Envestnet (NYSE:ENV), a leading provider of unified wealth management
technology and services to financial advisors, today reported financial
results for its first quarter ended March 31, 2014.
Key Financial Metrics
|
|
|
First Quarter
|
|
|
%
|
(in millions except per share data)
|
|
|
2014
|
|
|
2013
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
Adjusted Revenues(1)
|
|
|
$
|
78.5
|
|
|
$
|
46.8
|
|
|
68
|
%
|
Adjusted EBITDA(1)
|
|
|
$
|
11.8
|
|
|
$
|
8.2
|
|
|
43
|
%
|
Adjusted Net Income per Share(1)
|
|
|
$
|
0.17
|
|
|
$
|
0.12
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results for the First Quarter of 2014 Compared to the First
Quarter of 2013:
-
Adjusted Revenues(1) increased 68% to $78.5 million for the
first quarter of 2014 from $46.8 million for the first quarter of 2013.
-
Revenues from assets under management (AUM) or assets under
administration (AUA) increased 85% to $67.1 million for the first
quarter of 2014 from $36.3 million for the first quarter of 2013;
total revenues, which include licensing and professional services
fees, increased 68% to $78.5 million for the first quarter of 2014
from $46.6 million for the first quarter of 2013.
-
Adjusted EBITDA(1) increased 43% to $11.8 million for the
first quarter of 2014 compared to $8.2 million for the first quarter
of 2013.
-
Adjusted Net Income(1) was $6.3 million, or $0.17 per
diluted share, for the first quarter of 2014 compared to $4.1 million,
or $0.12 per diluted share, for the first quarter of 2013.
-
Net income attributable to Envestnet, Inc. was $3.0 million, or $0.08
per diluted share, for the first quarter of 2014 compared to $0.5
million, or $0.02 per diluted share, for the first quarter of 2013.
“Envestnet enables the transformation of wealth management. We believe
our leadership in wealth management technology and services is improving
how wealth management is rendered, and empowering advisors to deliver
better outcomes for their clients,” said Jud Bergman, Chairman and CEO.
“Our first quarter results reflect growing adoption from advisors, and
the effects of WMS, as we grew revenue and adjusted EBITDA by 68 percent
and 43 percent, respectively, compared to last year. We believe
Envestnet remains well positioned to deliver meaningful growth in 2014
and beyond,” concluded Mr. Bergman.
Key Operating Metrics (AUM/A Only) as of and for the Quarter Ended
March 31, 2014:
-
Assets: $196.1 billion, up 79% from March 31, 2013
-
Accounts: 792,591, up 65% from March 31, 2013
-
Advisors: 24,369, up 48% from March 31, 2013
-
Gross sales: $26.0 billion, resulting in net flows of $16.0 billion
The following table summarizes the changes in AUM and AUA for the
quarter ended March 31, 2014:
|
|
|
|
|
|
|
Gross
|
|
|
Redemp-
|
|
|
Net
|
|
|
Market
|
|
|
|
|
In Millions Except Account Data
|
|
|
|
12/31/13
|
|
|
Sales
|
|
|
tions
|
|
|
Flows
|
|
|
Impact
|
|
|
|
3/31/14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets under Management (AUM)
|
|
|
$
|
45,706
|
|
|
$
|
6,156
|
|
|
$
|
(2,909
|
)
|
|
|
$
|
3,247
|
|
|
$
|
430
|
|
|
$
|
49,383
|
Assets under Administration (AUA)
|
|
|
|
132,215
|
|
|
|
19,889
|
|
|
|
(7,133
|
)
|
|
|
|
12,756
|
|
|
|
1,777
|
|
|
|
146,748
|
Total AUM/A
|
|
|
$
|
177,921
|
|
|
$
|
26,045
|
|
|
$
|
(10,042
|
)
|
|
|
$
|
16,003
|
|
|
$
|
2,207
|
|
|
$
|
196,131
|
Fee-Based Accounts
|
|
|
|
735,845
|
|
|
|
84,890
|
|
|
|
(28,144
|
)
|
|
|
|
56,746
|
|
|
|
|
|
|
792,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the first quarter, the Company added $8.4 billion of conversions
included in the above AUM/A gross sales figures, and an additional $5.1
billion of conversions in Licensing.
Review of First Quarter 2014 Financial Results
Adjusted revenues increased 68% to $78.5 million for the first quarter
of 2014 from $46.8 million for the first quarter of 2013. The increase
was primarily due to an 85% increase in revenues from AUM or AUA to
$67.1 million from $36.3 million in the prior year period. Revenue from
Prudential’s Wealth Management Solutions (“WMS”) business, acquired by
the Company in July 2013, is included for the entire first quarter of
2014.
Total operating expenses in the first quarter of 2014 increased 62% to
$74.5 million from $46.0 million in the prior year period. Cost of
revenues increased 105% to $34.4 million in the first quarter of 2014
from $16.8 million in the first quarter of 2013 due to the increase in
revenue from AUM or AUA and additional cost attributable to WMS
revenues, which have a higher cost profile than the Company’s non-WMS
business. Compensation and benefits increased 36% to $23.5 million in
the first quarter of 2014 from $17.2 million in the prior year period
due to higher personnel cost from WMS, as well as higher non-cash
compensation expense. General and administration expenses increased 37%
to $12.2 million in the first quarter of 2014 from $8.9 million in the
prior year period, primarily due to WMS.
Income from operations was $4.1 million for the first quarter of 2014
compared to $0.6 million for the first quarter of 2013. Net income
attributable to Envestnet, Inc. was $3.0 million, or $0.08 per diluted
share, for the first quarter of 2014 compared to $0.6 million, or $0.02
per diluted share, for the first quarter of 2013. Adjusted EBITDA(1)
in the first quarter of 2014 was $11.8 million, compared to $8.2 million
in the prior year period. Adjusted Net Income(1) was $6.3
million, compared to $4.1 million in the first quarter of 2013. Adjusted
Net Income Per Share(1) was $0.17, compared to $0.12 in the
first quarter of 2013.
At March 31, 2014, the Company had $52.6 million in cash and cash
equivalents with no debt.
Conference Call
The Company will host a conference call to discuss first quarter 2014
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
(877) 741-4253, or (719) 325-4790 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 7095239. 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. Its
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 its Portfolio Management Consultants group, Envestnet | PMC®.
Envestnet | TamaracTM provides leading rebalancing, reporting
and practice management software. For more information on Envestnet,
please visit www.envestnet.com.
(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 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, litigation related expense
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, amortization of acquired
intangibles, litigation related expense 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 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 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 May 8,
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)
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2014
|
|
|
2013
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
52,629
|
|
|
$
|
49,942
|
Fees receivable, net
|
|
|
|
21,976
|
|
|
|
19,848
|
Deferred tax assets, net
|
|
|
|
2,462
|
|
|
|
2,462
|
Prepaid expenses and other current assets
|
|
|
|
7,278
|
|
|
|
7,155
|
Total current assets
|
|
|
|
84,345
|
|
|
|
79,407
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
13,279
|
|
|
|
12,766
|
Internally developed software, net
|
|
|
|
6,111
|
|
|
|
5,740
|
Intangible assets, net
|
|
|
|
33,254
|
|
|
|
35,698
|
Goodwill
|
|
|
|
74,335
|
|
|
|
74,335
|
Deferred tax assets, net
|
|
|
|
8,367
|
|
|
|
8,367
|
Other non-current assets
|
|
|
|
5,213
|
|
|
|
4,929
|
Total assets
|
|
|
$
|
224,904
|
|
|
$
|
221,242
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accrued expenses
|
|
|
$
|
31,542
|
|
|
$
|
35,242
|
Accounts payable
|
|
|
|
6,797
|
|
|
|
5,528
|
Contingent consideration
|
|
|
|
5,864
|
|
|
|
6,008
|
Deferred revenue
|
|
|
|
6,011
|
|
|
|
6,245
|
Total current liabilities
|
|
|
|
50,214
|
|
|
|
53,023
|
|
|
|
|
|
|
|
Contingent consideration
|
|
|
|
11,573
|
|
|
|
11,297
|
Deferred revenue
|
|
|
|
2,473
|
|
|
|
1,148
|
Deferred rent
|
|
|
|
2,219
|
|
|
|
2,051
|
Lease incentive
|
|
|
|
3,282
|
|
|
|
3,547
|
Other non-current liabilities
|
|
|
|
2,421
|
|
|
|
2,404
|
Total liabilities
|
|
|
|
72,182
|
|
|
|
73,470
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
152,564
|
|
|
|
147,772
|
Non-controlling interest
|
|
|
|
158
|
|
|
|
-
|
Total liabilities and equity
|
|
|
$
|
224,904
|
|
|
$
|
221,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Envestnet, Inc.
|
Condensed Consolidated Statements of Operations
|
(in thousands, except share and per share information)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Assets under management or administration
|
|
|
$
|
67,081
|
|
|
$
|
36,336
|
Licensing and professional services
|
|
|
|
11,458
|
|
|
|
10,289
|
Total revenues
|
|
|
|
78,539
|
|
|
|
46,625
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
34,437
|
|
|
|
16,808
|
Compensation and benefits
|
|
|
|
23,459
|
|
|
|
17,218
|
General and administration
|
|
|
|
12,150
|
|
|
|
8,893
|
Depreciation and amortization
|
|
|
|
4,422
|
|
|
|
3,118
|
Total operating expenses
|
|
|
|
74,468
|
|
|
|
46,037
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
4,071
|
|
|
|
588
|
Other income
|
|
|
|
81
|
|
|
|
5
|
Income before income tax provision
|
|
|
|
4,152
|
|
|
|
593
|
|
|
|
|
|
|
|
Income tax provision
|
|
|
|
1,284
|
|
|
|
52
|
Net income
|
|
|
|
2,868
|
|
|
|
541
|
Add: Net loss attributable to non-controlling interest
|
|
|
|
126
|
|
|
|
-
|
Net income attributable to Envestnet, Inc.
|
|
|
$
|
2,994
|
|
|
$
|
541
|
|
|
|
|
|
|
|
Net income per share attributable to Envestnet, Inc.:
|
|
|
|
|
Basic
|
|
|
$
|
0.09
|
|
|
$
|
0.02
|
Diluted
|
|
|
$
|
0.08
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
Basic
|
|
|
|
34,115,444
|
|
|
|
32,374,976
|
Diluted
|
|
|
|
36,558,983
|
|
|
|
34,269,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Envestnet, Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,868
|
|
|
|
$
|
541
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
4,422
|
|
|
|
|
3,118
|
|
Deferred rent and lease incentive
|
|
|
|
(97
|
)
|
|
|
|
20
|
|
Provision for doubtful accounts
|
|
|
|
-
|
|
|
|
|
60
|
|
Deferred income taxes
|
|
|
|
-
|
|
|
|
|
(570
|
)
|
Stock-based compensation
|
|
|
|
2,568
|
|
|
|
|
2,306
|
|
Excess tax benefits from stock-based compensation
|
|
|
|
-
|
|
|
|
|
(160
|
)
|
Imputed interest expense
|
|
|
|
412
|
|
|
|
|
-
|
|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
Fees receivable
|
|
|
|
(2,128
|
)
|
|
|
|
(1,683
|
)
|
Prepaid expenses and other current assets
|
|
|
|
(123
|
)
|
|
|
|
(169
|
)
|
Other non-current assets
|
|
|
|
(284
|
)
|
|
|
|
(241
|
)
|
Accrued expenses
|
|
|
|
(3,700
|
)
|
|
|
|
260
|
|
Accounts payable
|
|
|
|
1,269
|
|
|
|
|
(122
|
)
|
Deferred revenue
|
|
|
|
1,091
|
|
|
|
|
461
|
|
Other non-current liabilities
|
|
|
|
21
|
|
|
|
|
(66
|
)
|
Net cash provided by operating activities
|
|
|
|
6,319
|
|
|
|
|
3,755
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
(2,002
|
)
|
|
|
|
(605
|
)
|
Capitalization of internally developed software
|
|
|
|
(860
|
)
|
|
|
|
(765
|
)
|
Net cash used in investing activities
|
|
|
|
(2,862
|
)
|
|
|
|
(1,370
|
)
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
839
|
|
|
|
|
56
|
|
Purchase of treasury stock for stock-based minimum tax withholdings
|
|
|
|
(1,609
|
)
|
|
|
|
(366
|
)
|
Excess tax benefits from stock-based compensation
|
|
|
|
-
|
|
|
|
|
160
|
|
Net cash used in financing activities
|
|
|
|
(770
|
)
|
|
|
|
(150
|
)
|
|
|
|
|
|
|
|
INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
|
2,687
|
|
|
|
|
2,235
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
|
|
|
49,942
|
|
|
|
|
29,983
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
|
$
|
52,629
|
|
|
|
$
|
32,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Envestnet, Inc.
|
Reconciliation of Non-GAAP Financial Measures
|
(in thousands, except share and per share information)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
78,539
|
|
|
|
$
|
46,625
|
|
Deferred revenue fair value adjustment
|
|
|
|
-
|
|
|
|
|
137
|
|
Adjusted revenues
|
|
|
$
|
78,539
|
|
|
|
$
|
46,762
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,868
|
|
|
|
$
|
541
|
|
Add (deduct):
|
|
|
|
|
|
|
Deferred revenue fair value adjustment
|
|
|
|
-
|
|
|
|
|
137
|
|
Interest income
|
|
|
|
(81
|
)
|
|
|
|
(5
|
)
|
Imputed interest expense on contingent consideration
|
|
|
|
412
|
|
|
|
|
-
|
|
Income tax provision
|
|
|
|
1,284
|
|
|
|
|
52
|
|
Depreciation and amortization
|
|
|
|
4,422
|
|
|
|
|
3,118
|
|
Non-cash compensation expense
|
|
|
|
2,568
|
|
|
|
|
2,487
|
|
Restructuring charges and transaction costs
|
|
|
|
104
|
|
|
|
|
350
|
|
Re-audit related expenses
|
|
|
|
-
|
|
|
|
|
1,333
|
|
Severance
|
|
|
|
4
|
|
|
|
|
187
|
|
Litigation related expense
|
|
|
|
-
|
|
|
|
|
7
|
|
Pre-tax loss attributable to non-controlling interest
|
|
|
|
190
|
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
|
$
|
11,771
|
|
|
|
$
|
8,207
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,868
|
|
|
|
$
|
541
|
|
Add:
|
|
|
|
|
|
|
Deferred revenue fair value adjustment
|
|
|
|
-
|
|
|
|
|
79
|
|
Imputed interest expense on contingent consideration
|
|
|
|
247
|
|
|
|
|
-
|
|
Non-cash compensation expense
|
|
|
|
1,541
|
|
|
|
|
1,443
|
|
Restructuring charges and transaction costs
|
|
|
|
62
|
|
|
|
|
203
|
|
Re-audit related expenses
|
|
|
|
-
|
|
|
|
|
773
|
|
Severance
|
|
|
|
2
|
|
|
|
|
109
|
|
Amortization of acquired intangibles
|
|
|
|
1,467
|
|
|
|
|
919
|
|
Litigation related expense
|
|
|
|
-
|
|
|
|
|
4
|
|
Net loss attributable to non-controlling interest
|
|
|
|
114
|
|
|
|
|
-
|
|
Adjusted net income
|
|
|
$
|
6,301
|
|
|
|
$
|
4,071
|
|
|
|
|
|
|
|
|
Diluted number of weighted-average shares outstanding
|
|
|
|
36,558,983
|
|
|
|
|
34,269,939
|
|
|
|
|
|
|
|
|
Adjusted net income per share - diluted
|
|
|
$
|
0.17
|
|
|
|
$
|
0.12
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Envestnet, Inc.
|
Historical Assets, Accounts and Advisors
|
(in millions, except account and advisor data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
March 31,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Platform Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Under Management (AUM)
|
|
|
$
|
34,870
|
|
|
$
|
38,705
|
|
|
$
|
41,932
|
|
|
$
|
45,706
|
|
|
$
|
49,383
|
Assets Under Administration (AUA)
|
|
|
|
74,839
|
|
|
|
85,601
|
|
|
|
118,228
|
|
|
|
132,215
|
|
|
|
146,748
|
Subtotal AUM/A
|
|
|
|
109,709
|
|
|
|
124,306
|
|
|
|
160,160
|
|
|
|
177,921
|
|
|
|
196,131
|
Licensing
|
|
|
|
295,330
|
|
|
|
302,604
|
|
|
|
326,567
|
|
|
|
358,919
|
|
|
|
376,341
|
Total Platform Assets
|
|
|
$
|
405,039
|
|
|
$
|
426,910
|
|
|
$
|
486,727
|
|
|
$
|
536,840
|
|
|
$
|
572,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Platform Accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUM
|
|
|
|
167,167
|
|
|
|
190,883
|
|
|
|
200,648
|
|
|
|
211,039
|
|
|
|
226,452
|
AUA
|
|
|
|
311,884
|
|
|
|
357,283
|
|
|
|
456,461
|
|
|
|
524,806
|
|
|
|
566,139
|
Subtotal AUM/A
|
|
|
|
479,051
|
|
|
|
548,166
|
|
|
|
657,109
|
|
|
|
735,845
|
|
|
|
792,591
|
Licensing
|
|
|
|
1,289,491
|
|
|
|
1,365,773
|
|
|
|
1,425,102
|
|
|
|
1,508,254
|
|
|
|
1,559,188
|
Total Platform Accounts
|
|
|
|
1,768,542
|
|
|
|
1,913,939
|
|
|
|
2,082,211
|
|
|
|
2,244,099
|
|
|
|
2,351,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUM/A
|
|
|
|
16,419
|
|
|
|
18,154
|
|
|
|
21,759
|
|
|
|
22,838
|
|
|
|
24,369
|
Licensing
|
|
|
|
6,970
|
|
|
|
7,261
|
|
|
|
7,511
|
|
|
|
7,794
|
|
|
|
8,025
|
Total Advisors
|
|
|
|
23,389
|
|
|
|
25,415
|
|
|
|
29,270
|
|
|
|
30,632
|
|
|
|
32,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: AUM/A metrics include WMS, which added approximately $25 billion
in assets, 86,000 accounts and 3,100 advisors as of July 1, 2013.
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Copyright Business Wire 2014