Exhibit 99.1
Envestnet Reports Third Quarter 2011 Financial Results
Chicago, IL – November 8, 2011 – Envestnet (NYSE: ENV), a leading provider of wealth management software and services to financial advisors, today reported financial results for its third quarter ended September 30, 2011.
| Key Financial Metrics | Third Quarter | % | ||||||||||
| (in millions except per share data) |
2011 | 2010 | Change | |||||||||
| Revenues from AUM/A |
$ | 26.0 | $ | 19.0 | 37 | % | ||||||
| Total Revenues |
$ | 32.0 | $ | 24.6 | 30 | % | ||||||
| Adjusted EBITDA(1) |
$ | 7.6 | $ | 5.0 | 51 | % | ||||||
| Adjusted Net Income per Share(1) |
$ | 0.11 | $ | 0.07 | 57 | % | ||||||
Financial results for the third quarter of 2011 compared to the third quarter of 2010:
| • | Revenues from assets under management (AUM) or assets under administration (AUA) increased 37% to $26.0 million for the third quarter of 2011 from $19.0 million for the third quarter of 2010; total revenues, which includes licensing and professional services fees, increased 30% to $32.0 million for the third quarter of 2011 from $24.6 million for the third quarter of 2010 |
| • | Net income attributable to common stockholders increased 297% to $1.9 million, or $0.06 per diluted share, for the third quarter of 2011 compared to $0.5 million, or $0.02 per diluted share, for the third quarter of 2010 |
| • | Adjusted EBITDA(1) increased 51% to $7.6 million for the third quarter of 2011 from $5.0 million for the third quarter of 2010 |
| • | Adjusted Net Income(1) increased 75% to $3.7 million, or $0.11 per diluted share, for the third quarter of 2011 from $2.1 million, or $0.07 per diluted share, for the third quarter of 2010 |
“We are fulfilling our core mission of empowering advisors to better serve their investors,” said Jud Bergman, founder and chief executive officer of Envestnet. “In the most recent quarter, Envestnet grew revenue from assets under management or administration 37% year-over-year, as advisors continued to leverage our wealth management software and services. Year over year sales increased, net flows were positive and our conversion pipeline strengthened. The third quarter was particularly productive in moving opportunities from prospect to implementation, as we onboarded more than $5 billion in new client conversions.”
“Broad industry trends continue to work in our favor. While we are affected in the short term — both positively and negatively — by market volatility, we continue to see strong long-term growth for Envestnet as more investors seek advice, as more advisors choose to be independent, and as those advisors transition their business from commission-based to fee-based,” concluded Mr. Bergman.
| Key Operating Metrics | September 30, | % | ||||||||||
| (assets in billions) |
2011 | 2010 | Change | |||||||||
| Assets under management (AUM) |
$ | 15.6 | $ | 12.4 | 26 | % | ||||||
| Assets under administration (AUA) |
$ | 50.6 | $ | 46.7 | 8 | % | ||||||
| Accounts (AUM/A) |
337,173 | 285,248 | 18 | % | ||||||||
| Advisors (AUM/A) |
14,206 | 13,011 | 9 | % | ||||||||
Key Operating Metrics as of and for the quarter ended September 30, 2011:
| • | AUM of $15.6 billion, up 26% from September 30, 2010 |
| • | AUA of $50.6 billion, up 8% from September 30, 2010 |
| • | Advisors (AUM/A only) served totaled 14,206, up 9% from September 30, 2010 |
| • | Gross sales of AUM/A of $10.3 billion, resulting in net flows of $2.0 billion |
The following table summarizes the changes in AUM and AUA for the quarter ended September 30, 2011:
| In Millions Except Account Data |
6/30/11 | Gross Sales |
Redemptions | Net Flows |
Market Impact |
9/30/11 | ||||||||||||||||||
| Assets under Management (AUM) |
$ | 16,493 | $ | 1,983 | $ | (1,112 | ) | $ | 871 | $ | (1,804 | ) | $ | 15,560 | ||||||||||
| Assets under Administration (AUA) |
54,261 | 8,346 | (7,258 | ) | 1,088 | (4,742 | ) | 50,607 | ||||||||||||||||
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| Total AUM/A |
$ | 70,754 | $ | 10,329 | $ | (8,370 | ) | $ | 1,959 | $ | (6,546 | ) | $ | 66,167 | ||||||||||
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| Fee-Based Accounts |
332,297 | 44,073 | (39,197 | ) | 4,876 | 337,173 | ||||||||||||||||||
During the third quarter, the Company added $4.5 billion of conversions, which are included in the above AUM/A gross sales figures. The Company added an additional $0.9 billion in conversions under licensing agreements. Also during the period, redemptions included $3.4 billion related to the anticipated departure of reporting assets at a client that was acquired by another firm.
Review of Financial Results
Total revenues increased 30% to $32.0 million for the third quarter of 2011 from $24.6 million for the third quarter of 2010. The increase was primarily due to a 37% increase in revenues from assets under management or administration to $26.0 million from $19.0 million in the prior year period.
Total operating expenses in the third quarter of 2011 increased 24% to $28.8 million from $23.3 million in the prior year period. After certain non-GAAP adjustments(2) included in our Adjusted EBITDA reconciliation, total operating expenses increased 23% compared to the prior year. Cost of revenues increased 54% to $11.4 million in the third quarter of 2011 from $7.4 million in the third quarter of 2010 due to the increase in revenue from AUM or AUA. Compensation and benefits increased 2% to $9.1 million in the third quarter of 2011 from $8.9 million in the prior year period. General and administration expenses increased 18% to $5.2 million in the third quarter of 2011 from $4.4 million in the prior year period.
Income from operations was $3.2 million for the third quarter of 2011 compared to $1.2 million for the third quarter of 2010. Net income attributable to common stockholders was $1.9 million, or $0.06 per diluted share, for the third quarter of 2011 compared to $0.5 million, or $0.02 per diluted share, for the third quarter of 2010.
Adjusted EBITDA(1) in the third quarter of 2011 was $7.6 million, up 51% from $5.0 million in the prior year period, reflecting expanding margins. Adjusted Operating Income(1) was $6.0 million, up 69% from $3.6 million in the prior year period. Adjusted Net Income(1) was $3.7 million, compared to $2.1 million in the third quarter of 2010. Adjusted Net Income Per Share(1) was $0.11 per diluted share, compared to $0.07 per diluted share in the third quarter of 2010.
Conference Call
The Company will host a conference call to discuss third quarter 2011 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) 539-3679, or (719) 457-2625 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 6894270. The replay will be available until Tuesday, November 15, 2011.
About Envestnet
Envestnet, Inc. is a leading provider of wealth management software and services to financial advisors. Envestnet’s Advisor Suite software empowers advisors to better manage client outcomes and strengthen their practice. Envestnet offers advanced portfolio solutions through its Portfolio Management Consultants group (“PMC”). Envestnet Reporting Solutions also gives advisors an in-depth view of clients’ various investments, empowering them to give holistic, personalized advice. Envestnet is headquartered in Chicago with offices in: New York, New York; Denver, Colorado; Sunnyvale, California; Boston, Massachusetts; Landis, North Carolina; and Trivandrum, India. For more information on Envestnet, please go to www.envestnet.com or call our toll free number: (855) 769-0806.
(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, other income, restructuring charges and transaction costs, severance, bad debt expense, customer inducement costs and impairment, and litigation related expense.
“Adjusted operating income” represents income (loss) from operations before non-cash stock-based compensation expense, restructuring charges and transaction costs, severance, bad debt expense, customer inducement costs and impairment, and litigation related expense.
“Adjusted net income” represents net income (loss) before non-cash stock-based compensation expense, restructuring expense and transaction costs, severance, bad debt expense, customer inducement costs and impairment, other income, 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).
(2) Adjustments include stock-based compensation expense, restructuring charges and transaction costs, severance, impairment of customer inducement asset and litigation related expense. See the Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA table for 2011 and 2010 amounts.
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 November 8, 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 | Media Relations | |
| investor.relations@envestnet.com | mediarelations@envestnet.com | |
| (312) 827-3940 |
Envestnet, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share information)
(Unaudited)
| September 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ | 83,553 | $ | 67,668 | ||||
| Fees receivable |
8,591 | 9,135 | ||||||
| Deferred tax assets, net |
— | 107 | ||||||
| Prepaid expenses and other current assets |
2,898 | 2,026 | ||||||
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| Total current assets |
95,042 | 78,936 | ||||||
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| Property and equipment, net |
11,125 | 9,713 | ||||||
| Internally developed software, net |
3,565 | 3,621 | ||||||
| Intangible assets, net |
690 | 1,330 | ||||||
| Goodwill |
2,031 | 2,031 | ||||||
| Deferred tax assets, net |
11,015 | 13,649 | ||||||
| Customer inducements |
26,606 | 30,400 | ||||||
| Other non-current assets |
3,238 | 2,188 | ||||||
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| Total assets |
$ | 153,312 | $ | 141,868 | ||||
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| Liabilities and Stockholders’ Equity |
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| Current liabilities: |
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| Accrued expenses |
$ | 13,300 | $ | 12,859 | ||||
| Accounts payable |
2,013 | 1,707 | ||||||
| Customer inducements payable |
1,000 | 1,000 | ||||||
| Deferred tax liabilities |
53 | — | ||||||
| Note payable |
168 | 159 | ||||||
| Deferred revenue |
113 | 232 | ||||||
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| Total current liabilities |
16,647 | 15,957 | ||||||
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| Deferred rent liability |
1,350 | 1,244 | ||||||
| Lease incentive liability |
3,022 | 2,771 | ||||||
| Customer inducements payable |
18,415 | 18,806 | ||||||
| Note payable |
— | 159 | ||||||
| Other non-current liabilities |
816 | 612 | ||||||
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| Total liabilities |
40,250 | 39,549 | ||||||
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| Stockholders’ equity |
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| Preferred stock |
— | — | ||||||
| Common stock, par value $0.005, 500,000,000 shares authorized as of September 30, 2011 and December 31, 2010, respectively; 43,505,683 and 43,068,371 shares issued as of September 30, 2011 and December 31, 2010, respectively; 31,800,510 and 31,368,822 shares outstanding as of September 30, 2011 and December 31, 2010, respectively |
218 | 215 | ||||||
| Additional paid-in capital |
162,836 | 157,778 | ||||||
| Accumulated deficit |
(39,571 | ) | (45,347 | ) | ||||
| Treasury stock at cost, 11,705,173 and 11,699,549 shares as of September 30, 2011 and December, 31, 2010, respectively |
(10,421 | ) | (10,327 | ) | ||||
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| Total stockholders’ equity |
113,062 | 102,319 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 153,312 | $ | 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Revenues: |
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| Assets under management or administration |
$ | 25,971 | $ | 19,001 | $ | 74,669 | $ | 54,112 | ||||||||
| Licensing and professional services |
6,069 | 5,569 | 17,967 | 16,337 | ||||||||||||
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| Total revenues |
32,040 | 24,570 | 92,636 | 70,449 | ||||||||||||
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| Operating expenses: |
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| Cost of revenues |
11,429 | 7,405 | 32,474 | 22,123 | ||||||||||||
| Compensation and benefits |
10,160 | 9,917 | 30,693 | 27,190 | ||||||||||||
| General and administration |
5,675 | 4,454 | 15,809 | 16,645 | ||||||||||||
| Depreciation and amortization |
1,550 | 1,451 | 4,676 | 4,210 | ||||||||||||
| Restructuring charges |
— | 96 | 53 | 915 | ||||||||||||
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| Total operating expenses |
28,814 | 23,323 | 83,705 | 71,083 | ||||||||||||
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| Income (loss) from operations |
3,226 | 1,247 | 8,931 | (634 | ) | |||||||||||
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| Other income (expense): |
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| Interest income |
19 | 34 | 65 | 119 | ||||||||||||
| Interest expense |
(206 | ) | (193 | ) | (621 | ) | (321 | ) | ||||||||
| Other income |
— | — | 1,100 | — | ||||||||||||
| Unrealized gain (loss) on investments |
(8 | ) | 7 | (4 | ) | 7 | ||||||||||
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| Total other income (expense) |
(195 | ) | (152 | ) | 540 | (195 | ) | |||||||||
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| Income (loss) before income tax provision |
3,031 | 1,095 | 9,471 | (829 | ) | |||||||||||
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| Income tax provision |
1,106 | 470 | 3,695 | 664 | ||||||||||||
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| Net income (loss) |
1,925 | 625 | 5,776 | (1,493 | ) | |||||||||||
| Less preferred stock dividends |
— | (65 | ) | — | (422 | ) | ||||||||||
| Less net income allocated to participating preferred stock |
— | (75 | ) | — | — | |||||||||||
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| Net income (loss) attributable to common stockholders |
$ | 1,925 | $ | 485 | $ | 5,776 | $ | (1,915 | ) | |||||||
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| Net income (loss) per share attributable to common stockholders: |
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| Basic |
$ | 0.06 | $ | 0.02 | $ | 0.18 | $ | (0.11 | ) | |||||||
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| Diluted |
$ | 0.06 | $ | 0.02 | $ | 0.18 | $ | (0.11 | ) | |||||||
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| Weighted average common shares outstanding: |
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| Basic |
31,760,998 | 25,567,700 | 31,589,279 | 17,247,149 | ||||||||||||
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| Diluted |
32,871,269 | 26,348,651 | 32,937,601 | 17,247,149 | ||||||||||||
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Envestnet, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands, unaudited)
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2011 | 2010 | |||||||
| OPERATING ACTIVITIES: |
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| Net income (loss) |
$ | 5,776 | $ | (1,493 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
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| Depreciation and amortization |
4,676 | 4,210 | ||||||
| Amortization of customer inducements |
3,620 | 1,931 | ||||||
| Deferred rent and lease incentive |
357 | 128 | ||||||
| Provision for doubtful accounts |
— | 2,668 | ||||||
| Unrealized (gain) loss on investments |
4 | (7 | ) | |||||
| Impairment of customer inducement asset |
174 | — | ||||||
| Deferred income taxes |
2,794 | 709 | ||||||
| Stock-based compensation |
2,359 | 1,108 | ||||||
| Interest expense |
621 | 321 | ||||||
| Changes in operating assets and liabilities: |
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| Fees receivable |
544 | (2,345 | ) | |||||
| Prepaid expenses and other current assets |
(872 | ) | (1,170 | ) | ||||
| Other non-current assets |
(1,077 | ) | 82 | |||||
| Customer inducements |
(1,000 | ) | (11,300 | ) | ||||
| Accrued expenses |
441 | 1,151 | ||||||
| Accounts payable |
306 | (132 | ) | |||||
| Deferred revenue |
(119 | ) | 57 | |||||
| Other non-current liabilities |
204 | 101 | ||||||
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| Net cash provided by (used in) operating activities |
18,808 | (3,981 | ) | |||||
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| INVESTING ACTIVITIES: |
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| Purchase of property and equipment |
(4,257 | ) | (3,378 | ) | ||||
| Capitalization of internally developed software |
(1,135 | ) | (962 | ) | ||||
| Repayment of notes payable |
(162 | ) | — | |||||
| Proceeds from repayment of notes receivable |
— | 985 | ||||||
| Increase in notes receivable |
— | (90 | ) | |||||
| Proceeds from investments |
23 | 26 | ||||||
| Acquisition of businesses, net of cash acquired |
— | (917 | ) | |||||
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| Net cash used in investing activities |
(5,531 | ) | (4,336 | ) | ||||
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| FINANCING ACTIVITIES: |
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| Proceeds from issuance of preferred stock |
— | 1,525 | ||||||
| Proceeds from exercise of stock options |
2,702 | 1,343 | ||||||
| Net proceeds from issuance of common stock |
— | 42,066 | ||||||
| Purchase of treasury stock |
(94 | ) | (3,231 | ) | ||||
| Preferred stock dividends |
— | (1,346 | ) | |||||
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| Net cash provided by financing activities |
2,608 | 40,357 | ||||||
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| INCREASE IN CASH AND CASH EQUIVALENTS |
15,885 | 32,040 | ||||||
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| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
67,668 | 31,525 | ||||||
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| CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ | 83,553 | $ | 63,565 | ||||
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Envestnet, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands, unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Net income (loss) |
$ | 1,925 | $ | 625 | $ | 5,776 | $ | (1,493 | ) | |||||||
| Add (deduct): |
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| Interest income |
(19 | ) | (34 | ) | (65 | ) | (119 | ) | ||||||||
| Interest expense |
206 | 193 | 621 | 321 | ||||||||||||
| Income tax provision |
1,106 | 470 | 3,695 | 664 | ||||||||||||
| Depreciation and amortization |
1,550 | 1,451 | 4,676 | 4,210 | ||||||||||||
| Stock-based compensation expense |
714 | 584 | 2,359 | 1,108 | ||||||||||||
| Unrealized (gain) loss on investments |
8 | (7 | ) | 4 | (7 | ) | ||||||||||
| Other income |
— | — | (1,100 | ) | — | |||||||||||
| Restructuring charges (excluding severance) and transaction costs |
302 | 96 | 365 | 819 | ||||||||||||
| Severance |
370 | 409 | 673 | 533 | ||||||||||||
| Impairment of customer inducement asset |
174 | — | 174 | — | ||||||||||||
| Bad debt expense |
— | — | — | 2,668 | ||||||||||||
| Customer inducement costs |
1,207 | 1,146 | 3,620 | 1,931 | ||||||||||||
| Litigation related expense |
24 | 85 | 115 | 1,933 | ||||||||||||
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| Adjusted EBITDA |
$ | 7,567 | $ | 5,018 | $ | 20,913 | $ | 12,568 | ||||||||
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| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Income (loss) from operations |
$ | 3,226 | $ | 1,247 | $ | 8,931 | $ | (634 | ) | |||||||
| Add: |
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| Stock-based compensation expense |
714 | 584 | 2,359 | 1,108 | ||||||||||||
| Restructuring charges (excluding severance) and transaction costs |
302 | 96 | 365 | 819 | ||||||||||||
| Severance |
370 | 409 | 673 | 533 | ||||||||||||
| Impairment of customer inducement asset |
174 | — | 174 | — | ||||||||||||
| Bad debt expense |
— | — | — | 2,668 | ||||||||||||
| Customer inducement costs |
1,207 | 1,146 | 3,620 | 1,931 | ||||||||||||
| Litigation related expense |
24 | 85 | 115 | 1,933 | ||||||||||||
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| Adjusted operating income |
$ | 6,017 | $ | 3,567 | $ | 16,237 | $ | 8,358 | ||||||||
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Envestnet, Inc.
Reconciliation of Non-GAAP Financial Measures (continued)
(In thousands, except share and per share information; unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2011* | 2010* | 2011* | 2010* | |||||||||||||
| Net income (loss) |
$ | 1,925 | $ | 625 | $ | 5,776 | $ | (1,493 | ) | |||||||
| Add (deduct): |
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| Stock-based compensation expense |
427 | 350 | 1,411 | 663 | ||||||||||||
| Restructuring charges (excluding severance) and transaction costs |
181 | 58 | 218 | 490 | ||||||||||||
| Severance |
221 | 245 | 402 | 319 | ||||||||||||
| Impairment of customer inducement asset |
104 | — | 104 | — | ||||||||||||
| Bad debt expense |
— | — | — | 2,668 | ||||||||||||
| Customer inducement costs |
722 | 686 | 2,165 | 1,155 | ||||||||||||
| Other income |
— | — | (658 | ) | — | |||||||||||
| Imputed interest expense |
121 | 111 | 364 | 185 | ||||||||||||
| Litigation related expense |
14 | 51 | 69 | 1,156 | ||||||||||||
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| Adjusted net income |
3,715 | 2,126 | 9,851 | 5,143 | ||||||||||||
| Less: Preferred stock dividends |
— | (65 | ) | — | (422 | ) | ||||||||||
| Less: Net income allocated to participating preferred stock |
— | (276 | ) | — | (1,718 | ) | ||||||||||
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| Adjusted net income attributable to common stockholders |
$ | 3,715 | $ | 1,785 | $ | 9,851 | $ | 3,003 | ||||||||
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| Basic number of weighted-average shares outstanding |
31,760,998 | 25,567,700 | 31,589,279 | 17,247,149 | ||||||||||||
| Effect of dilutive shares: |
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| Options to purchase common stock |
919,465 | 768,393 | 1,052,340 | 921,838 | ||||||||||||
| Restricted stock |
— | — | 31,531 | — | ||||||||||||
| Common warrants |
190,806 | 12,558 | 264,451 | 119,511 | ||||||||||||
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| Diluted number of weighted-average shares outstanding |
32,871,269 | 26,348,651 | 32,937,601 | 18,288,498 | ||||||||||||
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| Adjusted net income per share |
$ | 0.11 | $ | 0.07 | $ | 0.30 | $ | 0.16 | ||||||||
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| * | Adjustments, excluding bad debt expense, are tax effected using an income tax rate of 40.2% for 2011 and 2010. |
Envestnet, Inc.
Historical Assets, Accounts and Advisors
(in millions, except account and advisor data; unaudited)
| As of | ||||||||||||||||||||
| September 30, 2010 |
December 31, 2010 |
March 31, 2011 |
June 30, 2011 |
September 30, 2011 |
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| Platform Assets |
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| Assets Under Management (AUM) |
$ | 12,352 | $ | 14,486 | $ | 15,635 | $ | 16,493 | $ | 15,560 | ||||||||||
| Assets Under Administration (AUA) |
46,655 | 49,202 | 53,115 | 54,261 | 50,607 | |||||||||||||||
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| Subtotal AUM/A |
59,007 | 63,688 | 68,750 | 70,754 | 66,167 | |||||||||||||||
| Licensing |
67,343 | 75,668 | 83,538 | 68,531 | 61,571 | |||||||||||||||
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| Total Platform Assets |
$ | 126,350 | $ | 139,356 | $ | 152,288 | $ | 139,285 | $ | 127,738 | ||||||||||
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| Platform Accounts |
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| AUM |
56,094 | 65,663 | 71,396 | 77,302 | 83,073 | |||||||||||||||
| AUA |
229,154 | 241,162 | 252,260 | 254,995 | 254,100 | |||||||||||||||
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| Subtotal AUM/A |
285,248 | 306,825 | 323,656 | 332,297 | 337,173 | |||||||||||||||
| Licensing |
574,903 | 603,950 | 601,512 | 572,612 | 572,791 | |||||||||||||||
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| Total Platform Accounts |
860,151 | 910,775 | 925,168 | 904,909 | 909,964 | |||||||||||||||
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| Advisors |
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| AUM/A |
13,011 | 13,833 | 14,140 | 14,613 | 14,206 | |||||||||||||||
| Licensing |
6,609 | 7,746 | 7,895 | 6,201 | 5,522 | |||||||||||||||
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| Total Advisors |
19,620 | 21,579 | 22,035 | 20,814 | 19,728 | |||||||||||||||
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