Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net (Tables)

v3.22.2.2
Goodwill and Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Segment
Changes in the carrying amount of goodwill were as follows:

  Envestnet Wealth Solutions Envestnet Data & Analytics Total
(in thousands)
Balance at December 31, 2021
 $ 621,876  $ 303,278  $ 925,154 
401kplans.com acquisition 11,396  —  11,396 
Truelytics acquisition —  16,195  16,195 
Redi2 Technologies acquisition 44,236  —  44,236 
Foreign currency translation —  (714) (714)
Balance at September 30, 2022
 $ 677,508  $ 318,759  $ 996,267 
Schedule of Intangible Assets, Net
Intangible assets, net consisted of the following:
  September 30, 2022 December 31, 2021
  Gross   Net Gross   Net
  Carrying Accumulated Carrying Carrying Accumulated Carrying
  Amount Amortization Amount Amount Amortization Amount
(in thousands)
Customer lists $ 604,080  $ (274,310) $ 329,770  $ 590,080  $ (241,189) $ 348,891 
Proprietary technologies 119,824  (59,892) 59,932  85,324  (43,004) 42,320 
Trade names 36,700  (28,320) 8,380  33,700  (24,515) 9,185 
Total intangible assets $ 760,604  $ (362,522) $ 398,082  $ 709,104  $ (308,708) $ 400,396 
Schedule of Amortization Expense
Amortization expense was as follows:
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2022 2021 2022 2021
(in thousands)
Amortization expense $ 18,649  $ 17,390  $ 53,814  $ 51,370 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Future amortization expense of the Company's intangible assets as of September 30, 2022, is expected to be as follows:

Years ending December 31, (in thousands)
Remainder of 2022 $ 18,087 
2023 60,087 
2024 53,240 
2025 49,900 
2026 41,997 
Thereafter 174,771 
Total $ 398,082