Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
 
Business segments are generally organized around the Company's business services. The Company's business segments are:
 
•Envestnet Wealth Solutions – a leading provider of unified wealth management software and services to empower financial advisors and institutions.

•Envestnet Data & Analytics – a leading data aggregation and data intelligence platform powering dynamic, cloud-based innovation for digital financial services.
The following table presents a reconciliation from income (loss) from operations by segment to consolidated net income (loss) attributable to Envestnet, Inc.:
  Three Months Ended Six Months Ended
  June 30, June 30,
  2021 2020 2021 2020
(in thousands)
Envestnet Wealth Solutions $ 32,459  $ 19,867  $ 66,656  $ 31,207 
Envestnet Data & Analytics 1,342  (941) 2,631  (5,526)
Nonsegment operating expenses (22,870) (14,918) (41,541) (29,290)
Income (loss) from operations 10,931  4,008  27,746  (3,609)
Other expense, net (3,784) (8,173) (11,252) (9,710)
Consolidated income (loss) before income tax benefit 7,147  (4,165) 16,494  (13,319)
Income tax provision (benefit) 15,516  1,306  9,928  (658)
Consolidated net income (loss) (8,369) (5,471) 6,566  (12,661)
Add: Net loss attributable to non-controlling interest 88  547  99  401 
Consolidated net income (loss) attributable to Envestnet, Inc. $ (8,281) $ (4,924) $ 6,665  $ (12,260)

The information in the above table is derived from the Company’s internal financial reporting used for corporate management purposes. Nonsegment operating expenses may include salary and benefits for certain corporate officers, certain types of professional service expenses and insurance, acquisition related transaction costs, restructuring charges and other non-recurring and/or non-operationally related expenses. Intersegment revenues were not material for the three and six months ended June 30, 2021 and 2020.

A summary of consolidated total assets follows:
  June 30, December 31,
  2021 2020
(in thousands)
Envestnet Wealth Solutions $ 1,661,332  $ 1,634,153 
Envestnet Data & Analytics 509,364  510,137 
Consolidated total assets $ 2,170,696  $ 2,144,290 
 
See “Note 11—Revenues and Cost of Revenues” for detail of revenues by segment.