Envestnet Reports Second Quarter 2018 Financial Results
Envestnet (NYSE: ENV), a leading provider of intelligent systems for wealth management and financial wellness, today reported
financial results for its quarter ended June 30, 2018.
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Three Months Ended |
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Six Months Ended |
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| Key Financial Metrics |
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|
June 30, |
|
% |
|
June 30, |
|
% |
| (in millions except per share data) |
|
|
|
2018 |
|
2017 |
|
Change |
|
2018 |
|
2017 |
|
Change |
| GAAP: |
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|
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|
|
|
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| Total Revenues |
|
|
|
$ |
201.1 |
|
|
$ |
167.4 |
|
|
20% |
|
$ |
399.1 |
|
$ |
325.2 |
|
|
23% |
| Net income (loss) |
|
|
|
|
(6.0 |
) |
|
|
(6.5 |
) |
|
(7%) |
|
|
2.0 |
|
|
(19.6 |
) |
|
n/m |
| Net income (loss) per diluted share attributable to Envestnet, Inc. |
|
|
|
$ |
(0.12 |
) |
|
$ |
(0.15 |
) |
|
(20%) |
|
$ |
0.05 |
|
$ |
(0.45 |
) |
|
n/m |
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| Non-GAAP: |
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| Adjusted EBITDA(1) |
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$ |
34.8 |
|
|
$ |
29.5 |
|
|
18% |
|
$ |
67.5 |
|
$ |
55.4 |
|
|
22% |
| Adjusted Net Income(1) |
|
|
|
|
19.3 |
|
|
|
13.1 |
|
|
47% |
|
|
36.9 |
|
|
24.7 |
|
|
50% |
| Adjusted Net Income per Diluted Share(1) |
|
|
|
$ |
0.41 |
|
|
$ |
0.29 |
|
|
41% |
|
$ |
0.78 |
|
$ |
0.54 |
|
|
44% |
|
__________________________
|
| n/m - Not meaningful |
| |
“Envestnet delivered solid results in the second quarter, with revenue, adjusted EBITDA and adjusted earnings per share
exceeding our expectations,” said Jud Bergman, Chairman and CEO.
“We believe we are well positioned to create meaningful value for shareholders, as we expand our operating system for financial
wellness, enabling our clients to attain better financial outcomes through better intelligence,” concluded Mr. Bergman.
Financial Results for the Second Quarter of 2018:
Total revenues increased 20% to $201.1 million in the three months ended June 30, 2018 from $167.4 million in the three months
ended June 30, 2017. Revenues for FolioDynamix, which the Company acquired in January 2018, were $17.3 million in the three months
ended June 30, 2018. The Company’s total revenues in the three months ended June 30, 2018 were negatively impacted by $3.7 million
due to the adoption of ASU 2014-09. Excluding the effect of these items, total revenues grew 12% in the three months ended June 30,
2018 compared to the prior year period.
Asset-based revenues were 59% of total revenues for the second quarter of 2018, consistent with the same period in 2017, and
increased 19% from the prior year period. Subscription-based revenues increased 20% from the prior year period. Professional
services and other non-recurring revenues increased 30% from the prior year period.
Total operating expenses for the second quarter of 2018 increased 22% to $201.1 million from $164.7 million in the prior year
period. Cost of revenues increased 21% to $67.6 million for the second quarter of 2018 from $55.7 million for the second quarter of
2017. Compensation and benefits increased 23% to $80.2 million for the second quarter of 2018 from $65.0 million for the prior year
period. Compensation and benefits were 40% of total revenues for the second quarter of 2018, compared to 39% in the prior year
period. General and administration expenses increased 20% to $34.1 million for the second quarter of 2018 from $28.5 million for
the prior year period. General and administrative expenses were 17% of total revenues for the second quarter of 2018 consistent
with the prior year period. FolioDynamix was a significant contributor to the year-over-year increase in cost of revenues,
compensation and benefits, and general and administrative expenses for the second quarter of 2018. Excluding FolioDynamix,
operating expenses for the second quarter of 2018 increased 10% to $180.5 million.
Income from operations was $5 thousand for the second quarter of 2018 compared to income of $2.7 million for the second quarter
of 2017. Net loss was $6.0 million for the second quarter of 2018 compared to a loss of $6.5 million for the second quarter of
2017. Net loss per diluted share attributable to Envestnet, Inc. was $0.12 per diluted share for the second quarter of 2018
compared to a loss of $0.15 per diluted share for the second quarter of 2017.
Adjusted EBITDA(1) for the second quarter of 2018 increased 18% to $34.8 million from $29.5 million for the prior
year period. Adjusted Net Income(1) increased 47% for the second quarter of 2018 to $19.3 million from $13.1 million for
the prior year period. Adjusted Net Income per Diluted Share(1) for the second quarter of 2018 increased 41% to $0.41
from $0.29 in the second quarter of 2017.
Outlook
The Company provided the following outlook for the third quarter ended September 30, 2018 and full year ended December 31, 2018.
This outlook is based on the market value of assets on June 30, 2018.
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| In Millions Except Adjusted EPS |
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3Q 2018 |
|
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FY 2018 |
| GAAP: |
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| Revenues: |
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|
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| Asset-based |
|
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|
$ |
118.5 |
|
-
|
$ |
119.5 |
|
|
|
- |
|
| Subscription-based |
|
|
|
|
76.0 |
|
- |
|
77.0 |
|
|
|
- |
|
| Total recurring revenues |
|
|
|
$ |
194.5 |
|
$ |
196.5 |
|
|
|
|
|
| Professional services and other revenues |
|
|
|
|
7.5 |
|
- |
|
8.5 |
|
|
|
- |
|
| Total revenues |
|
|
|
$ |
202.0 |
|
- |
$ |
205.0 |
|
|
$ |
812.0 |
- |
$ |
818.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenues |
|
|
|
$ |
65.0 |
|
- |
$ |
66.5 |
|
|
|
- |
|
| Net Income |
|
|
|
|
|
- |
|
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|
- |
|
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| Diluted shares outstanding |
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|
47.5 |
|
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|
|
- |
|
| Net Income per Diluted Share |
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- |
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- |
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| Non-GAAP: |
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| Adjusted EBITDA(1) |
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|
$ |
40.0 |
|
- |
$ |
41.0 |
|
|
$ |
153.0 |
- |
$ |
156.0 |
| Adjusted Net Income per Diluted Share(1) |
|
|
|
|
$ |
0.50 |
|
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|
$ |
1.85 |
- |
$ |
1.89 |
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The Company does not forecast net income and net income per diluted share due to the unpredictable nature of various items
adjusted for non-GAAP disclosure purposes, including the periodic GAAP income tax provision.
Conference Call
Envestnet will host a conference call to discuss second quarter 2018 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 (800) 239-9838, or for
international callers (323) 794-2551. A replay will be available two hours after the call and can be accessed by dialing (844)
512-2921 or (412) 317-6671 for international callers; the conference ID is 2732311. 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 intelligent systems for wealth management and financial wellness.
Envestnet's unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers
enterprises and advisors to more fully understand their clients and deliver better outcomes.
Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality
research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group.
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital
financial services. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software for advisors.
Envestnet | Retirement Solutions provides retirement advisors with an integrated platform that combines leading practice management
technology, research and due diligence, data aggregation, compliance tools, fiduciary solutions and intelligent managed account
solutions.
More than 88,000 advisors and more than 3,500 companies including: 15 of the 20 largest U.S. banks, 43 of the 50 largest wealth
management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services
companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client
on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.
For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel.
(1) Non-GAAP Financial Measures
“Adjusted EBITDA” represents net income (loss) before deferred revenue fair value adjustment, interest income, interest expense,
accretion on contingent consideration and purchase liability, income tax provision (benefit), depreciation and amortization,
non-cash compensation expense, restructuring charges and transaction costs, severance, litigation related expense, foreign
currency, non-income tax expense adjustment, loss allocation from equity method investment and loss attributable to non-controlling
interest.
“Adjusted net income” represents net income (loss) before deferred revenue fair value adjustment, accretion on contingent
consideration and purchase liability, non-cash interest expense, non-cash compensation expense, restructuring charges and
transaction costs, severance, amortization of acquired intangibles, litigation related expense, foreign currency, non-income tax
expense adjustment, loss allocation from equity method investment and loss attributable to non-controlling interest. Reconciling
items are presented gross of tax, and a normalized tax rate is applied to the total of all reconciling items to arrive at adjusted
net income.
“Adjusted net income per diluted share” represents adjusted net income divided by the diluted number of weighted-average shares
outstanding.
See reconciliation of Non-GAAP Financial Measures on pages 8-10 of this press release. Reconciliations are not provided for
guidance on such measures as the Company is unable to predict the amounts to be adjusted, such as the GAAP tax provision. The
Company’s Non-GAAP Financial 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 expected financial performance and outlook for the third quarter and full year of 2018, 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, the possibility that
the anticipated benefits of the Company’s acquisition of FolioDynamix will not be realized to the extent or when expected,
difficulty in sustaining rapid revenue growth, which may place significant demands on the Company’s administrative, operational and
financial resources, the concentration of nearly all of our revenues from the delivery of our solutions and services to clients in
the financial services industry, our reliance on a limited number of clients for a material portion of our revenue, the
renegotiation of fee percentages or termination of our services by our clients, our ability to identify potential acquisition
candidates, complete acquisitions and successfully integrate acquired companies, the impact of market and economic conditions on
revenues, our inability to successfully execute the conversion of clients’ assets from their technology platform to our technology
platforms in a timely and accurate manner, our ability to expand our relationships with existing customers, grow the number of
customers and derive revenue from new offerings such as our data analytics solutions and market research services and premium
financial applications (“FinApps”), compliance failures, adverse judicial or regulatory proceedings against us, liabilities
associated with potential, perceived or actual breaches of fiduciary duties and/or conflicts of interest, changes in laws and
regulations, including tax laws and regulations, general economic conditions, political and regulatory conditions, the impact of
fluctuations in market condition and interest rates on the demand for our products and services and the value of assets under
management or administration, the impact of market conditions on our ability to issue debt and equity, the impact of fluctuations
in interest rates on our cost of borrowing, our financial performance, the results of our investments in research and development,
our data center and other infrastructure, our ability to maintain the security and integrity of our systems and facilities and to
maintain the privacy of personal information, failure of our systems to work properly, our ability to realize operating
efficiencies, the advantages of our solutions as compared to those of others, the failure to protect our intellectual property
rights, our ability to establish and maintain intellectual property rights, our ability to retain and hire necessary employees and
appropriately staff our operations, and 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 August 7, 2018 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.
|
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| Envestnet, Inc. |
| Condensed Consolidated Balance Sheets |
| (in thousands) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
2018 |
|
2017 |
| Assets |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
$ |
134,032 |
|
$ |
60,115 |
| Fees receivable, net |
|
|
|
|
64,164 |
|
|
51,522 |
| Prepaid expenses and other current assets |
|
|
|
|
22,721 |
|
|
19,470 |
| Total current assets |
|
|
|
|
220,917 |
|
|
131,107 |
|
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
|
|
40,397 |
|
|
35,909 |
| Internally developed software, net |
|
|
|
|
29,257 |
|
|
22,174 |
| Intangible assets, net |
|
|
|
|
313,743 |
|
|
222,731 |
| Goodwill |
|
|
|
|
526,955 |
|
|
432,955 |
| Other non-current assets |
|
|
|
|
23,907 |
|
|
17,176 |
| Total assets |
|
|
|
$ |
1,155,176 |
|
$ |
862,052 |
|
|
|
|
|
|
|
|
|
| Liabilities and Equity |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Accrued expenses and other liabilities |
|
|
|
$ |
109,537 |
|
$ |
105,897 |
| Accounts payable |
|
|
|
|
21,133 |
|
|
11,097 |
| Contingent consideration |
|
|
|
|
707 |
|
|
2,115 |
| Deferred revenue |
|
|
|
|
25,739 |
|
|
21,246 |
| Total current liabilities |
|
|
|
|
157,116 |
|
|
140,355 |
|
|
|
|
|
|
|
|
|
| Convertible Notes due 2019 |
|
|
|
|
162,299 |
|
|
158,990 |
| Convertible Notes due 2023 |
|
|
|
|
289,562 |
|
|
- |
| Revolving credit facility |
|
|
|
|
- |
|
|
81,168 |
| Contingent consideration |
|
|
|
|
- |
|
|
666 |
| Deferred revenue |
|
|
|
|
7,929 |
|
|
12,047 |
| Deferred rent and lease incentive |
|
|
|
|
17,334 |
|
|
15,185 |
| Deferred tax liabilities, net |
|
|
|
|
2,154 |
|
|
969 |
| Other non-current liabilities |
|
|
|
|
16,744 |
|
|
15,102 |
| Total liabilities |
|
|
|
|
653,138 |
|
|
424,482 |
|
|
|
|
|
|
|
|
|
| Redeemable units in ERS |
|
|
|
|
900 |
|
|
900 |
|
|
|
|
|
|
|
|
|
| Equity: |
|
|
|
|
|
|
|
|
| Stockholders’ equity |
|
|
|
|
500,434 |
|
|
436,272 |
| Non-controlling interest |
|
|
|
|
704 |
|
|
398 |
| Total liabilities and equity |
|
|
|
$ |
1,155,176 |
|
$ |
862,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Envestnet, Inc. |
| Condensed Consolidated Statements of Operations |
| (in thousands, except share and per share information) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset-based |
|
|
|
$ |
118,111 |
|
|
$ |
98,959 |
|
|
$ |
239,264 |
|
|
$ |
193,121 |
|
| Subscription-based |
|
|
|
|
71,779 |
|
|
|
59,802 |
|
|
|
141,474 |
|
|
|
117,712 |
|
| Total recurring revenues |
|
|
|
|
189,890 |
|
|
|
158,761 |
|
|
|
380,738 |
|
|
|
310,833 |
|
| Professional services and other revenues |
|
|
|
|
11,226 |
|
|
|
8,656 |
|
|
|
18,389 |
|
|
|
14,370 |
|
| Total revenues |
|
|
|
|
201,116 |
|
|
|
167,417 |
|
|
|
399,127 |
|
|
|
325,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenues |
|
|
|
|
67,627 |
|
|
|
55,735 |
|
|
|
130,561 |
|
|
|
104,961 |
|
| Compensation and benefits |
|
|
|
|
80,210 |
|
|
|
64,996 |
|
|
|
163,750 |
|
|
|
130,528 |
|
| General and administration |
|
|
|
|
34,089 |
|
|
|
28,478 |
|
|
|
66,818 |
|
|
|
59,025 |
|
| Depreciation and amortization |
|
|
|
|
19,185 |
|
|
|
15,465 |
|
|
|
38,731 |
|
|
|
31,300 |
|
| Total operating expenses |
|
|
|
|
201,111 |
|
|
|
164,674 |
|
|
|
399,860 |
|
|
|
325,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from operations |
|
|
|
|
5 |
|
|
|
2,743 |
|
|
|
(733 |
) |
|
|
(611 |
) |
| Other expense, net |
|
|
|
|
(5,430 |
) |
|
|
(4,369 |
) |
|
|
(10,684 |
) |
|
|
(9,852 |
) |
| Loss before income tax provision (benefit) |
|
|
|
|
(5,425 |
) |
|
|
(1,626 |
) |
|
|
(11,417 |
) |
|
|
(10,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax provision (benefit) |
|
|
|
|
566 |
|
|
|
4,844 |
|
|
|
(13,428 |
) |
|
|
9,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
|
|
(5,991 |
) |
|
|
(6,470 |
) |
|
|
2,011 |
|
|
|
(19,605 |
) |
| Add: Net loss attributable to non-controlling interest |
|
|
|
|
465 |
|
|
|
— |
|
|
|
567 |
|
|
|
— |
|
| Net income (loss) attributable to Envestnet, Inc. |
|
|
|
$ |
(5,526 |
) |
|
$ |
(6,470 |
) |
|
$ |
2,578 |
|
|
$ |
(19,605 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per share attributable to Envestnet, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
|
$ |
(0.12 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.06 |
|
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted |
|
|
|
$ |
(0.12 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.05 |
|
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
|
|
45,247,331 |
|
|
|
43,855,479 |
|
|
|
44,963,735 |
|
|
|
43,513,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted |
|
|
|
|
45,247,331 |
|
|
|
43,855,479 |
|
|
|
47,156,205 |
|
|
|
43,513,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Envestnet, Inc. |
| Condensed Consolidated Statements of Cash Flows |
| (in thousands) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
June 30, |
|
|
|
|
2018 |
|
2017 |
| OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
|
$ |
2,011 |
|
|
$ |
(19,605 |
) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
38,731 |
|
|
|
31,300 |
|
| Deferred rent and lease incentive |
|
|
|
|
1,069 |
|
|
|
583 |
|
| Provision for doubtful accounts |
|
|
|
|
924 |
|
|
|
341 |
|
| Deferred income taxes |
|
|
|
|
(17,093 |
) |
|
|
6,524 |
|
| Stock-based compensation expense |
|
|
|
|
18,971 |
|
|
|
15,403 |
|
| Non-cash interest expense |
|
|
|
|
5,630 |
|
|
|
4,853 |
|
| Accretion on contingent consideration and purchase liability |
|
|
|
|
196 |
|
|
|
304 |
|
| Payments of contingent consideration |
|
|
|
|
- |
|
|
|
(357 |
) |
| Loss allocation from equity method investment |
|
|
|
|
811 |
|
|
|
702 |
|
| Loss on disposal of fixed assets |
|
|
|
|
10 |
|
|
|
69 |
|
| Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
| Fees and other receivables |
|
|
|
|
(8,204 |
) |
|
|
(5,639 |
) |
| Prepaid expenses and other current assets |
|
|
|
|
(3,426 |
) |
|
|
(2,681 |
) |
| Other non-current assets |
|
|
|
|
(2,450 |
) |
|
|
(514 |
) |
| Accrued expenses and other liabilities |
|
|
|
|
(5,448 |
) |
|
|
(752 |
) |
| Accounts payable |
|
|
|
|
4,166 |
|
|
|
(184 |
) |
| Deferred revenue |
|
|
|
|
3,478 |
|
|
|
1,818 |
|
| Other non-current liabilities |
|
|
|
|
1,578 |
|
|
|
3,022 |
|
| Net cash provided by operating activities |
|
|
|
|
40,954 |
|
|
|
35,187 |
|
|
|
|
|
|
|
|
|
|
| INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Purchase of property and equipment |
|
|
|
|
(9,569 |
) |
|
|
(9,181 |
) |
| Capitalization of internally developed software |
|
|
|
|
(10,622 |
) |
|
|
(5,651 |
) |
| Acquisition of business |
|
|
|
|
(188,345 |
) |
|
|
- |
|
| Net cash used in investing activities |
|
|
|
|
(208,536 |
) |
|
|
(14,832 |
) |
|
|
|
|
|
|
|
|
|
| FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Proceeds from issuance of Convertible Notes due 2023 |
|
|
|
|
345,000 |
|
|
|
- |
|
| Debt issuance costs |
|
|
|
|
(9,488 |
) |
|
|
- |
|
| Proceeds from borrowings on revolving credit facility |
|
|
|
|
195,000 |
|
|
|
25,000 |
|
| Payments on revolving credit facility |
|
|
|
|
(276,168 |
) |
|
|
(25,000 |
) |
| Payment of Term Notes |
|
|
|
|
- |
|
|
|
(35,862 |
) |
| Payments of definite consideration |
|
|
|
|
- |
|
|
|
(445 |
) |
| Payments of contingent consideration |
|
|
|
|
(2,193 |
) |
|
|
(1,929 |
) |
| Payments of purchase consideration liabilities |
|
|
|
|
- |
|
|
|
(235 |
) |
| Proceeds from exercise of stock options |
|
|
|
|
2,540 |
|
|
|
2,617 |
|
| Purchase of treasury stock for stock-based tax withholdings |
|
|
|
|
(14,395 |
) |
|
|
(9,650 |
) |
| Issuance of restricted stock |
|
|
|
|
3 |
|
|
|
4 |
|
| Net cash provided by (used in) financing activities |
|
|
|
|
240,299 |
|
|
|
(45,500 |
) |
|
|
|
|
|
|
|
|
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
|
|
|
(572 |
) |
|
|
283 |
|
|
|
|
|
|
|
|
|
|
| INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
|
|
72,145 |
|
|
|
(24,862 |
) |
|
|
|
|
|
|
|
|
|
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD |
|
|
|
|
62,115 |
|
|
|
54,592 |
|
|
|
|
|
|
|
|
|
|
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (a) |
|
|
|
$ |
134,260 |
|
|
$ |
29,730 |
|
|
|
|
|
|
|
|
|
|
| (a) The following table provides a reconciliation of cash, cash
equivalents and restricted cash to amounts reported within the consolidated balance sheet: |
| Current Assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
$ |
134,032 |
|
|
$ |
27,730 |
|
| Restricted cash included in prepaid expenses and other current assets |
|
|
|
|
228 |
|
|
|
2,000 |
|
| Total cash, cash equivalents and restricted cash |
|
|
|
$ |
134,260 |
|
|
$ |
29,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Envestnet, Inc. |
| Reconciliation of Non-GAAP Financial Measures |
| (in thousands, except share and per share information) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
|
$ |
201,116 |
|
|
$ |
167,417 |
|
|
$ |
399,127 |
|
|
$ |
325,203 |
|
| Deferred revenue fair value adjustment |
|
|
|
|
62 |
|
|
|
52 |
|
|
|
66 |
|
|
|
105 |
|
| Adjusted revenues |
|
|
|
$ |
201,178 |
|
|
$ |
167,469 |
|
|
$ |
399,193 |
|
|
$ |
325,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
|
$ |
(5,991 |
) |
|
$ |
(6,470 |
) |
|
$ |
2,011 |
|
|
$ |
(19,605 |
) |
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue fair value adjustment |
|
|
|
|
62 |
|
|
|
52 |
|
|
|
66 |
|
|
|
105 |
|
| Interest income |
|
|
|
|
(374 |
) |
|
|
(29 |
) |
|
|
(784 |
) |
|
|
(50 |
) |
| Interest expense |
|
|
|
|
5,992 |
|
|
|
3,877 |
|
|
|
11,228 |
|
|
|
8,813 |
|
| Accretion on contingent consideration and purchase liability |
|
|
|
|
95 |
|
|
|
148 |
|
|
|
196 |
|
|
|
304 |
|
| Income tax provision (benefit) |
|
|
|
|
566 |
|
|
|
4,844 |
|
|
|
(13,428 |
) |
|
|
9,142 |
|
| Depreciation and amortization |
|
|
|
|
19,185 |
|
|
|
15,465 |
|
|
|
38,731 |
|
|
|
31,300 |
|
| Non-cash compensation expense |
|
|
|
|
10,476 |
|
|
|
7,945 |
|
|
|
18,971 |
|
|
|
15,403 |
|
| Restructuring charges and transaction costs |
|
|
|
|
3,345 |
|
|
|
2,249 |
|
|
|
5,937 |
|
|
|
5,627 |
|
| Severance |
|
|
|
|
1,049 |
|
|
|
338 |
|
|
|
3,861 |
|
|
|
663 |
|
| Litigation related expense |
|
|
|
|
- |
|
|
|
52 |
|
|
|
- |
|
|
|
1,033 |
|
| Foreign currency |
|
|
|
|
(339 |
) |
|
|
122 |
|
|
|
(571 |
) |
|
|
412 |
|
| Non-income tax expense adjustment |
|
|
|
|
27 |
|
|
|
414 |
|
|
|
(101 |
) |
|
|
1,163 |
|
| Loss allocation from equity method investment |
|
|
|
|
151 |
|
|
|
417 |
|
|
|
811 |
|
|
|
702 |
|
| Loss attributable to non-controlling interest |
|
|
|
|
515 |
|
|
|
101 |
|
|
|
584 |
|
|
|
351 |
|
| Adjusted EBITDA |
|
|
|
$ |
34,759 |
|
|
$ |
29,525 |
|
|
$ |
67,512 |
|
|
$ |
55,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
|
$ |
(5,991 |
) |
|
$ |
(6,470 |
) |
|
$ |
2,011 |
|
|
$ |
(19,605 |
) |
| Income tax provision (benefit) (1) |
|
|
|
|
566 |
|
|
|
4,844 |
|
|
|
(13,428 |
) |
|
|
9,142 |
|
| Loss before income tax provision |
|
|
|
|
(5,425 |
) |
|
|
(1,626 |
) |
|
$ |
(11,417 |
) |
|
$ |
(10,463 |
) |
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue fair value adjustment |
|
|
|
|
62 |
|
|
|
52 |
|
|
|
66 |
|
|
|
105 |
|
| Accretion on contingent consideration and purchase liability |
|
|
|
|
95 |
|
|
|
148 |
|
|
|
196 |
|
|
|
304 |
|
| Non-cash interest expense |
|
|
|
|
3,032 |
|
|
|
1,331 |
|
|
|
4,900 |
|
|
|
4,853 |
|
| Non-cash compensation expense |
|
|
|
|
10,476 |
|
|
|
7,945 |
|
|
|
18,971 |
|
|
|
15,403 |
|
| Restructuring charges and transaction costs |
|
|
|
|
3,345 |
|
|
|
2,249 |
|
|
|
5,937 |
|
|
|
5,627 |
|
| Severance |
|
|
|
|
1,049 |
|
|
|
338 |
|
|
|
3,861 |
|
|
|
663 |
|
| Amortization of acquired intangibles |
|
|
|
|
13,419 |
|
|
|
10,371 |
|
|
|
27,354 |
|
|
|
20,956 |
|
| Litigation related expense |
|
|
|
|
- |
|
|
|
52 |
|
|
|
- |
|
|
|
1,033 |
|
| Foreign currency |
|
|
|
|
(339 |
) |
|
|
122 |
|
|
|
(571 |
) |
|
|
412 |
|
| Non-income tax expense adjustment |
|
|
|
|
27 |
|
|
|
414 |
|
|
|
(101 |
) |
|
|
1,163 |
|
| Loss allocation from equity method investment |
|
|
|
|
151 |
|
|
|
417 |
|
|
|
811 |
|
|
|
702 |
|
| Loss attributable to non-controlling interest |
|
|
|
|
515 |
|
|
|
101 |
|
|
|
584 |
|
|
|
351 |
|
| Adjusted net income before income tax effect |
|
|
|
|
26,407 |
|
|
|
21,914 |
|
|
|
50,591 |
|
|
|
41,109 |
|
| Income tax effect (2) |
|
|
|
|
(7,130 |
) |
|
|
(8,766 |
) |
|
|
(13,660 |
) |
|
|
(16,444 |
) |
| Adjusted net income |
|
|
|
$ |
19,277 |
|
|
$ |
13,148 |
|
|
$ |
36,931 |
|
|
$ |
24,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic number of weighted-average shares outstanding |
|
|
|
|
45,247,331 |
|
|
|
43,855,479 |
|
|
|
44,963,735 |
|
|
|
43,513,074 |
|
| Effect of dilutive shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options to purchase common stock |
|
|
|
|
1,325,947 |
|
|
|
1,597,746 |
|
|
|
1,360,300 |
|
|
|
1,670,493 |
|
| Unvested restricted stock units |
|
|
|
|
643,319 |
|
|
|
473,892 |
|
|
|
832,170 |
|
|
|
551,227 |
|
| Diluted number of weighted-average shares outstanding |
|
|
|
|
47,216,597 |
|
|
|
45,927,117 |
|
|
|
47,156,205 |
|
|
|
45,734,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net income per share - diluted |
|
|
|
$ |
0.41 |
|
|
$ |
0.29 |
|
|
$ |
0.78 |
|
|
$ |
0.54 |
|
|
________________________________
|
| (1) For the three months ended June 30, 2018 and 2017, the effective tax rate
computed in accordance with US GAAP equaled (10.4%) and (297.9%), respectively. For the six months ended June 30, 2018 and
2017, the effective tax rate computed in accordance with US GAAP equaled 117.6% and (87.4%), respectively. |
| (2) An estimated normalized effective tax rate of 27% has been used to compute
adjusted net income for the three and six months ended June 30, 2018. An estimated normalized effective tax rate of 40% has
been used to compute adjusted net income for the three and six months ended June 30, 2017. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Envestnet, Inc. |
| Reconciliation of Non-GAAP Financial Measures |
| Segment Information |
| (in thousands) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2018 |
|
|
|
|
Envestnet |
|
Envestnet | Yodlee |
|
Nonsegment |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
|
$ |
156,928 |
|
|
$ |
44,188 |
|
|
$ |
— |
|
|
$ |
201,116 |
|
| Deferred revenue fair value adjustment |
|
|
|
|
60 |
|
|
|
2 |
|
|
|
— |
|
|
|
62 |
|
| Adjusted revenues |
|
|
|
$ |
156,988 |
|
|
$ |
44,190 |
|
|
$ |
— |
|
|
$ |
201,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from operations |
|
|
|
$ |
16,359 |
|
|
$ |
(3,296 |
) |
|
$ |
(13,058 |
) |
|
$ |
5 |
|
| Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue fair value adjustment |
|
|
|
|
60 |
|
|
|
2 |
|
|
|
— |
|
|
|
62 |
|
| Accretion on contingent consideration and purchase liability |
|
|
|
|
95 |
|
|
|
— |
|
|
|
— |
|
|
|
95 |
|
| Depreciation and amortization |
|
|
|
|
11,026 |
|
|
|
8,159 |
|
|
|
— |
|
|
|
19,185 |
|
| Non-cash compensation expense |
|
|
|
|
5,080 |
|
|
|
2,936 |
|
|
|
2,460 |
|
|
|
10,476 |
|
| Restructuring charges and transaction costs |
|
|
|
|
188 |
|
|
|
403 |
|
|
|
2,754 |
|
|
|
3,345 |
|
| Non-income tax expense adjustment |
|
|
|
|
27 |
|
|
|
— |
|
|
|
— |
|
|
|
27 |
|
| Severance |
|
|
|
|
1,049 |
|
|
|
— |
|
|
|
— |
|
|
|
1,049 |
|
| Loss attributable to non-controlling interest |
|
|
|
|
515 |
|
|
|
— |
|
|
|
— |
|
|
|
515 |
|
| Adjusted EBITDA |
|
|
|
$ |
34,399 |
|
|
$ |
8,204 |
|
|
$ |
(7,844 |
) |
|
$ |
34,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2017 |
|
|
|
|
Envestnet |
|
Envestnet | Yodlee |
|
Nonsegment |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
|
$ |
129,372 |
|
|
$ |
38,045 |
|
|
$ |
— |
|
|
$ |
167,417 |
|
| Deferred revenue fair value adjustment |
|
|
|
|
7 |
|
|
|
45 |
|
|
|
— |
|
|
|
52 |
|
| Adjusted revenues |
|
|
|
$ |
129,379 |
|
|
$ |
38,090 |
|
|
$ |
— |
|
|
$ |
167,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from operations |
|
|
|
$ |
15,811 |
|
|
$ |
(5,635 |
) |
|
$ |
(7,433 |
) |
|
$ |
2,743 |
|
| Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue fair value adjustment |
|
|
|
|
7 |
|
|
|
45 |
|
|
|
— |
|
|
|
52 |
|
| Accretion on contingent consideration and purchase liability |
|
|
|
|
148 |
|
|
|
— |
|
|
|
— |
|
|
|
148 |
|
| Depreciation and amortization |
|
|
|
|
6,361 |
|
|
|
9,104 |
|
|
|
— |
|
|
|
15,465 |
|
| Non-cash compensation expense |
|
|
|
|
4,218 |
|
|
|
2,721 |
|
|
|
1,006 |
|
|
|
7,945 |
|
| Restructuring charges and transaction costs |
|
|
|
|
600 |
|
|
|
— |
|
|
|
1,649 |
|
|
|
2,249 |
|
| Non-income tax expense adjustment |
|
|
|
|
414 |
|
|
|
— |
|
|
|
— |
|
|
|
414 |
|
| Severance |
|
|
|
|
307 |
|
|
|
15 |
|
|
|
16 |
|
|
|
338 |
|
| Litigation related expense |
|
|
|
|
— |
|
|
|
52 |
|
|
|
— |
|
|
|
52 |
|
| Other loss |
|
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
18 |
|
| Loss attributable to non-controlling interest |
|
|
|
|
101 |
|
|
|
— |
|
|
|
— |
|
|
|
101 |
|
| Adjusted EBITDA |
|
|
|
$ |
27,967 |
|
|
$ |
6,302 |
|
|
$ |
(4,744 |
) |
|
$ |
29,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2018 |
|
|
|
|
Envestnet |
|
Envestnet | Yodlee |
|
Nonsegment |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
|
$ |
312,916 |
|
|
$ |
86,211 |
|
|
$ |
— |
|
|
$ |
399,127 |
|
| Deferred revenue fair value adjustment |
|
|
|
|
58 |
|
|
|
8 |
|
|
|
— |
|
|
|
66 |
|
| Adjusted revenues |
|
|
|
$ |
312,974 |
|
|
$ |
86,219 |
|
|
$ |
— |
|
|
$ |
399,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from operations |
|
|
|
$ |
32,220 |
|
|
$ |
(7,705 |
) |
|
$ |
(25,248 |
) |
|
$ |
(733 |
) |
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue fair value adjustment |
|
|
|
|
58 |
|
|
|
8 |
|
|
|
— |
|
|
|
66 |
|
| Accretion on contingent consideration and purchase liability |
|
|
|
|
196 |
|
|
|
— |
|
|
|
— |
|
|
|
196 |
|
| Depreciation and amortization |
|
|
|
|
22,499 |
|
|
|
16,232 |
|
|
|
— |
|
|
|
38,731 |
|
| Non-cash compensation expense |
|
|
|
|
9,134 |
|
|
|
5,400 |
|
|
|
4,437 |
|
|
|
18,971 |
|
| Restructuring charges and transaction costs |
|
|
|
|
225 |
|
|
|
603 |
|
|
|
5,109 |
|
|
|
5,937 |
|
| Non-income tax expense adjustment |
|
|
|
|
(101 |
) |
|
|
— |
|
|
|
— |
|
|
|
(101 |
) |
| Severance |
|
|
|
|
3,478 |
|
|
|
383 |
|
|
|
— |
|
|
|
3,861 |
|
| Loss attributable to non-controlling interest |
|
|
|
|
584 |
|
|
|
— |
|
|
|
— |
|
|
|
584 |
|
| Adjusted EBITDA |
|
|
|
$ |
68,293 |
|
|
$ |
14,921 |
|
|
$ |
(15,702 |
) |
|
$ |
67,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2017 |
|
|
|
|
Envestnet |
|
Envestnet | Yodlee |
|
Nonsegment |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
|
$ |
250,690 |
|
|
$ |
74,513 |
|
|
$ |
— |
|
|
$ |
325,203 |
|
| Deferred revenue fair value adjustment |
|
|
|
|
36 |
|
|
|
69 |
|
|
|
— |
|
|
|
105 |
|
| Adjusted revenues |
|
|
|
$ |
250,726 |
|
|
$ |
74,582 |
|
|
$ |
— |
|
|
$ |
325,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from operations |
|
|
|
$ |
29,322 |
|
|
$ |
(13,343 |
) |
|
$ |
(16,590 |
) |
|
$ |
(611 |
) |
| Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue fair value adjustment |
|
|
|
|
36 |
|
|
|
69 |
|
|
|
— |
|
|
|
105 |
|
| Accretion on contingent consideration and purchase liability |
|
|
|
|
304 |
|
|
|
— |
|
|
|
— |
|
|
|
304 |
|
| Depreciation and amortization |
|
|
|
|
12,782 |
|
|
|
18,518 |
|
|
|
— |
|
|
|
31,300 |
|
| Non-cash compensation expense |
|
|
|
|
7,892 |
|
|
|
5,462 |
|
|
|
2,049 |
|
|
|
15,403 |
|
| Restructuring charges and transaction costs |
|
|
|
|
695 |
|
|
|
— |
|
|
|
4,932 |
|
|
|
5,627 |
|
| Non-income tax expense adjustment |
|
|
|
|
1,163 |
|
|
|
— |
|
|
|
— |
|
|
|
1,163 |
|
| Severance |
|
|
|
|
423 |
|
|
|
224 |
|
|
|
16 |
|
|
|
663 |
|
| Litigation related expense |
|
|
|
|
— |
|
|
|
1,033 |
|
|
|
— |
|
|
|
1,033 |
|
| Other loss |
|
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
25 |
|
| Loss attributable to non-controlling interest |
|
|
|
|
351 |
|
|
|
— |
|
|
|
— |
|
|
|
351 |
|
| Adjusted EBITDA |
|
|
|
$ |
52,968 |
|
|
$ |
11,963 |
|
|
$ |
(9,568 |
) |
|
$ |
55,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Envestnet, Inc. |
| Historical Assets, Accounts and Advisors |
| (in millions, except accounts and advisors) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
June 30, |
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
|
|
|
|
2017 |
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
|
|
|
(in millions except accounts and advisors data) |
| Platform Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets Under Management (AUM) |
|
|
|
$ |
122,543 |
|
$ |
131,809 |
|
$ |
141,518 |
|
$ |
143,945 |
|
$ |
148,537 |
| Assets Under Administration (AUA) |
|
|
|
|
271,450 |
|
|
293,963 |
|
|
308,480 |
|
|
353,379 |
|
|
360,850 |
| Subtotal AUM/A |
|
|
|
|
393,993 |
|
|
425,772 |
|
|
449,998 |
|
|
497,324 |
|
|
509,387 |
| Subscription |
|
|
|
|
1,099,775 |
|
|
1,161,893 |
|
|
1,253,528 |
|
|
2,076,382 |
|
|
2,167,084 |
| Total Platform Assets |
|
|
|
$ |
1,493,768 |
|
$ |
1,587,665 |
|
$ |
1,703,526 |
|
$ |
2,573,706 |
|
$ |
2,676,471 |
| Platform Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUM |
|
|
|
|
614,973 |
|
|
652,060 |
|
|
685,925 |
|
|
724,774 |
|
|
759,926 |
| AUA |
|
|
|
|
1,083,417 |
|
|
1,145,050 |
|
|
1,217,697 |
|
|
1,389,489 |
|
|
1,417,795 |
| Subtotal AUM/A |
|
|
|
|
1,698,390 |
|
|
1,797,110 |
|
|
1,903,622 |
|
|
2,114,263 |
|
|
2,177,721 |
| Subscription |
|
|
|
|
4,846,596 |
|
|
4,944,640 |
|
|
5,054,015 |
|
|
7,985,777 |
|
|
8,042,900 |
| Total Platform Accounts |
|
|
|
|
6,544,986 |
|
|
6,741,750 |
|
|
6,957,637 |
|
|
10,100,040 |
|
|
10,220,621 |
| Advisors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUM/A |
|
|
|
|
38,498 |
|
|
40,379 |
|
|
40,485 |
|
|
44,790 |
|
|
44,900 |
| Subscription |
|
|
|
|
24,499 |
|
|
24,501 |
|
|
25,566 |
|
|
43,037 |
|
|
43,700 |
| Total Advisors |
|
|
|
|
62,997 |
|
|
64,880 |
|
|
66,051 |
|
|
87,827 |
|
|
88,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables summarize the changes in AUM and AUA for the three months ended June 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In Millions Except Accounts |
|
|
|
3/31/2018 |
|
Gross
Sales
|
|
Redemp-
tions
|
|
Net
Flows
|
|
Market
Impact
|
|
Reclass to
Subscription
|
|
6/30/2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets under Management (AUM) |
|
|
|
$ |
143,945 |
|
$ |
13,859 |
|
$ |
(8,138 |
) |
|
$ |
5,721 |
|
$ |
987 |
|
$ |
(2,116 |
) |
|
$ |
148,537 |
| Assets under Administration (AUA) |
|
|
|
|
353,379 |
|
|
27,015 |
|
|
(23,186 |
) |
|
|
3,829 |
|
|
5,022 |
|
|
(1,380 |
) |
|
|
360,850 |
| Total AUM/A |
|
|
|
$ |
497,324 |
|
$ |
40,874 |
|
$ |
(31,324 |
) |
|
$ |
9,550 |
|
$ |
6,009 |
|
$ |
(3,496 |
) |
|
$ |
509,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fee-Based Accounts |
|
|
|
|
2,114,263 |
|
|
|
|
|
|
|
|
65,515 |
|
|
|
|
|
(2,057 |
) |
|
|
2,177,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The above AUM/A gross sales figures include $5.1 billion in new client conversions.
The Company onboarded an additional $31.0 billion in subscription conversions during the second quarter, bringing total
conversions for the quarter to $36.1 billion. |
Envestnet, Inc.
Investor Relations
investor.relations@envestnet.com
(312) 827-3940
or
Media Relations
mediarelations@envestnet.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180807005875/en/