SEI Investments Co (SEIC) 2025 Q4 法說會逐字稿

Hello and thank you for standing by. Welcome to SEI fourth-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加SEI 2025年第四季財報電話會議。（操作說明）

I would now like to have the call over to Brad Burke, Head of Investor Relations. You may begin.

現在我想把電話轉給投資人關係主管布拉德·伯克。你可以開始了。

Thank you, and welcome, everyone. We appreciate you joining us today for SEI's fourth-quarter 2025 earnings call. 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, including Michael Lane, Phil McCabe, Mike Peterson, Sneha Shah, Sanjay Sharma and Amy Sliwinski.

謝謝大家，歡迎各位。感謝您今天參加SEI 2025年第四季財報電話會議。參加電話會議的有：SEI 執行長 Ryan Hicke；財務長兼營運長 Sean Denham；以及我們的執行管理團隊成員，包括 Michael Lane、Phil McCabe、Mike Peterson、Sneha Shah、Sanjay Sharma 和 Amy Sliwinski。

Before we begin, I'd like to point out that our earnings press release and the presentation accompanying today's call can be found under the Investor Relations section of our website at seic.com. This call is being webcast live, and a replay will be available on the events and webcast page of our website.

在會議開始之前，我想指出，您可以在我們網站 seic.com 的「投資者關係」欄位下找到我們的獲利新聞稿和今天電話會議的簡報。本次電話會議將進行網路直播，回放將在我們網站的「活動與網路直播」頁面提供。

With that, I'll now turn the call over to Ryan. Ryan?

接下來，我會把電話交給瑞恩。瑞恩？

Thank you, Brad, and good afternoon, everyone. I'm pleased to report that SEI ended the year with an exceptional quarter, capping off one of the strongest years in our 58-year history. Earnings per share totaled $1.38 for the quarter. After accounting for some of the noise items that Sean will walk through, Q4 represents our highest ever quarterly earnings performance.

謝謝你，布拉德，大家下午好。我很高興地報告，SEI 以一個非常出色的季度結束了這一年，為我們 58 年曆史上最強勁的一年畫上了圓滿的句號。本季每股收益總計 1.38 美元。考慮到肖恩將要講解的一些幹擾因素，第四季是我們有史以來最高的季度獲利表現。

What's most exciting is that these results were impressively broad-based, driven by revenue growth and margin expansion across almost all business segments. This was a total SEI effort, not driven by a single business or a one-off event. It's a testament to the power of our integrated approach and the relentless execution from teams across the globe.

最令人興奮的是，這些成果具有令人印象深刻的廣泛性，幾乎所有業務部門都實現了收入成長和利潤率擴張。這是SEI的整體努力，並非由單一企業或一次性事件所驅動。這證明了我們一體化方法的強大力量以及全球團隊堅持不懈的執行力。

We also sprinted to the finish line with our sales events posting a total of $44 million, one of our highest ever quarterly results and capping off our strongest year ever for sales events. Notably, Private Banking delivered a standout performance, posting $28 million in net sales events.

我們的銷售活動也取得了圓滿成功，總銷售額達到 4400 萬美元，這是我們有史以來最高的季度業績之一，也為我們銷售活動業績最好的一年畫上了圓滿的句號。值得注意的是，私人銀行業務表現突出，淨銷售額達 2,800 萬美元。

As we discussed on our last earnings call, we were confident in the strength of our Private Banking pipeline, and I'm pleased to report that we're doing exactly what we said we would, translating that pipeline into meaningful results. This quarter's success is the result of disciplined execution against the clear strategy. My expectation is that the sales momentum we generated in Q4 will carry into 2026.

正如我們在上次財報電話會議上所討論的，我們對私人銀行業務的強勁發展勢頭充滿信心，我很高興地報告說，我們正在按照我們所說的去做，將這些業務轉化為有意義的成果。本季的成功是嚴格執行明確策略的結果。我預計我們在第四季取得的銷售動能將延續到 2026 年。

And it's not just banking, asset management is building traction and IMS continues to benefit from structural demand for outsourcing, especially amongst large alternative managers. We've been signaling for several quarters that we're working with some of the largest global alternative asset managers, including first-time outsourcers, and I expect we'll have some meaningful developments to announce by the April earnings call.

而且不僅僅是銀行業，資產管理行業也在不斷發展壯大，IMS 繼續受益於外包的結構性需求，尤其是在大型另類資產管理公司中。幾個季度以來，我們一直向外界透露，我們正在與一些全球最大的另類資產管理公司合作，其中包括一些首次涉足外包領域的公司。我預計，到四月的財報電話會議時，我們將宣布一些重要的進展。

During the quarter, we also achieved a major milestone with the first close of our Stratos partnership. Stratos brings a proven adviser and client-centric model that's a strong cultural fit with SEI. It also gives us deeper insight into the needs of end clients, strengthening our appreciation of how advisers and intermediaries run their businesses.

本季度，我們也實現了與 Stratos 合作專案的第一筆交易，這是一個重要的里程碑。Stratos 擁有成熟的顧問和以客戶為中心的模式，與 SEI 的文化高度契合。它也讓我們更深入了解終端客戶的需求，加深我們對顧問和中介機構如何經營業務的理解。

We're already seeing tangible benefits including greater awareness of SEI across the RIA and broker-dealer channels and renewed inbound interest in our capabilities. Our focus now is on integrating our technology and investment management strengths with Stratos' platform and continuing to learn from their team as we scale together. This is a long-term strategic partnership, and we're focused on adding value in ways that support rather than disrupt their impressive organic growth.

我們已經看到了切實的好處，包括 RIA 和經紀交易商管道對 SEI 的認知度提高，以及客戶對我們能力的重新關注。我們現在的重點是將我們的技術和投資管理優勢與 Stratos 的平台結合，並在共同發展壯大的過程中繼續向他們的團隊學習。這是一項長期的策略合作夥伴關係，我們專注於以支持而非干擾其令人矚目的自然成長的方式來增加價值。

Stepping back from the numbers, it's important to focus on what's driving SEI's success. These outcomes are rooted in deliberate choices and a deep understanding of where our strengths align with the most attractive opportunities in the industry. Specifically, the growing demand for outsourcing, especially from alternative managers and the continued convergence of public and private markets as well as the enduring demand for advice from end clients.

拋開數位不談，重要的是要專注於推動 SEI 成功的因素。這些成果源自於深思熟慮的選擇，以及對自身優勢與業界最具吸引力機會的契合點的深刻理解。具體而言，外包需求不斷增長，尤其是來自另類管理者的需求，以及公共市場和私人市場的持續整合，以及終端客戶對諮詢服務的持續需求。

These themes are intensifying, and we have leaned into these secular tailwinds with intentional investments over the last several years, and these are translating into repeatable performance. For example, we commercialized our private banking professional services, data cloud and SaaS offering, strengthening client retention and unlocking new growth opportunities. We added new leadership and talent across the organization driving sharper execution, infusing fresh ideas and increasing accountability.

這些趨勢正在加劇，過去幾年我們透過有意識的投資順應了這些長期利好因素，而這些投資正在轉化為可重複的表現。例如，我們將私人銀行專業服務、資料雲和 SaaS 產品商業化，加強了客戶留存率並釋放了新的成長機會。我們為整個組織注入了新的領導力量和人才，從而提高了執行力，注入了新的理念，並增強了責任感。

We laid the foundation for our global capability center, which we expect will help us scale operations more efficiently as we continue to grow. And through the Stratos partnership, we expanded our reach in the adviser channel, positioning SEI to capture new flows and deliver greater client value.

我們為全球能力中心奠定了基礎，我們期望它能幫助我們隨著業務的不斷發展更有效地擴大營運規模。透過與 Stratos 的合作，我們擴大了在顧問管道的影響力，使 SEI 能夠抓住新的資金流，並為客戶創造更大的價值。

As we look to 2026, we intend to double down on what's working. We're accelerating investment management product launches in ETFs, SMAs, models and select alternative products where we have an edge. These launches build on our early traction, including more than $1 billion of net inflows into ETFs this year for SEI.

展望2026年，我們打算加強推廣行之有效的方法。我們正在加速推出我們在ETF、SMA、模型和部分另類投資產品方面具有優勢的投資管理產品。這些新產品的推出建立在我們早期成功的基礎上，包括今年SEI的ETF淨流入超過10億美元。

We're continuing to evolve the operating model of our IMS business, transitioning from fund-by-fund operations to platform-level services, with shared tooling, workflow automation and data services, so we can onboard and expand with large investment managers more efficiently. We are leveraging automation and AI to lower unit costs and expand access to our solutions, supporting entry into underserved segments while maintaining client experience at scale.

我們正在不斷改進IMS業務的營運模式，從逐個基金營運過渡到平台級服務，透過共享工具、工作流程自動化和數據服務，以便我們能夠更有效率地與大型投資管理公司合作並拓展業務。我們正在利用自動化和人工智慧來降低單位成本並擴大我們解決方案的覆蓋範圍，支援進入服務不足的細分市場，同時大規模地維持客戶體驗。

For instance, in the fourth quarter, we made a strategic investment in Avantos, an AI-native operating system for client onboarding. It's a great example of SEI's commitment to creating a more connected, scalable, and intelligent experience across our platforms. And as always, we'll pursue these priorities with discipline, holding ourselves accountable for maximizing the enterprise value of SEI.

例如，在第四季度，我們對 Avantos 進行了策略性投資，Avantos 是一款用於客戶註冊的 AI 原生作業系統。這是 SEI 致力於在我們的平台上打造更互聯、可擴展和智慧體驗的絕佳例證。一如既往，我們將以嚴謹的態度推進這些優先事項，並對實現 SEI 的企業價值最大化負責。

You've heard us be ultra-transparent for the last several quarters and at our Investor Day about our strategy and how we're running the company differently. The team is in place, our priorities are clear, and 2026 is about focus and execution on the road map we've laid out together. Against that backdrop, our job in 2026 is actually simple: go execute.

在過去的幾個季度以及我們的投資者日上，你們都聽到了我們對公司策略以及我們如何以不同方式經營公司的高度透明的表述。團隊已經到位，我們的優先事項也很明確，2026 年的重點是專注於執行我們共同製定的路線圖。在此背景下，我們在 2026 年的任務其實很簡單：去執行。

With that, Sean will take us through the quarterly results in more depth. Sean?

接下來，肖恩將更深入為我們解讀季度業績。肖恩？

Thank you, Ryan. Starting with slide 4. And to reiterate Ryan's commentary, SEI had an outstanding fourth quarter, both including and excluding unusual items impacting results, which collectively reduced EPS by approximately $0.08. Those items included $20 million of elevated corporate overhead expense related to severance and M&A fees incurred in the quarter. This was partially offset by a $3 million tax benefit from purchased energy credits and a $3 million revenue accrual true-up benefit captured within IMS.

謝謝你，瑞恩。從第4張投影片開始。正如瑞安所評論的，SEI第四季業績表現出色，無論是否計入影響業績的非經常性項目，這些項目合計使每股收益減少了約0.08美元。這些項目包括與本季產生的遣散費和併購費用相關的2,000萬美元公司管理費用。這部分被購買能源積分獲得的 300 萬美元稅收優惠和 IMS 中確認的 300 萬美元收入確認調整優惠所抵消。

We always have accrual adjustments based on actuals versus estimates, but in the fourth quarter, that adjustment was more pronounced than normal. We also had some items that, while not unusual, did go our way in the quarter. Notably, LSV performance fees that were more than $3 million above the prior year at SEI share and the $4 million gain on VIEs attributable to the LSV hedge fund seed investment we discussed last quarter.

我們總是會根據實際值與估計值進行應計調整，但在第四季度，這種調整比平常更明顯。本季我們也遇到了一些雖然並不罕見，但卻對我們有利的情況。值得注意的是，LSV 的業績費比上一年按 SEI 份額計算高出 300 多萬美元，以及我們上個季度討論過的 LSV 對沖基金種子投資帶來的 VIE 收益 400 萬美元。

Also, while Stratos formally closed in the fourth quarter, we only owned the business for a few weeks, and many of the planned adviser roll-ups were finalized in early January. Given this timing, Stratos' financial impact was not meaningful to fourth quarter results, we will provide a fuller and more substantive update next quarter.

此外，雖然 Stratos 在第四季度正式關閉，但我們只擁有這家公司幾週時間，許多計劃中的顧問合併在 1 月初就已完成。有鑑於此時間點，Stratos 的財務影響對第四季業績並不顯著，我們將在下個季度提供更全面、更實質的更新。

On a GAAP basis, EPS increased 16% year over year and 6% sequentially. And excluding unusual items from the current and prior periods, EPS would have been at an all-time record, exceeding the prior record achieved in Q4 of last year. Overall, 2025 represents an excellent year for SEI with double-digit earnings growth in more than a full percentage point of operating margin expansion.

以美國通用會計準則計算，每股盈餘年增 16%，季增 6%。如果排除目前和前期的一些特殊項目，每股盈餘將創歷史新高，超過去年第四季創下的紀錄。總體而言，2025 年對 SEI 來說是輝煌的一年，獲利將實現兩位數成長，營業利潤率將提高超過一個百分點。

Slide 5 summarizes performance by business segment. Like Ryan mentioned, strong Q4 performance was broad-based with positive contributions from each business segment, both revenue and operating profit when measured against both the prior year and prior quarter. Private Banking revenue benefited from recent professional services wins, which convert into revenue more quickly than we've historically reported as recurring sales events.

第 5 張投影片總結了各業務部門的業績。正如 Ryan 所提到的，第四季度強勁的業績是全面實現的，每個業務部門都做出了積極貢獻，與上年同期和上一季度相比，收入和營業利潤均有所增長。私人銀行業務收入受益於近期贏得的專業服務項目，這些項目轉化為收入的速度比我們以往報告的經常性銷售事件要快得多。

Margins also increased due to cost leverage on revenue growth and the fact that these new professional services wins are overall margin accretive. IMS benefited from a $3 million revenue accrual true-up I mentioned earlier. Even excluding this benefit, revenue and margins increased meaningfully from both the prior year and prior quarter, driven by recent wins coming online and a modest contribution from market appreciation in our traditional business.

由於成本槓桿作用促進了收入成長，以及這些新的專業服務項目整體提高了利潤率，利潤率也隨之提高。IMS受益於我之前提到的300萬美元的收入確認調整。即使不考慮這一收益，受近期新業務上線以及傳統業務市場增值帶來的適度貢獻的推動，收入和利潤率也比上年同期和上一季度有了顯著增長。

Our two asset management segments realized sequential growth, which was driven by market appreciation and healthy flows in our Advisors business, which offset the impact of client losses in the Institutional segment and the continued pressure on mutual fund outflows across the asset management industry.

我們的兩個資產管理業務板塊實現了環比增長，這得益於市場升值和顧問業務的健康資金流入，從而抵消了機構業務板塊客戶損失的影響以及整個資產管理行業共同基金資金持續外流的壓力。

Our integrated cash program is reflected in both the prior year and prior quarter comparison. In the fourth quarter, this program contributed $21 million to revenue, matching the levels achieved in the prior quarter and prior year.

我們的綜合現金流計劃已在上年同期和上季度的業績比較中得到體現。第四季度，該專案貢獻了 2,100 萬美元的收入，與上一季和上一年同期的水平持平。

Slide 6 illustrates our consolidated margin, which, as we've discussed with this group before, is something we are increasingly focused on as a management team, more so than the individual margins achieved in a single business segment, certainly in any given quarter. Consolidated operating margins were weighed down by severance and M&A costs captured in corporate overhead. Excluding these costs, consolidated operating margin significantly increased on both a year over year and sequential basis.

投影片 6 展現了我們的綜合利潤率，正如我們之前與大家討論過的，作為管理團隊，我們越來越關注綜合利潤率，而不是單一業務部門在任何特定季度所取得的利潤率。合併後的營業利益率受到計入公司管理費用的遣散費和併購成本的拖累。剔除這些成本後，合併營業利潤率較去年同期和較上季均顯著成長。

Turning to sales events on slide 7. Private Banking led the quarter with $28 million of net sales events. Results were driven by two significant new mandates. In the largest of these, SEI will provide SWP, Software-as-a-Service, implementation services, and ongoing enterprise-wide professional services. This represents our second SWP SaaS client, demonstrating the underlying demand for our SaaS delivery model.

接下來請看第 7 頁的銷售活動。私人銀行業務在本季以 2,800 萬美元的淨銷售額領先。結果主要得益於兩項重要的新指令。在這些規模最大的專案中，SEI 將提供 SWP、軟體即服務、實施服務以及持續的企業級專業服務。這是我們的第二個 SWP SaaS 客戶，顯示市場對我們的 SaaS 交付模式有潛在需求。

This engagement began with advisory work on strategy and system design, and the expanded award reflects the client's decision to have SEI execute the full program. This underscores an emerging trend in private banking. We are increasingly partnering with clients in an advisory capacity, which may lead to larger and longer-duration professional services engagements. While we're very pleased with this momentum, we would also remind you that these large engagements can create variability in quarterly sales results, and the fourth quarter represents a strong outcome that should not be extrapolated as a run rate.

此次合作始於策略和系統設計方面的諮詢工作，而此次擴大合約範圍則反映了客戶決定由 SEI 執行整個專案。這凸顯了私人銀行業的新興趨勢。我們越來越多地以顧問身份與客戶合作，這可能會帶來規模更大、持續時間更長的專業服務項目。雖然我們對目前的勢頭感到非常滿意，但我們也要提醒您，這些大型專案可能會導致季度銷售業績出現波動，第四季度的強勁業績不應被視為正常水平。

IMS realized net sales events of $20 million, with just over two-thirds coming from US-based alternative managers and with no single win accounting for a significant percentage of the total. Our Advisors segment net events were flattish in Q4. A key highlight was positive flow into SEI managed ETFs from off-platform investors.

IMS 實現了 2000 萬美元的淨銷售額，其中超過三分之二來自美國另類投資經理，而且沒有哪一項單筆交易占總額的很大比例。第四季度，我們顧問部門的淨事件數量基本上持平。一個關鍵亮點是，來自平台外投資者的資金正流入SEI管理的ETF。

We talked about the strategic opportunity to distribute SEI investment products through third-party models, and the fourth quarter showed encouraging early progress on that initiative, offsetting the continued pressure from mutual fund outflows. Negative Institutional segment sales events primarily reflect client losses in the UK. During the quarter, we continued to streamline leadership and reset the cost structure to position this business for improved economics.

我們討論了透過第三方模式分銷 SEI 投資產品的策略機遇，第四季度顯示，該計劃取得了令人鼓舞的早期進展，抵消了共同基金資金流出帶來的持續壓力。機構客戶銷售負面事件主要反映了英國客戶的流失。本季度，我們繼續精簡領導層並調整成本結構，以使該業務獲得更好的經濟效益。

Turning to our asset performance on slide 8. SEI achieved both AUM and AUA growth, both sequentially and year over year. AUA growth of 3% was supported by strong win momentum and to a lesser extent, market appreciation. AUM growth of 2% is attributable to market appreciation, which offset modest outflows in the quarter, primarily in the institutional business. With that said, focusing only on AUM growth understates some meaningful progress, especially within advisers.

接下來請看第 8 頁投影片，了解我們的資產表現。SEI 的資產管理規模 (AUM) 和資產管理總額 (AUA) 均實現了環比和同比雙增長。AUA 成長 3% 得益於強勁的成交勢頭，以及在較小程度上得益於市場升值。資產管理規模成長 2% 歸功於市場升值，抵銷了本季略微的資金流出，主要來自機構業務。也就是說，僅僅關注資產管理規模的成長低估了一些實質的進展，尤其是在顧問領域。

Over the past year, we moved further up market, increasing the average size of advisers we're winning, and we're beginning to see early success selling the full SEI ecosystem, such as our tax management and overlay capabilities, which drove an additional $2 billion of net new assets on the platform. As a result, Advisors delivered their best net inflow year in over a decade, signaling tangible momentum behind our upmarket strategy and broader ecosystem approach.

過去一年，我們進一步向高端市場拓展，贏得了更多顧問的平均規模，並開始看到銷售整個 SEI 生態系統（例如我們的稅務管理和疊加功能）的初步成功，這為平台帶來了 20 億美元的淨新增資產。因此，顧問們實現了十多年來最好的淨流入年份，這表明我們的高端策略和更廣泛的生態系統方法取得了實際的進展。

LSV assets under management increased 3.5% versus Q3 due to strong underlying fund performance and market appreciation, which offset $3 billion of net outflows in the fourth quarter. Underlying LSV performance remains solid as evidenced by the $22 million of performance fees in Q4 or $8 million at SEI share.

由於基金表現強勁和市場升值，LSV 管理資產較第三季成長 3.5%，抵銷了第四季 30 億美元的淨流出。LSV 的基本面表現依然穩健，第四季業績費為 2,200 萬美元，以 SEI 股份計算為 800 萬美元，就證明了這一點。

Turning to capital allocation on slide 9. During the fourth quarter, we repurchased $101 million of shares, bringing full share repurchases to $616 million, representing nearly 6% of total shares outstanding from the end of 2024. We also completed the largest component of Stratos acquisition entirely with balance sheet cash, ending the year with $400 million of cash and no debt. We remain committed to returning 90% and 100% of free cash flow to shareholders in the form of both dividends and share repurchases.

接下來，我們來看第 9 張投影片中的資本配置部分。第四季度，我們回購了價值 1.01 億美元的股票，使股票回購總額達到 6.16 億美元，約佔 2024 年底流通股總數的 6%。我們也完全使用資產負債表上的現金完成了 Stratos 收購的最大部分，年底時擁有 4 億美元現金且無債務。我們仍致力於將90%至100%的自由現金流以股利和股票回購的形式返還給股東。

Before concluding, I want to spend a minute talking about our forward expectations. SEI has never provided an earnings guidance and that is a practice we intend to continue. However, there are a handful of items to keep in mind, especially towards the beginning of 2026.

在結束之前，我想花一分鐘時間談談我們對未來的期望。SEI從未提供過獲利​​預期，我們打算繼續維持這種做法。不過，有幾件事要注意，尤其是在 2026 年初。

Some of these items are normal seasonality. Our tax rate is typically the lowest in Q4. Performance fees from LSV are typically highest in Q4 and lowest in Q1.

有些商品屬於正常季節性商品。我們的稅率通常在第四季最低。LSV的績效費通常在第四季最高，第一季最低。

The first quarter has two fewer days than the fourth quarter. The gains on our LSV investment are unlikely to repeat at Q4 levels. And we implement annual compensation increases effective January 1. Most of this impact is below the line, not operating income.

第一季比第四季少兩天。我們在LSV投資上的收益不太可能在第四季重現。我們將從1月1日起實施年度薪酬成長。這種影響大部分體現在基準以下，而不是營業收入。

Beyond these lumpier items, we are also advancing the accelerated investments Ryan discussed. We are hiring to support our strong pipeline and major wins across business lines, and we expect depreciation and amortization to step up next quarter due to placing certain large investments into service.

除了這些大宗項目之外，我們還在推動瑞安提到的加速投資。為了支持我們強大的業務管道和各業務線的重大勝利，我們正在招募人才。由於某些大型投資投入使用，我們預計下個季度折舊和攤提將會增加。

We recognize that these investments must be balanced through thoughtful resource reallocation and ongoing cost efficiency efforts. As part of this discipline, we implemented a targeted reduction in force in December, affecting approximately 3% of our global workforce. This action, which drove the severance charges I referenced earlier, reflects our commitment to ensuring that the cost of future-focused investments is supported by a more efficient and scalable operating model. These actions support what we communicated during our Investor Day regarding our goal of long-term, double-digit earnings growth and consistent margin expansion.

我們認識到，必須透過周密的資源重新分配和持續的成本效益努力來平衡這些投資。作為這項紀律的一部分，我們在 12 月實施了有針對性的裁員，影響了我們全球員工總數的約 3%。這項措施導致了我之前提到的遣散費，也反映了我們致力於確保面向未來的投資成本能夠得到更有效率、更具可擴展性的營運模式的支持。這些舉措印證了我們在投資者日上所傳達的目標，即實現長期兩位數的獲利成長和持續的利潤率擴張。

Stepping back, the fourth quarter [cap] in an outstanding year for SEI, one marked by broad-based financial strength, record sales performance, and meaningful strategic progress across the enterprise. As Ryan highlighted, we are excited about the opportunities ahead and believe SEI is exceptionally well positioned entering 2026. We look forward to building on this progress and continue to deliver long-term value for our clients. employees, and shareholders.

回顧過去，第四季是 SEI 傑出的一年的收官之年，這一年以全面的財務實力、創紀錄的銷售業績以及企業整體上意義重大的戰略進展為標誌。正如瑞安所強調的，我們對未來的機會感到興奮，並相信SEI在進入2026年時處於非常有利的地位。我們期待在此基礎上繼續取得進展，並繼續為我們的客戶、員工和股東創造長期價值。

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

接線員，請開啟提問頻道。

(Operator Instructions) Crispin Love, Piper Sandler.

（操作說明）克里斯平·洛夫，派珀·桑德勒。

Thanks. Good afternoon, everyone. First, more than two-thirds of your [salesmen] came from alts in the quarter. Can you just give a little more color there? Was that primarily from new wins or expanding relationships with current clients?

謝謝。大家下午好。首先，本季超過三分之二的[銷售人員]來自其他管道。能不能再加點顏色？這主要是來自新客戶的訂單，還是來自與現有客戶關係的拓展？

And then you also made a comment, Ryan, I think early in your comments about momentum in sales and you expect positive announcements during April earnings or something like that. Does that relate to any specific activity in so far in 2026 or just good visibility?

然後，瑞安，我想你在評論的開頭也提到了銷售勢頭，你預計在四月份的財報發布會上會有積極的消息之類的。這是否與 2026 年至今的任何具體活動有關，還是僅僅指良好的可見性？

I'll answer the first one -- or your second one first, Crispin. Happy New Year, man. Yes, we like what we see on the sales momentum front, which is consistent with previous quarters, but we thought we would call out because there's been conversations that we talked about last year about some opportunities we have with just some -- with a couple of larger organizations that predominantly have in-sourced.

我會先回答第一個問題——或者說，克里斯平，先回答你的第二個問題。新年快樂，兄弟。是的，我們對銷售動能方面的情況感到滿意，這與前幾季的情況一致，但我們想特別提一下，因為我們去年曾談到與一些主要採用內部生產的大型組織的一些合作機會。

We make good progress there. So we expect to have some more tangible update on the April earnings call about that. That's specifically in the IMS business.

我們在那裡取得了良好進展。因此，我們預計在四月的財報電話會議上會得到一些更具體的最新消息。這具體指的是IMS業務。

I'll kick the fill on your first question. I believe, Chris, in your question was specifically about two-thirds of the sales events in IMS?

我先回答你的第一個問題。克里斯，我相信你的問題具體是指IMS中三分之二的銷售活動？

Yeah. Just where is that coming from? Is it new wins? Or is it expanding relationships within your current [spike]?

是的。這究竟是從哪裡來的？這是新的勝利嗎？或者，它是在拓展你現有關係的一部分嗎？[長釘]？

Sure. Crispin, this is Phil. I'll start by saying for the quarter. The quarter, it was about $20 million. It's normally a little bit seasonably low in Q4. Nothing was necessarily that notable to call out.

當然。克里斯平，我是菲爾。我先說說這個季度的情況。該季度約為2000萬美元。通常情況下，第四季會略微偏低一些。沒有什麼特別值得一提的事情。

It was a combination of new business and cross-sells around the globe. What I'd say is the pipeline is really strong. We're looking forward to a great 2026. And as far as the larger wins are concerned, we're going to cover that a lot more with the Q1 results.

這是全球新業務拓展和交叉銷售的結合。我想說的是，這條管道非常強大。我們期待著美好的2026年。至於更大的勝利，我們將在第一季業績報告中詳細介紹。

And as Ryan said, we have a great track record with these large enterprise clients moving to outsourcing. And some of these deals are household names, and it's going to take a lot of work to get them in through the pipeline and execute it and into the run rate. So a lot of that depends on how much invested capital we get, and we're actively working on defining the magnitude and the scope.

正如瑞恩所說，我們在幫助這些大型企業客戶轉向外包方面有著良好的業績記錄。其中一些交易是家喻戶曉的，要讓它們通過審批流程、執行到位並最終投入運營，還需要付出很多努力。所以，這很大程度上取決於我們能獲得多少投資資金，我們正在積極努力確定投資規模和範圍。

Great, thank you, Phil. And then just also on sales events in the quarter, a fairly wide gap between the net recurring and nonrecurring. Can you discuss some of the drivers there? Is that due to the professional services aspect that you mentioned, Sean, or anything else to call out?

太好了，謝謝你，菲爾。此外，就季度銷售活動而言，經常性淨收入與非經常性淨收入之間也存在相當大的差距。您能談談那裡的一些司機嗎？肖恩，這是因為你提到的專業服務方面的原因嗎？還是還有其他需要指出的地方？

Absolutely, Crispin. I mean it's definitely driven by the continued growth of the professional services strategy that Sanjay has deployed. And I think as we try to call out here, some of these, we believe, have kind of a more repeatable or longer tail element to them, but we continue to characterize them under the onetime professional services kind of banner, if you will. A lot of those are with existing clients and also some new names.

當然，克里斯平。我的意思是，這絕對是由桑傑推行的專業服務策略的持續發展所推動的。而且我認為，正如我們在這裡試圖指出的那樣，我們認為其中一些具有更可重複或更長尾的元素，但我們仍然將它們歸類為曾經的專業服務。其中很多是現有客戶，也包括一些新客戶。

But Sanjay, you want to expand a little bit on that?

桑傑，你想再詳細說嗎？

Yeah. Sure. So if you look at the professional services, you could look at it in two different buckets. And now services, which we are providing before even the clients that are engaging with us through SWP on our platforms. So we have started engaging with our prospects and clients very earlier in advisory capacity, and that it reflects our fourth quarter results as well.

是的。當然。因此，如果你審視專業服務，你可以將其分為兩個不同的類別。現在，我們甚至在透過 SWP 平台與我們互動的客戶之前就提供了這些服務。因此，我們很早就開始以顧問的身份與潛在客戶和現有客戶接觸，這也體現在我們第四季的業績中。

And the second part is that since we are engaging at that early stages, we are able to influence the overall strategy. We are able to define the north star for the clients in terms of okay, how their overall technology landscape is going to change. How their operating model is going to change.

第二點是，由於我們在早期階段就參與進來，所以我們能夠影響整體策略。我們能夠為客戶定義北極星，也就是他們的整體技術格局將如何改變。他們的營運模式將如何改變。

And then we are participating in that journey. How the transformation we can make happen. And that's the reflection of our overall professional services strategy, and that is reflected in our fourth quarter results.

然後，我們也參與這段旅程中來。我們如何才能實現這種轉變？這體現了我們整體的專業服務策略，也體現在我們第四季的業績中。

And I think what's really important, Crispin, is from a value proposition perspective, we're really seeing a distinct transition in the market. When you look at Phil's market, where we historically maybe have been characterized as ops for the fund, we have really evolved more into a platform for the firm from our clients' perspective.

克里斯平，我認為真正重要的是，從價值主張的角度來看，我們正在看到市場發生明顯的轉變。當你審視菲爾的市場時，你會發現，從歷史上看，我們可能一直被視為基金的營運機構，但從客戶的角度來看，我們已經發展成為公司的平台。

And Sanjay's business, maybe traditionally was investment processing and technology for the fiduciary business, they're now being seen more as a technology and platform partner in the C-suite of these organizations. We're really excited about the expansion, not just of our sales capabilities, but the expansion of SEI's footprint in the mind of the buyer and the clients in these organizations with these changes.

Sanjay 的業務，或許傳統上是為信託業務提供投資處理和技術，但現在他們更被視為這些組織高階主管的技術和平台合作夥伴。我們對擴張感到非常興奮，不僅是銷售能力的提升，而且隨著這些變化，SEI 在這些組織中的買家和客戶心中的影響力也擴大了。

Alex Bond, KBW.

Alex Bond，KBW。

Hi, this is [Natalie Noll] on for Alex Bond. And thank you for taking my question.

大家好，我是娜塔莉諾爾，代我為亞歷克斯邦德作客。感謝您回答我的問題。

On the Private Bank segment, the margin there stepped up sequentially on a stronger sales quarter, but thinking about the margin in the context of professional services offering. Can the margin for the segment maybe stay in the high teens range on the back of stronger professional services? Or is the step-up this quarter somewhat episodic, and we should anticipate a return closer to the mid-teens in near term with upside potential if professional services sales are strong.

私人銀行業務部門的利潤率隨著銷售季度的強勁增長而環比上升，但考慮到專業服務產品，利潤率可能會下降。憑藉強勁的專業服務，該細分市場的利潤率能否維持在 10% 以上？或者說，本季的成長只是暫時的，我們應該預期短期內殖利率將回落到接近十幾個百分點，如果專業服務銷售強勁，則還有上漲潛力。

Yes. So thanks for your question. I think if you look over the last probably eight quarters or so, you've seen steady increase in the margins in PB.

是的。謝謝你的提問。我認為，如果你回顧過去大約八個季度，你會發現PB的利潤率穩定成長。

We would expect margins to be in that area. They've been choppy over the last couple of quarters. Sometimes they're a little lower, sometimes they go a little higher depending on the mix how much professional services in there. Professional services margins typically are higher than our platform, the SWP services in our operating revenue as well. So we don't really give too much guidance around future margins, but I think you can expect it to be within spitting distance of that range.

我們預計利潤率會在這個範圍內。過去幾季他們的表現一直不太穩定。有時候價格會低一些，有時會高一些，這取決於其中專業服務的比例。專業服務的利潤率通常高於我們的平台，SWP 服務在我們的營業收入中也佔比更高。因此，我們不會就未來的利潤率給予太多指導，但我認為您可以預期它會在這個範圍內非常接近。

Okay. Perfect. And maybe if you could also provide any color on the larger two mandate wins called out for the Private Bank segment?

好的。完美的。您能否也詳細介紹一下私人銀行領域贏得的兩項重要委託？

Yeah. Sure. I can talk about that. This is Sanjay here. So as I mentioned that now we are engaging with our prospects as early as before even they are issuing RFPs sometimes. And in that process, we are helping them to define their overall transformation agenda, and then we are helping them how to achieve that.

是的。當然。我可以談談這個。這位是桑傑。正如我之前提到的，現在我們甚至在潛在客戶發布 RFP 之前就與他們接洽了。在這個過程中，我們幫助他們制定整體轉型計劃，然後幫助他們實現這一目標。

So with these two prospects, we started working almost 18-plus months ago. And in that process, we engaged with them in advisory capacity, create an overall blueprint for transformation. So this win is a good combination of our core platform, SEI enterprise capabilities and professional services.

因此，我們帶著這兩個潛在客戶，大約18個月前就開始著手工作了。在這個過程中，我們以顧問的身份與他們合作，並制定了整體轉型藍圖。所以這次得標是對我們核心平台、SEI企業能力和專業服務的完美結合。

And I think what's great as well, Alex, to add some color. One is a pretty meaningfully sized regional and community bank in the US and the other I would consider to be a large kind of private wealth manager both were outsourcers on competitive platforms and really to see the overall value not just in SWP, but as shown in sub-mention around kind of the broader suite of capabilities for the long term for their strategic growth.

我覺得Alex，增添一些色彩也是個好主意。一家是美國規模相當大的區域性和社區性銀行，另一家我認為是一家大型私人財富管理公司。這兩家公司都是在競爭性平台上的外包商，真正需要看到的不僅僅是 SWP 的整體價值，正如子部分提到的，是更廣泛的能力組合，以實現其長期的策略成長。

And then if I could add another point. One of these -- out of these two, one of the large clients we have signed is our second Software-as-a-Service client. And that reflects our focus and attention to that strategy as well.

如果我能再補充一點的話。這兩位客戶中，有一位是我們簽約的第二個軟體即服務客戶，也是我們簽約的大客戶之一。這也反映了我們對該戰略的重視與關注。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

Hi, good afternoon. How much were the underlying expenses down from the workforce reductions. It sounds like those changes were made sort of late in the quarter. So just wondering how we should think about kind of the run rate impact by segment going forward?

您好，下午好。裁員後，基本支出減少了多少？聽起來這些變化是在本季末才做出的。所以我想知道我們該如何看待未來各細分市場運作率所受到的影響？

Yeah. This is Sean. I would say that the -- you could think about the decrease in compensation related to the RIF at a relatively equal amount of compensation increases in rates for the year. So typically, we'll have -- you can go back and look kind of at the history, but consistent level of raises starting in January. You can kind of think about the reduction in the compensation to, for the most part, match those races.

是的。這是肖恩。我認為——你可以把裁員導致的補償減少，與今年補償率的相對等額成長連結起來考慮。所以通常情況下，我們會——你可以回顧一下歷史——從一月開始，薪資漲幅會保持穩定。你可以大致理解為，減少補償是為了在很大程度上與這些比賽相匹配。

Okay. Okay. So kind of flattish. Okay. And then in the IMS business, it looks like the margin was around 40% if you adjust for that revenue accrual true-up. And I think you've been guiding to that even 39% or even less, you've been investing in that business.

好的。好的。所以有點扁平。好的。而在IMS業務中，如果考慮到收入確認調整，利潤率似乎在40%左右。我認為你一直在引導人們，即使投資比例只有 39% 甚至更低，你也一直在投資這項業務。

So I was curious, is that just from kind of a strong operating leverage in the quarter? And is 40% sort of the right run rate to think about going forward there?

所以我很好奇，這是否僅僅是由於本季強勁的經營槓桿作用造成的？那麼，40% 的勝率是否是未來發展中比較合適的水準呢？

Okay. I'll take it, Jeff. We did have that revenue accrual true-up, which was a little bit over $3 million. We also had a couple of other one-times for conversion fees and professional services. And some other one-times, probably about $2 million.

好的。我收下了，傑夫。我們確實進行了那筆收入確認調整，金額略高於 300 萬美元。我們也收取了一些其他一次性費用，包括轉換費和專業服務費。還有一些其他一次性支出，大概有 200 萬美元。

So that total was about $5 million or so. Without that $5 million, we'd be right in the 5% quarter-over-quarter growth rate. In addition, it was relatively strong just from converting new business.

所以總共大約是500萬美元左右。如果沒有這 500 萬美元，我們的季度環比成長率將正好是 5%。此外，僅靠拓展新業務，其業績就相對較強。

Sean, is there anything you would add?

肖恩，你還有什麼要補充的嗎？

Yeah. I would add, we've alluded to some Q1 opportunities for us that we'll talk about further in April. We are continuing to hire up in anticipation of those. So if you're thinking about run rate on margin, specifically in IMS, we -- as we said in prior quarters, we are continuing to make investments inside IMS and our other business units and continuing to hire in anticipation, specifically in Private Banking and IMS. So whether margins continue at that rate, I would expect certain expenses to start hitting a little more in Q1.

是的。我還要補充一點，我們已經提到了一些第一季的機會，我們將在四月進一步討論這些機會。為了應對這些需求，我們正在繼續招募。因此，如果您正在考慮利潤率的運行率，特別是 IMS 的利潤率，正如我們在前幾個季度所說，我們將繼續在 IMS 和其他業務部門進行投資，並繼續招聘以應對預期，特別是私人銀行和 IMS 的利潤率。因此，如果利潤率繼續保持目前的水平，我預計第一季某些費用將開始略有增加。

Connell Schmitz, Morgan Stanley.

康奈爾‧施密茨，摩根士丹利。

Hi, thanks for taking my question. So on Stratos, how should we think about the run rate impact of the acquisition to the Investment Advisors segment once it gets fully consolidated at the moment? We can only see the NCI related to it for a little bit less than one-third of the quarter. And then on that topic, when would you expect to have an updated timeline related to like the planned re-segmentation that we heard about at Investor Day?

您好，感謝您回答我的問題。那麼，對於 Stratos 而言，一旦目前完全整合，我們該如何看待此次收購對投資顧問部門的營運率影響？我們只能在本季不到三分之一的時間內看到與此相關的NCI。關於這一點，您預計何時會公佈與我們在投資者日上聽到的計劃重組相關的最新時間表？

Yeah. So thanks for the question. So we're not going to give guidance on the run rate into '26 around Stratos. I can give a little color on Q4. So we had about $5 million in revenue related, which would sit in the Advisors segment.

是的。謝謝你的提問。因此，我們不會就 Stratos 到 2026 年的運行率給予指導。我可以稍微介紹一下第四季的情況。因此，我們有約 500 萬美元的收入相關款項，這些款項將計入顧問部門。

We had just about under $1 million of operating income, which included nearly $2 million of amortization expense on the acquired intangibles. That's a 100% share since we consolidate, and there's about 300,000 of NCI or the 42.5% that we don't know. And again, we'll have more information in Q1 as we have a full quarter under our belt.

我們的營業收入略低於 100 萬美元，其中包括收購無形資產的近 200 萬美元攤銷費用。由於我們進行了合併，所以佔比為 100%，還有大約 30 萬股 NCI（即 42.5%）我們不知道。同樣，我們會在第一季度提供更多信息，因為那時我們已經完成了一個完整的季度。

Got it. And then just sticking with Stratos on the go-forward strategy. Like during the integration phase, is it still continuing to pursue acquisitions or those paused during the integration?

知道了。然後，未來的發展策略將繼續沿用 Stratos 的策略。與整合階段類似，該公司是否仍在繼續進行收購，還是繼續進行那些在整合期間暫停的收購？

No. In fact, in early January, we had -- so part of the strategy was, as you know, acquiring additional entities providing capital to Stratos to roll them up. So nothing has changed from that plan that we spoke about previously. In early January, Stratos completed the acquiring additional interest in some of the entities that they had my large interest in. And there were also in January, there will be some additional acquisitions that were planned as part of the kind of diligence process and expectation as we acquired that.

不。事實上，在 1 月初，我們採取了——正如您所知，部分策略是收購其他實體，為 Stratos 提供資金，以便將它們整合起來。所以，和我們之前討論的計劃相比，沒有任何改變。1月初，Stratos完成了對其持有大量股份的一些實體的額外收購。此外，1 月還將進行一些額外的收購，這是我們在進行盡職調查和預期收購過程中計劃的一部分。

(Operator Instructions) Patrick O'Shaughnessy, Raymond James.

（操作說明）Patrick O'Shaughnessy，Raymond James。

Hi, good afternoon. Coming back to the topic of those two big nonrecurring sales events and private banks in the quarter. From a modeling perspective, how do we think about the revenue recognition impact of those sales events over the coming quarters?

您好，下午好。回到本季那兩筆重大非經常性銷售交易和私人銀行的話題。從建模的角度來看，我們如何看待這些銷售事件對未來幾季營收確認的影響？

Just real quick, Patrick, the two wins we're talking about are recurring. So the two firms that Sanjay and I were referencing with some color, there are traditional recurring revenue SWP wins. The rest were professional services, some of those extensions from those existing firms and some of those existing clients and non-SWP clients. So I just want to make sure you were clear on that.

派崔克，簡單說一下，我們說的這兩場勝利是反覆出現的。所以，我和 Sanjay 提到的這兩家公司，都贏了傳統的經常性收入 SWP 專案。其餘的都是專業服務，其中一些是現有公司的延伸服務，有些是現有客戶和非 SWP 客戶提供的服務。所以我想確認一下你是否明白這一點。

Got you. I appreciate the clarification.

抓到你了。感謝您的解釋。

Okay. And then your question is the professional services backlog?

好的。那麼，你的問題是關於專業服務積壓情況嗎？

Yeah. So $23 million sales event quarter, do we think about that hitting in the next two quarters? In it next eight? Like is there a general time frame you guys have in mind that that is going to be realized?

是的。所以，如果本季銷售額達到 2,300 萬美元，我們認為這個數字能在接下來的兩季實現嗎？接下來八周呢？你們有沒有大致的時間表，打算在什麼時候實現？

See, that's what I like about professional services, that's something we can start realizing immediately. And some of these complex projects, they run over 12 months, 18 months, and that's how these associated professional services are spread as well. And many of them, they will continue after going live as well.

這就是我喜歡專業服務的原因，我們可以立即開始實現這一點。有些複雜的專案會持續 12 個月、18 個月，相關的專業服務也是這樣分攤的。而且其中許多內容在上線後也會繼續更新。

Helpful. Thank you. And then in institutional investors, you mentioned that the negative sales event in the quarter was tied to some UK client losses. Just curious like how strategically important is the UK market to that business?

很有幫助。謝謝。然後，在機構投資者方面，您提到本季的負面銷售事件與英國部分客戶的流失有關。我很好奇，英國市場對這家企業來說有多重要的戰略意義？

Michael. Do you want to take that one, Michael?

麥可。你想接那個球嗎，麥可？

Yeah. The institutional business in the UK is a fraction of the overall OCI and institutional business. It's important to us, and we're continuing to grow that with the addition of Sanjay taking on the role he has on the international side of the business. So we continue to grow that business, and it's an important part of our business.

是的。英國的機構業務僅佔整個 OCI 和機構業務的一小部分。這對我們來說很重要，隨著 Sanjay 加入公司負責國際業務，我們正在不斷成長這一領域。因此，我們繼續發展這項業務，它是我們業務的重要組成部分。

Some of the movement in that is also where we added additional assets into SEI products within some of those. But the way that we credit those, it doesn't actually show up in revenue. So there's transaction activity that took place in that end of the business in the institutional space within the UK as well.

其中一部分舉措還包括我們在 SEI 產品中添加額外的資產。但是，按照我們目前的計入方式，這些收益其實並不會反映在收入上。因此，在英國的機構領域，該業務的這一端也發生了交易活動。

But strategically, we do believe that the institutional business is a growth business for us, and we have made quite a few changes including with Sean's notes on the RIF in December, we've made quite a few changes in terms of the leadership of the institutional business. And we now have put that in the hands of Kevin Matthews, who has a long successful track record in that space. And so he along with the rest of the team, we are working on an improved operating model and strategy that we will -- that we are starting to execute today.

但從戰略角度來看，我們確實相信機構業務對我們來說是一個增長型業務，我們已經做出了一些改變，包括肖恩在 12 月份關於裁員的說明，我們在機構業務的領導層方面做出了一些改變。現在，我們已經把這項工作交給了凱文馬修斯，他在該領域有著長期成功的業績記錄。因此，他和團隊的其他成員正在努力改進營運模式和策略，我們將—我們從今天開始執行。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to CEO, Ryan Hicke, for closing remarks.

女士們先生們，隊列中不再顯示任何問題。現在我謹將電話交還給執行長瑞安·希克，請他作總結發言。

Thank you and thank you, everybody, for the great questions and your continued engagement with SEI. We're really excited about the path ahead. Look forward to speaking with you again next quarter.

謝謝大家，也謝謝大家提出的精彩問題以及對SEI的持續關注。我們對未來的道路感到非常興奮。期待下個季度再次與您交流。

And quickly a little sidebar, Paul Klauder is in the room. As many people will know, Paul is a longtime executive of SEI who will be retiring in February after 30 glorious years at the company. Paul, Phil McCabe and I actually all joined the Executive Committee about 10 years ago today at the same time. Paul has been a great friend, a great leader, but an ambassador to our clients and our employees for the brand of what SEI stands for. So, you'll hear some clapping in the room here while we close the call and congratulate Paul.

順便提一下，保羅克勞德也在房間裡。很多人都知道，保羅是SEI的資深主管，在公司度過了30年的輝煌歲月後，他將於2月退休。保羅、菲爾麥凱布和我實際上都是大約 10 年前的今天同時加入執行委員會的。Paul 一直是我們的好朋友、好領導，也是 SEI 品牌在顧客和員工面前的形像大使。所以，在我們結束通話並祝賀保羅的時候，你會聽到房間裡響起一些掌聲。

Thank you. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。