SEI Investments Co. Files Q3 2024 10-Q Report

Ticker: SEIC · Form: 10-Q · Filed: Oct 25, 2024 · CIK: 350894

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

SEI Investments Co. Q3 2024 10-Q filed. Financials and operational details available.

AI Summary

SEI Investments Co. reported its Q3 2024 results, ending September 30, 2024. The filing details various financial metrics and operational aspects for the period. Key figures include asset management administration and distribution fees, as well as information processing and software servicing fees for both the third quarter and the year-to-date period.

Why It Matters

This 10-Q filing provides investors with a detailed look at SEI Investments Co.'s financial performance and operational status for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial and operational updates, not indicating immediate or significant new risks.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended September 30, 2024.

What is the company's Central Index Key (CIK)?

The Central Index Key for SEI INVESTMENTS CO is 0000350894.

Where is SEI INVESTMENTS CO headquartered?

SEI INVESTMENTS CO is located at 1 FREEDOM VALLEY DRIVE, OAKS, PA 19456-1100.

What is the SIC code for SEI INVESTMENTS CO?

The Standard Industrial Classification (SIC) code for SEI INVESTMENTS CO is 6211, which falls under SECURITY BROKERS, DEALERS & FLOTATION COMPANIES.

When was the company incorporated?

The company was incorporated in Pennsylvania (PA).

Filing Stats: 4,551 words · 18 min read · ~15 pages · Grade level 17.2 · Accepted 2024-10-25 12:15:45

Key Financial Figures

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page

Financial Statements. 2

Item 1. Financial Statements. 2 Consolidated Balance Sheets (Unaudited) -- September 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations (Unaudited) -- For the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Nine Months Ended September 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. 29

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 29

Quantitative and Qualitative Disclosures About Market Risk. 45

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 45

Controls and Procedures. 45

Item 4. Controls and Procedures. 45

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings. 46

Item 1. Legal Proceedings. 46

Risk Factors. 46

Item 1A. Risk Factors. 46

Unregistered Sales of Equity Securities and Use of Proceeds. 46

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 46

Other Information 46

Item 5. Other Information 46

Exhibits. 47

Item 6. Exhibits. 47 Signatures 48 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) September 30, 2024 December 31, 2023 Assets Current Assets: Cash and cash equivalents $ 901,134 $ 834,697 Restricted cash 302 301 Receivables from investment products 54,585 55,886 Receivables, net of allowance for doubtful accounts of $ 1,833 and $ 663 609,794 501,434 Securities owned 30,289 31,334 Other current assets 61,433 54,464 Total Current Assets 1,657,537 1,478,116 Property and Equipment, net of accumulated depreciation of $ 489,143 and $ 474,034 164,927 171,364 Operating Lease Right-of-Use Assets 29,567 22,477 Capitalized Software, net of accumulated amortization of $ 633,932 and $ 612,971 237,236 239,783 Available for Sale and Equity Securities 175,722 155,413 Investments in Affiliated Funds, at fair value 8,410 7,316 Investment in Unconsolidated Affiliate 49,675 110,781 Goodwill 138,085 137,333 Intangible Assets, net of accumulated amortization of $ 52,964 and $ 42,520 74,041 82,443 Deferred Contract Costs 42,527 40,221 Deferred Income Taxes 58,373 37,709 Other Assets, net 48,329 37,047 Total Assets $ 2,684,429 $ 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) September 30, 2024 December 31, 2023 Liabilities and Equity Current Liabilities: Accounts payable $ 8,250 $ 10,618 Accrued liabilities 258,167 318,945 Current portion of long-term operating lease liabilities 7,926 8,118 Deferred revenue 11,330 15,366 Total Current Liabilities 285,673 353,047 Long-term Income Taxes Payable 803 803 Long-term Operating Lease Liabilities 24,647 17,235 Other Long-term Liabilities 18,896 17,090 Total Liabilities 330,019 388,175 Commitments and Contingencies Shareholders' Equity: Common stock, $ 0.01 par value, 750

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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