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Envestnet Reports Third 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 third quarter ended September 30, 2012.

Key Financial Metrics   Third Quarter   %

(in millions except per share data)

2012   2011 Change
 
Revenues from AUM/A $ 33.2 $ 26.0 28 %
Total Revenues $ 42.3 $ 32.0 32 %
Adjusted Revenues (1) $ 42.7 $ 32.0 33 %
Adjusted EBITDA (1) $ 6.4 $ 7.6 -16 %
Adjusted Net Income per Share (1) $ 0.09 $ 0.12 -25 %

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

  • Revenues from assets under management (AUM) or assets under administration (AUA) increased 28% to $33.2 million for the third quarter of 2012 from $26.0 million for the third quarter of 2011; total revenues, which include licensing and professional services fees, increased 32% to $42.3 million for the third quarter of 2012 from $32.0 million for the third quarter of 2011.
  • Adjusted revenues, which exclude the effect of purchase accounting on the fair value of acquired deferred revenue, increased 33% to $42.7 million for the third quarter of 2012 from $32.0 million for the third quarter of 2011.
  • Net income was $0.6 million, or $0.02 per diluted share, for the third quarter of 2012 compared to net income of $1.9 million, or $0.06 per diluted share, for the third quarter of 2011.
  • Adjusted EBITDA (1) was $6.4 million for the third quarter of 2012 compared to $7.6 million for the third quarter of 2011.
  • Adjusted Net Income (1) was $2.9 million, or $0.09 per diluted share, for the third quarter of 2012 compared to $3.8 million, or $0.12 per diluted share, for the third quarter of 2011.

“We continue to enable and benefit from the trends in our business toward fee-based advice and advisor service models that highlight transparency and are free from conflicts,” said Jud Bergman, chairman and chief executive officer of Envestnet. “Our opportunity to grow revenue and profits is substantial, as Envestnet empowers advisors to improve client outcomes and strengthen their practices.”

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