Company Quick10K Filing
Envestnet
Price56.97 EPS-0
Shares52 P/E-145
MCap2,988 P/FCF48
Net Debt-72 EBIT-51
TEV2,916 TEV/EBIT-57
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-24
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-09
10-K 2013-03-31 Filed 2013-06-14
10-Q 2013-03-31 Filed 2013-06-14
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-09
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-10
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-18
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-09-03
8-K 2020-11-05
8-K 2020-10-29
8-K 2020-08-17
8-K 2020-08-17
8-K 2020-08-17
8-K 2020-08-06
8-K 2020-06-26
8-K 2020-05-14
8-K 2020-05-07
8-K 2020-03-30
8-K 2020-02-20
8-K 2019-12-06
8-K 2019-11-07
8-K 2019-10-03
8-K 2019-09-27
8-K 2019-08-07
8-K 2019-07-11
8-K 2019-05-16
8-K 2019-05-08
8-K 2019-05-01
8-K 2019-04-01
8-K 2019-03-14
8-K 2019-02-21
8-K 2019-01-09
8-K 2018-12-20
8-K 2018-11-27
8-K 2018-11-07
8-K 2018-10-24
8-K 2018-08-07
8-K 2018-05-25
8-K 2018-05-24
8-K 2018-05-22
8-K 2018-05-21
8-K 2018-05-10
8-K 2018-05-09
8-K 2018-02-22
8-K 2018-01-02

ENV 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 env20200930ex311.htm
EX-31.2 env20200930ex312.htm
EX-32.1 env20200930ex321.htm
EX-32.2 env20200930ex322.htm

Envestnet Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.91.51.10.80.40.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.1-0.0-0.2-0.3-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
 
Commission file number 001-34835
Envestnet, Inc.
(Exact name of registrant as specified in its charter)
Delaware20-1409613
(State or other jurisdiction of
incorporation or organization)
(I.R.S Employer
Identification No.)
35 East Wacker Drive, Suite 2400, Chicago, Illinois
60601
(Address of principal executive offices)(Zip Code)
 
Registrant’s telephone number, including area code:
(312) 827-2800
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of exchange on which registered
Common Stock, par value $0.005 per shareENVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ý  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerý Accelerated filer
Non-accelerated filer 
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes   No 
As of October 30, 2020, Envestnet, Inc. had 53,949,796 shares of common stock outstanding.



TABLE OF CONTENTS
Page
2




Envestnet, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share information)
(unaudited)
September 30,December 31,
20202019
Assets
Current assets:
Cash and cash equivalents$362,918 $82,505 
Fees receivable, net76,328 67,815 
Prepaid expenses and other current assets41,966 32,183 
Total current assets481,212 182,503 
Property and equipment, net48,983 53,756 
Internally developed software, net87,478 60,263 
Intangible assets, net452,583 505,589 
Goodwill906,697 879,850 
Operating lease right-of-use assets, net76,090 82,796 
Other non-current assets48,218 37,127 
Total assets$2,101,261 $1,801,884 
Liabilities and Equity
Current liabilities:
Accrued expenses and other liabilities$141,290 $137,944 
Accounts payable29,609 17,277 
Operating lease liabilities13,835 13,816 
Contingent consideration1,549  
Deferred revenue40,037 34,753 
Total current liabilities226,320 203,790 
Convertible Notes749,918 305,513 
Revolving credit facility 260,000 
Contingent consideration11,741 9,045 
Deferred revenue2,307 5,754 
Non-current operating lease liabilities83,820 88,365 
Deferred tax liabilities, net36,088 29,481 
Other non-current liabilities37,700 32,360 
Total liabilities1,147,894 934,308 
Commitments and contingencies
Equity:
Stockholders’ equity:
Preferred stock, par value $0.005, 50,000,000 shares authorized
  
Common stock, par value $0.005, 500,000,000 shares authorized; 67,584,956 and 66,320,706 shares issued as of September 30, 2020 and December 31, 2019, respectively; 53,884,899 and 52,841,706 shares outstanding as of September 30, 2020 and December 31, 2019, respectively
337 331 
Additional paid-in capital1,150,198 1,037,141 
Accumulated deficit(87,155)(75,664)
Treasury stock at cost, 13,700,057 and 13,479,000 shares as of September 30, 2020 and December 31, 2019, respectively
(107,248)(90,965)
Accumulated other comprehensive loss(1,459)(1,749)
Total stockholders’ equity954,673 869,094 
Non-controlling interest(1,306)(1,518)
Total equity953,367 867,576 
Total liabilities and equity$2,101,261 $1,801,884 

See accompanying notes to unaudited Condensed Consolidated Financial Statements.
3


Envestnet, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share information)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Revenues:
Asset-based$137,744 $126,591 $394,801 $355,595 
Subscription-based107,897 100,583 317,427 275,928 
Total recurring revenues245,641 227,174 712,228 631,523 
Professional services and other revenues6,918 8,906 22,183 28,668 
Total revenues252,559 236,080 734,411 660,191 
Operating expenses:
Cost of revenues78,545 71,870 222,327 205,595 
Compensation and benefits94,428 95,587 300,423 285,590 
General and administration38,979 42,016 118,537 124,961 
Depreciation and amortization28,951 26,735 85,077 73,167 
Total operating expenses240,903 236,208 726,364 689,313 
Income (loss) from operations11,656 (128)8,047 (29,122)
Other expense, net(8,836)(9,813)(18,546)(23,088)
Income (loss) before income tax provision (benefit)2,820 (9,941)(10,499)(52,210)
Income tax provision (benefit)497 (6,977)(161)(31,591)
Net income (loss)2,323 (2,964)(10,338)(20,619)
Add: Net (income) loss attributable to non-controlling interest(413)(116)(12)247 
Net income (loss) attributable to Envestnet, Inc.$1,910 $(3,080)$(10,350)$(20,372)
Net income (loss) per share attributable to Envestnet, Inc.:
Basic$0.04 $(0.06)$(0.19)$(0.40)
Diluted$0.03 $(0.06)$(0.19)$(0.40)
Weighted average common shares outstanding:
Basic53,800,048 52,215,469 53,464,101 50,414,427 
Diluted55,558,983 52,215,469 53,464,101 50,414,427 

See accompanying notes to unaudited Condensed Consolidated Financial Statements.
4


Envestnet, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
(unaudited)
 
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Net income (loss) attributable to Envestnet, Inc.
$1,910 $(3,080)$(10,350)$(20,372)
Foreign currency translation gains (losses), net of taxes
1,739 (1,458)290 (1,124)
Comprehensive income (loss) attributable to Envestnet, Inc.$3,649 $(4,538)$(10,060)$(21,496)

See accompanying notes to unaudited Condensed Consolidated Financial Statements.

5


Envestnet, Inc.
Condensed Consolidated Statements of Stockholders' Equity
(in thousands, except share information)
(unaudited)
 
Accumulated
Common StockTreasury StockAdditionalOtherNon-
CommonPaid-inComprehensiveAccumulatedcontrollingTotal
SharesAmountSharesAmountCapitalIncome (Loss)DeficitInterestEquity
Balance, December 31, 201966,320,706 $331 (13,479,000)$(90,965)$1,037,141 $(1,749)$(75,664)$(1,518)$867,576 
Adoption of ASC 326— — — — — — (1,141)— $(1,141)
Exercise of stock options357,974 2 — — 3,406 — — — 3,408 
Issuance of common stock - vesting of restricted stock units398,881 2 — — — — — — 2 
Stock-based compensation expense— — — — 13,765 — — — 13,765 
Shares withheld to satisfy tax withholdings— — (130,164)(9,199)— — — — (9,199)
Foreign currency translation gain (loss), net of taxes— — — — — (3,024)— — (3,024)
Net income (loss)— — — — — — (7,336)146 (7,190)
Balance, March 31, 202067,077,561 $335 (13,609,164)$(100,164)$1,054,312 $(4,773)$(84,141)$(1,372)$864,197 
Exercise of stock options184,475 1 — — 3,274 — — — 3,275 
Issuance of common stock - vesting of restricted stock units134,207 1 — — — — — — 1 
Stock-based compensation expense— — — — 13,006 — — — 13,006 
Shares withheld to satisfy tax withholdings— — (43,697)(3,617)— — — — (3,617)
Transfer of non-controlling units— — — — 910 — — (139)771 
Foreign currency translation gain (loss), net of taxes— — — — — 1,575 — — 1,575 
Net income (loss)— — — — — — (4,924)(547)(5,471)
Balance, June 30, 202067,396,243 $337 (13,652,861)$(103,781)$1,071,502 $(3,198)$(89,065)$(2,058)$873,737 
Exercise of stock options44,672 — — — 1,370 — — — 1,370 
Issuance of common stock - vesting of restricted stock units144,041 — — — — — — — — 
Stock-based compensation expense— — — — 15,729 — — — 15,729 
Shares withheld to satisfy tax withholdings— — (47,196)(3,467)— — — — (3,467)
Capital contribution - non-controlling interest— — — — (339)— — 339 — 
Issuance of Convertible Notes due 2025, net of offering costs and taxes of $8,617
— — — — 61,936 — — — 61,936 
Foreign currency translation gain (loss), net of taxes— — — — — 1,739 — — 1,739 
Net income (loss)— — — — — — 1,910 413 2,323 
Balance, September 30, 202067,584,956 $337 (13,700,057)$(107,248)$1,150,198 $(1,459)$(87,155)$(1,306)$953,367 
See accompanying notes to unaudited Condensed Consolidated Financial Statements.
6


Envestnet, Inc.
Condensed Consolidated Statements of Stockholders' Equity (continued)
(in thousands, except share information)
(unaudited)
Accumulated
Common StockTreasury StockAdditionalOtherNon-
CommonPaid-inComprehensiveAccumulatedcontrollingTotal
SharesAmountSharesAmountCapitalIncome (Loss)DeficitInterestEquity
Balance, December 31, 201861,238,898 $306 (13,117,098)$(67,858)$761,128 $(994)$(58,882)$(1,098)$632,602 
Exercise of stock options200,326 1 — — 3,162 — — — 3,163 
Issuance of common stock - vesting of restricted stock units479,479 2 — — — — — — 2 
Acquisition of business15,755 — — — 772 — — — 772 
Stock-based compensation expense— — — — 12,864 — — — 12,864 
Shares withheld to satisfy tax withholdings— — (160,456)(9,819)— — — — (9,819)
Foreign currency translation gain (loss)— — — — — 222 — — 222 
Net income (loss)— — — — — — (18,185)(83)(18,268)
Balance, March 31, 201961,934,458 309 (13,277,554)(77,677)777,926 (772)(77,067)(1,181)621,538 
Exercise of stock options114,109 1 — — 1,750 — — — 1,751 
Issuance of common stock - vesting of restricted stock units182,390 1 — — — — — — 1 
Acquisition of business3,184,713 16 — — 222,468 — — — 222,484 
Stock-based compensation expense— — — — 13,434 — — — 13,434 
Shares withheld to satisfy tax withholdings— — (67,960)(6,143)— — — — (6,143)
Foreign currency translation gain (loss)— — — — — 112 — — 112 
Net income (loss)— — — — — — 893 (280)613 
Balance, June 30, 201965,415,670 327 (13,345,514)(83,820)1,015,578 (660)(76,174)(1,461)853,790 
Exercise of stock options225,414 1 — — 2,114 — — — 2,115 
Issuance of common stock - vesting of restricted stock units242,789 1 — — — — — — 1 
Stock-based compensation expense— — — — 13,169 — — — 13,169 
Shares withheld to satisfy tax withholdings— — (84,538)(3,735)— — — — (3,735)
Foreign currency translation gain (loss)— — — — — (1,458)— — (1,458)
Net income (loss)— — — — — — (3,080)116 (2,964)
Balance, September 30, 201965,883,873 $329 (13,430,052)$(87,555)$1,030,861 $(2,118)$(79,254)$(1,345)$860,918 

See accompanying notes to unaudited Condensed Consolidated Financial Statements.
7


Envestnet, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended
September 30,
20202019
OPERATING ACTIVITIES:
Net loss$(10,338)$(20,619)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization85,077 73,167 
Provision for doubtful accounts2,323 1,243 
Deferred income taxes79 (37,626)
Non-cash compensation expense45,721 43,167 
Non-cash interest expense12,255 17,195 
Accretion on contingent consideration and purchase liability1,308 1,240 
Payments of contingent consideration (578)
Fair market value adjustment to contingent consideration liability(2,056) 
Gain on acquisition of equity method investment(4,230) 
Loss allocation from equity method investments4,280 1,507 
Impairment of right of use assets1,426  
Other556  
Changes in operating assets and liabilities, net of acquisitions:
Fees receivable, net(10,825)6,164 
Prepaid expenses and other current assets(11,139)(4,784)
Other non-current assets(1,807)(6,113)
Accrued expenses and other liabilities3,393 (9,732)
Accounts payable12,084 (6,859)
Deferred revenue1,488 1,231 
Other non-current liabilities2,084 3,242 
Net cash provided by operating activities131,679 61,845 
INVESTING ACTIVITIES:
Purchases of property and equipment(8,824)(16,098)
Capitalization of internally developed software(40,257)(23,649)
Investments in private companies(13,875)(3,200)
Acquisitions of businesses, net of cash acquired(20,257)(321,571)
Net cash used in investing activities(83,213)(364,518)

-continued-

















8


Envestnet, Inc.
Condensed Consolidated Statements of Cash Flows (continued)
(in thousands)
(unaudited)
Nine Months Ended
September 30,
20202019
FINANCING ACTIVITIES:
Proceeds from issuance of Convertible Notes due 2025517,500  
Convertible Notes due 2025 issuance costs(14,540) 
Proceeds from borrowings on revolving credit facility45,000 175,000 
Payments on revolving credit facility(305,000)(75,000)
Revolving credit facility issuance costs (2,103)
Payments of deferred consideration on prior acquisitions(1,879) 
Payments of contingent consideration (171)
Proceeds from exercise of stock options8,053 7,029 
Taxes paid in lieu of shares issued for stock-based compensation(16,283)(19,697)
Issuance of restricted stock units3 4 
Net cash provided by financing activities