Composition of Certain Financial Statement Captions

9 Months Ended

Sep. 30, 2023

Items Included in Consolidated Statement of Financial Condition [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2023		December 31, 2022
Trade receivables	$	134,646	$	110,722
Fees earned, not billed	356,876		320,700
Other receivables	28,516		26,563
	520,038		457,985
Less: Allowance for doubtful accounts	(1,184)		(901)
	$	518,854	$	457,084

Fees earned, not billed represents receivables from contracts with customers earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are calculated based on assets under administration that have an extended valuation process. Billings to these clients occur once the asset valuation processes are completed.

Receivables from investment products on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various regulated investment companies and other investment products sponsored by SEI.

Property and Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:


	September 30, 2023		December 31, 2022
Buildings	$	216,572	$	210,626
Equipment	192,187		179,318
Land	26,450		26,439
Purchased software	164,844		160,714
Furniture and fixtures	22,580		21,956
Leasehold improvements	19,602		20,879
Construction in progress	583		1,958
	642,818		621,890
Less: Accumulated depreciation	(465,297)		(440,861)
Property and Equipment, net	$	177,521	$	181,029

The Company recognized $26,509 and $24,942 in depreciation expense related to property and equipment for the nine months ended September 30, 2023 and 2022, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $38,518 and $37,928 as of September 30, 2023 and December 31, 2022, respectively. The Company deferred expenses related to contract costs of $2,243 and $4,648 during the three months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023 and 2022, the Company deferred expenses related to contract costs of $7,212 and $9,710, respectively. Amortization expense related to deferred contract costs were $6,622 and $8,156 during the nine months ended September 30, 2023 and 2022, respectively. Amortization expense during the nine months ended September 30, 2022 includes $1,784 in expense accelerated as a result of the termination of a contractual agreement with a significant client (See Note 13). Amortization expense related to deferred contract costs is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during the nine months ended September 30, 2023.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2023		December 31, 2022
Accrued employee compensation	$	89,229	$	100,566
Accrued employee benefits and other personnel	8,377		9,852
Accrued voluntary separation program	27,777		53,821
Accrued consulting, outsourcing and professional fees	32,928		37,009
Accrued sub-advisory, distribution and other asset management fees	50,346		52,916

Accrued dividend payable	389		58,051

Other accrued liabilities	40,826		47,148
Total accrued liabilities	$	249,872	$	359,363