| Schedule of Disaggregation of Revenue by Major Source |
The following tables present the Company’s revenue by segment disaggregated by major source:
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Year Ended December 31, 2023 |
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|
Envestnet Wealth Solutions |
|
Envestnet Data & Analytics |
|
Consolidated |
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|
(in thousands) |
| Revenue: |
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|
|
|
|
| Asset-based |
|
$ |
745,238 |
|
|
$ |
— |
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|
$ |
745,238 |
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| Subscription-based |
|
325,398 |
|
|
139,332 |
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|
464,730 |
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| Total recurring revenue |
|
1,070,636 |
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|
139,332 |
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|
1,209,968 |
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| Professional services and other revenue |
|
24,068 |
|
|
11,584 |
|
|
35,652 |
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| Total revenue |
|
$ |
1,094,704 |
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|
$ |
150,916 |
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|
$ |
1,245,620 |
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Year Ended December 31, 2022 |
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|
Envestnet Wealth Solutions |
|
Envestnet Data & Analytics |
|
Consolidated |
|
|
(in thousands) |
| Revenue: |
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|
|
|
|
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| Asset-based |
|
$ |
738,228 |
|
|
$ |
— |
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|
$ |
738,228 |
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| Subscription-based |
|
310,217 |
|
|
167,627 |
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|
477,844 |
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| Total recurring revenue |
|
1,048,445 |
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|
167,627 |
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|
1,216,072 |
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| Professional services and other revenue |
|
16,799 |
|
|
6,913 |
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|
23,712 |
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| Total revenue |
|
$ |
1,065,244 |
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|
$ |
174,540 |
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|
$ |
1,239,784 |
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Year Ended December 31, 2021 |
| |
|
Envestnet Wealth Solutions |
|
Envestnet Data & Analytics |
|
Consolidated |
|
|
(in thousands) |
| Revenue: |
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|
|
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| Asset-based |
|
$ |
709,376 |
|
|
$ |
— |
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|
$ |
709,376 |
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| Subscription-based |
|
280,076 |
|
|
173,913 |
|
|
453,989 |
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| Total recurring revenue |
|
989,452 |
|
|
173,913 |
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|
1,163,365 |
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| Professional services and other revenue |
|
14,190 |
|
|
8,962 |
|
|
23,152 |
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| Total revenue |
|
$ |
1,003,642 |
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|
$ |
182,875 |
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|
$ |
1,186,517 |
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| Schedule of Disaggregation of Revenue by Geography |
The following table presents the Company’s revenue disaggregated by geography, based on the billing address of the customer:
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Year Ended December 31, |
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2023 |
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2022 |
|
2021 |
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|
(in thousands) |
| United States |
|
$ |
1,223,246 |
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|
$ |
1,218,254 |
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|
$ |
1,166,251 |
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| International |
|
22,374 |
|
|
21,530 |
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|
20,266 |
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| Total revenue |
|
$ |
1,245,620 |
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|
$ |
1,239,784 |
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|
$ |
1,186,517 |
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| Schedule of Costs of Revenues by Revenue Category |
The following table summarizes direct expense by revenue category:
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Year Ended December 31, |
| |
|
2023 |
|
2022 |
|
2021 |
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|
(in thousands) |
| Asset-based |
|
$ |
434,123 |
|
|
$ |
430,345 |
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|
$ |
393,717 |
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| Subscription-based |
|
30,814 |
|
|
32,577 |
|
|
29,445 |
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| Professional services and other |
|
8,101 |
|
|
7,502 |
|
|
561 |
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| Total direct expense |
|
$ |
473,038 |
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|
$ |
470,424 |
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|
$ |
423,723 |
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