Q2 2024 Envestnet Inc Earnings Call Transcript
Key Points
- Envestnet Inc (ENV) reported Q2 revenue of $348 million, representing an 11% growth over Q2 2023.
- Adjusted EBITDA was $78 million, representing a 22% adjusted EBITDA margin and nearly 450 basis points of margin expansion compared to Q2 2023.
- The company experienced a 3% year-over-year growth in advisor count, reaching over 110,000 advisors.
- Total asset-based revenue generated by Wealth Solutions was over $219 million, an 18% increase from Q2 2023.
- Free cash flow during Q2 2024 was $67 million, a significant improvement from negative $20 million during Q1 and up from $37 million during Q2 2023.
- Adjusted EPS was $0.55, lower than guidance due to certain non-cash charges.
- Accounts on the platform declined to over 19.4 million due to a programmatic effort to reduce unfunded dormant accounts.
- Data and analytics business revenue was $36.2 million, representing a 1% decline from Q2 2023.
- A non-cash impairment charge of $96 million was recorded, writing off the remaining goodwill related to the DNA business.
- Losses of $13 million were incurred from writing off previously capitalized software development.
Hello, and welcome to the Envestnet second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. There will be no Q&A session following prepared remarks.
It is now my pleasure to introduce Josh Warren, Chief Financial Officer. Thank you, sir. You may begin.
Good afternoon, everyone. I'm Josh Warren, Chief Financial Officer of Envestnet, thank you for joining us on today's second quarter 2024 earnings call. Before we begin, I'd like to point out that our earnings press release, supplemental presentation and associated Form 10-Q can be found under the Investor Relations section of our website at envestnet.com. This call is being webcast live and a replay will be available for one month under the Investor Relations section of our website as well.
During the call, we will be discussing certain forward-looking information. This information is based on our current expectations and is not a guarantee of future performance. I
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
