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OAKS, Pa., April23, 2020 /PRNewswire/ --SEI Investments Company (NASDAQ:SEIC) today announced financial results for the first-quarter 2020. Diluted earnings per share were $0.72 in first-quarter 2020 compared to $0.73 in first-quarter 2019. Consolidated Overview (In thousands, except earnings per share) For the Three Months Ended March 31, 2020 2019 % Revenues $414,762 $400,820 3% Net income 109,242 113,981 (4)% Diluted earnings per share $0.72 $0.73 (1)% "The world is coping with a pandemic that continues to cause unimaginable effects to our collective well-being. We thank the healthcare providers who are working to heal and protect us. Our employees' health and safety have always been, and continue to be, our number one priority. We are incredibly proud of the resilience of our global workforce to transition into a new work environment while maintaining our operational integrity and service levels," said Alfred P. West, Jr., SEI Chairman and CEO. "Our workforce and operations remain strong in the face of COVID-19's impact. Our ability to process a 300-400% increase in transaction activity within some areas of our business demonstrates the true power of our people and technology platforms. While the current market environment will make short-term revenue and profit growth difficult, our strengths shine best, it seems, when challenges are at their highest." "We have a long-term view and a proven business model that are a strong foundation to help us work through periods of uncertainty. Among our assets are our resilient operations, predictable service delivery, a high-recurring revenue base, strong cash flow, a great client base, and most importantly, a high-quality and innovative workforce. All of these elements have allowed us to not only respond well, but to move forward. Our positive sales results speak to the momentum we are creating, while we make necessary adjustments to maintain sales through this crisis." "Despite the current market challenges, we continue to look toward the future. Our solutions will provide growth opportunities that will lead to increased shareholder value." Summary of First-Quarter Results by Business Segment (In thousands) For the Three MonthsEnded March 31, 2020 2019 % Private Banks: Revenues $113,221 $118,259 (4)% Expenses 110,653 110,962 % Operating Profit 2,568 7,297 (65)% Operating Margin 2 % 6 % Investment Advisors: Revenues 102,321 94,761 8% Expenses 52,432 52,502 % Operating Profit 49,889 42,259 18% Operating Margin 49 % 45 % Institutional Investors: Revenues 79,203 80,113 (1)% Expenses 38,267 38,754 (1)% Operating Profit 40,936 41,359 (1)% Operating Margin 52 % 52 % Investment Managers: Revenues 116,629 104,649 11% Expenses 74,289 69,066 8% Operating Profit 42,340 35,583 19% Operating Margin 36 % 34 % Investments in New Businesses: Revenues 3,388 3,038 12% Expenses 10,910 5,940 84% Operating Loss (7,522) (2,902) NM Totals: Revenues $414,762 $400,820 3% Expenses 286,551 277,224 3% Corporate Overhead Expenses 17,983 20,035 (10)% Income from Operations $110,228 $103,561 6% First-Quarter Business Highlights: 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 during 2019 and early 2020; however, this increase was partially offset by a decline in fees from assets under management due to the sharp market depreciation during March 2020, which negatively impacted our asset-based fee revenues. Our average assets under administration increased $85.0 billion, or 14%, to $679.2 billion in the first-quarter 2020, as compared to $594.2 billion during the first-quarter 2019 (see attached Average Asset Balances schedules for further details). Our average assets under management, excluding LSV, increased $14.0 billion, or 6%, to $237.2 billion in the first-quarter 2020, as compared to $223.2 billion during the first-quarter 2019 (see attached Average Asset Balances schedules for further details). Information processing and software servicing fees in our Private Banks segment decreased by $4.7 million during the first-quarter 2020 due to decreased non-recurring fees and previously announced client losses. Sales events, net of client losses, during first-quarter 2020 totaled approximately $35.1 million and are expected to generate net annualized recurring revenues of approximately $32.5 million when contract values are fully realized. Expenses in our Investments in New Businesses segment grew approximately $5.0 million over first-quarter 2019. This increase is due primarily to our increased investment in new business opportunities, an IT Services offering and work related to our One SEI strategy announced last year. Our earnings from LSV decreased by $7.4 million, or 20%, to $29.9 million in first-quarter 2020 as compared to $37.3 million in first-quarter 2019. The decrease in earnings was due to lower assets under management from negative cash flows from existing clients, the previously mentioned market depreciation during March 2020 and client losses. We recorded a net loss on investments of approximately $4.0 million during the first-quarter 2020. This compares to a net gain of $1.3 million during the first-quarter 2019. We capitalized $6.2 million of software development costs in first-quarter 2020 for continued enhancements to the SEI Wealth PlatformSM(SWP). Amortization expense related to SWP was $10.8 million in first-quarter 2020. Our effective tax rates were 21.5% in first-quarter 2020 and 22.1% in first-quarter 2019. We repurchased 2.4 million shares of our common stock for $127.4 million during the first-quarter 2020. Earnings Conference CallA conference call to review earnings is scheduled for 4:30 p.m. Eastern time on April23, 2020. 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: 9711830. About SEIAfter 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March31, 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $920 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $283 billion in assets under management and $632 billion in client assets under administration. 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: revenue that we believe will be generated by sales events that occurred during the quarter, the degree to which our business model provides a foundation during periods of uncertainty, and whether our solutions will provide growth opportunities that will lead to shareholder value. 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 December 31, 2019, filed with the Securities and Exchange Commission. SEI INVESTMENTS COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) For the Three MonthsEnded March 31, 2020 2019 Asset management, admin. and distribution fees $331,853 $313,944 Information processing and software servicing fees 82,909 86,876 Total revenues 414,762 400,820 Subadvisory, distribution and other asset mgmt. costs 45,337 43,805 Software royalties and other information processing costs 7,447 8,128 Compensation, benefits and other personnel 131,481 130,335 Stock-based compensation 6,929 5,038 Consulting, outsourcing and professional fees 53,290 50,206 Data processing and computer related 22,704 20,992 Facilities, supplies and other costs 16,796 18,745 Amortization 13,077 12,679 Depreciation 7,473 7,331 Total expenses 304,534 297,259 Income from operations 110,228 103,561 Net (loss) gain on investments (3,989) 1,279 Interest and dividend income 3,203 4,257 Interest expense (152) (157) Equity in earnings of unconsolidated affiliate 29,907 37,317 Income before income taxes 139,197 146,257 Income taxes 29,955 32,276 Net income $109,242 $113,981 Basic earnings per common share $0.73 $0.74 Shares used to calculate basic earnings per share 149,468 153,310 Diluted earnings per common share $0.72 $0.73 Shares used to calculate diluted earnings per share 152,368 156,541 SEI INVESTMENTS COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) March 31, December 31, 2020 2019 Assets Current Assets: Cash and cash equivalents $746,870 $841,446 Restricted cash 3,101 3,101 Receivables from investment products 51,612 54,165 Receivables, net of allowance for doubtful accounts of $1,281 and $1,201 358,130 340,358 Securities owned 31,420 33,486 Other current assets 42,017 32,289 Total Current Assets 1,233,150 1,304,845 Property and Equipment, net of accumulated depreciation of $360,148 and $353,453 173,255 160,859 Operating Lease Right-of-Use Assets 41,383 42,789 Capitalized Software, net of accumulated amortization of $454,776 and $442,677 290,427 296,068 Available for Sale and Equity Securities 110,558 116,917 Investments in Affiliated Funds, at fair value 3,753 5,988 Investment in Unconsolidated Affiliate 45,285 67,413 Goodwill 64,489 64,489 Intangible Assets, net of accumulated amortization of $9,694 and $8,773 27,066 27,987 Deferred Contract Costs 32,760 30,991 Deferred Income Taxes 2,603 2,822 Other Assets, net 33,302 30,202 Total Assets $2,058,031 $2,151,370 Liabilities and Equity Current Liabilities: Accounts payable $13,086 $4,423 Accrued liabilities 179,772 272,801 Current portion of long-term operating lease liabilities 8,715 9,156 Deferred revenue 5,978 7,185 Total Current Liabilities 207,551 293,565 Long-term Income Taxes Payable 803 803 Deferred Income Taxes 53,991 55,722 Long-term Operating Lease Liabilities 37,008 38,450 Other Long-term Liabilities 24,412 24,052 Total Liabilities 323,765 412,592 Shareholders' Equity: Common stock, $0.01 par value, 750,000 shares authorized; 147,903 and 149,745 shares issued and outstanding 1,479 1,497 Capital in excess of par value 1,170,649 1,158,900 Retained earnings 597,486 601,885 Accumulated other comprehensive loss, net (35,348) (23,504) Total Shareholders' Equity 1,734,266 1,738,778 Total Liabilities and Shareholders' Equity $2,058,031 $2,151,370 ENDING ASSET BALANCES (In millions) (Unaudited) Mar. 31, Jun. 30, Sept. 30, Dec. 31, Mar. 31, 2019 2019 2019 2019 2020 Private Banks: Equity and fixed-income programs $22,369 $22,563 $22,580 $23,851 $21,160 Collective trust fund programs 4 4 4 4 5 Liquidity funds 3,753 3,322 3,695 3,405 4,143 Total assets under management $26,126 $25,889 $26,279 $27,260 $25,308 Client assets under administration 22,886 23,387 23,985 25,801 21,497 Total assets $49,012 $49,276 $50,264 $53,061 $46,805 Investment Advisors: Equity and fixed-income programs $61,277 $64,591 $65,059 $67,895 $54,856 Collective trust fund programs 5 6 4 4 2 Liquidity funds 4,362 2,618 2,673 2,887 5,969 Total assets under management $65,644 $67,215 $67,736 $70,786 $60,827 Institutional Investors: Equity and fixed-income programs $82,578 $82,335 $82,659 $84,291 $72,399 Collective trust fund programs 79 78 81 83 94 Liquidity funds 2,529 2,173 2,290 1,746 3,672 Total assets under management $85,186 $84,586 $85,030 $86,120 $76,165 Client assets under advisement 3,694 3,598 4,467 3,948 3,406 Total assets $88,880 $88,184 $89,497 $90,068 $79,571 Investment Managers: Collective trust fund programs 49,232 51,838 53,169 58,070 48,226 Liquidity funds 704 472 477 479 392 Total assets under management $49,936 $52,310 $53,646 $58,549 $48,618 Client assets under administration (A) 585,997 607,086 637,986 657,541 610,794 Total assets $635,933 $659,396 $691,632 $716,090 $659,412 Investments in New Businesses: Equity and fixed-income programs $1,466 $1,566 $1,621 $1,688 $1,484 Liquidity funds 218 141 132 158 152 Total assets under management $1,684 $1,707 $1,753 $1,846 $1,636 Client assets under advisement 729 887 825 1,343 1,056 Total assets $2,413 $2,594 $2,578 $3,189 $2,692 LSV Asset Management: Equity and fixed-income programs (B) $103,163 $103,575 $100,295 $107,476 $70,851 Total: Equity and fixed-income programs (C) $270,853 $274,630 $272,214 $285,201 $220,750 Collective trust fund programs 49,320 51,926 53,258 58,161 48,327 Liquidity funds 11,566 8,726 9,267 8,675 14,328 Total assets under management $331,739 $335,282 $334,739 $352,037 $283,405 Client assets under advisement 4,423 4,485 5,292 5,291 4,462 Client assets under administration (D) 608,883 630,473 661,971 683,342 632,291 Total assets $945,045 $970,240 $1,002,002 $1,040,670 $920,158 (A) Client assets under administration in the Investment Managers segment include $50.4 billion of assets that are at fee levels below our normal full-service assets (as of March31, 2020). (B) Equity and fixed-income programs include $1.3 billion of assets managed by LSV in which fees are based on performance only (as of March31, 2020). (C) Equity and fixed-income programs include $8.4 billion of assets invested in various asset allocation funds at March31, 2020. (D) In addition to the numbers presented, SEI also administers an additional $11.5 billion in Funds of Funds assets (as of March31, 2020) on which SEI does not earn an administration fee. AVERAGE ASSET BALANCES (In millions) (Unaudited) 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. 1st Qtr. 2019 2019 2019 2019 2020 Private Banks: Equity and fixed-income programs $21,831 $22,088 $22,432 $23,106 $24,657 Collective trust fund programs 4 4 4 4 4 Liquidity funds 3,706 3,388 3,625 3,581 3,581 Total assets under management $25,541 $25,480 $26,061 $26,691 $28,242 Client assets under administration 22,098 23,124 23,717 24,930 24,840 Total assets $47,639 $48,604 $49,778 $51,621 $53,082 Investment Advisors: Equity and fixed-income programs $58,732 $62,419 $64,761 $66,371 $64,933 Collective trust fund programs 5 6 5 4 3 Liquidity funds 5,298 3,465 2,580 2,673 3,284 Total assets under management $64,035 $65,890 $67,346 $69,048 $68,220 Institutional Investors: Equity and fixed-income programs $81,725 $82,597 $82,398 $83,304 $79,926 Collective trust fund programs 79 78 80 82 86 Liquidity funds 2,375 2,342 2,287 2,106 2,342 Total assets under management $84,179 $85,017 $84,765 $85,492 $82,354 Client assets under advisement 3,494 3,641 3,797 4,106 3,760 Total assets $87,673 $88,658 $88,562 $89,598 $86,114 Investment Managers: Collective trust fund programs 47,322 50,108 52,587 55,499 55,952 Liquidity funds 559 497 460 642 617 Total assets under management $47,881 $50,605 $53,047 $56,141 $56,569 Client assets under administration (A) 572,065 600,509 630,328 646,592 654,386 Total assets $619,946 $651,114 $683,375 $702,733 $710,955 Investments in New Businesses: Equity and fixed-income programs $1,394 $1,436 $1,609 $1,649 $1,663 Liquidity funds 202 178 142 145 168 Total assets under management $1,596 $1,614 $1,751 $1,794 $1,831 Client assets under advisement 708 917 842 1,044 1,222 Total assets $2,304 $2,531 $2,593 $2,838 $3,053 LSV Asset Management: Equity and fixed-income programs (B) $104,517 $102,919 $100,094 $104,814 $88,059 Total: Equity and fixed-income programs (C) $268,199 $271,459 $271,294 $279,244 $259,238 Collective trust fund programs 47,410 50,196 52,676 55,589 56,045 Liquidity funds 12,140 9,870 9,094 9,147 9,992 Total assets under management $327,749 $331,525 $333,064 $343,980 $325,275 Client assets under advisement 4,202 4,558 4,639 5,150 4,982 Client assets under administration (D) 594,163 623,633 654,045 671,522 679,226 Total assets $926,114 $959,716 $991,748 $1,020,652 $1,009,483 (A) Average client assets under administration in the Investment Managers segment during first-quarter 2020 include $49.8 billion that are at fee levels below our normal full-service assets. (B) Equity and fixed-income programs include $1.9 billion of average assets managed by LSV in which fees are based on performance only during first-quarter 2020. (C) Equity and fixed-income programs include $7.0 billion of average assets invested in various asset allocation funds during first-quarter 2020. (D) In addition to the numbers presented, SEI also administers an additional $11.5 billion of average assets in Funds of Funds assets during first-quarter 2020 on which SEI does not earn an administration fee. Investor Contact: Media Contact: Lindsey Opsahl Leslie Wojcik SEI SEI +1 610-676-4052 +1 610-676-4191 [emailprotected] [emailprotected] SOURCE SEI Investments Company Related Links https://seic.com

Answer: SEI Reports First-Quarter 2020 Financial Results