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Envestnet Reports Second Quarter 2012 Financial Results

Envestnet (NYSE: ENV), a leading provider of technology-enabled wealth management solutions to investment advisors, today reported financial results for its second quarter ended June 30, 2012.

                     
Key Financial Metrics Second Quarter %
(in millions except per share data)     2012     2011     Change
 
Revenues from AUM/A $31.0 $25.4 22%
Total Revenues $38.0 $31.3 21%
Adjusted Revenues (1) $38.6 $31.3 23%
Adjusted EBITDA (1) $5.3 $7.1 -25%
Adjusted Net Income per Share (1) $ 0.07 $ 0.11 -36%
 

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

  • Revenues from assets under management (AUM) or assets under administration (AUA) increased 22% to $31.0 million for the second quarter of 2012 from $25.4 million for the second quarter of 2011; total revenues, which include licensing and professional services fees, increased 21% to $38.0 million for the second quarter of 2012 from $31.3 million for the second quarter of 2011.
  • Adjusted revenues, which exclude the effect of purchase accounting on the fair value of acquired deferred revenue, increased 23% to $38.6 million for the second quarter of 2012 from $31.3 million for the second quarter of 2011.
  • Net loss was $(0.7) million, or $(0.02) per diluted share, for the second quarter of 2012 compared to net income of $2.4 million, or $0.07 per diluted share, for the second quarter of 2011.
  • Adjusted EBITDA (1) was $5.3 million for the second quarter of 2012 compared to $7.1 million for the second quarter of 2011.
  • Adjusted Net Income (1) was $2.2 million, or $0.07 per diluted share, for the second quarter of 2012 compared to $3.5 million, or $0.11 per diluted share, for the second quarter of 2011.

“During the second quarter we achieved record levels of gross sales and net flows, and conversion activity continued at a high level, reflecting growing support from fee-based advisors,” said Jud Bergman, chairman and chief executive officer of Envestnet. “Our integration efforts of both Tamarac and Prima Capital remain on schedule, better enabling Envestnet to empower advisors to improve client outcomes and strengthen their practices.”

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