SEI(US:SEIC)2024-07-24 20:04Financial Performance - Diluted earnings per share increased to $1.05 in Q2 2024, up 18% from $0.89 in Q2 2023[1] - Total revenues for Q2 2024 were $518.986 million, a 6% increase from $489.057 million in Q2 2023[2] - Net income rose 17% to $139.120 million in Q2 2024, compared to $118.851 million in Q2 2023[2] - The company reported a 6% profit growth quarter-over-quarter, driven by capital allocation and operational leverage[20] Asset Management - Average assets under administration increased by $141.8 billion, or 16%, to $1.0 trillion in Q2 2024 from $863.6 billion in Q2 2023[5] - Revenues from asset management, administration, and distribution fees were $409.398 million in Q2 2024, up from $378.821 million in Q2 2023[14] - Total assets under management as of June 30, 2024, are $1,191,283 million, reflecting an increase from $1,121,766 million as of March 31, 2024[25] - Client assets under administration for Investment Managers increased to $998,315 million as of June 30, 2024, up from $959,904 million as of March 31, 2024[25] Operational Metrics - Cash flow from operations was $114.7 million, and free cash flow was $100.6 million during Q2 2024[7] - The effective tax rate was 23.9% in Q2 2024, compared to 23.4% in Q2 2023[5] - Operating profit for the Private Banks segment rose by 12% year-over-year to $20,511,000 for Q2 2024, compared to $18,249,000 in Q2 2023[21] - Investment Advisors segment revenues increased by 10% year-over-year to $120,587,000 for Q2 2024, up from $109,580,000 in Q2 2023[21] Shareholder Equity and Assets - The total shareholders' equity increased to $2,247,503,000 as of June 30, 2024, compared to $2,131,828,000 at December 31, 2023[16] - Total assets increased to $2,529,065,000 as of June 30, 2024, compared to $2,520,003,000 at December 31, 2023, reflecting a growth of 0.4%[16] - Total assets for the company reached $1,524,075 million as of June 30, 2024, reflecting a growth from $1,456,438 million as of March 31, 2024[25] Expenses and Liabilities - Share repurchases totaled 1.6 million shares for $111.2 million at an average price of $67.44 per share in Q2 2024[5] - Current liabilities decreased significantly from $353,047,000 to $237,131,000, a reduction of approximately 32.8%[16] - Expenses for the Investment Managers segment increased by 8% year-over-year to $111,287,000 in Q2 2024, compared to $103,213,000 in Q2 2023[21] Future Growth Opportunities - The company is focusing on future growth opportunities in areas such as talent, professional services, and emerging technology[20]