Composition of Certain Financial Statement Captions

9 Months Ended

Sep. 30, 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:


	September 30, 2024		December 31, 2023
Trade receivables	$	174,091	$	115,356
Fees earned, not billed	418,561		372,291
Other receivables	18,975		14,450
	611,627		502,097
Less: Allowance for doubtful accounts	(1,833)		(663)
	$	609,794	$	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:


	September 30, 2024		December 31, 2023
Buildings	$	216,418	$	216,968
Equipment	194,591		193,096
Land	27,317		26,450
Purchased software	165,676		165,348
Furniture and fixtures	23,028		23,025
Leasehold improvements	26,533		19,827
Construction in progress	507		684
	654,070		645,398
Less: Accumulated depreciation	(489,143)		(474,034)
Property and Equipment, net	$	164,927	$	171,364

The Company recognized $25,097 and $26,509 in depreciation expense related to property and equipment for the nine months ended September 30, 2024 and 2023, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $42,527 and $40,221 as of September 30, 2024 and December 31, 2023, respectively. The Company deferred expenses related to contract costs of $5,326 and $2,243 during the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company deferred expenses related to contract costs of $10,237 and $7,212, respectively. Amortization expense related to deferred contract costs were $7,931 and $6,622 during the nine months ended September 30, 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 nine months ended September 30, 2024.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2024		December 31, 2023
Accrued employee compensation	$	103,977	$	107,495
Accrued employee benefits and other personnel	10,368		9,797
Accrued voluntary separation program	5,515		21,058
Accrued consulting, outsourcing and professional fees	37,753		32,285
Accrued sub-advisory, distribution and other asset management fees	51,812		49,405

Accrued dividend payable	1,042		61,104
Accrued income taxes	13,130		4,965
Other accrued liabilities	34,570		32,836
Total accrued liabilities	$	258,167	$	318,945