Exhibit 99.1
Envestnet Reports Fourth Quarter and Full Year 2010 Financial Results
Chicago, IL – February 10, 2011 – Envestnet (NYSE: ENV), a leading provider of wealth management solutions to financial advisors, today reported financial results for its fourth quarter and full year ended December 31, 2010.
Financial results for the fourth quarter of 2010 compared to the fourth quarter of 2009:
| • | Revenues from assets under management (AUM) or assets under administration (AUA) increased 33% to $21.8 million for the fourth quarter of 2010 from $16.4 million for the fourth quarter of 2009; total revenues, which includes licensing and professional services fees, increased 27% to $27.6 million for the fourth quarter of 2010 from $21.8 million for the fourth quarter of 2009 |
| • | Adjusted EBITDA(1) increased 56% to $5.5 million for the fourth quarter of 2010 from $3.6 million for the fourth quarter of 2009 |
| • | Adjusted Net Income(1) increased to $2.3 million, or $0.07 per diluted share, for the fourth quarter of 2010 from an adjusted net loss of $(0.02) million, or $(0.02) per diluted share, for the fourth quarter of 2009 |
| • | Net income attributable to common stockholders was $0.9 million, or $0.03 per diluted share, for the fourth quarter of 2010 compared to a net loss attributable to common stockholders of $(3.2) million, or $(0.25) per diluted share, for the fourth quarter of 2009 |
Financial results for full year 2010 compared to 2009:
| • | Revenues from AUM or AUA increased 34% to $76.0 million for 2010 from $56.9 million for 2009; total revenues increased 26% to $98.1 million for 2010 from $77.9 million for 2009; |
| • | Adjusted EBITDA(1) increased 71% to $18.1 million for 2010 from $10.6 million for 2009 |
| • | Adjusted Net Income(1) increased 212% to $7.6 million, or $0.24 per diluted share, for 2010 from $2.4 million, or $0.06 per diluted share, for 2009 |
| • | Net loss attributable to common stockholders was $(1.0) million, or $(0.05) per diluted share, for 2010 compared to $(1.6) million, or $(0.12) per diluted share, for 2009 |
“Strong industry trends are supporting our growth. More advisors are turning independent, more investors are seeking a trusted advisor, and because of regulatory and other changes, a fiduciary standard of care is emerging as the industry standard. As a result, more advisors are turning to Envestnet to help them better serve their high net worth and affluent clients,” said Jud Bergman, founder and chief executive officer of Envestnet. “Our recent asset flows and a strong pipeline of new business opportunities position Envestnet for continued growth in revenue and profitability in 2011.”
Key Operating Metrics as of and for the quarter ended December 31, 2010:
| • | AUM of $14.5 billion, up 41% from December 31, 2009 |
| • | AUA of $49.2 billion, up 80% from December 31, 2009 |
| • | Accounts (AUM/A only) of 306,825, up 75% from December 31, 2009 |
| • | Advisors (AUM/A only) of 13,833, up 65% from December 31, 2009 |
| • | Gross sales of AUM/A of $9.0 billion, resulting in net flows of $1.7 billion |
The following table summarizes the changes in AUM and AUA for the quarter ended December 31, 2010:
| Amounts in Millions Except Account Data |
Actual 9/30/10 |
Gross Sales |
Redemptions | Net Flows |
Market Impact |
Actual 12/31/10 |
||||||||||||||||||
| Assets under Management (AUM) |
$ | 12,352 | $ | 2,665 | $ | 1,223 | $ | 1,442 | $ | 692 | $ | 14,486 | ||||||||||||
| Assets under Administration (AUA) |
46,655 | $ | 6,367 | $ | 6,100 | 267 | 2,280 | 49,202 | ||||||||||||||||
| Total AUM/A |
$ | 59,007 | $ | 9,032 | $ | 7,323 | $ | 1,709 | $ | 2,972 | $ | 63,688 | ||||||||||||
| Fee-Based Accounts |
285,248 | 306,825 | ||||||||||||||||||||||
During the fourth quarter, the Company added $5.7 billion of enterprise conversions, $2.3 billion of which is included in the above AUM/A gross sales figures. The remaining $3.4 billion of conversions were established under new licensing agreements. Also during the quarter, there were approximately $2 billion of AUA redemptions related to the departure of a client that was acquired by another firm earlier in 2010.
Review of Financial Results
Total revenues increased 27% to $27.6 million for the fourth quarter of 2010 from $21.8 million for the fourth quarter of 2009. The increase was primarily due to a 33% increase in revenues from assets under management or administration to $21.8 million from $16.4 million in the prior year period.
Cost of revenues increased 35% to $9.3 million in the fourth quarter of 2010 from $6.9 million in the fourth quarter of 2009 due to the increase in revenue from AUM and AUA. Compensation and benefits increased 29% to $9.8 million in the fourth quarter of 2010 from $7.6 million in the prior year period, primarily due to an increase in headcount between periods as the Company staffed to support the growth of the business.
Adjusted EBITDA(1) in the fourth quarter of 2010 was $5.5 million, up 56% from $3.6 million in the prior year period. Adjusted Operating Income(1) was $4.1 million, up 72% from $2.4 million in the prior year period. Adjusted Net Income(1) was $2.3 million, compared to an adjusted net loss of $(0.02) million in the fourth quarter of 2009. Adjusted Net Income Per Share(1) was $0.07 per diluted share, compared to $(0.02) per diluted share in the fourth quarter of 2009.
Income from operations was $1.9 million for the fourth quarter of 2010 compared to $1.1 million for the fourth quarter of 2009. Net income attributable to common stockholders was $0.9 million, or $0.03 per diluted share, for the fourth quarter of 2010 compared to a net loss attributable to common stockholders of $(3.2) million, or $(0.25) per diluted share, for the fourth quarter of 2009.
Conference Call
The Company will host a conference call to discuss fourth quarter and full year 2010 financial results today at 5:00 p.m. ET. The call will be webcast live from the Company's investor relations website at http://ir.envestnet.com/ and can also be accessed live over the phone by dialing (888) 455-2238, or (719) 325-2442 for international callers. A replay will be available beginning one hour after the call and can be accessed by dialing (877) 870-5176, or (858) 384-5517 for international callers; the conference ID is 9424218. The replay will be available until Thursday, February 17, 2011.
About Envestnet
Envestnet, Inc. is a leading provider of wealth management solutions to financial advisors who are independent, as well as those who are associated with small or mid-sized financial advisory firms and larger financial institutions. Envestnet’s technology is focused on addressing financial advisors’ front-, middle- and back-office needs. Envestnet is headquartered in Chicago. For more information on Envestnet please go to www.envestnet.com.
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(1) Non-GAAP Financial Measures
“Adjusted EBITDA” represents net income (loss) before interest income, interest expense, income tax provision (benefit), depreciation and amortization, non-cash stock-based compensation expense, unrealized gain (loss) on investments, impairment of investments, restructuring charges, severance, bad debt expense, customer inducement costs and litigation related expense.
“Adjusted operating income” represents income (loss) from operations before non-cash stock-based compensation expense, restructuring charges, severance, bad debt expense, customer inducement costs and litigation related expense.
“Adjusted net income” represents net income (loss) before non-cash stock-based compensation expense, impairment of investments, restructuring expense, severance, bad debt expense, customer inducement costs, imputed interest expense and litigation related expense. Reconciling items are tax effected using the income tax rates in effect on the applicable date.
“Adjusted net income per share” represents adjusted net income attributable to common stockholders 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 net income 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 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, 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 February 10, 2011 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.
| Contacts | ||
| Investor Relations investor.relations@envestnet.com (312) 827-3940 |
Media Relations mediarelations@envestnet.com |
3
Envestnet, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share information)
(Unaudited)
| December 31, | ||||||||
| 2009 | 2010 | |||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 31,525 | $ | 67,668 | ||||
| Fees receivable, net of allowance for doubtful accounts of $76 and $0, respectively |
5,800 | 9,135 | ||||||
| Deferred tax assets - current |
134 | 107 | ||||||
| Notes receivable including affiliate - current, net of allowance of $103 and $0, respectively |
714 | — | ||||||
| Prepaid expenses and other current assets |
1,427 | 2,026 | ||||||
| Total current assets |
39,600 | 78,936 | ||||||
| Notes receivable including affiliate and officer, net of allowance of $206 and $0, respectively |
2,322 | — | ||||||
| Property and equipment, net |
8,560 | 9,713 | ||||||
| Internally developed software, net |
3,887 | 3,621 | ||||||
| Intangible assets, net |
2,238 | 1,330 | ||||||
| Goodwill |
1,023 | 2,031 | ||||||
| Deferred tax assets |
13,998 | 13,649 | ||||||
| Customer inducements |
282 | 30,400 | ||||||
| Other non-current assets |
2,154 | 2,188 | ||||||
| Total assets |
$ | 74,064 | $ | 141,868 | ||||
| Liabilities and Stockholders’ Equity |
||||||||
| Current liabilities: |
||||||||
| Accrued expenses |
$ | 10,272 | $ | 12,859 | ||||
| Accounts payable |
1,892 | 1,707 | ||||||
| Customer inducements payable - current |
150 | 1,000 | ||||||
| Note payable - current |
— | 159 | ||||||
| Deferred revenue |
24 | 232 | ||||||
| Total current liabilities |
12,338 | 15,957 | ||||||
| Deferred rent and lease incentive liability |
3,999 | 4,015 | ||||||
| Customer inducements payable |
— | 18,806 | ||||||
| Note payable |
— | 159 | ||||||
| Other non-current liabilities |
475 | 612 | ||||||
| Total liabilities |
16,812 | 39,549 | ||||||
| Stockholders’ equity |
||||||||
| Preferred stock (total liquidation preference of $81,779 and $0 as of December 31, 2009 and 2010, respectively) |
— | — | ||||||
| Common stock, par value $0.005, 60,000,000 shares and 500,000,000 shares authorized as of December 31, 2009 and 2010, respectively; 13,524,276 and 43,068,371 shares issued as of December 31, 2009 and 2010, respectively; 12,910,676 and 31,368,822 shares outstanding as of December 31, 2009 and 2010, respectively |
68 | 189 | ||||||
| Additional paid-in capital |
106,893 | 157,804 | ||||||
| Accumulated deficit |
(43,375 | ) | (45,347 | ) | ||||
| Treasury stock at cost, 613,600 shares and 11,699,549 shares as of December, 31, 2009 and 2010, respectively |
(6,334 | ) | (10,327 | ) | ||||
| Total stockholders’ equity |
57,252 | 102,319 | ||||||
| Total liabilities and stockholders’ equity |
$ | 74,064 | $ | 141,868 | ||||
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Envestnet, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share information)
(Unaudited)
| Three Months Ended December 31, |
Year
Ended December 31, |
|||||||||||||||
| 2009 | 2010 | 2009 | 2010 | |||||||||||||
| Revenues: |
||||||||||||||||
| Assets under management or administration |
$ | 16,427 | $ | 21,839 | $ | 56,857 | $ | 75,951 | ||||||||
| Licensing and professional services |
5,368 | 5,764 | 21,067 | 22,101 | ||||||||||||
| Total revenues |
21,795 | 27,603 | 77,924 | 98,052 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Cost of revenues |
6,930 | 9,321 | 24,624 | 31,444 | ||||||||||||
| Compensation and benefits |
7,645 | 9,837 | 28,763 | 37,027 | ||||||||||||
| General and administration |
4,872 | 4,962 | 15,726 | 21,607 | ||||||||||||
| Depreciation and amortization |
1,209 | 1,493 | 4,499 | 5,703 | ||||||||||||
| Restructuring charges |
— | 46 | — | 961 | ||||||||||||
| Total operating expenses |
20,656 | 25,659 | 73,612 | 96,742 | ||||||||||||
| Income from operations |
1,139 | 1,944 | 4,312 | 1,310 | ||||||||||||
| Other income (expense): |
||||||||||||||||
| Interest income |
49 | 30 | 221 | 149 | ||||||||||||
| Interest expense |
— | (243 | ) | — | (564 | ) | ||||||||||
| Unrealized gain on investments |
2 | 5 | 19 | 12 | ||||||||||||
| Impairment of investments |
(3,590 | ) | — | (3,608 | ) | — | ||||||||||
| Total other income (expense) |
(3,539 | ) | (208 | ) | (3,368 | ) | (403 | ) | ||||||||
| Income (loss) before income tax provision |
(2,400 | ) | 1,736 | 944 | 907 | |||||||||||
| Income tax provision |
583 | 869 | 1,816 | 1,533 | ||||||||||||
| Net income (loss) |
(2,983 | ) | 867 | (872 | ) | (626 | ) | |||||||||
| Less preferred stock dividends |
(181 | ) | — | (720 | ) | (422 | ) | |||||||||
| Less net income allocated to participating preferred stock |
— | — | — | — | ||||||||||||
| Net income (loss) attributable to common stockholders |
$ | (3,164 | ) | $ | 867 | $ | (1,592 | ) | $ | (1,048 | ) | |||||
| Net income (loss) per share attributable to common stockholders: |
||||||||||||||||
| Basic |
$ | (0.25 | ) | $ | 0.03 | $ | (0.12 | ) | $ | (0.05 | ) | |||||
| Diluted |
$ | (0.25 | ) | $ | 0.03 | $ | (0.12 | ) | $ | (0.05 | ) | |||||
| Weighted average common shares outstanding: |
||||||||||||||||
| Basic |
12,910,676 | 31,366,044 | 12,910,998 | 20,805,911 | ||||||||||||
| Diluted |
12,910,676 | 32,979,172 | 12,910,998 | 20,805,911 | ||||||||||||
5
Envestnet, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands, unaudited)
| Year Ended December 31, |
||||||||
| 2009 | 2010 | |||||||
| OPERATING ACTIVITIES: |
||||||||
| Net loss |
$ | (872 | ) | $ | (626 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
4,499 | 5,703 | ||||||
| Amortization of customer inducements |
18 | 3,238 | ||||||
| Amortization of deferred rent and lease incentive |
544 | 58 | ||||||
| Provision for doubtful accounts |
385 | 2,668 | ||||||
| Unrealized gain on investments |
(19 | ) | (12 | ) | ||||
| Impairment of investments |
3,608 | — | ||||||
| Deferred income taxes |
1,572 | 1,215 | ||||||
| Stock-based compensation |
780 | 1,731 | ||||||
| Interest expense |
— | 564 | ||||||
| Changes in operating assets and liabilities: |
||||||||
| Fees receivable |
(1,338 | ) | (3,718 | ) | ||||
| Prepaid expenses and other current assets |
(148 | ) | (599 | ) | ||||
| Other non-current assets |
42 | (52 | ) | |||||
| Customer inducements |
(150 | ) | (11,300 | ) | ||||
| Accrued expenses |
38 | 2,437 | ||||||
| Accounts payable |
(475 | ) | (185 | ) | ||||
| Deferred revenue |
(187 | ) | 208 | |||||
| Other non-current liabilities |
68 | 137 | ||||||
| Net cash provided by operating activities |
8,365 | 1,467 | ||||||
| INVESTING ACTIVITIES: |
||||||||
| Purchase of property and equipment |
(3,078 | ) | (4,169 | ) | ||||
| Capitalization of internally developed software |
(1,306 | ) | (1,340 | ) | ||||
| Proceeds from repayment of notes receivable |
— | 985 | ||||||
| Increase in notes receivable |
(54 | ) | (90 | ) | ||||
| Investments in non-marketable securities |
(812 | ) | — | |||||
| Proceeds from investments |
210 | 30 | ||||||
| Acquisition of businesses, net |
— | (917 | ) | |||||
| Net cash used in investing activities |
(5,040 | ) | (5,501 | ) | ||||
| FINANCING ACTIVITIES: |
||||||||
| Proceeds from exercise of stock options |
3 | 1,925 | ||||||
| Proceeds from exercise of warrants |
— | 1,525 | ||||||
| Net proceeds from issuance of common stock |
— | 42,066 | ||||||
| Purchase of treasury stock |
(248 | ) | (3,993 | ) | ||||
| Preferred stock dividends |
— | (1,346 | ) | |||||
| Net cash provided by (used in) financing activities |
(245 | ) | 40,177 | |||||
| INCREASE IN CASH AND CASH EQUIVALENTS |
3,080 | 36,143 | ||||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
28,445 | 31,525 | ||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ | 31,525 | $ | 67,668 | ||||
6
Envestnet, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands, unaudited)
| Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
| 2009 | 2010 | 2009 | 2010 | |||||||||||||
| Net income (loss) |
$ | (2,983 | ) | $ | 867 | $ | (872 | ) | $ | (626 | ) | |||||
| Add (deduct): |
||||||||||||||||
| Interest income |
(49 | ) | (30 | ) | (221 | ) | (149 | ) | ||||||||
| Interest expense |
— | 243 | — | 564 | ||||||||||||
| Income tax provision |
583 | 869 | 1,816 | 1,533 | ||||||||||||
| Depreciation and amortization |
1,209 | 1,493 | 4,499 | 5,703 | ||||||||||||
| Stock-based compensation expense |
212 | 623 | 780 | 1,731 | ||||||||||||
| Unrealized gain on investments |
(2 | ) | (5 | ) | (19 | ) | (12 | ) | ||||||||
| Impairment of investments |
3,590 | — | 3,608 | — | ||||||||||||
| Restructuring charges (excluding severance) |
— | 46 | — | 864 | ||||||||||||
| Severance |
— | 133 | — | 667 | ||||||||||||
| Bad debt expense |
385 | — | 385 | 2,668 | ||||||||||||
| Customer inducement costs |
18 | 1,308 | 18 | 3,239 | ||||||||||||
| Litigation related expense |
601 | — | 601 | 1,933 | ||||||||||||
| Adjusted EBITDA |
$ | 3,564 | $ | 5,547 | $ | 10,595 | $ | 18,115 | ||||||||
| Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
| 2009 | 2010 | 2009 | 2010 | |||||||||||||
| Income from operations |
$ | 1,139 | $ | 1,944 | $ | 4,312 | $ | 1,310 | ||||||||
| Add: |
||||||||||||||||
| Stock-based compensation expense |
212 | 623 | 780 | 1,731 | ||||||||||||
| Restructuring charges (excluding severance) |
— | 46 | — | 864 | ||||||||||||
| Severance |
— | 133 | — | 667 | ||||||||||||
| Bad debt expense |
385 | — | 385 | 2,668 | ||||||||||||
| Customer inducement costs |
18 | 1,308 | 18 | 3,239 | ||||||||||||
| Litigation related expense |
601 | — | 601 | 1,933 | ||||||||||||
| Adjusted operating income |
$ | 2,355 | $ | 4,054 | $ | 6,096 | $ | 12,412 | ||||||||
7
Envestnet, Inc.
Reconciliation of Non-GAAP Financial Measures (continued)
(In thousands, except share and per share information; unaudited)
| Three Months Ended December 31, |
Year
Ended December 31, |
|||||||||||||||
| 2009 | 2010 | 2009 | 2010 | |||||||||||||
| Net income (loss) |
$ | (2,983 | ) | $ | 867 | $ | (872 | ) | $ | (626 | ) | |||||
| Add: |
||||||||||||||||
| Stock-based compensation expense |
131 | 388 | 480 | 1,077 | ||||||||||||
| Impairment of investments |
2,211 | — | 2,223 | — | ||||||||||||
| Restructuring charges (excluding severance) |
— | 29 | — | 538 | ||||||||||||
| Severance |
— | 82 | — | 415 | ||||||||||||
| Bad debt expense |
237 | — | 237 | 2,668 | ||||||||||||
| Customer inducement costs |
11 | 814 | 11 | 2,015 | ||||||||||||
| Imputed interest expense |
— | 158 | — | 340 | ||||||||||||
| Litigation related expense |
370 | — | 370 | 1,202 | ||||||||||||
| Adjusted net income (loss) |
(23 | ) | 2,338 | 2,449 | 7,629 | |||||||||||
| Less: Preferred stock dividends |
(181 | ) | — | (720 | ) | (422 | ) | |||||||||
| Less: Net income allocated to participating preferred stock |
— | — | (857 | ) | (1,887 | ) | ||||||||||
| Adjusted net income (loss) attributable to common stockholders |
$ | (204 | ) | $ | 2,338 | $ | 872 | $ | 5,320 | |||||||
| Basic number of weighted-average shares outstanding |
12,910,676 | 31,366,044 | 12,910,998 | 20,805,911 | ||||||||||||
| Effect of dilutive shares: |
||||||||||||||||
| Options to purchase common stock |
— | 1,269,535 | 416,291 | 992,753 | ||||||||||||
| Common warrants |
— | 343,593 | 284,562 | 154,364 | ||||||||||||
| Diluted number of weighted-average shares outstanding |
12,910,676 | 32,979,172 | 13,611,851 | 21,953,028 | ||||||||||||
| Adjusted net income (loss) per share |
$ | (0.02 | ) | $ | 0.07 | $ | 0.06 | $ | 0.24 | |||||||
Envestnet, Inc.
Historical Assets, Accounts and Advisors
(in millions, except account and advisor data; unaudited)
| As of | ||||||||||||||||||||
| December 31, 2009 |
March 31, 2010 |
June 30, 2010 |
September 30, 2010 |
December 31, 2010 |
||||||||||||||||
| Platform Assets |
||||||||||||||||||||
| Assets Under Management (AUM) |
$ | 10,269 | $ | 10,916 | $ | 10,863 | $ | 12,352 | $ | 14,486 | ||||||||||
| Assets Under Administration (AUA) |
27,322 | 29,580 | 42,555 | 46,655 | 49,202 | |||||||||||||||
| Subtotal AUM/A |
37,591 | 40,496 | 53,418 | 59,007 | 63,688 | |||||||||||||||
| Licensing |
51,450 | 54,135 | 53,199 | 67,343 | 75,668 | |||||||||||||||
| Total Platform Assets |
$ | 89,041 | $ | 94,631 | $ | 106,617 | $ | 126,350 | $ | 139,356 | ||||||||||
| Platform Accounts |
||||||||||||||||||||
| AUM |
48,541 | 49,020 | 52,477 | 56,094 | 65,663 | |||||||||||||||
| AUA |
126,634 | 136,335 | 222,482 | 229,154 | 241,162 | |||||||||||||||
| Subtotal AUM/A |
175,175 | 185,355 | 274,959 | 285,248 | 306,825 | |||||||||||||||
| Licensing |
510,865 | 545,299 | 550,651 | 574,903 | 603,950 | |||||||||||||||
| Total Platform Accounts |
686,040 | 730,654 | 825,610 | 860,151 | 910,775 | |||||||||||||||
| Advisors |
||||||||||||||||||||
| AUM/A |
8,408 | 8,465 | 12,871 | 13,011 | 13,833 | |||||||||||||||
| Licensing |
5,542 | 5,740 | 6,505 | 6,609 | 7,746 | |||||||||||||||
| Total Advisors |
13,950 | 14,205 | 19,376 | 19,620 | 21,579 | |||||||||||||||
Note: certain 2009 data have been reclassified between AUM and AUA to conform to current presentation format.
8