Revenue (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Revenue from Contract with Customer [Abstract] |
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| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
In accordance with ASC 606 requirements, the impact of adoption on the Company’s consolidated statements of operations was as follows:
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Year Ended December 31, 2018 |
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As Reported |
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Without Adoption of ASC 606 |
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Effect of Change Higher/(Lower) |
Statements of Operations |
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Revenues: |
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Asset-based |
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$ |
481,233 |
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$ |
495,646 |
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|
$ |
(14,413 |
) |
Subscription-based |
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295,467 |
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|
295,467 |
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|
— |
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Total recurring revenues |
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776,700 |
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|
791,113 |
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(14,413 |
) |
Professional services and other revenues |
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35,663 |
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|
35,840 |
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|
(177 |
) |
Total revenues |
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812,363 |
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|
826,953 |
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(14,590 |
) |
Operating expenses: |
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Cost of revenues |
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263,400 |
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|
277,813 |
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(14,413 |
) |
Compensation and benefits |
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317,188 |
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|
318,887 |
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(1,699 |
) |
Total operating expenses |
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798,198 |
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|
814,310 |
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(16,112 |
) |
Income from operations |
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14,165 |
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|
12,643 |
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|
1,522 |
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Net income |
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4,010 |
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|
2,488 |
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|
1,522 |
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Net income attributable to Envestnet, Inc. |
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$ |
5,755 |
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$ |
4,233 |
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$ |
1,522 |
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| Schedule of disaggregation of revenue by major source |
The following table presents the Company’s revenues disaggregated by major source:
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Year Ended December 31, 2019 |
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Envestnet Wealth Solutions |
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Envestnet Data & Analytics |
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Consolidated |
Revenues: |
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Asset-based |
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$ |
484,312 |
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$ |
— |
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$ |
484,312 |
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Subscription-based |
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207,606 |
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|
171,207 |
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|
378,813 |
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Total recurring revenues |
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691,918 |
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|
171,207 |
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|
863,125 |
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Professional services and other revenues |
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17,540 |
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|
19,462 |
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|
37,002 |
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Total revenues |
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$ |
709,458 |
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$ |
190,669 |
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$ |
900,127 |
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Year Ended December 31, 2018 |
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Envestnet Wealth Solutions |
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Envestnet Data & Analytics |
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Consolidated |
Revenues: |
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Asset-based |
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$ |
481,233 |
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$ |
— |
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$ |
481,233 |
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Subscription-based |
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138,372 |
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|
157,095 |
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|
295,467 |
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Total recurring revenues |
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619,605 |
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|
157,095 |
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|
776,700 |
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Professional services and other revenues |
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13,000 |
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|
22,663 |
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|
35,663 |
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Total revenues |
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$ |
632,605 |
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$ |
179,758 |
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$ |
812,363 |
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Year Ended December 31, 2017 |
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Envestnet Wealth Solutions(1)
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Envestnet Data & Analytics(1)
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Consolidated(1)
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Revenues: |
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Asset-based |
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$ |
410,016 |
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|
$ |
— |
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$ |
410,016 |
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Subscription-based |
|
106,048 |
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|
139,819 |
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|
245,867 |
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Total recurring revenues |
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516,064 |
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|
139,819 |
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|
655,883 |
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Professional services and other revenues |
|
11,841 |
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|
15,955 |
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|
27,796 |
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Total revenues |
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$ |
527,905 |
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$ |
155,774 |
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$ |
683,679 |
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(1)
As noted above, prior period amounts have not been adjusted under the modified retrospective method.
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| Summary of revenues from major customers |
One customer accounted for more than 10% of the Company’s total revenues:
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Year Ended December 31, |
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2019 |
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2018 |
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2017 |
Fidelity |
|
15 |
% |
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17 |
% |
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17 |
% |
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| Schedule of disaggregation of revenue by geography |
The following table presents the Company’s revenues disaggregated by geography, based on the billing address of the customer:
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Year Ended December 31, |
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2019 |
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2018 |
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2017 (1)
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United States |
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$ |
871,456 |
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$ |
778,565 |
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$ |
617,835 |
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International (2), (3)
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28,671 |
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|
33,798 |
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|
65,844 |
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Total revenues |
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$ |
900,127 |
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$ |
812,363 |
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$ |
683,679 |
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(1) |
As previously noted, prior period amounts have not been adjusted under the modified retrospective method. |
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(2) |
No foreign country accounted for more than 10% of total revenues. |
(3)
In 2018, upon adoption of ASU 2014-09, gross revenue recognition changed to net revenue recognition for one customer.
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| Schedule of estimated revenue expected to be recognized in the future |
The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2019:
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Years ending December 31, |
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2020 |
$ |
203,814 |
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2021 |
131,567 |
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2022 |
90,416 |
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2023 |
41,141 |
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2024 |
22,867 |
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Thereafter |
26,454 |
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Total |
$ |
516,259 |
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