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OAKS, Pa., Jan.27, 2021 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth-quarter 2020. Diluted earnings per share were $0.86 in fourth-quarter 2020 compared to $0.84 in fourth-quarter 2019. Consolidated Overview (In thousands, except earnings per share) For the Three Months Ended Dec. 31, For the Twelve Months Ended Dec. 31, 2020 2019 % 2020 2019 % Revenues $443,723 $423,225 5% $1,684,058 $1,649,885 2% Net income 125,882 128,737 (2)% 447,286 501,426 (11)% Diluted earnings per share $0.86 $0.84 2% $3.00 $3.24 (7)% "Our financial results for 2020 reflect steady recovery from the pandemic's impact on the markets we serve. The health and safety of our workforce continue to be a priority, and I want to thank all of our employees and the firms that support us for helping us stay safe and thrive," said Alfred P. West, Jr., SEI Chairman and CEO. "We're living and operating in extraordinary times, but we are unwavering in our focus on executing our long-term strategy to be the provider of choice in the wealth and investment management markets. We believe we have made significant progress on our One SEI approach, making all of our assets available to all of our markets, delivering new, dynamic solutions and creating new opportunities. Our solutions, backed by our talented workforce, are what uniquely position us to capture growth opportunities that will lead to increased shareholder value. Despite 2020's challenging environment, our investments and success in adding new clients and building our backlog of new revenue situate us well for the future." Summary of Fourth-Quarter Results by Business Segment (In thousands) For the Three MonthsEnded Dec. 31, For the Twelve MonthsEnded Dec. 31, 2020 2019 % 2020 2019 % Private Banks: Revenues $119,654 $118,675 1% $455,393 $470,276 (3)% Expenses 115,039 113,596 1% 446,481 443,136 1% Operating Profit 4,615 5,079 (9)% 8,912 27,140 (67)% Operating Margin 4 % 4 % 2 % 6 % Investment Advisors: Revenues 108,346 105,862 2% 407,564 403,778 1% Expenses 51,813 53,939 (4)% 205,913 208,508 (1)% Operating Profit 56,533 51,923 9% 201,651 195,270 3% Operating Margin 52 % 49 % 49 % 48 % Institutional Investors: Revenues 82,318 80,503 2% 317,627 322,062 (1)% Expenses 36,893 38,554 (4)% 149,909 153,937 (3)% Operating Profit 45,425 41,949 8% 167,718 168,125 % Operating Margin 55 % 52 % 53 % 52 % Investment Managers: Revenues 129,647 114,759 13% 489,462 440,796 11% Expenses 80,204 72,698 10% 308,999 282,024 10% Operating Profit 49,443 42,061 18% 180,463 158,772 14% Operating Margin 38 % 37 % 37 % 36 % Investments in New Businesses: Revenues 3,758 3,426 10% 14,012 12,973 8% Expenses 15,180 8,997 69% 52,871 29,660 78% Operating Loss (11,422) (5,571) NM (38,859) (16,687) NM Totals: Revenues $443,723 $423,225 5% $1,684,058 $1,649,885 2% Expenses 299,129 287,784 4% 1,164,173 1,117,265 4% Corporate Overhead Expenses 20,584 19,351 6% 73,998 72,196 2% Income from Operations $124,010 $116,090 7% $445,887 $460,424 (3)% Fourth-Quarter Business Highlights: Sales events, net of client losses, during fourth-quarter 2020 totaled approximately $8.8 million and are expected to generate net annualized recurring revenues of approximately $4.9 million when contract values are fully realized. For the year ended 2020, sales events, net of client losses, totaled $94.0 million and are expected to generate net annualized recurring revenues of approximately $68.6 million when contract values are fully realized. Revenues from Asset management, administration, and distribution fees increased primarily from higher assets under administration in our Investment Managers segment due to sales of new business and market appreciation. Our average assets under administration increased $108.2 billion, or 16%, to $779.7 billion in the fourth-quarter 2020, as compared to $671.5 billion during the fourth-quarter 2019 (see attached Average Asset Balances schedules for further details). Our average assets under management, excluding LSV, increased $21.2 billion, or 9%, to $260.4 billion in the fourth-quarter 2020, as compared to $239.2 billion during the fourth-quarter 2019 (see attached Average Asset Balances schedules for further details). The increase in our operational expenses was primarily due to increased consulting costs related to our continued investments in new business opportunities, such as our One SEI strategy and IT Services offering, as well as increased personnel costs to service new clients in our Investment Managers segment. This increase was partially offset by a decline in travel and promotional-related expenses, as our sales and client relationship personnel adapted to COVID-19 restrictions. Our earnings from LSV decreased by $8.5 million, or 22%, to $30.6 million in fourth-quarter 2020 as compared to $39.1 million in fourth-quarter 2019. The decrease in earnings was primarily due to lower assets under management from market depreciation, negative cash flows from existing clients and client losses. LSV's revenues were $102.1 million in the fourth-quarter 2020, as compared to $126.5 million during the fourth-quarter of 2019. Stock-based compensation expense in fourth-quarter 2020 decreased $2.5 million as compared to fourth-quarter 2019 primarily due to a change in our estimate of the timing of when stock option vesting targets would be achieved. We expect stock-based compensation expense during 2021 to be approximately $42.7 million as compared to $27.0 million during 2020 as a result of new options granted in fourth-quarter 2020 net of awards granted in the prior year. We capitalized $5.5 million of software development costs in fourth-quarter 2020, which includes $5.0 million for continued enhancements to the SEI Wealth PlatformSM (SWP). Amortization expense related to capitalized software was $12.6 million in fourth-quarter 2020. Our effective tax rates were 19.6% in fourth-quarter 2020 and 19.5% in fourth-quarter 2019. We repurchased 1.8 million shares of our common stock for $99.1 million during the fourth-quarter 2020 at an average price of $54.36 per share. For the year ended 2020, we repurchased 8.0 million shares of our common stock for $424.7 million at an average price of $53.04 per share. Earnings Conference CallA conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Jan.27, 2021. 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: 5584674. About SEIAfter 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions designed to help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of Dec. 31, 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers approximately $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including approximately $369 billion in assets under management and $787 billion in client assets under administration. For more information, visit seic.com. This release contains, and the comments we expect to deliver during the earnings call referenced above will contain, 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 in today's release include our current expectations as to: revenue that we believe will be generated by sales events that occurred during the quarter, the rebound of our business, our strategic priorities and the degree to which we will execute on them, whether our solutions position us to capture growth opportunities or will lead to increased shareholder value, and whether our investments and new clients and backlog of new revenue situate us well for the future. We anticipate that we may deliver forward-looking statements during today's earnings call that include our current expectations as to: our ability to capture the opportunities inherent in significant change, the timing and success of client implementations and conversions, our ability to expand our relationships and revenue opportunities with new and existing clients, our ability to leverage our technologies and scale our businesses, the degree to which one-time and transaction-based revenues during the quarter will be repeated, revenue that we believe will be generated by sales events that occurred during the quarter or when our unfunded backlog may fund, the strategic initiatives and business segments that we will pursue and those in which we will invest, the strength of our pipelines, how we will manage our expenses, the organic and inorganic opportunities that will drive our growth, and the success of our strategic investments. 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, 2019, filed with the Securities and Exchange Commission. Investor Contact: Media Contact: Lindsey Opsahl Leslie Wojcik SEI SEI +1 610-676-4052 +1 610-676-4191 [emailprotected] [emailprotected] SEI INVESTMENTS COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) For the Three Months Ended Dec. 31, For the Twelve Months Ended Dec. 31, 2020 2019 2020 2019 Asset management, admin. and distribution fees $353,610 $337,232 $1,345,649 $1,307,044 Information processing and software servicing fees 90,113 85,993 338,409 342,841 Total revenues 443,723 423,225 1,684,058 1,649,885 Subadvisory, distribution and other asset mgmt. costs 46,973 46,458 181,618 181,418 Software royalties and other information processing costs 7,109 7,274 28,937 29,993 Compensation, benefits and other personnel 135,902 131,004 527,509 517,917 Stock-based compensation 6,556 9,027 27,014 24,582 Consulting, outsourcing and professional fees 59,566 50,235 227,916 194,560 Data processing and computer related 24,681 22,544 96,328 88,058 Facilities, supplies and other costs 17,467 20,307 64,915 72,078 Amortization 13,558 13,012 52,975 51,419 Depreciation 7,901 7,274 30,959 29,436 Total expenses 319,713 307,135 1,238,171 1,189,461 Income from operations 124,010 116,090 445,887 460,424 Net gain (loss) on investments 1,024 1,053 (286) 3,174 Interest and dividend income 986 3,845 6,568 16,582 Interest expense (153) (153) (609) (630) Equity in earnings of unconsolidated affiliate 30,646 39,133 117,134 151,891 Income before income taxes 156,513 159,968 568,694 631,441 Income taxes 30,631 31,231 121,408 130,015 Net income $125,882 $128,737 $447,286 $501,426 Basic earnings per common share $0.87 $0.86 $3.05 $3.31 Shares used to calculate basic earnings per share 144,077 150,131 146,709 151,540 Diluted earnings per common share $0.86 $0.84 $3.00 $3.24 Shares used to calculate diluted earnings per share 146,140 153,672 149,003 154,901 Dividends declared per common share $0.37 $0.35 $0.72 $0.68 SEI INVESTMENTS COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) Dec. 31, Dec. 31, 2020 2019 Assets Current Assets: Cash and cash equivalents $784,626 $841,446 Restricted cash 3,101 3,101 Receivables from investment products 55,271 54,165 Receivables, net of allowance for doubtful accounts of $1,100 and $1,201 385,219 340,358 Securities owned 34,064 33,486 Other current assets 38,696 32,289 Total Current Assets 1,300,977 1,304,845 Property and Equipment, net of accumulated depreciation of $378,639 and $353,453 189,052 160,859 Operating Lease Right-of-Use Assets 38,397 42,789 Capitalized Software, net of accumulated amortization of $491,739 and $442,677 270,977 296,068 Investments Available for Sale 105,419 116,917 Investments in Affiliated Funds, at fair value 6,166 5,988 Investment in Unconsolidated Affiliate 98,433 67,413 Goodwill 64,489 64,489 Intangible Assets, net of accumulated amortization of $12,456 and $8,773 24,304 27,987 Deferred Contract Costs 33,781 30,991 Deferred Income Taxes 2,972 2,822 Other Assets, net 32,289 30,202 Total Assets $2,167,256 $2,151,370 Liabilities and Equity Current Liabilities: Accounts payable $7,766 $4,423 Accrued liabilities 299,845 272,801 Current portion of long-term operating lease liabilities 8,579 9,156 Deferred revenue 1,085 7,185 Total Current Liabilities 317,275 293,565 Long-term Taxes Payable 803 803 Deferred Income Taxes 55,159 55,722 Long-term Operating Lease Liabilities 34,058 38,450 Other Long-term Liabilities 20,054 24,052 Total Liabilities 427,349 412,592 Shareholders' Equity: Common stock, $0.01 par value, 750,000 shares authorized; 143,396 and 149,745 shares issued and outstanding 1,434 1,497 Capital in excess of par value 1,190,001 1,158,900 Retained earnings 565,270 601,885 Accumulated other comprehensive loss, net (16,798) (23,504) Total Shareholders' Equity 1,739,907 1,738,778 Total Liabilities and Shareholders' Equity $2,167,256 $2,151,370 ENDING ASSET BALANCES (In millions) (Unaudited) Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 31, 2019 2020 2020 2020 2020 Private Banks: Equity and fixed-income programs $23,851 $21,160 $22,974 $23,499 $25,498 Collective trust fund programs 4 5 5 6 6 Liquidity funds 3,405 4,143 4,291 3,718 3,778 Total assets under management $27,260 $25,308 $27,270 $27,223 $29,282 Client assets under administration 25,801 21,497 23,903 24,174 26,346 Total assets $53,061 $46,805 $51,173 $51,397 $55,628 Investment Advisors: Equity and fixed-income programs $67,895 $54,856 $59,958 $65,581 $71,247 Collective trust fund programs 4 2 3 3 1 Liquidity funds 2,887 5,969 6,648 3,866 3,832 Total assets under management $70,786 $60,827 $66,609 $69,450 $75,080 Institutional Investors: Equity and fixed-income programs $84,291 $72,399 $80,257 $83,846 $90,869 Collective trust fund programs 83 94 103 101 98 Liquidity funds 1,746 3,672 1,924 2,096 2,128 Total assets under management $86,120 $76,165 $82,284 $86,043 $93,095 Client assets under advisement 3,948 3,406 3,326 3,618 4,063 Total assets $90,068 $79,571 $85,610 $89,661 $97,158 Investment Managers: Collective trust fund programs $ 58,070 $ 48,226 $ 58,178 $ 63,277 $ 75,214 Liquidity funds 479 392 664 389 424 Total assets under management $58,549 $48,618 $58,842 $63,666 $75,638 Client assets under administration (A) 657,541 610,794 668,611 730,369 760,397 Total assets $716,090 $659,412 $727,453 $794,035 $836,035 Investments in New Businesses: Equity and fixed-income programs $1,688 $1,484 $1,498 $1,572 $1,711 Liquidity funds 158 152 194 169 162 Total assets under management $1,846 $1,636 $1,692 $1,741 $1,873 Client assets under advisement 1,343 1,056 1,193 1,179 1,299 Total assets $3,189 $2,692 $2,885 $2,920 $3,172 LSV Asset Management: Equity and fixed-income programs (B) $107,476 $70,851 $81,134 $82,051 $93,692 Total: Equity and fixed-income programs (C) $285,201 $220,750 $245,821 $256,549 $283,017 Collective trust fund programs 58,161 48,327 58,289 63,387 75,319 Liquidity funds 8,675 14,328 13,721 10,238 10,324 Total assets under management $352,037 $283,405 $317,831 $330,174 $368,660 Client assets under advisement 5,291 4,462 4,519 4,797 5,362 Client assets under administration (D) 683,342 632,291 692,514 754,543 786,743 Total assets $1,040,670 $920,158 $1,014,864 $1,089,514 $1,160,765 (A) Client assets under administration in the Investment Managers segment include $54.3 billion of assets that are at fee levels below our normal full-service assets (as of Dec.31, 2020). (B) Equity and fixed-income programs include $2.0 billion of assets managed by LSV in which fees are based on performance only (as of Dec.31, 2020). (C) Equity and fixed-income programs include $7.9 billion of assets invested in various asset allocation funds at Dec.31, 2020. (D) In addition to the numbers presented, SEI also administers an additional $12.9 billion in Funds of Funds assets (as of Dec.31, 2020 on which SEI does not earn an administration fee. AVERAGE ASSET BALANCES (In millions) (Unaudited) 4th Qtr. 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. 2019 2020 2020 2020 2020 Private Banks: Equity and fixed-income programs $23,106 $24,657 $22,229 $23,740 $24,284 Collective trust fund programs 4 4 5 7 6 Liquidity funds 3,581 3,581 4,366 3,948 3,712 Total assets under management $26,691 $28,242 $26,600 $27,695 $28,002 Client assets under administration 24,930 24,840 23,819 25,295 25,368 Total assets $51,621 $53,082 $50,419 $52,990 $53,370 Investment Advisors: Equity and fixed-income programs $66,371 $64,933 $57,429 $64,479 $68,396 Collective trust fund programs 4 3 3 3 2 Liquidity funds 2,673 3,284 6,923 4,569 3,788 Total assets under management $69,048 $68,220 $64,355 $69,051 $72,186 Institutional Investors: Equity and fixed-income programs $83,304 $79,926 $77,037 $82,830 $86,277 Collective trust fund programs 82 86 100 102 102 Liquidity funds 2,106 2,342 2,476 2,120 2,271 Total assets under management $85,492 $82,354 $79,613 $85,052 $88,650 Client assets under advisement 4,106 3,760 3,362 3,565 3,746 Total assets $89,598 $86,114 $82,975 $88,617 $92,396 Investment Managers: Collective trust fund programs $ 55,499 $ 55,952 $ 54,061 $ 62,028 $ 69,349 Liquidity funds 642 617 482 565 411 Total assets under management $56,141 $56,569 $54,543 $62,593 $69,760 Client assets under administration (A) 646,592 654,386 649,012 713,528 754,350 Total assets $702,733 $710,955 $703,555 $776,121 $824,110 Investments in New Businesses: Equity and fixed-income programs $1,649 $1,663 $1,468 $1,560 $1,634 Liquidity funds 145 168 182 180 165 Total assets under management $1,794 $1,831 $1,650 $1,740 $1,799 Client assets under advisement 1,044 1,222 1,148 1,206 1,218 Total assets $2,838 $3,053 $2,798 $2,946 $3,017 LSV Asset Management: Equity and fixed-income programs (B) $104,814 $88,059 $80,395 $83,536 $88,182 Total: Equity and fixed-income programs (C) $279,244 $259,238 $238,558 $256,145 $268,773 Collective trust fund programs 55,589 56,045 54,169 62,140 69,459 Liquidity funds 9,147 9,992 14,429 11,382 10,347 Total assets under management $343,980 $325,275 $307,156 $329,667 $348,579 Client assets under advisement 5,150 4,982 4,510 4,771 4,964 Client assets under administration (D) 671,522 679,226 672,831 738,823 779,718 Total assets $1,020,652 $1,009,483 $984,497 $1,073,261 $1,133,261 (A) Average client assets under administration in the Investment Managers segment during fourth-quarter 2020 include $53.3 billion that are at fee levels below our normal full-service assets. (B) Equity and fixed-income programs include $1.8 billion of average assets managed by LSV in which fees are based on performance only during fourth-quarter 2020. (C) Equity and fixed-income programs include $7.9 billion of average assets invested in various asset allocation funds during fourth-quarter 2020. (D) In addition to the numbers presented, SEI also administers an additional $12.3 billion of average assets in Funds of Funds assets during fourth-quarter 2020 on which SEI does not earn an administration fee. SOURCE SEI Investments Company Related Links https://seic.com

Answer: SEI Reports Fourth-Quarter 2020 Financial Results