SEI INVESTMENTS CO Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SEI Investments Co. filed its Q1 2024 10-Q report detailing financial performance and segment revenues.</b>

AI Summary

SEI INVESTMENTS CO (SEIC) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. SEI Investments Co. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points such as common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed for various periods. Specific fee revenue segments, including Asset Management Administration and Distribution Fees, and Information Processing and Software Servicing Fees, are reported for Q1 2024 and Q1 2023. The report also includes details on SEI Sponsored Open Ended Money Market Mutual Funds and SEI Wealth Platform metrics.

Why It Matters

For investors and stakeholders tracking SEI INVESTMENTS CO, this filing contains several important signals. This filing provides investors with the latest financial performance data for SEI Investments Co., enabling them to assess the company's financial health and operational trends. The detailed breakdown of revenues by segment and balance sheet components allows for a deeper understanding of the company's business drivers and financial structure.

Risk Assessment

Risk Level: medium — SEI INVESTMENTS CO shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which provides a snapshot of financial health but lacks forward-looking statements or significant event disclosures that would indicate immediate high risk or opportunity.

Analyst Insight

Monitor revenue growth in the Asset Management Administration and Distribution Fees segment and Information Processing and Software Servicing Fees segment for Q2 2024.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Reporting period)
• 2024-01-01 — Period Start Date (Reporting period)
• 2023-03-31 — Prior Period End Date (Comparative period)
• 2023-01-01 — Prior Period Start Date (Comparative period)

Key Players & Entities

• SEI INVESTMENTS CO (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-04-29 (date) — Filed as of date
• PA (location) — State of incorporation
• 1 FREEDOM VALLEY DRIVE (address) — Business address street 1
• OAKS (location) — Business address city
• PA (location) — Business address state
• 19456-1100 (postal_code) — Business address zip

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share SEIC The NASDAQ Stock Market

Filing Documents

• seic-20240331.htm (10-Q) — 1380KB
• seic-0331202410qex311.htm (EX-31.1) — 7KB
• seic-0331202410qex312.htm (EX-31.2) — 8KB
• seic-0331202410qex32.htm (EX-32) — 6KB
• seic-20240331_g1.gif (GRAPHIC) — 15KB
• 0000350894-24-000084.txt (&nbsp;) — 7705KB
• seic-20240331.xsd (EX-101.SCH) — 45KB
• seic-20240331_cal.xml (EX-101.CAL) — 108KB
• seic-20240331_def.xml (EX-101.DEF) — 209KB
• seic-20240331_lab.xml (EX-101.LAB) — 615KB
• seic-20240331_pre.xml (EX-101.PRE) — 432KB
• seic-20240331_htm.xml (XML) — 1213KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page

Financial Statements. 2

Item 1. Financial Statements. 2 Consolidated Balance Sheets (Unaudited) -- March 31, 2024 and December 31, 2023 2 Consolidated Statements of Operations (Unaudited) -- For the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Equity (Unaudited) -- For the Three Months Ended March 31, 2024 and 2023 6 Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Three Months Ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements 8

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations. 25

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 25

Quantitative and Qualitative Disclosures About Market Risk. 40

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 40

Controls and Procedures. 40

Item 4. Controls and Procedures. 40

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings. 41

Item 1. Legal Proceedings. 41

Risk Factors. 41

Item 1A. Risk Factors. 41

Unregistered Sales of Equity Securities and Use of Proceeds. 41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 41

Other Information 41

Item 5. Other Information 41

Exhibits. 41

Item 6. Exhibits. 41 Signatures 42 1

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements. SEI Investments Company Consolidated Balance Sheets (unaudited) (Dollars in thousands, except par value) March 31, 2024 December 31, 2023 Assets Current Assets: Cash and cash equivalents $ 846,628 $ 834,697 Restricted cash 301 301 Receivables from investment products 55,606 55,886 Receivables, net of allowance for doubtful accounts of $ 1,165 and $ 663 561,395 501,434 Securities owned 31,958 31,334 Other current assets 59,136 54,464 Total Current Assets 1,555,024 1,478,116 Property and Equipment, net of accumulated depreciation of $ 475,832 and $ 474,034 168,204 171,364 Operating Lease Right-of-Use Assets 20,687 22,477 Capitalized Software, net of accumulated amortization of $ 619,875 and $ 612,971 239,156 239,783 Available for Sale and Equity Securities 164,027 155,413 Investments in Affiliated Funds, at fair value 8,149 7,316 Investment in Unconsolidated Affiliate 57,291 110,781 Goodwill 137,204 137,333 Intangible Assets, net of accumulated amortization of $ 45,923 and $ 42,520 78,739 82,443 Deferred Contract Costs 40,000 40,221 Deferred Income Taxes 45,257 37,709 Other Assets, net 54,699 37,047 Total Assets $ 2,568,437 $ 2,520,003 The accompanying notes are an integral part of these consolidated financial statements. 2 SEI Investments Company Consolidated Balance Sheets (unaudited) (Dollars in thousands, except par value) March 31, 2024 December 31, 2023 Liabilities and Equity Current Liabilities: Accounts payable $ 10,290 $ 10,618 Accrued liabilities 242,856 318,945 Current portion of long-term operating lease liabilities 7,562 8,118 Deferred revenue 15,274 15,366 Total Current Liabilities 275,982 353,047 Long-term Income Taxes Payable 803 803 Long-term Operating Lease Liabilities 15,599 17,235 Other Long-term Liabilities 16,999 17,090 Total Liabilities 309,383 388,175 Commitments and Contingencies Shareholders' Equity: Common stock, $ 0.01 par value, 750,000,00

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (all figures are in thousands except share and per share data) Note 1. Summary of Significant Accounting Policies Nature of Operations SEI Investments Company (the Company), a Pennsylvania corporation, provides comprehensive platforms, services and infrastructure–encompassing technology, operational, and investment management services–to help wealth managers, financial advisors, investment managers, family offices, institutional and private investors create and manage wealth. Investment processing platforms provide technologies and business process outsourcing services for wealth managers. These solutions include investment advisory, client relationship, and other technology-enabled capabilities for the front office; administrative and investment services for the middle office; and accounting and processing services for the back office. Revenues from investment processing platforms are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Investment operations platforms provide business process outsourcing services for investment managers and asset owners. These platforms support a broad range of traditional and alternative investments and provide technology-enabled information analytics and investor capabilities for the front office; administrative and investment services for the middle office; and fund administration and accounting services for the back office. Revenues from investment operations platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment management platforms provide comprehensive solutions for managing personal and institutional wealth. These platforms include goals-based investment strategies; SEI-sponsored investment products, including mutual funds, collective investment products, alternative investment portfolios and separately mana

View Full Filing

View this 10-Q filing on SEC EDGAR