SEI Investments Co (SEIC) 2025 Q1 法說會逐字稿

Hello and welcome to SEI's first-quarter 2025 conference call.

您好，歡迎參加 SEI 2025 年第一季電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Brad Burke. You may begin.

現在我想將會議交給布拉德·伯克。你可以開始了。

Thank you and welcome, everyone. We appreciate you joining us, today, for our first-quarter 2025 earnings call.

謝謝大家，歡迎大家。感謝您今天參加我們的 2025 年第一季財報電話會議。

On the call, we have Ryan Hicke, SEI's Chief Executive Officer; Sean Denham, Chief Financial Officer and Chief Operating Officer; and members of our Executive Management Team: Jay Cipriano, Sandy Ewing, Paul Klauder, Michael Lane, Phil McCabe, Mike Peterson, Sneha Shah, and Sanjay Sharma.

參加電話會議的有 SEI 執行長 Ryan Hicke；肖恩·丹納姆 (Sean Denham)，財務長兼營運長；以及我們的執行管理團隊成員：Jay Cipriano、Sandy Ewing、Paul Klauder、Michael Lane、Phil McCabe、Mike Peterson、Sneha Shah 和 Sanjay Sharma。

Before we begin, I would like to point out that our earnings press release and the presentation that will accompany today's call can be found under the Investor Relations section of our website at seic.com.

在我們開始之前，我想指出的是，我們的收益新聞稿和今天電話會議的簡報可以在我們網站 seic.com 的投資者關係部分找到。

This call is being webcast live and a replay will be available on the Events and webcasts page of our website.

本次電話會議將進行網路直播，重播將在我們網站的活動和網路直播頁面上提供。

We would like to remind you that during today's presentation and in our responses to your questions, we have and will make certain forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ, materially.

我們想提醒您，在今天的演示和回答您的問題時，我們已經並將繼續做出某些前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果存在重大差異。

Please refer to our notices regarding forward-looking statements that appear in today's presentation slides and in our filings with the Securities and Exchange Commission. We do not undertake to update any of our forward-looking statements.

請參閱我們今天的簡報幻燈片和我們向美國證券交易委員會提交的文件中關於前瞻性陳述的通知。我們不承諾更新任何前瞻性陳述。

With that, please turn to slide 3, as I turn the call to our CEO, Ryan Hicke. Ryan?

請翻到投影片 3，我將把電話轉給我們的執行長 Ryan Hicke。瑞安？

Thank you, Brad. Good afternoon, everyone.

謝謝你，布拉德。大家下午好。

Last quarter, I shared our expectation that SEI would build upon the strong momentum we achieved in the second half of 2024. Not only did that momentum continue, but it accelerated.

上個季度，我分享了我們的預期，即 SEI 將在 2024 年下半年取得的強勁勢頭的基礎上再接再厲。這種勢頭不僅持續了下來，而且還有所加速。

As I've said before, we are running SEI, differently. We are showing up in the market, differently. We are fundamentally reshaping our operating model, deepening client engagement and relationships, strengthening our talent, and sharpening our strategic vision.

正如我之前所說，我們以不同的方式經營 SEI。我們以不同的方式出現在市場上。我們正在從根本上重塑我們的營運模式，深化客戶參與和關係，加強我們的人才，並強化我們的策略願景。

The results of these efforts are evident in our performance over the last several quarters. As part of our enterprise mindset, we held our first-ever Global Client Symposium in March, where we brought together clients from across all of our business lines.

這些努力的成果在我們過去幾季的表現中得到了明顯體現。作為我們企業思維的一部分，我們在三月舉辦了首屆全球客戶研討會，匯集了來自各個業務線的客戶。

It was unbelievable, energizing, and humbling. It gave us a forum and a platform to not only connect industry leaders, but to also help our clients learn about the breadth of SEI's capabilities through each other. We could see people's perceptions of SEI change in real-time, as they became increasingly aware of the size of our client network and the intersection of solutions and industries.

這是令人難以置信、振奮人心且令人謙卑的。它為我們提供了一個論壇和平台，不僅可以聯繫行業領袖，還可以幫助我們的客戶相互了解 SEI 的廣泛能力。隨著人們越來越意識到我們客戶網路的規模以及解決方案和行業的交集，我們可以看到人們對 SEI 的看法正在即時改變。

In the first quarter of 2025, SEI delivered earnings per share of $1.17, an 18% increase year over year. All business segments contributed to this growth, each posting higher operating profits and expanded margins.

2025 年第一季度，SEI 每股收益為 1.17 美元，較去年同期成長 18%。所有業務部門都對這一成長做出了貢獻，每個部門都實現了更高的營業利潤和更大的利潤率。

Despite tumultuous capital markets, we saw modest growth in client assets under our management and administration, demonstrating the breadth of SEI's diversification across product types and geography.

儘管資本市場動盪，我們管理的客戶資產仍保持適度成長，反映了 SEI 在產品類型和地理多元化方面的廣度。

Most notably, SEI achieved a record-breaking $47 million in net sales events in Q1. $37 million of those are recurring -- a new high, surpassing our previous record from Q3 2024.

最值得注意的是，SEI 在第一季實現了創紀錄的 4,700 萬美元淨銷售額。其中 3700 萬美元是經常性支出——創下新高，超過了我們 2024 年第三季創下的紀錄。

This success spanned multiple clients and business lines, both domestically and internationally, and reflects the strength of our enterprise mindset and evolving go-to-market strategy. By offering a comprehensive suite of solutions, SEI is uniquely positioned to serve the world's most sophisticated institutional, wealth, and asset management organizations.

這項成功涵蓋了國內外多個客戶和業務線，體現了我們企業思維和不斷發展的市場策略的優勢。透過提供全面的解決方案，SEI 擁有獨特的優勢，可以為全球最成熟的機構、財富和資產管理組織提供服務。

During the quarter, we also announced the sale of our Family Office Services business. While a strong business, relative to other strategic choices we have, we felt this asset had a greater growth opportunity outside of SEI.

本季度，我們也宣佈出售家族辦公室服務業務。雖然這是一項強大的業務，但相對於我們的其他策略選擇，我們認為這項資產在 SEI 之外擁有更大的成長機會。

We believe the acquirer, Aquiline, is positioned to accelerate the growth and adoption of this platform. And we're pleased that the sale will deliver a strong return for shareholders, exceeding our initial investment in 2017.

我們相信收購方 Aquiline 有能力加速該平台的成長和採用。我們很高興此次出售將為股東帶來豐厚的回報，超過我們 2017 年的初始投資。

In summary, Q1 was a standout quarter for SEI. We are immensely proud of these results. But our focus, as always, remains on the road ahead. A path that currently presents an unusually high degree of market uncertainty but equally presents opportunity, as organizations rethink their operating model and capital deployment strategies.

總而言之，第一季對於 SEI 來說是一個出色的季度。我們對這些成果感到無比自豪。但我們的重點一如既往地放在前方的道路上。隨著企業重新思考其營運模式和資本配置策略，這條道路目前呈現出異常高的市場不確定性，但同樣也帶來了機會。

SEI has historically been successful in how we have navigated challenging environments. Our diversified business model, coupled with a fortress balance sheet and an amazing workforce, has been at the core of this success and something that we believe positions us exceptionally well to address the current conditions.

從歷史上看，SEI 在應對充滿挑戰的環境方面取得了成功。我們多元化的商業模式，加上穩健的資產負債表和出色的員工隊伍，是我們成功的核心，我們相信這使我們能夠很好地應對當前的情況。

Growth-focused firms are actively advancing their shift to outsourcing, particularly for technology and operational platforms. Our sales pipelines are strong, with discussions remaining proactive and optimistic.

注重成長的公司正積極推動向外包的轉變，特別是技術和營運平台的外包。我們的銷售管道強勁，討論仍然積極且樂觀。

Our Investment Managers clients report stable [redemption] activity and capital deployment trends that align with expectations. That said, the recent wave of market uncertainty and the evolving macroeconomic dynamics introduced variables that could influence the broader economy and, potentially, our pipeline activity.

我們的投資經理客戶報告了穩定的[贖回]活動和符合預期的資本配置趨勢。話雖如此，最近的市場不確定性和不斷變化的宏觀經濟動態引入了可能影響整體經濟甚至可能影響我們的管道活動的變數。

As Yogi Berra famously said: it's tough to make predictions, especially about the future.

正如 Yogi Berra 的名言：預測很難，尤其是對未來的預測。

While the full impact of these developments is yet to unfold, we are closely monitoring the situation. But we remain focused on controlling what can be controlled, notably our talent, our client focus, and our strategic investments.

儘管這些事態發展的全部影響尚未顯現，但我們正在密切關注局勢。但我們仍然專注於控制可以控制的事情，特別是我們的人才、我們的客戶關注點和我們的策略投資。

Looking forward, I am confident in SEI's strong foundation and our ability to deliver sustained long-term growth. We are actively pursuing both organic and inorganic opportunities to accelerate our strategic progress, ensuring we continue to create value for our clients and shareholders.

展望未來，我對 SEI 的堅實基礎和實現長期持續成長的能力充滿信心。我們正在積極尋求有機和無機機會來加速我們的策略進步，確保我們繼續為客戶和股東創造價值。

Before I hand the call over to Sean, I want to highlight his expanded role as SEI's Chief Financial Officer and Chief Operating Officer.

在我將電話交給肖恩之前，我想強調他作為 SEI 財務長和營運長的擴大職責。

In a short time, Sean has driven significant value, relentlessly pursuing higher returns on invested capital and unlocking SEI's growth potential. He has also been a terrific cultural addition to the team.

在短時間內，肖恩創造了巨大的價值，堅持不懈地追求更高的投資回報率，釋放了 SEI 的成長潛力。他也為球隊的文化做出了巨大的貢獻。

With that, I'll turn it over to Sean.

說完這些，我就把麥克風交給肖恩。

Thank you, Ryan.

謝謝你，瑞安。

Please turn to slide 4. Our EPS of $1.17 represents an 18% increase from Q1 2024. Additionally, share repurchases over the last 12 months were notable contributors to earnings growth, driving $0.03 of EPS improvement against Q1 2024.

請翻到幻燈片 4。我們的每股盈餘為 1.17 美元，較 2024 年第一季成長 18%。此外，過去 12 個月的股票回購對獲利成長做出了顯著貢獻，推動每股收益較 2024 年第一季成長 0.03 美元。

Last quarter, we had a handful of items to call out that affected the comparability of our EPS. This quarter, the impact of those types of items was negligible.

上個季度，我們有幾個因素影響了我們的每股盈餘的可比性。本季度，這些類型項目的影響微乎其微。

Earnings per share declined, modestly, on a sequential basis, which was our expectation. The primary factor driving the 1 percentage point decline is the seasonality of our tax rate, which increased to 22.8% from 18.5%; and is typical due to the timing of releasing tax contingencies.

每股收益環比略有下降，這符合我們的預期。導致 1 個百分點下降的主要因素是我們的稅率的季節性，從 18.5% 上升到 22.8%；並且由於發布稅務意外事件的時間而具有典型性。

Turning to business unit financial performance on slide 5. Each of our business units realized operating profit growth against Q1 of 2024.

前往投影片 5 上的業務部門財務表現。我們每個業務部門的營業利潤均較 2024 年第一季成長。

Growth in our Investment Managers business reflects strong sales momentum, particularly among alternative and global managers. Private Banking's growth reflects the continued momentum from 2024, in addition to recent professional services wins, which convert into revenue more quickly than longer-term contracts.

我們的投資經理業務的成長反映了強勁的銷售勢頭，尤其是在另類和全球經理方面。私人銀行業務的成長反映了自 2024 年以來持續的成長勢頭，此外還體現了近期專業服務的勝利，這些勝利比長期合約更快地轉化為收入。

Investment Advisors' revenue growth of 11% was largely attributed to the year-over-year contribution from the Integrated Cash Program, which generated $21 million of revenue versus $10 million in the prior year. Sequentially, Investment Advisors and Institutional Investors saw modest declines, mostly attributable to the full-quarter impact of lower asset balances, which occurred towards the end of the fourth quarter.

投資顧問的收入成長 11%，主要歸功於綜合現金計畫的同比貢獻，該計畫創造了 2,100 萬美元的收入，而上一年為 1,000 萬美元。投資顧問和機構投資者的業績環比略有下降，主要原因是第四季度末資產餘額下降對整個季度產生了影響。

Turning to slide 6. We achieved healthy improvement in the operating profit margins in all business units on both a sequential and year-over-year basis.

翻到幻燈片 6。我們所有業務部門的營業利潤率無論是環比還是同比都實現了健康提升。

As a result, SEI's consolidated operating profit margin increased to 28.5% for Q1, marking the highest level achieved in the last three years. Margin improvements stem from positive operating leverage, the lack of unusual or one-time items, the contribution from our Integrated Cash Program, and our continued focus on cost control.

因此，SEI 第一季的綜合營業利潤率上升至 28.5%，達到三年來的最高水準。利潤率的提高源於積極的經營槓桿、缺乏不尋常或一次性項目、綜合現金計劃的貢獻以及我們對成本控制的持續關注。

Last quarter, I indicated that the timing of certain investments to support business growth may pressure margins. Due to the time needed for hiring and initiating new technology investments, these expenses in the first quarter were modest. We expect these costs to gradually increase throughout the year. But their overall impact on margins should remain relatively limited.

上個季度，我曾指出，支持業務成長的某些投資的時機可能會對利潤率造成壓力。由於招募和啟動新技術投資需要時間，第一季的這些費用較少。我們預計這些成本將在全年逐漸增加。但它們對利潤率的整體影響仍然相對有限。

Turning to slide 7. SEI achieved a record level of sales events in the quarter, surpassing Q3 of 2024.

翻到幻燈片 7。SEI 本季的銷售活動數量創下了歷史新高，超過了 2024 年第三季。

Sales events were led by our Investment Managers and Private Banking businesses, with more modest contributions from Investment Advisors and Institutional Investors. Investment Managers' wins were driven by existing and new clients, both in the US and globally.

銷售活動由我們的投資經理和私人銀行業務主導，投資顧問和機構投資者的貢獻較小。投資經理的成功得益於美國和全球的現有客戶和新客戶。

We also realized a positive contribution from the new product offerings, notably our Luxembourg Depositary Services, reflecting the continued investments we're making to enhance our global service offering and operational footprint.

我們也從新產品（尤其是盧森堡存託服務）中獲得了積極貢獻，這反映了我們為增強全球服務和營運覆蓋範圍而進行的持續投資。

The strength of our Investment Managers business is underpinned by our leading market position with alternative managers, which accounted for nearly 70% of segment revenue in 2024. In the current market environment, alternative managers are particularly well positioned to excel. And we are committed to fueling their growth, as they pursue proactive, [offensive] strategies.

我們的投資經理業務的強勁表現得益於我們在另類經理領域的領先市場地位，該業務佔 2024 年分部收入的近 70%。在目前的市場環境下，另類投資經理人尤其具備優勢。我們致力於推動他們的成長，因為他們正在推行積極主動的（進攻性）策略。

Private Banking wins were broad-based in the quarter, coming from new and existing clients. M&A activity contributed to sales events, with clients completing a handful of acquisitions and transitioning those books of businesses to SWP.

本季私人銀行業務廣泛受益，包括新客戶和現有客戶。併購活動促進了銷售活動，客戶完成了少量收購並將這些業務帳簿轉移到 SWP。

Q1 saw strong client renewals, with six contracts extended, totaling run-rate revenue of nearly $20 million, with an average extension period of three years.

第一季客戶續約勢頭強勁，共續約了六份合同，總運行收入近 2000 萬美元，平均續約期為三年。

Our SEI Sphere offering, part of the Investments in New Business segment, secured a significant win this quarter by expanding our partnership with an existing Private Banking client. This client will utilize all of SEI Sphere's offerings, including cybersecurity, network architecture, and cloud migration.

我們的 SEI Sphere 產品是新業務投資部門的一部分，本季透過擴大與現有私人銀行客戶的合作夥伴關係獲得了重大勝利。該客戶將利用 SEI Sphere 的所有產品，包括網路安全、網路架構和雲端遷移。

Turning to slide 8. Both AUM and AUA increased on a sequential and year-over-year basis in the first quarter.

翻到第 8 張投影片。第一季度，AUM 和 AUA 均比上一季和去年同期成長。

Despite the S&P 500 declining by 4.6% in Q1, our AUM experienced a negligible market impact due to our broad diversification across geographies and asset classes. We also benefited from modestly positive net inflows in Institutional and Advisors, driven by inflows into our strategists and traditional SMA programs and offset by outflows in mutual funds.

儘管標準普爾 500 指數在第一季下跌了 4.6%，但由於我們在地理和資產類別上的廣泛多元化，我們的 AUM 受到的市場影響微乎其微。我們也受惠於機構和顧問的適度正淨流入，這得益於流入我們策略師和傳統 SMA 計劃的資金，並被共同基金的資金流出所抵消。

Our Institutional business posted a handful of client wins in the quarter. In the Advisor business, our efforts to enhance the SEI ecosystem for the entire adviser community, especially in RIAs, is yielding results more quickly than we had anticipated.

我們的機構業務在本季贏得了一些客戶。在顧問業務中，我們為整個顧問社群（尤其是 RIA）增強 SEI 生態系統所做的努力正在比我們預期的更快地取得成果。

Our recent acquisition of SEI LifeYield and the launch of our alt platform, SEI Access, are examples of building an ecosystem that can meet the needs of a larger and more sophisticated Advisors, further enhancing our capability to move, upmarket.

我們最近收購了 SEI LifeYield，並推出了我們的 alt 平台 SEI Access，這些都是建立生態系統的例子，該生態系統可以滿足更大、更複雜的顧問的需求，進一步增強了我們進入高端市場的能力。

During the quarter, we also launched a handful of initiatives to drive increased client interest in SEI products through the lens of tax and income optimization, notably our direct indexing SMA program.

在本季度，我們也推出了一些舉措，透過稅收和收入優化的角度來提高客戶對 SEI 產品的興趣，特別是我們的直接指數 SMA 計劃。

Our LSV investment, which experienced significant outflows in the fourth quarter, saw an improvement in Q1, as market performance shifted in favor of both global and value mandates, driving a modest increase in LSV's assets.

我們的 LSV 投資在第四季度經歷了大量資金流出，但在第一季度有所改善，因為市場表現轉向有利於全球和價值授權，推動 LSV 資產小幅增長。

In the context of ongoing market volatility, we recognize that investors are keenly focused on the implications for assets under management across our Advisors, Institutional, and Private Banking businesses. Our portfolios in those businesses are, on balance, slightly less market-sensitive than a typical 60-40 portfolio, due to our allocations to fixed-income alternatives and liquidity mandates.

在持續的市場波動背景下，我們認識到投資者密切關注我們的顧問、機構和私人銀行業務所管理資產的影響。整體而言，由於我們對固定收益替代品和流動性授權的分配，我們在這些業務中的投資組合對市場的敏感度略低於典型的 60-40 投資組合。

In summary, SEI's resiliency is enhanced by our substantial diversification, which benefited us in the first quarter and we anticipate will continue to dampen the impact of market uncertain uncertainty, going forward.

總而言之，SEI 的彈性因我們的大規模多元化而得到增強，這使我們在第一季受益，並且我們預計未來將繼續抑制市場不確定性的影響。

Slide 9 summarizes our capital allocation and balance sheet.

投影片 9 總結了我們的資本配置和資產負債表。

We continue to invest, aggressively, in our own shares in the first quarter, buying back $193 million of stock, at an average price of $77, bringing total share repurchases over the last two quarters to more than $450 million. Additionally, we announced a $500 million increase in our share repurchase authorization.

我們在第一季繼續大力投資自己的股票，以平均 77 美元的價格回購了價值 1.93 億美元的股票，使過去兩季的股票回購總額超過 4.5 億美元。此外，我們宣布將股票回購授權增加 5 億美元。

Turning to our balance sheet. We ended the first quarter with more than $700 million of cash and no long-term debt.

轉向我們的資產負債表。第一季結束時，我們擁有超過 7 億美元的現金，並且沒有長期債務。

We view SEI's incredibly low leverage and ample capacity for investment as strategic advantages, especially in the current uncertain market environment.

我們認為 SEI 極低的槓桿率和充足的投資能力是策略優勢，尤其是在當前不確定的市場環境下。

Clients value our stability. Knowing our fortress balance sheets and commitment to constantly investing in our business ensures we'll thrive for years to come.

客戶重視我們的穩定性。了解我們的資產負債表並致力於不斷投資於我們的業務，確保我們在未來幾年內蓬勃發展。

Before opening for questions, I'd like to invite all of you to attend our Investor Day on September 18, in New York. We have a lot of initiatives and process and look forward to sharing our plans to accelerate growth. It's more information than we can cover in an earnings call so we hope you'll all be able to join us in New York, this September.

在開始提問之前，我想邀請大家參加我們 9 月 18 日在紐約舉行的投資者日。我們有很多舉措和流程，並期待分享我們的加速成長計劃。這些資訊比我們在收益電話會議上所能涵蓋的還要多，所以我們希望你們都能在今年 9 月加入我們在紐約的會議。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Hello. Good afternoon. Thank you for taking my question.

你好。午安.感謝您回答我的問題。

Could you please talk about the sales environment over the last few weeks? I saw that your first quarter net sales were pretty strong. But I'm wondering how does the recent macro uncertainty and tariff situation impact your conversation with clients and the sales cycle? Thanks.

您能談談過去幾週的銷售環境嗎？我發現你們第一季的淨銷售額相當強勁。但我想知道最近的宏觀不確定性和關稅情況如何影響您與客戶的對話和銷售週期？謝謝。

Hey, Owen. How are you? Hope you're doing well. Thank you for the question.

嘿，歐文。你好嗎？希望你一切都好。謝謝你的提問。

Yeah. Very strong Q1, in sales. As I mentioned in the script, we are not seeing a slowdown in activity. But I thought it might be more helpful -- Michael's in the room, Phil's in the room, Sanjay's in the room, all the unit leads in the room.

是的。第一季的銷售非常強勁。正如我在腳本中提到的，我們並沒有看到活動放緩。但我認為這可能會更有幫助——邁克爾在房間裡，菲爾在房間裡，桑傑在房間裡，所有單位負責人都在房間裡。

Maybe, if they provide a little bit of color, commentary, in terms of what they're seeing, especially around both late-stage pipeline and early-stage pipeline -- Sanjay, you want to kick off first?

也許，如果他們能就他們所看到的情況提供一些細節和評論，特別是圍繞後期管道和早期管道——桑傑，你想先開始嗎？

Sure. Hi, Owen.

當然。你好，歐文。

For Private Banking, I can look at this as an opportunity in two segments.

對於私人銀行業務，我可以從兩個方面將其視為一個機會。

One opportunity, it is presenting for our existing clients. As existing clients are going through this uncertain environment, we can see more traction in terms of outsourcing. And they're engaging with us. So I see that as an opportunity for SEI.

一個機會是向我們現有的客戶提供的。由於現有客戶正在經歷這種不確定的環境，我們可以看到外包方面有更多的吸引力。他們正在與我們接觸。所以我認為這對 SEI 來說是一個機會。

In terms of the late-stage pipeline, which we are expecting to close this year, we are very confident about that. And we are seeing good traction. So I don't see any slowdown in our [near-stage] pipeline activities.

就我們預計今年將關閉的後期管線而言，我們對此非常有信心。我們看到了良好的發展動能。因此，我認為我們的[近期]管道活動不會有任何放緩。

In terms of long term, that's something we have to watch. I think we have to wait for a couple of quarters before we can make any comment about that.

從長遠來看，這是我們必須關注的事情。我認為我們必須等待幾個季度才能對此發表任何評論。

Phil?

菲爾？

Sure. Hi, Owen. It's Phil McCabe.

當然。你好，歐文。我是菲爾·麥凱布。

Couple things, real quick. We don't see any slowdown, at all, in activity, especially on the Alternative side of the business. If there was a little bit of slowdown on the Institutional side, it's more than being made up for on the Retail side of the business.

幾件事，很快。我們根本沒有看到任何活動放緩，特別是在替代業務方面。如果機構方面的業務稍有放緩，那麼零售方面的業務就能彌補這一不足。

We're seeing a lot of demand for semi-liquid products, out there, on the retail side. This is a really great environment for alternative managers to deploy capital. And they're very opportunistic, right now.

我們發現零售方面對半液體產品的需求很大。對於另類投資經理人來說，這是一個非常好的資本配置環境。現在他們非常具有機會主義精神。

So we're seeing a lot of great activity out there. It hasn't slowed at all.

我們看到那裡有很多出色的活動。它根本沒有減緩。

Owen, this is Michael Lane.

歐文，這是麥可萊恩。

Interestingly, you heard from Sean that we are seeing results improving in the [RAA] side of our business quicker than we expected. That's not only a result of our outbound activity continuing to improve and increase in that space, but our inbound activity -- as advisors are spreading word of mouth of what we do and as they're learning more about the capabilities of the entire ecosystem of SEI.

有趣的是，您從肖恩那裡聽說，我們看到我們業務的 [RAA] 方面的業績改善速度比我們預期的要快。這不僅是因為我們的外向活動在該領域不斷改進和增加的結果，也是因為我們的內向活動——顧問們正在口耳相傳我們所做的事情，並且他們正在更多地了解 SEI 整個生態系統的能力。

So the last few weeks of volatility have not impacted, in any way, the amount of activity that we're participating in, with prospective clients.

因此，過去幾週的波動並未以任何方式影響我們與潛在客戶進行的活動量。

Yeah. I'll just summarize -- I think that it's good to get their color -- we're confident about what we see. If there's anything we're watching more closely, it's just the timing of when we would expect things to sign.

是的。我只是想總結一下——我認為獲得它們的顏色是件好事——我們對所看到的很有信心。如果有什麼是我們正在密切關注的，那就是我們預期事情簽署的時間。

We saw some of that last year. But we aren't seeing anything coming out of the pipeline. We aren't seeing a slowdown of activity.

去年我們就看到了一些這樣的情況。但我們尚未看到任何進展。我們並未看到活動放緩。

But some of the market impact could, maybe, have some effect on the timing. But that that would just be a quarter here or a quarter there.

但一些市場衝擊可能會對時機產生一定影響。但那隻是這裡的四分之一或那裡的四分之一。

Got it. That's super helpful.

知道了。這非常有幫助。

And then, going back to slide 8. I think you made the comment that ending AUM and AUA were up sequentially but the broader US market was down. The growth was broad-based. And it did not just come from one pocket.

然後，回到幻燈片 8。我認為您說過，期末 AUM 和 AUA 環比上升，但美國整體市場卻下跌。這種增長具有廣泛的基礎。而且它並非僅僅來自一個口袋。

So could you please unpack the driver of that inflows? And then, how much of your AUM is actually tied to US versus non-US? Thanks.

那麼，您能否解開流入的驅動因素？那麼，您的 AUM 中有多少實際上與美國相關，有多少與非美國相關？謝謝。

On the US versus non-US. When you think about the asset management allocation, the equity allocation is somewhere in the ballpark of about 48%; of which, 80% of that is US versus 20% is non-US.

關於美國與非美國。當你考慮資產管理配置時，股票配置大約在 48% 左右；其中 80% 來自美國，20% 來自非美國。

On the IMS side. We're seeing fewer losses these days. And we're seeing a lot of funding from new launches and new clients converting -- most of those at -- about 85% of that revenue or those asset growth is coming from North America.

在IMS端。我們現在看到的損失越來越少了。我們看到大量資金來自新項目的推出和新客戶的轉換——其中大部分——約 85% 的收入或資產成長來自北美。

And then, can you please add some more color about the driver of the inflows? Because it overcame the market decline in the first quarter.

然後，能否再詳細說明資金流入的驅動因素？因為它克服了第一季的市場下滑。

I think, Owen, that's just a matriculation of the backlog of some previous signings. I think that's a manifestation, as well, of what Michael was talking about with ongoing activity from last year with Advisors.

厄文，我認為那隻是對之前一些簽約積壓的球員的補充。我認為這也是麥可所說的去年與顧問們一起進行的持續活動的體現。

So there was no one thing. I'd say it was just a variety of strategies that we have had in place for acquiring new advisors; engaging, onboarding advisors, intermediaries.

所以什麼事也沒有。我想說這只是我們為招募新顧問而製定的各種策略；參與、入職顧問、中介。

We also saw some flows outside the US, from some new distribution partners.

我們也看到一些來自美國以外的新分銷合作夥伴的流量。

So it was definitely not materially driven by one firm, one event, one client.

因此，它絕對不是由一家公司、一次事件、一個客戶實質推動的。

No. And, in fact, we had positive net flow, both on the Advisors side and the Institutional side. So that would offset some of the market losses, as well.

不。事實上，無論是顧問方面或機構方面，我們的淨流量都是正的。因此這也可以抵銷部分市場損失。

Got it. Thanks a lot.

知道了。多謝。

(Operator Instructions)

（操作員指示）

Ryan Kenny, Morgan Stanley.

摩根士丹利的瑞安·肯尼。

Hey. Good afternoon. This is Connell Schmitz, on behalf of Ryan Kenny.

嘿。午安.我是康乃爾‧施密茨 (Connell Schmitz)，代表瑞安‧肯尼 (Ryan Kenny)。

Can you, guys, speak to your ability to maintain the 28% margin -- that was record, this quarter -- in the uncertain backdrop from here, given the volatility in the market? And how you see sales coming in?

各位，考慮到目前的市場波動性，在不確定的背景下，你們能否保持本季創紀錄的 28% 的利潤率？您認為銷售情況如何？

Sure, this is Sean.

當然，這是肖恩。

I think, now, for a few quarters in a row, we've been seeing modest but increasing margin and operating profit increase. I think a lot of that contribution just is coming from net sales.

我認為，現在，我們已經連續幾季看到利潤率和營業利潤適度但不斷增長。我認為很大一部分貢獻都來自於淨銷售額。

I think the onboarding -- as those net sales are coming online and translating into revenue. So we're seeing some improvement in margins there.

我認為入職培訓——隨著這些淨銷售額的上線並轉化為收入。因此，我們看到那裡的利潤率有所提高。

In saying that, I think we've done a really nice job of cost control. And so -- I don't want to say doing more with less but thinking about where our return on invested capital; specifically around investments, how those investments are coming onboard.

話雖如此，我認為我們在成本控制方面做得非常好。所以——我不想說用更少的資源做更多的事情，而是思考我們的投資資本回報率在哪裡；特別是在投資方面，這些投資是如何進行的。

And I think we've just been a lot more thoughtful about managing those investments. So I think the contribution -- combining the revenue growth, along with the cost control -- has really been the main drivers.

我認為我們在管理這些投資方面已經更加深思熟慮了。因此，我認為收入成長和成本控制的結合才是真正的主要驅動力。

Got it. That's very clear.

知道了。這非常清楚。

I had a follow-up on expenses but that took care of it.

我對費用進行了跟踪，但事情已經解決了。

So just one more on the repurchase authorization. Is there any cadence that you expect to deploy or use that authorization, from here?

關於回購授權，我再說一點。從現在起，您是否期望以某種節奏部署或使用該授權？

Well, we were coming up against it. So we had done an authorization in Q2 or Q3 of '24. We used that up pretty quickly.

嗯，我們遇到了這個問題。因此我們在 2024 年第二季或第三季完成了授權。我們很快就用完了。

We saw an opportunity in the market, as well as our large cash position. We also believe that the stock is at a really good price.

我們看到了市場機遇，以及我們大量的現金部位。我們也認為該股票的價格確實很合理。

And as a result of that, we wanted to buy back an accelerated portion of stock than we historically have.

因此，我們希望回購比以往更多的股票。

On a go-forward basis -- I'm not sure if that question was in there but I'm sure that question will come -- we're looking at (inaudible) cash buybacks or stock buybacks, really, at a quarter at a time.

從未來來看——我不確定是否存在這個問題，但我確信這個問題會出現——我們正在考慮（聽不清楚）現金回購或股票回購，實際上，一次一個季度。

We do a really nice job, I think, of forecasting what the capital needs of the organization will be, over the next quarter to a year. And based off of that, we really make a determination in any one given quarter on what we think the buyback should be.

我認為，我們在預測該組織未來一個季度到一年的資本需求方面做得非常好。基於此，我們實際上會在任何一個季度確定回購金額。

So it's going to be a combination of where we think the stock price is. We think the stock is low, as I'm sure a lot of companies think their stock is low, with market pullback over the last couple of months here.

因此，這將是我們認為的股票價格的組合。我們認為股價低，我相信很多公司也認為他們的股價低，因為過去幾個月市場出現回檔。

And so, there's really not much more to it than just understanding what our cash needs will be, on a go-forward basis, over the next quarter or two and how we're thinking about the stock price.

因此，實際上，除了了解未來一兩個季度我們的現金需求以及我們如何看待股價之外，沒有別的事情要做。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions)

（操作員指示）

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Thank you. Good afternoon. I appreciate you taking my question.

謝謝。午安.感謝您回答我的問題。

When I look back over the last three quarters, there's definitely been a noticeable shift in sales events levels compared to prior years. And slide 7 shows that well.

當我回顧過去三個季度時，我發現與前幾年相比，銷售活動水平確實發生了明顯的變化。幻燈片 7 很好地展示了這一點。

But what do you think the secret sauce is -- that has driven the significant uptick? And what's resonating most, with these new clients?

但是您認為推動這一大幅上漲的秘訣是什麼呢？那麼，這些新客戶最關注的是什麼呢？

Hey, Crispin. I think there's a few answers to that. And others are welcome to chime in.

嘿，克里斯平。我認為這個問題有幾個答案。也歡迎其他人參與。

Right. So this is three years into the role for me. And change takes time. And some of these things don't happen overnight.

正確的。我已經擔任這個職務三年了。而改變需要時間。其中一些事情不是一夜之間發生的。

But if you look at the sales results, as you said, over the last few quarters, I think there's probably been three primary drivers, in terms of why we believe they have continued and why we continue to be, I think, positive, moving forward.

但正如您所說，如果您看一下過去幾季的銷售業績，我認為可能有三個主要驅動因素，這就是為什麼我們相信這種勢頭會持續下去，以及為什麼我們會繼續保持積極的態度向前發展。

I think, first and foremost, we have an extremely solid foundation. And what I mean by that is I look at our client base and you look at the engagement we have with our client base, the growth we're getting from existing clients, from new launches or cross-sells or organic growth is extremely strong.

我認為，首先，我們的基礎非常堅實。我的意思是，我看一下我們的客戶群，看看我們與客戶群的互動，我們從現有客戶、新產品發布或交叉銷售或有機成長中獲得的成長非常強勁。

And that's a testament to the SEI teams that are out on the street, every day, in front of clients, engaging with clients. And I don't think you can underscore that.

這證明了 SEI 團隊每天都走上街頭，面對客戶，與客戶互動。我認為你無法強調這一點。

And I'll own the fact, Crispin, that, maybe, we weren't doing that at the level we should have been doing that, a few years ago. But that is definitely not the case.

克里斯平，我承認事實，也許幾年前我們做的並沒有達到應有的水準。但事實絕對不是如此。

I think the second thing is a different positioning of the company, less as a vertical and more as a horizontal.

我認為第二件事是公司定位的不同，不再是垂直的，而是水平的。

The market is starting to truly appreciate the breadth of what we can offer. Firms want to do more with fewer partners, not add to their stable (inaudible) strategic vendors.

市場開始真正認識到我們所能提供的產品的廣度。公司希望用更少的合作夥伴做更多的事情，而不是增加穩定的（聽不清楚）策略供應商。

And they see SEI as a really strong choice in many situations, not just to continue to drive existing capabilities, but to look for us to innovate and partner with them for new opportunities. And that positioning is really resonating.

在許多情況下，他們認為 SEI 是一個非常好的選擇，不僅可以繼續推動現有能力，還可以尋求我們的創新並與他們合作以獲得新的機會。這種定位確實引起了共鳴。

And I think, third -- and this may sound tactical -- our activity levels are just higher. They just are.

我認為，第三點——這聽起來可能有點策略性——我們的活動水平更高了。他們就是這樣。

We are out there. We are engaged. And I think when you look at the collaboration from the leadership team all the way down, everybody is invested in making sure that we all win as a collective.

我們就在那裡。我們訂婚了。我認為，當你觀察從領導團隊到下屬的合作時，你會發現每個人都在努力確保我們作為一個集體取得勝利。

And we're less concerned on who's winning in each unit. It doesn't really matter to us. We care about the sum of the parts.

我們不太關心每個單位中誰獲勝。這對我們來說並不重要。我們關心的是各部分的總和。

And we are really just getting started. When you think about what Michael Lane and the team are going to be able to do with asset management, if we continue that mindset and that approach.

而我們才剛開始。當我們思考邁克爾·萊恩和他的團隊將能夠在資產管理方面做些什麼時，如果我們繼續保持這種思維方式和方法。

I think I said this on the last couple calls, Crispin, and I do think it bears repeating: we are immensely proud of the sales results but we are more proud of when you unpack those sales results, those are firms and segments and clients that we want.

克里斯平，我想我在前幾次通話中說過這一點，我確實認為值得重複：我們對銷售業績感到無比自豪，但當你解讀這些銷售業績時，我們更自豪，因為這些都是我們想要的公司、細分市場和客戶。

We are not playing a revenue-at-any-cost game. We are maintaining a premium price point. We are maintaining a premium service level. But we are winning in the segments, where we transitioned the company a few years ago to target our R&D dollars, target our capital, target our talent.

我們並不是玩一場不惜一切代價追求收入的遊戲。我們維持高價位。我們保持著優質的服務水準。但我們在各個領域都取得了勝利，幾年前，我們進行了公司轉型，將重點放在研發資金、資本和人才上。

And it's truly paying off.

並且它確實獲得了回報。

Great. Thank you, Ryan. All very helpful, there.

偉大的。謝謝你，瑞安。一切都非常有幫助。

And then, in the prepared remarks, you also called out growth in the Investment Managers segment, among alt and global managers.

然後，在準備好的發言中，您也提到了投資經理部門（包括另類投資經理和全球投資經理）的成長。

Can you share and just give a little bit more detail on parts of the alternative space where you have been having the most success, recently?

您能否分享並提供一些最近您在替代領域取得最大成功的部分的詳細資訊？

Yeah. I'll kick to Phil on this, Cris. But I think it really is a dovetail off your first question.

是的。克里斯，我會把這件事交給菲爾。但我認為這確實與您的第一個問題相吻合。

One of the decisions we made, as the leadership team a couple years ago, was to put some more-on-the-ground talent outside of the US. Beyond bolstering our operational footprint in Dublin and Luxembourg, but adding more go-to-market talent.

幾年前，身為領導團隊，我們所做的決定之一就是將更多的本土人才送到美國以外。除了加強我們在都柏林和盧森堡的營運範圍之外，還增加了更多的行銷人才。

Well, Phil, you want to talk a little bit -- you and I were just over there -- around what we're seeing outside the US or what's winning in the US?

好吧，菲爾，你想談談——你和我剛剛在那裡——關於我們在美國以外看到的情況或美國正在取得的勝利嗎？

Sure. Thanks, Ryan.

當然。謝謝，瑞安。

The only thing I would add: we are the leader in private credit around the world. So globally.

我唯一想補充的是：我們是全球私人信貸領域的領導者。全球範圍內都是如此。

So we're seeing good traction in private credit, private equity, real estate infrastructure, pretty much any asset class out there. We're seeing a lot of activity.

因此，我們看到私人信貸、私募股權、房地產基礎設施以及幾乎所有資產類別都表現出良好的發展勢頭。我們看到了很多活動。

And as Ryan said, we sent a couple people, over there, to live in the UK, a couple few years ago. And it's really starting to pay dividends.

正如瑞安所說，幾年前，我們派了幾個人去英國生活。並且它確實開始帶來回報。

So we are attracting some very large private credit managers and multi-strap managers, over in that part of the world.

因此，我們正在吸引該地區一些非常大的私人信貸管理公司和多元化管理公司。

It's just great activity that's driving results.

這只是一項能夠帶來成果的偉大活動。

Great. I appreciate the color. Congrats on a great quarter.

偉大的。我很欣賞這個顏色。恭喜本季取得優異成績。

Thank you, Crispin.

謝謝你，克里斯平。

(Operator Instructions)

（操作員指示）

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

Hi, everyone.

大家好。

In Private Banks, how much of the revenue growth is coming from your shift into regional and community banks? And is the competitive landscape much different there? Or is it the same players you typically compete against?

在私人銀行中，有多少收入成長來自於向地區銀行和社區銀行的轉變？那裡的競爭格局有什麼不同嗎？或者他們和你通常的對手是一樣的嗎？

Hey, Jeff. I'll let Sanjay take that one.

嘿，傑夫。我會讓桑傑拿走那個。

Okay. Hey, Jeff. This is Sanjay, here.

好的。嘿，傑夫。我是桑傑。

Jeff, remember we talked about a couple -- a few quarters ago that the way we segmented our go-to-market strategy: very heavy focus on Regional Community Bank segment. That is paying these dividends.

傑夫，記得我們幾個季度前討論過我們細分市場策略的方式：非常重視區域社區銀行部門。這就是支付股息。

If I look at last, say, four quarters or so, almost 60%, 70% of that growth is coming through that segment.

如果我看一下最近的四個季度左右，幾乎 60% 到 70% 的成長都來自該部分。

And that segment is also presenting two additional opportunities for us. One, we are very actively working on. And the other one, Michael Lane is going to talk about it in, maybe, future quarters.

這部分也為我們提供了另外兩個機會。第一，我們正在積極努力。另一位，邁克爾·萊恩也許會在未來幾季談論這個問題。

But the Professional Services opportunity we launched into the Regional Community segment, (inaudible), data cloud, those services are resonating really well.

但是，我們在區域社群領域推出的專業服務機會（聽不清楚）、資料雲，這些服務確實引起了良好的迴響。

And we can see a possible (inaudible) that this segment we have -- we are very strong, with respect to our competition. And our solution, our services, our existing client-based relationships, they're pretty strong.

我們可以看到（聽不清楚）我們擁有的這一領域——就我們的競爭而言，我們非常強大。我們的解決方案、我們的服務以及我們現有的客戶關係都非常強大。

Existing clients. They are working as our reference points. And with that, that is also helping us to win new business.

現有客戶。它們充當我們的參考點。這也有助於我們贏得新業務。

And I think, Jeff, if you think about the competitive landscape, it is pretty consistent and similar. So I don't think we see any massive new entrants.

傑夫，我認為，如果你考慮一下競爭格局，你會發現它是相當一致和相似的。所以我認為我們不會看到任何大規模的新進入者。

Definitely, formidable competitors. We have a tremendous amount of respect for in that space.

毫無疑問，競爭對手非常強大。我們對這個領域懷有極大的敬意。

One area where I think we continue to potentially separate ourselves is a little bit of what Sean mentioned earlier: about our ability to continue to invest capital and continue to innovate.

我認為我們可能繼續與眾不同的一個領域是肖恩之前提到的一點：關於我們繼續投資資本和繼續創新的能力。

When you look at the SEI Wealth Platform, if you think about how we built that -- really, from the back to the front -- the majority of the investment, now, is going into the front office, differentiating capabilities, client experience, advisor experience, portfolio management tools.

當您查看 SEI 財富平台時，如果您思考我們是如何建立它的——實際上，從後端到前端——現在，大部分投資都投入了前台、差異化能力、客戶體驗、顧問體驗、投資組合管理工具。

So I would say Sanjay -- you and the team -- it feels like you just have a bigger arsenal of capabilities to talk about. And we're getting more credit, I think, for the value of the platform.

所以我想說，桑傑——你和你的團隊——感覺你們擁有更豐富的能力可以談論。我認為，我們將因該平台的價值而獲得更多的讚譽。

The Regional Community segment. They are also engaging us, with the implementation services -- which they were not, earlier. So, now, we are the ones providing those services.

區域社區部分。他們也與我們合作，提供實施服務——而之前他們並沒有這樣做。所以，現在，我們是提供這些服務的人。

And I talked about Professional Services, data cloud. And the other part that Regional Community segment would resonate really well is asset management services.

我談到了專業服務和數據雲端。區域社區部門的另一部分是資產管理服務。

So that's something we -- they will be able to utilize the enterprise capabilities of SEI. Not just the technology platform, outsource operations. But Professional Services, data cloud, asset management, that will play a much bigger role.

因此，我們將能夠利用 SEI 的企業功能。不僅是技術平台，還包括外包營運。但專業服務、資料雲、資產管理將發揮更大的作用。

Okay. Thank you.

好的。謝謝。

And then, if this administration were to pivot and loosen up banking regulations, would you expect that to have much of an impact on the Private Bank segment, if banks, like, change capital deployment strategies?

那麼，如果本屆政府轉變政策並放鬆銀行監管，您是否認為這會對私人銀行領域產生很大影響，例如銀行改變資本配置策略？

I think the only thing that really gets moved one way or the other is the speed at which some of these firms want to get to their future operating models.

我認為，唯一真正能推動這項進程的因素是這些公司希望實現未來營運模式的速度。

Yeah. I think what's really resonated across all segments of banks -- and Sanjay's living this every day; we just had two different firms in, this week -- it's really the shift to wealth.

是的。我認為真正引起銀行各部門共鳴的是——而 Sanjay 每天都在經歷這種感覺；本週我​​們剛剛迎來了兩家不同的公司——這確實是財富的轉變。

So I think, depending on what happens with the administration, the environment, I'm not sure that has a massive impact. But these organizations have really realized that they need to have a much more robust and scalable competitive offering in the wealth space.

所以我認為，這取決於政府和環境的情況，我不確定這是否會產生巨大的影響。但這些組織確實意識到，他們需要在財富領域提供更強大、更具可擴展性的競爭產品。

And we are primed to really accelerate the delivery of that through our capability set. And that resonates.

我們已準備好透過我們的能力集來真正加速實現這一目標。這引起了共鳴。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Ladies and gentlemen, I'm shown no further questions in the queue.

女士們、先生們，隊列中沒有其他問題了。

I would now like to turn the call back over to Ryan Hicke for closing remarks.

現在我想將電話轉回給 Ryan Hicke 做最後發言。

Thank you.

謝謝。

As we, I think, echo the last couple quarters: this was a terrific quarter. But it was one quarter. It doesn't change how we run the company. It doesn't change how we think about what we need to do, moving forward.

我想，我們與過去幾季的情況一致：這是一個非常棒的季度。但這只是四分之一。這不會改變我們經營公司的方式。它不會改變我們對未來需要做什麼的看法。

We remain very diligent, very focused, and very thoughtful about how we can continue to deliver these types of results for our shareholders and stakeholders, globally.

我們始終非常勤奮、非常專注、非常深思熟慮，思考如何繼續為我們的全球股東和利害關係人提供這樣的成果。

And I always like to close the call by thanking the clients; and, especially, the SEI workforce for all they do, every day.

我總是喜歡在通話結束時感謝客戶；特別感謝 SEI 全體員工每天的辛勤付出。

Ladies and gentlemen, that concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。