On a non-GAAP basis, Adjusted Net Income i was $8.2 million and Adjusted Earnings Per Share i were $0.16 for the fourth quarter of 2012 compared to Adjusted Net Income of $6.8 million and Adjusted Earnings Per Share of $0.14 for the fourth quarter of 2011.
Assets Under Contract and Assets Under Management
AUC was $575 billion as of December 31, 2012, an increase of 23% from $467 billion as of December 31, 2011, due primarily to new employers making our services available, market performance, and contributions. AUC for plans in which the Income+ service has been made available was $33 billion as of December 31, 2012.
AUM increased by 35% year over year to $63.9 billion as of December 31, 2012, from $47.5 billion as of December 31, 2011. The increase in AUM was driven primarily by net new enrollment into the Professional Management service, contributions, and market performance.
|AUM, Beginning of Period||$||47.5||$||53.7||$||54.2||$||61.5|
|New Enrollment (1)||3.0||3.7||4.9||3.8|
|Voluntary Cancellations (2)||(1.2||)||(1.0||)||(1.2||)||(1.4||)|
|Involuntary Cancellations (3)||(0.8||)||(1.0||)||(0.9||)||(1.3||)|
|Market Movement and Other (5)||4.2||(2.2||)||3.4||0.1|
|AUM, End of Period||$||53.7||$||54.2||$||61.5||$||63.9|
|(1)||The aggregate amount of assets under management, at the time of enrollment, of new members who enrolled in our Professional Management service within the period.|
|(2)||The aggregate amount of assets, at the time of cancellation, for voluntary cancellations from the Professional Management service within the period.|
|(3)||The aggregate amount of assets, as of the last available positive account balance, for involuntary cancellations occurring when the member’s 401(k) plan account balance has been reduced to zero or when the cancellation of a plan sponsor contract for the Professional Management service has become effective within the period.|
|(4)||Employer and employee contributions are estimated each quarter from annual contribution rates based on data received from plan providers or plan sponsors. The data presented in the table above differs from data provided in filings prior to September 30, 2012, as the data above represents an estimate of the contributions for the entire AUM base, and the prior contributions data reported represented only a subset of members for whom we received salary data.|
|(5)||Other factors affecting assets under management include estimated market movement, plan administrative fees, participant loans and hardship withdrawals, and timing differences.|
For further information on the AUM data above, please refer to our Form 10-K to be filed for the period ended December 31, 2012.
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