Exhibit 99.1

Envestnet Reports First Quarter 2022 Financial Results

Berwyn, PA — May 5, 2022 — Envestnet (NYSE: ENV), a leading provider of intelligent systems for wealth management and financial wellness, today reported financial results for the three months ended March 31, 2022.

Three months ended
Key Financial MetricsMarch 31,%
(in millions, except per share data)20222021Change
GAAP:
Total revenues$321.4 $275.1 17%
Net income (loss)$(14.7)$14.9 n/m
Net income (loss) per diluted share attributable to Envestnet, Inc.$(0.25)$0.27 n/m
Non-GAAP:
Adjusted revenues(1)
$321.4 $275.2 17%
Adjusted EBITDA(1)
$55.7 $68.3 (18)%
Adjusted net income(1)
$31.0 $41.9 (26)%
Adjusted net income per diluted share(1)
$0.47 $0.64 (27)%
n/m - not meaningful

“Envestnet has made substantial progress in bringing together the powerful capabilities of Envestnet to create more scalable, more intelligent, and more valuable solutions for our clients.” said Bill Crager, Chief Executive Officer.

“Our first quarter financial results continue to demonstrate the strength of our business and the hard work of the Envestnet team,” concluded Mr. Crager.

Financial Results for the First Quarter of 2022

Asset-based recurring revenues increased 27% from the first quarter of 2021, and represented 63% of total revenues for the first quarter of 2022 compared to 58% for the first quarter of 2021. Subscription-based recurring revenues increased 4% from the first quarter of 2021, and represented 36% of total revenues for the first quarter of 2022, compared to 40% for the first quarter of 2021. Professional services and other non-recurring revenues decreased 34% from the prior year period. Total revenues increased 17% to $321.4 million for the first quarter of 2022 from $275.1 million for the first quarter of 2021.

Total operating expenses for the first quarter of 2022 increased 27% to $328.1 million from $258.3 million in the prior year period. Cost of revenues increased 35% to $125.3 million for the first quarter of 2022 from $92.9 million for the prior year period. Compensation and benefits increased 26% to $126.8 million for the first quarter of 2022 from $100.7 million for the prior year period. Compensation and benefits were 39% of total revenues for the first quarter of 2022, compared to 37% for the prior year period. General and administration expenses increased 22% to $44.3 million for the first quarter of 2022 from $36.3 million for the prior year period. General and administration expenses were 14% of total revenues for the first quarter of 2022, compared to 13% for the prior year period. 

Loss from operations was $6.7 million for the first quarter of 2022 compared to income of $16.8 million for the first quarter of 2021. Net loss was $14.7 million for the first quarter of 2022 compared to net income of $14.9 million for the first quarter of 2021. Net loss per diluted share attributable to Envestnet, Inc. was $0.25 for the first quarter of 2022 compared to net income per diluted share attributable to Envestnet, Inc. of $0.27 for the first quarter of 2021.

Adjusted revenues(1) for the first quarter of 2022 increased 17% to $321.4 million from $275.2 million for the prior year period. Adjusted EBITDA(1) for the first quarter of 2022 decreased 18% to $55.7 million from $68.3 million


for the prior year period. Adjusted net income(1) decreased 26% for the first quarter of 2022 to $31.0 million from $41.9 million for the prior year period. Adjusted net income per diluted share(1) for the first quarter of 2022 decreased 27% to $0.47 from $0.64 in the first quarter of 2021.

Balance Sheet and Liquidity

As of March 31, 2022, Envestnet had $359.6 million in cash and cash equivalents and $862.5 million in outstanding debt. The outstanding debt as of March 31, 2022 included $345 million in convertible notes maturing in 2023 and $517.5 million in convertible notes maturing in 2025. Envestnet's $500 million revolving credit facility was undrawn as of March 31, 2022.

Outlook

Envestnet provided the following outlook for the second quarter ending June 30, 2022 and full year ending December 31, 2022. This outlook is based on the market value of assets under management or administration as of March 31, 2022. We caution that we cannot predict the market value of these assets on any future date. See “Cautionary Statement Regarding Forward-Looking Statements.”

In Millions, Except Adjusted EPS2Q 2022FY 2022
GAAP:
Revenues:
Asset-based$196.5 -$197.5 
Subscription-based118.5 -119.0 
Total recurring revenues$315.0 -$316.5 
Professional services and other revenues9.0 -9.5 
Total revenues$324.0 -$326.0 $1,329.8 -$1,339.7 
Asset-based cost of revenues$116.0 -$116.5 
Total cost of revenues$129.5 -$130.0 
Net income(a)-(a)(a)-(a)
Diluted shares outstanding66.3 66.1 
Net income per diluted share(a)-(a)(a)-(a)
Non-GAAP:
Adjusted revenues (1):
  Asset-based$196.5 -$197.5 
  Subscription-based118.5 -119.0 
Total recurring revenues$315.0 -$316.5 
  Professional services and other revenues9.0 -9.5 
Total revenues$324.0 -$326.0 $1,330.0 -$1,340.0 
Adjusted EBITDA(1)
$55.5 -$56.5 $255.0 -$260.0 
Adjusted net income per diluted share(1)
$0.45 -$0.46 $2.17 -$2.23 

(a) Envestnet 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.

2

Conference Call

Envestnet will host a conference call to discuss first quarter 2022 financial results today at 5:00 p.m. ET. The live webcast and accompanying presentation can be accessed from Envestnet’s investor relations website at http://investor.envestnet.com/. A replay of the webcast will be available on the investor relations website following the call.

About Envestnet

Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions and intelligence to make financial wellness a reality for everyone. More than 106,000 advisors and over 6,500 companies including: 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.

For more information on Envestnet, please visit www.envestnet.com and follow us on Twitter @ENVintel.

(1) Non-GAAP Financial Measures

“Adjusted revenues” excludes the effect of purchase accounting on the fair value of acquired deferred revenue. On January 1, 2022, the Company adopted ASU 2021-08 whereby the Company now accounts for contract assets and contract liabilities obtained upon a business combination in accordance with ASC 606. Prior to the adoption of ASU 2021-08, we recorded 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 did not reflect the full amount of revenue that would have been recorded by these entities had they remained stand-alone entities. Adjusted revenues has limitations as a financial measure, should be considered as supplemental in nature and is not meant as a substitute for revenue prepared in accordance with GAAP.

“Adjusted EBITDA” represents net income (loss) before deferred revenue fair value adjustment, interest income, interest expense, income tax provision (benefit), depreciation and amortization, non-cash compensation expense, restructuring charges and transaction costs, severance, accretion on contingent consideration and purchase liability, fair market value adjustment on contingent consideration liability, litigation and regulatory related expenses, foreign currency, non-income tax expense adjustment, income or loss allocations from equity method investments and (income) loss attributable to non-controlling interest.

“Adjusted net income” represents net income before deferred revenue fair value adjustment, non-cash interest expense, cash interest on our convertible notes, non-cash compensation expense, restructuring charges and transaction costs, severance, accretion on contingent consideration and purchase liability, fair market value adjustment on contingent consideration liability, amortization of acquired intangibles, litigation and regulatory related expenses, foreign currency, non-income tax expense adjustment, income or 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.

See reconciliations of Non-GAAP Financial Measures on pages 9-12 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
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GAAP tax provision. The Company’s Non-GAAP Financial Measures should not be viewed as a substitute for revenues, net income (loss) or net income (loss) 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 expected financial performance and outlook for the second quarter and full year of 2022, 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, a pandemic or health crisis, including the COVID-19 pandemic; changes and volatility in financial and capital markets, including as a result of the current conflict between Russia and Ukraine, which could result in changes in demand for our products or services or in the value of assets on which we earn revenue; the possibility that the anticipated benefits of any of our acquisitions will not be realized to the extent or when expected, difficulty in sustaining rapid revenue growth, which may place significant demands on our administrative, operational and financial resources, the concentration of nearly all of our revenues from the delivery of our solutions and services to clients in the financial services industry, our reliance on a limited number of clients for a material portion of our revenues, the renegotiation of fee percentages or termination of our services by our clients, our ability to identify potential acquisition candidates, complete acquisitions and successfully integrate acquired companies, the impact of market and economic conditions on revenues, our inability to successfully execute the conversion of clients’ assets from their technology platform to our technology platforms in a timely and accurate manner, our ability to expand our relationships with existing customers, grow the number of customers and derive revenue from new offerings such as our data analytics solutions and market research services and premium financial applications, compliance failures, adverse judicial or regulatory proceedings against us, liabilities associated with potential, perceived or actual breaches of fiduciary duties and/or conflicts of interest, changes in laws and regulations, including tax laws and regulations, general economic conditions, political and regulatory conditions, the impact of fluctuations in market condition and interest rates on the demand for our products and services and the value of assets under management or administration, the impact of market conditions on our ability to issue debt and equity, the impact of fluctuations in interest rates on our cost of borrowing, our financial performance, the results of our investments in research and development, our data center and other infrastructure, our ability to maintain the security and integrity of our systems and facilities and to maintain the privacy of personal information, failure of our systems to work properly, our ability to realize operating efficiencies, the advantages of our solutions as compared to those of others, the failure to protect our intellectual property rights, our ability to establish and maintain intellectual property rights, our ability to retain and hire necessary employees and appropriately staff our operations and management’s response to these factors. More information regarding these and other risks, uncertainties and factors is contained in our filings with the Securities and Exchange Commission (“SEC”) which are available on the SEC’s website at www.sec.gov or our Investor Relations website at http://investor.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 May 5, 2022 and, unless required by law, we undertake 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.

Contacts
Investor RelationsMedia Relations
investor.relations@envestnet.commediarelations@envestnet.com
(312) 827-3940
4

Envestnet, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
 
March 31,December 31,
20222021
Assets
Current assets:
Cash and cash equivalents$359,614 $429,279 
Fees receivable, net88,377 95,291 
Prepaid expenses and other current assets53,488 42,706 
Total current assets501,479 567,276 
Property and equipment, net62,848 50,215 
Internally developed software, net147,014 133,659 
Intangible assets, net400,876 400,396 
Goodwill925,003 925,154 
Operating lease right-of-use-assets, net88,011 90,714 
Other non-current assets74,539 73,768 
Total assets$2,199,770 $2,241,182 
Liabilities and Equity
Current liabilities:
Accrued expenses and other liabilities$201,087 $225,159 
Accounts payable18,854 19,092 
Operating lease liabilities10,439 10,999 
Deferred revenue44,427 33,473 
Total current liabilities274,807 288,723 
Long-term debt850,097 848,862 
Non-current operating lease liabilities103,332 105,920 
Deferred tax liabilities, net2,108 21,021 
Other non-current liabilities16,271 17,114 
Total liabilities1,246,615 1,281,640 
Equity:
Total stockholders’ equity951,449 957,089 
Non-controlling interest1,706 2,453 
Total liabilities and equity$2,199,770 $2,241,182 
5

Envestnet, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share information)
(unaudited)
 
Three Months Ended
March 31,
20222021
Revenues:
Asset-based$202,717 $159,375 
Subscription-based114,734 109,829 
Total recurring revenues317,451 269,204 
Professional services and other revenues3,912 5,901 
Total revenues321,363 275,105 
Operating expenses:
Cost of revenues125,282 92,869 
Compensation and benefits126,849 100,714 
General and administration44,335 36,315 
Depreciation and amortization31,618 28,392 
Total operating expenses328,084 258,290 
Income (loss) from operations(6,721)16,815 
Other expense, net(5,967)(7,468)
Income (loss) before income tax provision (benefit)(12,688)9,347 
Income tax provision (benefit)2,020 (5,588)
Net income (loss)(14,708)14,935 
Add: Net loss attributable to non-controlling interest849 11 
Net income (loss) attributable to Envestnet, Inc.$(13,859)$14,946 
Net income (loss) per share attributable to Envestnet, Inc.:
Basic$(0.25)$0.28 
Diluted$(0.25)$0.27 
Weighted average common shares outstanding:
Basic54,903,677 54,208,469 
Diluted54,903,677 59,917,648 
6

Envestnet, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
March 31,
20222021
OPERATING ACTIVITIES:
Net income (loss) $(14,708)$14,935 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization31,618 28,392 
Provision for doubtful accounts(1,747)298 
Deferred income taxes(18,955)(3,581)
Non-cash compensation expense21,814 14,137 
Non-cash interest expense2,599 2,015 
Accretion on contingent consideration and purchase liability— 388 
Fair market value adjustment to contingent consideration liability— (140)
Loss allocations from equity method investments1,545 3,288 
Other(59)165 
Changes in operating assets and liabilities:
Fees receivable, net8,661 473 
Prepaid expenses and other current assets(8,377)1,756 
Other non-current assets(1,114)3,093 
Accrued expenses and other liabilities(27,320)(28,668)
Accounts payable(432)6,444 
Deferred revenue11,097 7,882 
Other non-current liabilities(1,361)(1,068)
Net cash provided by operating activities3,261 49,809 
INVESTING ACTIVITIES:
Purchases of property and equipment(3,896)(7,062)
Capitalization of internally developed software(21,671)(15,058)
Acquisition of proprietary technology(15,000)(25,517)
Investments in private companies(3,000)(2,538)
Other(2,500)— 
Net cash used in investing activities(46,067)(50,175)

-continued-


















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Envestnet, Inc.
Condensed Consolidated Statements of Cash Flows (continued)
(in thousands)
(unaudited)

Three Months Ended
March 31,
20222021
FINANCING ACTIVITIES:
Proceeds from exercise of stock options658 522 
Taxes paid in lieu of shares issued for stock-based compensation(12,570)(9,541)
Finance lease payments(12,454)— 
Revolving credit facility issuance costs(1,869)— 
Share repurchases— (1,672)
Payments of contingent consideration— (1,000)
Other3 (479)
Net cash used in financing activities(26,232)(12,170)
EFFECT OF EXCHANGE RATE CHANGES ON CASH(627)(52)
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(69,665)(12,588)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD429,428 384,714 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (a)$359,763 $372,126 

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets:
March 31,March 31,
20222021
Cash and cash equivalents$359,614 $371,977 
Restricted cash included in prepaid expenses and other current assets149 — 
Restricted cash included in other non-current assets— 149 
Total cash, cash equivalents and restricted cash$359,763 $372,126 


8

Reconciliation of Non-GAAP Financial Measures
(in thousands)
(unaudited) 

Three Months Ended
March 31,
20222021
Total revenues$321,363 $275,105 
Deferred revenue fair value adjustment (a)
54 80 
Adjusted revenues$321,417 $275,185 
Net income (loss)$(14,708)$14,935 
Add (deduct):
Deferred revenue fair value adjustment (a)
54 80 
Interest income (b)
(321)(170)
Interest expense (b)
4,853 4,215 
Income tax provision (benefit)2,020 (5,588)
Depreciation and amortization31,618 28,392 
Non-cash compensation expense (d)
21,814 14,137 
Restructuring charges and transaction costs (e)
2,346 2,784 
Severance (d)
3,106 4,914 
Accretion on contingent consideration and purchase liability (c)
— 388 
Fair market value adjustment on contingent consideration liability (c)
— (140)
Non-recurring litigation and regulatory related expenses (c)
3,077 1,709 
Foreign currency (b)
(108)151 
Non-income tax expense adjustment (c)
24 (566)
Loss allocations from equity method investments (b)
1,545 3,288 
(Income) loss attributable to non-controlling interest377 (265)
Adjusted EBITDA$55,697 $68,264 

(a)Included within subscription-based revenues in the condensed consolidated statements of operations.
(b)Included within other expense, net in the condensed consolidated statements of operations.
(c)Included within general and administration expenses in the condensed consolidated statements of operations.
(d)Included within compensation and benefits in the condensed consolidated statements of operations.
(e)For the three months ended March 31, 2022 and 2021, $2.5 million and $1.8 million were included within general and administration expenses, respectively, in the condensed consolidated statements of operations. For the three months ended March 31, 2022 and 2021, $(0.2) million and $1.0 million were included within compensation and benefits, respectively, in the condensed consolidated statements of operations.
9

Envestnet, Inc.
Reconciliation of Non-GAAP Financial Measures
(in thousands, except share and per share information)
(unaudited) 

Three Months Ended
March 31,
20222021
Net income (loss)$(14,708)$14,935 
Income tax provision (benefit) (a)
2,020 (5,588)
Income (loss) before income tax provision (benefit)(12,688)9,347 
Add (deduct):
Deferred revenue fair value adjustment (b)
54 80 
Non-cash interest expense (d)
2,059 1,423 
Cash interest - Convertible Notes (d)
2,480 2,480 
Non-cash compensation expense (e)
21,814 14,137 
Restructuring charges and transaction costs (g)
2,346 2,784 
Severance (e)
3,106 4,914 
Accretion on contingent consideration and purchase liability (c)
— 388 
Fair market value adjustment on contingent consideration liability (c)
— (140)
Amortization of acquired intangibles (f)
17,520 16,478 
Non-recurring litigation and regulatory related expenses (c)
3,077 1,709 
Foreign currency (d)
(108)151 
Non-income tax expense adjustment (c)
24 (566)
Loss allocations from equity method investments (d)
1,545 3,288 
Loss (income) attributable to non-controlling interest377 (265)
Adjusted net income before income tax effect41,606 56,208 
Income tax effect (h)
(10,610)(14,333)
Adjusted net income$30,996 $41,875 
Basic number of weighted-average shares outstanding54,903,677 54,208,469 
Effect of dilutive shares:
Options to purchase common stock156,349 222,387 
Unvested restricted stock units568,914 562,612 
Convertible Notes9,898,549 9,898,549 
Warrants51,764 76,142 
Diluted number of weighted-average shares outstanding65,579,253 64,968,159 
Adjusted net income per share - diluted$0.47 $0.64 

(a)For the three months ended March 31, 2022 and 2021, the effective tax rate computed in accordance with GAAP equaled (15.9)% and (59.8)%, respectively.
(b)Included within subscription-based revenues in the condensed consolidated statements of operations.
(c)Included within general and administration expenses in the condensed consolidated statements of operations.
(d)Included within other expense, net in the condensed consolidated statements of operations.
(e)Included within compensation and benefits in the condensed consolidated statements of operations.
(f)Included within depreciation and amortization in the condensed consolidated statements of operations.
(g)For the three months ended March 31, 2022 and 2021, $2.5 million and $1.8 million were included within general and administration expenses, respectively, in the condensed consolidated statements of operations. For the three months ended March 31, 2022 and 2021, $(0.2) million and $1.0 million were included within compensation and benefits, respectively, in the condensed 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 ended March 31, 2022 and 2021.

10

Reconciliation of Non-GAAP Financial Measures
Segment Information
(in thousands)
(unaudited) 

Three months ended March 31, 2022
Envestnet Wealth SolutionsEnvestnet Data & AnalyticsNonsegmentTotal
Revenues$273,568 $47,795 $— $321,363 
Deferred revenue fair value adjustment (a)
54 — — 54 
Adjusted revenues$273,622 $47,795 $— $321,417 
Revenues:
Asset-based$202,717 $— $— $202,717 
Subscription-based68,537 46,197 — 114,734 
Total recurring revenues271,254 46,197 — 317,451 
Professional services and other revenues2,314 1,598 — 3,912 
Total revenues273,568 47,795 — 321,363 
Operating expenses:
Cost of revenues:
Asset-based117,428 — — 117,428 
Subscription-based1,365 6,446 — 7,811 
Professional services and other15 28 — 43 
Total cost of revenues118,808 6,474 — 125,282 
Compensation and benefits78,644 30,166 18,039 126,849 
General and administration27,360 8,611 8,364 44,335 
Depreciation and amortization23,487 8,131 — 31,618 
Total operating expenses$248,299 $53,382 $26,403 $328,084 
Income (loss) from operations$25,269 $(5,587)$(26,403)$(6,721)
Add (deduct):
Deferred revenue fair value adjustment (a)
54 — — 54 
Depreciation and amortization23,487 8,131 — 31,618 
Non-cash compensation expense (c)
11,290 3,535 6,989 21,814 
Restructuring charges and transaction costs (d)
284 (3)2,065 2,346 
Severance (c)
1,410 1,642 54 3,106 
Non-recurring litigation and regulatory related expenses (b)
— 3,077 — 3,077 
Non-income tax expense adjustment (b)
107 (83)— 24 
Loss attributable to non-controlling interest377 — — 377 
Other— 2 — 2 
Adjusted EBITDA$62,278 $10,714 $(17,295)$55,697 

(a)Included within subscription-based revenues in the condensed consolidated statements of operations.
(b)Included within general and administration expenses in the condensed consolidated statements of operations.
(c)Included within compensation and benefits in the condensed consolidated statements of operations.
(d)For the three months ended March 31, 2022, $2.5 million was included within general and administration expenses and $(0.2) million was included within compensation and benefits in the condensed consolidated statements of operations.

11

Reconciliation of Non-GAAP Financial Measures
Segment Information (continued)
(in thousands)
(unaudited) 

Three Months Ended March 31, 2021
Envestnet Wealth SolutionsEnvestnet Data & AnalyticsNonsegmentTotal
Revenues$226,410 $48,695 $— $275,105 
Deferred revenue fair value adjustment (a)
80 — — 80 
Adjusted revenues$226,490 $48,695 $— $275,185 
Revenues:
Asset-based$159,375 $— $— $159,375 
Subscription-based64,012 45,817 — 109,829 
Total recurring revenues223,387 45,817 — 269,204 
Professional services and other revenues3,023 2,878 — 5,901 
Total revenues226,410 48,695 — 275,105 
Operating expenses:
Cost of revenues:
Asset-based86,190 — — 86,190 
Subscription-based1,213 5,391 — 6,604 
Professional services and other29 46 — 75 
Total cost of revenues87,432 5,437 — 92,869 
Compensation and benefits62,854 26,289 11,571 100,714 
General and administration20,699 8,516 7,100 36,315 
Depreciation and amortization21,228 7,164 — 28,392 
Total operating expenses$192,213 $47,406 $18,671 $258,290 
Income (loss) from operations$34,197 $1,289 $(18,671)$16,815 
Add (deduct):
Deferred revenue fair value adjustment (a)
80 — — 80 
Depreciation and amortization21,228 7,164 — 28,392 
Non-cash compensation expense (c)
7,829 2,841 3,467 14,137 
Restructuring charges and transaction costs (d)
1,365 147 1,272 2,784 
Severance (c)
3,087 1,720 107 4,914 
Accretion on contingent consideration and purchase liability (b)
342 46 — 388 
Fair market value adjustment on contingent consideration liability (b)
— (140)— (140)
Non-recurring litigation and regulatory related expenses (b)
— 1,709 — 1,709 
Non-income tax expense adjustment (b)
(535)(31)— (566)
Income attributable to non-controlling interest(265)— — (265)
Other16 — — 16 
Adjusted EBITDA$67,344 $14,745 $(13,825)$68,264 

(a)Included within subscription-based revenues in the condensed consolidated statements of operations.
(b)Included within general and administrative expenses in the condensed consolidated statements of operations.
(c)Included within compensation and benefits in the condensed consolidated statements of operations.
(d)For the three months ended March 31, 2021, $1.8 million was included within general and administration expenses and $1.0 million was included within compensation and benefits in the condensed consolidated statements of operations.
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Envestnet, Inc.
Historical Assets, Accounts and Advisors
(in millions, except accounts and advisors)
(unaudited)

As of
March 31,June 30,September 30,December 31,March 31,
2021202120212021
2022(1)
(in millions, except accounts and advisors data)
Platform Assets
Assets under Management (“AUM”)
$286,039 $315,422 $327,279 $362,038 $361,251 
Assets under Administration (“AUA”)408,858 426,416 431,040 456,316 432,141 
Total AUM/A694,897 741,838 758,319 818,354 793,392 
Subscription4,132,917 4,447,733 4,670,827 4,901,662 4,736,537 
Total Platform Assets$4,827,814 $5,189,571 $5,429,146 $5,720,016 $5,529,929 
Platform Accounts
AUM1,138,183 1,209,761 1,276,066 1,345,274 1,459,093 
AUA1,192,668 1,163,991 1,193,069 1,217,076 1,186,180 
Total AUM/A2,330,851 2,373,752 2,469,135 2,562,350 2,645,273 
Subscription11,453,434 11,712,573 14,810,664 14,986,531 15,151,569 
Total Platform Accounts13,784,285 14,086,325 17,279,799 17,548,881 17,796,842 
Advisors
AUM/A41,177 41,259 41,696 39,735 39,800 
Subscription65,724 66,597 66,489 68,808 67,168 
Total Advisors106,901 107,856 108,185 108,543 106,968 
(1) Certain assets and accounts have been reclassified from AUA to AUM to better reflect the nature of the services provided to certain customers.

The following table summarizes the changes in AUM and AUA for the three months ended March 31, 2022:

12/31/2021Gross
Sales		RedemptionsNet
Flows		Market Impact
Reclassification(1)
3/31/2022
(in millions, except account data)
AUM$362,038 $28,699 $(15,967)$12,732 $(22,240)$8,721 $361,251 
AUA456,316 28,341 (19,912)8,429 (23,883)(8,721)432,141 
Total AUM/A$818,354 $57,040 $(35,879)$21,161 $(46,123)$— $793,392 
Fee-Based Accounts2,562,350 82,923 — 2,645,273 
(1) Certain assets and accounts have been reclassified from AUA to AUM to better reflect the nature of the services provided to certain customers.

The above AUM/A gross sales figures include $9.1 billion in new client conversions. The Company onboarded an additional $32.8 billion in subscription conversions during the three months ended March 31, 2022, bringing total conversions for the quarter to $41.9 billion.
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