Annual report pursuant to Section 13 and 15(d)

Revenue and Direct Expense (Tables)

v3.24.0.1
Revenue and Direct Expense (Tables)
12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Major Source
The following tables present the Company’s revenue by segment disaggregated by major source:

  Year Ended December 31, 2023
  Envestnet Wealth Solutions Envestnet Data & Analytics Consolidated
(in thousands)
Revenue:
Asset-based $ 745,238  $ —  $ 745,238 
Subscription-based 325,398  139,332  464,730 
Total recurring revenue 1,070,636  139,332  1,209,968 
Professional services and other revenue 24,068  11,584  35,652 
Total revenue $ 1,094,704  $ 150,916  $ 1,245,620 

  Year Ended December 31, 2022
  Envestnet Wealth Solutions Envestnet Data & Analytics Consolidated
(in thousands)
Revenue:
Asset-based $ 738,228  $ —  $ 738,228 
Subscription-based 310,217  167,627  477,844 
Total recurring revenue 1,048,445  167,627  1,216,072 
Professional services and other revenue 16,799  6,913  23,712 
Total revenue $ 1,065,244  $ 174,540  $ 1,239,784 

Year Ended December 31, 2021
  Envestnet Wealth Solutions Envestnet Data & Analytics Consolidated
(in thousands)
Revenue:
Asset-based $ 709,376  $ —  $ 709,376 
Subscription-based 280,076  173,913  453,989 
Total recurring revenue 989,452  173,913  1,163,365 
Professional services and other revenue 14,190  8,962  23,152 
Total revenue $ 1,003,642  $ 182,875  $ 1,186,517 
Schedule of Disaggregation of Revenue by Geography
The following table presents the Company’s revenue disaggregated by geography, based on the billing address of the customer:

  Year Ended December 31,
  2023 2022 2021
(in thousands)
United States $ 1,223,246  $ 1,218,254  $ 1,166,251 
International 22,374  21,530  20,266 
Total revenue $ 1,245,620  $ 1,239,784  $ 1,186,517 
Schedule of Costs of Revenues by Revenue Category
The following table summarizes direct expense by revenue category:

Year Ended December 31,
  2023 2022 2021
(in thousands)
Asset-based $ 434,123  $ 430,345  $ 393,717 
Subscription-based 30,814  32,577  29,445 
Professional services and other 8,101  7,502  561 
Total direct expense $ 473,038  $ 470,424  $ 423,723