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 2020-06-30 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-Q 2013-03-31 Filed 2013-06-14
10-K 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 2020-08-17 Enter Agreement, Off-BS Arrangement, Sale of Shares, Other Events, Exhibits
8-K 2020-08-17 Other Events, Exhibits
8-K 2020-08-17 Other Events, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-26 Officers, Exhibits
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 env20200630ex311.htm
EX-31.2 env20200630ex312.htm
EX-32.1 env20200630ex321.htm
EX-32.2 env20200630ex322.htm

Envestnet Earnings 2020-06-30

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 June 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 July 31, 2020, Envestnet, Inc. had 53,772,483 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)
June 30,December 31,
20202019
Assets
Current assets:
Cash and cash equivalents$92,244  $82,505  
Fees receivable, net74,871  67,815  
Prepaid expenses and other current assets38,665  32,183  
Total current assets205,780  182,503  
Property and equipment, net49,752  53,756  
Internally developed software, net78,024  60,263  
Intangible assets, net471,091  505,589  
Goodwill906,499  879,850  
Operating lease right-of-use assets, net73,537  82,796  
Other non-current assets46,722  37,127  
Total assets$1,831,405  $1,801,884  
Liabilities and Equity
Current liabilities:
Accrued expenses and other liabilities$134,763  $137,944  
Accounts payable16,132  17,277  
Operating lease liabilities13,926  13,816  
Contingent consideration1,603    
Deferred revenue42,861  34,753  
Total current liabilities209,285  203,790  
Convertible Notes due 2023311,031  305,513  
Revolving credit facility275,000  260,000  
Contingent consideration11,422  9,045  
Deferred revenue5,231  5,754  
Non-current operating lease liabilities81,600  88,365  
Deferred tax liabilities, net27,106  29,481  
Other non-current liabilities36,993  32,360  
Total liabilities957,668  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; 67,396,243 and 66,320,706 shares issued as of June 30, 2020 and December 31, 2019, respectively; 53,743,382 and 52,841,706 shares outstanding as of June 30, 2020 and December 31, 2019, respectively
337  331  
Additional paid-in capital1,071,502  1,037,141  
Accumulated deficit(89,065) (75,664) 
Treasury stock at cost, 13,652,861 and 13,479,000 shares as of June 30, 2020 and December 31, 2019, respectively
(103,781) (90,965) 
Accumulated other comprehensive loss(3,198) (1,749) 
Total stockholders’ equity875,795  869,094  
Non-controlling interest(2,058) (1,518) 
Total equity873,737  867,576  
Total liabilities and equity$1,831,405  $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 EndedSix Months Ended
June 30,June 30,
2020201920202019
Revenues:
Asset-based$122,246  $120,070  $257,057  $229,004  
Subscription-based104,979  92,258  209,530  175,345  
Total recurring revenues227,225  212,328  466,587  404,349  
Professional services and other revenues8,088  12,117  15,265  19,762  
Total revenues235,313  224,445  481,852  424,111  
Operating expenses:
Cost of revenues68,849  72,080  143,782  133,725  
Compensation and benefits95,565  103,286  205,995  190,003  
General and administration38,448  42,421  79,558  82,945  
Depreciation and amortization28,443  26,915  56,126  46,432  
Total operating expenses231,305  244,702  485,461  453,105  
Income (loss) from operations4,008  (20,257) (3,609) (28,994) 
Other expense, net(8,173) (7,512) (9,710) (13,275) 
Loss before income tax provision (benefit)(4,165) (27,769) (13,319) (42,269) 
Income tax provision (benefit)1,306  (28,382) (658) (24,614) 
Net income (loss)(5,471) 613  (12,661) (17,655) 
Add: Net loss attributable to non-controlling interest547  280  401  363  
Net income (loss) attributable to Envestnet, Inc.$(4,924) $893  $(12,260) $(17,292) 
Net income (loss) per share attributable to Envestnet, Inc.:
Basic$(0.09) $0.02  $(0.23) $(0.35) 
Diluted$(0.09) $0.02  $(0.23) $(0.35) 
Weighted average common shares outstanding:
Basic53,562,850  50,870,296  53,288,741  49,526,774  
Diluted53,562,850  52,982,688  53,288,741  49,526,774  

See accompanying notes to unaudited Condensed Consolidated Financial Statements.
4


Envestnet, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
(unaudited)
 
Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
Net income (loss) attributable to Envestnet, Inc.
$(4,924) $893  $(12,260) $(17,292) 
Foreign currency translation gains (losses), net of taxes
1,575  112  (1,449) 334  
Comprehensive income (loss) attributable to Envestnet, Inc.$(3,349) $1,005  $(13,709) $(16,958) 

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  
Purchase of treasury stock for stock-based tax withholdings—  —  (130,164) (9,199) —  —  —  —  (9,199) 
Foreign currency translation gain (loss)—  —  —  —  —  (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  
Purchase of treasury stock for stock-based tax withholdings—  —  (43,697) (3,617) —  —  —  —  (3,617) 
Transfer of non-controlling units—  —  —  —  910  —  —  (139) 771  
Foreign currency translation gain (loss)—  —  —  —  —  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  

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  
Purchase of treasury stock for stock-based 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  
Purchase of treasury stock for stock-based 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  $