PART I - FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) This section presents SEI Investments Company's unaudited consolidated financial statements for the quarter ended March 31, 2021, encompassing balance sheets, statements of operations, and cash flows [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets were $2.15 billion, total liabilities decreased to $321.8 million, and shareholders' equity increased to $1.83 billion Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$2,150,901** | **$2,167,256** | | Cash and cash equivalents | $782,582 | $784,626 | | **Total Liabilities** | **$321,793** | **$427,349** | | Accrued liabilities | $199,235 | $299,845 | | **Total Shareholders' Equity** | **$1,829,108** | **$1,739,907** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2021, total revenues increased 10% to $455.7 million, with net income rising 19% to $129.5 million, resulting in diluted EPS of $0.89 Q1 2021 vs. Q1 2020 Performance (in thousands, except per share data) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Total Revenues | $455,686 | $414,762 | | Income from Operations | $132,837 | $110,228 | | Net Income | $129,470 | $109,242 | | Diluted EPS | $0.89 | $0.72 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased to $136.6 million in Q1 2021, while investing activities used $30.7 million and financing activities used $109.5 million, leading to a $2.0 million net cash decrease Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $136,573 | $98,972 | | Net cash used in investing activities | ($30,656) | ($17,352) | | Net cash used in financing activities | ($109,512) | ($165,050) | | Net decrease in cash | ($2,044) | ($94,576) | - The company used **$71.2 million** for the purchase and retirement of common stock in Q1 2021, compared to **$130.6 million** in Q1 2020[26](index=26&type=chunk)[167](index=167&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue disaggregation, segment performance, the LSV Asset Management equity investment, litigation updates, and the new credit facility - The company's revenue is primarily derived from asset management, administration, and distribution fees, as well as information processing and software servicing fees[113](index=113&type=chunk) - The company holds a **38.8%** partnership interest in LSV Asset Management, accounted for using the equity method, with SEI's share of LSV's earnings at **$33.4 million** in Q1 2021[44](index=44&type=chunk)[46](index=46&type=chunk) - The company provides updates on two key legal matters: the Stanford Trust Company Litigation and the SS&C Advent Litigation, with management not expecting a material adverse effect[91](index=91&type=chunk)[100](index=100&type=chunk) - On April 23, 2021, the company entered into a new five-year, **$325 million** credit facility, replacing the previous agreement[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses Q1 2021 financial performance, highlighting revenue and net income growth driven by market appreciation, segment performance, and LSV affiliate earnings, alongside liquidity and capital resources Q1 2021 Consolidated Performance Summary | Metric | Q1 2021 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $455.7M | $414.8M | 10% | | Income from operations | $132.8M | $110.2M | 21% | | Net income | $129.5M | $109.2M | 19% | | Diluted EPS | $0.89 | $0.72 | 24% | - Revenue growth was primarily driven by higher average assets under administration (up **21%** to **$821.6 billion**) and management (up **$43.2 billion** to **$280.4 billion**, excluding LSV), benefiting from market appreciation and positive cash flows[128](index=128&type=chunk) - The company continued its stock repurchase program, buying back **1.2 million** shares for **$66.9 million** in Q1 2021[133](index=133&type=chunk) - The 'One SEI' strategy, a company-wide initiative to integrate and modularize technology platforms, incurred significant costs in 2020, with investments expected to continue through 2021[136](index=136&type=chunk) [Business Segments Analysis](index=35&type=section&id=MD%26A%20Business%20Segments) All business segments reported year-over-year revenue growth, with Investment Managers leading at 17% revenue increase and Private Banks showing a 168% operating profit increase Segment Operating Profit (Loss) (in thousands) | Segment | Q1 2021 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | Private Banks | $6,884 | $2,568 | 168% | | Investment Advisors | $58,267 | $49,889 | 17% | | Institutional Investors | $45,341 | $40,936 | 11% | | Investment Managers | $53,399 | $42,340 | 26% | | Investments in New Businesses | ($9,538) | ($7,522) | (27)% | - Investment Managers segment revenue grew **17%** due to higher asset valuations and positive cash flows into alternative and traditional offerings[148](index=148&type=chunk) - Private Banks segment operating profit grew **168%** due to higher revenue and decreased promotion, travel, and non-capitalized SWP-related costs[143](index=143&type=chunk)[145](index=145&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=MD%26A%20Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity, with $785.7 million in cash, secured a new **$325 million** credit facility, and used cash for stock repurchases and dividends in Q1 2021 - On April 23, 2021, the company replaced its credit facility with a new five-year, **$325 million** agreement with a syndicate of lenders led by Wells Fargo[161](index=161&type=chunk) - Cash flow from operations increased to **$136.6 million** in Q1 2021 from **$99.0 million** in Q1 2020, primarily due to higher net income[160](index=160&type=chunk)[166](index=166&type=chunk) - Key uses of cash in Q1 2021 were stock repurchases (**$71.2 million**), dividend payments (**$53.1 million**), and capital expenditures (**$4.2 million**)[167](index=167&type=chunk)[170](index=170&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) There have been no material changes to the company's market risk disclosures since the 2020 Annual Report on Form 10-K - There have been no material changes to the company's market risk disclosures since the 2020 Annual Report on Form 10-K[181](index=181&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[182](index=182&type=chunk) - No material changes to the internal control over financial reporting were identified during the quarter ended March 31, 2021[183](index=183&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings.) The company is party to various legal proceedings, including Stanford Trust and SS&C Advent litigations, with management believing no material adverse effect is probable - The company states that it does not believe the various legal proceedings it is party to are material and that the probability of a material adverse effect from their outcome is remote[184](index=184&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes in risk factors from those disclosed in the 2020 Annual Report on Form 10-K - There have been no material changes in risk factors from those disclosed in the 2020 Annual Report on Form 10-K[185](index=185&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) In Q1 2021, the company repurchased **1.15 million** common shares for **$66.9 million**, with **$125.9 million** remaining for future repurchases Common Stock Repurchases in Q1 2021 | Period | Total Shares Purchased | Average Price Paid per Share | Approximate Dollar Value Remaining Under Program | | :--- | :--- | :--- | :--- | | January 2021 | — | — | $192,827,000 | | February 2021 | 554,000 | $57.44 | $161,010,000 | | March 2021 | 598,000 | $58.72 | $125,888,000 | | **Total Q1** | **1,152,000** | **$58.11** | **$125,888,000** | [Exhibits](index=45&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the Form 10-Q, including the new Credit Agreement, CEO and CFO certifications, and XBRL interactive data files - Key exhibits filed include a new Credit Agreement, CEO and CFO certifications (Rule 13a-15(e)/15d-15(e) and Section 1350), and XBRL data files[188](index=188&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number: 0-10200 ________________________________________ ________________________________________ SEI INVESTMENTS COMPANY (Exact name of Registrant as Specified in Its Charter) Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tran ...

Financial Data and Key Metrics Changes - Fourth quarter revenue grew by 5% year-over-year, while earnings decreased by 2% year-over-year, with fourth quarter EPS at $0.86, up 2% from $0.84 in 2019 [6][7] - Asset balances increased by $27 billion in the fourth quarter, with LSV's balances growing by $11.6 billion [7][14] - The company repurchased 1.8 million shares at an average price of $54.36, totaling $99 million in stock repurchases [7] Business Line Data and Key Metrics Changes - The investments in new business segment incurred a loss of $11.4 million, compared to a loss of $9.8 million in the previous quarter, primarily due to increased investments related to the One SEI strategy [12][13] - LSV contributed $30.6 million in income for the fourth quarter, down from $39.1 million in the same quarter of 2019, with revenue at LSV approximately $102.1 million for the quarter [14][15] - The Global Wealth Management Services segment reported revenues of $119.7 million, up 1% year-over-year, with a profit of $4.6 million, slightly down from the previous year [44][45] Market Data and Key Metrics Changes - Total assets under management (AUM) ended the period at $25.5 billion, representing a 9% increase from the previous quarter, driven by market appreciation [55] - The adviser segment reported $245 million in negative net cash flow from SEI-managed assets, with total platform assets at $87 billion [110] Company Strategy and Development Direction - The company is focused on its One SEI strategy, which aims to leverage existing and new platforms to serve various client types across adjacent markets [8] - The company plans to continue investing in growth-generating initiatives while managing expenses to drive sustainable margin growth [78][96] - The adviser segment will enhance its technology platform and broaden its investment offerings, including direct indexing and tax management overlays [112][113] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong momentum moving into 2021, with a robust backlog of sales and conversions in key prospects [10] - The company acknowledged challenges due to the pandemic but remains focused on capturing growth opportunities and expanding its client base [56][96] - Management indicated that while expenses may increase due to new hires, they aim to manage costs effectively without hindering revenue growth [78] Other Important Information - The effective tax rate for the quarter was 19.6% [15] - The company reported a total signed but not infilled backlog of approximately $70.5 million in net new recurring revenue at the end of the fourth quarter [53] Q&A Session Summary Question: Health insurance costs trajectory - Management indicated that health insurance costs were flat to slightly down in the fourth quarter and expected to remain in a similar range for the year [18][19] Question: One SEI spending trajectory - Management confirmed that spending related to One SEI peaked in the fourth quarter and is expected to decrease gradually throughout 2021 [21] Question: Sales events timing - Management noted that the sales results were a timing issue and not reflective of overall sales efforts, with positive sales activities expected in January [23] Question: 2021 expense expectations - Management projected expenses to be around inflationary rates, with some increases due to compensation inflation and new hires, but aimed for overall flat expenses year-over-year [26][29] Question: Equity-based compensation increase - Management explained that the increase in equity-based compensation is due to new option grants and changes in vesting estimates, impacting both segments and G&A [32][33] Question: U.K. business performance - Management acknowledged that the U.K. business was significantly impacted by the pandemic, with a slowdown in sales but an active pipeline for future growth [73] Question: Strategic partnership with Canoe Intelligence - Management highlighted that the partnership enhances reporting and aggregation capabilities, supporting growth in family office services [81][83] Question: Addressable market and RIA space expansion - Management indicated that the RIA initiative could provide approximately 1,800 new prospects, with ongoing efforts to prospect in that space [86]

SEI Investments Company (NASDAQ:SEIC) Q3 2020 Earnings Conference Call October 21, 2020 4:30 PM ET Company Participants Al West - Chairman & Chief Executive Officer Dennis McGonigle - Chief Financial Officer Kathy Heilig - Controller Paul Klauder - Executive Vice President, Head of the Institutional Group Steve Meyer - Executive Vice President, Head of Global Wealth Management Services Wayne Withrow - Executive Vice President, Independent Advisor Solutions by SEI Conference Call Participants Ryan Kenny - Mo ...

Financial Data and Key Metrics Changes - Second quarter earnings decreased by 20% year-over-year, with diluted earnings per share at $0.68, down 17% from $0.82 in Q2 2019 [11] - Revenue reported a 2% decrease from Q2 2019 to Q2 2020 [11] - Non-cash asset balances fell by $27.8 billion in Q1 and partially rebounded by $14.8 billion in Q2, resulting in a net decrease of $13 billion by the end of Q2 [12] - Approximately 1.6 million shares of SEI stock were repurchased at an average price of $54.48, totaling $89.5 million in stock repurchases during the quarter [13] Business Line Data and Key Metrics Changes - The investments in new business segment incurred a loss of $10.1 million, compared to a loss of $7.5 million in Q2 2019, reflecting increased investments related to the One SEI strategy [18] - LSV contributed $28.3 million in income during Q2, down from $37.8 million in Q2 2019, with assets growing by approximately $10.2 billion [20] - Private banking revenues totaled $107.7 million, down 7.2% from Q2 2019, primarily due to client losses and decreased asset management revenues [59] - Investment manager segment revenues increased by $10.1 million or 9.3% year-over-year to $119.3 million, driven by net new client fundings and existing client expansion [90] Market Data and Key Metrics Changes - Total assets under management at the end of Q2 were $22.9 billion, a 2% increase from Q2 2019, attributed to market appreciation [66] - The advisor segment reported assets under management of $66.6 billion, down roughly 1% from June 30, 2019 [109] - Institutional segment revenues decreased by 6% year-over-year to $76.5 million, with a quarter-end asset balance of $85.6 billion reflecting a $2.6 billion decrease compared to Q2 2019 [144] Company Strategy and Development Direction - The company emphasizes long-term investment and has a proven business model developed over 50 years, aiming to emerge stronger from the COVID-19 crisis [8][9] - The One SEI strategy aims to leverage existing and new platforms to create business opportunities across the company [14][18] - The company is focused on growth, managing lost business, and expanding market capabilities despite the pandemic's challenges [67] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of COVID-19 on operations but highlighted the successful transition to remote work and the resilience of the workforce [6][16] - The company expects to see a decline in expenses related to the investments in new business segment starting in 2021, while maintaining a focus on growth initiatives [24][76] - Management remains optimistic about the future, indicating that the value segment of the market may begin to outperform, which could benefit the company [29][30] Other Important Information - The company has successfully converted clients to the SEI Wealth Platform in a remote environment, enhancing remote training and implementation capabilities [64] - The total signed but not installed backlog is approximately $76.3 million in net new recurring revenue [65] Q&A Session Summary Question: Thoughts on the timing or magnitude of expenses in the investments in new business segment - Management expects expenses to start declining in early 2021, with a goal to have the work behind them by the first half of next year [24] Question: Insights on LSV's pipeline and performance - Despite net negative cash flows, LSV signed new business accounts during the quarter and remains disciplined in its investment approach [29] Question: Update on client engagement and digital tools - The company is enhancing digital engagement through on-demand videos and virtual presentations to adapt to the current environment [121] Question: Breakdown of cash flows and performance - Cash flow into managed programs was negative $642 million, while AUA saw positive cash flow of $600 million [128] Question: Competitive environment and market trends - The competitive landscape remains stable, with the company focusing on its strengths and adapting to market changes [85]

SEI Investments Company (NASDAQ:SEIC) Q1 2020 Results Conference Call April 23, 2020 4:30 PM ET Company Participants Al West - Chairman and CEO Dennis McGonigle - CFO Kathy Heilig - Controller Steve Meyer - EVP, Head of Global Wealth Management Services Wayne Withrow - Head of Independent Advisor Solutions Paul Klauder - EVP, Head of the Institutional Group Conference Call Participants Chris Shutler - William Blair Robert Lee - KBW Chris Donat - Piper Sandler Glenn Greene - Oppenheimer Sam Hoffman - Lincoln ...

SEI Investments Company (NASDAQ:SEIC) Q3 2019 Earnings Conference Call October 23, 2019 4:30 PM ET Company Participants Al West - Chairman & Chief Executive Officer Dennis McGonigle - Chief Financial Officer Kathy Heilig - Controller Paul Klauder - Executive Vice President & Head-Institutional Group Steve Onofrio - Head of Sales and Service for the Investment Advisors Segment Steve Meyer - Executive Vice President, Head of Global Wealth Management Services Conference Call Participants Robert Lee - KBW Chris ...

SEI Investments Company (NASDAQ:SEIC) Q2 2019 Earnings Conference Call July 24, 2019 4:30 PM ET Company Participants Al West – Chairman and Chief Executive Officer Dennis McGonigle – Chief Financial Officer Steve Meyer – Executive Vice President, Head of Global Wealth Management Services Wayne Withrow – Executive Vice President, Head-Independent Advisor Solutions Kathy Heilig – Vice President, Chief Accounting Officer and Controller Paul Klauder – Executive Vice President and Head-Institutional Group Confer ...

| --- | --- | |-------------------------------------------------------------------------------------|-------------------------| | | | | SEI Investments Company | New ways. New answers." | | Dennis McGonigle, Chief Financial Officer | | | Kathy Heilig, Controller 2019 KBW REAL ESTATE FINANCE & ASSET MANAGEMENT CONFERENCE | | | MAY 30, 2019 | | | | | | | | | | | About SEI Founded in 1968 of innovation and growth | --- | --- | --- | |------------------------|----------------------|----------------------------- ...

Financial Data and Key Metrics Changes - First quarter earnings decreased by 18% year-over-year, with diluted earnings per share at $0.73, down 15% from $0.86 in Q1 2018 [6] - Revenue decreased by 1% from Q1 2018 to Q1 2019, primarily due to the downturn in capital markets in Q4 2018 [6] - Non-cash asset balances under management increased by $12.7 billion, while LSV assets under management increased by $7 billion due to market appreciation [7] - The effective tax rate for the quarter was 22%, up from 11% in Q1 2018 [14] Business Line Data and Key Metrics Changes - Private Banking segment revenues totaled $118.3 million, down 3.2% year-over-year, with profits decreasing by $2.7 million to $7.3 million [15][16] - Investment Managers segment revenues increased by 8% to $104.6 million, with profits rising by 6.2% to $35.6 million [25] - Investment Advisors segment revenues were nearly $95 million, down over $4 million year-over-year, with profits declining by over $4 million [35][37] - Institutional Investors segment revenues decreased by 6% to $80.1 million, with operating profits down 7% to $41.4 million [43] Market Data and Key Metrics Changes - Third-party asset balances at the end of Q1 2019 were $586 billion, a 6.4% increase from Q4 2018, driven by net new client fundings of $18.1 billion and market appreciation of $15.6 billion [26] - Negative net fundings of $3 billion in the Institutional Investors segment were primarily due to two large defined benefit clients [44] Company Strategy and Development Direction - The company aims to grow globally, monetize investments in the SEI Wealth Platform (SWP), implement backlog clients, and expand markets and solutions for further growth [23] - The completion of the migration of advisors onto the SEI Wealth Platform is seen as a significant milestone, setting the stage for future growth [40] - The company is focused on managing expenses judiciously while pursuing growth initiatives [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sales pipeline and expects to regain sales events throughout the year despite disappointing results in Q1 [10] - The company is navigating headwinds from previously announced lost business, which will continue to migrate out over the year [24] - Management remains optimistic about growth opportunities despite the challenges faced in the current operating environment [31] Other Important Information - The company repurchased approximately 1.7 million shares at an average price of $51.47 per share, totaling $88.8 million in stock repurchases during the quarter [8] - A severance expense of approximately $4 million was recorded, impacting corporate overheads [14] Q&A Session Summary Question: Clarification on Operating Lease Right-of-Use Assets - Management explained that this new line item represents liabilities on future lease agreements due to a new accounting rule [59] Question: Future Expense Run Rate - Management indicated that the current expense run rate is reasonable, but some severance costs will not benefit until later quarters [64][66] Question: Sales Events and Future Sales Activity - Management clarified that the sales events reported reflect Q1 activity, while the sales pipeline remains strong for future quarters [72][74] Question: Update on Wells Fargo Project - Management confirmed that the scope of work with Wells Fargo remains as initially planned, with clarity on implementation timing [78] Question: Impact of HSBC's Use of Aladdin - Management stated that HSBC's use of Aladdin does not affect their relationship or asset management programs [90] Question: Future of TRUST 3000 Clients - Management noted that while there are no significant losses expected, they are engaged with clients to retain them during the transition to SWP [106] Question: Advisor Recruitment and Sales Cycle - Management indicated that the typical sales cycle for new advisors is about three to nine months, with expectations for acceleration in 2020 [150][153]