Q2 2024 Victory Capital Holdings Inc Earnings Call Transcript
Key Points
- Victory Capital Holdings Inc (VCTR) reported record highs in GAAP operating income, adjusted net income, and adjusted EBITDA margin for Q2 2024.
- The company ended the quarter with total client assets of $174 billion, marking significant growth.
- Victory Capital Holdings Inc (VCTR) achieved positive net flows in its fixed income products and ETF platform for the second consecutive quarter.
- The company has strategically invested in new products and vehicle wrappers, including several new active ETFs.
- Victory Capital Holdings Inc (VCTR) has returned a total of $700 million to shareholders through cash dividends and share repurchases since its IPO in 2018.
- The company experienced a decline in point-to-point AUM at the end of June compared to the end of March.
- There were significant redemptions in equity strategies as investors rebalanced portfolio weightings.
- Victory Capital Holdings Inc (VCTR) incurred expenses related to the Amundi transaction, which partially offset some of the overall decline in total expenses.
- The company did not make any open market share repurchases for the second consecutive quarter.
- There was a delay in institutional fundings, which is expected to pick up in the third and fourth quarters.
Good morning, and welcome to the Victory Capital second-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.
Thank you. Before I turn the call over to David Brown, I would like to remind you that during today's conference call, we may make a number of forward-looking statements. Victory Capital's actual results may differ materially from these statements. Furthermore, please note that the ultimate completion of a transaction with Amundi remains subject to certain closing conditions as well as regulatory approvals.
Please refer to our SEC filings for a list of some of the risk factors that may cause actual results to differ materially from those expressed on today's call. Victory Capital assumes no duty and does not undertake any obligation to update any forward-looking statements. Our press release that was
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