Exhibit 99.1

 

Envestnet Reports Second Quarter 2015 Financial Results

 

Chicago, IL — August 10, 2015 — Envestnet (NYSE: ENV), a leading provider of unified wealth management technology and services to financial advisors, today reported financial results for its second quarter ended June 30, 2015.

 

Key Financial Metrics

 

Three Months
Ended June 30,

 

%

 

Six Months
Ended June 30,

 

%

 

(in millions except per share data)

 

2015

 

2014

 

Change

 

2015

 

2014

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Revenues(1)

 

$

102.7

 

$

84.8

 

21

%

$

199.1

 

$

163.4

 

22

%

Adjusted EBITDA(1)

 

$

17.6

 

$

12.8

 

37

%

$

34.4

 

$

24.6

 

40

%

Adjusted Net Income per Share(1)

 

$

0.24

 

$

0.18

 

33

%

$

0.46

 

$

0.35

 

31

%

 

Financial Results for the Second Quarter of 2015 Compared to the Second Quarter of 2014:

 

·                  Adjusted Revenues(1) increased 21% to $102.7 million for the second quarter of 2015 from $84.8 million for the second quarter of 2014.

·                  Revenues from assets under management (AUM) or assets under administration (AUA) increased 19% to $83.8 million for the second quarter of 2015 from $70.7 million for the second quarter of 2014; total revenues, which include licensing and professional services fees, increased 21% to $102.7 million for the second quarter of 2015 from $84.8 million for the second quarter of 2014.

·                  Adjusted EBITDA(1) increased 37% to $17.6 million for the second quarter of 2015 compared to $12.8 million for the second quarter of 2014.

·                  Adjusted Net Income(1) was $8.9 million, or $0.24 per diluted share, for the second quarter of 2015 compared to $6.6 million, or $0.18 per diluted share, for the second quarter of 2014.

·                  Net income attributable to Envestnet, Inc. was $2.5 million, or $0.07 per diluted share, for the second quarter of 2015 compared to $3.7 million, or $0.10 per diluted share, for the second quarter of 2014.

 

“Envestnet continues to execute on our platform development strategy, investing in innovative technology solutions which strengthen the engagement between advisors and their end clients.” said Jud Bergman, Chairman and CEO.

 

“During the second quarter, Envestnet onboarded $46 billion in new assets from conversions, reflecting strong demand for our unified offerings from large institutions and registered investment advisors. We believe Envestnet remains well-positioned to deliver meaningful organic growth, and to accelerate that growth through strategic activity, such as our merger with Yodlee, announced today,” concluded Mr. Bergman

 

Key Operating Metrics (AUM/A Only) as of and for the Quarter Ended June 30, 2015:

 

·                  Assets: $257.8 billion, up 23% from June 30, 2014

·                  Accounts: 1,028,201, up 23% from June 30, 2014

·                  Advisors: 29,541, up 18% from June 30, 2014

·                  Gross sales: $22.0 billion, resulting in net flows of $7.0 billion

 



 

The following table summarizes the changes in AUM and AUA for the quarter ended June 30, 2015:

 

 

 

As of 3/31/15

 

Gross
Sales

 

Redemptions

 

Net Flows

 

Market Impact

 

Reclass to
Licensing

 

As of 6/30/15

 

 

 

(in millions except account data)

 

Assets under Management (AUM)

 

$

74,643

 

$

6,665

 

$

(4,629

)

$

2,036

 

$

(757

)

$

 

$

75,922

 

Assets under Administration (AUA)

 

181,239

 

15,330

 

(10,352

)

4,978

 

(1,157

)

(3,138

)

181,922

 

Total AUM/A

 

$

255,882

 

$

21,995

 

$

(14,981

)

$

7,014

 

$

(1,914

)

$

(3,138

)

$

257,844

 

Fee-Based Accounts

 

999,649

 

86,218

 

(47,859

)

38,359

 

 

 

(9,807

)

1,028,201

 

 

During the second quarter, the Company added $1.3 billion of conversions included in the above AUM/A gross sales figures, and an additional $44.4 billion of conversions in Licensing.

 

Review of Second Quarter 2015 Financial Results

 

Adjusted revenues increased 21% to $102.7 million for the second quarter of 2015 from $84.8 million for the second quarter of 2014. The increase was primarily due to a 19% increase in revenues from AUM or AUA to $83.8 million from $70.7 million in the prior year period. Revenue from Finance Logix, acquired by the Company in May 2015, is included in the second quarter beginning May 6, 2015.

 

Total operating expenses in the second quarter of 2015 increased 19% to $96.2 million from $80.7 million in the prior year period. Cost of revenues increased 12% to $42.5 million in the second quarter of 2015 from $38.0 million in the second quarter of 2014 due to the increase in revenue from AUM or AUA. Compensation and benefits increased 27% to $32.0 million in the second quarter of 2015 from $25.2 million in the prior year period due to higher personnel cost from Placemark and Finance Logix, as well as higher non-cash compensation expense. General and administration expenses increased 20% to $15.5 million in the second quarter of 2015 from $12.9 million in the prior year period, due partly to the inclusion of Placemark and Finance Logix.

 

Income from operations was $6.5 million for the second quarter of 2015 compared to $4.2 million for the second quarter of 2014. Net income attributable to Envestnet, Inc. was $2.5 million, or $0.07 per diluted share, for the second quarter of 2015 compared to $3.7 million, or $0.10 per diluted share, for the second quarter of 2014. Adjusted EBITDA(1) in the second quarter of 2015 was $17.6 million, compared to $12.8 million in the prior year period. Adjusted Net Income(1) was $8.9 million, compared to $6.6 million in the second quarter of 2014. Adjusted Net Income Per Share(1) was $0.24, compared to $0.18 in the second quarter of 2014.

 

At June 30, 2015, the Company had $199 million in cash and cash equivalents, and its revolving credit facility was undrawn with $100 million available.

 

Conference Call

 

The Company will host a conference call to discuss second quarter 2015 financial results today at 5:00 p.m. ET. The live webcast can be accessed from the Company’s investor relations website at http://ir.envestnet.com/. The conference call can also be accessed live over the phone by dialing (888) 481-2864, or (719) 325-2187 for international callers. A replay will be available beginning one hour after the call and can be accessed from the Company’s investor relations website, or by dialing (877) 870-5176 or (858) 384-5517 for international callers; the conference ID is 8683272. The dial-in replay will be available for one week and the webcast replay will be available for one month following the date of the conference call.

 

About Envestnet

 

Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective, and fully-aligned standard of care, and empower advisors to deliver better outcomes.

 

2



 

Envestnet | Tamarac’s web-based platform for independent RIAs, Advisor® Xi, deeply unifies portfolio management, modeling, rebalancing, trading, billing, and reporting with a client portal and enterprise-level client relationship management (CRM) system.

 

For more information about Envestnet | Tamarac’s Advisor Xi, please visit www.envestnet.com/tamarac or follow @TamaracInc

 


(1) Non-GAAP Financial Measures

 

“Adjusted revenues” exclude the effect of purchase accounting on the fair value of acquired deferred revenue.  Under GAAP, we record at fair value the acquired deferred revenue for contracts in effect at the time the entities were acquired.  Consequently, revenue related to acquired entities for periods subsequent to the acquisition does not reflect the full amount of revenue that would have been recorded by these entities had they remained stand-alone entities.

 

“Adjusted EBITDA” represents net income before interest income, interest expense, accretion on contingent consideration, income tax provision, depreciation and amortization, non-cash compensation expense, restructuring charges and transaction costs, fair market value adjustment on contingent consideration, severance, litigation related expense, other income and pre-tax loss attributable to non-controlling interest.

 

“Adjusted net income” represents net income before non-cash interest expense, accretion on contingent consideration, amortization of acquired intangibles, non-cash compensation expense, restructuring charges and transaction costs, fair-market value adjustment on contingent consideration, severance, litigation related expense, other income, and net loss attributable to non-controlling interest. Reconciling items, excluding non-deductible transaction costs, are tax effected using the income tax rates in effect on the applicable date.

 

“Adjusted net income per share” represents adjusted net income divided by the diluted number of weighted-average shares outstanding.

 

See reconciliation of Non-GAAP Financial Measures at the end of this press release. These measures should not be viewed as a substitute for revenues, net income or net income per share determined in accordance with United States generally accepted accounting principles (GAAP).

 

Cautionary Statement Regarding Forward-Looking Statements

 

The forward-looking statements made in this press release and its attachments concerning, among other things, Envestnet, Inc.’s (the “Company”) expected financial performance and outlook, its strategic operational plans and growth strategy are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and the Company’s actual results could differ materially from the results expressed or implied by such forward-looking statements.  Furthermore, reported results should not be considered as an indication of future performance. The potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements in this press release include, but are not limited to, difficulty in sustaining rapid revenue growth, which may place significant demands on the Company’s administrative, operational and financial resources, fluctuations in the Company’s revenue, the concentration of nearly all of the Company’s revenues from the delivery of investment solutions and services to clients in the financial advisory industry, the Company’s reliance on a limited number of clients for a material portion of its revenue, the renegotiation of fee percentages or termination of the Company’s services by its clients, the Company’s ability to identify potential acquisition candidates, complete acquisitions, including its acquisition of Yodlee, Inc. (“Yodlee”), and successfully integrate acquired companies, the impact of market and economic conditions on the Company’s revenues, compliance failures, regulatory actions against the Company, the failure to protect the Company’s intellectual property rights, the Company’s inability to successfully execute the conversion of its clients’ assets from their technology platform to the Company’s technology platform in a timely and accurate manner, general economic conditions, changes to the Company’s previously reported financial information as a result of audit, political and regulatory conditions, as well as management’s response to these factors. More information regarding these and other risks, uncertainties and factors is contained in the Company’s filings with the Securities and Exchange Commission (“SEC”) which are available on the SEC’s website at www.sec.gov or the Company’s Investor Relations website at http://ir.envestnet.com/. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this press release. All information in this press release and its attachments is as of June 30, 2015 and, unless required by law, the Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events.

 

3



 

Additional Information and Where to Find It

 

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed transaction between Envestnet and Yodlee. In connection with the proposed transaction, Envestnet intends to file a registration statement on Form S-4, containing a proxy statement of Yodlee with the SEC. The final proxy statement/prospectus will be delivered to the stockholders of Yodlee. This communication is not a substitute for the registration statement, definitive proxy statement/prospectus or any other documents that Envestnet or Yodlee may file with the SEC or send to shareholders in connection with the proposed transaction. SHAREHOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

 

Shareholders will be able to obtain copies of the proxy statement/prospectus and other documents filed with the SEC (when available) free of charge at the SEC’s website, http://www.sec.gov. Copies of documents filed with the SEC by Envestnet will be made available free of charge on Envestnet’s website at www.envestnet.com. Copies of documents filed with the SEC by Yodlee will be made available free of charge on Yodlee’s website at www.yodlee.com.

 

Participants in Solicitation

 

Envestnet, Yodlee and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Envestnet is set forth in the proxy statement for Envestnet’s 2015 Annual Meeting of Stockholders, which was filed with the SEC on April 13, 2015, and Envestnet’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on March 2, 2015. Information about the directors and executive officers of Yodlee is set forth in the proxy statement for Yodlee’s 2015 Annual Meeting of Stockholders, which was filed with the SEC on April 10, 2015, and Yodlee’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on March 4, 2015. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. You may obtain free copies of these documents as described above.

 

Contacts

 

Investor Relations

Media Relations

investor.relations@envestnet.com

mediarelations@envestnet.com

(312) 827-3940

 

 

4



 

Envestnet, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

June 30,

 

December 31,

 

 

 

2015

 

2014

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

198,927

 

$

209,754

 

Fees and other receivables, net

 

29,232

 

20,345

 

Deferred tax assets, net

 

4,635

 

4,654

 

Prepaid expenses and other current assets

 

20,653

 

7,242

 

Total current assets

 

253,447

 

241,995

 

 

 

 

 

 

 

Property and equipment, net

 

18,283

 

16,629

 

Internally developed software, net

 

7,999

 

7,023

 

Intangible assets, net

 

67,911

 

58,654

 

Goodwill

 

126,367

 

104,976

 

Deferred tax assets, net

 

 

565

 

Other non-current assets

 

11,621

 

9,516

 

Total assets

 

$

485,628

 

$

439,358

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accrued expenses

 

$

48,451

 

$

48,247

 

Accounts payable

 

6,402

 

4,869

 

Contingent consideration

 

7,422

 

6,405

 

Deferred revenue

 

7,872

 

5,159

 

Total current liabilities

 

70,147

 

64,680

 

 

 

 

 

 

 

Convertible notes

 

147,627

 

145,203

 

Contingent consideration

 

5,194

 

7,462

 

Deferred revenue

 

11,893

 

6,954

 

Deferred rent

 

4,122

 

3,588

 

Lease incentive

 

5,253

 

5,550

 

Deferred tax liabilities, net

 

224

 

 

Other non-current liabilities

 

2,100

 

2,430

 

Total liabilities

 

246,560

 

235,867

 

 

 

 

 

 

 

Redeemable units in ERS, LLC

 

1,500

 

1,500

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

Stockholders’ equity

 

237,012

 

201,435

 

Non-controlling interest

 

556

 

556

 

Total liabilities and equity

 

$

485,628

 

$

439,358

 

 

5



 

Envestnet, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share information)

(unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Assets under management or administration

 

$

83,819

 

$

70,727

 

$

164,896

 

$

137,808

 

Licensing and professional services

 

18,844

 

14,102

 

34,221

 

25,560

 

Total revenues

 

102,663

 

84,829

 

199,117

 

163,368

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Cost of revenues

 

42,486

 

37,955

 

81,181

 

72,392

 

Compensation and benefits

 

31,956

 

25,157

 

63,491

 

48,616

 

General and administration

 

15,512

 

12,936

 

29,721

 

25,086

 

Depreciation and amortization

 

5,725

 

4,615

 

11,058

 

9,037

 

Restructuring charges

 

518

 

 

518

 

 

Total operating expenses

 

96,197

 

80,663

 

185,969

 

155,131

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

6,466

 

4,166

 

13,148

 

8,237

 

Other income (expense)

 

(2,251

)

1,839

 

(4,454

)

1,920

 

Income before income tax provision

 

4,215

 

6,005

 

8,694

 

10,157

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

1,679

 

2,355

 

3,647

 

3,639

 

Net income

 

2,536

 

3,650

 

5,047

 

6,518

 

 

 

 

 

 

 

 

 

 

 

Add: Net loss attributable to non-controlling interest

 

 

69

 

 

195

 

Net income attributable to Envestnet, Inc.

 

$

2,536

 

$

3,719

 

$

5,047

 

$

6,713

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to Envestnet, Inc.:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.07

 

$

0.11

 

$

0.14

 

$

0.20

 

Diluted

 

$

0.07

 

$

0.10

 

$

0.13

 

$

0.18

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

35,776,125

 

34,547,277

 

35,463,623

 

34,332,759

 

Diluted

 

37,654,074

 

36,805,758

 

37,504,028

 

36,726,121

 

 

6



 

Envestnet, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2015

 

2014

 

 

 

 

 

 

 

OPERATING ACTIVITIES:

 

 

 

 

 

Net income

 

$

5,047

 

$

6,518

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

11,058

 

9,037

 

Deferred rent and lease incentive

 

219

 

1,123

 

Provision for doubtful accounts

 

37

 

 

Deferred income taxes

 

808

 

 

Stock-based compensation

 

6,749

 

5,767

 

Excess tax benefits from stock-based compensation

 

(15,495

)

(3,203

)

Interest expense

 

4,697

 

 

Accretion on contingent consideration

 

651

 

824

 

Fair market value adjustment on contingent consideration

 

(1,902

)

(460

)

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

Fees and other receivables

 

(8,825

)

(5,009

)

Prepaid expenses and other current assets

 

2,090

 

2,455

 

Other non-current assets

 

(1,244

)

(1,136

)

Accrued expenses

 

(6,323

)

(1,559

)

Accounts payable

 

1,439

 

1,200

 

Deferred revenue

 

5,978

 

2,190

 

Other non-current liabilities

 

(330

)

144

 

Net cash provided by operating activities

 

4,654

 

17,891

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

Purchases of property and equipment

 

(4,912

)

(4,841

)

Capitalization of internally developed software

 

(2,208

)

(1,651

)

Investment in private company

 

(1,500

)

 

Acquisition of businesses, net of cash acquired

 

(21,712

)

 

Net cash used in investing activities

 

(30,332

)

(6,492

)

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

Proceeds from exercise of stock options

 

5,909

 

1,615

 

Purchase of treasury stock for stock-based minimum tax withholdings

 

(6,555

)

(1,695

)

Excess tax benefits from stock-based compensation

 

15,495

 

3,203

 

Issuance of restricted stock

 

2

 

 

Net cash provided by financing activities

 

14,851

 

3,123

 

 

 

 

 

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(10,827

)

14,522

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

209,754

 

49,942

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

198,927

 

$

64,464

 

 

7



 

Envestnet, Inc.

Reconciliation of Non-GAAP Financial Measures

(in thousands, except share and per share information)

(unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

102,663

 

$

84,829

 

$

199,117

 

$

163,368

 

Deferred revenue fair value adjustment

 

 

 

 

 

Adjusted revenues

 

$

102,663

 

$

84,829

 

$

199,117

 

$

163,368

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,536

 

$

3,650

 

$

5,047

 

$

6,518

 

Add (deduct):

 

 

 

 

 

 

 

 

 

Interest income

 

(89

)

(14

)

(211

)

(95

)

Interest expense

 

2,341

 

 

4,697

 

 

Accretion on contingent consideration

 

309

 

412

 

651

 

824

 

Income tax provision

 

1,679

 

2,355

 

3,647

 

3,639

 

Depreciation and amortization

 

5,725

 

4,615

 

11,058

 

9,037

 

Non-cash compensation expense

 

3,330

 

3,199

 

6,749

 

5,767

 

Restructuring charges and transaction costs

 

1,539

 

583

 

2,969

 

687

 

Fair market value adjustment on contingent consideration

 

(456

)

(460

)

(1,902

)

(460

)

Severance expense

 

262

 

 

855

 

4

 

Litigation related expense

 

 

17

 

 

17

 

Other income

 

 

(1,825

)

 

(1,825

)

Pre-tax loss attributable to non-controlling interest

 

437

 

296

 

867

 

486

 

Adjusted EBITDA

 

$

17,613

 

$

12,828

 

$

34,427

 

$

24,599

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,536

 

$

3,650

 

$

5,047

 

$

6,518

 

Add (deduct):

 

 

 

 

 

 

 

 

 

Non-cash interest expense

 

914

 

 

1,838

 

 

Accretion on contingent consideration

 

185

 

247

 

390

 

494

 

Amortization of acquired intangibles

 

2,137

 

1,532

 

4,020

 

2,998

 

Non-cash compensation expense

 

1,997

 

1,920

 

4,049

 

3,461

 

Restructuring charges and transaction costs

 

937

 

451

 

1,865

 

513

 

Fair market value adjustment on contingent consideration

 

(273

)

(276

)

(1,141

)

(276

)

Severance expense

 

158

 

 

513

 

2

 

Litigation expense

 

 

10

 

 

10

 

Other income

 

 

(1,095

)

 

(1,095

)

Net loss attributable to non-controlling interest

 

262

 

177

 

520

 

292

 

Adjusted net income

 

$

8,853

 

$

6,616

 

$

17,101

 

$

12,917

 

 

 

 

 

 

 

 

 

 

 

Diluted number of weighted-average shares outstanding

 

37,654,074

 

36,805,758

 

37,504,028

 

36,726,121

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per share

 

$

0.24

 

$

0.18

 

$

0.46

 

$

0.35

 

 

Note: Adjustments, excluding non-deductible transaction costs, are tax effected using an income tax rate of 40.0% for 2015 and 2014.

 

8



 

Envestnet, Inc.

Historical Assets, Accounts and Advisors

(in millions, except account and advisor data)

(unaudited)

 

 

 

As of

 

 

 

June 30,

 

September 30,

 

December 31,

 

March 31,

 

June 30,

 

 

 

2014

 

2014

 

2014

 

2015

 

2015

 

 

 

(in millions, except accounts and advisor data)

 

Platform Assets

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management (AUM)

 

$

53,063

 

$

54,935

 

$

72,120

 

$

74,643

 

$

75,922

 

Assets Under Administration (AUA)

 

156,723

 

164,639

 

174,249

 

181,239

 

181,922

 

Subtotal AUM/A

 

209,786

 

219,574

 

246,369

 

255,882

 

257,844

 

Licensing

 

412,141

 

448,169

 

466,982

 

493,284

 

534,674

 

Total Platform Assets

 

$

621,927

 

$

667,743

 

$

713,351

 

$

749,166

 

$

792,518

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform Accounts

 

 

 

 

 

 

 

 

 

 

 

AUM

 

239,367

 

255,359

 

310,351

 

319,896

 

332,738

 

AUA

 

596,886

 

642,192

 

667,274

 

679,753

 

695,463

 

Subtotal AUM/A

 

836,253

 

897,551

 

977,625

 

999,649

 

1,028,201

 

Licensing

 

1,659,313

 

1,830,678

 

1,881,352

 

1,982,773

 

2,044,355

 

Total Platform Accounts

 

2,495,566

 

2,728,229

 

2,858,977

 

2,982,422

 

3,072,556

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisors

 

 

 

 

 

 

 

 

 

 

 

AUM/A

 

24,945

 

24,887

 

28,605

 

29,023

 

29,541

 

Licensing

 

8,583

 

11,266

 

11,632

 

12,306

 

12,870

 

Total Advisors

 

33,528

 

36,153

 

40,237

 

41,329

 

42,411

 

 

9