SEI Investments (SEIC) 28 Jan 212020 Q4 Earnings call transcript

Company Profile

Participants

Al West	Chairman and CEO
Dennis McGonigle	CFO
Kathy Heilig	Controller
Paul Klauder	EVP, Head of the Institutional Group
Steve Meyer	EVP, Head of Global Wealth Management Services
Wayne Withrow	EVP, Independent Advisor Solutions by SEI
Ryan Kenny	Morgan Stanley
Chris Donat	Piper Sandler
Robert Lee	KBW
Chris Shutler	William Blair
Owen Lau	Oppenheimer
Ryan Bailey	Goldman Sachs

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for your patience in holding, and welcome to the SEI Fourth Quarter of 2020 Earnings Call. [Operator Instructions] Just a brief reminder today’s conference is being recorded. I'm now happy to turn the conference over to Chairman and CEO, Al West.

Al West

Thank you very much, and welcome, everyone.

All of our segment leaders are here with me on the call, as well as Dennis McGonigle, SEI's CFO; and Kathy Heilig, SEI's Controller. fourth full recapping XXXX. by start quarter year and I'll to over and segment. I'll it Dennis cover business then turn new to LSV in the investment that, the comment leader business of their segments. After on each segment results will Kathy statistics. finally, important Heilig with you And some provide company-wide will

field the end we'll report. of at questions usual, each As

X% So earnings year a fourth $X.XX grew earnings reports in balances and me, a - $XX.X by X% the now while XXXX. revenue attention decreased year asset quarter billion. fourth grew financial $X.XX from turn the our from ago. excuse quarter Fourth EPS XXXX. of by let's by billion, ago, quarter quarter balances $XX X% from reported to of grew grew LSV's Fourth the by quarter Fourth

we of of During price translates repurchased at a share. shares $XX.XX million into $XX X.X stock million of SEI per That repurchases. the stock quarter,

repurchases million During form year, we of the shareholders. dividends, to $XXX the in capital and passed entire of

also continued strategy. the which part growth our quarter, is growth-generating of is a This SEI, effort newest our One we The large initiatives. in investment

recall, platforms. will platforms for to adjacent and clients new all types SEI making them you As accessible leverages by all and markets all of One other existing SEI

Now client to million events, and of revenue generate revenues Fourth are net net turning to losses, quarter million. sales $X.X expected production. of totaled $X.X annualized recurring

that occurring will grow company this issue discouraged future, and same. head sales the and create with reflect never their to be will results. activities timing And as correct We speak They sales things unit the know to sales results target a which not quarter are the we will Now prosper all we throughout in results of specific itself. markets. not opportunities. the A in their our do

very busy mental remotely such realities, as been models distributed So new to in adopting workforce. have we

moving positive of lot a momentum into have XXXX. We

sales late key We backlog in a of number the conversions strong in have and cycle. prospects of sales

repositioning strategically segments. our in progress made have business asset also We management

We - and to poised capture inherent ready the please opportunities change. are in significant

remarks, to update I our turn segments. the segment formal that After Dennis investment so will their you in over an my update segment. business their will results to all it Dennis? Now that, new concludes heads on LSV in and give

Dennis McGonigle

afternoon, Good the investments and in for Al. everyone. asset I Thanks quarter LSV discuss results management. cover business fourth results will new of the the segment

Wealth opportunity, One to services quarter of IT fourth the the the SEI business in our of new consisted of During Private segment and deliver investments the on Management strategy other platforms technology our business XXXX, operation of larger investments. activities modularization business, our

quarter, the the business $X.X segment in During specifically the This compared increased to quarter a of of during is investments strategy. One to our $X.X Approximately of related in an SEI incurred which to million, million third investments, XXXX. loss new loss tied reflects loss effort. a increase $XX.X million that

We Huntington $XXX,XXX. to adjustment an for our increasing valuation the of obligation also by approximately Steele recorded acquisition, expenses contingent the

in SEI income LSV, fourth $XX.X of of income quarter Regarding million of XX% compares for XXXX. to to the contribution for in XXXX. ownership our million contributed This $XX.X a fourth the quarter

performance billion. of appreciation grew approximately offsetting billion, at million LSV approximately $X.X no $XX.X negative cash Revenue the period was LSV of fees. the $XX.X approximately during the for during Assets flow approximately market with quarter, experienced billion. quarter net $XXX.X

to the for was quarter be Finally, I'll questions. effective company, our for take happy XX.X%. the now tax rate

Operator

do from a of Looks like question Stanley. the Kenny Instructions] have we line Morgan of [Operator Ryan here

Your line is open.

Ryan Kenny

$X from a earnings call, you last uptick third insurance in the million costs health on the quarter. mentioned So

going of think forward? insurance So just spend health about the that and wondering quarter how fourth should where the in number trajectory stands we

Dennis McGonigle

flattish fourth quarter. the a in to Yes. down It bit was essentially little

I'd range But range kind year. it's - bit, the it's be other maybe of a the not, mean - the company. If case - than little would same we say employees would it's I since added down in of of - we pretty the course we're to - self-ensure I have we case-by-case So guesstimate workforce. really for more this are kind within adding it

that, So anomalies, have add. kind up itself, up special that you increase I - would unfortunate with of if and situations health in costs, our care really but will drove health will individuals we drive anomalies, will, the some certain of

Ryan Kenny

if on increase the on you for the the SEI, you're how thinking through update then could And an million One from XXXX. give trajectory One wondering $X.X just about spend SEI

to case? down so the said that's should wondering that you it come before year if gradually just through think start the I still

Dennis McGonigle

Yes.

just quarter, which was year, we say But the - wasn't third over increase. was in we It I that - much was progress an wouldn't spent materially. it work. this was not how quarter, but that's peak down So slightly as activities of of that quarter, quarter through kind to and it as end up will And significantly fourth the zero go won't the lower. - it finished the to from will be we deliver year, it start just come

Operator

have Instructions] Donat line [Operator we Chris next, the of like Looks Sandler. of Piper

is open. line Your

Chris Donat

have Should that the you sales that, is Al's so to events. good? I in conclusion for read comment wrong about January, $X.X One the draw? In issue pretty a not Or the was that million been sales reflecting Al sales far, into and timing events it and effort. that,

Al West

So Mr. you read why don't Meyer for anything, wait to rather than into go? we

Chris Donat

Okay. I wait. can

Al West

Okay.

Chris Donat

maybe Or going in on less expect picture rest anyway, think the on can always market Bigger be neighborhood following what just $X.X I help should was thinking then that us SEI? XXXX is Ryan XXXX. little if on to sub-advisory One question, about recognize And asking. just at expenses up and your expenses dependent, for And in I but investment for we another something of try less billion, with XXXX? a

Dennis McGonigle

Yes.

associated are there variable costs - costs revenue. So some with

to in of fourth That's one the sub-advisory want news, expenses, ones, the increase see all of the quarter. one that. which cost mentioned you of good So key is which though. We was areas

the will as inflation out look year as the the year still the for rates quarter. third had with kind year part expenses, I that rest progresses of compensation particularly of kind the around I to of peg into year have we on because our last in - as workforce, of inflationary-type going So middle we

in are lines, We particularly some then certain that do growing, business lead headcount. to additional

it's So offsets I we'll with get would down. coming One some spend say - SEI the

that the We flat, would well. like gets a also to of so the - lot are our to which - is doing capitalizing say for try I but sit here still effect that spend, of we'll level development some it's line. I maybe down unusual less expense We're to but as to think wouldn't is that work were net - say and Year-over-year flat, we'll we're nothing of spending, see that. company, increased pretty - be be in the so. year up - X% we or total expenses I would there's

we that's think accomplish we'll I be in if - shape. So can again, good pretty that

get number Our revenue possible. of one focus is That's line as to it the the bottom - the as and get it goal. in much

So that's still the goal.

Operator

of And next line Lee we have the of KBW. Robert

open. is line Your

Robert Lee

be year. Just as quickly equity-based Just expenses, your through it. maybe comments changes in should Maybe - maybe of on drove a next of quickly that just of of decent relative pretty the in we order probably one. thinking or quick corporate? to comp, will how incorporated about the increase included but some - I trying into kind where that? - kind segments be geography And that, think what flow how flowing It's

Dennis McGonigle

Yes.

of - the are follows follows segments function have December. a grant who expense the December, this is, went who couple is option in certainly, hit expenses a a as things. that option-based we awarded would grant through One G&A because rule So it employee every people, the option past in options we grants as themselves increase and it do so process of the the general well - as and been

and granted new the options as plan now kind do those there's are divest schedule to number, been of that on option we expect outlines. So our in have expense

out on year We vesting also quarter, as particular - third after one about talked pushed a we estimates tranche. we the

the has of the just that into effect So expenses the future. extending

big the it So the of cycle, part But in does annual that option people. usual is grants that to our but it be will follow adds a made number.

as show as will the it So all well up segments in G&A.

Robert Lee

quick investing can on EPS the guess, we color I in lot been there grants kind past, proxy. just have changes kind the wait kind of of investing? option I for hit a then kind driven. follow-up. that accelerate of Any were It's in or of of But any to investing, a mean, I in of grants? fast. know kind And how recent partially your based earnings maybe growth how - the soon,

Dennis McGonigle

as a sooner targets, should they'll however, XX% of grants just chunks, as a we're believes over that's pretty they I growth years, kind shareholders, rewarded think, in - our look really over hit on XX% entering said, expectations. Board, already gets stock is body till option and company. line growth our earnings pretty five feel if vest we that Yes. no XX%. like longer-term the there. that I for at four proxy The those as thing option our prospects, grant think - the with that. I but three in the But second bullish than management, and process, expectations say two price. for we to the And the be They to that, growth, general years our goals, are about set years out the can top well near-term first wait on kind they've I'd that's coupled vesting usually next targets of they drives the and in - of when that governing But well, rule, who that emphasizes being vest be with the doing we satisfied our

hit two So targets. then we minimum in don't to cycle still but at they kind all have if EPS that we four the vesting that, don't of addition year vest year,

Operator

At further actually queued. questions this time, have we no

Al West

turn to question. he it on? right. and with Steve, can Donat's Well, Steve? Chris that, are over All Steve, still you answer I'll

Operator

just us. and looks he'll like line has It Steve's shortly for be reconnecting dropped,

Al West

Okay.

If on seconds just about Sorry we everyone. hold can Steve. XX that, for

Steve Meyer

that. I got Sorry off. about dropped

Al West

problem. No Yes.

on. You're

waiting You can - for his to answer question. your Chris Donat is

Steve Meyer

that's it. heard I appreciate I up.

everybody. thanks, So

The Sorry XXXX able and were But challenging challenge, to delay. year a this and for comparisons a across we Good continue and in client our fourth due drive private areas industry afternoon, growth results. couple the our listed everyone. for in release despite quarter for expansion, momentum world I'll banks. only annual of and earnings events, to the review, business to are so was new numbers XXXX in pandemic. the the your financial implementations our key strategy highlight

quarter majority XXXX to This of $X.X XXXX. slightly profit $X.X about of of was was up Fourth compared increase up quarter fourth down revenues totaled increase the by onetime quarter the the from represents segment revenues. and previously revenues from XXXX third million, quarter of primarily of approximately million X% new revenue expect revenues, XXXX this absorption fourth for quarter. fourth compared due quarter modest assets. generation quarter and million, to third This the increase turning next along to do to recurring both in the up activity. quarter mainly X.X% profit Specifically, profit a We of Fourth XXXX. an recurring nonrecurring announced $XXX.X which and expenses. driven versus the XXXX XXXX with onetime losses, And to revenues increased was in not the in repeat sales our was

sales of $X.X by Onetime our quarter, signed segment. New agreement investment of million year management a with from that net during asset for million brought This in closed million resulted which a recurring events, in negative gross offset client, the processing onetime million England. in recurring of helped lost net the we for $X for quarter, quarter sales. in offset $X.X the to business. pleased $X.X Also new closed totaled to recurring we million for events $X.X company management the the quarter, impact and large trust I'm million $XX.X the total in business, dampen we our asset events. events sales headquartered announce an the a For

half competitor a platform client of We the to second to expect in migrate from XXXX. this SWP

client outsourcing be also office In management addition their They SEI. business, back managed their to operations the to previously in-house. will converting wealth their

After agreements. timing. call, As but Al function to prior additional signed quarter three this mentioned, sales our SWP closed, of results were a we the

their XXXX has Savings expect SEI a TRUST Maine, Bangor, The and first Bank. migrate Savings, client, first SWP of with TRUST the headquartered client Bangor business Bangor XXXX, half to in been in since we an long-time XXXX. XXXX to is

in Next, the from West we agreement signed XXXX. bank platform a Coast migrate community first an who of with large competitor half to a will SWP

SEI is we and management and One of benefit evaluating our SEI's believe the opportunity strategy, their As product distribution their leverage additional this currently an and we to platforms for asset continue firm has solutions clients. SEI business

announce is Bank, Finally, we another new in of management Kansas to wealth signed pleased to business be Headquartered UMB, to a with book City, gone we remote began COVID-XX. end-to-end the SEI fully their UMB are as result the second migrate and completed an of to offices environment as engagement client, had agreement work-from-home that model a our a private after process in assessment Wealth United decision-making Missouri Platform. our to

the We are forth come both together agenda and organizations a conduct proud by despite way virtually pandemic. challenges brought execute business of were to the to the meaningful able global

for the changing in As our mental case of sales, models, well which around Al referenced, example bodes future. this this is us an

our global From will be U.K. HSBC and in quarter and look they events migrate three clients the included in from Fusion-Schroders to we our their implementation. to migration supporting perspective, included sales are QX expansion continued first SEI and progression future not and work continue excited the the with see growth in as Platform are towards the We events. with Wealth initiatives. a firms these These growth forward all to

an is the at on fourth signed backlog, total our of but revenue backlog end quarter. infilled our the new $XX.X net update in million As not recurring approximately

live implementation to is the SWP. from successfully to we Edward Turning Edward TRUST this XXXX another activity. since remote environment. assets I'm fourth XXXX. standpoint, an Jones been happy period client XXX% the at quarter, that Jones has in management converted Company SEI report Trust In to total $XX.X an brought X% third a a quarter of billion, From client ended successfully representing management the who asset we from under increase XXXX.

was increase AUM appreciation. due Our to market

a flow cash the Our $XXX million. of XXXX for fourth negative quarter was

into to on our move expanding is bringing XXXX, growing momentum our existing new markets. entering and continue we maintaining clients, clients, and on with focus As our business, strong new

driving we providing growth. on margin focus also in and scale a as our business will accelerating We sustainable push towards

so We will on enter the with a continue year, to we manage do we'll as through headwinds focus future. but the

We on over growth my you are may and now any and opportunity. prepared optimistic turn questions for That excited I'll remarks, our have. it concludes

Operator

looks Kenney we It like the Instructions] Ryan have Stanley. [Operator Morgan do of of line

Your line is open.

Ryan Kenny

of get timing, the to it I next on versus come wanted heard $XX.X year? in update Just stands. million year much this I where how just an backlog, is to expect currently terms think I the you through

Steve Meyer

Yes.

at to it's looking to it. at months, a about again, after XX% somewhat So, backlog, number right following fund will is XX probably to about XX the And XX now, I of XX now, and that think - months. remainder But right this fund XX, moving. the as the going next within we XX%, the XX look months, past

Operator

Shutler Next with with the Chris William of Blair. line

open. line is Your

Chris Shutler

wins a be basis? three you were will us revenue are not the On on that that a give in how QX, you QX. announced sense that large those Can of recurring in

Steve Meyer

Yes.

under we're as in But three lot a all take - recurring headwinds. together, revenue. you we potential $X talking on going in have some wise if So, QX as net positive million recurring probably well just

that So, lot there's work have of But to say a a do, start. more is impact number. motion we're but what so off activity - good can to I'd in the we

Chris Shutler

I million? great. the it right, the it in million gave onetime Was $X.X I didn't $X or was All number. revenue that quarter? And you know catch

Steve Meyer

$X.X XX.X% was for for It the million quarter, Sure. onetime in the year.

Operator

Next, KBW. Lee, we Robert have

Robert Lee

Just curious.

I subsequent platform, the two little you of mean, were start those on the about you three of you kind flat, can So kind talk you to of mean, existing how revenue question? just just enhancing? first that kind maybe a the kind of of revenue expect bit generally taking of is of the SWP year, our clients. with I revenue mean, the the how of kind and those flat? Or signed to kind evolve I relationships

Steve Meyer

Yes.

So you're here, a unclear little Rob.

one net the end, obviously, quarter what and say to I said market move moving to new the in is, client, signings were SWP of post obviously with you at an SEI, was think two was of our reach. the the from my TRUST XXXX, a existing ones I'd them TRUST up actually, and is - other three what XXXX were the so SWP one

So And start are, where where and standpoint I'd be. say kind they as that they I I these to a we we of I with from can grow revenue would think was thought mentioned, clients. have aspirations

Robert Lee

the on heard Cash segment. make I want to maybe just And I programs sure within management the asset business million. were flows minus right. to $XXX just

Steve Meyer

$XXX million negative.

Robert Lee

Okay.

Just initiatives I a - part some - touched there but can were on the the maybe SMP. on update from past curious, you just you in in of you of couple years. us can kind I things I that away think business it, mean, some underway new know of

update trying kind to So things just of I'm there? how get an

Steve Meyer

Yes.

I provide mainly think, banking our we clients. And part of banks. a listen, So of program we're obviously, these overall that an business, program for

we're So it. of piece a

been banks cash pressure of places I to program. as parts have into has to that year under money little decided a either their this other or other think move or

So did the obviously that didn't think program. reflected We We new think, lose ongoing, in client year, that mitigate But - do bit that of we're a obviously, the some little we outflows. think we've the helped of year. did during I the And concern during don't part net is clients have program. I is with one whole negatives the control a we I have the though, had.

we something or strategies at or us be would because So as their change either positive banks it negative. for obviously their look that's programs, strategically

the overall these. they negative we've something, that we're with part programs launched as that be to - down. another impact have think obviously, will I us. the a have market this continue to do number But that of a year. bigger something of programs been hoping well there's So else, it's them the bank's obviously, decide strategically But weighed a as continues could if outflows on initiatives as But new

Robert Lee

Great. And more could throw if you. I at just one

Steve Meyer

Sure.

Robert Lee

the You've reinvigorating about kind also of of talked kind business. kind of U.K.

of mistaken, there, this off I you're the did some feel part at guess, us got year you of you XX I'm years personnel think Can you kind so. business, you about maybe on maybe of update dormant about the or not that seeing more if change what I kind in it's maybe but ground, year here? ago, there which, point, how past

Steve Meyer

Yes.

that I U.K. across impacted businesses, look what probably the is, of I'd think from I most when say a pandemic all the slowdown So sales. the was from the

they've see they will slowed this we on to And a So working pipeline really the a are over the are I the U.K., still is the probably encouraged by while A by deals start and pipeline haven't in slowed the the the out we I it's I but remains start initiatives caveat size two, don't industry-wide, There of stopped, more going in the have through is on, activity. and have and and/or with we're making. quarter. to see just very think little additions take this And severely fall several taking It active, obviously the I'm to quarter lot going lot pipeline of we bit delayed. that's encouraged longer. before more - that or pandemic think, significantly. it's one I'm them. guess, another

Operator

Lau the have we line Oppenheimer. of do Owen Next, of

open. line Your is

Owen Lau

Thank you. Good afternoon, Steve.

lost my a little bit. connection I Sorry.

for apologize I that, that. addressed have you If

line? the any we half that in but it will controlled well XXXX. second you in given to your growth tail-off mentioned you. you will make And revenue there that investments, fourth change like the quarter. continue Thank Is - the quite you of looks expense in caught it time So

Steve Meyer

we going good There's we're managed investments, to no and Yes. still expenses. No, change. about Listen, we've how Owen. feel make

we we're think, accelerating to expenses focus quarters, really as business, margin we said, might looking grow, to level. this and continue drive I there scale to on of add. as started and Dennis But starting as I've past be say more in the sustainable more to a we're

can, that's for So and reduce expenses new working forward. happen, thing track QX we going where hurt this we we're in. we extent with any to. new Obviously, feel deals expenses is, can as large one the year. well kind look But expenses would what we to expenses of manage they the are of I one that expect to in will on where that revenue our needed them do to be have we we the number coming won't new if priorities But a from were support record we would of where if will and we manage of our our QX, certainly expense it as business, people, to

Owen Lau

and partnership Thank And you this the then the Could you with on then another strategic a bit one. family your the Intelligence? next big How opportunity Canoe partnership? do comment office quick strategic you. please see step in of space

Steve Meyer

Sure.

So family investment just part formerly known here. clarification, the of is strategic so Canoe we services, I'll office that in management rolls unit. question our formed a up But partnership one with and Archway, our as answer

that wanted Just to everybody. to clear make

partnership that gives aggregation capabilities. power to a system feel helps and in it it widely So expand, our used capability a the and That's feels our just and industry certainly, reporting more platform. us it is we

we've down something line continue the Bailey, seen road. So will the that And do felt and growth needed Goldman to we we support have help growth the we of it's us future Ryan to that Sachs. next,

open. is line Your

Ryan Bailey

wondering I'm sales wondering RIA you for when just thoughts to you segment if could pipeline? contributing I and could of think talk the about addressable how your space. market the was into the timing about just start the expanding that around

Steve Meyer

Yes.

think market we the the is still the U.S. think - U.K. active. market in both I have listed. still So and the I It's

that to compared a to at obviously, we drive and year, will is IMS. we to manager-based this other some like start already started thing, of that new we've initiative approach. of more look that smaller could help it we're to RIA us actually one our of hopeful prospect started large think space, that to would X,XXX our especially go it branch We've The could And out when sales. prospects in in markets like, than I some have it's wealth give of I after. I do, upwards

Operator

And we queued. actually at have questions this further no point,

Steve Meyer

Great.

the other to with with momentum clients across of year execution So our strategy. our fourth for $XX.X for of of was in the growth another XX.X% quarter results, marked compared growth XXXX of Managers the $XXX.X fourth higher in business, questions, XXXX of as was segment. of including and fourth of no Revenue revenue million fourth the of for our Profit Investment to the XX% Investment I'll quarter The quarter expansion Managers XXXX. million turn strong segment and the sales, higher quarter the as compared to XXXX.

the asset shutting and of fundings down client balances due balances billion. product one quarter approximately This was fundings The were a appreciation offset XXXX. complex. end quarter Third-party end the increase at client third of their $XXX.X XXXX offset a billion being $XX.X than to by the market line fourth to the were the net billion, $XX higher negative quarter new at of client of asset of negative by liquidating $X.X billion, this due fundings of fund

to market activity. Turning

administration. the billion for new business platform first strategic for new closed outsourcer administration our of to a after was number quarter be strong selected quarter time revenues. to as following to with unit, investment products. a credit several quarter million recontracts clients these new traditional events a a equity well an unit, alternative the fund our included of launch another space. we as recurring provide private demonstrating continue existing in names, SEI to of SEI highlights: by business. our launches recurring had industry-leading continue alternatives sales billion sales clients to private marketing full manager, collective the $X had also we global robust process growing was while fund RFP In our commitment During selected as $XX $XXX-plus we quarter in totaling a These record extensive continued million revenue fourth market and fund for $XX net in our for XXXX, events strong new trust credit In

land within our provides also the our data In innovation middle a on top platform, we we We names, which released financial industry-leading and clients with services Platform, segment. new Archway all services strategies, the our quarter. including Technologies had office in success executing new and the our fourth growth the adding strategy. added Europe, family expand technology our continued In consistent of onto existing foundation aggregation global Family is office Office XX and unit, for comprehensive platform upgrade the institution to upgraded rapid several

In addition, signing sales see the continue demand with segment family new services in steady to events. multiple office single-family of the office

Our at backlog million quarter. the at $XX.X the but of unfunded stands sold, business fourth new of end

As we progress growth we clients. sales continue strategy with to expansion and new focus momentum into XXXX, strong will to continue our on look existing and our in

growth. may We believe about optimistic the into continue questions an source will you have. to prepared with remain additional look it of platform, we which also and for opportunities. remarks, and concludes over excited I'll will our of expansion We primarily That the turn our office my front platform, growth provide any our now investor

Operator

the to [Operator KBW. Instructions] Looks of Robert go like line first, Lee we'll of

is line open. Your

Robert Lee

probably question, Steve. In kind what know margin, all-time high towards running of an of mean, kind not Den I by I'm it's XX%, even high. my maybe end where I around, sure margin Thanks feels and you records, balances and do but a of like the it kind - running are this a somewhat level Is what of should thinking always thinking? Or mean, should of that margins kind we we of higher? scale new range. XX% kind going an reaching I still historically? be how you should forward? XX%, be at of be of have You've been

Steve Meyer

record Rob. sound here, a Yes, like I'm going broken to

business a that it still comfortable in more I've at the the always And look you feel year-over-year. with it it's said XX% XX% when And mid. little you range. So if year-over-year, comfortable that bounce am it bit. in XX%, I I at in around look will

good did expenses. job QX, managing a think, we I

which here key and our invest our I we're think is key the as can expense, of And that out we that, will capitalize, always But the future down of in which, look expand we'll a and margins looking don't for part quarters? this a out of tick that think to range. QX to spend, the looked when some bit. markets, we sustained And investment from a there growth in with it and factors expenses to were couple But number start little was will including in get investment our is XX%, business, in continued asked the solutions little caveat back continued we some mute downtick. of you not there? think if and this And that up and this to we expand repeat bit Yes. a that. for five I do I ask solution, well, kind to ago, continue And I we banking - we've that platform. again, XX% did years

I think think progression there's we as don't quarter. I as as a So do it's saw just progression. this big a

Robert Lee

Fair your And first client I comment of missed what comments you part Okay. the liquidation. around can it. on enough. mentioned to just the repeat, you ask the I

Steve Meyer

can quarter, have to who events first for targeted of kind wiped one family had for client look that a fundings shut client, we asset fund down. a the reasons, on they and away growth by positive this the And net but time they, target really specific that you remember, had date we if did I were So one negative side. client strategic

caused the fundings. So negative going those client out assets was what

Operator

At questions this further we no have time, queued.

Steve Meyer

to the discuss Wayne? it turn adviser segment. to I'll that, over With Wayne Great.

Wayne Withrow

release. our Color we to with The spend. the mostly with brands, SEI operational financial recruiting XXXX due headlines advisers. were press were increase explaining partially include flow. year this segment Ongoing segment pricing were numerical rose and pandemic. in valuations notably the investment expenses our included in both the decreases increases decrease incorporation pandemic, world of opening the to related costs The and most way direct in of an technology the advisory a Thanks coronavirus. third-party much are and Adviser asset and savings, Steve. some to a for cash our awash platform model further digital to of capital pretty the last the were XXXX to to by due response negative results comparisons headlines margins down positive of The markets, those offset and to in quarter fourth in onetime up for flexibility engage revenues Expenses numbers added was due

million million Total assets During $XXX assets were a $XX cash the assets $XX under this Of total, SEI-managed stand negative and net out we at $XXX administration. flow had quarter, billion. positive assets in in platform of management. under billion

was While cash cash unbundled management was flows pricing strong. our bundled newer pricing under negative, products flow assets into our into

performance the new During our best of we advisers, the recruited quarterly XX quarter, year.

of remains active. Our pipeline advisers new

will For on XXXX, main concentrate we four areas.

provide to a a continue We will our we integrated completely our platform front-to-back business to technology as compelling front-to-back view platform platform. differentiator. single-source, First, enhance

management Second, will we investment with to components non-commoditized continue direct our platform to tax broaden indexing overlays. and being examples include

applicability management products will fees and educate on unbundled and investment the we bundled with of advisers our historical newer our Third, benefits both products. fee

welcome any growth response I agendas. assist have to with accessibility in to Finally, capabilities you contact needs, focus, their to we adequate our have. ensure now seeking questions with adviser realigned and force may sales advisers, our

Operator

with with Stanley. First, Ryan line Kenny Instructions] [Operator the of Morgan

line Your open. is

Ryan Kenny

just I before turned hoping more COVID, lot if then know give and was you of strategy. on some adviser the color recruitment it it done a So could virtual. face-to-face,

So save if year? vaccination? the and And appetite post expense there Thanks, into appetite, digital virtual any what to would just there material benefit you be is stay prolonged an is wondering next could

Wayne Withrow

there I'd really be expense benefit, some but focus. our way that's answer is the guess, may not I

of in finally as they segment I happen at just what we can to to parts we're to located process, geography methods in look be think conduct to in. more opposed primarily with early what make for as and the we will scope national when the And continue them scope. events, using you is are the now we sales looking what clients they're we can they as recruiting opposed as geographic the

So of believe, or us more and that, effective I I than pandemic. feel effective - pandemic because will it's that the in the more I because makes of more advisers, recruiting continue much expect the existence

Operator

the of of have we Next, Lau Oppenheimer. line Owen

open. is line Your

Owen Lau

question. quick one have just I Wayne. Hi,

revenue up year-over-year, Your about was but the was expense down. comment

You it XQ think to the to please XQ that saving it's us? of pandemic. we just the saving delta say the between mentioned Is onetime about? Can for a Thank you. XXXX quantify kind due XXXX, fair you should and

Wayne Withrow

Yes.

a think fair that's comment. I

in say, increases, would the what has I savings. to but expenses at direct to other quarter delta, increase, up one to assets areas. of unit the we're - the you our gone seeking the XXXX savings the more need of in it fourth indicative as under of as that cost compared those But much operating operating expenses between in onetime management line we our our being two I think with saved look years, modification

Owen Lau

distribution advisers? would should expense XXXX? that up go vaccine, How impact the with think the view in you. of your change then vaccine that the on may Thank the about we And

Wayne Withrow

would say the events, up conducting the cost but I by virtual and mean, events. to to not - money like conducting want the want don't - associated live expect live events associated, expenses that events, structuring save and do and person. things to expense of obviously, not in with - I spend Yes. like I not live we're events travel the events. we're perhaps go and just back virtual we'd to doing We them, money opposed on we to as because

will I think I manage. in not increase. in there to we due some largely - expenses increase So the increase But the be would be will the assets

Operator

Next, with have Robert KBW. we Lee

is Your open. line

Robert Lee

A of couple questions.

think between get having I - had in adviser least quarter. negative, just you good underneath services dynamic if apologize you at second kind a to, for services the flows signings business mentioned get do - yeah, being helpful trying about then are of, think to the How new think I'm it, your the about in of to a revenue the think I of me, moving unbundled of even do shifts. these two? bundling sense pieces it we and is the mean, the to wash? versus unbundled be headcount, a of, one, as of the how it of would is, kind And First I in - dynamics versus maybe you kind between question revenue bundled of kind talking we how negative? sense sense of

Wayne Withrow

Okay.

question, I was think The Rob, number adviser. was first your XX. new

the advisers is unbundled to products bit than seeing and think growth a as correct, to revenue and and are think, bundled the your what in-depth how the the more fits model, best unbundled of the of revenue be all-in in I more straightforward. a for we products. direct as it to pricing educate the Bundled go much think them, But generalizing, more I'm harder a out, has are are that's an think lower, I and say, bit is And and sources parts. explain, moving pricing would recognition and I products? expensive less is needs. unbundled the investor pricing unbundled little with you And question we adviser simpler reflection do you lower of I generally, is little product rate about to question.

Robert Lee

maybe a pretty centralize. little since slow. I being I'm just And obviously, easy is to mean, bundled

works, I'm to thinking been an at kind of product investment least understand kind popular little maybe it me, for of, just pricing what's you how better. and if with So of just, a bit a unbundled may be see it that helpful of product, where traction

Wayne Withrow

Yes.

- use the program, party. if in or be third the our wrap on would one SEI pricing as - will, and opposed custody, example ETF into embedded then the of the kind the that of and into We of a And all implementation, is funds. operation, easiest the the we products, technology, is, to is mean charge I is investment generation, the of say, the sits management, tried asset is that. Vanguards, successful it's ETF, assemble fund pick, go allocation, wrap of unbundled you portfolio-level the we where the cost an which tax - it not clarify? bundled an you mutual We that beta Does product. it of underlying mutual whatever iShares top that of So program, fee, multitude whether we'll if a I very the price, the - which and we that the

Robert Lee

Yes, it does. Thanks.

Operator

of the have line Shutler Blair. of we Chris Next, William

Your line is open.

Chris Shutler

give XX%? Wayne, can pricing like is rough versus is, more to follow-up bundled? unbundled wanted on us X%, how averages, one. different it than Or it I sense, that the On like that? you last Is - a just materially

Wayne Withrow

Yes.

think it's I more probably XX%. like

Chris Shutler

on… then Okay, just And got it.

Wayne Withrow

mean, you put that of around see would see. kind years. mean, EPS just sort for smooth - in into five - the you I has reflect as migrate I the we What product numbers of kind of that, to I unbundled it what is been

Chris Shutler

Yes.

a maybe in pricing Okay. fee alternatives. has with adoption institutional think And that the There's in but line just is rate? this your benefit refresh from this as the helped business? of Investors as over - maybe business been Is my time the been memory, benefit I that I Institutional in increased is it in the Or just business actually, sort question, of business. think in some well that's

Wayne Withrow

the What Well, institutional in it's primarily I business. would say, is that in not business. my

that the XX% of major to with job alternatives It's factors in are institutional Let's broker-dealers advisers business, need put understand compliance it the way. in that own broker-dealers. and The oversight, of complicate business. to the And the the you affiliated extent, my for one there, them.

Chris Shutler

Yes.

Okay, about overlays, that direct talked Then you tax all makes on management - lastly, indexing. the sense. just,

of of what rollout the that Just me is? timing kind remind

Wayne Withrow

two Well, rolling in out the direct is indexing weeks. product

Chris Shutler

Okay.

Wayne Withrow

product I built is will later the the So negative and the there. exact management year. I harvesting And ESG loss have core don't think product. then something tax but and February product something. or out, initial it's tax comes the indexing into five around indexing a into will know direct the loss date, it's tax what loss And in incorporate we active - option direct

it put more into a have that active tax can Now you if incorporated we valuable. tax-active already take you think and management loss SMA. if that portfolio that management it, much makes into passive our But about

component have for to the don't and So, you tax the active overlay. pay

say, beta want tax then You it manage just can the loss I just me. and for

Chris Shutler

makes Yes, sense.

Wayne Withrow

any you an a names basket I individual in ETF, that when know direct do mean, own you own like because you you do you don't security, can't indexing.

Chris Shutler

understood. Understood,

Sorry, QX Is on point? expenses, Wayne. jumping-off more just one, just a quick good one

Wayne Withrow

No.

Chris Shutler

you could that? just Maybe elaborate on

Wayne Withrow

expenses, non-recurring indicative. year savings think as probably I'd there's want of more I would in say don't a what I I this QX last look I QX at would probably to that but being lot year, - consider commit so the

Chris Shutler

Okay, be? it. should point jumping-off the got what - the of where, Of

Wayne Withrow

Yes.

Operator

And Goldman next, Ryan have of we Sachs. Bailey

open. is line Your

Ryan Bailey

of I that option I from wondering that are existing is the this the mix if you you into what's that driving across, help of, assets sense could of Is growth? or advisers? kind or advisers any shifting bundled was Do have think coming the guess, about unbundled are just and new me flows AUA. in the option completely the who

Wayne Withrow

changed. to Yes. and I we're And And XX-XX, that's would is our from fine put unbundled, objective if about and better management by us. get at that shifting to that in the clients say it here bundled means is rather but them the the solution. the the advisers has for a products We'd our sense both them. world that trying make asset

then and So appealing also it's advisers. - very to new

XX-XX currently, about So it's and new. between existing

Ryan Bailey

insight And have it I that's bringing Are how accounts? guess more of for new you across of into Or it much the there existing not sure this. conversion? Is is new sort money they're coming I'm base, a in?

Wayne Withrow

accounts on mean I that philosophy, it. until the bringing both. to It's about they're think they way a I think existing little bit platform into convert new one the of new not to the book

us up growth is with setting for more So this them.

Ryan Bailey

side over the wondering to it flows initial of like turn into through sounds of sort the volatility. closer kind do digital feel you to strategy Or the the off. AUM I flattish moved And it is is on some kind we've of of like near was term? marketing curve that side, AUM the the taking on are going 'XX? then positively And more

Wayne Withrow

No. I feel more positive about going XXXX. into

Ryan Bailey

curve And behind is largely other it's it All because right. sort Okay. things? Or that's us, there a - driver? operating is and is of

Wayne Withrow

- it's say to way. it. I the want behind don't Yes. want don't to mean I I COVID's this take don't because wrong

we that And now. now that the learned think by a world, have And now things model get we've lot some it. may forward, new makes digital - we've we think of to I but modified I that and sense. a have adapted going it

to work kind of that better COVID forced just You us adopt.

Operator

Next, Again of we Lee is line your open. have Robert KBW.

Robert Lee

the about taking understanding for cash flows the AUA - make if way just of that segment? kind and total in Is AUM flows. I'm Is want I'm Thanks to think unbundled, sure is $XXX it? cash looking million Or in combined, bundled? just the I minus to and kind the my at - that follow-up. negative right Wayne, bundled that between the of

Wayne Withrow

the the I totals gave AUM unit. are entire Both the for AUA numbers you and Yes. the

Robert Lee

there, performance - from mean - a will, competitively? talking that to curious, that it. you And of just the while whether portfolios? on it then How mean kind versus of modeled I with do think elsewhere? I you're really other with do doing you how out of services you've performance of advisers right. position Okay. is robo or new kind I'm obviously, now. Got theme, driven? call. the unbundled sticking position ETF for they're guess, to do other your you of Is kind program it about capabilities? services, the been be could when other I But existing differentiated All kind you just if advisers that your how And do programs

Wayne Withrow

actually the it's opposite. Well,

you Okay, pick to need that's see it, I individual unbundle value on you - left to mean sell so overlay? want - overlay? want - the opposed unbundled. tax allows to to That's of as do side ESG need it of you what you menu? want? of do each the you I the Do proposition you you well, Do individual kind want everything that, component think whether unbundled. components as

we is it, so overall they're the And just everything, keeping investor consider kind and pay, the the the at of to of customization it both want you choose and makes willing they pick adviser they level. in It's and customized with it If theme for what much various mass more what can which them. can components unbundle. valuable of level

Operator

further queued. point, we this have At no questions

Wayne Withrow

Okay. Paul. turn With it that, over I will to

Paul Klauder

a of of $XXX.X sales for was $X.X Good compared to Quarter-end the the across million XXXX. client billion in XXXX year driven $XXX.X the results Gross events client billion $X.X quarter were quarter reflect billion $X.X competitive of were is year revenue afternoon, primarily going capital net fourth Fourth represents Higher which client to million, U.K. management. Operating XXXX discuss XXXX balances increased XXXX. marketplace as the revenue, by This the appreciation impacted decreased quarter margin Full foundations, an losses are a numbers predominately by the million the $XX.X asset $XX.X of new asset $XXX versus for fundings. to X% year. a quarter than lower to $X.X billion. re-bids XXXX. client U.S. client totaled fourth revenue were fourth Total travel was I'm The OCIO $XX.X year The client positively quarter compared of was full losses were financial unsuccessful XXXX in new environment. acquisition, the the entire Wayne. net common. XXXX. profits quarter and Net while quarter healthcare XX% wealth diversified accomplished and $XX.X quarter quarter curtailments and XX%. million. increase extremely rebids the Thanks, fourth the profit, competitive DB everyone. fourth to and X% negative million loss were Market for flat billion, endowment were virtual and of the well fourth signings Fourth quarter tenders. sales as and or XXXX for expenses the and markets X% of for primary year positive offset and million for revenue. terminations were and for profits operating were detractor. higher Operating XXXX. compared were was

also for end a anticipate $XXX to client million. be backlog The signings. we continue. at tailwind client new was should decisions year So unfunded This

out continue for close clients will defined and Investment ECIO benefit market order proposition diversify, to enhanced in of focus Finally, in at market be our extensively for the demonstrate U.S. offering. our new OCIO to value Officer our to new XXXX current actively business Chief growth investors larger OCIO

at questions inorganic to you organic, look both have. opportunities Thank future to happy any also answer fuel much. I'm may growth. very And will We you

Operator

Stanley. Ryan we First Morgan to Kenny the of go Instructions] [Operator line of

Your is line open.

Ryan Kenny

in the just and U.S., Canada. U.K., So side a you're sizable know have book update the starting wanted an I Ireland strategy the the also on on to get maybe but geographic mostly so in

sense growth how going want see and appetite get to from lens so where that just forward And of as the into to big expand you more a regions. the broadly other

Paul Klauder

Sure Africa are U.K., U.S., and bit nominal the big so Canada, East. indicated, then Far segments as South a little the in

for and markets different of have each then the strategies subcomponents. one in we subcomponent that growth So

the to in Master with place the U.S. of consolidation plays. management. niches growth evaluation with and big continued Some U.K. We U.K. the in foundations the of endowments like see growth DC fiduciary of in the see We certainly Trust regard are the in market

really We spearheaded and that the also X,XXX trillion large introduced $XX be a in our that And sophisticated last that on call integration of which staff see to across very with service suspects assets. again helping new investors technology more probably ECIO non-fiduciary globally the targeted and opportunities we about that's is represents to is about initiative globe potential their efficiently.

of is those that's investors. the So good news types

would Our we diversified and key a see that globe the around as strategy.

East. And commitments the think Far in I larger need to we opposed just more as individual the - something of are We as again that's company, evaluating to segment. a evaluate

answers the So question hopefully your that of about some Ryan globally. focus

Ryan Kenny

you And an add-on? Are just or there feel had any benefit more maybe from lens. you product from capabilities as a scale like that then

Paul Klauder

a from it line in kind in Yes, a we we marketplace. from of think the that of marketplace product an OCIO as And that best perspective one from and a view practice capability, are up. largest a

don't components we have other a do, of we different So would of that think normally product launches a than types couple we deficiency. small alternative

others is - of a such issues have One the with which we have crowded space.

you have hard of vast the space. differentiation this players who It's that consumer distinguish from for competitors. We of to have number an different when XX issue are in

to Certainly references, our client clients of getting those help. or new would are consolidation because client amount referrals spend time exhaustive in with key So we opportunities. getting an business

new there ECIO, full do yourself But do at something the that those it roll that a we're suite that to we help initiative in looking perspective. out continue we might we things we'll a to On augment from as capabilities and externally suite investors. that think that's are the have of technological

Operator

have we of Lee next Robert KBW. And

open. Your line is

Robert Lee

XX, question if margins numbers same I running certainly a maybe but in are should And invested to was it I Is - asked about my its right should we while, here expenses quarter. I that’s - we on anything think going way margin suppressed how all-time Steve healthy forward you've kind as the been for was XXish the think XX% there mean had very around the a kind Actually about maybe of high of that correct. this think while? managers in mean type the range. of, for that

Paul Klauder

Robert, Yes, of some I in of would margin our are revenue leadership exploded the quarter. recognize exploded the outside Obviously it in realities the profit clearly say markets. third of in way the great group that The we are the periods. just markets four fourth quarter

fourth watermarks quarter November those it respective XX, be So XX. high of All months. four September periods those for December XX, XX, the would in October were

of - a So in positive. revenue most not kind dramatically related related. and that market new consequently, fairness, the fairly that of was And real was increase initiative

as will it month nice with the a like a starting we're January Now looks it nice pace, well. year be

colleagues our So of and we're travel. not and we're trying travel, least fee expenses are vast to experience the at of off clients to component down are a the my But want majority down prospects that like not that good start, expenses virtually. other from to

have a may institutional probably do we'll investors about but much will will various We over want differently. at aspect, three not will back, be they the it We delivery for in two will critical clients, We really last to way do some first it travel. measured be head but many geographies. that that the be quarter the head spent the aspect. a resources as not of much we we've an the always back quarters. in the that So historically, do a us We've virtual spending of not we'll spent point would to anticipate really as only not might quarters, $XXX,XXX aspect it because but in to send and of think

be was year So as In may a way the past. it visiting six or the necessary. clients five not times in the future

XX% certainly back of And So, to more noted. area think those is quarter margin extension kind for your low probably I normalized to a reasons this an was I the original get margins range. question,

Operator

Shutler William Blair. Chris line Next, we have the of

Your line is open.

Chris Shutler

were if around think XXXX I But over because a is I to a jumping-off good last if on the just I you finer wanted expenses look QX asked similar expense I that asked point look to put - and we typically, $X Is expenses five other into back than that I for just point years the the other what question margins Wayne. question at number. or think sequentially? the QX that to were X do four have last million, with down how into So year guess QX? just of, excluding might to years where markets? QX million, of kind any think down slightly and $X Sequentially they $X the change I million

Paul Klauder

than probably Yes, that say far ago. high lower that. not a expenses, Wayne it's like so as bit as a answered I year probably it's would little had Expenses probably are closer,

to estimate. savings there's not a of quarter, there estimate we fourth again, kind we travel of a first that in in point. that the would as with what jumping-off client a normalized may that far respect and quarter be we're client run Fourth would of lot but As and wouldn't It second rate, the continue quarter. kind seeing events

will of not So not business normalize reduction expect more able comp. with same pay or XXXX quarter more sales in a we hope be that being bit would we and had close to we comp will little in the a well and fourth the as

a not ago, say quarter. the is fourth year as to quarter would I ago a closer fourth than probably it's to year So high it's it but as current probably

Chris Shutler

that? was reduction how in So the much QX, sales comp

Paul Klauder

It a was probably number. small XXX,XXX wasn't big

Operator

have And of Oppenheimer. Owen next Lau we

open. is line Your

Owen Lau

want go. to just I

you you. OCIO you of hear feedback or want just could terms your space? bit go enhanced the from you that prospects? the huge So give that the in clients color I yet in more revenue to saw other this any a Thank to any it’s opportunity transaction back generating I But us please or marketing

Paul Klauder

any so yet, the revenues in we we're not have Yes, market. Owen generated actively

suspects. to talked many have We

to and of some many finer those capabilities. prospects are evaluation prospects into a of We have getting our converted suspects overall

method process. As there it Chief internal It Investment effective I a investment and to than that indicated, platform non-fiduciary is management. investment and the services. technology kind help it is more those is different is And of effectuating administrative coupling Officers efficient more at become

So efficient. OCIO, to the helps takes CIO, place basis We the of ECIO more be the points. CIO be would expect it

have because probably in single-digits we're It's going in OCIO. to efforts for The multi-billion to belief forced low of where that but charging make points be to different basis scale might teens it respect We be dealing 'XXs every high up be marketing 'XXs itself to in will dollar for probably with yield basis low in with the the in points. our ECIO ECIO, organizations. will

work having a lot excited really done very done, that it's to-date, question of more lot clients the which those exclusively And So comfortable we've prospects, that We hired they a talk, efforts. people dedicated is to want we're suspects of prospects. kind of in focus moving now on a just We've the and we've some CEOs virtual enhanced to of and converting meetings the found marketing about, digital marketing. are great.

Owen Lau

it. Got

so kind you can you. expectation progress Thank that about to your of not revenue far. you're that generating Just have talk based ready any from final or one now? start when you Do on

Paul Klauder

to with yet. love that I as give specifics some did deals. don't post would Steve more I have quarter

working a as we're I'd give we as specific to remiss I So, think those to hard be can deals goal possibly timeframe, get line. but the over

Operator

have At no this we questions further phone. time by

Paul Klauder

Okay, Heilig, turn over Controller. the like SEI's to I to would call Kathy

Kathy Heilig

was $XXX.X good cash our cash free additional flow everyone. Thanks, million Paul or $XX.X cash information $X.XX some this flow per a or million flow year-to-date evening was year-to-date and from In million. flow was to operations bringing share, regarding cash corporate I $XX.X from quarter. quarter fourth quarter, $X.XX and share. $XXX operations have Fourth free million

expenditures capitalized software capitalized does expansion. million the million, be software capital $X.X facility million, about $XX For were million to it capitalized the about half about facility our software to fourth $XX.X facility. again, excluding Year-to-date for $XX.X quarter $X of which did capital million, include capital expenditures We which relating expenditures XXXX, to the excluding project include expansion. excluding with relating were

We forward-looking forward-looking questions undertake Security Exchange our with our update made statements and Commission. that that today's please materially. to during Please responses that to certain not subject other refer now, statements presentation earnings uncertainties in also may free appears feel have. would remind notice like are in any to results in statements. to you that actual our regarding any to your We and to risks our you filings release and We've cause questions. today's that do to may and of the forward-looking ask differ And

Operator

we Shutler do You have a William Blair. question Instructions] Chris like the [Operator of from of know looks line

line Your open. is

Chris Shutler

Just mind. a couple of ones if on expenses, final you don't

First I confirm comments, Dennis XXXX that in your expense low single-digit said correct? think expect is growth you base in just - to changes in excluding basically to initial any sub-advisory

Dennis McGonigle

- we think. can trying quickly change I on change to yes as and cautious things know Yes, I'm because pretty be so this

Chris Shutler

I without Yes, you think the markets, do think…? how

Dennis McGonigle

fair that's adjustment. Yes, I think

Chris Shutler

confirm and the it is, that in whatever include that? comp that number just that, then it or Okay does you're stock X% to does exclude X%, call projecting the increase

Dennis McGonigle

that. exclude would It

Chris Shutler

okay. It exclude that,

Dennis McGonigle

Yes, yes.

Chris Shutler

the on pretty zero you to to just end just be basically the year, but close it we I the then should we the won't SEI do? to said spend. expect what I And SEI know of be confirm would lastly, zero. wanted by And it One

Dennis McGonigle

what It will to things development out way half on a it be do, I - to clearly have say, - was would of I have go a now. say it be to but I have technology is solution great hate will of comfortable again because below limb finding it folks additional and folks

Chris Shutler

Okay.

Dennis McGonigle

and half Between than half. more

Chris Shutler

a it. lot. appreciate I thanks Okay,

Dennis McGonigle

problem. no Yes,

Operator

And phone. queued questions no this time, by we have at further

Al West

Al. is this good, Very

are and ladies growing fighting during revenue we times. gentlemen, and So, second the disruptive first, two profits on and pandemic fronts COVID

front, second despite front, On workforce able headwinds, productive. building healthy And keep very and the well is have on segments. business our to and to planned fortunate throughout were the we momentum short-term our first

ends that safe please a great So day. Thanks call. call, remain and Have our for our attending healthy. be

Operator

this and afternoon. And for you very teleconferencing conclude ladies our service. of for thank and presentation your We does much gentlemen the participation that all using

disconnect. now may You

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.