Envestnet Reports Second Quarter 2013 Financial Results

Envestnet (NYSE: ENV), a leading provider of unified wealth management technology and services to financial advisors, today reported financial results for its second quarter ended June 30, 2013.
                 
Key Financial Metrics Second Quarter % Year to Date %
(in millions except per share data)     2013     2012     Change 2013     2012     Change
       
Adjusted Revenues (1) $ 51.7 $ 38.6 34 % $ 98.4 $ 71.2 38 %
Adjusted EBITDA (1) $ 9.3 $ 5.3 75 % $ 17.5 $ 10.4 68 %
Adjusted Net Income per Share (1) $ 0.13 $ 0.07 86 % $ 0.25 $ 0.13 92 %
 

Financial Results for the Second Quarter of 2013 Compared to the Second Quarter of 2012:
  • Adjusted Revenues (1) increased 34% to $51.7 million for the second quarter of 2013 from $38.6 million for the second quarter of 2012.
  • Revenues from assets under management (AUM) or assets under administration (AUA) increased 33% to $41.2 million for the second quarter of 2013 from $31.0 million for the second quarter of 2012; total revenues, which include licensing and professional services fees, increased 36% to $51.6 million for the second quarter of 2013 from $38.0 million for the second quarter of 2012.
  • Adjusted EBITDA (1) increased 75% to $9.3 million for the second quarter of 2013 compared to $5.3 million for the second quarter of 2012.
  • Adjusted Net Income (1) was $4.5 million, or $0.13 per diluted share, for the second quarter of 2013 compared to $2.2 million, or $0.07 per diluted share, for the second quarter of 2012.
  • Net income was $1.1 million, or $0.03 per diluted share, for the second quarter of 2013 compared to a net loss of $(0.7) million, or $(0.02) per diluted share, for the second quarter of 2012.

“Wealth management is undergoing significant changes, driven by some powerful trends. We believe Envestnet will remain at the forefront of this transformation as we unify the wealth management process for advisors, empowering them to deliver better outcomes in portfolio and practice management,” said Jud Bergman, Chairman and CEO.

If you liked this article you might like

Millennials Remain Avid Fans of ETFs

More Financial Advisors Joining Envestnet's Platform

More Advisors Hopping on Platform Says Envestnet President

Why U.S. Stocks Still Better Than Bonds or Foreign Shares

Bonds, Foreign Shares Stuck So Stick With U.S. Stocks