Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
 
Business segments are generally organized around the Company's business services. The Company's business segments are:
 
•Envestnet Wealth Solutions – a leading provider of unified wealth management software and services to empower financial advisors and institutions to enable them to deliver an intelligent financial life to their clients.

•Envestnet Data & Analytics – a leading data aggregation, intelligence, and experiences platform that powers data connectivity and business intelligence across digital financial services to enable them to deliver an intelligent financial life to their clients.

The information in the following tables is derived from the Company’s internal financial reporting used for corporate management purposes. Nonsegment operating expenses may include salary and benefits for certain corporate officers, certain types of professional service expenses and insurance, acquisition related transaction costs, certain restructuring charges and other non-recurring and/or non-operationally related expenses. Intersegment revenue was not material for the three and six months ended June 30, 2023 and 2022.

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,
  2023 2022 2023 2022
(in thousands)
Envestnet Wealth Solutions $ 23,399  $ 3,968  $ 46,862  $ 29,237 
Envestnet Data & Analytics (10,993) (3,705) (18,773) (9,292)
Nonsegment operating expenses (27,718) (31,986) (54,458) (58,389)
Loss from operations (15,312) (31,723) (26,369) (38,444)
Other (expense) income, net (7,402) 1,622  (15,337) (4,345)
Consolidated loss before income tax provision (benefit) (22,714) (30,101) (41,706) (42,789)
Income tax provision (benefit) 418  (5,833) 24,187  (3,813)
Consolidated net loss (23,132) (24,268) (65,893) (38,976)
Add: Net loss attributable to non-controlling interest 1,716  983  3,249  1,832 
Consolidated net loss attributable to Envestnet, Inc. $ (21,416) $ (23,285) $ (62,644) $ (37,144)

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

  June 30, December 31,
  2023 2022
(in thousands)
Envestnet Wealth Solutions $ 1,479,455  $ 1,503,646 
Envestnet Data & Analytics 574,450  608,519 
Consolidated total assets $ 2,053,905  $ 2,112,165