Envestnet (NYSE:ENV), a leading provider of unified wealth management technology and services to financial advisors, today reported financial results for its third quarter ended September 30, 2014.
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
| Key Financial Metrics | September 30, | % | September 30, | % | |||||||||||||||||||||||
| (in millions except per share data) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||||
| Adjusted Revenues(1) | $ | 88.6 | $ | 69.9 | 27 | % | $ | 251.9 | $ | 168.3 | 50 | % | |||||||||||||||
| Adjusted EBITDA(1) | $ | 14.7 | $ | 10.0 | 46 | % | $ | 39.3 | $ | 27.6 | 43 | % | |||||||||||||||
| Adjusted Net Income per Share(1) | $ | 0.21 | $ | 0.14 | 50 | % | $ | 0.57 | $ | 0.39 | 46 | % | |||||||||||||||
Financial Results for the Third Quarter of 2014 Compared to the Third Quarter of 2013:
- Adjusted Revenues(1) increased 27% to $88.6 million for the third quarter of 2014 from $69.9 million for the third quarter of 2013.
- Revenues from assets under management (AUM) or assets under administration (AUA) increased 26% to $74.9 million for the third quarter of 2014 from $59.6 million for the third quarter of 2013; total revenues, which include licensing and professional services fees, increased 27% to $88.6 million for the third quarter of 2014 from $69.9 million for the third quarter of 2013.
- Adjusted EBITDA(1) increased 46% to $14.7 million for the third quarter of 2014 compared to $10.0 million for the third quarter of 2013.
- Adjusted Net Income(1) was $7.9 million, or $0.21 per diluted share, for the third quarter of 2014 compared to $5.1 million, or $0.14 per diluted share, for the third quarter of 2013.
- Net income attributable to Envestnet, Inc. was $3.8 million, or $0.10 per diluted share, for the third quarter of 2014 compared to $1.3 million, or $0.04 per diluted share, for the third quarter of 2013.
“Envestnet provides truly integrated wealth management solutions to advisors and advisory firms looking to provide better client outcomes and profitably grow their business,” said Jud Bergman, Chairman and CEO.
“During the third quarter, Envestnet onboarded a record $46 billion in new assets from conversions, reflecting strong demand for our unified offerings from large institutions and registered investment advisors. We believe Envestnet will continue to grow organically through ongoing adoption of our wealth management solutions by advisors, and to accelerate that growth over time with disciplined strategic activity, such as the recently completed Placemark acquisition,” concluded Mr. Bergman.
Key Operating Metrics (AUM/A Only) as of and for the Quarter Ended September 30, 2014:
- Assets: $219.6 billion, up 37% from September 30, 2013
- Accounts: 897,551, up 37% from September 30, 2013
- Advisors: 24,887, up 14% from September 30, 2013
- Gross sales: $31.2 billion, resulting in net flows of $16.9 billion
The following table summarizes the changes in AUM and AUA for the quarter ended September 30, 2014:
| Gross | Redemp- | Net | Market | Reclass to | |||||||||||||||||||||||||||
| In Millions Except Accounts | 6/30/14 | Sales | tions | Flows | Impact | Licensing | 9/30/14 | ||||||||||||||||||||||||
| Assets under Management (AUM) | $ | 53,063 | $ | 5,404 | $ | (2,345 | ) | $ | 3,059 | $ | (1,187 | ) | $ | - | $ | 54,935 | |||||||||||||||
| Assets under Administration (AUA) | 156,723 | 25,765 | (11,945 | ) | 13,820 | (2,746 | ) | (3,158 | ) | 164,639 | |||||||||||||||||||||
| Total AUM/A | $ | 209,786 | $ | 31,169 | $ | (14,290 | ) | $ | 16,879 | $ | (3,933 | ) | $ | (3,158 | ) | $ | 219,574 | ||||||||||||||
| Fee-Based Accounts | 836,253 | 84,708 | (23,410 | ) | 897,551 | ||||||||||||||||||||||||||
During the third quarter, Envestnet added $12.8 billion of conversions included in the above AUM/A gross sales figures, and an additional $33.6 billion of conversions in Licensing. Also during the third quarter, approximately $3.2 billion in assets were reclassified from AUA to Licensing in connection with client conversion activity.
Review of Third Quarter 2014 Financial Results
Adjusted revenues increased 27% to $88.6 million for the third quarter of 2014 from $69.9 million for the third quarter of 2013. The increase was primarily due to a 26% increase in revenues from AUM or AUA to $74.9 million from $59.6 million in the prior year period.
Total operating expenses increased 21% to $82.6 million in the third quarter of 2014 from $68.1 million in the third quarter of 2013. Cost of revenues increased 30% to $39.1 million in the third quarter of 2014 from $30.2 million in the third quarter of 2013 due to the increase in revenue from AUM or AUA and a higher mix of AUM products which carry a relatively high cost of revenue. Compensation and benefits increased 23% to $25.8 million in the third quarter of 2014 from $21.1 million in the prior year period primarily due to an increase in headcount to support growth in the business. General and administration expenses increased 12% to $13.4 million in the third quarter of 2014 from $12.0 million in the prior year period.
Income from operations was $6.0 million for the third quarter of 2014 compared to $1.7 million for the third quarter of 2013. Net income attributable to Envestnet, Inc. was $3.8 million, or $0.10 per diluted share, for the third quarter of 2014 compared to $1.3 million, or $0.04 per diluted share, for the third quarter of 2013. Adjusted EBITDA(1) in the third quarter of 2014 was $14.7 million, compared to $10.0 million in the third quarter of 2013. Adjusted Net Income(1) was $7.9 million, compared to $5.1 million in the third quarter of 2013. Adjusted Net Income Per Share(1) was $0.21, compared to $0.14 in the third quarter of 2013.
At September 30, 2014, Envestnet had $105.9 million in cash and cash equivalents and $30.0 million in debt. On October 1, 2014, Envestnet completed its acquisition of Placemark Holdings, Inc. for approximately $66 million in cash.
Conference Call
Envestnet will host a conference call to discuss third quarter 2014 financial results today at 5:00 p.m. ET. The live webcast can be accessed from Envestnet’s investor relations website at http://ir.envestnet.com/. The call can also be accessed live over the phone by dialing (888) 481-2844, or for international callers (719) 325-2402. A replay will be available 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 9381195. 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 results.
Envestnet’s Advisor Suite® software empowers financial advisors to better manage client outcomes and strengthen their practice. Envestnet provides institutional-quality research and advanced portfolio solutions through our Portfolio Management Consultants group, Envestnet | PMC®. Envestnet | Tamarac provides leading rebalancing, reporting and practice management software.
(1) Non-GAAP Financial Measures
“Adjusted revenues” exclude the effect of purchase accounting on the fair value of acquired deferred revenue. Under United States generally accepted accounting principles (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 deferred revenue fair value adjustment, interest income, imputed interest on contingent consideration, income tax provision, depreciation and amortization, non-cash compensation expense, restructuring charges and transaction costs, re-audit related expenses, severance, fair market value adjustment on contingent consideration, litigation related expense, other income and pre-tax loss attributable to non-controlling interest.
“Adjusted net income” represents net income before deferred revenue fair value adjustment, imputed interest on contingent consideration, non-cash compensation expense, restructuring charges and transaction costs, re-audit related expenses, severance, fair market value adjustment on contingent consideration, amortization of acquired intangibles, litigation related expense, other income and net loss attributable to non-controlling interest. Reconciling items are tax effected using the income tax rates noted in the reconciliation table found in this release.
“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 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 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 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 6, 2014 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.
| Envestnet, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2014 | 2013 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 105,899 | $ | 49,942 | ||||
| Fees and other receivables, net | 24,514 | 19,848 | ||||||
| Deferred tax assets, net | 4,380 | 2,462 | ||||||
| Prepaid expenses and other current assets | 6,357 | 7,155 | ||||||
| Total current assets | 141,150 | 79,407 | ||||||
| Property and equipment, net | 16,438 | 12,766 | ||||||
| Internally developed software, net | 6,740 | 5,740 | ||||||
| Intangible assets, net | 32,210 | 35,698 | ||||||
| Goodwill | 77,918 | 74,335 | ||||||
| Deferred tax assets, net | 8,367 | 8,367 | ||||||
| Other non-current assets | 4,710 | 4,929 | ||||||
| Total assets | $ | 287,533 | $ | 221,242 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accrued expenses | $ | 38,584 | $ | 35,242 | ||||
| Accounts payable | 7,537 | 5,528 | ||||||
| Bank indebtedness | 30,000 | - | ||||||
| Contingent consideration | 6,095 | 6,008 | ||||||
| Deferred revenue | 5,958 | 6,245 | ||||||
| Total current liabilities | 88,174 | 53,023 | ||||||
| Contingent consideration | 8,981 | 11,297 | ||||||
| Deferred revenue | 4,270 | 1,148 | ||||||
| Deferred rent | 2,910 | 2,051 | ||||||
| Lease incentive | 5,726 | 3,547 | ||||||
| Other non-current liabilities | 2,682 | 2,404 | ||||||
| Total liabilities | 112,743 | 73,470 | ||||||
| Redeemable units in ERS, LLC | 1,500 | - | ||||||
| Equity: | ||||||||
| Stockholders' equity | 172,734 | 147,772 | ||||||
| Non-controlling interest | 556 | - | ||||||
| Total liabilities and equity | $ | 287,533 | $ | 221,242 | ||||
| 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, | ||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Assets under management or administration | $ | 74,899 | $ | 59,580 | $ | 212,707 | $ | 137,150 | |||||||||
| Licensing and professional services | 13,678 | 10,300 | 39,238 | 30,987 | |||||||||||||
| Total revenues | 88,577 | 69,880 | 251,945 | 168,137 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Cost of revenues | 39,111 | 30,154 | 111,503 | 66,600 | |||||||||||||
| Compensation and benefits | 25,833 | 21,063 | 74,449 | 55,475 | |||||||||||||
| General and administration | 13,428 | 11,985 | 38,514 | 30,840 | |||||||||||||
| Depreciation and amortization | 4,253 | 4,467 | 13,290 | 10,666 | |||||||||||||
| Restructuring charges | - | 474 | - | 474 | |||||||||||||
| Total operating expenses | 82,625 | 68,143 | 237,756 | 164,055 | |||||||||||||
| Income from operations | 5,952 | 1,737 | 14,189 | 4,082 | |||||||||||||
| Other income (expense) | (11 | ) | 4 | 1,909 | 195 | ||||||||||||
| Income before income tax provision | 5,941 | 1,741 | 16,098 | 4,277 | |||||||||||||
| Income tax provision | 2,173 | 435 | 5,812 | 1,312 | |||||||||||||
| Net income | 3,768 | 1,306 | 10,286 | 2,965 | |||||||||||||
| Add: Net loss attributable to non-controlling interest | - | - | 195 | - | |||||||||||||
| Net income attributable to Envestnet, Inc. | $ | 3,768 | $ | 1,306 | $ | 10,481 | $ | 2,965 | |||||||||
| Net income per share attributable to Envestnet, Inc.: | |||||||||||||||||
| Basic | $ | 0.11 | $ | 0.04 | $ | 0.30 | $ | 0.09 | |||||||||
| Diluted | $ | 0.10 | $ | 0.04 | $ | 0.28 | $ | 0.08 | |||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic | 34,674,245 | 33,686,112 | 34,447,619 | 32,912,084 | |||||||||||||
| Diluted | 37,006,796 | 35,871,975 | 36,832,154 | 35,260,044 | |||||||||||||
| Envestnet, Inc. | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (in thousands) | ||||||||||
| (unaudited) | ||||||||||
| Nine Months Ended | ||||||||||
| September 30, | ||||||||||
| 2014 | 2013 | |||||||||
| OPERATING ACTIVITIES: | ||||||||||
| Net income | $ | 10,286 | $ | 2,965 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
| Depreciation and amortization | 13,290 | 10,666 | ||||||||
| Deferred rent and lease incentive | 173 | (784 | ) | |||||||
| Provision for doubtful accounts | - | 153 | ||||||||
| Deferred income taxes | - | (1,375 | ) | |||||||
| Stock-based compensation expense | 8,443 | 6,281 | ||||||||
| Excess tax benefits from stock-based compensation expense | (5,086 | ) | (2,704 | ) | ||||||
| Imputed interest expense | 1,108 | 392 | ||||||||
| Fair market value adjustment on contingent consideration | (342 | ) | - | |||||||
| Changes in operating assets and liabilities: | ||||||||||
| Fees and other receivables, net | (4,613 | ) | (8,302 | ) | ||||||
| Prepaid expenses and other current assets | 3,966 | (2,993 | ) | |||||||
| Other non-current assets | (736 | ) | (1,265 | ) | ||||||
| Accrued expenses | 3,212 | 7,946 | ||||||||
| Accounts payable | 2,009 | 1,891 | ||||||||
| Deferred revenue | 2,835 | 754 | ||||||||
| Other non-current liabilities | 278 | 960 | ||||||||
| Net cash provided by operating activities | 34,823 | 14,585 | ||||||||
| INVESTING ACTIVITIES: | ||||||||||
| Purchase of property and equipment | (5,249 | ) | (4,301 | ) | ||||||
| Capitalization of internally developed software | (2,562 | ) | (2,293 | ) | ||||||
| Acquisition of businesses, net of cash acquired | (1,288 | ) | (8,992 | ) | ||||||
| Net cash used in investing activities | (9,099 | ) | (15,586 | ) | ||||||
| FINANCING ACTIVITIES: | ||||||||||
| Proceeds from bank indebtedness | 30,000 | - | ||||||||
| Payment of contingent consideration | (6,000 | ) | - | |||||||
| Proceeds from exercise of warrants | - | 4 | ||||||||
| Proceeds from exercise of stock options | 3,146 | 5,578 | ||||||||
| Issuance of ERS, LLC redeemable units | 1,500 | - | ||||||||
| Payment of promissory note | (1,500 | ) | - | |||||||
| Issuance of restricted stock | - | 1 | ||||||||
| Purchase of treasury stock for stock-based minimum tax withholdings | (1,999 | ) | (586 | ) | ||||||
| Excess tax benefits from stock-based compensation expense | 5,086 | 2,704 | ||||||||
| Net cash provided by financing activities | 30,233 | 7,701 | ||||||||
| INCREASE IN CASH AND CASH EQUIVALENTS | 55,957 | 6,700 | ||||||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 49,942 | 29,983 | ||||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 105,899 | $ | 36,683 | ||||||
| Envestnet, Inc. | ||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
| (in thousands, except share and per share information) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
| Revenues | $ | 88,577 | $ | 69,880 | $ | 251,945 | $ | 168,137 | ||||||||||||
| Deferred revenue fair value adjustment | - | - | - | 160 | ||||||||||||||||
| Adjusted revenues | $ | 88,577 | $ | 69,880 | $ | 251,945 | $ | 168,297 | ||||||||||||
| Net income | $ | 3,768 | $ | 1,306 | $ | 10,286 | $ | 2,965 | ||||||||||||
| Add (deduct): | ||||||||||||||||||||
| Deferred revenue fair value adjustment | - | - | - | 160 | ||||||||||||||||
| Interest income | (6 | ) | (4 | ) | (101 | ) | (13 | ) | ||||||||||||
| Interest expense | 22 | - | 22 | - | ||||||||||||||||
| Imputed interest expense on contingent consideration | 285 | 392 | 1,108 | 392 | ||||||||||||||||
| Fair market value adjustment on contingent consideration | 118 | - | (342 | ) | - | |||||||||||||||
| Income tax provision | 2,173 | 435 | 5,812 | 1,312 | ||||||||||||||||
| Depreciation and amortization | 4,253 | 4,467 | 13,290 | 10,666 | ||||||||||||||||
| Non-cash compensation expense | 2,676 | 2,015 | 8,443 | 6,462 | ||||||||||||||||
| Restructuring charges and transaction costs | 978 | 1,119 | 1,664 | 2,173 | ||||||||||||||||
| Re-audit related expenses | - | 118 | - | 3,005 | ||||||||||||||||
| Severance | - | 193 | - | 425 | ||||||||||||||||
| Litigation related expense | - | - | 18 | 7 | ||||||||||||||||
| Other income | - | - | (1,825 | ) | - | |||||||||||||||
| Pre-tax loss attributable to non-controlling interest | 405 | - | 935 | - | ||||||||||||||||
| Adjusted EBITDA | $ | 14,672 | $ | 10,041 | $ | 39,310 | $ | 27,554 | ||||||||||||
| Net income | $ | 3,768 | $ | 1,306 | $ | 10,286 | $ | 2,965 | ||||||||||||
| Add (deduct): | ||||||||||||||||||||
| Deferred revenue fair value adjustment | - | - | - | 93 | ||||||||||||||||
| Imputed interest expense on contingent consideration | 171 | 228 | 665 | 228 | ||||||||||||||||
| Fair market value adjustment on contingent consideration | 71 | - | (205 | ) | - | |||||||||||||||
| Non-cash compensation expense | 1,606 | 1,169 | 5,065 | 3,748 | ||||||||||||||||
| Restructuring charges and transaction costs | 690 | 648 | 1,203 | 1,260 | ||||||||||||||||
| Re-audit related expenses | - | 68 | - | 1,742 | ||||||||||||||||
| Severance | - | 112 | - | 247 | ||||||||||||||||
| Amortization of acquired intangibles | 1,373 | 1,537 | 4,371 | 3,366 | ||||||||||||||||
| Litigation related expense | - | - | 11 | 4 | ||||||||||||||||
| Other income | - | - | (1,095 | ) | - | |||||||||||||||
| Net loss attributable to non-controlling interest | 224 | - | 542 | - | ||||||||||||||||
| Adjusted net income | $ | 7,903 | $ | 5,068 | $ | 20,843 | $ | 13,653 | ||||||||||||
| Diluted number of weighted-average shares outstanding | 37,006,796 | 35,871,975 | 36,832,154 | 35,260,044 | ||||||||||||||||
| Adjusted net income per share - diluted | $ | 0.21 | $ | 0.14 | $ | 0.57 | $ | 0.39 | ||||||||||||
Note: | Adjustments, excluding non-deductible transaction costs, are tax effected using an income tax rate of 40.0% and 42.0% for 2014 and 2013, respectively. Pre-tax loss attributable to non-controlling interest assumes losses are allocated to Envestnet Retirement Solutions, LLC members pro-rata based on ownership percentage. | ||
| Envestnet, Inc. | ||||||||||||||||||||
| Historical Assets, Accounts and Advisors | ||||||||||||||||||||
| (in millions, except accounts and advisors) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| September 30, | December 31, | March 31, | June 30, | September 30, | ||||||||||||||||
| 2013 | 2013 | 2014 | 2014 | 2014 | ||||||||||||||||
| Platform Assets | ||||||||||||||||||||
| Assets Under Management (AUM) | $ | 41,932 | $ | 45,706 | $ | 49,383 | $ | 53,063 | $ | 54,935 | ||||||||||
| Assets Under Administration (AUA) | 118,228 | 132,215 | 146,748 | 156,723 | 164,639 | |||||||||||||||
| Subtotal AUM/A | 160,160 | 177,921 | 196,131 | 209,786 | 219,574 | |||||||||||||||
| Licensing | 326,567 | 358,919 | 376,341 | 412,141 | 448,169 | |||||||||||||||
| Total Platform Assets | $ | 486,727 | $ | 536,840 | $ | 572,472 | $ | 621,927 | $ | 667,743 | ||||||||||
| Platform Accounts | ||||||||||||||||||||
| AUM | 200,648 | 211,039 | 226,452 | 239,367 | 255,359 | |||||||||||||||
| AUA | 456,461 | 524,806 | 566,139 | 596,886 | 642,192 | |||||||||||||||
| Subtotal AUM/A | 657,109 | 735,845 | 792,591 | 836,253 | 897,551 | |||||||||||||||
| Licensing | 1,425,102 | 1,508,254 | 1,559,188 | 1,659,313 | 1,830,678 | |||||||||||||||
| Total Platform Accounts | 2,082,211 | 2,244,099 | 2,351,779 | 2,495,566 | 2,728,229 | |||||||||||||||
| Advisors | ||||||||||||||||||||
| AUM/A | 21,759 | 22,838 | 24,369 | 24,945 | 24,887 | |||||||||||||||
| Licensing | 7,511 | 7,794 | 8,025 | 8,583 | 11,266 | |||||||||||||||
| Total Advisors | 29,270 | 30,632 | 32,394 | 33,528 | 36,153 | |||||||||||||||
Notes: | |||
(1) | During the third quarter of 2014, approximately $3.2 billion in assets, 23,000 accounts and 1,100 advisors were reclassified from AUA to Licensing in connection with client conversion activity. | ||
(2) | Metrics as of September 30, 2014 exclude Placemark, which added approximately $15.4 billion in AUM, 45,000 accounts and 3,400 advisors as of October 1, 2014. | ||
Contacts:
Investor Relations
312-827-3940
investor.relations@envestnet.com
or
Media
Relations
mediarelations@envestnet.com
