Revenues and Cost of Revenues (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Revenue from Contract with Customer [Abstract] |
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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, 2021 |
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Envestnet Wealth Solutions |
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Envestnet Data & Analytics |
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Consolidated |
| Revenues: |
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(in thousands) |
| Asset-based |
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$ |
709,376 |
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$ |
— |
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$ |
709,376 |
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| Subscription-based |
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267,720 |
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186,269 |
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453,989 |
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| Total recurring revenues |
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977,096 |
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186,269 |
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1,163,365 |
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| Professional services and other revenues |
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14,070 |
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|
9,082 |
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23,152 |
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| Total revenues |
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$ |
991,166 |
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$ |
195,351 |
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$ |
1,186,517 |
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Year Ended December 31, 2020 |
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Envestnet Wealth Solutions |
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Envestnet Data & Analytics |
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Consolidated |
| Revenues: |
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(in thousands) |
| Asset-based |
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$ |
540,947 |
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$ |
— |
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$ |
540,947 |
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| Subscription-based |
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248,810 |
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|
177,697 |
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426,507 |
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| Total recurring revenues |
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789,757 |
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177,697 |
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967,454 |
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| Professional services and other revenues |
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16,333 |
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14,443 |
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30,776 |
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| Total revenues |
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$ |
806,090 |
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$ |
192,140 |
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$ |
998,230 |
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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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(in thousands) |
| 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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| Summary of Revenues from Major Customers |
One customer accounted for more than 10% of the Company’s total revenues, substantially all of which are included within the Envestnet Wealth Solutions segment:
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
| Fidelity |
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17 |
% |
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15 |
% |
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15 |
% |
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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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2021 |
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2020 |
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2019 |
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(in thousands) |
| United States |
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$ |
1,166,251 |
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$ |
977,047 |
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$ |
871,456 |
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International (1)
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20,266 |
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21,183 |
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28,671 |
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| Total revenues |
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$ |
1,186,517 |
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$ |
998,230 |
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$ |
900,127 |
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(1)No foreign country accounted for more than 10% of total revenues.
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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 as of December 31, 2021:
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| Years ending December 31, |
(in thousands) |
| 2022 |
$ |
253,848 |
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| 2023 |
161,762 |
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| 2024 |
88,269 |
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| 2025 |
46,173 |
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| 2026 |
19,845 |
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| Thereafter |
4,433 |
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| Total |
$ |
574,330 |
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| Schedule of Costs of Revenues by Revenue Category |
The following table summarizes cost of revenues by revenue category:
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
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(in thousands) |
| Asset-based |
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$ |
393,717 |
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$ |
278,569 |
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$ |
243,913 |
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| Subscription-based |
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29,445 |
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26,934 |
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28,904 |
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| Professional services and other |
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561 |
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426 |
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5,994 |
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| Total cost of revenues |
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$ |
423,723 |
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$ |
305,929 |
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$ |
278,811 |
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