SEIC 8-K

Sei Investments Co (SEIC)

8-K 2024-01-31 For: 2024-01-31

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Exhibit No.						Description

99.1						Press Release dated January 31 , 202 4 of SEI Investments Company related to the Company's financial and operating results for the fourth quarter ended December 31 , 2023

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


		SEI INVESTMENTS COMPANY

Date:	January 31, 2024	By:	/s/ Dennis J. McGonigle
			Dennis J. McGonigle Chief Financial Officer


Consolidated Overview
(In thousands, except earnings per share)	For the Three Months Ended December 31,			For the Twelve Months Ended December 31,
	2023	2022	%	2023	2022	%

Revenues	$484,858	$456,590	6%	$1,919,793	$1,991,037	(4)%
Net income	120,731	112,224	8%	462,258	475,467	(3)%
Diluted earnings per share	$0.91	$0.83	10%	$3.46	$3.46	—%


(In thousands)	For the Three Months Ended December 31,					For the Twelve Months Ended December 31,
	2023		2022		%	2023		2022		%
Private Banks:
Revenues	$125,146		$115,233		9%	$503,317		$575,625		(13)%
Expenses	112,378		113,533		(1)%	455,820		473,209		(4)%
Operating Profit	12,768		1,700		NM	47,497		102,416		(54)%
Operating Margin	10	%	1	%		9	%	18	%

Investment Advisors:
Revenues	109,719		105,777		4%	436,298		447,766		(3)%
Expenses	67,138		62,605		7%	259,142		251,650		3%
Operating Profit	42,581		43,172		(1)%	177,156		196,116		(10)%
Operating Margin	39	%	41	%		41	%	44	%

Institutional Investors:
Revenues	69,794		74,771		(7)%	289,708		323,353		(10)%
Expenses	39,118		40,820		(4)%	165,455		172,252		(4)%
Operating Profit	30,676		33,951		(10)%	124,253		151,101		(18)%
Operating Margin	44	%	45	%		43	%	47	%

Investment Managers:
Revenues	175,168		156,076		12%	670,486		624,918		7%
Expenses	115,469		104,330		11%	437,174		404,850		8%
Operating Profit	59,699		51,746		15%	233,312		220,068		6%
Operating Margin	34	%	33	%		35	%	35	%

Investments in New Businesses:
Revenues	5,031		4,733		6%	19,984		19,375		3%
Expenses	11,348		10,450		9%	45,437		45,159		1%
Operating Loss	(6,317)		(5,717)		NM	(25,453)		(25,784)		NM

Totals:
Revenues	$484,858		$456,590		6%	$1,919,793		$1,991,037		(4)%
Expenses	345,451		331,738		4%	1,363,028		1,347,120		1%
Corporate Overhead Expenses	37,723		30,804		22%	132,241		168,164		(21)%
Income from Operations	$101,684		$94,048		8%	$424,524		$475,753		(11)%


	For the Three Months Ended December 31,		For the Twelve Months Ended December 31,
	2023	2022	2023	2022

Asset management, admin. and distribution fees	$383,571	$365,239	$1,514,815	$1,514,063
Information processing and software servicing fees	101,287	91,351	404,978	476,974

Total revenues	484,858	456,590	1,919,793	1,991,037

Subadvisory, distribution and other asset mgmt. costs	47,106	46,247	189,263	196,732
Software royalties and other information processing costs	8,505	7,143	32,289	29,006
Compensation, benefits and other personnel	184,508	174,497	714,099	720,029
Stock-based compensation	7,850	8,064	31,308	39,403
Consulting, outsourcing and professional fees	54,850	57,693	231,469	242,013
Data processing and computer related	34,735	32,151	137,036	125,171
Facilities, supplies and other costs	27,011	17,529	85,836	74,993
Amortization	9,818	10,503	38,669	54,280
Depreciation	8,791	8,715	35,300	33,657

Total expenses	383,174	362,542	1,495,269	1,515,284

Income from operations	101,684	94,048	424,524	475,753

Net gain (loss) from investments	1,704	1,437	2,757	(3,078)
Interest and dividend income	11,574	6,645	41,027	13,308
Interest expense	(187)	(145)	(583)	(749)
Other income	—	3,379	—	3,379
Equity in earnings of unconsolidated affiliate	35,413	31,741	126,930	120,667

Income before income taxes	150,188	137,105	594,655	609,280

Income taxes	29,457	24,881	132,397	133,813

Net income	$120,731	$112,224	$462,258	$475,467

Basic earnings per common share	$0.92	$0.83	$3.49	$3.49

Shares used to calculate basic earnings per share	131,269	134,714	132,593	136,071

Diluted earnings per common share	$0.91	$0.83	$3.46	$3.46

Shares used to calculate diluted earnings per share	132,160	135,818	133,728	137,423

Dividends declared per common share	$0.46	$0.43	$0.89	$0.83


☐			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))


	December 31,	December 31,
	2023	2022
Assets
Current Assets:
Cash and cash equivalents	$834,697	$853,008
Restricted cash	301	351
Receivables from investment products	55,886	62,014
Receivables, net of allowance for doubtful accounts of $663 and $901	501,434	457,084
Securities owned	31,334	32,148
Other current assets	54,464	48,703
Total Current Assets	1,478,116	1,453,308

Property and Equipment, net of accumulated depreciation of $474,034 and $440,861	171,364	181,029
Operating Lease Right-of-Use Assets	22,477	24,992
Capitalized Software, net of accumulated amortization of $612,971 and $586,744	239,783	237,302
Available for Sale and Equity Securities	155,413	128,201
Investments in Affiliated Funds, at fair value	7,316	6,366
Investment in Unconsolidated Affiliate	110,781	104,673
Goodwill	137,333	115,599
Intangible Assets, net of accumulated amortization of $42,520 and $30,261	82,443	55,532
Deferred Contract Costs	40,221	37,928
Deferred Income Taxes	37,709	4,936
Other Assets, net	37,047	33,687
Total Assets	$2,520,003	$2,383,553

Liabilities and Equity
Current Liabilities:
Accounts payable	$10,618	$13,283
Accrued liabilities	318,945	359,363
Current portion of long-term operating lease liabilities	8,118	10,344
Deferred revenue	15,366	14,893
Total Current Liabilities	353,047	397,883


Long-term Income Taxes Payable	803	803

Long-term Operating Lease Liabilities	17,235	18,786
Other Long-term Liabilities	17,090	12,257
Total Liabilities	388,175	429,729

Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 131,178 and 134,162 shares issued and outstanding	1,312	1,342
Capital in excess of par value	1,404,962	1,307,162
Retained earnings	762,586	694,287
Accumulated other comprehensive loss, net	(37,032)	(48,967)
Total Shareholders' Equity	2,131,828	1,953,824
Total Liabilities and Shareholders' Equity	$2,520,003	$2,383,553


	Dec. 31,	Mar. 31,	Jun. 30,	Sept. 30,	Dec. 31,
	2022	2023	2023	2023	2023
Private Banks:
Equity and fixed-income programs	$22,377	$23,653	$24,091	$23,039	$24,496
Collective trust fund programs	7	6	7	6	4
Liquidity funds	3,201	3,427	3,433	3,636	3,916
Total assets under management	$25,585	$27,086	$27,531	$26,681	$28,416
Client assets under administration	4,151	4,299	4,154	4,399	7,267
Total assets	$29,736	$31,385	$31,685	$31,080	$35,683

Investment Advisors:
Equity and fixed-income programs	$66,240	$68,065	$69,439	$66,911	$71,634
Liquidity funds	5,436	4,965	4,968	5,175	4,812
Total Platform assets under management	$71,676	$73,030	$74,407	$72,086	$76,446
Platform-only assets	13,931	14,980	16,103	16,232	18,324
Platform-only assets-deposit program	—	—	—	—	843
Total Platform assets	$85,607	$88,010	$90,510	$88,318	$95,613

Institutional Investors:
Equity and fixed-income programs	$73,178	$74,939	$75,854	$72,387	$77,208
Collective trust fund programs	5	4	4	4	1
Liquidity funds	1,557	1,576	1,353	2,119	1,734
Total assets under management	$74,740	$76,519	$77,211	$74,510	$78,943
Client assets under advisement	4,314	4,559	4,368	4,085	6,120
Total assets	$79,054	$81,078	$81,579	$78,595	$85,063

Investment Managers:
Collective trust fund programs (A)	$141,285	$146,176	$149,779	$146,991	$156,376
Liquidity funds	199	203	249	180	114
Total assets under management	$141,484	$146,379	$150,028	$147,171	$156,490
Client assets under administration	810,491	845,828	873,570	886,382	935,564
Total assets	$951,975	$992,207	$1,023,598	$1,033,553	$1,092,054

Investments in New Businesses:
Equity and fixed-income programs	$1,912	$2,031	$2,104	$2,017	$2,174
Liquidity funds	215	217	217	202	209
Total assets under management	$2,127	$2,248	$2,321	$2,219	$2,383
Client assets under administration	1,077	1,081	1,098	1,070	1,150
Total assets	$3,204	$3,329	$3,419	$3,289	$3,533

LSV Asset Management:
Equity and fixed-income programs (B)	$83,753	$84,964	$86,469	$83,684	$89,312

Total:
Equity and fixed-income programs (C)	$247,460	$253,652	$257,957	$248,038	$264,824
Collective trust fund programs	141,297	146,186	149,790	147,001	156,381
Liquidity funds	10,608	10,388	10,220	11,312	10,785
Total assets under management	$399,365	$410,226	$417,967	$406,351	$431,990
Client assets under advisement	5,391	5,640	5,466	5,155	7,270
Client assets under administration (D)	814,642	850,127	877,724	890,781	942,831
Platform-only assets	13,931	14,980	16,103	16,232	19,167
Total assets	$1,233,329	$1,280,973	$1,317,260	$1,318,519	$1,401,258


	4th Qtr.	1st Qtr.	2nd Qtr.	3rd Qtr.	4th Qtr.
	2022	2023	2023	2023	2023
Private Banks:
Equity and fixed-income programs	$21,839	$23,576	$23,748	$23,920	$23,309
Collective trust fund programs	7	7	7	6	5
Liquidity funds	3,395	3,253	3,500	3,585	3,808
Total assets under management	$25,241	$26,836	$27,255	$27,511	$27,122
Client assets under administration	4,126	4,316	4,282	4,221	7,083
Total assets	$29,367	$31,152	$31,537	$31,732	$34,205

Investment Advisors:
Equity and fixed-income programs	$66,100	$67,578	$68,371	$69,309	$68,369
Liquidity funds	5,127	4,995	4,808	4,990	5,046
Total Platform assets under management	$71,227	$72,573	$73,179	$74,299	$73,415
Platform-only assets	13,905	14,812	15,548	16,544	17,201
Platform-only assets-deposit program	—	—	—	—	281
Total Platform assets	$85,132	$87,385	$88,727	$90,843	$90,897

Institutional Investors:
Equity and fixed-income programs	$72,581	$74,653	$74,865	$75,023	$73,644
Collective trust fund programs	5	5	4	4	3
Liquidity funds	1,719	1,715	1,537	1,611	1,682
Total assets under management	$74,305	$76,373	$76,406	$76,638	$75,329
Client assets under advisement	4,251	4,431	4,583	4,294	4,607
Total assets	$78,556	$80,804	$80,989	$80,932	$79,936

Investment Managers:
Collective trust fund programs (A)	$140,494	$144,914	$147,543	$150,379	$149,551
Liquidity funds	275	317	286	237	205
Total assets under management	$140,769	$145,231	$147,829	$150,616	$149,756
Client assets under administration	785,813	836,410	859,296	889,503	916,268
Total assets	$926,582	$981,641	$1,007,125	$1,040,119	$1,066,024

Investments in New Businesses:
Equity and fixed-income programs	$1,890	$1,991	$2,057	$2,096	$2,069
Liquidity funds	208	212	199	211	197
Total assets under management	$2,098	$2,203	$2,256	$2,307	$2,266
Client assets under advisement	1,075	1,098	1,075	1,101	1,080
Total assets	$3,173	$3,301	$3,331	$3,408	$3,346

LSV Asset Management:
Equity and fixed-income programs (B)	$83,370	$86,987	$84,492	$86,671	$84,492

Total:
Equity and fixed-income programs (C)	$245,780	$254,785	$253,533	$257,019	$251,883
Collective trust fund programs	140,506	144,926	147,554	150,389	149,559
Liquidity funds	10,724	10,492	10,330	10,634	10,938
Total assets under management	$397,010	$410,203	$411,417	$418,042	$412,380
Client assets under advisement	5,326	5,529	5,658	5,395	5,687
Client assets under administration (D)	789,939	840,726	863,578	893,724	923,351
Platform-only assets	13,905	14,812	15,548	16,544	17,482
Total assets	$1,206,180	$1,271,270	$1,296,201	$1,333,705	$1,358,900