our class, steady quarterly the fee X.X client the rate and remained fee drivers which rate asset of we primary recorded are

quarter, expenses acquisitions. from GAAP by quarter. we noncash operating our Total the and see expenses, percentage out very the first X% a compensation or depreciation of in driven graphic associated operating as million change $XX.X on XX, expense can expenses $XXX.X you and for a including lower $X.X to range. expenses. million value cash in amortization, lower was expectations X% down well consideration reflected million expenses the declined This for expense Slide quarter. compensation by or break On lower were the expenses payable compensation with Cash as from in slide and line in revenue, as of as this with remains narrow the

Moving to per non-GAAP on Slide or quarter in the in quarter. to with on The diluted $X.X rose our ANI $XX.X resulting $X.XX to second at increasing $XX.X million results benefit tax held steady million the income Adjusted net share. benefit XX. million tax in

to in margin XX.X% the EBITDA expanded adjusted quarter. Our

our maintaining is are future areas which We investments guidance in of continued growth. inclusive of support our long-term numerous margin to XX%,

to Slide turning XX. Finally,

the quarter-over-quarter we in While due interest XX the not smallest our portion average growth of fixed improved on into and earnings paid was is end takes account $XXX five our debt cash higher of rate our interest half past net slightly hedge June quarter X.X The X.XX% the position. to This the first points basis debt, which million to pay increased of the rate in did this the the X.XX%. to just increase quarter. during at quarters down leverage ratio in times and at any year, our in debt

million second $XXX remains operating flow from in was quarter. revolver operations million and Our the undrawn cash GAAP $XX.X

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

Operator

of comes BMO question line Etienne Ricard from first your Capital Markets. And Instructions] [Operator the from

line is Your open.

Etienne Ricard

of what and direct to in To of strategies? as circle you morning. you customer? about held capabilities opportunity Thank products on cross-sell good And are it improvement relates channel, number think brokerage the the for your the launch expecting to how your back you do

David Brown

making to more think off see able and choice financial in through your a I we're clients term, our future with But is able early we're saying end will current clients be the opportunity there, opportunity Good our to cross-sell platform, good life our of new great cross-sell get to on to choice. with morning. strategies We to stages. to to really, be our clients. There The to at their financial what part do I'd of the And really to by progress so to take able product them -- be start really to of launch April offer their be to more real of to a to investment we brokerage be this work closer launched it. the bigger it them product can year.

to of really closer be to own is part on is help then products. goal be to the get other clients. new And part products another that But get So sitting and our going our brokerage more going to to platform. our ultimately to that of and is that's of our clients clients firms real

Etienne Ricard

of Understood. on lastly, in up as gears investor potential interest fundraising. is time Switching bit for New Could remind this Okay. you scale the how holding the that macro a for line us little And Capital. backdrop? well future Energy in business please as

David Brown

to launch us industry. for net relative funds. of into really the of the smaller quarter to were $X of or private opportunity billion there that's entrance markets. first out New So in part sub-$X and the billion with And We and this is as really it market new positive is go beginning overall private it's New for was the beginning flow also business the platform. Think The to just our Energy, And business. Energy them. our

Etienne Ricard

much. you Thank very

Operator

line of Bank America. And your next the question comes Siegenthaler from Craig from of

open. is line Your

Craig Siegenthaler

Hey, doing both good well. you're hope morning, Dave, Michael,

David Brown

Good morning.

Michael Policarpo

morning. Good

Craig Siegenthaler

flows a industry of be you flow positioned you perspective Victory is and headwind think in the So fixed really half, to your income kind net -- do fixed the pickup best good I Are after continues performance, wanted despite Fed XXXX. a into but pretty business income this bond second pauses and over your expecting how into for large for migration?

David Brown

products from good the have Morningstar records, as from very, second investments a pivot or said we really years. going year income a and more and -- to number fixed this the from think longer next duration. very we that And market we year, script, out we've our we that to expanded articulated of track going really half performance, And think long the then the are over ratings we investors So of in the perspective, do script, this in have money perspective. we short-term high into distribution

So think we really well we're positioned.

have, income go income Some of noncore those first some back been other rate, products for really that the year investors you a yield go money to investment. of floating has that the us into softness, seen some if really and high fixed half the in the of market products we we've type fixed noncore

organic we getting big that's money So when comfortable those about investors driver of feel comfortable feel really -- really I that. industry, we with be our of a And we're a think positioned, and going about market investment, excited think, talked we're we opportunities. that, going well out as type forward growth the think to

Craig Siegenthaler

Great.

six I a is side that's looked year, markets to the a follow-up, challenged that last For on rebounding what little over change M&A, The months. my to in want back valuation see more starting too? just bit, there given last to I circle ease little changed. the been any wanted Has multiples here. financing

David Brown

in I think sellers their come have expectations. down

get happening potentially So a there's I conclusion. that a would lot say conversations to probably that more can

We have activity We're the our been we're perspective, decade hard seen through Victory's really has part and working acquisitions. growth from some over encouraged. last of

of some be of I'd going it's you anticipate coming it. lot and to be activity industry, forward and and year going any I've M&A a don't this would a there's to this challenging coming we're that you said see if before, to through this next going and of I think it, out that And periods, challenging also I I anticipate, assume different I activity this think a and going and in these happen, think the we're going of into participate out is period year, in And to time. lot M&A of

Craig Siegenthaler

Thank Okay. you.

Operator

question And from of KBW. your comes the Brown from next Mike line

line Your is open.

Michael Brown

good Hi, Great. morning, guys.

David Brown

Good morning.

Michael Policarpo

Mike. Hi,

Michael Brown

guess I a this result quarter. margin So really nice

quarter that about consecutive think coming helpful to the looks the on comp changing thoughts this is comments quick certainly the any out, As guidance? Any maybe you Or was on this here? quarter. your how quarters called XX% guidance, XXth lower above like perhaps

David Brown

So of ebb always the I'll and business, will the the about think realize perspective quarter-to-quarter quarter-by-quarter, guidance We've in had margin a from exceeding investments the it we've and guidance. how flow follow-up. Mike the Really, start great we that is market record we're revenue. way talked long-term and of and making with it's to tough then about track a

at we're XX%. But comfortable our guidance,

have we operating differentiated long a Over really platform. the run,

as And the company. I of is was QX second we think achieved this think margin -- margin the XXXX. I highest operating public first a have

that margin environment a we lot think highest second this have says to about would So just our our platform. in

Michael Policarpo

I would add. Yes.

the and mentioned, for long-term, ability the us really data, the make for areas we are distribution, continuing think will to investments in Dave we future. product, I areas those to highlighted and a ebb to continue invest flow. for where as reinvesting And investments, few those pointed

beauty quarter, consistent. while that operating for XX% is and And a been margins includes back we've of the quarters, that So look, highly investments. those go had we we XX.X% the and you margin at last model the this it's think XX if

Michael Brown

you Okay. Great. could comment sentiment. broader the And investor then on just

that front? the net more flow your important flow Any and have shoots sales your you've quite remained looks been to a the your -- Just seeing this been that's lot it like that just really looking in engage in What we've investors view? a been part and soft, gross of meaningful way peers, on really seeing. trends of causes an at trends green

David Brown

with agree from Yes. have soft. I perspective that an been would industry flows gross you

investments. in are a think I market lot investors of sitting money

the trillion, in $X was invested money markets. which heard I industry number quarter last is is the of think I around

Fed a of a rate lack perspective, a I from think perspective. future of the certainty is holds what from that there

a is X% risk return adjusted to in many So investors. for earn market I essentially money a think risk-free good

a I think will Fed money move. we the clarity lot the of get and I think that as on economy,

that's called platform that about. get And of see this various movement we we will types out now. We're we're to not on seeing seen pickup a We into a the excited see It channel. of the go lot some yet have. funded won what I some And We've clarity, move. but on think WestEnd do going pickup. I you're a money investments. think our We nice do institutional when

people I comfortable investors return I think money you at is back when in and think yield. advisers, think until then, you be When a risk-adjusted going money it good sitting a go a just historically. many market many what to very many yielding, are -- about it look ago, markets were people, you two earning years X%

Michael Brown

Okay. the big Thanks, Great. a milestone. It's anniversary. David. on Congrats

David Brown

you. Thank

Operator

Your question next Ken of the Worthington JPMorgan. comes from line from

Michael Cho

Hi. growth initiatives. Mike. Michael -- few a actually is the investment for Worthington. Ken wanted Dave just Good organic on -- discussion to and different listed morning, several Cho you mean, I discussion. margin and organic This follow-up I organic

And in thinking that's mean guess, kind of what's the there of of kind margin long-term so I assumed XX% target. investment organic long I about we're the of annual level kind term?

David Brown

Mike So the the of platform. that We're business business. We the a direct making long brokerage our would of over today. to We them, we technology. the factoring rebranded lot really business. grow in make guidance investments set launched data, few we a margin through the XX% investments went term in

in there is and behind a things other where we'll continue we're invest. launched happening our have and scenes of to products investing business, also lot We the

portion the to maintaining the We up I you our that is guidance different for are and we is firms us operating variable. in as And and our expenses where then balance. long-term model model margins. maintain think think different. have I down other think to then XX% scale a really industry, a scale organic investing the of growth do our good compare balance ability and tough the when we during our to just of right the And markets have

and needle balance the that's the really threading of we XX%, think getting the the those investments things really both that's of so a and right. And --

Michael Cho

much. Great. Okay. so you Thank

Operator

the from Goldman of [Operator Bolstein next question comes Instructions] from Alex line Your Sachs.

Your line is open.

Unidentified Participant

are here, you for that on guys any Obviously, update on Thanks are debt about healthy diligence? with buybacks But do Thanks. side, capital taking inorganic very balancing for question. how encouraging. due you you the there activity? specific your Can you Luke quick the inorganic Hi, be provide and Alex. a and guys. allocation areas strategy? are on are continue just And focus of paydown thinking as to

Michael Policarpo

Good Sure. morning.

is driven flexibility strategy think capital the includes, sheet highlight really kind to I want strong of to been inorganic provided our our investments opportunities The diversification, which remain differentiated organic has business and in made as -- maintain financial management see. us those inorganic unchanged. you to have consistent performance really that that delivered, remained we execute kind by really balance strategy, that really we've that We we've the ability flexible. that's investments of

that and circumstances. the elements been in we think first the pivot as management based year, the done are shareholder decisions really, level a really We been advantageous we've facts versus stack. return. got the think and And perspective. We've other on several allocation from buybacks capital debt past opportunistic about of on quarters right an We've of that leaned that's very and those the balancing pillars. in and the We've half

a got hedge of to debt a it we've that the kind million a As interest cost lower about, us and of is on something about $XXX really talked we've really have allows it kind respect with buyback that there's forward. we statement think we value the going the of we of because And there. as the share well think on about to stock also believe

we've got as capacity be on -- to think and tools best to our able to forward, I we we about going continue of will and that the deliver use cash excess inorganic make from to be right want the growth. think sure priority And that. But the

David Brown

have made the great But the has company what kind start past made looking better. very, anything that inorganic very everything, I'll we financially. of I we're of what A done we strides growth lot mean, the do, has then And at. opportunities take in constant the we Yes. make that company to better. the we been -- off first, has

better. types of distribution that channels into going we opening we up in, levers and have So company to be size we and it's different transformational where some you that scale, transactions have start I'd products, going value transaction of multiple past. a done large can to of put off, the in them interested those estimate The create in we're the

Then another acquiring really are future in our of investors. interested portfolio area we're products is part that the of

are Energy, So a acquisition, from they type our of WestEnd a portfolios fantastic desire. acquisitions that type clients, of have future that want products products THB, hearing New and these what are part we're the of know that the you and

to So very we're really perspective, kinds from looking at those the sizing something small opportunities. And range is very large. of a something

And has that we lot the has Part in a have of debt to said, different been levers of do acquisitions. past. as Mike

really then tools generate We we number the and sheet have have cash, have and M&A. use we the we on And we balance other that done -- a we we've have today things. that to structuring, feel execute of different we can

Unidentified Participant

appreciate I the color a follow-up. nice And maybe a segue into there.

speak So how specific to flows? to can you in and WestEnd be recent you. frame expect of activity Can driver for successful And for you that the it here? of you like very the guys. acquisition Thank help obviously has that's has you driven anything maybe pickup there been a for significant a is it been quantum us

David Brown

question. that So back half the of I'll take

and excellent is provide recent even market do deeper has but to just performance, pickup really really they investment environment. clients. is a a general solution WestEnd the think to I had advisers

It's none And so product has does just And really that sentiment. that's been and think job. general market group an of I selling excellent a the out the servicing changed.

period measure, both and excellent. has cumulatively, both periods, been time really at at XXXX, -- of -- beginning It's they've since we grown they've about the organically, all had organic acquisition to growth. grow WestEnd, year-to-date a have you since we we've in then to that grown so closed And XXXX think product of XXXX, we've really the that done grown. beginning the if every XXXX, of today,

of growth that We sentiment forward. We think investor opportunity. increase. big growth as have organic big they're expectations general better, will for going to be organic we part gets the going think a And them our their

If did grower, you organic -- when we remember, was double-digit percentage-wise. a acquisition, annual the organic this

growth they environment don't in that. I why we can't So reproduce see and experienced in past, have great normal the a market

Operator

the Securities. And line your from next B. question of Howlett from Matthew comes Riley

open. is Your line

Matthew Howlett

and morning my in want management ask you to thanks get for often the in the a answered, have question. feel a often platforms, how questions past step Dave, been taking the us do from to but strategy? again, my forth? need of you Most on of sort you Remind Good XX involved so I day-to-day on how and

David Brown

we So our about autonomous investment all how an it. model is independent really franchises is describe

building really, we the and how that's positioned. see So best class. That's we day, think investment built professionals researching portfolios portfolios investment of great managing deciding as which investment have the business and the we performance. best our every how do you But have portfolio really platform, and the they way to that driving, the get are fit. professionals They it is a are on think

excellent been, decade how then it's been own from that's franchises investment -- been being I it's and as those how performance, portfolios, you as and said, groups where last you It's in. ability interruption company. have got, any really independent because developing the the their our over professionals. can an And to You we've consistent investment portfolios non-investment consistent from XX articulate without think see

Matthew Howlett

to the be and you the are let look just what run to in sort past, that's may way sort someone not guide others them and that you step So it the in there's worked of to when need of you doing, for up stands the no company. -- it's

David Brown

about tools assets. they that all them and need to necessary It's the to manage build providing portfolios all Yes. client of

the They providing we is those that. And on on as clients around portfolios. And of as decisions much is take and as tools. their them our the we all then do that build secure focus out them tools those making our clients. well we job And that possible so make to They the as focus service go sure portfolio. time them and the to and the let portfolio

Matthew Howlett

a sense. into that lot question. leads Makes of And my next

what out terms you it like out us a in. best how to of see the prioritize or down looking of terms you of down? How run can narrow the in lot be gamut mean You needs do value M&A. there? of deals mean there, company at in geography that's to of you're a I of you presumably the tell what all I to out going terms you're in sort it the Does come we'd potential there.

David Brown

Yes.

fit have we track around or asset going through over to scale to isn't opportunity. we really it's for my really with How decade. size going go or the foreseeable really This through consolidation last There's a the is be for accretion, going -- future. good class go best financial the opinion, or in prioritize of record continued think industry to our M&A even a company. around the I lot

And I leadership the best challenges do of for your think sorting is the organization out one for teams. fit

go draw -- other science of investment the of I that think is then performance, And things. our doing the acquisitions. and we is part and upon and you so through of all And our can experience part analytics other

Matthew Howlett

Thank Absolutely. you Yes. so much.

Operator

to questions this at the are over Dave remarks. call further turn final And Mr. back for some time. I Brown. closing no there you

David Brown

second progress appreciate through for on strategy execute on we and of great forward a Thanks Capital. keeping our to in half Victory day. attending, have We look you we you the and the posted Thank as year. our everybody's interest

Operator

conference for Thank your today's This you participation. concludes call.

You may now disconnect.

Victory Capital (VCTR) 4 Aug 232023 Q2 Earnings call transcript