Business Acquisitions (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Business Combinations [Abstract] |
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| Summary of consideration transferred in the acquisition |
The preliminary consideration transferred in the acquisition was as follows:
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Preliminary Estimate |
Cash consideration |
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$ |
299,370 |
|
Stock consideration |
|
222,484 |
|
Less: cash acquired |
|
(6,360 |
) |
Total estimated fair value of consideration transferred, net of cash acquired |
|
$ |
515,494 |
|
The consideration transferred in the acquisition was as follows:
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|
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|
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Preliminary Estimate |
Cash consideration |
|
$ |
11,173 |
|
Purchase consideration liability |
|
6,240 |
|
Contingent consideration liability |
|
7,580 |
|
Working capital adjustment |
|
70 |
|
Total |
|
$ |
25,063 |
|
The preliminary consideration transferred in the acquisition was as follows:
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|
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Preliminary Estimate |
Cash consideration |
|
$ |
17,500 |
|
Contingent consideration liability |
|
8,300 |
|
Total |
|
$ |
25,800 |
|
|
| Summary of the estimated fair values of the assets acquired and liabilities assumed |
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:
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Preliminary Estimate |
Cash and cash equivalents |
|
$ |
6,360 |
|
Accounts receivable |
|
3,782 |
|
Prepaid expenses and other current assets |
|
969 |
|
Other non-current assets |
|
4,274 |
|
Property and equipment, net |
|
6,057 |
|
Operating lease right-of-use assets, net |
|
1,688 |
|
Identifiable intangible assets |
|
217,000 |
|
Goodwill |
|
353,085 |
|
Total assets acquired |
|
593,215 |
|
Accounts payable and accrued expenses |
|
(2,166 |
) |
Operating lease liabilities |
|
(2,012 |
) |
Deferred income taxes |
|
(59,643 |
) |
Deferred revenue |
|
(7,540 |
) |
Total liabilities assumed |
|
(71,361 |
) |
Total net assets acquired |
|
$ |
521,854 |
|
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:
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|
Preliminary Estimate |
Total tangible assets acquired |
|
$ |
144 |
|
Total liabilities assumed |
|
(629 |
) |
Identifiable intangible assets |
|
4,100 |
|
Goodwill |
|
21,448 |
|
Total net assets acquired |
|
$ |
25,063 |
|
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:
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|
|
|
|
|
|
|
Preliminary Estimate |
Total tangible assets acquired |
|
$ |
13 |
|
Total liabilities assumed |
|
(1,600 |
) |
Identifiable intangible assets |
|
12,400 |
|
Goodwill |
|
14,987 |
|
Total net assets acquired |
|
$ |
25,800 |
|
|
| Summary of intangible assets acquired, estimated useful lives and amortization method |
summary of estimated intangible assets acquired, estimated useful lives and amortization method is as follows:
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|
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Preliminary Estimate |
|
Estimated Useful Life in Years |
|
Amortization Method |
Customer list |
|
$ |
9,100 |
|
|
10 |
|
Accelerated |
Proprietary technology |
|
3,300 |
|
|
5 |
|
Straight-line |
Total |
|
$ |
12,400 |
|
|
|
|
|
A summary of estimated intangible assets acquired, estimated useful lives and amortization method is as follows:
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|
|
|
|
|
|
|
|
|
Preliminary Estimate |
|
Estimated Useful Life in Years |
|
Amortization Method |
Customer lists |
|
$ |
181,000 |
|
|
10-16 |
|
Accelerated |
Proprietary technologies |
|
25,000 |
|
|
5 |
|
Straight-line |
Trade names |
|
11,000 |
|
|
6 |
|
Straight-line |
Total |
|
$ |
217,000 |
|
|
|
|
|
A summary of estimated intangible assets acquired, estimated useful lives and amortization method is as follows:
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|
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|
|
|
|
|
|
|
Preliminary Estimate |
|
Estimated Useful Life in Years |
|
Amortization Method |
Proprietary technology |
|
$ |
4,100 |
|
|
4 |
|
Straight-line |
|
| Business acquisition, pro forma information |
Pro forma financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place as of the beginning of 2018.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues |
|
$ |
228,522 |
|
|
$ |
215,240 |
|
|
$ |
443,275 |
|
|
$ |
426,291 |
|
Net income (loss) attributable to Envestnet, Inc. |
|
(7,612 |
) |
|
(1,661 |
) |
|
(18,857 |
) |
|
5,186 |
|
Net income (loss) per share attributable to Envestnet, Inc.: |
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|
|
|
|
|
|
|
Basic |
|
$ |
(0.15 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.37 |
) |
|
$ |
0.11 |
|
Diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.37 |
) |
|
$ |
0.10 |
|
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