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Envestnet Reports First Quarter 2018 Financial Results

05/09/18 4:05 pm EDT

CHICAGO--(BUSINESS WIRE)--May 9, 2018-- Envestnet (NYSE:ENV), a leading provider of intelligent systems for wealth management and financial wellness, today reported financial results for its quarter ended March 31, 2018.

  Three Months Ended  
Key Financial Metrics March 31, %
(in millions except per share data)

2018

  2017 Change
GAAP:      
Total Revenues $   198.0 $   157.8 25%
Net income (loss) 8.0 (13.1 ) n/m
Net income (loss) per diluted share attributable to Envestnet, Inc.: $ 0.17 $ (0.30 ) n/m
 
Non-GAAP:
Adjusted EBITDA(1) $ 32.8 $ 25.8 27%
Adjusted Net Income(1) 17.7 11.5 53%
Adjusted Net Income per Diluted Share(1) $ 0.37 $ 0.25 48%

_______________

n/m - Not meaningful

 

“Envestnet’s growth continued in the first quarter, with revenues, adjusted EBITDA and adjusted earnings per share exceeding our expectations,” said Jud Bergman, Chairman and CEO. “Our top- and bottom-line growth benefited from solid operating performance and the inclusion of results from FolioDynamix, which we acquired in January.”

“We are off to a solid start in 2018, as we enhance our operating system for wealth management that connects advisors, enterprises, clients and service providers, and enables better financial outcomes through better intelligence,” concluded Mr. Bergman.

Financial Results for the First Quarter of 2018:

The Company’s financial results for the first quarter of 2018 include FolioDynamix, which was acquired on January 2, 2018.

Total revenues increased 25% to $198.0 million in the three months ended March 31, 2018 from $157.8 million in the three months ended March 31, 2017. FolioDynamix’s revenues were $17.5 million in the three months ended March 31, 2018. The Company’s total revenues in the three months ended March 31, 2018 were negatively impacted by $3.6 million due to the adoption of ASU 2014-09. Excluding the effect of these items, total revenues grew 17% in the three months ended March 31, 2018 compared to the prior year period.

Asset-based revenues, which were 61% and 60% of total revenues for the first quarter of 2018 and 2017, respectively, increased 29% from the prior year period. Subscription-based revenues increased 20% from the prior year period. Professional services and other non-recurring revenues increased 25% from the prior year period.

Total operating expenses for the first quarter of 2018 increased 23% to $198.7 million from $161.1 million in the prior year period. Cost of revenues increased 28% to $62.9 million for the first quarter of 2018 from $49.2 million for the first quarter of 2017. Compensation and benefits increased 27% to $83.5 million for the first quarter of 2018 from $65.5 million for the prior year period. Compensation and benefits were 42% of total revenues for the first quarter of 2018, consistent with the prior year period. General and administration expenses increased 7% to $32.7 million for the first quarter of 2018 from $30.5 million for the prior year period. General and administrative expenses were 17% of total revenues for the first quarter of 2018 compared to 19% for the prior year period.

Loss from operations was $0.7 million for the first quarter of 2018 compared to a loss of $3.4 million for the first quarter of 2017. Net income was $8.0 million for the first quarter of 2018 compared to a loss of $13.1 million for the first quarter of 2017. Net income per diluted share attributable to Envestnet, Inc. was $0.17 per diluted share for the first quarter of 2018 compared to a loss of $0.30 per diluted share for the first quarter of 2017.

Adjusted EBITDA(1) for the first quarter of 2018 increased 27% to $32.8 million from $25.8 million for the prior year period. Adjusted Net Income(1) increased 53% for the first quarter of 2018 to $17.7 million from $11.5 million for the prior year period. Adjusted Net Income per Diluted Share(1) for the first quarter of 2018 increased 48% to $0.37 from $0.25 in the first quarter of 2017.

Outlook

The Company provided the following outlook for the second quarter ended June 30, 2018 and full year ended December 31, 2018. This outlook is based on the market value of assets on March 31, 2018.

In Millions Except Adjusted EPS   2Q 2018   FY 2018
GAAP:    
Revenues:
Asset-based $116.5 - $118.5 -
Subscription-based 72.5 - 73.0 -
Total recurring revenues $189.0 $191.5
Professional services and other revenues 8.0 - 8.5 -
Total revenues $197.0 - $200.0 $811.0 - $821.0
 
Cost of revenues $66.5 - $68.0 -
Net Income - -
 
Diluted shares outstanding 47.5 -
Net Income per Diluted Share - -
 
Non-GAAP:
Adjusted EBITDA(1) $32.5 - $33.5 $151.0 - $155.0
Adjusted Net Income per Diluted Share(1) $0.37 $1.78 - $ 1.83
 

The Company does not forecast net income and net income per diluted share due to the unpredictable nature of various items adjusted for non-GAAP disclosure purposes, including the periodic GAAP income tax provision.

Conference Call

Envestnet will host a conference call to discuss first quarter 2018 financial results today at 5:00 p.m. ET. The live webcast can be accessed from Envestnet’s investor relations website at http://ir.envestnet.com/. The call can also be accessed live over the phone by dialing (800) 263-0877, or for international callers (323) 794-2094. A replay will be available two hours after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 1658083. The dial-in replay will be available for one week and the webcast replay will be available for one month following the date of the conference call.

About Envestnet

Envestnet, Inc. (NYSE:ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet's unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers enterprises and advisors to more fully understand their clients and deliver better outcomes.

Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group. Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software for advisors. Envestnet | Retirement Solutions provides retirement advisors with an integrated platform that combines leading practice management technology, research and due diligence, data aggregation, compliance tools, fiduciary solutions and intelligent managed account solutions.

More than 87,000 advisors and 3,000 companies including: 16 of the 20 largest U.S. banks, 39 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.

For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel.

______________________
(1) Non-GAAP Financial Measures

“Adjusted EBITDA” represents net income (loss) before deferred revenue fair value adjustment, interest income, interest expense, accretion on contingent consideration and purchase liability, income tax provision (benefit), depreciation and amortization, non-cash compensation expense, restructuring charges and transaction costs, severance, litigation related expense, foreign currency, non-income tax expense adjustment, loss allocation from equity method investment and loss attributable to non-controlling interest.

“Adjusted net income” represents net income (loss) before deferred revenue fair value adjustment, accretion on contingent consideration and purchase liability, non-cash interest expense, non-cash compensation expense, restructuring charges and transaction costs, severance, amortization of acquired intangibles, litigation related expense, foreign currency, non-income tax expense adjustment, loss allocation from equity method investment and loss attributable to non-controlling interest. Reconciling items are presented gross of tax, and a normalized tax rate is applied to the total of all reconciling items to arrive at adjusted net income.

“Adjusted net income per diluted share” represents adjusted net income divided by the diluted number of weighted-average shares outstanding.

See reconciliation of Non-GAAP Financial Measures on pages 8-9 of this press release. Reconciliations are not provided for guidance on such measures as the Company is unable to predict the amounts to be adjusted, such as the GAAP tax provision. The Company’s Non-GAAP Financial Measures should not be viewed as a substitute for revenues, net income or net income per share determined in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

The forward-looking statements made in this press release and its attachments concerning, among other things, Envestnet, Inc.’s expected financial performance and outlook for the second quarter and full year of 2018, its strategic operational plans and growth strategy are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and the Company’s actual results could differ materially from the results expressed or implied by such forward-looking statements. Furthermore, reported results should not be considered as an indication of future performance. The potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements in this press release include, but are not limited to, the possibility that the anticipated benefits of the Company’s acquisition of FolioDynamix will not be realized to the extent or when expected, difficulty in sustaining rapid revenue growth, which may place significant demands on the Company’s administrative, operational and financial resources, the concentration of nearly all of our revenues from the delivery of our solutions and services to clients in the financial services industry, our reliance on a limited number of clients for a material portion of our revenue, the renegotiation of fee percentages or termination of our services by our clients, our ability to identify potential acquisition candidates, complete acquisitions and successfully integrate acquired companies, the impact of market and economic conditions on revenues, our inability to successfully execute the conversion of clients’ assets from their technology platform to our technology platforms in a timely and accurate manner, our ability to expand our relationships with existing customers, grow the number of customers and derive revenue from new offerings such as our data analytics solutions and market research services and premium financial applications (“FinApps”), compliance failures, adverse judicial or regulatory proceedings against us, liabilities associated with potential, perceived or actual breaches of fiduciary duties and/or conflicts of interest, changes in laws and regulations, including tax laws and regulations, general economic conditions, political and regulatory conditions, the impact of fluctuations in market condition and interest rates on the demand for our products and services and the value of assets under management or administration, the impact of market conditions on our ability to issue debt and equity, the impact of fluctuations in interest rates on our cost of borrowing, our financial performance, the results of our investments in research and development, our data center and other infrastructure, our ability to maintain the security and integrity of our systems and facilities and to maintain the privacy of personal information, failure of our systems to work properly, our ability to realize operating efficiencies, the advantages of our solutions as compared to those of others, the failure to protect our intellectual property rights, our ability to establish and maintain intellectual property rights, our ability to retain and hire necessary employees and appropriately staff our operations, and management’s response to these factors. More information regarding these and other risks, uncertainties and factors is contained in the Company’s filings with the Securities and Exchange Commission (“SEC”) which are available on the SEC’s website at www.sec.gov or the Company’s Investor Relations website at http://ir.envestnet.com/. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this press release. All information in this press release and its attachments is as of May 9, 2018 and, unless required by law, the Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events.

Envestnet, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 
  March 31,   December 31,

2018

2017

Assets    
Current assets:
Cash and cash equivalents $ 43,965 $ 60,115
Fees receivable, net 66,614 51,522
Prepaid expenses and other current assets     24,961       19,470  
Total current assets     135,540       131,107  
 
Property and equipment, net 40,038 35,909
Internally developed software, net 25,080 22,174
Intangible assets, net 327,162 222,731
Goodwill 530,027 432,955
Other non-current assets     24,282       17,176  
Total assets $   1,082,129   $   862,052  
 
Liabilities and Equity
Current liabilities:
Accrued expenses and other liabilities $ 110,598 $ 105,897
Accounts payable 18,067 11,097
Contingent consideration 2,173 2,115
Deferred revenue     27,493       21,246  
Total current liabilities     158,331       140,355  
 
Convertible Notes 160,638 158,990
Revolving credit facility 261,168 81,168
Contingent consideration 690 666
Deferred revenue 9,883 12,047
Deferred rent and lease incentive 16,650 15,185
Deferred tax liabilities, net 1,291 969
Other non-current liabilities     16,538       15,102  
Total liabilities     625,189       424,482  
 
Redeemable units in ERS 900 900
 
Equity:
Stockholders’ equity 454,871 436,272
Non-controlling interest     1,169       398  
Total liabilities and equity $   1,082,129   $   862,052  
 

Envestnet, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share information)

(unaudited)

 
  Three Months Ended
March 31,
2018   2017
Revenues:    
Asset-based $ 121,153 $ 94,162
Subscription-based     69,695       57,910  
Total recurring revenues 190,848 152,072
Professional services and other revenues     7,163       5,714  
Total revenues     198,011       157,786  
 
Operating expenses:
Cost of revenues 62,934 49,226
Compensation and benefits 83,540 65,532
General and administration 32,729 30,547
Depreciation and amortization     19,546       15,835  
Total operating expenses     198,749       161,140  
 
Loss from operations (738 ) (3,354 )
Other expense, net     (5,254 )     (5,483 )
Loss before income tax provision (benefit) (5,992 ) (8,837 )
 
Income tax provision (benefit)     (13,994 )     4,298  
 
Net income (loss) 8,002 (13,135 )
Add: Net loss attributable to non-controlling interest     102        
Net income (loss) attributable to Envestnet, Inc. $   8,104   $   (13,135 )
 
Net income (loss) per share attributable to Envestnet, Inc.:
Basic $   0.18   $   (0.30 )
 
Diluted $   0.17   $   (0.30 )
 
Weighted average common shares outstanding:
Basic     44,782,982       43,362,037  
 
Diluted     47,145,560       43,362,037  
 

Envestnet, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 
  Three Months Ended
March 31,
2018   2017
OPERATING ACTIVITIES:    
Net income (loss) $ 8,002 $ (13,135 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 19,546 15,835
Deferred rent and lease incentive 385 182
Provision for doubtful accounts 461 82
Deferred income taxes (17,923 ) 2,684
Stock-based compensation expense 8,495 7,458
Non-cash interest expense 3,209 3,522
Accretion on contingent consideration and purchase liability 101 156
Payments of contingent consideration - (357 )
Loss allocation from equity method investment 660 285
Loss on disposal of fixed assets 10 -
Changes in operating assets and liabilities, net of acquisitions:
Fees and other receivables (10,191 ) (545 )
Prepaid expenses and other current assets (3,665 ) (3,932 )
Other non-current assets (2,461 ) 543
Accrued expenses and other liabilities (17,404 ) (8,758 )
Accounts payable 1,594 865
Deferred revenue 7,056 2,619
Other non-current liabilities     1,372       1,140  
Net cash provided by (used in) operating activities     (753 )     8,644  
 
INVESTING ACTIVITIES:
Purchase of property and equipment (4,988 ) (4,007 )
Capitalization of internally developed software (4,599 ) (2,091 )
Acquisition of business     (178,583 )     -  
Net cash used in investing activities     (188,170 )     (6,098 )
 
FINANCING ACTIVITIES:
Proceeds from borrowings on revolving credit facility 195,000 25,000
Payments on revolving credit facility (15,000 ) -
Payment of Term Notes - (33,862 )
Proceeds from exercise of stock options 2,404 1,900
Payments of definite consideration - (445 )
Payments of contingent consideration - (1,929 )
Purchase of treasury stock for stock-based tax withholdings (9,296 ) (6,650 )
Issuance of restricted stock     2       3  
Net cash provided by (used in) financing activities     173,110       (15,983 )
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH (109 ) 324
 
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     (15,922 )     (13,113 )
 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 62,115 54,592
           
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (a) $   46,193   $   41,479  
 
(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheet:
Current Assets:
Cash and cash equivalents $ 43,965 $ 60,115
Restricted cash included in prepaid expenses and other current assets     2,228       2,000  
Total cash, cash equivalents and restricted cash $   46,193   $   62,115  
 

Envestnet, Inc.

Reconciliation of Non-GAAP Financial Measures

(in thousands, except share and per share information)

(unaudited)

 
  Three Months Ended

 

March 31,
2018   2017
   
Total revenues $ 198,011 $ 157,786
Deferred revenue fair value adjustment     4       53  
Adjusted revenues $   198,015   $   157,839  
 
Net income (loss) $ 8,002 $ (13,135 )
Add (deduct):
Deferred revenue fair value adjustment 4 53
Interest income (410 ) (21 )
Interest expense 5,236 4,936
Accretion on contingent consideration and purchase liability 101 156
Income tax provision (benefit) (13,994 ) 4,298
Depreciation and amortization 19,546 15,835
Non-cash compensation expense 8,495 7,458
Restructuring charges and transaction costs 2,592 3,378
Severance 2,812 325
Litigation related expense - 981
Foreign currency and related hedging activity (232 ) 290
Non-income tax expense adjustment (128 ) 749
Loss allocation from equity method investment 660 285
Loss attributable to non-controlling interest     69       250  
Adjusted EBITDA $   32,753   $   25,838  
 
Net income (loss) $ 8,002 $ (13,135 )
Income tax provision (benefit) (1)     (13,994 )     4,298  
Loss before income tax provision (5,992 ) (8,837 )
Add (deduct):
Deferred revenue fair value adjustment 4 53
Accretion on contingent consideration and purchase liability 101 156
Non-cash interest expense 1,868 3,522
Non-cash compensation expense 8,495 7,458
Restructuring charges and transaction costs 2,592 3,378
Severance 2,812 325
Amortization of acquired intangibles 13,935 10,585
Litigation related expense - 981
Foreign currency and related hedging activity (232 ) 290
Non-income tax expense adjustment (128 ) 749
Loss allocation from equity method investment 660 285
Loss attributable to non-controlling interest     69       250  
Adjusted net income before income tax effect 24,184 19,195
Income tax effect (2)     (6,530 )     (7,678 )
Adjusted net income $ 17,654   $ 11,517  
 
Basic number of weighted-average shares outstanding 44,782,982 43,362,037
Effect of dilutive shares:
Options to purchase common stock 1,396,091 1,744,020
Unvested restricted stock units     966,487       582,641  
Diluted number of weighted-average shares outstanding     47,145,560       45,688,698  
 
Adjusted net income per share - diluted $   0.37   $   0.25  

____________
(1) For the three months ended March 31, 2018 and 2017, the effective tax rate computed in accordance with US GAAP equaled (233.5%) and 48.6%, respectively.
(2) An estimated normalized effective tax rate of 27% and 40% has been used to compute adjusted net income for the three months ended March 31, 2018 and 2017, respectively.

 

Envestnet, Inc.

Reconciliation of Non-GAAP Financial Measures

Segment Information

(in thousands)

(unaudited)

 
  Three Months Ended March 31, 2018
Envestnet   Envestnet | Yodlee   Nonsegment   Total
       
Total revenues $ 155,988 $ 42,023 $ - $ 198,011
Deferred revenue fair value adjustment     (2 )     6       -       4  
Adjusted revenues $   155,986   $   42,029   $   -   $   198,015  
 
Income (loss) from operations $ 15,861 $ (4,409 ) $ (12,190 ) $ (738 )
Add (deduct):
Deferred revenue fair value adjustment (2 ) 6 - 4
Accretion on contingent consideration and purchase liability 101 - - 101
Depreciation and amortization 11,473 8,073 - 19,546
Non-cash compensation expense 4,054 2,464 1,977 8,495
Restructuring charges and transaction costs 37 200 2,355 2,592
Non-income tax expense adjustment (128 ) - - (128 )
Severance 2,429 383 - 2,812
Loss attributable to non-controlling interest     69       -       -       69  
Adjusted EBITDA $   33,894   $   6,717   $   (7,858 ) $   32,753  
 
 
Three Months Ended March 31, 2017
Envestnet Envestnet | Yodlee Nonsegment Total
 
Total revenues $ 121,318 $ 36,468 $ - $ 157,786
Deferred revenue fair value adjustment     29       24       -       53  
Adjusted revenues $   121,347   $   36,492   $   -   $   157,839  
 
Income (loss) from operations $ 13,511 $ (7,708 ) $ (9,157 ) $ (3,354 )
Add (deduct):
Deferred revenue fair value adjustment 29 24 - 53
Accretion on contingent consideration and purchase liability 156 - - 156
Depreciation and amortization 6,421 9,414 - 15,835
Non-cash compensation expense 3,674 2,741 1,043 7,458
Restructuring charges and transaction costs 95 - 3,283 3,378
Non-income tax expense adjustment 749 - - 749
Severance 116 209 - 325
Litigation related expense - 981 - 981
Other loss - - 7 7
Loss attributable to non-controlling interest     250       -       -       250  
Adjusted EBITDA $   25,001   $   5,661   $   (4,824 ) $   25,838  
 

Envestnet, Inc.

Historical Assets, Accounts and Advisors

(in millions, except accounts and advisors)

(unaudited)

 
  As of

 

March 31,   June 30,   September 30,   December 31,   March 31,

2017

 

2017

 

2017

 

2017

 

2018

(in millions except accounts and advisors data)
Platform Assets          
Assets Under Management (AUM) $ 113,544 $ 122,543 $ 131,809 $ 141,518 $ 143,945
Assets Under Administration (AUA)     248,445         271,450         293,963         308,480         353,379  
Subtotal AUM/A 361,989 393,993 425,772 449,998 497,324
Subscription     1,023,146         1,099,775         1,161,893         1,253,528         2,076,382  
Total Platform Assets $   1,385,135     $   1,493,768     $   1,587,665     $   1,703,526     $   2,573,706  
Platform Accounts
AUM 574,132 614,973 652,060 685,925 724,774
AUA     986,554         1,083,417         1,145,050         1,217,697         1,389,489  
Subtotal AUM/A 1,560,686 1,698,390 1,797,110 1,903,622 2,114,263
Subscription     4,295,599         4,846,596         4,944,640         5,054,015         7,985,777  
Total Platform Accounts     5,856,285         6,544,986         6,741,750         6,957,637         10,100,040  
Advisors
AUM/A 36,985 38,498 40,379 40,485 44,790
Subscription     23,189         24,499         24,501         25,566         43,037  
Total Advisors     60,174         62,997         64,880         66,051         87,827  
 

The following tables summarize the changes in AUM and AUA for the three months ended March 31, 2018:

     

Gross

 

Redemp-

 

Net

 

Market

 
In Millions Except Accounts 12/31/2017 FolioDynamix

Sales

tions

Flows

Impact

3/31/2018
             
Assets under Management (AUM) $

141,518

 

$

8,736

 

$

15,775

 

$ (19,976 ) $ (4,201 ) $ (2,108 ) $

143,945

 

Assets under Administration (AUA)     308,480       33,182       43,873       (28,223 )     15,650       (3,933 )     353,379  
Total AUM/A $   449,998   $   41,918   $   59,648   $   (48,199 ) $   11,449   $   (6,041 ) $   497,324  
 
Fee-Based Accounts 1,903,622 136,294 74,347 2,114,263
 

The above AUM/A gross sales figures include $23.4 billion in new client conversions. The Company onboarded an additional $10.6 billion in subscription conversions during the first quarter, bringing total conversions for the quarter to $34.0 billion.

As of March 31, 2018, subscription metrics include assets, accounts and advisors associated with Envestnet | Tamarac performance reporting, where applicable. Previously, Envestnet | Tamarac’s metrics were limited to those associated with its rebalancer solution. Prior period metrics have been conformed to the new definition in the tables shown above.

The above metrics as of and for the quarter ended March 31, 2018 include FolioDynamix, which the Company acquired on January 2, 2018. Detailed metrics for FolioDynamix as of January 2, 2018 include:

FolioDynamix   Assets   Accounts   Advisors
AUM       $  

8,736

 

 

57,163

 

 
AUA     33,182     79,131  
AUM/A 41,918 136,294

3,838

 

Subscription     796,545     2,796,878     15,308  
Total Platform $   838,463     2,933,172     19,146  

Source: Envestnet

Envestnet, Inc.
Investor Relations
investor.relations@envestnet.com
312-827-3940
or
Media Relations
mediarelations@envestnet.com

Information is current only as of the date(s) indicated on the materials. We do not have any current intention, and expressly disclaim any obligation, to supplement, update or revise any of the information in these documents. The information contained in these documents should be considered accurate only as of the date of the relevant document. This information may change over time; therefore, visitors to this web site should not assume that the information contained in these documents remains accurate at a later time. Envestnet, Inc.'s press releases, presentations and printed remarks are included on this website for historical purposes only.

Except for historical information and discussions, statements set forth throughout this web site may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or other applicable laws. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially, as discussed in the company's filings with the U.S. Securities and Exchange Commission.

Envestnet, Inc.'s financial performance is subject to risks and uncertainties, some of which are discussed in forward-looking statements contained in its reports filed with the U.S. Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. The stock data above is presented for informational purposes only and is not intended for trading purposes. Stock information may be delayed and reflects stock splits. Historical investment performance is not an indication of future performance.

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