Victory Capital Holdings reported record financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, adjusted earnings per diluted share with tax benefit reached $1.45, a 23.5% increase from $1.15 in Q4 2023. Full-year adjusted EPS with tax benefit was $5.36, up 18.8% from $4.51 in 2023.
Fourth-quarter revenue increased 12.9% year-over-year to $232.4 million, contributing to a full-year revenue of $893.5 million, an 8.8% increase from 2023. Adjusted EBITDA for Q4 was $125.5 million, up 16.7% year-over-year, with an adjusted EBITDA margin of 54.0%.
For the full year 2024, adjusted EBITDA increased 13.8% to $475.6 million, with an adjusted EBITDA margin of 53.2%. These figures represent the highest adjusted earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin in the firm's history for both quarterly and full-year periods.
As of December 31, 2024, total client assets were $176.1 billion, and assets under management (AUM) stood at $171.9 billion. The company reported long-term AUM net outflows of $1.7 billion for the fourth quarter.
The Board of Directors authorized a 7% increase in the quarterly cash dividend to $0.47 per share, payable in March 2025. Additionally, a new $200 million share repurchase program was authorized in December, following the completion of the prior $100 million authorization, demonstrating a continued commitment to shareholder returns.
The strategic acquisition of Amundi U.S. remained on track to close by the end of the first quarter of 2025, with management reaffirming the expectation of $100 million in expense synergies. This acquisition is anticipated to further diversify and deepen investment capabilities and strengthen distribution efforts.
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