SEI Investments (SEIC) 27 Oct 222022 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. And welcome to the SEI Third Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, today's conference is being recorded. I'd now like to turn the conference over to the Head of Investor Relations, Lindsey Opsahl. Please go ahead.

everyone. Welcome, joining third for call. XXXX on us you quarter today's earnings Thank

leaders our me Ryan McCabe, SEI's Chief is Dennis the are today's Sanjay Financial also each SEI's and Joining Withrow. call Controller Officer; Sharma, Hicke, and on Kathy Klauder, segments, business Paul Chief Wayne Executive Officer; with of Phil of Heilig, McGonigle, us.

a overview Dennis switched our results, for call. we'll the first our to provide call As will quarterly of Ryan then questions. prepared the update, an format a business up reminder, including strategy the each of business we Company's of remarks, provide and segments. up will those open our After

materially. appear make refer regarding are Exchange statements to differ risks certain Ryan? to uncertainties Hicke. may in that cause results filings the to to on would Investor I'll This forward-looking Ryan today's Webcast available responses out our and now that, like With forward-looking webcast We our be we remind our to Before our we call that statements of today's update earnings a Securities notices release subject like We call presentation live begin, you actual and to our and will do earnings Events to our and CEO, that that I'd during website at have section is that with and your Relations Please our statements. forward-looking release any in of website. Commission. under turn will in being seic.com. and can point the the replay not of undertake to questions, press be over and the found page

you Hello, today. us everyone and for joining Thanks, Lindsey. thank

alignment of and and our SEI helped growth. continued enjoy has to values with more Over with insight what remarks, of units working leadership clearly on deeper I the After accelerate call. is close, chapter my to of many been this and engagement before The in structure spend energy quarter step related management clients, has the me the time the of you focus evolution asset Clients next the but Later the invaluable. to prospects critical our announced the on strategic market driving Wayne in organizational quarter, and the Withrow. will dive of delivering a growth. businesses the how into employees, and our call, SEI's we I've interaction under

quarter revenues Third X% declined ago. a from year

earnings year quarter Our were a ago. third from down XX%

of decreased quarter from XXXX. of the $X.XX the Third $X.XX third EPS XX% recorded quarter in

the executed program our a in quarter we quarter The the financial third XXXX. $X.XX in for separation noted second quarter. share from per voluntary the or on impact call, the approximately was be $XX of million impact As which majority would final of recorded

create employees designed and perspectives, space concurrently an program fresh to stated have and their option external As explore to was to create for diversity, for experience. mobility, this SEI tenured I an before, opportunity life ambition internal

momentum net all proud $XX our a that build SEI, details was this changes for results moving later, events on of and off at to recurring. were $XX.X further million, mainly will financial translates while $XX work a totaled In $XX.XX continue to committed share. approximately in solid sales stock every our we repurchased stock in shares of Senior the repurchases. were into not because best We repurchases employees Net million the Executives. need of to is we are I'm teams. XXX,XXX go quarter, our price recent SEI million quarter selves to Dennis sales really This their an we We where down market forward. which of day. positive Stock into SEI for bring but environment through of the per

the remain will continue our business. factors economic markets, grow into the about we going to to markets. present but how necessary role and vigilant, opportunity we Since exploit other June, strategically across and as volatility, stepped make CEO wealth our in and Trends and capital accelerate with our inflation, we to changes market enormous both deploy management entire place on for the SEI across have and we're I As competitive inorganically. organically reviewing been conviction opportunities advantages act to growth, pressure business

breadth the critical management asset and business announced that's to and business, under businesses asset During management asset strategy I'm advisory investment across an institutional success. the management Institutional the management implementing distribution the management management quarter, our together our bring that will we financial capabilities unit, of and all Wayne. intermediary our By and ultimately globally. business more complete expand all across This provides experience business, organizational investors' personalized expertise confident Withrow. channels. that of our can rapidly we footprint both aligns report our SEI's business, businesses, depth we our alignment private of Wayne wealth asset the to of structure

will here integration. segments available meet Wayne, Last demand advanced new distinct creates structure streamlined have more steps market in today call. decision-making, took of accordingly. a and for we we Wayne, While segments run quarter the results the Sanjay, Paul questions market that later these be to report the continue and to data and and for will we also Sanjay Paul, more by are

consumption business our we reporting. SEI have SEI of to currently this two need investment advanced adopt launched all We application data across with the cloud. and engage and development, power data deploying of Wealth a cloud this managers' businesses, multiple clients continue Snowflake we clients to Platform and SEI meet into solution. SEI large with As entered partnership clients To strategic data, growing amounts real-time increasingly analytics, access to need, including

alternatives combining a that lines segment both both we record and regulatory new Managers had utilize who to Turning business. the new office And client. our we Investment major clients. Globally, In with client SEI competitor. we and added added market, middle of a administration will offerings for equity capital another private with took significant our was services. quarter, venture traditional market, fund expansion service increasing a previously sales of sales new on the name large in and events manager the a existing The operating business continued

engaging they are net expand market that professional client with high on more affluent feel is and assemble and worth this positioned more to dynamic especially We advisors. base mass seek We uniquely to their on have growing SEI through access to market, as talent focused to strategically begun this initiative. capitalize our

to from equivalent alternative seeing are clients more demand products. We investment for access institutional intermediary our

Turning business, to and had solid the another quarter. Advisors we Investment active

the believe completed solely have Connect, that our track for by our client platform results prospect unbundling don't on the great portal segment year. in an of last the signs the all our platform the market acquired encouraged strategies of potential, Investors The SEI predominantly architecture are wins digital reflected built we This and well, and are of the on clients early client our experienced Institutional we year. investment version and endowments. we to the it with are they foundations While launch application offerings RIA launch quarter, entirely including reflect the is currently we and first of a production this engagement team on of end as In and cloud-native new we focused our showing success. of

and we advancing focus for quarter, leading opportunities ECIO Novus continued using proposition. and on OCIO OCIO the more SEI to the deals During sophisticated

business. believe existing SEI of will to us on excited the also Private We integration the about Management Wealth are this into both position relationships We sides. institutional leverage

as from greatly and In an benefit live Platform. We Institutional from rates a market increased Bank's partnership U.S. This and of business Bank that deliver on will Bank that book converted business, disciplined the carry the how active is into U.S. TRUST business its a market to to aware conversion future. in defined sales it Wealth our client to with interest general represents service using Private solution. headwinds We notably for will confidence the longstanding and the are this. persist SEI of we go in we solution remain the the we an quarter their through XXXX conditions appreciate and most given had initial business the manage significant, implementations, new first we SEI impact software will

new name also clients, of both platforms. were competitor two using We signed which

this sales to and activity. right-size continue in accelerate segment will We look to expenses

last stated improve are our well on efficiency I segment assessing surgically as to investment do investment. consolidating the business, to return working to and our across quarter, operations, our so, platforms, in as teams spend As operating we technology appropriate ensure and

opportunities a moment Additionally, we in the segment. our some new are I'd positive growth like areas to actively create clients take and enterprise. to highlight traction more to also in investments engaging cross-sell business across

market We platform, growth making strong convictions and security Sphere, SEI our continue to investments accelerate to strategic new around opportunities. have evaluating cyber

successfully migration as In prospects. to We and that Sphere, services have success during this had within to also sold service clients. additional quarter continue we new solution space. SEI, private well We've our existing pipelines business, clients early build in of especially new the are to the added the management cloud clients upon four wealth cross-selling as SEI our sold

remains on clients markets call. design has strong. finally, report their with LSV will and their volatile our approach portfolio our confidence in the goals-based Dennis with the Our resulted invested on results fully remaining later partnership financial in and weathering And performance.

end, sharing, future during we mentioned employees, call, programs I skills, and in to that investing talent, and and are embracing initiatives Ewing on transitioned existing with As advance the markets. quarter, development. services, and segment and of opportunities is we these to Sandy from in To announced mobility office professional offerings quarter's SEI's has leaders working committed and idea that family internal regulatory last focused in where SEI's also XXXX strategies business business she our lead for closely to growth execute rotation TRUST new

drive As veteran leadership experience efforts. confident SEI, and to in Sandy's a I'm of XX-year these

equal inclusive to a respected end, Presidents a to make workplace identity. advantage where multi-year Lastly, valued, excited welcomed, CEO every do day, culture. launched and to we initiatives believe feel and signing diversity, more we know why are initiative To in regardless the I've even I'm inclusion. supporting competitive employees, inclusion. going joined our We do equity, creates Action and workplace like act for the it's our than the to diversity CEOs and we're foundation of SEI's we to employees communities, society at continue their in touch critical a an of on XXXX the culture enriching and for our every that for importance, and Pledging more We what day bigger and foster to share large. for on that efforts future. also culture that I'd

we we year to out on to As changes look that our and on help us are execute closed designed opportunities. continue capitalize ahead, the making

culture and and for focused and now to identifying existing looking financial the prepared Dennis new remain on that organic This acquisitions remarks. over accelerate strategies businesses, Dennis? it maintaining to developing will our align the talent growth and discuss will our strategy, We quarter. I my growth engines, and concludes our results in across enhancing accelerating company. entire for turn

will information quarter and I related our Thanks, to Ryan. cover company for the units. the

during mentioned, the for EPS $X.XX and compares for This second Ryan quarter As quarter to third quarter XXXX was XXXX. the $X.XX. $X.XX of

one-time quarter our separation or Third equates related million, $XX program $X.XX approximately which voluntary to a results reflect share. to of approximately charge VSP per

million severance $X.X share quarter incurred to or during we in unrelated addition, $X.X per the the costs VSP. In

last and million quarter Excluding to in for in will in quarter. million be items, was expenses second and the the for million $XXX XXXX million compares million EPS quarter were to which quarter. for expense $XXX second $XXX compared $XXX the $XXX $X.XX. the million these one-time Total quarter year Revenue $XXX

and related growth main and of regulatory impacted by quarter. and in expense of relatively approximately We costs $X lower lines. jurisdictions expenses we million, compliance The to to severance, support management requirements not items quarter. and the be were inflation Also, see quarter revenues no the a continue operate. approximately the meet from asset the to for the our million. administration capital year-over-year second during Excluding $XXX quarter revenue talent quarter. markets the pressures remained to growing the Revenues are increasing second across There the were business related VSP XXXX the flat the from expenses do decrease Processing inflationary unusual during to abating. drivers which necessary of infrastructure from

opportunities growth growth As to business of areas a allocating priority. accelerated Ryan mentioned, to spending rightsizing our expenses are and

have centered expenses will impact our VSP stated we forward, is believe going While reducing it that in not on so. the we run-rate doing a positive have

Trust and discussed impact is announced we of X-K of and revenue. are $X.X America, banking last sales the filing and which a million Private were On one management-related Trust of net the sales were or expected totaled sold revenue $XX.X of processing during annualized quarter The This sales, our is Retirement $X.X asset last generate sale client excluding next million SWP of Planners recontracted one sales quarter events the current million. businesses, in million front, $X.X is million. $XX.X net private businesses XX based IMS in revenue. second-quarter of a $XX.X We reflects recurring. In in million Sable $XX.X and backlog approximately XXXX our sale to deconversion quarter. to Computershare. months the processing RPOA to in but million XXXX million banking on year The new expected-to-be-installed which net recurring $X.X an approximately

the The strategy Fargo. by and has XXXX of revenue Financial Group last which any led divestment announced discussed from reflect this quarter, to divestment created their Principal this its business part. backlog Computershare own continues from Wells potential previously quarter some this the As assess does to opportunities in sale were not Wells. signing Wells to on

As supportive quarter a strategic forward reduction business, in and million. this of take relationship approximately downsizing served likely partner a on it recurring to in however, in business. reflect booked on are Trust current of None additional as of client million their $X.X million contract a of are the fourth $X.X going million opportunity success. a and quarter. activity, their a Bank and $X Also, to book in with of continue. revenue revenues have of by we approximately their clients Bank $X Wells The we discussions of may direction with result M&A reduction involved with they and mentioned we to ongoing, result we discussions Last quarter, their are in Wells their is great State Union California Street will that two by one-time smaller business I XXXX FNZ. are of client. a U.S. discussion the has adjusting

quarter We the have by Street capital the is SEI AUM impact from in been notified its and revenues. first State to deconvert deconvert that to State XXXX. approximately and private own net year. quarter expected late revenue is second represented UBOC impact Street, per related by they late plan reflect in XXXX, of of million UBOC markets total Profits on Banking The $XX.X

reduced While to from the of sales Expenses direct revenues with and positive were net $X.X was the lower was second quarter. revenue resulted asset This and from the million, a in asset costs management quarter from XXXX. markets due quarter associated down reduced capital in partly second management amortization expense.

focus We under Sanjay's on will continue spending to leadership.

quarter which On reinforces the an market the reflecting increase. outsourcing were sales IMS our million belief remains activity net trend million, to The $XX.X that active continuing front, the recurring. $XX is sales of robust is for of and quarter

by deconversion quarter In installs. average client recurring a the over addition, markets totaling we've to $XX.X clients annual three-plus Revenue recontracted million an for was offset second and in flat in client capital years. with length impact revenue reflecting of QX of the quarter

of We reflecting expense continued Expenses clients. also overall continue were despite to inflation top see pressures our growth essentially flat management. with many

of next sold but million. in XX expected recurring Our revenue $XX.X install is the backlog months to

margins by on platform net built a positive existing quarter market Moving RIAXX onto period a third $XXX million XX our new In see during Investment down our the We same strategies $XXX cash firms. quarter for we part flow as million segment, ETFs RPOA the in result is the strategic we their the including This past deconversion. and flow, slowdown reflects million. strong, well and OCIO quarter but clients. recruited advisors were capital were million. remains years, Advisors, activity market hold pressures have as in portfolio approximately for into sales cash to $XXX Institutional launched of from Investment and cash quarter direct of losses advisors increased XX and on of events Gross $XXX activity of $XXX and million. the second the new down a indexing our $XXX client dedicated tax-managed reengaged were flows both net over growing Revenues to helping generated were our direct sales net totaled number two Advisors positive Expenses the the mid-XXs. in and initiatives Investors producing in the for million. impact the the momentum Advisor continue advisory

also at sales market capital the the unfunded were were second down SEI as sales second Net of In investment gross well by One quarter revenues in offset down as quarter general a in client related The principally investments were recurring were equates million expense quarter Expenses was reduction had flows. for this Expenses net quarter work new Third we for of to reduced when flat one-time in the in were the in foundation end endowment second the item positive U.S. implemented. segment client in quarter segment. segment, quarter. costs to to and for direct due the due current $XXX,XXX Business $X.X reflecting the quarter. backlog activity to billion. Revenues down to management. and sales $X.X New spend our new revenue

negative We quarter. compared of in were $XX.X reduction shifting capital de-risking performance. to LSV performance lower second client from were during appreciation $XX.X $X expect to to the billion. quarter, this while for net recorded $XX.X was flat second flows, result a sales when relatively existing quarter. billion. Market performance the million expenses essentially and quarter. in and during flows flat in in Net reallocation declining, segment of of have LSV markets gross million during this levels. to due initiatives do million compared $X.X as and first The relative are approximately fees billion highest This the the were remain clients exchange quarter. reflecting to positive since million the second quarter revenues sales volatility $X.X Revenues of fees that quarter note, the with companies sales active activity was Many current a XXXX. continues during the quarter. $X.X LSV profit to foreign $XX.X dealing to compares produced net million to LSV while

While dollars, euro, to profits, British the XXXX, company we when immaterial. of was compared the and do the net quarter pound, U.S. to revenues have impact expenses second in and

quarter my rate quarter. second That for was the XX% concludes tax consistent Our remarks. with

Thank now will and As a on reminder are the of our questions. heads all unit we any take call you.

[Operator Instructions] ahead. with from go of the Please Our question will first line Lau Oppenheimer. Owen come

for question. my taking you Thank

Let's start new incremental with revenue think new Thank investors you. also, have How And do any expense the structure. off of asset this you structure ideas? and here? about kind management implementing of the opportunity should the expectation timing about and

Thanks call some I'll for answer as to thanks I'll or give overview well. the commentary quick to question. Wayne and, for turn that a provide then the of

that's expertise advisor, then the So and opportunity in you around the evolving, have space think definition alignment. market segmentation about should about traditional I business. the market aligning that a getting investment way together we see structure really lot kind be and necessarily as in really that strategy affiliated When the a optimism units. from management the believe across with the and to you at our of that whether And intermediary position of putting these and thinking effectively distribution a support and away one asset some space, of most these puts enthusiasm management look to a changing intermediaries really really leader advisors a is RIA importantly, we really units, We of units broker-dealer we unit the as our of that growth under in for us real segments. not the the capital more allocate each big

have our accelerate talent. in possible the us So Wayne, thoughts thought that's with will we in I engineering really strategy a Owen ourselves or that to go-to-market really well. we positioning and more really But it's this any way comments the best as room growth know, don't aligned really, about have if for cohesive you accelerate alignment that.

I what say I about Ryan. all would guess Thanks, this is, growth. Yes. is

all the combining level has these I appreciated our concept a opportunity gives across we institutional, think done even innovation operations, of our this really in is By of our SEI great leverage think Company and fully better leveraging us non-U.S. maybe built leverage. units, investment create a upon always job - before. to we've to solutions intermediary, and of some U.S., haven't we

can markets. those we further client-facing So that leverage in addition technology our in basically to how

So untapped growth as client us for we opportunity see the side. this on

a Yes. of Wealth the I Paul. in would just Management in single-family add. individuals One to is leveraging The integration of This wonderful direct is Private channels. integration Institutional and two one wealthy accretive. lead opportunities without the well many to investor to members times be is flows as institutions institutional that those committee and really being doubt, are able natural will up offices mind and sense

sitting number cross meetings those that, on members, While weeks. of converts on place We've in over we've that committee for get able those the of side, many already had well as so leverage. to also a doing two being last the

the I'm So, excited what it and holds. that very where stands, integration on about opportunity

I million the want discussion, to you is $X should that first modeling offset relationship. million? to that Got quarter may to I And then million $X in include Wells just a there is that there million and mentioned of we Dennis, it. $X quarter then a reduction we revenue it per about quarter. helpful. should from $X.X talked is $X.X fourth Fargo perspective, forward? quarter side? like So That see the think to about down any super it's you. $X.X correctly, then And fourth expense one-time $X.X Thank ongoing. in million And way going $X the out? million any negotiation But million it from have how million XXXX the of from model I the impact the also If to you

Yes.

get SEI to wouldn't reason reason and forward. signed was financial the of an any it follow up really they disclosures. table is Independent thinking now to is why this the going I get we And because thought a have do it's about because kind do we agreement impact, range with in of your in the if we suggests, it important mentioned So include on it

and though So we're really with it's would Wells. it I way. let's that not in our Even conversations the - models, put done

very That's Got helpful. it.

And about that cost the Principal we're live processing went your already us - part I'd with cost-benefit working by got business we've now we're Computershare the through capturing say question less on that Group more on Trust extent of that's to fact XXXX the Wells, implementation. takeout, from on actively the and already

So add? Sanjay go we get don't as well. to they might some when anything benefit live I know,

I Dennis. No. agree

they're live Computershare, So as early this with Principal Financial And Group, already part them. of the year. actively quarter-one are working implementation we

fantastic. That's Okay.

Just one expense. final question on

I market expense very I that. Thank may But think talking many the expense that base but about ideas areas can other is other know companies the the further manage restructuring, in We are know tight potential conditions market if any than control. management some there the further? that asset condition, never have given you you deteriorate. you.

of So think and the managing expenses around judicious the put, be discipline have I'll that. always we're company simply will about to going I

is expenses That of said, be I we we think investments our we've got think and overall, SEI terms nothing reiterate want terms we're track times areas also how areas where sent We record to our we allocating change to July that really pretty in some try I will in But going a we of believe can today I to manages in that take of maybe capital in well hopefully advantage corporately. long-term that. believe where trying around as to being accelerate aggressive message that we accelerate extend, discipline we're and difficult have to a position. the market these of of think advantage.

it. you Got Thank very much.

welcome. You're Thank you.

of comes go the Stanley. Kenny Morgan line next Please Our ahead. Instructions] [Operator question with from Ryan

my taking good thanks Hi, afternoon. for And question.

Hey, Ryan.

from you variable? the give the much Can the segments, what's the some how you of reallocating is last overall more margin? us company a Just across question. fixed takeaway on the And color if are for follow-up base expense versus

at Ryan is this to me one, looking Ryan. answer

assets, costs on funny it's our some makeup, that we have to tied look we the variable so works. So, fees. expense When sub-advisor do at how

pretty adjusts that So quickly.

We to have tied activity. variable costs trading some

as the - down. of the So allows adjust we predominantly, that of us I down-trading base, our say of majority but one is of sort variable of of firms the base. employee That we and where costs help it with the have to things fixed-cost get work we to do that grow. drive to being we that trading said, outside off as how manage the would base, tied volumes do that that that there are space different leverage as fixed-cost staff activities predominantly a our because predominantly fixed-cost technology I there. - But We're base higher And supplementing is fixed-cost say is of also and own technology drive sure because that and and would resources for scalability margins categories of variable. company we would probably that variability complementing

behalf of Some of that made clients. cost is tied we've on to commitments

not those a to ours had you future, we is certainly do a of some times. Not things down a think would the to 'XX, are us try are necessarily things to suggest for in really significant 'XX advantage to or to are that then because I to things will, and way can. is have are there spending reasons if be in need in good. in run although back run those, whether market variable expenses, and to you avoid again, would changes where committed So didn't And of adjust decision didn't lean times on one aren't the to side pretty that we lot client to when that our do third-party lot I'd with have edges, out would with markets, partners is tied spend are this, available work we variability going to critical keep that unless but to frankly try adjust, tough to our take did eye of that we because the - we to slow of 'XX, sets in on we Then good cost-cutting we but last the opportunity the there something because to nice increased 'XX, tough we a Company position optionality, if times category doing, to up point we where do overspend out an it go 'XX, to we back third the the We around moment. And period those cuts coming you take times. area an put we problem a to trim to to of of actually areas That's in us fat to there's in when we not best a always 'XX decide really so out. of good that tough way. cut projects

markets, The this tough can same other clients thing maybe Phil are and is the Wayne on, business. even as Sanjay our in comment in

as talk Sometimes doesn't improve? things and tougher up business opens for Phil, And opportunity well model as you And how us. it want maybe about experience to to markets their ours. respond your before

before segue clients. before we around pool opportunity think and services be good because investments do had and we it for of opportunity, that, but I more and of investments. we it's money. some I a little our don't question quarters, deliver momentum we're acting you future two how that fixed the we we've see we're as to a we're see existing to good at maybe going looking fill reallocating. I a see great to But look And accelerate better lot also bit said to is so be your And thing a We decisively to where other of Ryan think going kind at think

can the and whether Anytime an it's turnover faster, Sure. clients better, our cheaper. do them We outsourcing things that for and in opportunity Thanks, or having with it's expense Ryan. challenges, challenges IMS come there actually help on are side.

I time as But launching So and more scale ability actually the same products. over has of getting new it's time management help to really or clients driver are our at as think our our success last big the they're so. squeezed their quarters a few fees over been more

across these company IMS for of and So challenges in I future. great any in or that us think, spot, seeing is any a the opportunities actually we're

have Ryan, wrap we Then variable up to do comp.

mentioned So should I have that.

variable So in of a our are compensation chunk nature. costs

lever that a that's certainly have. So we

certainly that's very This a to at about one would I to even we pay for now in ones, they're coming, the us to than better going visibility. everybody tough be more because last the do is most last of didn't. But it just times then was compensation to there help how to that an tough cycle is markets, to We've talent take the it workforce talents the out help think Board abrupt. different though seems to us - attentive on of - coming, of talking whereas come. talent us cycle opportunities our can we that element people market will clients position attention answer. coming like now would felt in people our it. and opportunity of when if and this most in So times package, people it's be got prospects But cycle want see them didn't a the think we. I one we to is even that work-to-work because the is overnight the premium, moving take pretty better advantage And a that in their Research our that about coming, some not we're today, toughest care what's as thing see

you. Thank

of ahead. And the our Bailey Please queue question in Sachs. comes final go with from line Ryan Goldman

everyone. for the Thank question. taking you Hi,

to just the wanted some stuff I of within private through So banks. walk

backlog? the million the in per up to through to be of lead $X profit quarter relative $XX.X operating commentary the sales midpoint, at of think million reduction I the quarter. I in the you're think making that - for a some us bank in changes headwind It's segment put about that of segment. of think Wells help way of million M&A are at terms of in segment the the revenue. to a private this implementation the waiting both headwinds million what to into, was total revenues $XX.X can you $XX.X a million revenue would reduction Long-winded faster support for $X.X and better million sort to annual That's would dynamics $X revenues.

Right.

- of big that replacement out you it's here. I'm of the plus the So most million brought the glad will, that $XX if part pass out. But, backlog, I'm Sanjay glad answer that One you control. that's our to revenue on quickly for is you

how going the So that's front. the things talk implementation that and good maybe news. are on cycles I'll let Sanjay, about

Sure. Thank you, Dennis.

million-plus are in tracking at implementation signed we're those $XX about look actively closely. Those backlog. very you if Dennis So, is the talked working milestones we are the clients. backlog, of signed flight and And with those

basis. so itself, executives have on can think those that monitor partly respect to and implementations. the so weekly both SWP committee to mutually four experience With for manage plus have their I it's We with a significant stay we implementations, we track on organizations, how far senior beneficial changes streaming those on with XX meetings and

the of one-off At So call will that, all time, in At basis are that our change track. same I we're this improving clients, deliver are super ongoing clients to be backlog. we actively time, for fairly they with us. would of we we same where Dennis how with stay on feel out making engaged engaging and terms the to the confident I, implementations. our significant we are able

this at you new change providing our holding actively necessary a with key and them And management, adopt ensuring management to we're platform. any they change look that hand organized working so the we change, why that's If is training, the clients are can that implementation function.

model urgency the we're think value could very that's we clients are I out something I have our expenses operating of of the Sanjay on and an think this point, and the their role. And manage the level and increased while of we're where seeing is the Dennis's at lot of in firms and confidence demand the clients think been receptivity activity talked of I gives prospects. people in effectively other in engaging team we would lot about say executives previous a that SEI his quarter proposition. our and us about and the a with really And market focused important To engaging for a But just play our unit. increasing looking outsourcing I with that activity

helpful. Okay. That color is really

other want organizations. front? we Ryan we too, think the do talk your because sales about I sales question to How Sanjay, sales on was - about

Yes.

U.K. front ourselves. team market reestablishing on the On the there created we're well, - ground. We've we actively as the sales sales in the one

established have support well. there the We sales function as

in the is team Similarly, the here a ground more overall we on consolidating and U.S. pipeline are the the the overall So the of a forming in sales sales as process process creating there there. of well. market, uniform providing structure and

on client We existing around the things. is with sell our base. are cross focusing two One

debt. base, of what said, us. on Again spending can revenue how terms avoid repeating We for are we of so that's part I'm creating important extremely with engaging leakage our stream. us have uniform that process cycle, client a second time our pretty any we is Ryan our for we our clients solid existing extremely in in improve sales And the important so

So are cycle key we which market. our U.K. areas those U.S. focus are the through some going to of sales both for expedite and

Understood.

a thank Okay, the assets expand shifting It if investment you on I And managers. big within and there on decrease bit, little was maybe in gears the deconversion AUA looked you. then side. wondering a there was could like

the us behind think was well, traditional please? deconversion through or as So what assets, reason if that you help whether type alternatives of and more the could

Phil that didn't into really asset is - to Yes. market but ways us little Yes, were bit to quarter-over-quarter just alternative very balances wheelhouse. parting a a the fee-off Sure, low due also down Ryan. client was fit This strategy McCabe. we with impact, our that

dollars also fundings. that was millions So new offset of in client by

how happen, So you that that's one-time assured a was event. rest it but can it

Got you very it. Thank All much. right.

have questions in we no speakers further queue. And

I'll CEO, it any over So comments. turn Ryan final to for Hicke

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