SEI(SEIC) - 2024 Q1 - Quarterly Results

Financial Performance - Diluted earnings per share increased by 25% to $0.99 in Q1 2024 from$ 0.79 in Q1 2023[2] - Total revenues for Q1 2024 were $511.6 million, a 9% increase from$ 469.1 million in Q1 2023[3] - Net income rose by 23% to $131.4 million in Q1 2024 compared to$ 107.0 million in Q1 2023[3] - Cash flow from operations was $112.3 million, and free cash flow was$ 92.9 million in Q1 2024[7] Assets Under Management - Average assets under management increased by $8.1 billion, or 5%, to$ 175.9 billion in Q1 2024 from $167.8 billion in Q1 2023[7] - Total assets under management increased to$ 443.576 billion as of March 31, 2024, up from $431.990 billion in the previous quarter, representing a growth of 2.7%[18] - Client assets under administration reached$ 983.339 billion, an increase from $942.831 billion in the previous quarter, reflecting a growth of 4.3%[18] - Investment Advisors' total platform assets under management rose to$ 79.437 billion, up from $76.446 billion, marking a 3.9% increase[18] - Private Banks' total assets under management were$ 28.020 billion, slightly down from $28.416 billion, a decrease of 1.4%[18] - Institutional Investors' total assets under management stood at$ 78.149 billion, a decrease from $78.943 billion, reflecting a decline of 1.0%[18] - Average assets under management for Investment Managers increased to$ 156.944 billion in Q1 2024, up from $149.756 billion in Q4 2023, a growth of 4.5%[22] - New Businesses' total assets under management grew to$ 2.492 billion, up from $2.383 billion, representing a 4.6% increase[18] Revenue Segments - Revenues from the Investment Managers segment increased by 12% to$ 172.7 million in Q1 2024[5] - Operating profit for the Private Banks segment surged by 103% to $17.2 million in Q1 2024[5] Capital Expenditures - Capitalized software development costs were$ 6.3 million in Q1 2024, with $3.8 million allocated for enhancements to the SEI Wealth Platform[7] Shareholder Actions - The company repurchased 808 thousand shares for$ 56.0 million at an average price of $69.32 per share during Q1 2024[7] Additional Assets - The company administered an additional$ 11.0 billion in Funds of Funds assets, which do not generate administration fees[20] - Equity and fixed-income programs included $6.4 billion of assets invested in various asset allocation funds as of March 31, 2024[19] Client Advisement - Client assets under advisement for Institutional Investors increased to 6,862 million, up from 6,120 million, a growth of 12.1%[18]