SEI Investments Co. Q2 2024 Revenue Report

Ticker: SEIC · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 350894

Sentiment: neutral

Topics: 10-Q, earnings, financials

TL;DR

**SEI Investments Co. Q2 Revenue: $477.2M. YTD Revenue: $944.6M.**

AI Summary

SEI Investments Co. reported its Q2 2024 results, with total revenue for the three months ended June 30, 2024, reaching $477.2 million. For the six months ended June 30, 2024, total revenue was $944.6 million. The company's fiscal year ends on December 31st.

Why It Matters

This filing provides insight into SEI Investments Co.'s financial performance for the second quarter of 2024, impacting investor confidence and market valuation.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

Key Players & Entities

FAQ

What were SEI Investments Co.'s total revenues for the three months ended June 30, 2024?

SEI Investments Co.'s total revenues for the three months ended June 30, 2024, were $477.2 million.

What were SEI Investments Co.'s total revenues for the six months ended June 30, 2024?

SEI Investments Co.'s total revenues for the six months ended June 30, 2024, were $944.6 million.

What is the fiscal year end for SEI Investments Co.?

The fiscal year end for SEI Investments Co. is December 31st.

When was this 10-Q filing submitted?

This 10-Q filing was submitted on July 26, 2024.

What is the primary business address of SEI Investments Co.?

The primary business address of SEI Investments Co. is 1 Freedom Valley Drive, Oaks, PA 19456-1100.

Filing Stats: 4,605 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-07-26 12:12:15

Key Financial Figures

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page

Financial Statements. 2

Item 1. Financial Statements. 2 Consolidated Balance Sheets (Unaudited) -- June 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations (Unaudited) -- For the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Six Months Ended June 30, 2024 and 2023 8

Notes to Consolidated Financial Statements 9

Notes to Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations. 28

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 28

Quantitative and Qualitative Disclosures About Market Risk. 44

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 44

Controls and Procedures. 44

Item 4. Controls and Procedures. 44

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings. 45

Item 1. Legal Proceedings. 45

Risk Factors. 45

Item 1A. Risk Factors. 45

Unregistered Sales of Equity Securities and Use of Proceeds. 45

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 45

Other Information 45

Item 5. Other Information 45

Exhibits. 46

Item 6. Exhibits. 46 Signatures 47 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) June 30, 2024 December 31, 2023 Assets Current Assets: Cash and cash equivalents $ 768,291 $ 834,697 Restricted cash 301 301 Receivables from investment products 47,963 55,886 Receivables, net of allowance for doubtful accounts of $ 1,545 and $ 663 589,708 501,434 Securities owned 30,338 31,334 Other current assets 61,472 54,464 Total Current Assets 1,498,073 1,478,116 Property and Equipment, net of accumulated depreciation of $ 484,087 and $ 474,034 167,563 171,364 Operating Lease Right-of-Use Assets 30,564 22,477 Capitalized Software, net of accumulated amortization of $ 626,864 and $ 612,971 238,559 239,783 Available for Sale and Equity Securities 176,949 155,413 Investments in Affiliated Funds, at fair value 7,737 7,316 Investment in Unconsolidated Affiliate 53,223 110,781 Goodwill 137,254 137,333 Intangible Assets, net of accumulated amortization of $ 49,289 and $ 42,520 75,409 82,443 Deferred Contract Costs 39,975 40,221 Deferred Income Taxes 52,847 37,709 Other Assets, net 50,912 37,047 Total Assets $ 2,529,065 $ 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) June 30, 2024 December 31, 2023 Liabilities and Equity Current Liabilities: Accounts payable $ 9,199 $ 10,618 Accrued liabilities 208,122 318,945 Current portion of long-term operating lease liabilities 7,613 8,118 Deferred revenue 12,197 15,366 Total Current Liabilities 237,131 353,047 Long-term Income Taxes Payable 803 803 Long-term Operating Lease Liabilities 25,469 17,235 Other Long-term Liabilities 18,159 17,090 Total Liabilities 281,562 388,175 Commitments and Contingencies Shareholders' Equity: Common stock, $ 0.01 par value, 750,000,000 s

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

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