VCTR - Earnings call transcript Q4 2024 | Victory Capital Holdings, Inc.

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Operator

Good morning, and welcome to the Victory Capital Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Mr. Matthew Dennis, Chief of Staff and Director of Investor Relations. Please go ahead, Mr. Dennis.

Matthew Dennis

you. Thank

forward-looking may refer the you to David call, from that make number turn like I transaction some filings we these SEC for over actual a remind Capital's materially list note to during of of statements. the call Furthermore, I a remains differ expressed call. that to Brown, to would may our results please Before with may Victory ultimate materially statements. on today's completion results certain to subject the cause factors from those that of Amundi differ of closing actual conditions. Please today's a conference

assumes any obligation duty no not does to Capital forward-looking undertake update any Victory statements. and

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

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

David Brown

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

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

Slide quarter, sales. helped net in by X. overview The flows on Long-term improved gross accelerated quarterly business begins the fourth

the several investments that the our realize Victory capable That the good improvement, prior not being a of. growth beginning was with are we organization Although said, our in is we areas at of level shares. in our ETF platform there to from acceleration example are fully success

During and December end products entire billion of year, priced of us with and competitively that billion active of sales are rules-based our X% achieved assets, quarter These up we strong the last ETFs. $X.X $XXX.X throughout distribute. for to and cost was which from with the ended We fourth high-margin the total client are manufacture or year. reasonable

compared record our rose the strong, fee the During resulting and full quarter year. remained the assets quarter, third quarter fourth rate to in average revenue for and

$X.XX XXXX Year-over-year quarter. more margin adjusted new Our final share with earnings X% EBITDA per year's rose benefit at from XX% rose per from which in quarterly respectively. $X.XX diluted a $X.XX also XX% to diluted in set adjusted the both in than last EBITDA in $XXX record high XXXX. Adjusted $X.XX share tax and XX%, adjusted quarter, million up and earnings to records was and

by our driven with business execution. results differentiated was We in XXXX, are and pleased very platform financial which our superior

which is the in all base, they what an this of I at do believe Underneath best to the industry. employee is continue

flows prior Based realized integration first net by by The partnership our billion totaled strategic being These data, loaded mutual with XXXX. the on in the of of track across work, close million with ongoing savings $XXX U.S. will year our long-term cost closing. continues to the after $X.X available very in during Amundi of ownership. well on we year second the business front-end their remain board. Based funds to expense Amundi, our are U.S. guidance multifaceted majority perform quarter. synergies we be our into publicly to of the on acquisition this the realizing Turning end end reaffirming

Our year business were institutional for and also non-U.S. very posted net as both strong as calendar sales in business XXXX the well flow their U.S. positive.

Most Following segmented the throughout consistent sitting Amundi growth, to following world. transaction's third-party close, into our Moreover, the assets been The flows separately billion. since spread positive XXXX. than of are financial has of primarily $XX these usage investors organic network total acquired distribution the various be institutional can business business assets banking non-U.S. in or the registering in is area AUM accounts. net non-U.S. non-U.S. buckets: or projected a platforms, managed more institutional and the strong large

set With year-end, growth the XX% in to product overall X remained product these the AUM U.S. the of the addition rated of Amundi assets. lineup, broader managed to throughout At non-U.S. also fund performance or accelerate mutual X stars very close of was anticipated post year. Morningstar. by is strong strategies Victory Investment

than acquired X, AUM as the Slide XXXX. in ETF increased our new growth started on VictoryShares, and our $XX the $XXX have innovative when ETF result increased of have increased we to an ETF to organic we reach On distribution To intermediary a date, we update years. less billion. capability various of We on provide then, primarily million our over products platform. AUM has close with as launched Since we platforms AUM

slide outcomes solutions-oriented look demand this You this and momentum. aligns we for ETFs the investment perfectly active alpha of our see recently, to and can this through from accelerating targeted accelerated proven forward graphic and/or with core capabilities. delivering AUM that and has continuing strength investor Increasing on growth

ETF now management to marketing will and leveraging includes deep portfolio grow platform our sales resources. of solutions our by continue We and coverage, coupled with franchises the investment dedicated AUM expertise distribution which

tax-efficient to to meet Our look ETF and net are our active strategies liquid products and equity income and our ETF flow products structure. access to momentum. investors a and criteria, new positive, with active continue we These fixed maintain launching provide margin ETFs forward

the ETF and the wrapper this acquisition. evaluating an which U.S. additive post within and the Amundi as ETF close to of offerings, no of be strategies has their have are view an Additionally, successful currently we growth opportunity opportunity best investment

Turning to updated X, can see you our details. capital allocation Slide

During share the first a repurchases market total of from we year, months the million December, we executing opportunistic. In of the at fourth flexible quarter, open Board us authorized X.X shares repurchased shareholders. to our remain average price million to IPO, million we $XX.XX through After fourth restricted an returned Since $XXX.X shares the during being share. and repurchase allowing new our repurchased thereby million $XXX share a per program, quarter. have of X XX.X

activity repurchase today's resulted share return our shareholders. attractive in on Based price, for extremely an has

in We announced increase our also quarterly X% dividend. a cash

Moving to Slide X.

by or AUM distinct This X/X on investment remained for Our with in earning X-star and period funds XX. ending Morningstar broadly the products. diversified, strong ratings our encompassing of is ETFs December mutual overall performance X XX

their outperformed benchmarks. Over X-year key X- of and the XX% our total and XX% periods, respective AUM

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

Michael Policarpo

and Slide our for financial quarterly fee is begins and revenue rose on review The the quarter, the up to Average in $XXX X% Dave, morning, everyone. history. to under realization billion, results assets Thanks, highest revenue in the XX. $XXX.X management which increased driving our good fourth quarter million,

basis from for quarter rose high for to the and earnings year's was than expanded diluted GAAP was up GAAP same the and year, XX from third the XXXX. the $XX.X operating quarter. which Adjusted adjusted revenue EBITDA the from fourth full year. increase a higher fourth million in Adjusted $XXX.X For quarter was last income This generated income XXXX. million, last XX% the margin from Fourth up quarter per which record $X.XX was GAAP $X.XX and year. share million a $X.XX earnings full higher EBITDA for rose the XX%. in of X% with quarter net X% points than quarter. was per benefit $XXX more $XXX.X quarter quarter, which diluted the we Year-over-year, record fourth million, was than tax third X% XX% XX% in was to share

full net the generated income up prior year, year. For was which benefit $XXX.X with of tax we from the million, XX% adjusted

the Turning sheet. balance to

the of cash and million fourth in share the end in at of dividends repurchases the shareholders $XXX.X cash $XXX following quarter. the year Our was to form return of balance million, the

Our December. $XX and paydown in net leverage unchanged growth was debt earnings by in modest of X.Xx ratio from driven QX, million at a

Finally, yesterday, X% to dividend a $X.XX Board that announced quarterly increase, dividend per the share. authorized raising the we also

dividend on February will business on close March first XX. be quarter paid to The XX of the at shareholders record of

to Slide Turning XX.

the You by declined year that the rose end while from $XXX.X just at under assets period, driven assets can the see total billion. average market third to action client during primarily by X% quarter,

we the from continues to investment growth perspective class the both our of by Amundi portion client investor AUM portion vehicle. be new and intend type here believe channel Our a U.S. add category within dimension as as and the a of asset AUM transaction, diversification by We non-U.S. each channel for well to distribution of that outside closing having diversified Post provide of potential and significant out breaks another AUM. a our business. investors from

where flows we fourth continued of quarter. positive its the channel, its several for the the XX, posted positive platform we intermediary to flows and Victory VictoryShares have gaining cover net consecutive generate quarter of Slide our Investors quarter and net long-term been past flows. of positive our ETF investment space in asset years. franchises On shelf eighth flows consecutive in Several long-term Income net

off also net year, strong a VictoryShares long-term Integrity, start. achieved to platform XXXX full For the our NEC, flows. is Global, RS ETF positive

Our The it perspective. been XXXX, pipeline not should not has in have from large long-term ever be of a yet flows our for diversified look positive. of fund majority as franchise one January the to well slightly And improved substantially forward. is as and funded one but flipped but has month the and is we channel yet and pipeline as it funded

organic Our momentum closing outlook and will contribute and profile. current the consider business the growth encouraging what is to transaction organic growth Amundi as our of for that we

sequential steady XXXX. a shows XX Slide increase revenue in during

from in fee average fourth is within quarter, XX.X our basis X the points basis points up range. which quarter the was remains third expected and rate Our

from rose revenue XXXX. year, X% full the For by

from quarter. $XXX.X was of recorded by the The driven Slide GAAP Total reversal XX for primarily highlights third expenses were third accruals quarter during quarter. million quarter. in earn-out the expenses the the increase the

total to noncash quarter, in $X and adjustment QX, in revenues. related incurred expenses our the million calibrated increase acquisition-related in this variable in AUM transaction. with Excluding predominantly expenses expenses less than quarter-over-quarter fourth the Amundi million increased $X.X We and

fourth basis, in we interest our On expense during experienced the cash in is with Consistent compensation decrease line interest was a XX.X%, guidance. expense with a our lower quarter. rates, which

Our the average quarter. by X.XX% to interest fourth in in the third quarter points basis XX declined rate X.XX% from

On we Slide XX, metrics. our highlight non-GAAP

level prior the for record is from up $X.XX of with per in third reported X% per quarter. our the net history, share the highest share benefit tax $X.XX Our reported income diluted and is diluted adjusted

tax basis, $XXX.X by benefit respectively. $X.XX $XXX and at share diluted per XXXX. with in EBITDA to income On grew records the margin XX%, points basis diluted and to XX% were year-over-year margin For net per our by EBITDA And share Adjusted full than $X.XX EBITDA XX.X%. adjusted adjusted a EBITDA year, XXXX. also expanded XX% adjusted million million higher was in adjusted and XXX company

Slide and X.Xx, X.Xx which is $XX and our during in turning in $XX generated of million debt We paid quarter, Finally, from beginning ratio of facility XX. credit the million our down million undrawn. flow from quarter operations the the at to leverage at the We $XXX year. down cash remains remained

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

Operator

Goldman the comes with line [Operator your of Sachs. Alex Instructions] from Blostein And question first

Unknown Analyst

most is January. growth? do on favor And be into improving see most Anthony I look in to and Alex. This nice growth out expect as for to in XXXX, strategies we guess you to the profile organic the organic contribute what It's

David Brown

A Dave. of question. couple to It's pieces that

The just Victory. first piece,

our year. well. the we continue As And I VictoryShares to in would doing strong said is prepared expect ETF growth platform We're seeing our that remarks, there. really throughout

in institutional of a channel, opportunities. we're our lot seeing Additionally,

growth. organic We that great bringing a there but the -- our we have and have all not start a channels, one that where what franchises. is then positive will 'XX have funded on large we of Amundi's profile, in we had growth net where channel different in really pipeline coupled part together Amundi be with 'XX. we And of they think flow in to off the in They're in yet their see putting have, opportunities few a

Unknown Analyst

And helpful. distribution as That's from deal, perspective, a on do what you you Amundi guess like I flow I expect? the synergies see to revenue of like a the follow-up, the partnership? sort guess revenue soon And benefits do how from expect

Michael Policarpo

It's Mike.

products distribution I respect just their with active network. XX-year the think will will, really Amundi through global we've traditional exclusive where a to agreement, pushed, distribution be established agreement you a distribution with reminder, if

the is that prepared Amundi currently in today growth U.S. As positive. and with we organic channel products the exists mentioned remarks,

we network, of distribution addition As to excited. that think Victory the about we're products

-- launched but We're Victory. position specifics But distribution growth the strong Victory to we profile, be in with that products will for forward, still as And again, to product that needs we about spent move to a will channel, through know being as of specifics products additive we that. profile we'll to related around not excited We're of which through close we're out transaction, and on the network. add the it sizable understanding globally. growth lot pushed organic clients evaluating able provide come that. a a today more distribution But the working and be be time which overall will we really

Operator

the Warrington next JPMorgan. question from Ken with of your comes And line

Unknown Analyst

Michael margins margins. continue just is quarter. wanted to for Cho every Ken. touch in to Victory's I just This seem rise on to

new targets higher-margin products products. out rules-based wondering in you So without was or vehicles. could you comments And the anything if are the think or that. across asking maybe I your about margin the long-term differences different ETFs I that through like called any just talk

I'm out as or just differences kind should that of flows XXXX just in could that commentary margin you made nuances consider if curious the we comment you of perspective kind broader of So flush well. of light maybe into

Michael Policarpo

Sure, Michael.

and our identified expenses I we said single And than business a vehicles, operating and that across greater the of allow delivery with about platform think franchises, business. operating our variable. really and X/X SMA having model leverage ETFs, to As invest our all we've comes platform all that mutual funds, us of are to structure we business, that think once inclusive institutional really have, and retail

significant scale. really for that So single allows platform

despite prepared being than still competitive not passive comments, will, business that, based that fair mentioned to rest distribution the And Dave X/X ETFs, have apply, business any in when lower as of we derived base that as at they're across we've any other the the variable, them. that other that greater expense again, just business, how we have. and maintain infrastructure the product the if revenue look the ETFs slightly ETF revenue And realization. as channel a And very we margins active to rules they're is you vehicle with profitable realization we strong in having

a So is to think the variable we growth. expense drives drive that that it to really margins making model the we that and platform future single that current continue support have we're and investments

Unknown Analyst

I if up. just And Great. quickly follow could

of You mentioned any around pipeline. color if the it kind on terms funded can ever. largest kind sits And pipeline the in today? or was composition of one color wondering pipeline of not pipeline provide or the you institutional I that any as context of yet

Michael Policarpo

a history which here it think is very in Sure. It's mentioned Mike. also as in we've as sit And specifics. so franchises across different seen institutional particular provide But stems as the ever within of We different the we also channels not are I institutional, large compelling business. he channels, as product or the franchise. sub just of as well today. the a it's then Dave's It don't represented. necessarily intermediary both It's comments, number business, and

XXXX. And different all a within one-not-funded it, in that, fund broad-based number will across expect We franchises from is pipeline perspective, not products most, of of the a if that franchises. again, and

Operator

Kenneth question with RBC line from next Capital the your Markets. And comes of Lee

Kenneth Lee

the on Victory Just and introduction non-U.S. Amundi products following of potential distribution. up in the the

certain regulatory gating product there or are frames, products, think the key products? selection design about? vehicle any rapidly should introduce factors? you that we of time how Is in Assuming selected kind or could you've What of terms potentially

David Brown

That 'XX sales already them. flow Yes. educated products have really and the are after products the through throughout happen will would existing come into I force the Amundi the we the or established, the channels on expect XXXX close, into for legacy that Victory of registered, products. U.S. already will most

as registered, legacy continue the different our go have in as accelerate 'XX. so will through, that sales channel. and would momentum and and that products in we then geographies Victory benefit a the that I with force, anticipate And seeing 'XX And end into getting investment the and we educating 'XX moves really then

its set going is products. different geography registering regulatory be Each we'll to own of have rules,

side, institutional will the the it On be sales educating force.

products the will it as So But the the in infrastructure, this selling around U.S. outside part be growing. a that. the large they stands, effort successful about have It today, great has been U.S. Amundi is they're

I in sales since in U.S. prepared a Amundi XXXX, positive referenced remarks, been have of I perspective. from They think the acquisition Amundi my

So and from products. then out that of introducing we'll and opportunity a business just and future the really from look as to in and think when accelerating it's quarters perspective, look for the be other we manager. to our the a out we into channel year's we But of outside get have going a for our that growth be start plugging to really U.S. differentiate distribution this really many compelling kind managers U.S.-based U.S. us us, we diversify

Kenneth Lee

there. changing topic helpful then over opportunity just there. And the to Very Great. another M&A on

term. some over could mentioned that there previously opportunities You the be near additional

outlook more color in having? for Just pipeline active are wanted And this is your that potential M&A what to of a you're the in little how discussions terms terms get year? bit of thoughts the

David Brown

acquisition, previous comments you're the lot industry significantly. I our in will and and think quite down will And in And a we that go the out building made participate leverage will years. primed it busy quarters, accelerate over are think we our balance think to for I we I really closed see the that, a perspective, of after 'XX from in sheet, think the the consolidation. starting very of I've on some discussion is I

would And we be the industry. in will that sheet as anybody active I anticipate balance would be Our as primed.

participant think the super I right platform and kind we partner, consolidation. of our is willing the are for attractive in

are that -- continue And is to had been path anticipation over so going the acquisitive. very has we've we my really been down years. and the that

we that's are seen look about when are having, and so as And well. we're ever the opportunities I opportunities And it having. compelling my excited the career in I've discussions as where discussions super we're as we're at The today. the

Operator

And our with Etienne Ricard next Capital comes line the Markets. of question from BMO

Etienne Ricard

Okay.

to you leverage? margins. operating the just better-than-expected Just systems that the to relative circle target the can in base? circle back on current hear handle And you to organization of what what's you I'm in seen have on XX% larger operating back curious AUM to giving a much areas Amundi, place confidence have, that

Michael Policarpo

how are It's the beginning I significant partner it. have platform leverage allow is us and that of back that is I the world-class. Mike. nature It Yes, -- have onboard the integrate of so business single scalable and designed of we mentioned relationships done We say run. before the since in It we XXXX. in would kind operating model M&A we highly to

and industry. the at is the long and probably the client perspective the that the that for current a the if platform, we along have we put people are robust confidence you with that where that the U.S. will, have and assessed, us business or from Amundi operate investments areas the top make need So able of margins perspective we've to the product that to at differentiation we there term experience onto that and continue can to the gives that be identified to a business

that in U.S. significantly active that We're XX% really business. is we're onboarding traditional nothing Amundi that transaction. differentiated. Amundi asset a There's post guidance even confident long-term is business the management still in, So the something

Those continue making operate long-term specialists intermediary respect invest that growth. the and continuing post ETF that distribution data, organic investments technology the that in And distribution able still confident to areas at We're so made long-term we provide investments the support. support feel in be make the and we'll very margins, to integration, mentioned will business believe the to we we've Dave channel. with marketing, to

position M&A that growth. those of will as transaction we're to and be investments the U.S. And making continue continue through organic well really, positioned well us to continued Amundi to as for make will all

Etienne Ricard

the net I details. Great. appreciate flows. Switching on

for relatively You've some performance? details non-U.S. explains the global this demand as your seen what strategies of on stronger to share Can more side. you

Michael Policarpo

Yes.

to the product. of cycles the respect them market seen global business outstanding RS our That very short- performance. throughout -- in that perform So has equity the decade the investment where all long-term They've product with really and international got segment differentiated has last of equity over because allowed and depth opportunities that to on institutional on to as side continued as has we've been team. of has investment plus. excellently continue strength respect just a the offering a Global process to to because of significant of well, with side amount which to really, they've And strength performance, intermediary the the team, of product opportunities. both seeing because the the we're of perform significant very strong well led the And the

Operator

Our Budish line with question of from next Barclays. Benjamin comes the

Unknown Analyst

AUM for last Nathan on a What Ben. trending? since how like update? look you is This Amundi does flows on Can are provide mark-to-market and our

Michael Policarpo

Yes.

multi-asset mentioned Dave across publicly were XXXX net positive U.S. fixed flow and their remarks, prepared our roughly for mutual you positive the what billion their fund income, in see as Amundi equity $X.X net So business, flows can products. the was business in flow in

other well, those growth global trends have was network there are continued January. channels, as distribution that highlighted was also We positive which that into really and organic

AUM U.S. billion really business what diligenced. expectations US, performance throughout At the Amundi mentioned, we our $XXX the which, Amundi we year-end, approximately for outpaced of the was as again, XXXX and

excited super continue that comes business and look it to post organic on opportunities growth our at the we're So platform, in transaction. to tailwinds we to as have

David Brown

things. I'd flow side. more net have into one, flow it's they I a would And say, add the that mutual would It's positive. 'XX, I add on fund net -- still Dave. going few positive

'XX. business anticipated. what The see 'XX You is January. performance picked exceeding reiterate it And that we into strong. Mike momentum and still that I in is would said, a which this up going has what can is investment And for publicly is really

when combined diligenced now great bring we to more to about we our So the a flow and platform, trajectory forces perspective, that, has provide think, that's perspective, and putting business, excited thought net from much really, was our together. it that a positive exceeded and organizations and we're super from excited really our I on it

going transaction One perspective, this a FTE platform. larger we that effort. from partnership a U.S. have just are intermediary it is few the benefit of should with we the perspective, our sales marketing Amundi products, our great entire see should and just platform, from to entire a legacy benefits of a And not an platform perspective, from U.S. across and not but

Unknown Analyst

also flows on that year. Can Sycamore outflows I of of update at you particular? provide source an was your last franchise some a in the recall

just you can the of there? us some of dynamics So remind

David Brown

say is all. excellent in long cycle excellent term, small don't some franchise we're not specific a And franchises. franchise that's has in one a investment long-term on a big on flows excellent side. client at really is each the It's with performance. of an following and And investment going It concerned had it our We much has longer-term is for I'd cycle an Sycamore just that institutional franchise. process. deep. the It is the on a larger an But outflows. really It them. Sycamore intermediary provide investment have positive anything a is side They team. on

Operator

Our comes with of Ben next from Rubin UBS. line question the

Unknown Analyst

brought in you of XXXX which your flows remarks. than much quarters better in your a overall, billion prepared My business. first had the $X quarter, one stronger fourth is and over on recent ETF VictoryShares

for products also, then or So strategies just are ETFs I'm going expectations that what improvement? into driving XXXX? active your what are curious And

David Brown

Sure.

have around tailwinds a back. flow good system, passive led first, to X and group ETFs other were really number series. with And So The from income is I even cash get across of well, really Income by, would in our few I net launch active ability of free cash perspective. active. market positive. really Slow Investors emerge. is are started really the Victory them of our to in which run a And and and pay think beta to a were our that not 'XX our ones ETF fixed flows really launching them 'XX. that actually our then our and we've flow We've in VFLO had call There perspective. few And 'XX, we ETFs expect we that series, flow, flow did to continue there our sellers which ETFs group had started by that a will that SFLO, be bucket I franchise. of also seen just passive our launched ETFs from very of replication X are free top And what distribution

priced Our passive we're a and we plus is on happening side, tailwinds to rules-based to A products. the It's the investment I an industry, to positioned. great off ETFs stock anticipate good our active There's that use XX active really Acts like 'XX, compete rules start VFLO. an through ETFs move that a with are really the in just as And market portfolio. and type is thesis. going product. thematic ETF tremendous example express in accelerate It's like way active, from we what's we're year. the

would of ETF we have platform sales on sales from side. We're ETF lastly, there. add, specialists. side. a on perspective have our our And I We invested We're distribution the expanding relationships now marketing focusing the ETF some efforts

a our us help to it's VictoryShares be believe part to organic growth. future, of big So going we drive really is going and that

Operator

question final with Michael our of Stanley. Morgan comes the from Cyprys line And

Unknown Analyst

Mike. on for Anna is This

paydown program? the this of think How the going debt of how and you just capital program? the given on dividend about time? timing forward, over the about about new And question dividend should a we Just are and thinking How also buyback also allocation. completion should scope think for we

David Brown

on Mike and this, off in start I'll fill afterwards. can Yes.

and for our to thing acquisitions. foremost, thing for capital think potential is I that I us and do strategic important use us, highest is of shareholder and has that the accretive most most return. the the First the mean for

and today undervalued our in capital. through We And that years buying returning the the like years. stock We stock. increase our future. the dividend ancillary able dividend dividend returning see stock. think based buying is on stock capital program our to back on can and also while and also you the our ways been over dividends, increasing over love the really buying of are based Both and of history We increasing the our we historic have our balance back

how And to as is acquisitions. is We compelling our drive really are drive sheet we -- to that participate be balance able on But I we the said our going our of believe those use And that dividend balance will earlier, Depending are discussions. of that goes, our really acquisitions. having first buyback program. going balance will that that -- can to execute We're all on sheet in program we on side. facts out to balance the execute look a as increasing in the put we'll at our would looking $XXX continue to to and sense. out it can program daily buy basis, dividend, anticipate forward, acquisition we And to stock. where done that makes our we'll it a at We're I be We're Board the assuming going million on past. we've look in going opportunistic. the

Unknown Analyst

wallet flows? that's And on is on maybe how how the how update then existing on And then that's performance investment to you And expanding trending also follow-up how advisers us WestEnd. contributing maybe you're a just there? Can Great. and evolving? . with

David Brown

Sure.

is XXXX start had up that standard have having was So since they much It the Their been net hoped. WestEnd, we a not performance in to positive. flow acquired XXXX. we in better

doing pretty significantly the We since advisers platforms they're doing have the of extensively. the we've that And business number of acquired expanded quite business number also we've on. they're that business with expanded

their dynamics gotten a them, in number investment we've market ETF the products. for including there. launched lot there's And the great that And an of traction. opportunity also performance We products think new with a of for so improvement a has

The return of excellent some pretty MODL. ETF We're from grow see And know the is the expect do, WestEnd. we starting we're bullish also they the perspective, them. also investment -- an of that performance to at we to on to and what we're opportunity levels they're investment

Operator

any I our over closing concludes Q&A Brown will David David? remarks. that hand And session. it to for now

David Brown

in interest your you, Thank Victory you for Capital. and thank

We we the rest the Miami. York. you UBS as RBC questions, great BofA Financial have Institutions at at hope will please of any Securities Financial day. feel XXXX New week, attending please And you free Next at interim, Conference you XXXX see to the be and In us Services Conference if hope Global Thank you. time. one next a we in have the Conference of be Financial any Services as the well contact in will events those month, to

Operator

meeting. the all Thank concludes joining. This you for

may You disconnect. now

Victory Capital (VCTR) 7 Feb 252024 Q4 Earnings call transcript