Exhibit 99.1

 

Envestnet Reports Third Quarter 2017 Financial Results

 

Chicago, IL — November 8,  2017 — Envestnet (NYSE: ENV), a  leading provider of intelligent systems for wealth management and financial wellness, today reported financial results for its third quarter ended September 30, 2017. 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

Key Financial Metrics

September 30,

%

 

September 30,

%

(in millions except per share data)

2017

2016

Change

 

2017

2016

Change

GAAP:

 

 

 

 

 

 

 

Total Revenues

$175.6

$149.2

18%

 

$500.8

$422.7

18%

Net Loss

(1.3)

(4.1)

(67%)

 

(20.9)

$(23.0)

(9%)

Net Loss per Diluted Share

$ (0.03)

$ (0.09)

(67%)

 

$ (0.48)

$ (0.54)

(11%)

 

 

 

 

 

 

 

 

Non-GAAP:

 

 

 

 

 

 

 

Adjusted Revenues(1)

$175.6

$149.5

17%

 

$500.9

$423.5

18%

Adjusted EBITDA(1)

34.8

27.5

26%

 

90.2

69.1

30%

Adjusted Net Income(1)

17.3

12.5

39%

 

41.9

29.5

42%

Adjusted Net Income per Diluted Share(1)

$ 0.37

$ 0.28

32%

 

$ 0.91

$ 0.67

36%

 

 

“Envestnet’s strong execution continued through the third quarter, as we delivered solid organic growth in both revenue and earnings,”  said Jud Bergman, Chairman and CEO.  “Customers continue to seek innovative ways to broaden their end-client relationships and expand their reach through the adoption of intelligent systems for wealth management and financial wellness.”

 

“We continue to see growth opportunities in 2018 and beyond, both organic and from acquisition, including the FolioDynamix transaction, which we expect to close early next year,” concluded Mr. Bergman.

 

Financial Results for the Third Quarter of 2017 Compared to the Third Quarter of 2016:

 

Total revenues increased 18%  to $175.6 million in the three months ended September 30, 2017 from $149.2 million in the three months ended September 30, 2016.  Asset-based revenues, which were 60%  of total revenues for the third quarter of 2017 and 2016, increased 18% from the prior year period. Subscription and licensing revenues increased 21% from the prior year period.

 

Total operating expenses for the third quarter of 2017 increased 14% to $171.3 million from $150.4 million in the prior year period. Cost of revenues increased 19% to $56.1 million for the third quarter of 2017 from $47.3 million for the third quarter of 2016. Compensation and benefits increased 14% to $68.6 million for the third quarter of 2017 from $60.3 million for the prior year period. Compensation and benefits were 39% of total revenues for the third quarter of 2017, compared to 40% for the prior year period. General and administration expenses increased 19% to  $31.2 million for the third quarter of 2017,  from  $26.2 million for the prior year period. General and administrative expenses were 18% of total revenues for the third quarter of 2017, compared to 18% for the prior year period.

 

Income  from operations was $4.3 million for the third quarter of 2017 compared to a loss of $1.3 million for the third quarter of 2016. Net loss attributable to Envestnet, Inc. was $1.3 million, or $0.03 per diluted share, for the third quarter of 2017 compared to  a loss of $4.1 million, or a loss of $0.09 per diluted share, for the third quarter of 2016.

 

Adjusted Revenues(1) for the third quarter of 2017 increased 17% to $175.6 million from $149.5 million for the prior year period. Adjusted EBITDA(1) for the third quarter of 2017 increased 26% to $34.8 million


The following information was filed by Envestnet, Inc. (ENV) on Wednesday, November 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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