SEI Investments (SEIC) Q1 FY2024 earnings: revenue $512 million, up 9.1% on the year

SEI Investments Co. (SEIC) reported revenue of $512 million for Q1 FY2024, the quarter ended 31 March 2024, up 9.1% on the same quarter a year earlier. Net income was $131 million, up 22.8% on the year, and diluted earnings per share $0.99. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2024.

Revenue$512 millionup 9.1%

Net income$131 millionup 22.8%

Diluted EPS$0.99

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	512	485	n/a	n/a
Gross profit	164	139	n/a	n/a
Gross margin	32.0%	28.8%	n/a
Operating income	126	102	n/a	n/a
Operating margin	24.6%	21.0%	n/a
Interest expense	0.1	0.2	n/a	n/a
Pre-tax income	170	150	n/a	n/a
Income tax	39.0	29.5	n/a	n/a
Effective tax rate	22.9%	19.6%	n/a
Net income	131	121	n/a	n/a
Net margin	25.7%	24.9%	n/a
Diluted EPS	$0.99	$0.91	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	112	101	n/a	n/a
Capital expenditure	13.1	1.7	n/a	n/a
Free cash flow	99.2	99.3	n/a	n/a
Free cash flow margin	19.4%	20.5%	n/a
Cash from investing	-37.6	-93.3	n/a	n/a
Cash from financing	-62.2	-36.4	n/a	n/a
Share-based compensation	11.1	7.8	n/a	n/a
Buybacks	46.8	71.9	n/a	n/a
Dividends paid	60.4	0.0	n/a	n/a
Diluted shares, weighted	133m	132m	n/a	n/a
Shares outstanding at period end	131m	131m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,259	2,132	n/a	n/a
Debt	n/a	0.0	n/a	n/a
Operating lease liabilities	15.6	17.2	n/a	n/a
Other liabilities	294	371	n/a	n/a
Total liabilities and equity	2,568	2,520	n/a	n/a
Fixed assets	168	171	n/a	n/a
Goodwill	137	137	n/a	n/a
Intangible assets	78.7	82.4	n/a	n/a
Investments	164	155	n/a	n/a
Cash and equivalents	847	835	n/a	n/a
Receivables	561	501	n/a	n/a
Other assets	612	637	n/a	n/a
Total assets	2,568	2,520	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	477	485	512	519	537	557	551	560	579	608	622	642
Gross profit	139	139	164	170	182	184	193	189	203	224	224	230
Gross margin	29%	29%	32%	33%	34%	33%	35%	34%	35%	37%	36%	36%
Operating income	108	102	126	137	144	146	157	149	160	162	189	197
Operating margin	23%	21%	25%	26%	27%	26%	28%	27%	28%	27%	30%	31%
Interest expense	0.1	0.2	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.2	0.5	0.6
Pre-tax income	149	150	170	183	202	191	196	292	211	217	231	253
Tax rate	22%	20%	23%	24%	23%	19%	23%	22%	22%	20%	23%	21%
Net income	116	121	131	139	155	156	152	227	164	173	174	196
Net margin	24%	25%	26%	27%	29%	28%	27%	41%	28%	28%	28%	30%
Diluted EPS	$0.87	$0.91	$0.99	$1.05	$1.19	$1.19	$1.17	$1.78	$1.30	$1.38	$1.40	$1.59
Operating cash flow	164	101	112	115	200	195	146	96.5	238	126	222	126
Capital expenditure	6.6	1.7	13.1	7.7	6.4	5.0	8.7	3.8	8.6	1.6	6.4	8.6
Free cash flow	157	99.3	99.2	107	194	190	138	92.7	230	125	215	117
Buybacks	80.7	71.9	46.8	117	89.1	247	204	180	144	101	215	106
Dividends paid	0.0	0.0	60.4	60.0	0.0	0.0	62.3	61.0	0.0	0.9	63.7	62.6
Shares outstanding	132m	131m	131m	130m	129m	127m	125m	124m	123m	122m	120m	120m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 29 April 2024, accession 0000350894-24-000084: the filing on EDGAR. All of SEI Investments Co.'s filings: EDGAR company page.

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