Composition of Certain Financial Statement Captions

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024		December 31, 2023
Trade receivables	$	136,599	$	115,356
Fees earned, not billed	408,852		372,291
Other receivables	17,109		14,450
	562,560		502,097
Less: Allowance for doubtful accounts	(1,165)		(663)
	$	561,395	$	501,434

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:


	March 31, 2024		December 31, 2023
Buildings	$	216,968	$	216,968
Equipment	190,071		193,096
Land	26,450		26,450
Purchased software	166,848		165,348
Furniture and fixtures	23,053		23,025
Leasehold improvements	19,857		19,827
Construction in progress	789		684
	644,036		645,398
Less: Accumulated depreciation	(475,832)		(474,034)
Property and Equipment, net	$	168,204	$	171,364

The Company recognized $8,389 and $8,531 in depreciation expense related to property and equipment for the three months ended March 31, 2024 and 2023, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $40,000 and $40,221 as of March 31, 2024 and December 31, 2023, respectively. The Company deferred expenses related to contract costs of $2,391 and $1,744 during the three months ended March 31, 2024 and 2023, respectively. Amortization expense related to deferred contract costs were $2,612 and $2,167 during the three months ended March 31, 2024 and 2023, respectively. 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 three months ended March 31, 2024.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2024		December 31, 2023
Accrued employee compensation	$	54,872	$	107,495
Accrued employee benefits and other personnel	2,445		9,797
Accrued voluntary separation program	14,657		21,058
Accrued consulting, outsourcing and professional fees	31,780		32,285
Accrued sub-advisory, distribution and other asset management fees	52,169		49,405

Accrued dividend payable	715		61,104
Accrued income taxes	41,032		4,965
Other accrued liabilities	45,186		32,836
Total accrued liabilities	$	242,856	$	318,945