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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SEI Investments Company | NASDAQ:SEIC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.74 | 1.10% | 67.71 | 64.34 | 108.22 | 67.78 | 66.93 | 67.24 | 986,880 | 22:30:00 |
OAKS, Pa., Jan. 31, 2024 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth-quarter 2023. Diluted earnings per share were $0.91 in fourth-quarter 2023 compared to $0.83 in fourth-quarter 2022.
Consolidated Overview | ||||||||||||
(In thousands, except earnings per share) | For the Three Months | For the Twelve Months Ended | ||||||||||
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 | — % |
"Despite variable market conditions throughout the year, we navigated through uncertainty and delivered solid growth and core profitability. Our 2023 results reflect strong sales activity—particularly in our technology, investment processing, and operations segments—demonstrating traction in growth segments where we believe SEI has significant opportunity," said CEO Ryan Hicke.
"With our unmatched breadth of capabilities, we believe we are firmly positioned to capitalize on the positive trends shaping our markets today and well into the future. Looking ahead to 2024 and beyond, we remain committed to our strategic vision for the future, and our financial strength, robust pipeline, and world-class talent reinforce our foundation and the momentum to deliver long-term, sustainable growth for our stakeholders."
Summary of Fourth-Quarter Results by Business Segment
(In thousands) | For the Three Months | For the Twelve Months | ||||||||||
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) % |
Fourth-Quarter Business Highlights:
Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Jan. 31, 2024. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 4801296.
About SEI®
SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to help drive growth, make confident decisions, and protect futures. As of Dec. 31, 2023, SEI manages, advises, or administers approximately $1.4 trillion in assets. For more information, visit seic.com.
This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "expect," "believe" and "continue" or "appear." Our forward-looking statements include our current expectations as to:
We anticipate that we may deliver forward-looking statements during today's earnings call that include our current expectations as to the matters in this release and set forth above as well as:
You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended Dec. 31, 2022, filed with the Securities and Exchange Commission.
SEI INVESTMENTS COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) | ||||||||
For the Three Months | For the Twelve Months | |||||||
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 |
SEI INVESTMENTS COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | ||||
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 | 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 |
ENDING ASSET BALANCES (In millions) (Unaudited) | ||||||||||
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 |
(A) | Collective trust fund program assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs. |
(B) | Equity and fixed-income programs include $1.9 billion of assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee (as of December 31, 2023). |
(C) | Equity and fixed-income programs include $6.3 billion of assets invested in various asset allocation funds (as of December 31, 2023). |
(D) | In addition to the assets presented, SEI also administers an additional $11.2 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of December 31, 2023). |
AVERAGE ASSET BALANCES (In millions) (Unaudited) | ||||||||||
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 |
(A) | Collective trust fund program average assets in the Investment Managers segment are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs. |
(B) | Equity and fixed-income programs during fourth-quarter 2023 include $1.8 billion of average assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee. |
(C) | Equity and fixed-income programs include $6.1 billion of average assets invested in various asset allocation funds during fourth-quarter 2023. |
(D) | In addition to the assets presented, SEI also administers an additional $11.3 billion of average assets in Funds of Funds assets during fourth-quarter 2023 on which SEI does not earn an administration fee. |
Investor Contact: | Media Contact: |
Alex Whitelam | Leslie Wojcik |
SEI | SEI |
+1 610-676-4924 | +1 610-676-4191 |
awhitelam@seic.com | lwojcik@seic.com |
View original content:https://www.prnewswire.com/news-releases/sei-reports-fourth-quarter-2023-financial-results-302049850.html
SOURCE SEI Investments Company
Copyright 2024 PR Newswire
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