Victory Capital Holdings, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. Total revenue for the three months reached $225.6 million, a 7.6% increase from $209.7 million in the same period of 2023. For the nine months, revenue rose to $661.1 million, compared to $615.2 million in the prior year. This growth was primarily driven by an increase in investment management fees, which rose to $177.8 million for the quarter and $520.8 million for the nine months, reflecting an 8.5% and 8.4% increase, respectively.

The company's profitability also improved, with net income for Q3 2024 at $82.0 million, up from $52.0 million in Q3 2023. For the nine-month period, net income increased to $211.9 million from $158.0 million. Earnings per share (EPS) for the third quarter were $1.26 (basic) and $1.24 (diluted), compared to $0.79 and $0.77 in the same quarter last year.

Victory Capital's total assets as of September 30, 2024, were $2.6 billion, up from $2.5 billion at the end of 2023. Cash and cash equivalents also saw a notable increase, rising to $188.2 million from $123.5 million. The company reported total liabilities of $1.4 billion, down from $1.5 billion, while total stockholders' equity increased to $1.2 billion from $1.1 billion.

Strategically, Victory Capital is preparing for the acquisition of Amundi US, which is expected to close in Q1 2025, pending regulatory approvals. Shareholders approved the issuance of common and preferred stock related to this transaction on October 11, 2024. The company has also been active in managing its contingent liabilities, reducing the consideration payable for acquisitions to $139.6 million from $217.2 million at the end of 2023.

In terms of market performance, Victory Capital's assets under management (AUM) increased to $176.1 billion, up from $148.9 billion a year earlier, driven by market appreciation of $10.1 billion despite net outflows of $2.6 billion. The company reported gross client cash inflows of $6.1 billion for the quarter, compared to $5.1 billion in the same period last year.

Overall, Victory Capital's financial results reflect a robust performance, with strategic acquisitions and effective management contributing to its growth trajectory.