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Envestnet Reports First Quarter 2012 Financial Results

Stocks in this article: ENV

Envestnet (NYSE: ENV), a leading provider of technology-enabled wealth management solutions to investment advisors, today reported financial results for its first quarter ended March 31, 2012.

      Key Financial Metrics     First Quarter     % Change  
(in millions except per share data)     2012     2011      
Revenues from AUM/A $28.3 $23.3 21%
Total Revenues $32.6 $29.3 12%
Adjusted EBITDA (1) $5.1 $6.2 -18%
Adjusted Net Income per Share (1) $0.07 $0.09 -22%

Financial results for the first quarter of 2012 compared to the first quarter of 2011:

  • Revenues from assets under management (AUM) or assets under administration (AUA) increased 21% to $28.3 million for the first quarter of 2012 from $23.3 million for the first quarter of 2011; total revenues, which includes licensing and professional services fees, increased 12% to $32.6 million for the first quarter of 2012 from $29.3 million for the first quarter of 2011.
  • Net income was $0.7 million, or $0.02 per diluted share, for the first quarter of 2012 compared to $1.4 million, or $0.04 per diluted share, for the first quarter of 2011.
  • Adjusted EBITDA (1) was $5.1 million for the first quarter of 2012 compared to $6.2 million for the first quarter of 2011.
  • Adjusted Net Income (1) was $2.2 million, or $0.07 per diluted share, for the first quarter of 2012 compared to $3.0 million, or $0.09 per diluted share, for the first quarter of 2011.

“During the first quarter, a growing number of advisors adopted Envestnet’s wealth management solutions, as we experienced positive net flows and strong conversion activity of new reporting clients,” said Jud Bergman, chief executive officer of Envestnet. “Having recently completed the acquisitions of Prima Capital and Tamarac, Envestnet is positioned better than ever to empower advisors to improve client outcomes and strengthen their advisory practices. We are helping advisors transform the wealth management industry to a transparent and unconflicted standard of care for investors.”

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