Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.2.u1
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
 
Envestnet is organized around two business segments based on clients served and products provided to meet those needs. The Company's business segments are:
 
•Envestnet Wealth Solutions – a leading provider of comprehensive and unified wealth management software, services and solutions to empower financial advisors and institutions to enable them to deliver holistic advice to their clients.

•Envestnet Data & Analytics – a leading provider of financial data aggregation, analytics and digital experiences to meet the needs of financial institutions, enterprise FinTech firms and market investment research firms worldwide.

The Company also incurs expenses not directly attributable to the segments listed above. These nonsegment operating expenses primarily consist of employee compensation for certain corporate officers, certain types of professional service
expenses, insurance, acquisition related transaction costs, certain restructuring charges and other non-recurring and/or non-operationally related expenses.

See “Note 14—Revenue and Direct Expense” for detail of revenue by segment.

The following table presents a reconciliation from income (loss) from operations by segment to consolidated net loss attributable to Envestnet, Inc.:

  Three Months Ended Six Months Ended
  June 30, June 30,
  2024 2023 2024 2023
(in thousands)
Envestnet Wealth Solutions $ 53,171  $ 22,705  $ 92,101  $ 45,303 
Envestnet Data & Analytics (101,778) (10,299) (107,517) (17,214)
Nonsegment operating expenses (26,940) (27,718) (51,423) (54,458)
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 —  1,716  1,974  3,249 
Net loss attributable to Envestnet, Inc.
 $ (79,201) $ (21,416) $ (76,688) $ (62,644)

The following table presents a summary of consolidated total assets by segment:

  June 30, December 31,
  2024 2023
(in thousands)
Envestnet Wealth Solutions $ 1,585,678  $ 1,562,600 
Envestnet Data & Analytics 209,294  314,652 
Consolidated total assets $ 1,794,972  $ 1,877,252