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Jun 30, 2022
SEI Q2 2022 Earnings Report
SEI's financial results for the second quarter of 2022 were reported.
Key Takeaways
SEI Investments Company reported financial results for Q2 2022, with diluted earnings per share of $0.81, compared to $0.93 in Q2 2021. The company's revenues reached $481.67 million, a 1% increase from $475.651 million in the same quarter last year. Net income was $111.276 million, a 17% decrease compared to $133.778 million in Q2 2021.
Revenues from Information processing and software servicing fees increased due to new client conversions, growth from existing SEI Wealth Platform clients, and the acquisition of SEI Novus.
Revenues from Assets under management, administration, and distribution fees were flat, with a decrease in Assets under management offset by increased revenues from assets under administration.
Net sales events in the Private Banks and Investment Managers segments during second-quarter 2022 were $7.9 million and are expected to generate net annualized recurring revenues of approximately $5.6 million when contract values are completely realized.
The company initiated an enhanced voluntary separation program, expected to cost between $54.0 million and $58.0 million, to be recorded in Q3 2022 results.
Revenue by Segment
Forward Guidance
This release contains forward-looking statements that are subject to risks and uncertainties. Actual results could differ from those described in these statements due to various factors outlined in the company's reports filed with the Securities and Exchange Commission.
Positive Outlook
- The extent to which current market conditions will persist
- Revenue that we believe will be generated by sales events that occurred during the quarter and the timing of the realization of such revenue, if any
- Whether we will diligently assess and allocate our investments
- Whether we positioned for growth, and to deliver value to our employees, clients, and shareholders
- When our enhanced voluntary separation program will close and the amount of the cost of such program
Challenges Ahead
- The timing and success of client migrations, implementations and conversions
- Our ability to expand our relationships and revenue opportunities with new and existing clients
- Whether our investments will create growth opportunities
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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