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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________
FORM 10-Q
________________________________________
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________to ________
Commission File Number: 0-10200
________________________________________ 
seic-20210630_g1.jpg
________________________________________
SEI INVESTMENTS COMPANY
(Exact Name of Registrant as Specified in its Charter)
________________________________________ 
Pennsylvania 23-1707341
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer Identification No.)
1 Freedom Valley Drive, Oaks, Pennsylvania 19456-1100
(Address of Principal Executive Offices) (Zip Code)
(610) 676-1000
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareSEICThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes  x    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes      No  x
The number of shares outstanding of the registrant’s common stock, as of the close of business on July 22, 2021:
Common Stock, $0.01 par value141,076,628 





SEI INVESTMENTS COMPANY

TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Page
Item 1.Financial Statements.
Consolidated Balance Sheets (Unaudited) -- June 30, 2021 and December 31, 2020
Consolidated Statements of Operations (Unaudited) -- For the Three and Six Months Ended June 30, 2021 and 2020
Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Six Months Ended June 30, 2021 and 2020
Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Six Months Ended June 30, 2021 and 2020
Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Six Months Ended June 30, 2021 and 2020
Notes to Consolidated Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
Item 1A.Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6.Exhibits.
Signatures






1


PART I.        FINANCIAL INFORMATION

Item 1.    Consolidated Financial Statements.

SEI Investments Company
Consolidated Balance Sheets
(unaudited)
(In thousands, except par value)
June 30, 2021December 31, 2020
Assets
Current Assets:
Cash and cash equivalents$780,928 $784,626 
Restricted cash351 3,101 
Receivables from investment products56,177 55,271 
Receivables, net of allowance for doubtful accounts of $3,188 and $1,100
409,568 385,219 
Securities owned26,174 34,064 
Other current assets38,158 38,696 
Total Current Assets1,311,356 1,300,977 
Property and Equipment, net of accumulated depreciation of $394,743 and $378,639
184,042 189,052 
Operating Lease Right-of-Use Assets36,871 38,397 
Capitalized Software, net of accumulated amortization of $518,514 and $491,739
256,473 270,977 
Available for Sale and Equity Securities130,039 105,419 
Investments in Affiliated Funds, at fair value6,932 6,166 
Investment in Unconsolidated Affiliate47,420 98,433 
Goodwill64,489 64,489 
Intangible Assets, net of accumulated amortization of $14,573 and $12,456
33,187 24,304 
Deferred Contract Costs33,352 33,781 
Deferred Income Taxes2,447 2,972 
Other Assets, net33,082 32,289 
Total Assets$2,139,690 $2,167,256 
The accompanying notes are an integral part of these consolidated financial statements.





2


SEI Investments Company
Consolidated Balance Sheets
(unaudited)
(In thousands, except par value)
June 30, 2021December 31, 2020
Liabilities and Equity
Current Liabilities:
Accounts payable$9,291 $7,766 
Accrued liabilities211,984 299,845 
Current portion of long-term operating lease liabilities10,344 8,579 
Deferred revenue1,280 1,085 
Total Current Liabilities232,899 317,275 
Long-term Income Taxes Payable803 803 
Deferred Income Taxes47,644 55,159 
Long-term Operating Lease Liabilities31,697 34,058 
Other Long-term Liabilities21,041 20,054 
Total Liabilities334,084 427,349 
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value, 750,000 shares authorized; 141,027 and 143,396 shares issued and outstanding
1,410 1,434 
Capital in excess of par value1,219,487 1,190,001 
Retained earnings599,231 565,270 
Accumulated other comprehensive loss, net(14,522)(16,798)
Total Shareholders' Equity1,805,606 1,739,907 
Total Liabilities and Shareholders' Equity$2,139,690 $2,167,256 
The accompanying notes are an integral part of these consolidated financial statements.




3


SEI Investments Company
Consolidated Statements of Operations
(unaudited)
(In thousands, except per share data)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Revenues:
Asset management, administration and distribution fees
$382,509 $320,577 $750,155 $652,430 
Information processing and software servicing fees
93,142 80,069 181,182 162,978 
Total revenues475,651 400,646 931,337 815,408 
Expenses:
Subadvisory, distribution and other asset management costs
55,827 44,182 105,991 89,519 
Software royalties and other information processing costs
7,471 7,389 13,213 14,836 
Compensation, benefits and other personnel
141,779 125,331 279,000 256,812 
Stock-based compensation
10,103 7,062 19,855 13,991 
Consulting, outsourcing and professional fees
55,449 57,111 109,789 110,401 
Data processing and computer related
27,375 24,506 53,096 47,210 
Facilities, supplies and other costs
18,479 13,973 35,727 30,769 
Amortization
14,723 13,140 29,075 26,217 
Depreciation
8,424 7,640 16,733 15,113 
Total expenses339,630 300,334 662,479 604,868 
Income from operations136,021 100,312 268,858 210,540 
Net gain (loss) from investments377 1,903 709 (2,086)
Interest and dividend income878 1,370 1,823 4,573 
Interest expense(130)(151)(253)(303)
Equity in earnings of unconsolidated affiliate35,065 28,276 68,415 58,183 
Income before income taxes172,211 131,710 339,552 270,907 
Income taxes38,433 30,644 76,304 60,599 
Net income$133,778 $101,066 $263,248 $210,308 
Basic earnings per common share$0.94 $0.69 $1.85 $1.42 
Shares used to compute basic earnings per share142,074 147,478 142,638 148,473 
Diluted earnings per common share$0.93 $0.68 $1.82 $1.39 
Shares used to compute diluted earnings per share144,212 149,598 144,759 150,983 
Dividends declared per common share$0.37 $0.35 $0.37 $0.35 
The accompanying notes are an integral part of these consolidated financial statements.




4


SEI Investments Company
Consolidated Statements of Comprehensive Income
(unaudited)
(In thousands)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Net income$133,778 $101,066 $263,248 $210,308 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments994 940 2,679 (12,136)
Unrealized (loss) gain on investments:
Unrealized (losses) gains during the period, net of income taxes of $85, $(33), $245 and $(372)
(292)113 (835)1,244 
Reclassification adjustment for losses realized in net income, net of income taxes of $(49), $(35), $(123) and $(63)
179 116 432 217 
Total other comprehensive income (loss), net of tax881 1,169 2,276 (10,675)
Comprehensive income$134,659 $102,235 $265,524 $199,633 
The accompanying notes are an integral part of these consolidated financial statements.




5


SEI Investments Company
Consolidated Statements of Changes in Equity
(unaudited)
(In thousands)
Shares of Common StockCommon StockCapital In Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTotal Equity
For the Three Months Ended June 30, 2021
Balance, April 1, 2021142,701 $1,427 $1,208,433 $634,651 $(15,403)$1,829,108 
Net income— — — 133,778 — 133,778 
Other comprehensive income— — — — 881 881 
Purchase and retirement of common stock(2,086)(21)(12,389)(116,809)— (129,219)
Issuance of common stock under employee stock purchase plan18 — 966 — — 966 
Issuance of common stock upon exercise of stock options394 4 12,374 — — 12,378 
Stock-based compensation— — 10,103 — — 10,103 
Dividends declared ($0.37 per share)
— — — (52,389)— (52,389)
Balance, June 30, 2021141,027 $1,410 $1,219,487 $599,231 $(14,522)$1,805,606 
Shares of Common StockCommon StockCapital In Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTotal Equity
For the Three Months Ended June 30, 2020
Balance, April 1, 2020147,903 $1,479 $1,170,649 $597,486 $(35,348)$1,734,266 
Net income— — — 101,066 — 101,066 
Other comprehensive loss— — — — 1,169 1,169 
Purchase and retirement of common stock(1,642)(16)(9,293)(80,161)— (89,470)
Issuance of common stock under employee stock purchase plan26 — 1,142 — — 1,142 
Issuance of common stock upon exercise of stock options158 1 4,851 — — 4,852 
Stock-based compensation— — 7,062 — — 7,062 
Dividends declared ($0.35 per share)
— — — (51,462)— (51,462)
Balance, June 30, 2020146,445 $1,464 $1,174,411 $566,929 $(34,179)$1,708,625 
The accompanying notes are an integral part of these consolidated financial statements.




6


SEI Investments Company
Consolidated Statements of Changes in Equity
(unaudited)
(In thousands)
Shares of Common StockCommon StockCapital In Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTotal Equity
For the Six Months Ended June 30, 2021
Balance, January 1, 2021143,396 $1,434 $1,190,001 $565,270 $(16,798)$1,739,907 
Net income— — — 263,248 — 263,248 
Other comprehensive loss— — — — 2,276 2,276 
Purchase and retirement of common stock(3,238)(32)(19,228)(176,898)— (196,158)
Issuance of common stock under employee stock purchase plan42  2,105 — — 2,105 
Issuance of common stock upon exercise of stock options827 8 26,754 — — 26,762 
Stock-based compensation— — 19,855 — — 19,855 
Dividends declared ($0.37 per share)
— — — (52,389)— (52,389)
Balance, June 30, 2021141,027 $1,410 $1,219,487 $599,231 $(14,522)$1,805,606 
Shares of Common StockCommon StockCapital In Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTotal Equity
For the Six Months Ended June 30, 2020
Balance, January 1, 2020149,745 $1,497 $1,158,900 $601,885 $(23,504)$1,738,778 
Net income— — — 210,308 — 210,308 
Other comprehensive loss— — — — (10,675)(10,675)
Purchase and retirement of common stock(4,075)(40)(23,060)(193,802)— (216,902)
Issuance of common stock under employee stock purchase plan47  2,248 — — 2,248 
Issuance of common stock upon exercise of stock options728 7 22,332 — — 22,339 
Stock-based compensation— — 13,991 — — 13,991 
Dividends declared ($0.35 per share)
— — — (51,462)— (51,462)
Balance, June 30, 2020146,445 $1,464 $1,174,411 $566,929 $(34,179)$1,708,625 
The accompanying notes are an integral part of these consolidated financial statements.




7


SEI Investments Company
Consolidated Condensed Statements of Cash Flows
(unaudited)
(In thousands)
 Six Months Ended June 30,
 20212020
Cash flows from operating activities:
Net income$263,248 $210,308 
Adjustments to reconcile net income to net cash provided by operating activities (See Note 1)61,749 53,824 
Net cash provided by operating activities324,997 264,132 
Cash flows from investing activities:
Additions to property and equipment(15,469)(34,442)
Additions to capitalized software(12,271)(12,533)
Purchases of marketable securities(81,541)(60,764)
Prepayments and maturities of marketable securities64,194 71,782 
Sales of marketable securities 64 
Other investing activities(11,000)(1,500)
Net cash used in investing activities(56,087)(37,393)
Cash flows from financing activities:
Payment of contingent consideration(3,965)(633)
Purchase and retirement of common stock(197,322)(219,404)
Proceeds from issuance of common stock28,867 24,587 
Payment of dividends(105,516)(103,914)
Net cash used in financing activities(277,936)(299,364)
Effect of exchange rate changes on cash, cash equivalents and restricted cash2,578 (10,545)
Net decrease in cash, cash equivalents and restricted cash(6,448)(83,170)
Cash, cash equivalents and restricted cash, beginning of period787,727 844,547 
Cash, cash equivalents and restricted cash, end of period$781,279 $761,377 
The accompanying notes are an integral part of these consolidated financial statements.




8


Notes to Consolidated Financial Statements
(all figures are in thousands except share and per share data)
 
Note 1.    Summary of Significant Accounting Policies
Nature of Operations
SEI Investments Company (the Company), a Pennsylvania corporation, provides comprehensive platforms, services and infrastructure—encompassing technology, operational, and investment management services—to help wealth managers, financial advisors, investment managers, family offices, institutional and private investors create and manage wealth.
Investment processing platforms provide technologies and business process outsourcing services for wealth managers and investment advisors. These solutions include investment advisory, client relationship, and other technology-enabled capabilities for the front office; administrative and investment services for the middle office; and accounting and processing services for the back office. Revenues from investment processing platforms are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.
Investment operations platforms provide business process outsourcing services for investment managers and asset owners. These platforms support a broad range of traditional and alternative investments and provide technology-enabled information analytics and investor capabilities for the front office; administrative and investment services for the middle office; and fund administration and accounting services for the back office. Revenues from investment operations platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Investment management platforms provide comprehensive solutions for managing personal and institutional wealth. These platforms include goals-based investment strategies; SEI-sponsored investment products, including mutual funds, collective investment products, alternative investment portfolios and separately managed accounts (SMA); and other market-specific advice, technology and operational components. These platforms are offered to wealth managers as part of a complete goals-based investment program for their end-investors. For institutional investors, the Company provides Outsourced Chief Investment Officer (OCIO) solutions that include investment management programs, as well as advisory and administrative services. Revenues from investment management platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Certain financial information and accompanying note disclosure normally included in the Company’s Annual Report on Form 10-K have been condensed or omitted. The interim financial information is unaudited but reflects all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of financial position of the Company as of June 30, 2021, the results of operations for the three and six months ended June 30, 2021 and 2020, and cash flows for the six-months ended June 30, 2021 and 2020. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
There have been no significant changes in significant accounting policies during the six months ended June 30, 2021 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
Variable Interest Entities
The Company or its affiliates have created numerous investment products for its clients in various types of legal entity structures. The Company serves as the Manager, Administrator and Distributor for these investment products and may also serve as the Trustee for some of the investment products. The Company receives asset management, distribution, administration and custodial fees for these services. Clients are the equity investors and participate in proportion to their ownership percentage in the net income or loss and net capital gains or losses of the products, and, on liquidation, will participate in proportion to their ownership percentage in the remaining net assets of the products after satisfaction of outstanding liabilities. The Company has concluded that it is not the primary beneficiary of the entities and, therefore, is not required to consolidate any of the pooled investment vehicles for which it receives asset management, distribution, administration and custodial fees under the VIE model.
The Company is a party to expense limitation agreements with certain SEI-sponsored money market funds subject to Rule 2a-7 of the Investment Company Act of 1940 which establish a maximum level of ordinary operating expenses incurred by the fund in any fiscal year including, but not limited to, fees of the administrator or its affiliates. Under the terms of these




9


agreements, the Company waived $11,256 and $9,714 in fees during the three months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021 and 2020, the Company waived $21,489 and $16,355, respectively, in fees.
Revenue Recognition
Revenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net). See Note 13 for related disclosures regarding revenue recognition.
Cash and Cash Equivalents
Cash and cash equivalents includes $313,481 and $347,082 at June 30, 2021 and December 31, 2020, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds.
Restricted Cash
Restricted cash includes $250 and $3,000 at June 30, 2021 and December 31, 2020, respectively, segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $101 at June 30, 2021 and December 31, 2020 segregated in special reserve accounts for the benefit of customers of the Company’s broker-dealer subsidiary, SEI Investments Distribution Co. (SIDCO), in accordance with certain rules established by the Securities and Exchange Commission (SEC) for broker-dealers.
Capitalized Software
The Company capitalized $12,271 and $12,533 of software development costs during the six months ended June 30, 2021 and 2020, respectively. The Company's software development costs primarily relate to significant enhancements to the SEI Wealth PlatformSM (SWP). The Company capitalized $12,172 and $11,785 of software development costs for significant enhancements to SWP during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the net book value of SWP was $246,005. The net book value includes $20,897 of capitalized software development costs in-progress associated with future releases of SWP. Capitalized software development costs in-progress associated with future releases of SWP were $13,409 as of December 31, 2020. SWP has a weighted average remaining life of 10.0 years. Amortization expense for SWP was $23,876 and $21,656 during the six months ended June 30, 2021 and 2020, respectively.
Earnings per Share
The calculations of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 are:
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Net income$133,778 $101,066 $263,248 $210,308 
Shares used to compute basic earnings per common share142,074,000 147,478,000 142,638,000 148,473,000 
Dilutive effect of stock options2,138,000 2,120,000 2,121,000 2,510,000 
Shares used to compute diluted earnings per common share144,212,000 149,598,000 144,759,000 150,983,000 
Basic earnings per common share$0.94 $0.69 $1.85 $1.42 
Diluted earnings per common share$0.93 $0.68 $1.82 $1.39 
During the three months ended June 30, 2021 and 2020, employee stock options to purchase 11,530,000 and 8,154,000 shares of common stock with an average exercise price of $57.77 and $58.26, respectively, were outstanding but not included in the computation of diluted earnings per common share. During the six months ended June 30,2021 and 2020, employee stock options to purchase 11,623,000 and 7,781,000 shares of common stock with an average exercise price of $57.77 and $58.50, respectively, were outstanding but not included in the computation of diluted earnings per common share. These options for the three and six month periods were not included in the computation of diluted earnings per common share because either the performance conditions have not been satisfied or would not have been satisfied if the reporting date was the end of the contingency period or the options' exercise price was greater than the average market price of the Company’s common stock and the effect on diluted earnings per common share would have been anti-dilutive.




10


Reclassifications
Certain prior year amounts have been reclassified to conform to current year presentation.
Statements of Cash Flows
For purposes of the Consolidated Statements of Cash Flows, the Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents.
The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the six months ended June 30:
20212020
Net income$263,248 $210,308 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation16,733 15,113 
Amortization29,075 26,217 
Equity in earnings of unconsolidated affiliate(68,415)(58,183)
Distributions received from unconsolidated affiliate68,064 73,241 
Stock-based compensation19,855 13,991 
Provision for losses on receivables2,088 (122)
Deferred income tax expense(6,869)(5,459)
Net (gain) loss from investments(709)2,086 
Change in other long-term liabilities987 (1,448)
Change in other assets(976)(6,135)
Contract costs capitalized, net of amortization429 (2,117)
Other929 (1,217)
Change in current assets and liabilities
(Increase) decrease in
Receivables from investment products(906)4,292 
Receivables(26,437)(11,134)
Other current assets538 (2,716)
Advances due from unconsolidated affiliate51,364 11,261 
(Decrease) increase in
Accounts payable1,525 6,357 
Accrued liabilities(25,721)(9,367)
Deferred revenue195 (836)
Total adjustments61,749 53,824 
Net cash provided by operating activities$324,997 $264,132 

Note 2.    Investment in Unconsolidated Affiliate
LSV Asset Management
The Company has an investment in LSV Asset Management (LSV), a registered investment advisor that provides investment advisory services primarily to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a limited number of SEI-sponsored investment products. The Company's partnership interest in LSV as of June 30, 2021 was 38.7%%. The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliate on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations.
At June 30, 2021, the Company’s total investment in LSV was $47,420. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $68,064 and $73,241 in the six months ended June 30, 2021 and 2020, respectively. As such, the Company considers these distribution payments as




11


returns on investment rather than returns of the Company's original investment in LSV and has therefore classified the associated cash inflows as an operating activity on the Consolidated Statements of Cash Flows.
The Company’s proportionate share in the earnings of LSV was $35,065 and $28,276 during the three months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021 and 2020, the Company's proportionate share in the earnings of LSV was $68,415 and $58,183, respectively.
These tables contain condensed financial information of LSV:
Condensed Statement of OperationsThree Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Revenues$116,392 $94,648 $227,229 $194,644 
Net income90,520 72,847 176,440 149,744 
Condensed Balance SheetsJune 30, 2021December 31, 2020
Current assets$129,529 $151,515 
Non-current assets4,023 4,296 
Total assets$133,552 $155,811 
Current liabilities$55,625 $77,077 
Non-current liabilities4,249 4,620 
Partners’ capital73,678 74,114 
Total liabilities and partners’ capital$133,552 $155,811 
On April 1, 2021, LSV provided an interest in the partnership to select key employees which reduced the ownership percentage of each existing partner on a pro-rata basis. As a result, the Company's total partnership interest in LSV was reduced slightly to approximately 38.7% from approximately 38.8%.

Note 3.    Composition of Certain Financial Statement Captions
Receivables
Receivables on the accompanying Consolidated Balance Sheets consist of: 
June 30, 2021December 31, 2020
Trade receivables$99,140 $99,106 
Fees earned, not billed300,834 262,167 
Other receivables12,782 25,046 
412,756 386,319 
Less: Allowance for doubtful accounts(3,188)(1,100)
$409,568 $385,219 
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.





12


Property and Equipment
Property and Equipment on the accompanying Consolidated Balance Sheets consists of:
June 30, 2021December 31, 2020
Buildings$210,053 $206,151 
Equipment147,224 141,820 
Land24,344 24,179 
Purchased software152,259 147,838 
Furniture and fixtures21,535 21,439 
Leasehold improvements22,246 21,604 
Construction in progress1,124 4,660 
578,785 567,691 
Less: Accumulated depreciation(394,743)(378,639)
Property and Equipment, net$184,042 $189,052 
The Company recognized $16,733 and $15,113 in depreciation expense related to property and equipment for the six months ended June 30, 2021 and 2020, respectively.
Deferred Contract Costs
Deferred contract costs, which primarily consist of deferred sales commissions, were $33,352 and $33,781 as of June 30, 2021 and December 31, 2020, respectively. The Company deferred expenses related to contract costs of $1,674 and $1,752 during the three months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021 and 2020, the Company deferred expenses related to contract costs of $4,046 and $4,749, respectively. Amortization expense related to deferred contract costs were $4,475 and $2,632 during the six months ended June 30, 2021 and 2020, respectively, and are included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There was no impairment loss in relation to deferred contract costs during the six months ended June 30, 2021.
Accrued Liabilities
Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: 
June 30, 2021December 31, 2020
Accrued employee compensation$65,355 $95,656 
Accrued employee benefits and other personnel15,073