Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.24.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue:        
Total revenue $ 345,949 $ 316,847 $ 1,019,172 $ 927,988
Operating expenses:        
Direct expense 136,488 120,421 407,472 354,309
Employee compensation 103,487 113,334 311,205 344,646
General and administrative 63,438 50,091 168,427 158,816
Depreciation and amortization 35,530 32,400 115,155 95,985
Goodwill impairment 0 0 96,269 0
Gain on deconsolidation 0 0 (19,523) 0
Total operating expenses 338,943 316,246 1,079,005 953,756
Income (loss) from operations 7,006 601 (59,833) (25,768)
Other expense, net (4,277) (2,001) (13,446) (12,012)
Income (loss) before income tax provision (benefit) and equity method investments 2,729 (1,400) (73,279) (37,780)
Income tax provision (benefit) 2,864 (8,824) 3,717 15,363
Loss from equity method investments (1,526) (2,368) (3,327) (7,694)
Net income (loss) (1,661) 5,056 (80,323) (60,837)
Add: Net loss attributable to non-controlling interest 0 2,035 1,974 5,284
Net income (loss) attributable to Envestnet, Inc. $ (1,661) $ 7,091 $ (78,349) $ (55,553)
Net income (loss) attributable to Envestnet, Inc. per share:        
Basic (in dollars per share) $ (0.03) $ 0.13 $ (1.42) $ (1.02)
Diluted (in dollars per share) $ (0.03) $ 0.13 $ (1.42) $ (1.02)
Weighted average common shares outstanding:        
Basic (in shares) 55,273,324 54,562,270 55,100,239 54,380,231
Diluted (in shares) 55,273,324 54,970,616 55,100,239 54,380,231
Total recurring revenue        
Revenue:        
Total revenue $ 340,382 $ 308,840 $ 997,933 $ 903,572
Asset-based        
Revenue:        
Total revenue 224,980 193,901 647,081 556,595
Operating expenses:        
Direct expense 127,979 112,938 376,498 324,093
Subscription-based        
Revenue:        
Total revenue 115,402 114,939 350,852 346,977
Operating expenses:        
Direct expense 8,597 7,857 25,475 22,554
Professional services and other revenue        
Revenue:        
Total revenue 5,567 8,007 21,239 24,416
Operating expenses:        
Direct expense $ (88) $ (374) $ 5,499 $ 7,662