SEIC 8-K

Sei Investments Co (SEIC)

8-K 2021-10-20 For: 2021-10-20

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Exhibit No.						Description

99.1						Press Release dated October 2 0 , 2021 of SEI Investments Company related to the Company's financial and operating results for the third quarter ended September 30, 2021.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


		SEI INVESTMENTS COMPANY

Date:	October 20, 2021	By:	/s/ Dennis J. McGonigle
			Dennis J. McGonigle Chief Financial Officer


Consolidated Overview
(In thousands, except earnings per share)	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
	2021	2020	%	2021	2020	%

Revenues	$485,322	$424,927	14%	$1,416,659	$1,240,335	14%
Net income	138,045	111,096	24%	401,293	321,404	25%
Diluted earnings per share	$0.97	$0.75	29%	$2.79	$2.14	30%


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
(In thousands)
	2021		2020		%	2021		2020		%
Private Banks:
Revenues	$123,018		$114,792		7%	$364,302		$335,739		9%
Expenses	116,679		113,066		3%	345,057		331,442		4%
Operating Profit	6,339		1,726		NM	19,245		4,297		348%
Operating Margin	5	%	2	%		5	%	1	%

Investment Advisors:
Revenues	124,768		103,189		21%	357,458		299,218		19%
Expenses	62,107		51,519		21%	176,267		154,100		14%
Operating Profit	62,661		51,670		21%	181,191		145,118		25%
Operating Margin	50	%	50	%		51	%	48	%

Institutional Investors:
Revenues	85,759		79,583		8%	255,957		235,309		9%
Expenses	41,643		37,812		10%	122,696		113,016		9%
Operating Profit	44,116		41,771		6%	133,261		122,293		9%
Operating Margin	51	%	52	%		52	%	52	%

Investment Managers:
Revenues	147,412		123,846		19%	426,639		359,815		19%
Expenses	89,594		79,838		12%	257,609		228,795		13%
Operating Profit	57,818		44,008		31%	169,030		131,020		29%
Operating Margin	39	%	36	%		40	%	36	%

Investments in New Businesses:
Revenues	4,365		3,517		24%	12,303		10,254		20%
Expenses	12,820		13,315		(4)%	39,855		37,691		6%
Operating Loss	(8,455)		(9,798)		NM	(27,552)		(27,437)		NM

Totals:
Revenues	$485,322		$424,927		14%	$1,416,659		$1,240,335		14%
Expenses	322,843		295,550		9%	941,484		865,044		9%
Corporate Overhead Expenses	21,354		18,040		18%	65,192		53,414		22%
Income from Operations	$141,125		$111,337		27%	$409,983		$321,877		27%


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2021	2020	2021	2020

Asset management, admin. and distribution fees	$393,296	$339,609	$1,143,451	$992,039
Information processing and software servicing fees	92,026	85,318	273,208	248,296

Total revenues	485,322	424,927	1,416,659	1,240,335

Subadvisory, distribution and other asset mgmt. costs	55,619	45,126	161,610	134,645
Software royalties and other information processing costs	7,348	6,992	20,561	21,828
Compensation, benefits and other personnel	150,188	134,795	429,188	391,607
Stock-based compensation	11,318	6,467	31,173	20,458
Consulting, outsourcing and professional fees	55,868	57,949	165,657	168,350
Data processing and computer related	26,650	24,437	79,746	71,647
Facilities, supplies and other costs	14,124	16,679	49,851	47,448
Amortization	14,674	13,200	43,749	39,417
Depreciation	8,408	7,945	25,141	23,058

Total expenses	344,197	313,590	1,006,676	918,458

Income from operations	141,125	111,337	409,983	321,877

Net (loss) gain on investments	(575)	776	134	(1,310)
Interest and dividend income	892	1,009	2,715	5,582
Interest expense	(101)	(153)	(354)	(456)
Equity in earnings of unconsolidated affiliate	35,005	28,305	103,420	86,488

Income before income taxes	176,346	141,274	515,898	412,181

Income taxes	38,301	30,178	114,605	90,777

Net income	$138,045	$111,096	$401,293	$321,404

Basic earnings per common share	$0.98	$0.76	$2.83	$2.18

Shares used to calculate basic earnings per share	140,507	145,812	141,928	147,586

Diluted earnings per common share	$0.97	$0.75	$2.79	$2.14

Shares used to calculate diluted earnings per share	142,426	147,907	143,981	149,958

Dividends declared per common share	$—	$—	$0.37	$0.35


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


	September 30,	December 31,
	2021	2020
Assets
Current Assets:
Cash and cash equivalents	$793,883	$784,626
Restricted cash	351	3,101
Receivables from investment products	59,808	55,271
Receivables, net of allowance for doubtful accounts of $2,669 and $1,100	442,187	385,219
Securities owned	31,770	34,064
Other current assets	42,615	38,696
Total Current Assets	1,370,614	1,300,977

Property and Equipment, net of accumulated depreciation of $400,679 and $378,639	183,802	189,052
Operating Lease Right-of-Use Assets	35,145	38,397
Capitalized Software, net of accumulated amortization of $531,923 and $491,739	250,280	270,977
Available for Sale and Equity Securities	140,079	105,419
Investments in Affiliated Funds, at fair value	6,893	6,166
Investment in Unconsolidated Affiliate	39,872	98,433
Goodwill	64,489	64,489
Intangible Assets, net of accumulated amortization of $15,768 and $12,456	31,992	24,304
Deferred Contract Costs	34,263	33,781
Deferred Income Taxes	2,148	2,972
Other Assets, net	32,224	32,289
Total Assets	$2,191,801	$2,167,256

Liabilities and Equity
Current Liabilities:
Accounts payable	$10,772	$7,766
Accrued liabilities	231,043	299,845
Current portion of long-term operating lease liabilities	10,412	8,579
Deferred revenue	1,235	1,085
Total Current Liabilities	253,462	317,275

Long-term Income Taxes Payable	803	803
Deferred Income Taxes	47,434	55,159
Long-term Operating Lease Liabilities	29,857	34,058
Other Long-term Liabilities	22,157	20,054
Total Liabilities	353,713	427,349

Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 139,305 and 143,396 shares issued and outstanding	1,393	1,434
Capital in excess of par value	1,228,085	1,190,001
Retained earnings	629,153	565,270
Accumulated other comprehensive loss, net	(20,543)	(16,798)
Total Shareholders' Equity	1,838,088	1,739,907
Total Liabilities and Shareholders' Equity	$2,191,801	$2,167,256


	Sept. 30,	Dec. 31	Mar. 31,	Jun. 30,	Sept. 30,
	2020	2020	2021	2021	2021
Private Banks:
Equity and fixed-income programs	$23,499	$25,498	$25,098	$26,264	$25,618
Collective trust fund programs	6	6	7	7	6
Liquidity funds	3,718	3,778	3,793	3,654	3,988
Total assets under management	$27,223	$29,282	$28,898	$29,925	$29,612
Client assets under administration	24,174	26,346	4,379	4,412	4,675
Total assets	$51,397	$55,628	$33,277	$34,337	$34,287

Investment Advisors:
Equity and fixed-income programs	$65,581	$71,247	$73,818	$78,052	$78,560
Collective trust fund programs	3	1	1	1	—
Liquidity funds	3,866	3,832	3,584	3,550	3,477
Total Platform assets under management	$69,450	$75,080	$77,403	$81,603	$82,037
Platform-only assets (E)	10,506	11,862	12,538	13,566	13,728
Total Platform assets (E)	$79,956	$86,942	$89,941	$95,169	$95,765

Institutional Investors:
Equity and fixed-income programs	$83,846	$90,869	$92,040	$93,010	$89,441
Collective trust fund programs	101	98	95	5	5
Liquidity funds	2,096	2,128	2,909	2,516	2,599
Total assets under management	$86,043	$93,095	$95,044	$95,531	$92,045
Client assets under advisement	3,618	4,063	4,333	4,566	4,698
Total assets	$89,661	$97,158	$99,377	$100,097	$96,743

Investment Managers:

Collective trust fund programs	63,277	75,214	78,304	87,012	87,488
Liquidity funds	389	424	449	473	568
Total assets under management	$63,666	$75,638	$78,753	$87,485	$88,056
Client assets under administration (A)	730,369	760,397	831,819	875,942	861,605
Total assets	$794,035	$836,035	$910,572	$963,427	$949,661

Investments in New Businesses:
Equity and fixed-income programs	$1,572	$1,711	$1,777	$1,924	$1,964
Liquidity funds	169	162	289	191	202
Total assets under management	$1,741	$1,873	$2,066	$2,115	$2,166
Client assets under advisement	1,179	1,299	1,355	1,422	1,378
Total assets	$2,920	$3,172	$3,421	$3,537	$3,544

LSV Asset Management:
Equity and fixed-income programs (B)	$82,051	$93,692	$101,565	$102,404	$97,604

Total:
Equity and fixed-income programs (C)	$256,549	$283,017	$294,298	$301,654	$293,187
Collective trust fund programs	63,387	75,319	78,407	87,025	87,499
Liquidity funds	10,238	10,324	11,024	10,384	10,834
Total assets under management	$330,174	$368,660	$383,729	$399,063	$391,520
Client assets under advisement	4,797	5,362	5,688	5,988	6,076
Client assets under administration (D)	754,543	786,743	836,198	880,354	866,280
Platform-only assets	10,506	11,862	12,538	13,566	13,728
Total assets	$1,100,020	$1,172,627	$1,238,153	$1,298,971	$1,277,604


	3rd Qtr.	4th Qtr.	1st Qtr.	2nd Qtr.	3rd Qtr.
	2020	2020	2021	2021	2021
Private Banks:
Equity and fixed-income programs	$23,740	$24,284	$25,139	$26,056	$26,232
Collective trust fund programs	7	6	6	7	6
Liquidity funds	3,948	3,712	3,876	3,833	3,916
Total assets under management	$27,695	$28,002	$29,021	$29,896	$30,154
Client assets under administration	25,295	25,368	4,317	4,405	4,476
Total assets	$52,990	$53,370	$33,338	$34,301	$34,630

Investment Advisors:
Equity and fixed-income programs	$64,479	$68,396	$73,239	$76,839	$79,602
Collective trust fund programs	3	2	1	1	—
Liquidity funds	4,569	3,788	3,619	3,370	3,403
Total Platform assets under management	$69,051	$72,186	$76,859	$80,210	$83,005
Platform-only assets (E)	10,501	11,214	12,206	13,292	13,863
Total Platform assets (E)	$79,552	$83,400	$89,065	$93,502	$96,868

Institutional Investors:
Equity and fixed-income programs	$82,830	$86,277	$91,349	$93,458	$91,965
Collective trust fund programs	102	102	96	68	5
Liquidity funds	2,120	2,271	2,621	2,681	2,742
Total assets under management	$85,052	$88,650	$94,066	$96,207	$94,712
Client assets under advisement	3,565	3,746	4,146	4,516	4,658
Total assets	$88,617	$92,396	$98,212	$100,723	$99,370

Investment Managers:

Collective trust fund programs	62,028	69,349	78,035	84,553	89,441
Liquidity funds	565	411	490	469	532
Total assets under management	$62,593	$69,760	$78,525	$85,022	$89,973
Client assets under administration (A)	713,528	754,350	817,330	853,810	851,183
Total assets	$776,121	$824,110	$895,855	$938,832	$941,156

Investments in New Businesses:
Equity and fixed-income programs	$1,560	$1,634	$1,743	$1,870	$1,958
Liquidity funds	180	165	169	236	205
Total assets under management	$1,740	$1,799	$1,912	$2,106	$2,163
Client assets under advisement	1,206	1,218	1,327	1,406	1,423
Total assets	$2,946	$3,017	$3,239	$3,512	$3,586

LSV Asset Management:
Equity and fixed-income programs (B)	$83,536	$88,182	$97,476	$103,583	$99,924

Total:
Equity and fixed-income programs (C)	$256,145	$268,773	$288,946	$301,806	$299,681
Collective trust fund programs	62,140	69,459	78,138	84,629	89,452
Liquidity funds	11,382	10,347	10,775	10,589	10,798
Total assets under management	$329,667	$348,579	$377,859	$397,024	$399,931
Client assets under advisement	4,771	4,964	5,473	5,922	6,081
Client assets under administration (D)	738,823	779,718	821,647	858,215	855,659
Platform-only assets	10,501	11,214	12,206	13,292	13,863
Total assets	$1,083,762	$1,144,475	$1,217,185	$1,274,453	$1,275,534