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Envestnet Inc$49.55($1.95)(3.79%)

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 Envestnet Reports Second Quarter 2016 Financial Results
   Monday, August 08, 2016 4:22:00 PM ET

Envestnet (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, 2016.

     Key Financial Metrics                                        Three Months Ended                    %                     Six Months Ended                   %
                                                                                                                                                   June 30,                                                                                                            June 30,
                                           (in millions except per share data)                  2016          2015      Change          2016        2015      Change   
                                          -------------------------------------------- -------------------- -------------------- ---------------------------------- ------------------------------ ----------------------------- -------------------- -------------------------------- ----------------------------- -----------------------------
                                           GAAP:                                                                                                                                                                                                
                                              Revenue                                                                              $ 141.7                            $ 102.7                        38 %                                              $ 273.5                          $ 199.1                        37 %
                                              Net Income (Loss)                                                                       (7.9 )                              2.5                      (413 %)                                               (18.9 )                            5.0                      (475 %)
                                                                                                                                   $ (0.19 )                          $  0.07                      (376 %)                                             $ (0.44 )                        $  0.13                      (430 %)
                                              Net Income (Loss) per Diluted Share
                                                                                                                                                                                                                                                                                                                               
                                           Non-GAAP:
                                              Adjusted Revenues(1)                                                                 $ 141.9                            $ 102.7                        38 %                                              $ 274.0                          $ 199.1                        38 %
                                              Adjusted EBITDA(1)                                                                      22.3                               17.6                        27 %                                                 41.5                             34.4                        21 %
                                              Adjusted Net Income(1)                                                                   9.2                                8.9                         3 %                                                 17.0                             17.1                        (1 %)
                                                                                                                                   $  0.21                            $  0.24                       (13 %)                                             $  0.39                          $  0.46                       (15 %)
                                              Adjusted Net Income per Diluted Share(1)
                                                                                                                                                                                                                                                                                                                               


"Our second quarter results reflect continued growth as we empower enterprises and their advisors to deliver better financial outcomes. Most notably, we completed the integration of the WMS acquisition and onboarded a $97 billion Vantage enterprise data client - the largest scale conversion in our history and a cornerstone of future opportunity," said Jud Bergman, Chairman and CEO.

"Our ongoing efforts in helping advisors cross the digital divide - through industry leading wealth management solutions that incorporate personal financial data and goals-based financial planning - position Envestnet for continued profitable growth into 2017 and beyond," concluded Mr. Bergman.

Financial Results for the Second Quarter of 2016 Compared to the Second Quarter of 2015:

Total revenues increased 38% from $102.7 in the three months ended June 30, 2015 to $141.7 million in the three months ended June 30, 2016. The increase was primarily due to an increase in revenues from subscription and licensing of $32 million. Revenues from assets under management or administration ("AUM/A") were 61% and 82% of total revenues in the second quarter of 2016 and 2015, respectively.

Total operating expenses in the second quarter of 2016 increased 54% to $148.0 million from $96.2 million in the prior year period. Cost of revenues increased 6% to $44.9 million in the second quarter of 2016 from $42.5 million in the second quarter of 2015 due to the increase in revenue from AUM or AUA. Compensation and benefits increased 80% to $57.7 million in the second quarter of 2016 from $32.0 million in the prior year period primarily due to the acquisition of Yodlee. General and administration expenses increased 82% to $28.2 million in the second quarter of 2016 from $15.5 million in the prior year period, also primarily due to the acquisition of Yodlee.

Loss from operations was $6.3 million for the second quarter of 2016 compared to income of $6.5 million for the second quarter of 2015. Net loss attributable to Envestnet, Inc. was $7.9 million, or ($0.19) per diluted share, for the second quarter of 2016 compared to income of $2.5 million, or $0.07 per diluted share, for the second quarter of 2015.

Adjusted EBITDA(1) in the second quarter of 2016 was $22.3 million, compared to $17.6 million in the prior year period. Adjusted Net Income(1) was $9.2 million, compared to $8.9 million in the second quarter of 2015. Adjusted Net Income Per Share(1) was $0.21, compared to $0.24 in the second quarter of 2015.

Cash Flow and Financial Position

At June 30, 2016, Envestnet had $38.5 million in cash and cash equivalents, compared to $36.6 million at March 31, 2016. Total debt was $290.8 million at June 30, 2016 compared to $292.8 million at March 31, 2016. No funds were drawn on the $100 million revolving credit facility at the end of the quarter.

Outlook

The Company’s financial outlook for the third quarter ended September 30, 2016, and full year 2016 is summarized below:

         In Millions Except Adjusted EPS                                                    Q3 2016                                                                                  FY 2016                                           
                                                                                    ------------------------------------------- --------------------                      -------------------- ----------------------------------------------------------------------------------------------                      -------------------- ----------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                          
                                                                                     GAAP:
                                                                                       AUM/A revenue                                                                                           $                   88.0                       - 89.0                                                                                                                                   -
                                                                                                                                                                                                                                      51.8                       - 52.8                                                                                                                                   -
                                                                                       Subscription and licensing revenue
                                                                                       Professional Services and other revenue                                                                                                         5.5                       - 6.0                                                                                                                                    -
                                                                                       Revenues                                                                                                $                                     145.3                       - 147.8                                                                $                    575                       -                     584
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                       Cost of revenues                                                                                        $                                      46.0                       - 47.0                                                                                                                                   -
                                                                                       Net Income                                                                                                                                             -                                                                                                                     -
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                       Diluted shares outstanding                                                                                                                 44.5                                                                                                                              -
                                                                                                                                                                                                                                              -                                                                                                                     -
                                                                                       Net Income per Diluted Share
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                     Non-GAAP:
                                                                                       Adjusted Revenues(1)                                                                                    $                                     145.5                       - 148.0                                                                $                                       576                       -                     585
                                                                                       Adjusted EBITDA(1)                                                                                                                             25.5                       - 26.5                                                                 $                                        98                       -                     102
                                                                                                                                                                                               $                                      0.25                       - 0.26                                                                                                                                   -
                                                                                       Adjusted Net Income per Diluted Share(1)
                                                                                                                                                                                                                                                                                                                                                                                                                                     

Included in the third quarter and full year 2016 adjusted revenue is an expected deferred revenue fair value adjustment of approximately $0.2 million and $0.9 million, respectively. 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 second quarter 2016 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 (888) 572-7034, or for international callers (719) 325-2428. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the conference ID is 3373749. 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. (ENV ) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective, and fully-aligned standard of care, and empower advisors to deliver better outcomes.

Envestnet | Tamarac’s web-based platform for independent RIAs, Advisor(R) Xi, deeply unifies portfolio management, modeling, rebalancing, trading, billing, and reporting with a client portal and enterprise-level client relationship management (CRM) system.

Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. More than 1,000 companies, including 11 of the 20 largest U.S. banks and hundreds of Internet services companies, subscribe to the Envestnet | Yodlee platform to power personalized financial apps and services for millions of consumers. Envestnet | Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and drive better outcomes for our clients and their customers.

(1) Non-GAAP Financial Measures

"Adjusted revenues" exclude the effect of purchase accounting on the fair value of acquired deferred revenue. Under United States generally accepted accounting principles (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, accretion on contingent consideration, income tax provision (benefit), depreciation and amortization, non-cash compensation expense, restructuring charges and transaction costs, severance, fair market value adjustment on contingent consideration, litigation related expense, foreign currency and related hedging activity, loss allocation from equity method investment and loss attributable to non-controlling interest.

"Adjusted net income" represents net income before deferred revenue fair value adjustment, accretion on contingent consideration, non-cash interest expense, non-cash compensation expense, restructuring charges and transaction costs, severance, amortization of acquired intangibles, fair market value adjustment on contingent consideration, litigation related expense, foreign currency and related hedging activity, 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. The reconciling items, and resulting adjusted net income, are presented on a different basis than historically shown to eliminate the impact of quarterly volatility of the GAAP tax provision (benefit) on the Company’s adjusted earnings figures.

"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 on pages 8 and 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 (the "Company") expected financial performance and outlook for the third quarter and full year of 2016, 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 services industry, the impact of market and economic conditions on revenues, 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 conditions on the Company’s ability to issue additional debt and equity to fund acquisitions, compliance failures, regulatory or third-party 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, political and regulatory conditions, the impact of fluctuations in interest rates on the Company’s business, ability to expand our relationships with existing customers, grow the number of customers and derive revenue from new offerings such as our data analytic solutions and market research services and premium FinApps, the results of our investments in research and development, our data center and other infrastructure, our ability to realize operating efficiencies, the advantages of our solutions as compared to those of others, our ability to retain and hire necessary employees and appropriately staff our operations, in particular our India 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 August 8, 2016 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)
                                                                                                                                                                                                                                                                     
                                                                                            June 30,                                                          December 31,
                                                                                                                                                                                             2016                                                                                                                                                               2015
                                                                                       -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          --------------------------------
Assets
Current assets:
   Cash and cash equivalents                                                                                                                                                                  $                                                                                                  38,522                                                              $     51,718
   Fees and other receivables, net                                                                                                                                                                                                                                                               42,549                                                                    46,756
   Prepaid expenses and other current assets                                                                                                                                                                                                                                  30,497                                                 13,239
                                                                                       -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------                                           -------------------- ----------
        Total current assets                                                                                                                                                                                                                                                 111,568                                                111,713
                                                                                       -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------                                           -------------------- ----------
                                                                                                                                                                                                                                                                                                                                                   
Property and equipment, net                                                                                                                                                                                                                                                                      28,696                                                                    28,681
Internally developed software, net                                                                                                                                                                                                                                                               11,490                                                                     9,897
Intangible assets, net                                                                                                                                                                                                                                                                          273,979                                                                   292,675
Goodwill                                                                                                                                                                                                                                                                                        423,450                                                                   421,273
Deferred tax assets, net                                                                                                                                                                                                                                                                              -                                                                     2,688
Other non-current assets                                                                                                                                                                                                                                                      11,764                                                  9,322
                                                                                       -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------                                           -------------------- ----------
        Total assets                                                                                                                                                                          $                                                                                                 860,947                                                              $    876,249
                                                                                       ======================================================================================================== =======================================================================================================                                           ==================== ==========
                                                                                                                                                                                                                                                                                                                                                   
Liabilities and Equity
Current liabilities:
   Accrued expenses and other liabilities                                                                                                                                                     $                                                                                                  67,213                                                              $     83,411
   Accounts payable                                                                                                                                                                                                                                                                              15,941                                                                    10,420
   Current portion of debt                                                                                                                                                                                                                                                                        6,064                                                                     6,064
   Contingent consideration                                                                                                                                                                                                                                                                       2,763                                                                     2,537
   Deferred revenue                                                                                                                                                                                                                                                           15,272                                                 15,089
                                                                                       -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------                                           -------------------- ----------
        Total current liabilities                                                                                                                                                                                                                                            107,253                                                117,521
                                                                                       -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------                                           -------------------- ----------
                                                                                                                                                                                                                                                                                                                                                   
Convertible notes                                                                                                                                                                                                                                                                               149,465                                                                   146,418
Term notes                                                                                                                                                                                                                                                                                      135,303                                                                   138,335
Contingent consideration                                                                                                                                                                                                                                                                            894                                                                     1,506
Deferred revenue                                                                                                                                                                                                                                                                                 16,115                                                                    14,378
Deferred rent and lease incentive                                                                                                                                                                                                                                                                10,651                                                                    10,976
Deferred tax liabilities, net                                                                                                                                                                                                                                                                       816                                                                         -
Other non-current liabilities                                                                                                                                                                                                                                                  7,823                                                  6,288
                                                                                       -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------                                           -------------------- ----------
        Total liabilities                                                                                                                                                                                                                                                    428,320                                                435,422
                                                                                       -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------                                           -------------------- ----------
                                                                                                                                                                                                                                                                                                                                                   
Redeemable units in ERS                                                                                                                                                                                                                                                                             900                                                                       900
                                                                                                                                                                                                                                                                                                                                                   
Equity:
   Stockholders’ equity                                                                                                                                                                                                                                                                         431,329                                                                   439,529
   Non-controlling interest                                                                                                                                                                                                                                                      398                                                    398
                                                                                       -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------                                           -------------------- ----------
        Total liabilities and equity                                                                                                                                                          $                                                                                                 860,947                                                              $    876,249
                                                                                       ======================================================================================================== =======================================================================================================                                           ==================== ==========
 
 
                                                                                                                                                                                                Envestnet, Inc.
                                                                                                                                                                                Condensed Consolidated Statements of Operations
                                                                                                                                                                            (in thousands, except share and per share information)
                                                                                                                                                                                                  (unaudited)
                                                                                                                                                                                                                                       
                                                                                                                                                             Three Months Ended                                                                                                                                                        Six Months Ended
                                                                                                                                                                  June 30,                                                                                                                                                                 June 30,
                                                                                                       -------------------------------------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                               2016                                                                      2015                                                                                           2016                                                                      2015
                                                                                                       -----------------------------------------------------                     -----------------------------------------------------                                          -----------------------------------------------------                     -----------------------------------------------------
Revenues:
   Assets under management or administration                                                                              $     86,056                                                              $     83,819                                                                                   $    168,927                                                              $    164,896
   Subscription and licensing                                                                                                   47,037                                                                    15,045                                                                                         90,657                                                                    29,094
   Professional services and other                                                                            8,615                               3,799                                                   13,945                               5,127  
                                                                                                       -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
        Total revenues                                                                                      141,708                             102,663                                                  273,529                             199,117  
                                                                                                       -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                           
Operating expenses:
   Cost of revenues                                                                                                             44,902                                                                    42,486                                                                                         85,060                                                                    81,181
   Compensation and benefits                                                                                                    57,664                                                                    31,956                                                                                        120,280                                                                    63,491
   General and administration                                                                                                   28,220                                                                    15,512                                                                                         53,947                                                                    29,721
                                                                                                                                17,100                                                                     5,725                                                                                         33,180                                                                    11,058
   Depreciation and amortization
                                                                                                                152                                 518                                                      152                                 518  
   Restructuring charges
                                                                                                       -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
        Total operating expenses                                                                            148,038                              96,197                                                  292,619                             185,969  
                                                                                                       -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
        Income (loss) from operations                                                                                           (6,330 )                                                                   6,466                                                                                        (19,090 )                                                                  13,148
                                                                                                             (4,831 )                                               (2,251 )                                                                    (8,780 )                                               (4,454 )
   Other expense, net
                                                                                                       -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Income (loss) before income tax provision (benefit)                                                                            (11,161 )                                                                   4,215                                                                                        (27,870 )                                                                   8,694
   Income tax provision (benefit)                                                                            (3,218 )                                                1,679                                                   (8,934 )                                                3,647  
                                                                                                       -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net income (loss)                                                                                                               (7,943 )                                                                   2,536                                                                                        (18,936 )                                                                   5,047
   Add: Net loss attributable to non-controlling interest                                                         -                                   -                                                        -                                   -  
                                                                                                       -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net income (loss) attributable to Envestnet, Inc.                                                                         $     (7,943 )                                                            $      2,536                                                                $    (18,936 )                                                            $      5,047  
                                                                                                       ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                           
Net income (loss) per share attributable to Envestnet, Inc.:
                                                                                                                                                                                                                                                                                                                                                           
   Basic                                                                                                                  $      (0.19 )                                                            $       0.07                                                                $      (0.44 )                                                            $       0.14  
                                                                                                       ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                           
   Diluted                                                                                                                $      (0.19 )                                                            $       0.07                                                                $      (0.44 )                                                            $       0.13  
                                                                                                       ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                           
Weighted average common shares outstanding:
   Basic                                                                                                 42,752,465                          35,776,125                                               42,632,964                          35,463,623  
                                                                                                       ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                           
   Diluted                                                                                               42,752,465                          37,654,074                                               42,632,964                          37,504,028  
                                                                                                       ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
                                                                                                                                   Envestnet, Inc.
                                                                                                                   Condensed Consolidated Statements of Cash Flows
                                                                                                                                   (in thousands)
                                                                                                                                     (unaudited)
                                                                                                                                  
                                                                                                                                                                                                     Six Months Ended
                                                                                                                                                                                                         June 30,
                                                                                                                                      ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                             2016                                                                                        2015
                                                                                                                                      --------------------------------------------------                                          --------------------------------------------------
OPERATING ACTIVITIES:
Net income (loss)                                                                                                                                        $ (18,936 )                                                                                 $   5,047
                                                                                                                                                                                                                                                                                     
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
   Depreciation and amortization                                                                                                                            33,180                                                                                      11,058
   Deferred rent and lease incentive                                                                                                                          (325 )                                                                                       219
   Provision for doubtful accounts                                                                                                                             106                                                                                          37
   Deferred income taxes                                                                                                                                     3,504                                                                                         808
   Stock-based compensation expense                                                                                                                         18,318                                                                                       6,749
   Excess tax benefits from stock-based compensation expense                                                                                                  (183 )                                                                                   (15,495 )
   Non-cash interest expense                                                                                                                                 4,031                                                                                       4,697
   Accretion on contingent consideration                                                                                                                       120                                                                                         651
   Fair market value adjustment on contingent consideration                                                                                                    489                                                                                      (1,902 )
   Loss on disposal of fixed assets                                                                                                                            220                                                                                           -
   Changes in operating assets and liabilities, net of acquisitions:
     Fees and other receivables                                                                                                                              4,242                                                                                      (8,825 )
     Prepaid expenses and other current assets                                                                                                             (17,116 )                                                                                     2,028
     Other non-current assets                                                                                                                               (2,320 )                                                                                    (1,743 )
     Accrued expenses and other liabilities                                                                                                                 (4,967 )                                                                                    (5,762 )
     Accounts payable                                                                                                                                        2,597                                                                                       1,439
     Deferred revenue                                                                                                                                        1,447                                                                                       5,978
     Other non-current liabilities                                                                                                        1,535                                                  (330 )
                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------
Net cash provided by operating activities                                                                                                25,942                                                 4,654  
                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                     
INVESTING ACTIVITIES:
   Purchase of property and equipment                                                                                                                       (4,632 )                                                                                    (4,912 )
   Capitalization of internally developed software                                                                                                          (3,245 )                                                                                    (2,208 )
                                                                                                                                                                 -                                                                                      (1,500 )
   Investment in private company
   Purchase of ERS units                                                                                                                                    (1,500 )                                                                                         -  
   Acquisition of businesses, net of cash acquired                                                                                      (18,394 )                                                                (21,712 )
                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------
Net cash used in investing activities                                                                                                   (27,771 )                                                                (30,332 )
                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                     
FINANCING ACTIVITIES:
   Proceeds from borrowings on revolving credit facility                                                                                                    15,000                                                                                           -
   Payments on revolving credit facility                                                                                                                   (15,000 )                                                                                         -
   Repayment of term notes                                                                                                                                  (4,000 )                                                                                         -
   Proceeds from exercise of stock options                                                                                                                   2,279                                                                                       5,909
   Excess tax benefits from stock-based compensation expense                                                                                                   183                                                                                      15,495
   Purchase of treasury stock for stock-based minimum tax withholdings                                                                                      (9,834 )                                                                                    (6,555 )
   Issuance of restricted stock units                                                                                                         5                                                     2  
                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------
Net cash provided by (used in) financing activities                                                                                     (11,367 )                                                                 14,851  
                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                     
DECREASE IN CASH AND CASH EQUIVALENTS                                                                                                   (13,196 )                                                                (10,827 )
                                                                                                                                      -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                     
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                                                                                              51,718                                                                                     209,754
                                                                                                                                                                                                                
                                                                                                                                      --------------------------------------------------                                          --------------------------------------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD                                                                                                                 $  38,522                                                                $ 198,927  
                                                                                                                                      ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
                                                                                                                                                                                                Envestnet, Inc.
                                                                                                                                                                                 Reconciliation of Non-GAAP Financial Measures
                                                                                                                                                                            (in thousands, except share and per share information)
                                                                                                                                                                                                  (unaudited)
                                                                                                                                                                                                                                      
                                                                                                                                                            Three Months Ended                                                                                                                                                        Six Months Ended
                                                                                                                                                                 June 30,                                                                                                                                                                 June 30,
                                                                                                      -------------------------------------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              2016                                                                      2015                                                                                           2016                                                                      2015
                                                                                                      -----------------------------------------------------                     -----------------------------------------------------                                          -----------------------------------------------------                     -----------------------------------------------------
Revenues                                                                                                                 $    141,708                                                              $    102,663                                                                                   $    273,529                                                              $    199,117
   Deferred revenue fair value adjustment                                                                      240                                   -                                                      450                                   -  
                                                                                                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Adjusted revenues                                                                                                        $    141,948                                           $    102,663                                                                $    273,979                                           $    199,117  
                                                                                                      ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                               
Net income (loss)                                                                                                        $     (7,943 )                                                            $      2,536                                                                                   $    (18,936 )                                                            $      5,047
Add (deduct):
   Deferred revenue fair value adjustment                                                                                         240                                                                         -                                                                                            450                                                                         -
   Interest income                                                                                                                 (9 )                                                                     (89 )                                                                                          (22 )                                                                    (211 )
   Interest expense                                                                                                             4,131                                                                     2,341                                                                                          8,223                                                                     4,697
   Accretion on contingent consideration                                                                                           58                                                                       309                                                                                            120                                                                       651
   Income tax provision (benefit)                                                                                              (3,218 )                                                                   1,679                                                                                         (8,934 )                                                                   3,647
   Depreciation and amortization                                                                                               17,100                                                                     5,725                                                                                         33,180                                                                    11,058
   Non-cash compensation expense                                                                                                6,703                                                                     3,330                                                                                         18,194                                                                     6,749
   Restructuring charges and transaction costs                                                                                  1,157                                                                     1,539                                                                                          3,486                                                                     2,969
   Severance                                                                                                                    1,419                                                                       262                                                                                          2,046                                                                       855
   Fair market value adjustment on contingent consideration                                                                       439                                                                      (456 )                                                                                          489                                                                    (1,902 )
   Litigation related expense                                                                                                   1,469                                                                         -                                                                                          1,968                                                                         -
   Foreign currency and related hedging activity                                                                                 (127 )                                                                       -                                                                                           (289 )                                                                       -
   Loss allocation from equity method investment                                                                                  837                                                                         -                                                                                            880                                                                         -
   Loss attributable to non-controlling interest                                                                48                                 437                                                      642                                 867  
                                                                                                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Adjusted EBITDA                                                                                                          $     22,304                                           $     17,613                                                                $     41,497                                           $     34,427  
                                                                                                      ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                               
Net income (loss)                                                                                                        $     (7,943 )                                                            $      2,536                                                                                   $    (18,936 )                                                            $      5,047
Income tax provision (benefit) (1)                                                                          (3,218 )                                                1,679                                                   (8,934 )                                                3,647  
                                                                                                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Income (loss) before income tax provision (benefit)                                                                           (11,161 )                                                                   4,215                                                                                        (27,870 )                                                                   8,694
Add (deduct):
   Deferred revenue fair value adjustment                                                                                         240                                                                         -                                                                                            450                                                                         -
   Accretion on contingent consideration                                                                                           58                                                                       309                                                                                            120                                                                       651
   Non-cash interest expense                                                                                                    2,018                                                                     1,524                                                                                          4,031                                                                     3,063
   Non-cash compensation expense                                                                                                6,703                                                                     3,330                                                                                         18,194                                                                     6,749
   Restructuring charges and transaction costs                                                                                  1,157                                                                     1,539                                                                                          3,486                                                                     2,969
   Severance                                                                                                                    1,419                                                                       262                                                                                          2,046                                                                       855
   Amortization of acquired intangibles                                                                                        12,195                                                                     3,560                                                                                         24,121                                                                     6,693
   Fair market value adjustment on contingent consideration                                                                       439                                                                      (456 )                                                                                          489                                                                    (1,902 )
   Litigation related expense                                                                                                   1,469                                                                         -                                                                                          1,968                                                                         -
   Foreign currency and related hedging activity                                                                                 (127 )                                                                       -                                                                                           (289 )                                                                       -
   Loss allocation from equity method investment                                                                                  837                                                                         -                                                                                            880                                                                         -
   Loss attributable to non-controlling interest                                                                48                                 437                                                      642                                 867  
                                                                                                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Adjusted income before income tax effect                                                                                       15,295                                                                    14,720                                                                                         28,268                                                                    28,639
   Income tax effect (2)                                                                                    (6,118 )                                               (5,867 )                                                                   (11,307 )                                              (11,538 )
                                                                                                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Adjusted net income                                                                                                      $      9,177                                           $      8,853                                                                $     16,961                                           $     17,101  
                                                                                                      ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                               
Basic number of weighted-average shares outstanding                                                                        42,752,465                                                                35,776,125                                                                                     42,632,964                                                                35,463,623
Effect of dilutive shares:
   Options to purchase common stock                                                                                         1,307,547                                                                 1,776,028                                                                                      1,269,085                                                                 1,887,942
   Unvested restricted stock units                                                                         169,824                             101,921                                                  104,637                             152,463  
                                                                                                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Diluted number of weighted-average shares outstanding                                                   44,229,836                          37,654,074                                               44,006,686                          37,504,028  
                                                                                                      ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                               
Adjusted net income per share - diluted                                                                                  $       0.21                                           $       0.24                                                                $       0.39                                           $       0.46  
                                                                                                      ==================== ========== ====================                      ==================== ========== ====================                                           ==================== ========== ====================                      ==================== ========== ====================
                                                                      
(1) For the three months ended June 30, 2016 and 2015, the effective
tax (benefit) rate computed in accordance with US GAAP equaled 28.8%
and 40.0%, respectively. For the six months ended June 30, 2016 and
2015, the effective tax (benefit) rate computed in accordance with
US GAAP equaled 32.1% and 41.9%, respectively.
                                                                      
(2) For both periods shown, an estimated normalized effective tax
rate of 40% has been used to compute adjusted net income.
                                                                      
Note on Income Taxes: As of December 31, 2015, the Company had NOL
carryforwards of $272,804 and $149,893 for federal and state income
tax purposes, respectively, available to reduce future income
subject to income taxes. As a result, the amount of actual cash
taxes the Company pays for federal, state and foreign income taxes
differs significantly from the effective income tax rate computed in
accordance with US GAAP, and from the normalized rate shown above.
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
                                                                                                                                                                           Envestnet, Inc.
                                                                                                                                                            Reconciliation of Non-GAAP Financial Measures
                                                                                                                                                                         Segment Information
                                                                                                                                                                           (in thousands)
                                                                                                                                                                             (unaudited)
                                                                                                                                                                                                      
                                                                                                                                                                                                                 For the Three Months Ended June 30, 2016
                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                Envestnet                                               Envestnet | Yodlee                                                         Non-Segment                                                                     Total
                                                                                                      -----------------------------                     --------------------------------------------------                     --------------------------------------------------                     ---------------------------------------------------------------
Revenues                                                                                                                 $ 110,716                                         $  30,992                                                              $       -                                                              $              141,708
   Deferred revenue fair value adjustment                                                                    17                            223                                -                                           240  
                                                                                                      -------------------- -------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------------- --------------------
Adjusted revenues                                                                                                        $ 110,733                                         $  31,215                                           $       -                                           $              141,948  
                                                                                                      ==================== =======                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                      
Income (loss) from operations                                                                                            $  10,490                                         $ (11,271 )                                                            $  (5,549 )                                                            $               (6,330 )
Add (deduct):
   Deferred revenue fair value adjustment                                                                                       17                                               223                                                                      -                                                                                 240
   Accretion on contingent consideration                                                                                        58                                                 -                                                                      -                                                                                  58
   Depreciation and amortization                                                                                             6,360                                            10,740                                                                      -                                                                              17,100
   Non-cash compensation expense                                                                                             2,371                                             3,225                                                                  1,107                                                                               6,703
   Restructuring charges and transaction costs                                                                                 240                                                27                                                                    890                                                                               1,157
   Severance                                                                                                                 1,029                                               370                                                                     20                                                                               1,419
   Fair market value adjustment on contingent consideration                                                                      -                                                 -                                                                    439                                                                                 439
   Litigation related expense                                                                                                    -                                             1,239                                                                    230                                                                               1,469
   Other loss                                                                                                                    -                                                 -                                                                      1                                                                                   1
   Loss attributable to non-controlling interest                                                             48                              -                                -                                            48  
                                                                                                      -------------------- -------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------------- --------------------
Adjusted EBITDA                                                                                                          $  20,613                                         $   4,553                                           $  (2,862 )                                                            $               22,304  
                                                                                                      ==================== =======                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                 For the Three Months Ended June 30, 2015
                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                Envestnet                                               Envestnet | Yodlee                                                         Non-Segment                                                                     Total
                                                                                                      -----------------------------                     --------------------------------------------------                     --------------------------------------------------                     ---------------------------------------------------------------
Revenues                                                                                                                 $ 102,663                                         $       -                                                              $       -                                                              $              102,663
   Deferred revenue fair value adjustment                                                                     -                              -                                -                                             -  
                                                                                                      -------------------- -------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------------- --------------------
Adjusted revenues                                                                                                        $ 102,663                                         $       -                                           $       -                                           $              102,663  
                                                                                                      ==================== =======                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                      
Income (loss) from operations                                                                                            $  10,312                                         $       -                                                              $  (3,846 )                                                            $                6,466
Add (deduct):
   Accretion on contingent consideration                                                                                       309                                                 -                                                                      -                                                                                 309
   Depreciation and amortization                                                                                             5,725                                                 -                                                                      -                                                                               5,725
   Non-cash compensation expense                                                                                             2,951                                                 -                                                                    379                                                                               3,330
   Restructuring charges and transaction costs                                                                                   -                                                 -                                                                  1,539                                                                               1,539
   Severance                                                                                                                   262                                                 -                                                                      -                                                                                 262
   Fair market value adjustment on contingent consideration                                                                      -                                                 -                                                                   (456 )                                                                              (456 )
   Other loss                                                                                                                    -                                                 -                                                                      1                                                                                   1
   Loss attributable to non-controlling interest                                                            437                              -                                -                                           437  
                                                                                                      -------------------- -------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------------- --------------------
Adjusted EBITDA                                                                                                          $  19,996                                         $       -                                           $  (2,383 )                                                            $               17,613  
                                                                                                      ==================== =======                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                  For the Six Months Ended June 30, 2016
                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                Envestnet                                               Envestnet | Yodlee                                                         Non-Segment                                                                     Total
                                                                                                      -----------------------------                     --------------------------------------------------                     --------------------------------------------------                     ---------------------------------------------------------------
Revenues                                                                                                                   213,906                                            59,623                                                                      -                                                                             273,529
   Deferred revenue fair value adjustment                                                                     6                            444                                -                                           450  
                                                                                                      -------------------- -------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------------- --------------------
Adjusted revenues                                                                                                        $ 213,912                                         $  60,067                                           $       -                                           $              273,979  
                                                                                                      ==================== =======                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                      
Income (loss) from operations                                                                                               20,064                                           (25,312 )                                                              (13,842 )                                                                           (19,090 )
Add (deduct):                                                                                                                                                                                                                                                                                                               
   Deferred revenue fair value adjustment                                                                                        6                                               444                                                                      -                                                                                 450
   Accretion on contingent consideration                                                                                       120                                                 -                                                                      -                                                                                 120
   Depreciation and amortization                                                                                            12,424                                            20,756                                                                      -                                                                              33,180
   Non-cash compensation expense                                                                                             5,586                                             9,250                                                                  3,358                                                                              18,194
   Restructuring charges and transaction costs                                                                                 327                                                31                                                                  3,128                                                                               3,486
   Severance                                                                                                                 1,029                                               679                                                                    338                                                                               2,046
   Fair market value adjustment on contingent consideration                                                                      -                                                 -                                                                    489                                                                                 489
   Litigation related expense                                                                                                    -                                             1,738                                                                    230                                                                               1,968
   Other loss                                                                                                                    -                                                 -                                                                     12                                                                                  12
   Loss attributable to non-controlling interest                                                            642                              -                                -                                           642  
                                                                                                      -------------------- -------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------------- --------------------
Adjusted EBITDA                                                                                                          $  40,198                                         $   7,586                                           $  (6,287 )                                                            $               41,497  
                                                                                                      ==================== =======                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                  For the Six Months Ended June 30, 2015
                                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                Envestnet                                               Envestnet | Yodlee                                                         Non-Segment                                                                     Total
                                                                                                      -----------------------------                     --------------------------------------------------                     --------------------------------------------------                     ---------------------------------------------------------------
Revenues                                                                                                                   199,117                                                 -                                                                      -                                                                             199,117
   Deferred revenue fair value adjustment                                                                     -                              -                                -                                             -  
                                                                                                      -------------------- -------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------------- --------------------
Adjusted revenues                                                                                       199,117                              -                                -                                       199,117  
                                                                                                      ==================== =======                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                      
Income (loss) from operations                                                                                               20,047                                                 -                                                                 (6,899 )                                                                            13,148
Add (deduct):                                                                                                                                                                                                                                                                                                               
   Accretion on contingent consideration                                                                                       651                                                 -                                                                      -                                                                                 651
   Depreciation and amortization                                                                                            11,058                                                 -                                                                      -                                                                              11,058
   Non-cash compensation expense                                                                                             6,072                                                 -                                                                    677                                                                               6,749
   Restructuring charges and transaction costs                                                                                   -                                                 -                                                                  2,969                                                                               2,969
   Severance                                                                                                                   855                                                 -                                                                      -                                                                                 855
   Fair market value adjustment on contingent consideration                                                                      -                                                 -                                                                 (1,902 )                                                                            (1,902 )
   Other loss                                                                                                                    -                                                 -                                                                     32                                                                                  32
   Loss attributable to non-controlling interest                                                            867                              -                                -                                           867  
                                                                                                      -------------------- -------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------------- --------------------
Adjusted EBITDA                                                                                          39,550                              -                           (5,123 )                                                         34,427  
                                                                                                      ==================== =======                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
                                                                                                                                                                  Envestnet, Inc.
                                                                                                                                                     Historical Assets, Accounts and Advisors
                                                                                                                                                    (in millions, except accounts and advisors)
                                                                                                                                                                    (unaudited)
                                                                                                                                                                             
                                                                                                                                                                                                     As of                                                                                                                      
                                                                              -------------------- --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                           June 30,                       September 30,                    December 31,                       March 31,                        June 30,             
                                                                                                                2015                                                2015                                                2015                                                2016                                                2016
                                                                              -------------------- -----------------------------  -------------------- -----------------------------  -------------------- -----------------------------  -------------------- -----------------------------  -------------------- -----------------------------  --------------------
Platform Assets
  Assets Under Management (AUM)                                                                                       $    75,922                                         $    73,164                                         $    92,559                                         $    95,489                                         $    96,700
  Assets Under Administration (AUA)                                                 181,922       177,121       197,177       207,537       220,690  
                                                                              -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
    Subtotal AUM/A                                                                                                        257,844                                             250,285                                             289,736                                             303,026                                             317,390
  Licensing                                                                         534,674       538,271       561,699       576,988       685,952  
                                                                              -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Total Platform Assets                                                                              $   792,518                      $   788,556                      $   851,435                      $   880,014                      $ 1,003,342  
                                                                              ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                   
Platform Accounts
  AUM                                                                                                                     332,738                                             344,321                                             490,471                                             498,449                                             503,147
  AUA                                                                               695,463       718,637       807,708       904,373       935,870  
                                                                              -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
    Subtotal AUM/A                                                                                                      1,028,201                                           1,062,958                                           1,298,179                                           1,402,822                                           1,439,017
  Licensing                                                                       2,044,355     2,140,672     2,176,068     2,237,427     4,304,645  
                                                                              -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Total Platform Accounts                                                           3,072,556     3,203,630     3,474,247     3,640,249     5,743,662  
                                                                              ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                   
Advisors
  AUM/A                                                                                                                    29,541                                              30,177                                              33,775                                              35,718                                              35,067
  Licensing                                                                          12,870        13,409        13,553        13,675        16,081  
                                                                              -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Total Advisors                                                                       42,411        43,586        47,328        49,393        51,148  
                                                                              ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                   

The following table summarizes the changes in AUM and AUA for the three months ended June 30, 2016:

In Millions Except Accounts                      3/31/2016                         Gross                          Redemp-                                     Net                                   Market                        6/30/2016
                                                                                                                                            Sales                                              tions                                                        Flows                                                     Impact
---------------------------------                                           -----------------------------                       --------------------------                       -----------------------------                        ----------------------------------------------                        -------------------------                       -----------------------------
Assets under Management (AUM)                                                                  $    95,489                                         $  8,003                                         $  (8,482 )                                          $   (479 )                                                            $ 1,690                                         $    96,700
Assets under Administration (AUA)                                               207,537                        21,915                        (13,695 )                          8,220                          4,933                          220,690
                                                                            -------------------- ---------                      -------------------- ------                      -------------------- ------- --                      -------------------- ------ --------------------                      -------------------- -----                      -------------------- ---------
  Total AUM/A                                                                                  $   303,026                                         $ 29,918                                         $ (22,177 )                                          $  7,741                                           $ 6,623                                         $   317,390
                                                                            ==================== =========                      ==================== ======                      ==================== ======= ==                      ==================== ====== ====================                      ==================== =====                      ==================== =========
                                                                                                                                                                                                                                                                                                                                                                                            
     Fee-Based Accounts                                                                          1,402,822                                                                                                                                                 36,195                                                                                                                1,439,017
                                                                                                                                                                                                                                                                                                                                                                                            

The above AUM/A gross sales figures include $6.3 billion in new client conversions. The Company onboarded an additional $101.2 billion in licensing conversions during the second quarter, bringing total conversions for the quarter to $107.5 billion. Second quarter activity and June 30, 2016 metrics reflect a planned client departure of approximately $2.8 billion in AUM, 900 advisors and 7,000 accounts.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160808006208r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160808006208/en/

SOURCE: Envestnet, Inc.

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


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