Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue:        
Total revenue $ 348,273 $ 312,434 $ 673,223 $ 611,141
Operating expenses:        
Direct expense 144,351 124,209 270,984 233,888
Employee compensation 104,066 117,097 207,718 231,312
General and administrative 52,924 54,375 104,989 108,725
Depreciation and amortization 45,733 32,065 79,625 63,585
Goodwill impairment 96,269 0 96,269 0
Gain on deconsolidation (19,523) 0 (19,523) 0
Total operating expenses 423,820 327,746 740,062 637,510
Loss from operations (75,547) (15,312) (66,839) (26,369)
Other expense, net (4,788) (5,016) (9,169) (10,011)
Loss before income tax provision (benefit) and equity method investments (80,335) (20,328) (76,008) (36,380)
Income tax provision (benefit) (652) 418 853 24,187
Gain (loss) from equity method investments 482 (2,386) (1,801) (5,326)
Net loss (79,201) (23,132) (78,662) (65,893)
Add: Net loss attributable to non-controlling interest 0 1,716 1,974 3,249
Net loss attributable to Envestnet, Inc. $ (79,201) $ (21,416) $ (76,688) $ (62,644)
Net loss attributable to Envestnet, Inc. per share:        
Basic (in dollars per share) $ (1.44) $ (0.39) $ (1.39) $ (1.15)
Diluted (in dollars per share) $ (1.44) $ (0.39) $ (1.39) $ (1.15)
Weighted average common shares outstanding:        
Basic (in shares) 55,143,013 54,439,733 55,013,544 54,289,443
Diluted (in shares) 55,143,013 54,439,733 55,013,544 54,289,443
Total recurring revenue        
Revenue:        
Total revenue $ 337,473 $ 300,721 $ 657,551 $ 594,732
Asset-based        
Revenue:        
Total revenue 219,485 185,762 422,101 362,694
Operating expenses:        
Direct expense 130,116 108,532 248,519 211,155
Subscription-based        
Revenue:        
Total revenue 117,988 114,959 235,450 232,038
Operating expenses:        
Direct expense 8,648 7,645 16,878 14,697
Professional services and other revenue        
Revenue:        
Total revenue 10,800 11,713 15,672 16,409
Operating expenses:        
Direct expense $ 5,587 $ 8,032 $ 5,587 $ 8,036