SEI Reports Second-Quarter 2022 Financial Results

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[{"type":"text","content":"OAKS, Pa., July 20, 2022 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second-quarter 2022. Diluted earnings per share were $0.81 in second-quarter 2022 compared to $0.93 in second-quarter 2021.\nConsolidated Overview\n(In thousands, except earnings per share)\nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n2022\n2021\n%\n2022\n2021\n%\nRevenues\n$481,670\n$475,651\n1 %\n$1,063,113\n$931,337\n14 %\nNet income \n111,276\n133,778\n(17) %\n301,584\n263,248\n15 %\nDiluted earnings per share\n$0.81\n$0.93\n(13) %\n$2.17\n$1.82\n19 %\n \n\"Our second-quarter financial results reflect our business' resilience as we navigate the state of the capital markets, inflation's continued impact, and change. While we expect these challenges to continue, we remain steadfast in our conviction that our company is moving in the right direction,\" said CEO Ryan Hicke.\n\"We've made progress as a business in three strategic areas of focus: growth, talent, and culture. Our expertise in asset management, technology, and operations is the foundation for driving short- and long-term revenue growth. We are seizing opportunities globally to provide existing and new solutions to our markets, enhance our talent, and reignite our culture. We will continue to diligently assess and allocate our investments in order to push our company forward in these areas, further position us for growth, and deliver value to our employees, clients, and shareholders.\"\n \nSummary of Second-Quarter Results by Business Segment\n(In thousands)\nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n2022\n2021\n%\n2022\n2021\n%\nPrivate Banks:\nRevenues\n$124,184\n$123,676\n— %\n$337,732\n$241,284\n40 %\nExpenses\n121,060\n117,654\n3 %\n243,015\n228,378\n6 %\nOperating Profit\n3,124\n6,022\n(48) %\n94,717\n12,906\nNM\nOperating Margin\n3 %\n5 %\n28 %\n5 %\nInvestment Advisors:\nRevenues\n113,194\n119,396\n(5) %\n232,424\n232,690\n— %\nExpenses\n63,375\n59,133\n7 %\n127,895\n114,160\n12 %\nOperating Profit\n49,819\n60,263\n(17) %\n104,529\n118,530\n(12) %\nOperating Margin\n44 %\n50 %\n45 %\n51 %\nInstitutional Investors:\nRevenues\n83,483\n85,699\n(3) %\n170,322\n170,198\n— %\nExpenses\n43,925\n41,895\n5 %\n89,283\n81,053\n10 %\nOperating Profit\n39,558\n43,804\n(10) %\n81,039\n89,145\n(9) ...

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