Envestnet Reports Unaudited Fourth Quarter and Full Year 2012 Financial Results; Announces Engagement of New Audit Firm

  Envestnet Reports Unaudited Fourth Quarter and Full Year 2012 Financial
  Results; Announces Engagement of New Audit Firm

Business Wire

CHICAGO -- February 14, 2013

Envestnet (NYSE: ENV), a leading provider of unified wealth management
technology and services to investment advisors, today reported financial
results for its fourth quarter and full year ended December 31, 2012.

Key
Financial      Fourth Quarter    %          Full Year           %
Metrics
(in millions
except per     2012    2011    Change     2012     2011     Change
share data)
                                                          
Revenues         $34.7     $24.6     41%            $127.2     $99.2      28%
from AUM/A
Total            $44.4     $30.5     45%            $157.3     $123.2     28%
Revenues
Adjusted         $44.6     $30.5     46%            $158.5     $123.2     29%
Revenues^(1)
Adjusted         $7.2      $6.5      11%            $24.0      $27.4      -13%
EBITDA^(1)
Adjusted Net     $         $
Income per       0.10      0.11      -9%            $ 0.32     $ 0.42     -24%
Share^(1)
                                                                          

Financial Results for the Fourth Quarter of 2012 Compared to the Fourth
Quarter of 2011:

  *Revenues from assets under management (AUM) or assets under administration
    (AUA) increased 41% to $34.7 million for the fourth quarter of 2012 from
    $24.6 million for the fourth quarter of 2011; total revenues, which
    include licensing and professional services fees, increased 45% to $44.4
    million for the fourth quarter of 2012 from $30.5 million for the fourth
    quarter of 2011.
  *Adjusted revenues, which exclude the effect of purchase accounting on the
    fair value of acquired deferred revenue, increased 46% to $44.6 million
    for the fourth quarter of 2012 from $30.5 million for the fourth quarter
    of 2011.
  *Net income was $0.8 million, or $0.02 per diluted share, for the fourth
    quarter of 2012 compared to $1.8 million, or $0.06 per diluted share, for
    the fourth quarter of 2011.
  *Adjusted EBITDA^(1) was $7.2 million for the fourth quarter of 2012
    compared to $6.5 million for the fourth quarter of 2011.
  *Adjusted Net Income^(1) was $3.3 million, or $0.10 per diluted share, for
    the fourth quarter of 2012 compared to $3.5 million, or $0.11 per diluted
    share, for the fourth quarter of 2011.

Financial Results for Full Year 2012 Compared to Full Year 2011:

  *Revenues from AUM or AUA increased 28% to $127.2 million for 2012 from
    $99.2 million for 2011; total revenues, which include licensing and
    professional services fees, increased 28% to $157.3 million for 2012 from
    $123.2 million for 2011.
  *Adjusted revenues, which exclude the effect of purchase accounting on the
    fair value of acquired deferred revenue, increased 29% to $158.5 million
    for 2012 from $123.2 million for 2011.
  *Net income was $1.4 million, or $0.04 per diluted share, for 2012 compared
    to $7.6 million, or $0.23 per diluted share, for 2011.
  *Adjusted EBITDA^(1) was $24.0 million for 2012 compared to $27.4 million
    for 2011. Adjusted EBITDA increased throughout 2012, having grown 42% from
    $5.1 million in the first quarter to $7.2 million in the fourth quarter,
    ending the year at a $28.9 million annual run rate.
  *Adjusted Net Income^(1) was $10.6 million, or $0.32 per diluted share, for
    2012 compared to $13.8 million, or $0.42 per diluted share, for 2011.

“During 2012, we successfully delivered on our organic growth and acquisition
plans, growing adjusted revenue by 29 percent year over year,” said Jud
Bergman, Chairman and CEO of Envestnet. “Our advisor base grew by 16 percent
and accounts grew by 32 percent, demonstrating our ability to both add
advisors to our platform, and more importantly deepen our relationship with
them. This is strong evidence of Envestnet’s leadership role in empowering
advisors to transform wealth management to a transparent, conflict-free and
fully-aligned standard of care for investors.”

“We unify and simplify the wealth management process for advisors, empowering
them to achieve higher standards in portfolio and practice management. As we
empower advisors to deliver better results for their clients, we believe
Envestnet is well-positioned to deliver substantial revenue growth and margin
expansion in 2013,” concluded Mr. Bergman.

Key Operating Metrics as of and for the Quarter Ended December 31, 2012:

  *AUM/A of $98.3 billion, up 40% from December 31, 2011
  *Accounts (AUM/A only) of 449,478, up 32% from December 31, 2011
  *Advisors (AUM/A only) served totaled 16,085, up 16% from December 31, 2011
  *Gross sales of AUM/A of $9.7 billion, resulting in net flows of $4.2
    billion

The following tables summarize the changes in AUM and AUA for the quarter and
year ended December 31, 2012:

                             Gross      Redemp-       Net        Market    
In Millions
Except Account     9/30/12       Sales      tions         Flows        Impact     12/31/12
Data
                                                                                        
Assets under
Management         $ 29,232      $ 3,319      $ (1,908  )     $ 1,411      $   327      $ 30,970
(AUM)
Assets under
Administration      64,229       6,336     (3,565  )    2,771         368       67,368
(AUA)
Total AUM/A        $ 93,461      $ 9,655    $ (5,473  )   $ 4,182      $   695      $ 98,338
Fee-Based            427,112       43,532       (21,166 )       22,366                    449,478
Accounts
                                                                                          

During the fourth quarter, the Company added $1.5 billion of conversions
included in the above AUM/A gross sales figures, and an additional $7.9
billion of conversions in Licensing.

                             Gross       Redemp-                   Market    
In Millions
Except Account     12/31/11      Sales       tions         Net Flows     Impact     12/31/12
Data
                                                                                          
Assets under
Management         $ 22,936      $ 12,487      $ (6,850  )     $ 5,637       $  2,397     $ 30,970
(AUM)
Assets under
Administration      47,148       28,381     (12,520 )    15,861        4,359      67,368
(AUA)
Total AUM/A        $ 70,084      $ 40,868    $ (19,370 )   $ 21,498      $  6,756     $ 98,338
Fee-Based            340,674       191,551       (82,747 )       108,804                    449,478
Accounts
                                                                                            

During 2012, the Company added $10.4 billion of conversions included in the
above AUM/A gross sales figures, and an additional $13.2 billion of
conversions in Licensing.

Review of Fourth Quarter Financial Results

Adjusted revenues increased 46% to $44.6 million for the fourth quarter of
2012 from $30.5 million for the fourth quarter of 2011. The increase was
primarily due to a 41% increase in revenues from AUM or AUA to $34.7 million
from $24.6 million in the prior year period, as well as higher licensing and
professional services revenues related to the acquisitions of Tamarac Inc. and
Prima Capital Holding, Inc., both of which closed during the second quarter of
2012.

Total operating expenses in the fourth quarter of 2012 increased 52% to $42.7
million from $28.1 million in the prior year period. Cost of revenues
increased 54% to $16.0 million in the fourth quarter of 2012 from $10.4
million in the fourth quarter of 2011 due to the increase in revenue from AUM
or AUA and additional cost from acquired businesses. Compensation and benefits
increased 59% to $15.2 million in the fourth quarter of 2012 from $9.6 million
in the prior year period due to higher personnel cost from completed
acquisitions, as well as higher stock-based compensation expense. General and
administration expenses increased 34% to $8.1 million in the fourth quarter of
2012 from $6.0 million in the prior year period, primarily due to transaction
costs related to the completed acquisitions, and ongoing expense from the
acquired companies.

Income from operations was $1.7 million for the fourth quarter of 2012
compared to $2.4 million for the fourth quarter of 2011. Net income was $0.8
million, or $0.02 per diluted share, for the fourth quarter of 2012 compared
to $1.8 million, or $0.06 per diluted share, for the fourth quarter of 2011.
Adjusted EBITDA^(1) in the fourth quarter of 2012 was $7.2 million, compared
to $6.5 million in the prior year period. Adjusted Net Income^(1) was $3.3
million, compared to $3.5 million in the fourth quarter of 2011. Adjusted Net
Income Per Share^(1) was $0.10 per diluted share, compared to $0.11 per
diluted share in the fourth quarter of 2011.

Change in Independent Registered Public Accounting Firm

In a Form 8-K filed today with the Securities and Exchange Commission
(“Commission”), the Company reported that its Audit Committee terminated
McGladrey LLP (“McGladrey”) and appointed KPMG (“KPMG”) as its independent
registered public accounting firm. The Audit Committee reached this decision
after it was determined that certain non-audit tax services provided by
McGladrey to Envestnet may be inconsistent with the Commission’s rules on
auditor independence. As a result, KPMG will perform the Company’s 2012 audit,
as well as a re-audit of the Company’s 2011 financial statements, to ensure
independent audit opinions are provided on the Company’s financial statements.

Envestnet’s Audit Committee and management believe that the financial
statements contained in this press release and Envestnet’s previous SEC
filings fairly present, in all material respects, the financial condition and
results of operations of Envestnet as of and for the periods presented and may
continue to be relied upon. Nevertheless, in light of the requirements of
federal securities laws and regulations and because the purpose of the auditor
independence rules is to provide investors with confidence that audits of
public companies are carried out objectively and impartially by the
independent accounting firms, it has been determined that Envestnet’s
investors will receive a meaningful benefit from the reassurance that will be
provided by having Envestnet’s financial statements for the year ended
December 31, 2011 re-audited by a new independent accountant. Consequently,
Envestnet’s Audit Committee has engaged KPMG, as Envestnet’s new independent
registered public accountants, to re-audit Envestnet’s financial statements
for the year ended December 31, 2011 and to re-review Envestnet’s quarterly
financial information that will be contained in Envestnet’s Annual Report on
Form 10-K for the year ended December 31, 2012 (the “2012 Form 10-K”).
Envestnet is working with KPMG to complete the necessary audit work as quickly
as reasonably practicable. It is unlikely, however, that the audit for the
year ended December 31, 2012 and the re-audit for the year ended December 31,
2011 will be completed on or before March 18, 2013, the date by which the 2012
Form 10-K must be filed with the SEC.

The Company's financial results presented in this press release have not yet
been reviewed or audited by KPMG. Consequently, the financial results
contained in this press release are subject to any adjustments that may result
from the completion of the audit process which may be material. Furthermore,
there can be no assurance that KPMG will not reach conclusions regarding the
application of accounting standards, management estimates or other factors
affecting our financial statements that are different from the Company's
management in connection with their audit process, or that these conclusions
will not require adjustments to our prior financial results.

Conference Call

The Company will host a conference call to discuss fourth quarter 2012
financial results today at 5:00 p.m. ET. The live webcast can be accessed from
the Company's investor relations website at http://ir.envestnet.com/. The
conference call can also be accessed live over the phone by dialing (877)
681-3374, or (719) 325-4910 for international callers. A replay will be
available beginning one hour after the call and can be accessed from the
Company’s investor relations website, or by dialing (877) 870-5176, or (858)
384-5517 for international callers; the conference ID is 3797447. 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 unified wealth management
technology and services to investment advisors.Our open-architecture
platforms unify and simplify the wealth management process, delivering
unparalleled flexibility, accuracy, performance and value. Envestnet solutions
enable the transformation of wealth management into a transparent,
conflict-free and fully-aligned standard of care, and empower advisors to
deliver better results.

Envestnet's Advisor Suite® software empowers financial advisors to better
manage client outcomes and strengthen their practice.Envestnet provides
institutional-quality research and advanced portfolio solutions through our
Portfolio Management Consultants group, Envestnet | PMC®. Envestnet | Tamarac
provides leading rebalancing, reporting and practice management software. For
more information on Envestnet, please visit www.envestnet.com.

(1) Non-GAAP Financial Measures

“Adjusted revenues” exclude the effect of purchase accounting on the fair
value of acquired deferred revenue. Under U.S. GAAP, we record at fair value
the acquired deferred revenue for contracts in effect at the time the entities
were acquired. Consequently, revenue related to acquired entities for periods
subsequent to the acquisition does not reflect the full amount of revenue that
would have been recorded by these entities had they remained stand-alone
entities.

“Adjusted EBITDA” represents net income before deferred revenue fair value
adjustment, interest income, interest expense, income tax provision,
depreciation and amortization, non-cash stock-based compensation expense, gain
on investments, other income, restructuring charges and transaction costs,
severance, customer inducement costs, and litigation related expense.

“Adjusted net income” represents net income before deferred revenue fair value
adjustment, non-cash stock-based compensation expense, restructuring expense
and transaction costs, severance, amortization of acquired intangibles,
customer inducement costs, imputed interest expense and litigation related
expense. Reconciling items are tax effected using the income tax rates in
effect on the applicable date.

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

See reconciliation of Non-GAAP Financial Measures at the end of this press
release. These measures should not be viewed as a substitute for revenues or
net income determined in accordance with United States generally accepted
accounting principles (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 (the “Company”) expected
financial performance and outlook, 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, difficulty in sustaining rapid revenue growth, which may place significant
demands on the Company’s administrative, operational and financial resources,
fluctuations in the Company’s revenue, the concentration of nearly all of the
Company’s revenues from the delivery of investment solutions and services to
clients in the financial advisory industry, the Company’s reliance on a
limited number of clients for a material portion of its revenue, the
renegotiation of fee percentages or termination of the Company’s services by
its clients, the Company’s ability to identify potential acquisition
candidates, complete acquisitions and successfully integrate acquired
companies, the impact of market and economic conditions on the Company’s
revenues, compliance failures, regulatory actions against the Company, the
failure to protect the Company’s intellectual property rights, the Company’s
inability to successfully execute the conversion of its clients’ assets from
their technology platform to the Company’s technology platform in a timely and
accurate manner, general economic conditions, changes to the Company’s
previously reported financial information as a result of audit or reaudit,
political and regulatory conditions, as well as 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 February 14, 2013 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, except share information)
(Unaudited)
                                                           
                                               December 31,     December 31,
                                               2012             2011
Assets
Current assets:
Cash and cash equivalents                      $  29,983        $  64,909
Fees receivable                                   9,000            9,644
Deferred tax assets, net                          682              192
Prepaid expenses and other current assets        2,502          4,040   
Total current assets                             42,167         78,785  
                                                                           
Property and equipment, net                       11,791           11,091
Internally developed software, net                4,324            3,524
Intangible assets, net                            27,150           12,225
Goodwill                                          66,152           22,223
Deferred tax assets, net                          7,218            6,692
Other non-current assets                         3,535          3,162   
Total assets                                   $  162,337      $  137,702 
                                                                           
Liabilities and Stockholders' Equity
Current liabilities:
Accrued expenses                               $  20,507        $  14,919
Accounts payable                                  3,156            1,974
Note payable                                      -                171
Deferred revenue                                 5,768          79      
Total current liabilities                        29,431         17,143  
                                                                           
Deferred rent liability                           2,195            1,414
Lease incentive liability                         3,886            2,933
Other non-current liabilities                    753            573     
Total liabilities                                 36,265           22,063
                                                                           
Stockholders' equity                             126,072        115,639 
Total liabilities and stockholders' equity     $  162,337      $  137,702 
                                                                           

Envestnet, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share information)
(Unaudited)
                                                               
                 Three Months Ended                Twelve Months Ended
                 December 31,                      December 31,
                 2012             2011             2012             2011
                                                                    
Revenues:
Assets under
management or    $ 34,715         $ 24,567         $ 127,213        $ 99,236
administration
Licensing and
professional      9,664          5,975          30,053         23,942     
services
Total revenues    44,379         30,542         157,266        123,178    
                                                                    
Operating
expenses:
Cost of            15,956           10,357           56,119           42,831
revenues
Compensation       15,247           9,612            55,278           40,305
and benefits
General and        8,075            6,047            30,617           21,856
administration
Depreciation
and                3,384            1,700            12,400           6,376
amortization
Restructuring     -              381            115            434        
charges
Total
operating         42,662         28,097         154,529        111,802    
expenses
                                                                    
Income from       1,717          2,445          2,737          11,376     
operations
                                                                    
Other income
(expense):
Interest           3                12               29               77
income
Interest           -                (165       )     (3         )     (786       )
expense
Other income       -                -                -                1,100
Other expense      -                (1,183     )     -                (1,183     )
Loss on           -              -              -              (4         )
investments
Total other
income            3              (1,336     )    26             (796       )
(expense)
                                                                    
Income before
income tax        1,720          1,109          2,763          10,580     
provision
(benefit)
                                                                    
Income tax
provision         943            (720       )    1,363          2,975      
(benefit)
                                                                    
Net income       $ 777           $ 1,829         $ 1,400         $ 7,605      
                                                                    
                                                                    
Net income per
share:
Basic            $ 0.02          $ 0.06          $ 0.04          $ 0.24       
                                                                    
Diluted          $ 0.02          $ 0.06          $ 0.04          $ 0.23       
                                                                    
Weighted
average common
shares
outstanding:
Basic             32,338,488     31,803,862     32,162,672     31,643,390 
                                                                    
Diluted           33,843,464     32,539,215     33,386,161     32,863,834 
                                                                                 

Envestnet, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands, unaudited)
                                                            
                                                 Twelve Months Ended
                                                 December 31,
                                                 2012              2011
                                                                   
OPERATING ACTIVITIES:
Net income                                       $ 1,400           $ 7,605
Adjustments to reconcile net income to net
cash

provided by operating activities:
Depreciation and amortization                      12,400            6,376
Amortization of customer inducements               -                 4,568
Deferred rent and lease incentive                  1,389             332
Loss on investments                                -                 4
Write-off of customer inducemenet asset            -                 174
Contract settlement charges                        -                 1,183
Deferred income taxes                              (664    )         2,162
Stock-based compensation                           4,342             3,062
Interest expense                                   3                 786
Changes in operating assets and
liabilities:
Fees receivable                                    1,205             1,940
Prepaid expenses and other current assets          3,518             (1,988  )
Customer inducements, net                          -                 (1,000  )
Other non-current assets                           (188    )         (1,006  )
Accrued expenses                                   3,406             802
Accounts payable                                   1,182             267
Deferred revenue                                   1,028             (507    )
Other non-current liabilities                     180             (39     )
Net cash provided by operating activities         29,201          24,721  
                                                                   
INVESTING ACTIVITIES:
Purchase of property and equipment                 (4,838  )         (4,798  )
Capitalization of internally developed             (2,350  )         (1,482  )
software
Repayment of notes payable                         (174    )         (162    )
Proceeds from investments                          7                 28
Goodwill - working capital settlement              889               -
Acquisition of businesses, net                    (62,352 )        (23,719 )
Net cash used in investing activities             (68,818 )        (30,133 )
                                                                   
FINANCING ACTIVITIES:
Proceeds from exercise of stock options            2,069             2,747
Issuance of restricted stock                       2,759             -
Purchase of treasury stock                        (137    )        (94     )
Net cash provided by financing activities         4,691           2,653   
                                                                   
DECREASE IN CASH AND CASH EQUIVALENTS             (34,926 )        (2,759  )
                                                                   
CASH AND CASH EQUIVALENTS, BEGINNING OF            64,909            67,668
PERIOD
                                                                  
CASH AND CASH EQUIVALENTS, END OF PERIOD         $ 29,983         $ 64,909  
                                                                             

Envestnet, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands, except share and per share information, unaudited)
                                                                  
                     Three Months Ended                Twelve Months Ended
                     December 31,                      December 31,
                     2012             2011             2012             2011
                                                                        
Revenue              $ 44,379         $ 30,542         $ 157,266        $ 123,178
Deferred revenue
fair value            230            -              1,248          -          
adjustment
Adjusted             $ 44,609        $ 30,542        $ 158,514       $ 123,178    
revenues
                                                                        
                                                                        
Net income           $ 777            $ 1,829          $ 1,400          $ 7,605
Deferred revenue
fair value             230              -                1,248            -
adjustment
Interest income        (3         )     (12        )     (29        )     (77        )
Interest expense       -                165              3                786
Income tax
provision              943              (720       )     1,363            2,975
(benefit)
Depreciation and       3,384            1,700            12,400           6,376
amortization
Stock-based
compensation           1,217            703              4,342            3,062
expense
Restructuring
charges and            506              689              2,718            1,054
transaction
costs
Severance              49               25               278              698
Litigation             115              13               265              128
related expense
Loss on                -                -                -                4
investments
Impairment of
customer               -                -                -                174
inducement asset
Contract
settlement             -                1,183            -                1,183
charges
Other income           -                -                -                (1,100     )
Customer              -              948            -              4,568      
inducement costs
Adjusted EBITDA      $ 7,218         $ 6,523         $ 23,988        $ 27,436     
                                                                        
                                                                        
Net income           $ 777            $ 1,829          $ 1,400          $ 7,605
Deferred revenue
fair value             137              -                746              -
adjustment
Stock-based
compensation           729              420              2,597            1,831
expense
Restructuring
charges and            486              412              1,810            630
transaction
costs
Severance              29               15               166              417
Amortization of
acquired               1,053            176              3,687            559
intangibles
Litigation             69               8                158              77
related expense
Customer               -                567              -                2,732
inducement costs
Contract
settlement             -                1,183            -                1,183
charges
Contract
settlement -           -                (1,187     )     -                (1,187     )
reversal of
deferred taxes
Impairment of
customer               -                -                -                104
inducement asset
Other income           -                -                -                (658       )
Imputed interest      -              97             -              461        
expense
Adjusted net         $ 3,280         $ 3,520         $ 10,564        $ 13,754     
income
                                                                        
Diluted number
of
weighted-average      33,843,464     32,539,215     33,386,161     32,863,834 
shares
outstanding
                                                                        
Adjusted net         $ 0.10          $ 0.11          $ 0.32          $ 0.42       
income per share
                                                                                     

Note: Adjustments to net income, excluding $459 of non-deductible transaction
costs in 2012, are tax-effected using an income tax rate of 40.2% for 2012 and
2011, respectively.

Envestnet, Inc.
Historical Assets, Accounts and Advisors
(in millions, except account and advisor data; unaudited)
                                                                    
                   As of
                   December      March       June         September       December
                   31,           31,         30,          30,             31,
                   2011        2012        2012          2012          2012
                                                                               
Platform
Assets
Assets Under
Management         $ 22,936      $ 26,084      $ 26,758        $ 29,232        $ 30,970
(AUM)
Assets Under
Administration      47,148     54,336     60,511       64,229       67,368
(AUA)
Subtotal AUM/A       70,084        80,420        87,269          93,461          98,338
Licensing           69,514     76,235     229,268      254,256      269,729
Total Platform     $ 139,598   $ 156,655   $ 316,537     $ 347,717     $ 368,067
Assets
                                                                               
Platform
Accounts
AUM                  124,636       134,294       141,695         148,920         156,327
AUA                 216,038    229,942    274,322      278,192      293,151
Subtotal AUM/A       340,674       364,236       416,017         427,112         449,478
Licensing           588,038    588,936    1,138,233    1,170,978    1,228,016
Total Platform      928,712    953,172    1,554,250    1,598,090    1,677,494
Accounts
                                                                               
Advisors
AUM/A                13,887        14,386        15,045          15,735          16,085
Licensing           5,709      5,351      6,758        6,878        6,941
Total Advisors      19,596     19,737     21,803       22,613       23,026
                                                                                 

Note: Licensing metrics include Envestnet | Tamarac, which added approximately
$149 billion in assets, 550,000 accounts and 1,700 advisors as of May 1, 2012.

Contact:

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