SEI Investments Company (NASDAQ:SEIC) Q1 2022 Earnings Conference Call April 20, 2022 4:30 PM ET
Company Participants
Al West - Chairman and Chief Executive Officer
Ryan Hicke - Executive Vice President
Dennis McGonigle - Chief Financial Officer
Al Chiaradonna – Senior Vice President, SEI Wealth Platform
Phil McCabe - Head of Investment Manager Services
Wayne Withrow - Executive Vice President, Independent Advisor Solutions
Paul Klauder - Executive Vice President, Head of the Institutional Group
Conference Call Participants
Ryan Bailey - Goldman Sachs
Owen Lau - Oppenheimer
Ryan Kenny - Morgan Stanley
Robert Lee - KBW
Michael Young - Truist Securities
Chris Donat - Piper Sandler
Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.
Operator
00:04 Ladies and gentlemen thank you for standing by and welcome to the SEI First Quarter 2022 Earnings Call. At this time, all lines are in a listen-only mode. Later, we will have a question-and-answer session. [Operator Instructions] As a reminder, today’s conference is being recorded.
00:29 I’d now like to turn the conference over to Chairman and CEO, Al West. Please go ahead.
Al West
00:35 Welcome, everyone. On our call today, we have Al Chiaradonna, Phil McCabe, Wayne Withrow, Paul Klauder, Kathy Heilig, our Controller; and Dennis McGonigle, our CFO. Also joining us is Ryan Hicke, who I will be transitioning to the role of CEO on June 1.
00:59 Now today, I’ll start by recapping first quarter 2022. I’ll then turn it over to Dennis and our LSV and the investment and new business segment. And after that each business segment leader will comment on the results of their segments. As usual, we will field questions at the end of each report. So, let’s turn our attention to the financial results for the first quarter of 2022.
01:31 First quarter revenues grew 28% from a year ago. Our first quarter earnings grew by 47% from a year ago. First quarter EPS of $1.36 grew 53% from the $0.89 reported in the first quarter 2021. And during the quarter, asset balances decreased by 9.4 billion, while LSV’s balances decreased by 3.0 balances.
02:09 In the quarter, we repurchased 1.7 million shares of SEI stock at a price of $58.42 per share. That translates into $101.1 million of stock repurchases. We had a successful sales quarter with net events totaling $28.7 million. $27 million, I'm sorry, $28.7 million. $27 million of which is net recurring. Each of our segments will cover the details.