Envestnet Reports Fourth Quarter 2023 Financial Results
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Three Months Ended |
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|
Year Ended |
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Key Financial Metrics |
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% |
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% |
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(in millions, except per share data) (unaudited) |
|
|
2023 |
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|
|
2022 |
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|
Change |
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|
2023 |
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|
|
2022 |
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|
Change |
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GAAP: |
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|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenue |
|
$ |
317.6 |
|
|
$ |
292.9 |
|
|
8% |
|
$ |
1,245.6 |
|
|
$ |
1,239.8 |
|
|
—% |
||
Net loss attributable to |
|
$ |
(183.2 |
) |
|
$ |
(36.5 |
) |
|
* |
|
$ |
(238.7 |
) |
|
$ |
(80.9 |
) |
|
* |
||
Net loss attributable to |
|
$ |
(3.35 |
) |
|
$ |
(0.85 |
) |
|
* |
|
$ |
(4.38 |
) |
|
$ |
(1.59 |
) |
|
* |
||
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|
|
|
|
|
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Non-GAAP: |
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|
|
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Adjusted revenue(1) |
|
$ |
317.6 |
|
|
$ |
292.9 |
|
|
8% |
|
$ |
1,245.7 |
|
|
$ |
1,240.0 |
|
|
—% |
||
Adjusted EBITDA(1) |
|
$ |
75.5 |
|
|
$ |
52.4 |
|
|
44% |
|
$ |
250.9 |
|
|
$ |
215.4 |
|
|
16% |
||
Adjusted net income(1) |
|
$ |
43.0 |
|
|
$ |
29.9 |
|
|
44% |
|
$ |
140.2 |
|
|
$ |
122.5 |
|
|
14% |
||
Adjusted net income per diluted share(1) |
|
$ |
0.65 |
|
|
$ |
0.45 |
|
|
44% |
|
$ |
2.12 |
|
|
$ |
1.86 |
|
|
14% |
||
__________________________________________________________ |
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*Not meaningful |
“For 25 years it has been a privilege to be a part of and lead the amazing journey that is
“The foundation of the business is strong and
Financial Results for the Fourth Quarter 2023 Compared to the Fourth Quarter 2022:
Total revenue increased 8% to
Total operating expenses increased 55% to
Loss from operations was
Adjusted revenue(1) increased 8% to
Financial Results for the Full Year 2023 Compared to the Full Year 2022:
Total revenue remained consistent at
Total operating expenses increased 11% to
Loss from operations was
Adjusted revenue(1) remained consistent at
Balance Sheet and Liquidity
As of
Segment Reporting
On
Correction of Immaterial Error
During the fourth quarter of 2023, the Company identified that the arrangement with a third-party for the use of cloud hosted virtual servers which was previously accounted for as a finance lease transaction and included as a component of property and equipment, net in the consolidated balance sheets should have been recognized as a prepayment included within prepaid expenses and other current assets and other assets in the consolidated balance sheets. The Company concluded that the classification of these transactions was immaterial in prior period financial statements and that amendment of previously filed reports was not required. However, the Company corrected this immaterial error in the prior periods reported within this Exhibit 99.1.
Outlook
In Millions Except Adjusted EPS |
|
1Q 2024 |
||||||
GAAP: |
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|
|
|
|
|
||
Revenue: |
|
|
|
|
|
|
||
Asset-based |
|
$ |
200.0 |
|
- |
|
$ |
203.0 |
Subscription-based |
|
|
117.0 |
|
- |
|
|
119.0 |
Total recurring revenue |
|
|
317.0 |
|
- |
|
|
322.0 |
Professional services and other revenue |
|
|
3.0 |
|
- |
|
|
4.0 |
Total revenue |
|
$ |
320.0 |
|
- |
|
$ |
326.0 |
|
|
|
|
|
|
|
||
Asset-based direct expense |
|
$ |
117.5 |
|
- |
|
$ |
119.0 |
Total direct expense |
|
$ |
125.5 |
|
- |
|
$ |
127.0 |
|
|
|
|
|
|
|
||
Net income (loss) |
|
|
|
(a) |
|
|
||
|
|
|
|
|
|
|
||
Diluted shares outstanding |
|
|
|
66.3 |
|
|||
Net income (loss) per diluted share |
|
|
|
(a) |
|
|
||
|
|
|
|
|
|
|
||
Non-GAAP: |
|
|
|
|
|
|
||
Adjusted EBITDA(1) |
|
$ |
64.0 |
|
- |
|
$ |
69.0 |
Adjusted net income per diluted share(1) |
|
$ |
0.52 |
|
- |
|
$ |
0.57 |
__________________________________________________________ |
(a) |
Conference Call
About
For more information on
(1) Non-GAAP Financial Measures
“Adjusted revenue” excludes the effect of purchase accounting on the fair value of acquired deferred revenue. On
“Adjusted EBITDA” represents net income (loss) before deferred revenue fair value adjustment, interest income, interest expense, income tax provision (benefit), depreciation and amortization, goodwill impairment, non-cash compensation expense, restructuring charges and transaction costs, severance expense, fair market value adjustment on investment in private company, litigation, regulatory and other governance related expenses, foreign currency, non-income tax expense adjustment, dilution gain on equity method investee share issuance, loss allocations from equity method investments and (income) loss attributable to non-controlling interest.
“Adjusted net income” represents net income (loss) before income tax provision (benefit), deferred revenue fair value adjustment, non-cash interest expense, cash interest on our Convertible Notes, goodwill impairment, non-cash compensation expense, restructuring charges and transaction costs, severance expense, amortization of acquired intangibles, fair market value adjustment to investment in private company, litigation, regulatory and other governance related expenses, foreign currency, non-income tax expense adjustment, dilution gain on equity method investee share issuance, loss allocations from equity method investments and (income) 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 normalized tax rate is based solely on the estimated blended statutory income tax rates in the jurisdictions in which we operate. We monitor the normalized tax rate based on events or trends that could materially impact the rate, including tax legislation changes and changes in the geographic mix of our operations.
“Adjusted net income per diluted share” represents adjusted net income attributable to common stockholders divided by the diluted number of weighted-average shares outstanding. For purposes of the adjusted net income per share calculation, we assume all potential shares to be issued in connection with our Convertible Notes are dilutive.
For further information see reconciliations of Non-GAAP Financial Measures on pages 11-16 of this press release, and the section entitled "Non-GAAP Financial Measures" in the most recent Annual Report on Form 10-K filed with the
Cautionary Statement Regarding Forward-Looking Statements
The forward-looking statements made in this press release and its attachments concerning, among other things,
Consolidated Balance Sheets (in thousands) (unaudited) |
||||||
|
|
|
||||
|
|
2023 |
|
2022 |
||
Assets |
|
|
|
|
||
Current assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
91,378 |
|
$ |
162,173 |
Fees receivable, net |
|
|
120,958 |
|
|
101,696 |
Prepaid expenses and other current assets |
|
|
51,472 |
|
|
47,422 |
Total current assets |
|
|
263,808 |
|
|
311,291 |
Property and equipment, net |
|
|
48,223 |
|
|
48,481 |
Internally developed software, net |
|
|
224,713 |
|
|
184,558 |
Intangible assets, net |
|
|
338,068 |
|
|
379,995 |
|
|
|
806,563 |
|
|
998,414 |
Operating lease right-of-use assets, net |
|
|
69,154 |
|
|
81,596 |
Other assets |
|
|
126,723 |
|
|
107,830 |
Total assets |
|
$ |
1,877,252 |
|
$ |
2,112,165 |
|
|
|
|
|
||
Liabilities and equity |
|
|
|
|
||
Current liabilities: |
|
|
|
|
||
Accounts payable, accrued expenses and other current liabilities |
|
$ |
241,424 |
|
$ |
233,866 |
Operating lease liabilities |
|
|
12,909 |
|
|
11,949 |
Deferred revenue |
|
|
38,201 |
|
|
36,363 |
Current portion of debt |
|
|
— |
|
|
44,886 |
Total current liabilities |
|
|
292,534 |
|
|
327,064 |
Debt |
|
|
876,612 |
|
|
871,769 |
Operating lease liabilities, net of current portion |
|
|
100,830 |
|
|
110,652 |
Deferred tax liabilities, net |
|
|
16,568 |
|
|
16,196 |
Other liabilities |
|
|
16,202 |
|
|
18,880 |
Total liabilities |
|
|
1,302,746 |
|
|
1,344,561 |
|
|
|
|
|
||
Equity: |
|
|
|
|
||
Total stockholders’ equity, attributable to |
|
|
568,191 |
|
|
754,567 |
Non-controlling interest |
|
|
6,315 |
|
|
13,037 |
Total liabilities and equity |
|
$ |
1,877,252 |
|
$ |
2,112,165 |
Consolidated Statements of Operations (in thousands, except share and per share information) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Asset-based |
|
$ |
188,643 |
|
|
$ |
166,408 |
|
|
$ |
745,238 |
|
|
$ |
738,228 |
|
Subscription-based |
|
|
117,753 |
|
|
|
121,243 |
|
|
|
464,730 |
|
|
|
477,844 |
|
Total recurring revenue |
|
|
306,396 |
|
|
|
287,651 |
|
|
|
1,209,968 |
|
|
|
1,216,072 |
|
Professional services and other revenue |
|
|
11,236 |
|
|
|
5,223 |
|
|
|
35,652 |
|
|
|
23,712 |
|
Total revenue |
|
|
317,632 |
|
|
|
292,874 |
|
|
|
1,245,620 |
|
|
|
1,239,784 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Direct expense |
|
|
118,729 |
|
|
|
107,179 |
|
|
|
473,038 |
|
|
|
470,424 |
|
Employee compensation |
|
|
100,182 |
|
|
|
121,272 |
|
|
|
444,828 |
|
|
|
490,725 |
|
General and administrative |
|
|
51,297 |
|
|
|
59,048 |
|
|
|
210,113 |
|
|
|
218,831 |
|
Depreciation and amortization |
|
|
34,319 |
|
|
|
31,909 |
|
|
|
130,304 |
|
|
|
125,828 |
|
|
|
|
191,818 |
|
|
|
— |
|
|
|
191,818 |
|
|
|
— |
|
Total operating expenses |
|
|
496,345 |
|
|
|
319,408 |
|
|
|
1,450,101 |
|
|
|
1,305,808 |
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from operations |
|
|
(178,713 |
) |
|
|
(26,534 |
) |
|
|
(204,481 |
) |
|
|
(66,024 |
) |
Other income (expense), net |
|
|
(8,810 |
) |
|
|
(2,704 |
) |
|
|
(28,516 |
) |
|
|
(12,395 |
) |
Loss before income tax provision (benefit) |
|
|
(187,523 |
) |
|
|
(29,238 |
) |
|
|
(232,997 |
) |
|
|
(78,419 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Income tax provision (benefit) |
|
|
(2,586 |
) |
|
|
8,603 |
|
|
|
12,777 |
|
|
|
7,061 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
|
(184,937 |
) |
|
|
(37,841 |
) |
|
|
(245,774 |
) |
|
|
(85,480 |
) |
Add: Net loss attributable to non-controlling interest |
|
|
1,766 |
|
|
|
1,336 |
|
|
|
7,050 |
|
|
|
4,541 |
|
Net loss attributable to |
|
$ |
(183,171 |
) |
|
$ |
(36,505 |
) |
|
$ |
(238,724 |
) |
|
$ |
(80,939 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(3.35 |
) |
|
$ |
(0.66 |
) |
|
$ |
(4.38 |
) |
|
$ |
(1.47 |
) |
Diluted |
|
$ |
(3.35 |
) |
|
$ |
(0.85 |
) |
|
$ |
(4.38 |
) |
|
$ |
(1.59 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
54,689,559 |
|
|
|
55,119,075 |
|
|
|
54,457,365 |
|
|
|
55,199,482 |
|
Diluted |
|
|
54,689,559 |
|
|
|
56,076,261 |
|
|
|
54,457,365 |
|
|
|
56,842,125 |
|
Consolidated Statements of Cash Flows (in thousands) (unaudited) |
||||||||
|
|
Year Ended |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(245,774 |
) |
|
$ |
(85,480 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
130,304 |
|
|
|
125,828 |
|
Deferred income taxes |
|
|
(1,479 |
) |
|
|
(3,490 |
) |
|
|
|
191,818 |
|
|
|
— |
|
Non-cash compensation expense |
|
|
71,031 |
|
|
|
80,333 |
|
Non-cash interest expense |
|
|
5,037 |
|
|
|
7,445 |
|
Fair market value adjustment to investment in private company |
|
|
(804 |
) |
|
|
(400 |
) |
Dilution gain on equity method investee share issuance |
|
|
(546 |
) |
|
|
(9,517 |
) |
Loss allocations from equity method investments |
|
|
10,579 |
|
|
|
8,874 |
|
Lease related impairments |
|
|
5,120 |
|
|
|
15,750 |
|
Loss on extinguishment of Convertible Notes due 2023 |
|
|
— |
|
|
|
13,421 |
|
Gain on extinguishment of Convertible Notes due 2025 |
|
|
— |
|
|
|
(15,089 |
) |
Loss on property and equipment disposals |
|
|
— |
|
|
|
5,097 |
|
Other |
|
|
1,781 |
|
|
|
1,266 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Fees receivable, net |
|
|
(20,584 |
) |
|
|
(5,031 |
) |
Prepaid expenses and other assets |
|
|
(11,573 |
) |
|
|
(16,090 |
) |
Accounts payable, accrued expenses and other liabilities |
|
|
19,229 |
|
|
|
(24,257 |
) |
Deferred revenue |
|
|
729 |
|
|
|
(305 |
) |
Net cash provided by operating activities |
|
|
154,868 |
|
|
|
98,355 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of property and equipment |
|
|
(18,995 |
) |
|
|
(16,172 |
) |
Capitalization of internally developed software |
|
|
(94,307 |
) |
|
|
(89,153 |
) |
Acquisitions of businesses, net of cash acquired |
|
|
— |
|
|
|
(104,100 |
) |
Investments in private companies |
|
|
(4,175 |
) |
|
|
(16,351 |
) |
Acquisition of proprietary technology |
|
|
(17,000 |
) |
|
|
(19,000 |
) |
Issuance of loan receivable to private company |
|
|
(20,000 |
) |
|
|
— |
|
Issuance of note receivable to equity method investees |
|
|
— |
|
|
|
(6,350 |
) |
Other |
|
|
414 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(154,063 |
) |
|
|
(251,126 |
) |
Consolidated Statements of Cash Flows (continued) (in thousands) (unaudited) |
||||||||
|
|
Year Ended |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from borrowings on Revolving Credit Facility |
|
|
55,000 |
|
|
|
— |
|
Payments related to Revolving Credit Facility |
|
|
(55,000 |
) |
|
|
— |
|
Settlement of Convertible Notes due 2023 |
|
|
(45,000 |
) |
|
|
— |
|
Proceeds from issuance of Convertible Notes due 2027 |
|
|
— |
|
|
|
575,000 |
|
Convertible Notes due 2027 issuance costs |
|
|
— |
|
|
|
(16,323 |
) |
Repurchase of Convertible Notes due 2023 |
|
|
— |
|
|
|
(312,422 |
) |
Repurchase of Convertible Notes due 2025 |
|
|
— |
|
|
|
(181,772 |
) |
Payments related to Capped Call Transactions |
|
|
— |
|
|
|
(79,585 |
) |
Proceeds from exercise of stock options |
|
|
1,608 |
|
|
|
2,620 |
|
Payments related to tax withholdings for stock-based compensation |
|
|
(19,022 |
) |
|
|
(23,516 |
) |
Payments related to share repurchases |
|
|
(9,289 |
) |
|
|
(85,750 |
) |
Purchase of non-controlling units from third-party shareholders |
|
|
(1,008 |
) |
|
|
— |
|
Proceeds from capital contributions of non-controlling shareholders |
|
|
— |
|
|
|
16,037 |
|
Payments of contingent consideration |
|
|
— |
|
|
|
(743 |
) |
Other |
|
|
5 |
|
|
|
(1,866 |
) |
Net cash used in financing activities |
|
|
(72,706 |
) |
|
|
(108,320 |
) |
Effect of exchange rate on changes on cash, cash equivalents and restricted cash |
|
|
1,106 |
|
|
|
(6,164 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
(70,795 |
) |
|
|
(267,255 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
162,173 |
|
|
|
429,428 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
91,378 |
|
|
$ |
162,173 |
|
Reconciliation of Non-GAAP Financial Measures (in thousands) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Total revenue |
|
$ |
317,632 |
|
|
$ |
292,874 |
|
|
$ |
1,245,620 |
|
|
$ |
1,239,784 |
|
Deferred revenue fair value adjustment (a) |
|
|
— |
|
|
|
54 |
|
|
|
69 |
|
|
|
216 |
|
Adjusted revenue |
|
$ |
317,632 |
|
|
$ |
292,928 |
|
|
$ |
1,245,689 |
|
|
$ |
1,240,000 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(184,937 |
) |
|
$ |
(37,841 |
) |
|
$ |
(245,774 |
) |
|
$ |
(85,480 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
||||||||
Deferred revenue fair value adjustment (a) |
|
|
— |
|
|
|
54 |
|
|
|
69 |
|
|
|
216 |
|
Interest income (b) |
|
|
(1,721 |
) |
|
|
(1,911 |
) |
|
|
(6,288 |
) |
|
|
(4,184 |
) |
Interest expense (b) |
|
|
6,085 |
|
|
|
3,536 |
|
|
|
25,138 |
|
|
|
16,843 |
|
Income tax provision (benefit) |
|
|
(2,586 |
) |
|
|
8,603 |
|
|
|
12,777 |
|
|
|
7,061 |
|
Depreciation and amortization |
|
|
34,319 |
|
|
|
31,909 |
|
|
|
130,304 |
|
|
|
125,828 |
|
|
|
|
191,818 |
|
|
|
— |
|
|
|
191,818 |
|
|
|
— |
|
Non-cash compensation expense (d) |
|
|
12,890 |
|
|
|
17,750 |
|
|
|
71,031 |
|
|
|
80,333 |
|
Restructuring charges and transaction costs (e) |
|
|
3,897 |
|
|
|
7,874 |
|
|
|
16,263 |
|
|
|
35,141 |
|
Severance expense (d) |
|
|
9,495 |
|
|
|
18,738 |
|
|
|
35,399 |
|
|
|
30,117 |
|
Litigation, regulatory and other governance related expenses (c) |
|
|
1,159 |
|
|
|
722 |
|
|
|
6,982 |
|
|
|
6,055 |
|
Foreign currency (b) |
|
|
107 |
|
|
|
806 |
|
|
|
437 |
|
|
|
1,419 |
|
Non-income tax expense adjustment (c) |
|
|
(168 |
) |
|
|
914 |
|
|
|
(392 |
) |
|
|
802 |
|
Fair market value adjustment to investment in private company (b) |
|
|
2,000 |
|
|
|
(400 |
) |
|
|
(804 |
) |
|
|
(400 |
) |
Dilution gain on equity method investee share issuance (b) |
|
|
— |
|
|
|
(2,583 |
) |
|
|
(546 |
) |
|
|
(9,517 |
) |
Loss allocations from equity method investments (b) |
|
|
2,339 |
|
|
|
3,542 |
|
|
|
10,579 |
|
|
|
8,874 |
|
Loss attributable to non-controlling interest |
|
|
838 |
|
|
|
663 |
|
|
|
3,920 |
|
|
|
2,300 |
|
Adjusted EBITDA |
|
$ |
75,535 |
|
|
$ |
52,376 |
|
|
$ |
250,913 |
|
|
$ |
215,408 |
|
__________________________________________________________ | ||
(a) |
Included within subscription-based revenue in the consolidated statements of operations. | |
(b) |
Included within other income (expense), net in the consolidated statements of operations. | |
(c) |
Included within general and administrative expense in the consolidated statements of operations. | |
(d) |
Included within employee compensation in the consolidated statements of operations. | |
(e) |
For the three months ended |
Reconciliation of Non-GAAP Financial Measures (continued) (in thousands, except share and per share information) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
|
$ |
(184,937 |
) |
|
$ |
(37,841 |
) |
|
$ |
(245,774 |
) |
|
$ |
(85,480 |
) |
Income tax provision (benefit) (a) |
|
|
(2,586 |
) |
|
|
8,603 |
|
|
|
12,777 |
|
|
|
7,061 |
|
Loss before income tax provision (benefit) |
|
|
(187,523 |
) |
|
|
(29,238 |
) |
|
|
(232,997 |
) |
|
|
(78,419 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
||||||||
Deferred revenue fair value adjustment (b) |
|
|
— |
|
|
|
54 |
|
|
|
69 |
|
|
|
216 |
|
Non-cash interest expense (c) |
|
|
1,397 |
|
|
|
(239 |
) |
|
|
5,655 |
|
|
|
4,678 |
|
Cash interest - Convertible Notes (c) |
|
|
4,369 |
|
|
|
3,458 |
|
|
|
17,845 |
|
|
|
10,897 |
|
Amortization of acquired intangibles (g) |
|
|
15,143 |
|
|
|
18,087 |
|
|
|
62,927 |
|
|
|
71,901 |
|
|
|
|
191,818 |
|
|
|
— |
|
|
|
191,818 |
|
|
|
— |
|
Non-cash compensation expense (f) |
|
|
12,890 |
|
|
|
17,750 |
|
|
|
71,031 |
|
|
|
80,333 |
|
Restructuring charges and transaction costs (e) |
|
|
3,897 |
|
|
|
7,874 |
|
|
|
16,263 |
|
|
|
35,141 |
|
Severance expense (f) |
|
|
9,495 |
|
|
|
18,738 |
|
|
|
35,399 |
|
|
|
30,117 |
|
Litigation, regulatory and other governance related expenses (d) |
|
|
1,159 |
|
|
|
722 |
|
|
|
6,982 |
|
|
|
6,055 |
|
Foreign currency (c) |
|
|
107 |
|
|
|
806 |
|
|
|
437 |
|
|
|
1,419 |
|
Non-income tax expense adjustment (d) |
|
|
(168 |
) |
|
|
914 |
|
|
|
(392 |
) |
|
|
802 |
|
Fair market value adjustment to investment in private company (c) |
|
|
2,000 |
|
|
|
(400 |
) |
|
|
(804 |
) |
|
|
(400 |
) |
Dilution gain on equity method investee share issuance (c) |
|
|
— |
|
|
|
(2,583 |
) |
|
|
(546 |
) |
|
|
(9,517 |
) |
Loss allocations from equity method investments (c) |
|
|
2,339 |
|
|
|
3,542 |
|
|
|
10,579 |
|
|
|
8,874 |
|
Loss attributable to non-controlling interest |
|
|
838 |
|
|
|
663 |
|
|
|
3,920 |
|
|
|
2,300 |
|
Adjusted net income before income tax effect |
|
|
57,761 |
|
|
|
40,148 |
|
|
|
188,186 |
|
|
|
164,397 |
|
Income tax effect (h) |
|
|
(14,729 |
) |
|
|
(10,238 |
) |
|
|
(47,987 |
) |
|
|
(41,921 |
) |
Adjusted net income |
|
$ |
43,032 |
|
|
$ |
29,910 |
|
|
$ |
140,199 |
|
|
$ |
122,476 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic number of weighted-average shares outstanding |
|
|
54,689,559 |
|
|
|
55,119,075 |
|
|
|
54,457,365 |
|
|
|
55,199,482 |
|
Effect of dilutive shares: |
|
|
|
|
|
|
|
|
||||||||
Convertible Notes |
|
|
10,811,884 |
|
|
|
10,667,509 |
|
|
|
11,084,413 |
|
|
|
10,092,369 |
|
Non-vested RSUs and PSUs |
|
|
252,597 |
|
|
|
265,187 |
|
|
|
413,734 |
|
|
|
390,270 |
|
Options to purchase common stock |
|
|
19,509 |
|
|
|
70,947 |
|
|
|
47,388 |
|
|
|
111,327 |
|
Diluted number of weighted-average shares outstanding |
|
|
65,773,549 |
|
|
|
66,122,718 |
|
|
|
66,002,900 |
|
|
|
65,793,448 |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income per share - diluted |
|
$ |
0.65 |
|
|
$ |
0.45 |
|
|
$ |
2.12 |
|
|
$ |
1.86 |
|
__________________________________________________________ | ||
(a) |
For the three months ended |
|
(b) |
Included within subscription-based revenue in the consolidated statements of operations. | |
(c) |
Included within other income (expense), net in the consolidated statements of operations. | |
(d) |
Included within general and administrative expense in the consolidated statements of operations. | |
(e) |
For the three months ended |
|
(f) |
Included within employee compensation in the consolidated statements of operations. | |
(g) |
Included within depreciation and amortization in the consolidated statements of operations. | |
(h) |
An estimated normalized effective tax rate of 25.5% has been used to compute adjusted net income for the three months and years ended |
Reconciliation of Non-GAAP Financial Measures Segment Information (in thousands) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
||||||||||||||
|
|
Envestnet Wealth Solutions |
|
Envestnet Data
|
|
Nonsegment |
|
Total |
||||||||
Revenue |
|
$ |
278,988 |
|
|
$ |
38,644 |
|
|
$ |
— |
|
|
$ |
317,632 |
|
Deferred revenue fair value adjustment (a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted revenue |
|
$ |
278,988 |
|
|
$ |
38,644 |
|
|
$ |
— |
|
|
$ |
317,632 |
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Asset-based |
|
$ |
188,643 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
188,643 |
|
Subscription-based |
|
|
84,184 |
|
|
|
33,569 |
|
|
|
— |
|
|
|
117,753 |
|
Total recurring revenue |
|
|
272,827 |
|
|
|
33,569 |
|
|
|
— |
|
|
|
306,396 |
|
Professional services and other revenue |
|
|
6,161 |
|
|
|
5,075 |
|
|
|
— |
|
|
|
11,236 |
|
Total revenue |
|
$ |
278,988 |
|
|
$ |
38,644 |
|
|
$ |
— |
|
|
$ |
317,632 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Direct expense: |
|
|
|
|
|
|
|
|
||||||||
Asset-based |
|
$ |
110,030 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
110,030 |
|
Subscription-based |
|
|
1,367 |
|
|
|
6,893 |
|
|
|
— |
|
|
|
8,260 |
|
Professional services and other |
|
|
439 |
|
|
|
— |
|
|
|
— |
|
|
|
439 |
|
Total direct expense |
|
|
111,836 |
|
|
|
6,893 |
|
|
|
— |
|
|
|
118,729 |
|
Employee compensation |
|
|
77,520 |
|
|
|
9,938 |
|
|
|
12,724 |
|
|
|
100,182 |
|
General and administrative |
|
|
29,822 |
|
|
|
13,641 |
|
|
|
7,834 |
|
|
|
51,297 |
|
Depreciation and amortization |
|
|
26,631 |
|
|
|
7,688 |
|
|
|
— |
|
|
|
34,319 |
|
|
|
|
— |
|
|
|
191,818 |
|
|
|
— |
|
|
|
191,818 |
|
Total operating expenses |
|
$ |
245,809 |
|
|
$ |
229,978 |
|
|
$ |
20,558 |
|
|
$ |
496,345 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
|
$ |
33,179 |
|
|
$ |
(191,334 |
) |
|
$ |
(20,558 |
) |
|
$ |
(178,713 |
) |
Add: |
|
|
|
|
|
|
|
|
||||||||
Deferred revenue fair value adjustment (a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation and amortization |
|
|
26,631 |
|
|
|
7,688 |
|
|
|
— |
|
|
|
34,319 |
|
|
|
|
— |
|
|
|
191,818 |
|
|
|
— |
|
|
|
191,818 |
|
Non-cash compensation expense (c) |
|
|
9,763 |
|
|
|
1,136 |
|
|
|
1,991 |
|
|
|
12,890 |
|
Restructuring charges and transaction costs (d) |
|
|
2,883 |
|
|
|
1 |
|
|
|
1,013 |
|
|
|
3,897 |
|
Severance expense (c) |
|
|
6,679 |
|
|
|
586 |
|
|
|
2,230 |
|
|
|
9,495 |
|
Litigation, regulatory and other governance related expenses (b) |
|
|
— |
|
|
|
1,159 |
|
|
|
— |
|
|
|
1,159 |
|
Non-income tax expense adjustment (b) |
|
|
(167 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(168 |
) |
Loss attributable to non-controlling interest |
|
|
838 |
|
|
|
— |
|
|
|
— |
|
|
|
838 |
|
Adjusted EBITDA |
|
$ |
79,806 |
|
|
$ |
11,053 |
|
|
$ |
(15,324 |
) |
|
$ |
75,535 |
|
__________________________________________________________ | ||
(a) |
Included within subscription-based revenue in the consolidated statements of operations. | |
(b) |
Included within general and administrative expense in the consolidated statements of operations. | |
(c) |
Included within employee compensation in the consolidated statements of operations. | |
(d) |
For the three months ended |
Reconciliation of Non-GAAP Financial Measures Segment Information (continued) (in thousands) (unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|||||||||||||
|
|
Envestnet Wealth Solutions |
|
Envestnet Data & Analytics |
|
Nonsegment |
|
Total |
|||||||
Revenue |
|
$ |
251,101 |
|
$ |
41,773 |
|
|
$ |
— |
|
|
$ |
292,874 |
|
Deferred revenue fair value adjustment (a) |
|
|
54 |
|
|
— |
|
|
|
— |
|
|
|
54 |
|
Adjusted revenue |
|
$ |
251,155 |
|
$ |
41,773 |
|
|
$ |
— |
|
|
$ |
292,928 |
|
|
|
|
|
|
|
|
|
|
|||||||
Revenue: |
|
|
|
|
|
|
|
|
|||||||
Asset-based |
|
$ |
166,408 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
166,408 |
|
Subscription-based |
|
|
81,026 |
|
|
40,217 |
|
|
|
— |
|
|
|
121,243 |
|
Total recurring revenue |
|
|
247,434 |
|
|
40,217 |
|
|
|
— |
|
|
|
287,651 |
|
Professional services and other revenue |
|
|
3,667 |
|
|
1,556 |
|
|
|
— |
|
|
|
5,223 |
|
Total revenue |
|
$ |
251,101 |
|
$ |
41,773 |
|
|
$ |
— |
|
|
$ |
292,874 |
|
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|||||||
Direct expense: |
|
|
|
|
|
|
|
|
|||||||
Asset-based |
|
$ |
98,207 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
98,207 |
|
Subscription-based |
|
|
1,593 |
|
|
6,791 |
|
|
|
— |
|
|
|
8,384 |
|
Professional services and other |
|
|
588 |
|
|
— |
|
|
|
— |
|
|
|
588 |
|
Total direct expense |
|
|
100,388 |
|
|
6,791 |
|
|
|
— |
|
|
|
107,179 |
|
Employee compensation |
|
|
80,796 |
|
|
27,034 |
|
|
|
13,442 |
|
|
|
121,272 |
|
General and administrative |
|
|
37,693 |
|
|
13,787 |
|
|
|
7,568 |
|
|
|
59,048 |
|
Depreciation and amortization |
|
|
25,511 |
|
|
6,398 |
|
|
|
— |
|
|
|
31,909 |
|
Total operating expenses |
|
$ |
244,388 |
|
$ |
54,010 |
|
|
$ |
21,010 |
|
|
$ |
319,408 |
|
|
|
|
|
|
|
|
|
|
|||||||
Income (loss) from operations |
|
$ |
6,713 |
|
$ |
(12,237 |
) |
|
$ |
(21,010 |
) |
|
$ |
(26,534 |
) |
Add: |
|
|
|
|
|
|
|
|
|||||||
Deferred revenue fair value adjustment (a) |
|
|
54 |
|
|
— |
|
|
|
— |
|
|
|
54 |
|
Depreciation and amortization |
|
|
25,511 |
|
|
6,398 |
|
|
|
— |
|
|
|
31,909 |
|
Non-cash compensation expense (c) |
|
|
11,397 |
|
|
2,118 |
|
|
|
4,235 |
|
|
|
17,750 |
|
Restructuring charges and transaction costs (d) |
|
|
4,762 |
|
|
1,717 |
|
|
|
1,395 |
|
|
|
7,874 |
|
Severance expense (c) |
|
|
8,251 |
|
|
9,330 |
|
|
|
1,157 |
|
|
|
18,738 |
|
Litigation, regulatory and other governance related expenses (b) |
|
|
— |
|
|
722 |
|
|
|
— |
|
|
|
722 |
|
Non-income tax expense adjustment (b) |
|
|
930 |
|
|
(16 |
) |
|
|
— |
|
|
|
914 |
|
Loss attributable to non-controlling interest |
|
|
663 |
|
|
— |
|
|
|
— |
|
|
|
663 |
|
Other |
|
|
283 |
|
|
3 |
|
|
|
— |
|
|
|
286 |
|
Adjusted EBITDA |
|
$ |
58,564 |
|
$ |
8,035 |
|
|
$ |
(14,223 |
) |
|
$ |
52,376 |
|
__________________________________________________________ | ||
(a) |
Included within subscription-based revenue in the consolidated statements of operations. | |
(b) |
Included within general and administrative expense in the consolidated statements of operations. | |
(c) |
Included within employee compensation in the consolidated statements of operations. | |
(d) |
For the three months ended |
Reconciliation of Non-GAAP Financial Measures Segment Information (continued) (in thousands) (unaudited) |
||||||||||||||||
|
|
Year Ended |
||||||||||||||
|
|
Envestnet Wealth Solutions |
|
Envestnet Data
|
|
Nonsegment |
|
Total |
||||||||
Revenue |
|
$ |
1,094,704 |
|
|
$ |
150,916 |
|
|
$ |
— |
|
|
$ |
1,245,620 |
|
Deferred revenue fair value adjustment (a) |
|
|
69 |
|
|
|
— |
|
|
|
— |
|
|
|
69 |
|
Adjusted revenue |
|
$ |
1,094,773 |
|
|
$ |
150,916 |
|
|
$ |
— |
|
|
$ |
1,245,689 |
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Asset-based |
|
$ |
745,238 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
745,238 |
|
Subscription-based |
|
|
325,398 |
|
|
|
139,332 |
|
|
|
— |
|
|
|
464,730 |
|
Total recurring revenue |
|
|
1,070,636 |
|
|
|
139,332 |
|
|
|
— |
|
|
|
1,209,968 |
|
Professional services and other revenue |
|
|
24,068 |
|
|
|
11,584 |
|
|
|
— |
|
|
|
35,652 |
|
Total revenue |
|
$ |
1,094,704 |
|
|
$ |
150,916 |
|
|
$ |
— |
|
|
$ |
1,245,620 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Direct expense: |
|
|
|
|
|
|
|
|
||||||||
Asset-based |
|
$ |
434,123 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
434,123 |
|
Subscription-based |
|
|
6,851 |
|
|
|
23,963 |
|
|
|
— |
|
|
|
30,814 |
|
Professional services and other |
|
|
8,091 |
|
|
|
10 |
|
|
|
— |
|
|
|
8,101 |
|
Total direct expense |
|
|
449,065 |
|
|
|
23,973 |
|
|
|
— |
|
|
|
473,038 |
|
Employee compensation |
|
|
313,338 |
|
|
|
69,414 |
|
|
|
62,076 |
|
|
|
444,828 |
|
General and administrative |
|
|
120,247 |
|
|
|
55,250 |
|
|
|
34,616 |
|
|
|
210,113 |
|
Depreciation and amortization |
|
|
103,301 |
|
|
|
27,003 |
|
|
|
— |
|
|
|
130,304 |
|
|
|
|
— |
|
|
|
191,818 |
|
|
|
— |
|
|
|
191,818 |
|
Total operating expenses |
|
$ |
985,951 |
|
|
$ |
367,458 |
|
|
$ |
96,692 |
|
|
$ |
1,450,101 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
|
$ |
108,753 |
|
|
$ |
(216,542 |
) |
|
$ |
(96,692 |
) |
|
$ |
(204,481 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
||||||||
Deferred revenue fair value adjustment (a) |
|
|
69 |
|
|
|
— |
|
|
|
— |
|
|
|
69 |
|
Depreciation and amortization |
|
|
103,301 |
|
|
|
27,003 |
|
|
|
— |
|
|
|
130,304 |
|
|
|
|
— |
|
|
|
191,818 |
|
|
|
— |
|
|
|
191,818 |
|
Non-cash compensation expense (c) |
|
|
44,510 |
|
|
|
8,193 |
|
|
|
18,328 |
|
|
|
71,031 |
|
Restructuring charges and transaction costs (d) |
|
|
10,868 |
|
|
|
215 |
|
|
|
5,180 |
|
|
|
16,263 |
|
Severance expense (c) |
|
|
17,232 |
|
|
|
11,813 |
|
|
|
6,354 |
|
|
|
35,399 |
|
Litigation, regulatory and other governance related expenses (b) |
|
|
— |
|
|
|
5,322 |
|
|
|
1,660 |
|
|
|
6,982 |
|
Non-income tax expense adjustment (b) |
|
|
(320 |
) |
|
|
(72 |
) |
|
|
— |
|
|
|
(392 |
) |
Loss attributable to non-controlling interest |
|
|
3,920 |
|
|
|
— |
|
|
|
— |
|
|
|
3,920 |
|
Adjusted EBITDA |
|
$ |
288,333 |
|
|
$ |
27,750 |
|
|
$ |
(65,170 |
) |
|
$ |
250,913 |
|
__________________________________________________________ | ||
(a) |
Included within subscription-based revenue in the consolidated statements of operations. | |
(b) |
Included within general and administrative expense in the consolidated statements of operations. | |
(c) |
Included within employee compensation in the consolidated statements of operations. | |
(d) |
For the year ended |
Reconciliation of Non-GAAP Financial Measures Segment Information (continued) (in thousands) (unaudited) |
|||||||||||||||
|
|
Year Ended |
|||||||||||||
|
|
Envestnet Wealth Solutions |
|
Envestnet Data & Analytics |
|
Nonsegment |
|
Total |
|||||||
Revenue |
|
$ |
1,065,244 |
|
$ |
174,540 |
|
|
$ |
— |
|
|
$ |
1,239,784 |
|
Deferred revenue fair value adjustment (a) |
|
|
216 |
|
|
— |
|
|
|
— |
|
|
|
216 |
|
Adjusted revenue |
|
$ |
1,065,460 |
|
$ |
174,540 |
|
|
$ |
— |
|
|
$ |
1,240,000 |
|
|
|
|
|
|
|
|
|
|
|||||||
Revenue: |
|
|
|
|
|
|
|
|
|||||||
Asset-based |
|
$ |
738,228 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
738,228 |
|
Subscription-based |
|
|
310,217 |
|
|
167,627 |
|
|
|
— |
|
|
|
477,844 |
|
Total recurring revenue |
|
|
1,048,445 |
|
|
167,627 |
|
|
|
— |
|
|
|
1,216,072 |
|
Professional services and other revenue |
|
|
16,799 |
|
|
6,913 |
|
|
|
— |
|
|
|
23,712 |
|
Total revenue |
|
$ |
1,065,244 |
|
$ |
174,540 |
|
|
$ |
— |
|
|
$ |
1,239,784 |
|
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|||||||
Direct expense: |
|
|
|
|
|
|
|
|
|||||||
Asset-based |
|
$ |
430,345 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
430,345 |
|
Subscription-based |
|
|
6,681 |
|
|
25,896 |
|
|
|
— |
|
|
|
32,577 |
|
Professional services and other |
|
|
7,421 |
|
|
81 |
|
|
|
— |
|
|
|
7,502 |
|
Total direct expense |
|
|
444,447 |
|
|
25,977 |
|
|
|
— |
|
|
|
470,424 |
|
Employee compensation |
|
|
321,277 |
|
|
101,300 |
|
|
|
68,148 |
|
|
|
490,725 |
|
General and administrative |
|
|
143,597 |
|
|
42,256 |
|
|
|
32,978 |
|
|
|
218,831 |
|
Depreciation and amortization |
|
|
98,600 |
|
|
27,228 |
|
|
|
— |
|
|
|
125,828 |
|
Total operating expenses |
|
$ |
1,007,921 |
|
$ |
196,761 |
|
|
$ |
101,126 |
|
|
$ |
1,305,808 |
|
|
|
|
|
|
|
|
|
|
|||||||
Income (loss) from operations |
|
$ |
57,323 |
|
$ |
(22,221 |
) |
|
$ |
(101,126 |
) |
|
$ |
(66,024 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
|||||||
Deferred revenue fair value adjustment (a) |
|
|
216 |
|
|
— |
|
|
|
— |
|
|
|
216 |
|
Depreciation and amortization |
|
|
98,600 |
|
|
27,228 |
|
|
|
— |
|
|
|
125,828 |
|
Non-cash compensation expense (c) |
|
|
47,891 |
|
|
9,891 |
|
|
|
22,551 |
|
|
|
80,333 |
|
Restructuring charges and transaction costs (d) |
|
|
22,871 |
|
|
3,731 |
|
|
|
8,539 |
|
|
|
35,141 |
|
Severance expense (c) |
|
|
13,237 |
|
|
10,745 |
|
|
|
6,135 |
|
|
|
30,117 |
|
Litigation, regulatory and other governance related expenses (b) |
|
|
— |
|
|
6,055 |
|
|
|
— |
|
|
|
6,055 |
|
Non-income tax expense adjustment (b) |
|
|
878 |
|
|
(76 |
) |
|
|
— |
|
|
|
802 |
|
Loss attributable to non-controlling interest |
|
|
2,300 |
|
|
— |
|
|
|
— |
|
|
|
2,300 |
|
Other |
|
|
635 |
|
|
5 |
|
|
|
— |
|
|
|
640 |
|
Adjusted EBITDA |
|
$ |
243,951 |
|
$ |
35,358 |
|
|
$ |
(63,901 |
) |
|
$ |
215,408 |
|
__________________________________________________________ | ||
(a) |
Included within subscription-based revenue in the consolidated statements of operations. | |
(b) |
Included within general and administrative expense in the consolidated statements of operations. | |
(c) |
Included within employee compensation in the consolidated statements of operations. | |
(d) |
For the year ended |
Historical Assets, Accounts and Advisors (in millions, except accounts and advisors) (unaudited) |
|||||||||||||||
Envestnet Wealth Solutions Segment |
|||||||||||||||
|
|
As of |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2022 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|||||
|
|
(in millions, except accounts and advisors data) |
|||||||||||||
Platform Assets |
|
|
|
|
|
|
|
|
|
|
|||||
Assets under management ("AUM") |
|
$ |
341,144 |
|
$ |
363,244 |
|
$ |
384,773 |
|
$ |
375,408 |
|
$ |
416,001 |
Assets under administration ("AUA") |
|
|
367,412 |
|
|
379,843 |
|
|
394,078 |
|
|
398,082 |
|
|
430,846 |
Total AUM/A |
|
|
708,556 |
|
|
743,087 |
|
|
778,851 |
|
|
773,490 |
|
|
846,847 |
Subscription |
|
|
4,382,109 |
|
|
4,566,971 |
|
|
4,643,313 |
|
|
4,579,248 |
|
|
4,959,514 |
Total platform assets |
|
$ |
5,090,665 |
|
$ |
5,310,058 |
|
$ |
5,422,164 |
|
$ |
5,352,738 |
|
$ |
5,806,361 |
Platform Accounts |
|
|
|
|
|
|
|
|
|
|
|||||
AUM |
|
|
1,547,009 |
|
|
1,571,862 |
|
|
1,609,677 |
|
|
1,614,873 |
|
|
1,640,879 |
AUA |
|
|
1,135,026 |
|
|
1,142,166 |
|
|
1,144,375 |
|
|
1,257,094 |
|
|
1,254,962 |
Total AUM/A |
|
|
2,682,035 |
|
|
2,714,028 |
|
|
2,754,052 |
|
|
2,871,967 |
|
|
2,895,841 |
Subscription |
|
|
15,665,020 |
|
|
15,779,980 |
|
|
15,916,955 |
|
|
16,072,848 |
|
|
16,248,598 |
Total platform accounts |
|
|
18,347,055 |
|
|
18,494,008 |
|
|
18,671,007 |
|
|
18,944,815 |
|
|
19,144,439 |
Advisors |
|
|
|
|
|
|
|
|
|
|
|||||
AUM/A |
|
|
38,025 |
|
|
38,611 |
|
|
38,809 |
|
|
38,078 |
|
|
38,697 |
Subscription |
|
|
67,520 |
|
|
67,843 |
|
|
68,439 |
|
|
69,318 |
|
|
69,973 |
Total advisors |
|
|
105,545 |
|
|
106,454 |
|
|
107,248 |
|
|
107,396 |
|
|
108,670 |
The following table summarizes the changes in AUM and AUA for the three months ended
|
|
Asset Rollforward - Three Months Ended |
|||||||||||||||||
|
|
As of |
|
Gross Sales |
|
Redemptions |
|
Net Flows |
|
Market Impact |
|
As of |
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
(in millions, except account data) |
|||||||||||||||||
AUM |
|
$ |
375,408 |
|
$ |
26,612 |
|
$ |
(19,064 |
) |
|
$ |
7,548 |
|
$ |
33,045 |
|
$ |
416,001 |
AUA |
|
|
398,082 |
|
|
30,342 |
|
|
(30,019 |
) |
|
|
323 |
|
|
32,441 |
|
|
430,846 |
Total AUM/A |
|
$ |
773,490 |
|
$ |
56,954 |
|
$ |
(49,083 |
) |
|
$ |
7,871 |
|
$ |
65,486 |
|
$ |
846,847 |
Fee-Based Accounts |
|
|
2,871,967 |
|
|
|
|
|
|
23,874 |
|
|
|
|
2,895,841 |
The above AUM/A gross sales figures include
The following table summarizes the changes in AUM and AUA for the year ended
|
|
Asset Rollforward - Year Ended |
|||||||||||||||||||||
|
|
As of
|
|
Gross Sales |
|
Redemptions |
|
Net Flows |
|
Market Impact |
|
Reclass to Subscription |
|
As of
|
|||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
(in millions, except account data) |
|||||||||||||||||||||
AUM |
|
$ |
341,144 |
|
$ |
101,305 |
|
$ |
(71,217 |
) |
|
$ |
30,088 |
|
$ |
47,360 |
|
$ |
(2,591 |
) |
|
$ |
416,001 |
AUA |
|
|
367,412 |
|
|
127,906 |
|
|
(99,468 |
) |
|
|
28,438 |
|
|
48,868 |
|
|
(13,872 |
) |
|
|
430,846 |
Total AUM/A |
|
$ |
708,556 |
|
$ |
229,211 |
|
$ |
(170,685 |
) |
|
$ |
58,526 |
|
$ |
96,228 |
|
$ |
(16,463 |
) |
|
$ |
846,847 |
Fee-Based Accounts |
|
|
2,682,035 |
|
|
|
|
|
|
312,915 |
|
|
|
|
(99,109 |
) |
|
|
2,895,841 |
The above AUM/A gross sales figures include
Asset and account figures in the “Reclass to Subscription” columns for the three months and year ended
Envestnet Data & Analytics Segment
The following table provides information regarding the number of paid end-users and firms using the Envestnet Data & Analytics platform in the periods indicated:
|
|
As of |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except number of firms data) |
||||||||
Number of paid end-users |
|
38.8 |
|
37.5 |
|
38.0 |
|
42.3 |
|
38.3 |
Number of firms |
|
1,286 |
|
1,310 |
|
1,339 |
|
1,322 |
|
1,324 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240222139281/en/
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