Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2.2
Segment Information
 9 Months Ended
Sep. 30, 2022
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 to enable them to deliver an intelligent financial life to their clients.

•Envestnet Data & Analytics – a leading data aggregation, intelligence, and experiences platform that powers data connectivity and business intelligence across digital financial services to enable them to deliver an Intelligent Financial Life to their clients.

The information in the following tables 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, certain restructuring charges and other non-recurring and/or non-operationally related expenses. Intersegment revenues were not material for the three and nine months ended September 30, 2022 and 2021.

See “Note 11—Revenues and Cost of Revenues” for detail of revenues by segment.
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 Nine Months Ended
  September 30, September 30,
  2022 2021 2022 2021
(in thousands)
Envestnet Wealth Solutions $ 20,607  $ 34,386  $ 49,844  $ 101,042 
Envestnet Data & Analytics 74  1,265  (9,218) 3,896 
Nonsegment operating expenses (21,727) (21,516) (80,116) (63,057)
Income (loss) from operations (1,046) 14,135  (39,490) 41,881 
Other expense, net (5,346) (3,551) (9,691) (14,803)
Consolidated income (loss) before income tax benefit (6,392) 10,584  (49,181) 27,078 
Income tax provision (benefit) 2,271  (854) (1,542) 9,074 
Consolidated net income (loss) (8,663) 11,438  (47,639) 18,004 
Add: Net loss attributable to non-controlling interest 1,373  302  3,205  401 
Consolidated net income (loss) attributable to Envestnet, Inc. $ (7,290) $ 11,740  $ (44,434) $ 18,405 

A summary of consolidated total assets follows:
  September 30, December 31,
  2022 2021
(in thousands)
Envestnet Wealth Solutions $ 1,558,756  $ 1,720,779 
Envestnet Data & Analytics 644,465  520,403 
Consolidated total assets $ 2,203,221  $ 2,241,182