Press Release

Financial Engines Reports First Quarter 2017 Financial Results
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SUNNYVALE, Calif.--(BUSINESS WIRE)--May 4, 2017-- Financial Engines (NASDAQ:FNGN), America’s largest independent investment advisori, today reported financial results for its first quarter ended March 31, 2017.

Financial results for the first quarter of 2017 compared to the first quarter of 2016:ii

  • Revenue increased 24% to $114.1 million for the first quarter of 2017 from $92.1 million for the first quarter of 2016.
  • Professional management revenue increased 29% to $106.8 million for the first quarter of 2017 from $82.8 million for the first quarter of 2016.
  • Net income increased 266% to $12.2 million for the first quarter of 2017 from $3.3 million for the first quarter of 2016.
  • Diluted earnings per share increased 217% to $0.19 per share for the first quarter of 2017 from $0.06 per share for the first quarter of 2016.
  • Non-GAAP adjusted EBITDAii increased 24% to $35.2 million for the first quarter of 2017 from $28.3 million for the first quarter of 2016.
  • Non-GAAP adjusted net incomeii increased 47% to $21.1 million for the first quarter of 2017 from $14.4 million for the first quarter of 2016.
  • Non-GAAP adjusted earnings per shareii increased 38% to $0.33 for the first quarter of 2017 from $0.24 for the first quarter of 2016.

Key operating metrics as of March 31, 2017:iii

  • Assets under contract (“AUC”) were $1.11 trillion.
  • Assets under management (“AUM”) were $144.4 billion.
  • Professional management clients were over 1,012,000.
  • The asset enrollment rate across all employer plans was 12.1%iv.

“In the past quarter, we continued to see good momentum in our business,” said Larry Raffone, president and chief executive officer of Financial Engines. “With encouraging leading indicators, including the performance of the refreshed campaigns and our ongoing enrollment efforts, improvements in client retention, and the positive reaction to our expanded offering, we believe we have exciting opportunities that can drive our long-term growth in 2018 and beyond.”

Review of Financial Results for the First Quarter of 2017

Revenue increased 24% to $114.1 million for the first quarter of 2017 from $92.1 million for the first quarter of 2016, driven primarily by the growth in professional management revenue which increased 29% to $106.8 million for the first quarter of 2017 from $82.8 million for the first quarter of 2016. The first quarter of 2017 revenue also included one additional month of revenue related to the 2016 acquisitions.

Costs and expenses increased 15% to $97.8 million for the first quarter of 2017, which included one additional month of operating expenses related to the 2016 acquisitions, from $84.7 million for the first quarter of 2016. This was due primarily to increases in employee-related costs, including wages, driven by headcount growth and higher compensation, non-cash stock-based compensation, and fees paid to plan providers for data connectivity to plan and plan participant data. These increases were partially offset by a decrease in consulting fees as significant acquisition-related consulting expenses were incurred in the first quarter of 2016. As a percentage of revenue, cost of revenue was 45% for the first quarter of 2017 compared to 43% for the first quarter of 2016.

Income from operations was $16.3 million for the first quarter of 2017 compared to income from operations of $7.4 million for the first quarter of 2016. As a percentage of revenue, income from operations was 14% for the first quarter of 2017 compared to 8% for the first quarter of 2016.

Our effective tax rate for the first quarter of 2017 was 25%, which included tax benefits associated with the adoption of ASU 2016-09, compared to an effective tax rate of 55% in the first quarter of 2016, which included non-deductible expenses related to the acquisition. Net income was $12.2 million, or $0.19 per diluted share, for the first quarter of 2017 compared to net income of $3.3 million, or $0.06 per diluted share, for the first quarter of 2016. On a non-GAAP basis, adjusted net incomeii was $21.1 million and adjusted earnings per shareii were $0.33 for the first quarter of 2017 compared to adjusted net income of $14.4 million and adjusted earnings per share of $0.24 for the first quarter of 2016.

“Over the last two years, assets in defined contribution managed accounts grew by over 25%, with Financial Engines accounting for more than half of that asset growth,” says Ray Sims, chief financial officer of Financial Engines. “Plans which have hired us represent 9.6 million participants and over $1.11 trillion in retirement assets, and we believe that the value of our services will continue to attract new plan sponsors, clients and assets under management.”

Assets Under Contract and Assets Under Management

Workplace AUC increased by 13% year-over-year to $1.11 trillion as of March 31, 2017 from $975 billion as of March 31, 2016, due primarily to market performance, contributions, and new employers making our services available, partially offset by cancellations and withdrawals.

AUM increased by 18% year-over-year to $144.4 billion as of March 31, 2017, from $122.0 billion as of March 31, 2016. The increase in AUM was driven primarily by new assets from new and existing clients and market performance, partially offset by cancellations and withdrawals.

    Q2'16     Q3'16     Q4'16     Q1'17
(In billions)
AUM, beginning of period $ 122.0   $ 125.3   $ 134.4   $ 138.0
New assets - new clients(1) 4.6 4.4 5.9 3.4
New assets - existing clients(2) 2.0 2.2 2.1 2.4
Asset cancellations -voluntary(3) (1.8 ) (1.9 ) (2.3 ) (2.1 )
Asset cancellations - involuntary(4) (1.4 ) (1.8 ) (2.1 ) (2.7 )
Assets withdrawn - existing clients(5)   (0.1 )   (0.1 )   (0.2 )   (0.2 )
Net new assets   3.3   2.8   3.4   0.8
Market movement and other(6)     6.3   0.2   5.6
AUM, end of period $ 125.3 $ 134.4 $ 138.0 $ 144.4
 
     

(1)

 

New assets from new clients represents the aggregate amount of new AUM, measured at or near the end of the quarter, from new clients who enrolled in our professional management service.

(2)

New assets from existing clients represents the aggregate amount of new AUM within the quarter from existing clients who originally enrolled in our professional management service during a prior period, including employee and employer contributions of $2.1 billion for the current period. Employer and employee contributions are estimated each quarter from annual contribution rates based on data received from plan providers or plan sponsors.

(3)

Voluntary cancellations represent the aggregate amount of assets, measured at or near the start of the quarter, for clients who have voluntarily terminated their professional management service relationship within the period.

(4)

Involuntary cancellations represent the aggregate amount of defined contribution assets, measured at or near the start of the quarter, for clients whose professional management service relationship was terminated within the quarter period for reasons other than a voluntary termination.

(5)

Assets withdrawn represents the amount of voluntary withdrawals from IRA and taxable accounts by existing clients.

(6)

Market movement and other represents factors affecting AUM including estimated market movement, plan administrative and investment advisory fees, client loans, hardship and other defined contribution account withdrawals, and timing differences for the data feeds for clients enrolled in our professional management service throughout the period.

 

For further information on the AUM data above, please refer to our Form 10-Q to be filed for the period ended March 31, 2017.

Aggregate Investment Style Exposure for Portfolios Under Management

As of March 31, 2017, the approximate aggregate investment style exposure of the portfolios we managed was as follows:

Domestic equity     46 %
International equity 27 %
Bonds 24 %
Cash and uncategorized assets(1)   3 %
Total   100 %
     

(1)

 

Uncategorized assets may include CDs, options, warrants and other vehicles not currently categorized.

 

Quarterly Dividend

On April 25, 2017, Financial Engines’ Board of Directors declared a regular quarterly cash dividend of $0.07 per share of the Company’s common stock. The cash dividend will be paid on July 6, 2017 to stockholders of record as of the close of business on June 14, 2017.

Outlook

Financial Engines’ growth strategy includes focusing on increasing penetration within existing professional management plan sponsors, enhancing and extending services to individuals entering and in retirement, and expanding the number of plan sponsors.

Based on the closing level of financial markets on April 28, 2017 and under typical market conditions, the Company estimates that 2017 revenue will be in the range of $480 million to $487 million, 2017 GAAP net income will be in the range of $56 million to $58 million and 2017 non-GAAP adjusted EBITDA will be in the range of $158 million to $162 million. A reconciliation of our non-GAAP adjusted EBITDA outlook to our GAAP net income outlook is contained in the accompanying financial tables.

Please refer to the tables included in this release that reconcile our GAAP net income to non-GAAP adjusted EBITDA, non-GAAP adjusted net income and non-GAAP adjusted earnings per share.

Conference Call

The Company will host a conference call to discuss its first quarter 2017 financial results as well as its 2017 outlook on Thursday, May 4, 2017 at 5:00 p.m. ET. The live webcast and presentation can be accessed from the Company's investor relations website at www.financialengines.com. The conference call can also be accessed live over the phone by dialing (888) 348-6435, or (412) 902-4238 for international callers. A replay will be available beginning approximately one hour after the call and can be accessed from the Company’s investor relations website, or by dialing (844) 512-2921, or (412) 317-6671 for international callers; the conference ID is 10103622. The conference call replay will be available until May 11, 2017.

About Non-GAAP Financial Measures

This press release and its attachments include certain non-GAAP supplemental performance measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include non-GAAP adjusted EBITDA, non-GAAP adjusted net income, and non-GAAP adjusted earnings per share. Adjusted EBITDA represents net income before net interest expense (income), income tax expense (benefit), depreciation, amortization of intangible assets, including internal use software, amortization and impairment of direct response advertising, amortization of deferred sales commissions, non-cash stock-based compensation expense and expenses related to the closing and integration of acquisitions, if applicable for the period. Adjusted net income represents net income before non-cash stock-based compensation expense, amortization of intangible assets related to assets acquired, including customer relationships, trade names and trademarks, expenses related to the closing and integration of acquisitions and certain other items such as the income tax benefit from the release of valuation allowances, if applicable for the period, partially offset by the related tax impact of these items. Adjusted earnings per share is defined as adjusted net income divided by the weighted average of dilutive common share equivalents outstanding. Further information regarding the non-GAAP performance measures included in this press release, including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, is contained in the financial tables and will be contained in the Company’s Form 10-Q to be filed for the quarter ended March 31, 2017.

To supplement the Company’s consolidated financial statements presented on a GAAP basis, management believes that these non-GAAP measures provide our Board of Directors, management and investors with additional information and greater transparency with respect to our performance and decision-making. We feel these performance measures provide investors and others with a better understanding and ability to evaluate our operating results and future prospects, and provides the same performance measurement information as utilized by management. These adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance.

Our management uses non-GAAP adjusted EBITDA, adjusted net income and adjusted earnings per share as measures of operating performance, for planning purposes, including the preparation of annual budgets, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors concerning our financial performance. In addition, management currently uses non-GAAP measures in determining cash incentive compensation.

About Financial Engines

Financial Engines is America’s largest independent investment advisor1. We help people achieve greater financial clarity by providing comprehensive financial planning and professional investment management and advice. Headquartered in Sunnyvale, CA, Financial Engines was co-founded in 1996 by Nobel Prize-winning economist William F. Sharpe. We currently offer financial help to more than 9 million people across over 700 companies (including 146 of the Fortune 500). Our unique approach, combined with powerful online services, dedicated advisors and personal attention, promotes greater financial wellness and helps more Americans to meet their financial goals.

For more information, visit www.financialengines.com.

©1998-2017 Financial Engines, Inc. All rights reserved. Financial Engines® is a registered trademark of Financial Engines, Inc. All advisory services provided by Financial Engines Advisors L.L.C. Financial Engines does not guarantee future results.

Forward-Looking Statements

This press release and its attachments contain forward-looking statements that involve risks and uncertainties. These forward-looking statements may be identified by terms such as “plan to,” “designed to,” “will,” “can,” “expect,” “estimates,” “believes,” “intends,” “may,” “continues,” “to be” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding: our belief regarding the momentum in our business, that we have opportunities that can drive our long-term growth, and that the value of our services will continue to attract new plan sponsors, clients and assets under management; Financial Engines’ expected financial performance and outlook, including reconciliation information related thereto and factors which may impact our outlook; and the benefits and anticipated uses of our non-GAAP financial measures. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to risks related to the acquisition of The Mutual Fund Store, including our ability to fully realize the anticipated benefits of the transaction, the effect of the integration of the acquisition of The Mutual Fund Store on our business, financial condition and operating results, including our revenue and expenses; our reliance on fees earned on the value of assets we manage for a substantial portion of our revenue, the impact of the financial markets on our revenue and earnings, unanticipated delays in rollouts of our services, our ability to increase enrollment, our ability to correctly identify and invest appropriately in growth opportunities, our ability to introduce new services and accurately estimate the impact of any future services on our business, the risk that the anticipated benefits of our investments in these services or in growth opportunities may not outweigh the resources and costs associated with these investments or the liabilities associated with the operation of these services, our relationships with plan providers and plan sponsors, the fees we can charge for our professional management service, our reliance on accurate and timely data from plan providers and plan sponsors, system failures, errors or unsatisfactory performance of our services, our reputation, our ability to protect the confidentiality of plan provider, plan sponsor and plan participant data and other privacy concerns, acquisition activity involving plan providers or plan sponsors, our ability to compete, our regulatory environment, and risks associated with our fiduciary obligations. More information regarding these and other risks, uncertainties and factors is contained in the Company’s Form 10-Q for the quarter ended March 31, 2017, as filed with the SEC, and in other reports filed by the Company with the SEC from time to time, including the Company’s 10-K filed for the year ended December 31, 2016. 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 the date stated or May 4, 2017 and unless required by law, Financial Engines 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.

References in this press release to “Financial Engines,” “our company,” “the Company,” “we,” “us” and “our” refer to Financial Engines, Inc. and its consolidated subsidiaries during the periods presented unless the context requires otherwise.

_________________________

i For independence methodology and ranking, see InvestmentNews RIA Data Center. (http://data.investmentnews.com/ria/).
ii Please see “About Non-GAAP Financial Measures” for definitions of the terms adjusted net income, adjusted earnings per share, and adjusted EBITDA.
iii Operating metrics include both advised and subadvised relationships.
iv Information regarding enrollment rates and the component AUC can be found in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Form 10-K for the year ended December 31, 2016.

       

Financial Tables

 

FINANCIAL ENGINES, INC. AND SUBSIDIARIES

Unaudited Consolidated Balance Sheets

 
December 31, March 31,
2016 2017
(In thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents $ 134,246 $ 137,742
Accounts receivable, net 103,256 110,855
Prepaid expenses 7,370 8,311
Other current assets   3,468   4,570
Total current assets 248,340 261,478
Property and equipment, net 24,532 23,756
Intangible assets, net 205,751 203,798
Goodwill 312,020 312,020
Long-term deferred tax assets 40,504 60,230
Direct response advertising, net 5,849 5,200
Other assets   3,140   1,816
Total assets $ 840,136 $ 868,298
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 36,780 $ 33,409
Accrued compensation 27,667 10,540
Deferred revenue 4,701 4,681
Dividend payable 4,350 4,396
Other current liabilities   4,343   3,376
Total current liabilities 77,841 56,402
Long-term deferred rent 12,269 11,756
Long-term tax liabilities 2,207
Other liabilities   488   561
Total liabilities   92,805   68,719
Contingencies
Stockholders’ equity:

Preferred stock, $0.0001 par value - 10,000 authorized as of December 31, 2016 and March 31, 2017; None issued or outstanding as of December 31, 2016 and March 31, 2017

Common stock, $0.0001 par value - 500,000 authorized as of December 31, 2016 and March 31, 2017; 63,476 and 64,112 shares issued and 62,199 and 62,835 shares outstanding as of December 31, 2016 and March 31, 2017, respectively

6 6
Additional paid-in capital 782,079 803,336

Treasury stock, at cost (1,277 shares and 1,277 shares as of December 31, 2016 and March 31, 2017, respectively)

(47,637 ) (47,637 )
Retained Earnings   12,883   43,874
Total stockholders’ equity   747,331   799,579
Total liabilities and stockholders’ equity $ 840,136 $ 868,298
 
   

FINANCIAL ENGINES, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Income

 
Three Months Ended
March 31,
2016     2017
(In thousands, except per share data)
Revenue:
Professional management $ 82,806 $ 106,760
Platform 7,098 6,894
Other   2,154   441
Total revenue   92,058   114,095
Costs and expenses:
Cost of revenue 39,331 51,525
Research and development 9,267 10,568
Sales and marketing 18,463 19,315
General and administrative 14,600 12,194

Amortization of intangible assets, including internal use software

  3,026   4,163
Total costs and expenses   84,687   97,765
Income from operations 7,371 16,330
Interest income, net 4 67
Other expense, net   (33 )   (128 )
Income before income taxes 7,342 16,269
Income tax expense   4,013   4,095
Net and comprehensive income $ 3,329 $ 12,174
Dividends declared per share of common stock $ 0.07 $ 0.07

Net income per share attributable to holders of common stock

Basic $ 0.06 $ 0.19
Diluted $ 0.06 $ 0.19

Shares used to compute net income per share attributable to holders of common stock

Basic 58,256 62,445
Diluted 59,187 64,503
 
   

FINANCIAL ENGINES, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Cash Flows

 
Three Months Ended
March 31,
2016     2017
(In thousands)
Cash flows from operating activities:
Net income $ 3,329 $ 12,174
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 2,047 2,118
Amortization of intangible assets 2,922 4,035
Stock-based compensation 6,204 8,443
Amortization of deferred sales commissions 418 288
Amortization and impairment of direct response advertising 1,214 919
Amortization of (discount) on short-term investments (5 )
Provision for doubtful accounts 183 217
Deferred tax 3,173 5,301
Loss on fixed asset disposal 20 123
Loss on sale of short-term investments 18
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts receivable 3,111 (7,815 )
Prepaid expenses (172 ) (1,024 )
Direct response advertising (352 ) (288 )
Other assets (1,637 ) (1,226 )
Accounts payable (10,019 ) (3,616 )
Accrued compensation (10,035 ) (17,127 )
Deferred revenue (397 ) (67 )
Deferred rent 349 163
Other liabilities   (393 )   12
Net cash (used in) provided by operating activities   (22 )   2,630
Cash flows from investing activities:
Purchase of property and equipment (1,592 ) (998 )
Capitalization of internal use software (1,738 ) (2,030 )
Sale of short-term investments 39,923
Cash paid for acquisitions, net of cash acquired   (240,953 )  
Net cash used in investing activities   (204,360 )   (3,028 )
Cash flows from financing activities:
Payments on capital lease obligations (26 ) (34 )
Payments related to business combinations (1,723 )
Net share settlements for minimum tax withholdings (516 ) (3,239 )
Proceeds from issuance of common stock 429 13,241
Cash dividend payments   (3,615 )   (4,351 )
Net cash (used in) provided by financing activities   (3,728 )   3,894
Net (decrease) increase in cash and cash equivalents (208,110 ) 3,496
Cash and cash equivalents, beginning of period   305,216   134,246
Cash and cash equivalents, end of period $ 97,106 $ 137,742
Supplemental cash flows information:
Income taxes paid, net of refunds $ 1,571 $ 131
Interest paid $ 4 $ 13
Non-cash operating, investing and financing activities:
Issuance of common stock related to acquisition $ 267,018 $
Unpaid purchases of property and equipment $ 852 $ 440
Purchase of property and equipment with noncash tenant improvement allowance $ 1,184 $
Purchase of property and equipment under capital lease $ $ 221
Capitalized stock-based compensation for internal use software $ 188 $ 180
Capitalized stock-based compensation for direct response advertising $ 12 $ 7
Dividends declared but not yet paid $ 4,314 $ 4,396
 
 

FINANCIAL ENGINES, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Operating Results

The table below sets forth a reconciliation of GAAP net income to non-GAAP adjusted EBITDA based on our historical results:

    Three Months Ended

March 31,

Non-GAAP adjusted EBITDA 2016     2017
(In thousands, unaudited)
GAAP net income $ 3,329 $ 12,174
Interest income, net (4 ) (67 )
Income tax expense 4,013 4,095
Depreciation and amortization 2,047 2,118
Amortization of intangible assets (excluding internal use software) 1,675 2,796
Amortization of internal use software 1,247 1,239
Amortization and impairment of direct response advertising 1,214 919
Amortization of deferred sales commissions 418 288
Stock-based compensation 6,204 8,443
Acquisition-related expenses   8,140   3,191
Non-GAAP adjusted EBITDA $ 28,283 $ 35,196
 
                     

The table below sets forth a reconciliation of GAAP net income to non-GAAP adjusted net income based on our historical results:

    Three Months Ended

March 31,

Non-GAAP adjusted net income 2016     2017
(In thousands, unaudited)
GAAP net income $ 3,329 $ 12,174
Stock-based compensation 6,204 8,443
Amortization of intangible assets (excluding internal use software) 1,675 2,796
Acquisition-related expenses 8,140 3,191
Income tax expense from non-deductible transaction expenses(1) 1,162
Tax-effect of adjustments(2)   (6,119 )   (5,512 )
Non-GAAP adjusted net income $ 14,391 $ 21,092
 
     

(1)

 

This amount represents estimated additional income tax expense incurred in the period for non-deductible transaction expenses related to acquisition activity.

(2)

An estimated statutory tax rate of 38.2% has been applied to eliminate the tax-effect for all periods presented.

 

The table below sets forth a reconciliation of GAAP diluted earnings per share to non-GAAP adjusted earnings per share based on our historical results:

    Three Months Ended

March 31,

Non-GAAP adjusted earnings per share 2016     2017
(In thousands, except per share
data, unaudited)
GAAP diluted earnings per share $ 0.06 $ 0.19
Stock-based compensation 0.10 0.13
Amortization of intangible assets (excluding internal use software) 0.03 0.04
Acquisition-related expenses 0.13 0.05
Income tax expense from non-deductible transaction expenses(1) 0.02 -
Tax-effect of adjustments(2)   (0.10 )   (0.08 )
Non-GAAP adjusted earnings per share $ 0.24 $ 0.33
Shares of common stock outstanding 58,256 62,445
Dilutive stock options, RSUs and PSUs   931   2,058
Non-GAAP adjusted common shares outstanding   59,187   64,503
 
     

(1)

 

This amount represents estimated additional income tax expense incurred in the period for non-deductible transaction expenses related to acquisition activity.

(2)

An estimated statutory tax rate of 38.2% has been applied to eliminate the tax-effect for all periods presented.

 

The table below sets forth a reconciliation of our 2017 outlook for GAAP net income to our 2017 outlook for non-GAAP adjusted EBITDA:

    Outlook for Fiscal 2017

as of April 28, 2017

Non-GAAP adjusted EBITDA outlook Low     High
(In millions, unaudited)
GAAP net income outlook $ 56 $ 58
Estimated interest income, net(1) - -
Estimated income tax expense(1) 32 34
Estimated depreciation and amortization(1) 10 10
Estimated amortization of intangible assets (excluding internal use software)(1) 11 11
Estimated amortization of internal use software(1) 7 7
Estimated amortization and impairment of direct response advertising(1) 4 4
Estimated amortization of deferred sales commissions(1) 1 1
Estimated stock-based compensation(1) 33 33
Estimated acquisition-related expenses(1)   4   4
Non-GAAP adjusted EBITDA outlook $ 158 $ 162
 
     

(1)

 

The estimated items are provided solely for the purpose of reconciling our 2017 outlook for GAAP net income to our 2017 outlook for non-GAAP adjusted EBITDA and are not intended and should not be construed as part of the Company’s outlook for 2017, which outlook is limited to revenue, net income and non-GAAP adjusted EBITDA. These items are subject to a number of variables which make them inherently difficult to estimate accurately. In addition, actual amounts for such items have historically varied and may continue to vary significantly from period to period. Any variances in these estimates may in turn have a significant impact on our 2017 outlook and future GAAP results.

 

Source: Financial Engines

Financial Engines
Amy Conley, 617-556-2305
aconley@financialengines.com
Don Duffy, 408-498-6040
ir@financialengines.com