Envestnet (ENV) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-34835
Entity Registrant Name	Envestnet, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1409613
Entity Address, Address Line One	1000 Chesterbrook Boulevard
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19312
City Area Code	312
Local Phone Number	827-2800
Title of 12(b) Security	Common Stock, par value $0.005 per share
Trading Symbol	ENV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,236,289
Entity Central Index Key	0001337619
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 121,967	$ 91,378
Fees receivable, net	129,252	120,958
Prepaid expenses and other current assets	57,899	51,472
Total current assets	309,118	263,808
Property and equipment, net	45,641	48,223
Internally developed software, net	205,090	224,713
Intangible assets, net	311,868	338,068
Goodwill	690,885	806,563
Operating lease right-of-use assets, net	65,257	69,154
Investments in unconsolidated entities	96,755	56,292
Other assets	70,358	70,431
Total assets	1,794,972	1,877,252
Current liabilities:
Accounts payable, accrued expenses and other current liabilities	225,508	241,424
Operating lease liabilities	12,149	12,909
Deferred revenue	34,567	38,201
Current portion of debt	0	314,532
Total current liabilities	272,224	607,066
Debt, net of current portion	879,079	562,080
Operating lease liabilities, net of current portion	95,294	100,830
Deferred tax liabilities, net	15,208	16,568
Other liabilities	16,820	16,202
Total liabilities	1,278,625	1,302,746
Commitments and contingencies
Stockholders' equity
Preferred stock, par value $0.005, 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, par value $0.005, 500,000,000 shares authorized; 71,810,625 and 71,129,801 shares issued as of June 30, 2024 and December 31, 2023, respectively; 55,221,888 and 54,773,662 shares outstanding as of June 30, 2024 and December 31, 2023, respectively	358	355
Treasury stock at cost, 16,588,737 and 16,356,139 shares as of June 30, 2024 and December 31, 2023, respectively	(284,728)	(272,573)
Additional paid-in capital	1,243,483	1,206,627
Accumulated deficit	(434,339)	(357,651)
Accumulated other comprehensive loss	(8,427)	(8,567)
Total stockholders’ equity attributable to Envestnet, Inc.	516,347	568,191
Non-controlling interest	0	6,315
Total equity	516,347	574,506
Total liabilities and equity	$ 1,794,972	$ 1,877,252

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.005	$ 0.005
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	71,810,625	71,129,801
Common stock, shares outstanding (in shares)	55,221,888	54,773,662
Treasury stock (in shares)	16,588,737	16,356,139

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 348,273	$ 312,434	$ 673,223	$ 611,141
Operating expenses:
Direct expense	144,351	124,209	270,984	233,888
Employee compensation	104,066	117,097	207,718	231,312
General and administrative	52,924	54,375	104,989	108,725
Depreciation and amortization	45,733	32,065	79,625	63,585
Goodwill impairment	96,269	0	96,269	0
Gain on deconsolidation	(19,523)	0	(19,523)	0
Total operating expenses	423,820	327,746	740,062	637,510
Loss from operations	(75,547)	(15,312)	(66,839)	(26,369)
Other expense, net	(4,788)	(5,016)	(9,169)	(10,011)
Loss before income tax provision (benefit) and equity method investments	(80,335)	(20,328)	(76,008)	(36,380)
Income tax provision (benefit)	(652)	418	853	24,187
Gain (loss) from equity method investments	482	(2,386)	(1,801)	(5,326)
Net loss	(79,201)	(23,132)	(78,662)	(65,893)
Add: Net loss attributable to non-controlling interest	0	1,716	1,974	3,249
Net loss attributable to Envestnet, Inc.	$ (79,201)	$ (21,416)	$ (76,688)	$ (62,644)
Net loss attributable to Envestnet, Inc. per share:
Basic (in dollars per share)	$ (1.44)	$ (0.39)	$ (1.39)	$ (1.15)
Diluted (in dollars per share)	$ (1.44)	$ (0.39)	$ (1.39)	$ (1.15)
Weighted average common shares outstanding:
Basic (in shares)	55,143,013	54,439,733	55,013,544	54,289,443
Diluted (in shares)	55,143,013	54,439,733	55,013,544	54,289,443
Total recurring revenue
Revenue:
Total revenue	$ 337,473	$ 300,721	$ 657,551	$ 594,732
Asset-based
Revenue:
Total revenue	219,485	185,762	422,101	362,694
Operating expenses:
Direct expense	130,116	108,532	248,519	211,155
Subscription-based
Revenue:
Total revenue	117,988	114,959	235,450	232,038
Operating expenses:
Direct expense	8,648	7,645	16,878	14,697
Professional services and other revenue
Revenue:
Total revenue	10,800	11,713	15,672	16,409
Operating expenses:
Direct expense	$ 5,587	$ 8,032	$ 5,587	$ 8,036

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss attributable to Envestnet, Inc.	$ (79,201)	$ (21,416)	$ (76,688)	$ (62,644)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	144	(96)	140	4,181
Total other comprehensive income (loss), net of tax	144	(96)	140	4,181
Comprehensive loss attributable to Envestnet, Inc.	$ (79,057)	$ (21,512)	$ (76,548)	$ (58,463)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2022		70,025,733
Balance, at period start at Dec. 31, 2022	$ 767,604	$ 350	$ (253,551)	$ 1,135,284	$ (8,589)	$ (118,927)	$ 13,037
Treasury stock, beginning balance (in shares) at Dec. 31, 2022			(16,011,907)
Increase (decrease) in shareholders' equity
Net income (loss)	(42,761)					(41,228)	(1,533)
Other comprehensive income (loss), net of tax	4,277				4,277
Stock-based compensation expense	19,453			19,345			108
Issuance of common stock, vesting of RSUs and PSUs (in shares)		524,316
Issuance of common stock, vesting of RSUs and PSUs	2	$ 2
Net cash paid related to tax withholding for stock-based compensation (in shares)			(173,612)
Net cash paid related to tax withholding for stock-based compensation	(10,732)		$ (10,732)
Proceeds from the exercise of stock options (in shares)		37,454
Proceeds from the exercise of stock options	367			367
Purchase of non-controlling units from third-party shareholders	(1,008)			(984)			(24)
Other	(22)						(22)
Ending balance (in shares) at Mar. 31, 2023		70,587,503
Treasury stock, ending balance (in shares) at Mar. 31, 2023			(16,185,519)
Balance, at period end at Mar. 31, 2023	737,180	$ 352	$ (264,283)	1,154,012	(4,312)	(160,155)	11,566
Beginning balance (in shares) at Dec. 31, 2022		70,025,733
Balance, at period start at Dec. 31, 2022	767,604	$ 350	$ (253,551)	1,135,284	(8,589)	(118,927)	13,037
Treasury stock, beginning balance (in shares) at Dec. 31, 2022			(16,011,907)
Increase (decrease) in shareholders' equity
Net income (loss)	(65,893)
Other comprehensive income (loss), net of tax	4,181
Ending balance (in shares) at Jun. 30, 2023		70,752,773
Treasury stock, ending balance (in shares) at Jun. 30, 2023			(16,241,490)
Balance, at period end at Jun. 30, 2023	732,458	$ 353	$ (267,325)	1,175,464	(4,408)	(181,571)	9,945
Beginning balance (in shares) at Mar. 31, 2023		70,587,503
Balance, at period start at Mar. 31, 2023	737,180	$ 352	$ (264,283)	1,154,012	(4,312)	(160,155)	11,566
Treasury stock, beginning balance (in shares) at Mar. 31, 2023			(16,185,519)
Increase (decrease) in shareholders' equity
Net income (loss)	(23,132)					(21,416)	(1,716)
Other comprehensive income (loss), net of tax	(96)				(96)
Stock-based compensation expense	21,390			21,347			43
Issuance of common stock, vesting of RSUs and PSUs (in shares)		162,770
Issuance of common stock, vesting of RSUs and PSUs	1	$ 1
Net cash paid related to tax withholding for stock-based compensation (in shares)			(55,971)
Net cash paid related to tax withholding for stock-based compensation	(3,042)		$ (3,042)
Proceeds from the exercise of stock options (in shares)		2,500
Proceeds from the exercise of stock options	105			105
Other	52						52
Ending balance (in shares) at Jun. 30, 2023		70,752,773
Treasury stock, ending balance (in shares) at Jun. 30, 2023			(16,241,490)
Balance, at period end at Jun. 30, 2023	$ 732,458	$ 353	$ (267,325)	1,175,464	(4,408)	(181,571)	9,945
Beginning balance (in shares) at Dec. 31, 2023	54,773,662	71,129,801
Balance, at period start at Dec. 31, 2023	$ 574,506	$ 355	$ (272,573)	1,206,627	(8,567)	(357,651)	6,315
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	(16,356,139)		(16,356,139)
Increase (decrease) in shareholders' equity
Net income (loss)	$ 539					2,513	(1,974)
Other comprehensive income (loss), net of tax	(4)				(4)
Stock-based compensation expense	18,898			18,572			326
Issuance of common stock, vesting of RSUs and PSUs (in shares)		483,237
Issuance of common stock, vesting of RSUs and PSUs	3	$ 3
Net cash paid related to tax withholding for stock-based compensation (in shares)			(177,932)
Net cash paid related to tax withholding for stock-based compensation	(8,449)		$ (8,449)
Proceeds from the exercise of stock options (in shares)		20,033
Proceeds from the exercise of stock options	71			71
Proceeds from capital contributions received by non-controlling interest	12,012						12,012
Other	(258)						(258)
Ending balance (in shares) at Mar. 31, 2024		71,633,071
Treasury stock, ending balance (in shares) at Mar. 31, 2024			(16,534,071)
Balance, at period end at Mar. 31, 2024	$ 597,318	$ 358	$ (281,022)	1,225,270	(8,571)	(355,138)	16,421
Beginning balance (in shares) at Dec. 31, 2023	54,773,662	71,129,801
Balance, at period start at Dec. 31, 2023	$ 574,506	$ 355	$ (272,573)	1,206,627	(8,567)	(357,651)	6,315
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	(16,356,139)		(16,356,139)
Increase (decrease) in shareholders' equity
Net income (loss)	$ (78,662)
Other comprehensive income (loss), net of tax	$ 140
Ending balance (in shares) at Jun. 30, 2024	55,221,888	71,810,625
Treasury stock, ending balance (in shares) at Jun. 30, 2024	(16,588,737)		(16,588,737)
Balance, at period end at Jun. 30, 2024	$ 516,347	$ 358	$ (284,728)	1,243,483	(8,427)	(434,339)	0
Beginning balance (in shares) at Mar. 31, 2024		71,633,071
Balance, at period start at Mar. 31, 2024	597,318	$ 358	$ (281,022)	1,225,270	(8,571)	(355,138)	16,421
Treasury stock, beginning balance (in shares) at Mar. 31, 2024			(16,534,071)
Increase (decrease) in shareholders' equity
Net income (loss)	(79,201)					(79,201)
Other comprehensive income (loss), net of tax	144				144
Stock-based compensation expense	17,822			17,822
Issuance of common stock, vesting of RSUs and PSUs (in shares)		161,219
Net cash paid related to tax withholding for stock-based compensation (in shares)			(54,666)
Net cash paid related to tax withholding for stock-based compensation	(3,706)		$ (3,706)
Proceeds from the exercise of stock options (in shares)		16,335
Proceeds from the exercise of stock options	653			653
Deconsolidation of non-controlling interest	(16,421)						(16,421)
Other	$ (262)			(262)
Ending balance (in shares) at Jun. 30, 2024	55,221,888	71,810,625
Treasury stock, ending balance (in shares) at Jun. 30, 2024	(16,588,737)		(16,588,737)
Balance, at period end at Jun. 30, 2024	$ 516,347	$ 358	$ (284,728)	$ 1,243,483	$ (8,427)	$ (434,339)	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (78,662)	$ (65,893)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	79,625	63,585
Non-cash compensation expense	36,720	40,843
Non-cash interest expense	2,817	2,251
Non-cash goodwill impairment	96,269	0
Non-cash gain on deconsolidation	(19,523)	0
Loss from equity method investments	1,801	5,326
Lease related impairments	0	2,483
Other	2,120	(218)
Changes in operating assets and liabilities:
Fees receivable, net	(12,813)	(22,357)
Prepaid expenses and other assets	(5,745)	(6,762)
Accounts payable, accrued expenses and other liabilities	(14,049)	20,070
Deferred revenue	2,494	(852)
Net cash provided by operating activities	91,054	38,476
Cash flows from investing activities:
Purchases of property and equipment	(5,172)	(16,735)
Capitalization of internally developed software	(38,751)	(46,801)
Deconsolidation of non-controlling interest	(11,073)	0
Investments in private companies	(3,055)	(1,450)
Acquisition of proprietary technology	(3,000)	(12,000)
Issuance of loan receivable to private company	0	(20,000)
Other	0	319
Net cash used in investing activities	(61,051)	(96,667)
Cash flows from financing activities:
Proceeds from borrowings on Revolving Credit Facility	0	40,000
Payments related to Revolving Credit Facility	0	(20,000)
Payments related to Convertible Notes	0	(45,000)
Proceeds from exercise of stock options	724	472
Payments related to tax withholdings for stock-based compensation	(12,155)	(13,774)
Payments related to share repurchases	0	(9,289)
Proceeds from capital contributions received by non-controlling interest	12,012	0
Purchase of non-controlling units from third-party shareholders	0	(1,008)
Other	3	3
Net cash provided by (used in) financing activities	584	(48,596)
Effect of exchange rate on changes on cash and cash equivalents	2	3,633
Net change in cash and cash equivalents	30,589	(103,154)
Cash and cash equivalents, beginning of period	91,378	162,173
Cash and cash equivalents, end of period	121,967	59,019
Supplemental disclosures of cash flow information
Net cash paid for income taxes	6,098	3,223
Cash paid for interest	9,370	10,600
Supplemental disclosure of non-cash activities
Conversion of equity method investee loan to shares	0	4,129
Right-of-use assets obtained in exchange for lease liabilities, net	0	380
Purchase of property and equipment included in accounts payable, accrued expenses and other liabilities	$ 0	$ 2,029

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Envestnet, through its subsidiaries, is transforming the way financial advice and insight are delivered. Its mission is to empower financial advisors and service providers with innovative technology, solutions and intelligence. Envestnet is a leader in helping transform wealth management, working towards its goal of expanding a holistic financial wellness ecosystem so that its clients can better serve their clients. Envestnet is organized around two business segments based on clients served and products provided to meet those needs. Financial information about each business segment is contained in “Note 18—Segment Information” to the condensed consolidated financial statements and is described in detail within the Company's Annual Report. For a summary of commonly used industry terms and abbreviations used in this Quarterly Report, see the Glossary of Terms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 have not been audited by an independent registered public accounting firm. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company's audited consolidated financial statements for the year ended December 31, 2023 and reflect all normal recurring adjustments which are, in the opinion of management, necessary to present fairly the Company’s financial position as of June 30, 2024 and results of operations, equity, comprehensive income (loss) and cash flows for the periods presented herein. The unaudited condensed consolidated financial statements include the accounts of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. Accounts for the Envestnet Wealth Solutions segment that are denominated in a non-U.S. currency have been re-measured using the U.S. dollar as the functional currency. Certain accounts within the Envestnet Data & Analytics segment are recorded and measured in foreign currencies. The assets and liabilities for those subsidiaries with a functional currency other than the U.S. dollar are translated at exchange rates in effect at the balance sheet date, and revenue and expenses are translated at average exchange rates. Differences arising from these foreign currency translations are recorded in the unaudited condensed consolidated balance sheets as accumulated other comprehensive income (loss) within stockholders' equity. The Company is also subject to gains and losses from foreign currency denominated transactions and the remeasurement of foreign currency denominated balance sheet accounts, both of which are included in other expense, net in the condensed consolidated statements of operations. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations to be expected for other interim periods or for the full fiscal year. The unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. References to GAAP in these notes are to the FASB ASC and ASUs. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report, filed with the SEC on February 28, 2024. Segment Reporting On October 1, 2023, the Company changed the composition of its reportable segments to reflect the way that the Company's chief operating decision maker reviews the operating results, assesses performance and allocates resources. All segment information presented within this Quarterly Report is presented in conjunction with the current organizational structure, with prior periods adjusted accordingly. Correction of Immaterial Errors In July 2024, the Company identified that as a result of a clerical error an event of default had occurred pursuant to the indenture under which the Convertible Notes due 2025 had been issued, and therefore the Convertible Notes due 2025 should have been classified as current debt instead of as non-current debt as previously recorded in the condensed consolidated balance sheets. Upon identification, the Company promptly cured the technical default. Upon analysis, the Company concluded that the classification error was immaterial in prior period financial statements as the event of default was caused by a clerical error and was not reflective of noncompliance with any factors impacting the Company’s liquidity or financial covenants. If the Company had identified the technical default in the prior period and classified the debt as current, the matter would have been disclosed and promptly resolved. Therefore, amendment of previously filed reports was not required. However, the Company corrected this immaterial error in the prior year reported within this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. This adjustment resulted in an increase in Current portion of debt of $314.5 million and a corresponding decrease to Debt, net of current portion of $314.5 million in the condensed consolidated balance sheets as of December 31, 2023. During the fourth quarter of 2023, the Company identified that the arrangement with a third-party for the use of cloud hosted virtual servers which was previously accounted for as a finance lease transaction and included as a component of property and equipment, net in the condensed consolidated balance sheets should have been recognized as a prepayment included within prepaid expenses and other current assets and other assets in the condensed consolidated balance sheets. The Company concluded that the classification of these transactions was immaterial in prior period financial statements and that amendment of previously filed reports was not required. However, the Company corrected this immaterial error in the prior period reported within this Quarterly Report. In the condensed consolidated statements of operations these adjustments resulted in an increase in direct expense of $0.7 million, an increase in general and administrative expense of $1.1 million and a corresponding decrease in depreciation and amortization expense of $1.8 million for the three months ended June 30, 2023 and an increase in direct expense of $1.4 million, an increase in general and administrative expense of $1.8 million and a corresponding decrease in depreciation and amortization expense of $3.2 million for the six months ended June 30, 2023. In the condensed consolidated statements of cash flows for the six months ended June 30, 2023, these adjustments resulted in a decrease in net cash provided by operating activities of $0.8 million and a corresponding decrease in net cash provided by (used in) financing activities of $0.8 million. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates under different assumptions or conditions. Reclassifications Certain amounts in the condensed consolidated balance sheets as of December 31, 2023, the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and the condensed consolidated statements of cash flows for the six months ended June 30, 2023 have been reclassified to conform to the current period presentation. These reclassifications did not change the previously reported total assets, total liabilities and equity, net income (loss) attributable to Envestnet, Inc., or net change in cash and cash equivalents and did not affect the condensed consolidated statements of comprehensive income (loss) or condensed consolidated statements of stockholders' equity. Related Party Transactions The Company has an approximate 3.7% membership interest in a private services company that it accounts for using the equity method of accounting and is considered to be a related party. Revenue from the private services company totaled $2.1 million and $3.3 million for the three months ended June 30, 2024 and 2023, respectively. Revenue from the private services company totaled $4.7 million and $6.9 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the Company recorded a net receivable from the private services company of $0.4 million and $1.7 million, respectively. The Company has an approximate 40.0% membership interest in another private company that it accounts for using the equity method of accounting and is considered to be a related party (See "Note 9—Investments in Unconsolidated Entities"). Investments The Company has investments in private companies for which it has significant influence that are recorded using the equity method of accounting. The Company uses the equity method of accounting because of its less than 50% ownership and/or lack of control in these companies. These investments are included in investments in unconsolidated entities in the condensed consolidated balance sheets. The Company records the portion of its earnings or losses in these privately held companies’ net income or loss on a one quarter lag from the actual results of operations in gain (loss) from equity method investments in the condensed consolidated statements of operations. The Company owns equity interests in various privately held companies for which it does not have significant influence, there is no readily determinable fair value, and its investment qualifies for recognition under the measurement alternative at cost minus impairment, if any, plus or minus fair value changes when there are observable price changes. These investments are included in investments in unconsolidated entities in the condensed consolidated balance sheets. The Company records fair value adjustments resulting from observable price changes in other income (expense), net in the condensed consolidated statements of operations. Recently Adopted Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” This update amends ASC 842 and the accounting for leasehold improvements associated with common control leases. The Company adopted this standard as of January 1, 2024 and it did not have a material impact on the Company's consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This update amends the requirements for segment disclosures. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the standard is permitted. The Company is analyzing the impact of the adoption, but does not expect it to have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This update amends the requirements for income tax disclosures. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption of the standard is permitted. The Company is analyzing the impact of the adoption, but does not expect it to have a material impact on the Company's consolidated financial statements. In March 2024, the FASB issued ASU 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards." This update clarifies how to account for profits interest and similar awards. This standard is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption of the standard is permitted. The Company is analyzing the impact of the adoption, but does not expect it to have a material impact on the Company's consolidated financial statements.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: June 30, December 31, 2024 2023 (in thousands) Prepaid technology $ 17,495 $ 14,630 Income tax prepayments and receivables 12,223 9,625 Prepaid data servers 6,132 7,991 Non-income tax receivable 4,030 4,041 Prepaid insurance 3,816 2,785 Other 14,203 12,400 Total prepaid expenses and other current assets $ 57,899 $ 51,472

Internally Developed Software,

Internally Developed Software, Net	6 Months Ended
	Jun. 30, 2024
Research and Development [Abstract]
Internally Developed Software, Net	Internally Developed Software, Net Internally developed software, net consisted of the following: June 30, December 31, Estimated Useful Life 2024 2023 (in thousands) Internally developed software 5 years $ 416,849 $ 405,078 Less: accumulated amortization (211,759) (180,365) Internally developed software, net $ 205,090 $ 224,713 Due to a change in technology needs of the business, $12.9 million of net capitalized internally developed software costs, the majority of which was included within the Envestnet Wealth Solutions segment, was written off and included within depreciation and amortization expense in the condensed consolidated statements of operations during the three and six months ended June 30, 2024.

Geographical Information

Geographical Information	6 Months Ended
	Jun. 30, 2024
Segments, Geographical Areas [Abstract]
Geographical Information	Geographical Information The following table sets forth certain long-lived assets including property and equipment, net and internally developed software, net by geographic area: June 30, December 31, 2024 2023 (in thousands) United States $ 248,351 $ 270,381 India 2,380 2,555 Total long-lived assets, net $ 250,731 $ 272,936 See “Note 14—Revenue and Direct Expense” for detail of revenue by geographic area.

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net consisted of the following: June 30, 2024 December 31, 2023 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (in thousands) Customer lists $ 593,200 $ (335,834) $ 257,366 $ 604,080 $ (327,042) $ 277,038 Proprietary technologies 89,857 (39,605) 50,252 93,058 (37,052) 56,006 Trade names 11,000 (6,750) 4,250 15,700 (10,676) 5,024 Total intangible assets $ 694,057 $ (382,189) $ 311,868 $ 712,838 $ (374,770) $ 338,068 During the six months ended June 30, 2024 and 2023, the Company retired fully amortized intangible assets with historical costs of $21.8 million and $17.5 million, respectively. The estimated future amortization expense of the Company's intangible assets as of June 30, 2024 was as follows (in thousands): Remainder of 2024 $ 28,595 2025 54,573 2026 47,048 2027 38,272 2028 30,896 Thereafter 112,484 Total $ 311,868

Depreciation and Amortization E

Depreciation and Amortization Expense	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation and Amortization Expense	Depreciation and Amortization Expense Depreciation and amortization expense consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) Intangible asset amortization $ 14,457 $ 15,720 $ 29,199 $ 32,660 Internally developed software amortization (1) 28,238 12,398 44,106 23,488 Property and equipment depreciation 3,038 3,947 6,320 7,437 Total depreciation and amortization $ 45,733 $ 32,065 $ 79,625 $ 63,585 _________________________________________________________ (1)

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill by reportable segment were as follows: Envestnet Wealth Solutions Envestnet Data & Analytics Total (in thousands) Balance as of December 31, 2023 $ 710,326 $ 96,237 $ 806,563 Deconsolidation of non-controlling interest (19,409) — (19,409) Goodwill impairment — (96,269) (96,269) Foreign currency translation and other (32) 32 — Balance as of June 30, 2024 $ 690,885 $ — $ 690,885 Goodwill Impairment Due to a strategic shift of business priorities for the Envestnet Data & Analytics segment, which was considered an event or change in circumstance that required an assessment of goodwill for impairment as of June 30, 2024, the Company performed a quantitative goodwill impairment analysis for the reporting unit to determine whether there was an impairment as of June 30, 2024. The impairment test identified that the carrying value of the Envestnet Data & Analytics reporting unit exceeded its fair value, which resulted in the recognition of a non-cash impairment charge to goodwill of $96.3 million in the condensed consolidated statements of operations for the three and six months ended June 30, 2024. Although the Company recorded this impairment charge in the second quarter of 2024, future charges may occur if certain estimates and assumptions change significantly, and such charges could be material.

Investments in unconsolidated e

Investments in unconsolidated entities	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated entities	Investments in unconsolidated entities As of December 31, 2023, the Company held a controlling financial interest in a private company due to its majority representation on the company’s board and, as such, used the consolidation method of accounting to include this private company’s assets, liabilities and results of operations within the Envestnet Wealth Solutions segment of the Company’s condensed consolidated financial statements. Effective April 1, 2024, the Company no longer had majority representation of the company's board and therefore no longer had a controlling financial interest in this private company. This resulted in the deconsolidation of this private company's assets, liabilities and results of operations and the recognition of a $19.5 million non-cash gain included within gain on deconsolidation in the condensed consolidated statements of operations during the three and six months ended June 30, 2024. This transaction did not represent a strategic shift and therefore did not meet the criteria to be classified as discontinued operations. The Company applied the equity method to account for its non-controlling investment in this private company starting April 1, 2024 and included the fair value of the investment of $41.9 million in investments in unconsolidated entities in the condensed consolidated balance sheets as of June 30, 2024.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets On January 31, 2023, the Company entered into a Convertible Promissory Note with a customer of the Company's business, a privately held company, whereby the Company was issued a convertible promissory note with a principal amount of $20.0 million and a stated interest rate of 8.0% per annum. The Convertible Promissory Note has a maturity date of January 31, 2026 and is convertible into common stock or preferred stock of the privately held company upon qualified financing events or corporate transactions. During the three months ended June 30, 2024 and 2023, interest income related to the Convertible Promissory Note included in other expense, net in the condensed consolidated statements of operations was $0.4 million and $0.4 million, respectively. During the six months ended June 30, 2024 and 2023, interest income related to the Convertible Promissory Note was $0.8 million and $0.7 million, respectively.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Current Liabilities	Accounts Payable, Accrued Expenses and Other Current Liabilities Accounts payable, accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2024 2023 (in thousands) Accrued investment manager fees $ 125,529 $ 106,612 Accrued compensation and related taxes 52,136 72,466 Accounts payable 19,437 35,738 Accrued professional services 17,132 14,289 Accrued technology 4,142 4,151 Accrued interest 2,473 2,473 Other accrued expenses 4,659 5,695 Total accounts payable, accrued expenses and other current liabilities $ 225,508 $ 241,424 As of June 30, 2024, the Company had an ending liability balance of $4.5 million primarily in connection with a reduction in force initiative that began during the first quarter of 2023. The Company anticipates approximately $1.9 million to be paid during the remainder of 2024, $1.7 million to be paid throughout 2025, with the remaining balance paid through 2030. Expenses related to this reduction in force initiative are included in employee compensation expense in the condensed consolidated statements of operations. The following table presents a reconciliation of the beginning and ending liability balance related to this effort, of which $2.8 million is included within accrued compensation and related taxes in the table above: Envestnet Wealth Solutions Envestnet Data & Analytics Nonsegment Total (in thousands) Balance as of December 31, 2023 $ 9,793 $ 486 $ — $ 10,279 Severance expense 2,436 13 1,645 4,094 Cash payments (7,754) (499) (1,645) (9,898) Balance as of June 30, 2024 $ 4,475 $ — $ — $ 4,475

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The following tables set forth the carrying value and estimated fair value of the Company's debt obligations as of June 30, 2024 and December 31, 2023: June 30, 2024 Issuance Amount Unamortized Issuance Costs Carrying Value Fair Value (Level II) (in thousands) Revolving Credit Facility $ — $ — $ — $ — Convertible Notes due 2025 317,500 (2,060) 315,440 307,778 Convertible Notes due 2027 575,000 (11,361) 563,639 614,244 Total debt $ 892,500 $ (13,421) $ 879,079 $ 922,022 December 31, 2023 Issuance Amount Unamortized Issuance Costs Carrying Value Fair Value (Level II) (in thousands) Revolving Credit Facility $ — $ — $ — $ — Convertible Notes due 2025 317,500 (2,968) 314,532 294,958 Convertible Notes due 2027 575,000 (12,920) 562,080 571,746 Total debt $ 892,500 $ (15,888) $ 876,612 $ 866,704 The Company issued $517.5 million aggregate principal amount of 0.75% Convertible Notes due 2025 in August 2020. As of June 30, 2024, $317.5 million aggregate principal of the Convertible Notes due 2025 remained outstanding. Pursuant to the indenture under which the Convertible Notes due 2025 were issued, the Company was required to remove a restrictive legend on the Convertible Notes due 2025 relating to restrictions on transfer under the Securities Act of 1933, as amended, on or before September 9, 2021. Due to a clerical error, the restrictive legend was not removed until June 18, 2022. As a result of its failure to remove the legend on a timely basis, the Company was required to pay certain amounts of additional interest and interest thereon after February 15, 2022. Failure to pay the Additional Interest constituted an event of default under the Indenture. The event of default under the Indenture was cured with the payment of an immaterial amount of Additional Interest, as well as certain penalties, in August 2024. In addition, the event of default under the Indenture resulted in an event of default under the Revolving Credit Facility due to a cross-default provision in the Revolving Credit Facility. The resulting event of default was waived by the required lenders under the Revolving Credit Facility in August 2024. As a result, the Company was in compliance with the covenants contained in the Indenture and the Revolving Credit Facility as of August 9, 2024 and any and all existing defaults and events of default that had arisen or may have arisen therefrom were cured. Revolving Credit Facility The Revolving Credit Facility provides for a $500.0 million revolving line of credit, including a sub-facility for a $20.0 million letter of credit. There were no amounts outstanding under the Revolving Credit Facility as of June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023, debt issuance costs related to the Revolving Credit Facility included in prepaid expenses and other current assets in the condensed consolidated balance sheets were $0.7 million and $0.7 million, respectively, and included in other assets in the condensed consolidated balance sheets were $1.1 million and $1.5 million, respectively. The Revolving Credit Facility contains customary conditions, representations and warranties, affirmative and negative covenants, mandatory prepayment provisions and events of default. The covenants include certain financial covenants requiring the Company to maintain compliance with a maximum total leverage ratio and a minimum interest coverage ratio. On February 20, 2024, the Company entered into a Waiver with respect to the Revolving Credit Facility, between the Company, the Guarantors party thereto from time to time, the Lenders party thereto from time to time and Bank of Montreal, as administrative agent. Under the Waiver, the Lenders party thereto waived the events of default resulting from the non-compliance with the Total Leverage Ratio financial covenant for the fiscal quarters ended on March 31, 2023 and June 30, 2023. The Company was in compliance with all other covenants in the Revolving Credit Facility as of June 30, 2024. Interest Expense Interest expense was comprised of the following and is included in other expense, net in the condensed consolidated statements of operations: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) Convertible Notes interest $ 4,369 $ 4,543 $ 8,738 $ 9,108 Amortization of debt discount and issuance costs 1,412 1,427 2,817 2,869 Undrawn and other fees 316 311 631 624 Revolving Credit Facility interest — 250 — 250 Total interest expense $ 6,097 $ 6,531 $ 12,186 $ 12,851 The effective interest rate of the Convertible Notes was equal to the stated interest rate plus the amortization of the debt issuance costs and is set forth below: June 30, 2024 2023 Convertible Notes due 2025 1.3 % 1.3 % Convertible Notes due 2027 3.2 % 3.2 %

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables set forth the Company's financial assets and liabilities measured at fair value on a recurring basis, based on the three-tier fair value hierarchy, as described in detail within the Company's Annual Report: June 30, 2024 Fair Value Level I Level II Level III (in thousands) Assets: Money market funds $ 56,680 $ 56,680 $ — $ — Assets to fund deferred compensation liability 11,444 — — 11,444 Total assets $ 68,124 $ 56,680 $ — $ 11,444 Liabilities: Deferred compensation liability $ 8,917 $ 8,917 $ — $ — Total liabilities $ 8,917 $ 8,917 $ — $ — December 31, 2023 Fair Value Level I Level II Level III (in thousands) Assets: Money market funds $ 51,653 $ 51,653 $ — $ — Assets to fund deferred compensation liability 10,961 — — 10,961 Total assets $ 62,614 $ 51,653 $ — $ 10,961 Liabilities: Deferred compensation liability $ 8,045 $ 8,045 $ — $ — Total liabilities $ 8,045 $ 8,045 $ — $ — The Company assesses the categorization of assets and liabilities by level at each measurement date, and transfers between levels are recognized on the actual date of the event or when changes in circumstances cause the transfer, in accordance with the Company’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers between Levels I, II and III during the six months ended June 30, 2024. Fair Value of Assets Used to Fund the Deferred Compensation Liability The table below presents a reconciliation of the assets used to fund the Company's deferred compensation liability, which is measured at fair value on a recurring basis using significant unobservable inputs (Level III): Fair Value of Assets Used to Fund Deferred Compensation Liability (in thousands) Balance as of December 31, 2023 $ 10,961 Fair value adjustments and fees 483 Balance as of June 30, 2024 $ 11,444 The fair market value of the assets used to fund the Company 's deferred compensation liability is measured using the cash surrender value of the Company 's life insurance premiums and is included i n other assets in the condensed consolidated balance sheets. Changes in fair value, if any, are recognized in the Company's earnings and included in general and administrative expense Fair Value of Debt Agreements The Company considered its Convertible Notes to be Level II liabilities as of June 30, 2024 and December 31, 2023, and used a market approach to calculate their respective fair values. The estimated fair value for each convertible note was determined based on estimated or actual bids and offers in an over-the-counter market on June 30, 2024 and December 31, 2023, respectively (See “Note 12—Debt”). Fair Value of Other Financial Assets and Liabilities The Company considered the recorded value of its other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable and accounts payable, to approximate the fair value of the respective assets and liabilities as of June 30, 2024 and December 31, 2023, based upon the short-term nature of these assets and liabilities.

Revenue and Direct Expense

Revenue and Direct Expense	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Direct Expense	Revenue and Direct Expense Disaggregation of Revenue The following table presents the Company’s revenue by segment disaggregated by major source: Three Months Ended June 30, 2024 2023 Envestnet Wealth Solutions Envestnet Data & Analytics Total Envestnet Wealth Solutions Envestnet Data & Analytics Total (in thousands) Revenue: Asset-based $ 219,485 $ — $ 219,485 $ 185,762 $ — $ 185,762 Subscription-based 84,734 33,254 117,988 79,744 35,215 114,959 Total recurring revenue 304,219 33,254 337,473 265,506 35,215 300,721 Professional services and other revenue 7,889 2,911 10,800 10,318 1,395 11,713 Total revenue $ 312,108 $ 36,165 $ 348,273 $ 275,824 $ 36,610 $ 312,434 Six Months Ended June 30, 2024 2023 Envestnet Wealth Solutions Envestnet Data & Analytics Total Envestnet Wealth Solutions Envestnet Data & Analytics Total (in thousands) Revenue: Asset-based $ 422,101 $ — $ 422,101 $ 362,694 $ — $ 362,694 Subscription-based 168,902 66,548 235,450 160,214 71,824 232,038 Total recurring revenue 591,003 66,548 657,551 522,908 71,824 594,732 Professional services and other revenue 10,915 4,757 15,672 13,565 2,844 16,409 Total revenue $ 601,918 $ 71,305 $ 673,223 $ 536,473 $ 74,668 $ 611,141 The following table presents the Company’s revenue disaggregated by geography, based on the billing address of the customer: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) United States $ 342,749 $ 306,946 $ 662,320 $ 600,160 International 5,524 5,488 10,903 10,981 Total revenue $ 348,273 $ 312,434 $ 673,223 $ 611,141 Remaining Performance Obligations As of June 30, 2024, the Company's estimated revenue expected to be recognized in the future related to performance obligations associated with existing customer contracts that are partially or wholly unsatisfied is approximately $546.9 million. The Company expects to recognize approximately 22% of this revenue during the remainder of 2024, approximately 56% throughout 2025 and 2026, with the balance recognized thereafter. These remaining performance obligations are not indicative of revenue for future periods. Contract Balances Total deferred revenue as of June 30, 2024 decreased by $4.0 million from December 31, 2023, primarily the result of timing of cash receipts and revenue recognition. The majority of the Company's deferred revenue as of June 30, 2024 will be recognized over the course of the next twelve months. The amount of revenue recognized for the three months ended June 30, 2024 and 2023 that was included in the opening deferred revenue balance was $8.0 million and $11.5 million, respectively. The amount of revenue recognized for the six months ended June 30, 2024 and 2023 that was included in the opening deferred revenue balance was $23.9 million and $28.2 million, respectively. The majority of this revenue consists of subscription-based services and professional services arrangements. The amount of revenue recognized from performance obligations satisfied in prior periods was not material. Deferred Sales Incentive Compensation Deferred sales incentive compensation was $10.5 million and $11.5 million as of June 30, 2024 and December 31, 2023, respectively. Amortization expense for deferred sales incentive compensation was $1.2 million for the three months ended June 30, 2024 and 2023. Amortization expense for deferred sales incentive compensation was $2.4 million and $2.3 million for the six months ended June 30, 2024 and 2023, respectively. Deferred sales incentive compensation is included in other assets in the condensed consolidated balance sheets and amortization expense is included in employee compensation expense in the condensed consolidated statements of operations. No significant impairment loss for capitalized costs was recorded during the six months ended June 30, 2024 and 2023. Direct Expense The following table summarizes direct expense by revenue category: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) Asset-based $ 130,116 $ 108,532 $ 248,519 $ 211,155 Subscription-based 8,648 7,645 16,878 14,697 Professional services and other 5,587 8,032 5,587 8,036 Total direct expense $ 144,351 $ 124,209 $ 270,984 $ 233,888

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation On March 14, 2024, the Board of Directors approved the 2024 Plan, effective upon the approval at the 2024 annual meeting. The 2024 Plan provides for the grant of options, stock appreciation rights, Full Value Awards (as defined in the 2024 Plan agreement) and cash incentive awards to employees, consultants and non-employee directors to purchase common stock, which vest over time and have a ten The Company has stock options, RSUs and PSUs outstanding under the 2010 Plan, 2019 Equity Plan, and the 2024 Plan. As of June 30, 2024, the maximum number of common shares available for future issuance under the Company's plans is 5,134,325. Stock-based compensation expense under the Company’s plans was as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) Stock-based compensation expense $ 17,822 $ 21,390 $ 36,720 $ 40,843 Tax effect on stock-based compensation expense (4,545) (5,454) (9,364) (10,415) Net effect on income (loss) $ 13,277 $ 15,936 $ 27,356 $ 30,428 The tax effect on stock-based compensation expense above was calculated using a blended statutory rate of 25.5% for each of the three and six months ended June 30, 2024 and 2023. Stock Options The following table summarizes option activity under the Company’s plans: Weighted Weighted Average Average Remaining Aggregate Options Exercise Price Contractual Life Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2023 202,166 $ 45.22 Exercised (36,368) $ 40.39 Forfeited (186) $ 72.52 Outstanding and exercisable as of June 30, 2024 165,612 $ 46.25 1.1 $ 2,706 As of June 30, 2024, there was no amount of unrecognized stock-based compensation expense related to stock options. Restricted Stock Units and Performance Stock Units The following table summarizes RSU and PSU activity under the Company’s plans: RSUs PSUs Number of Weighted Average Grant Date Fair Value per Share Number of Weighted Average Grant Date Fair Value per Share Non-vested as of December 31, 2023 1,449,253 $ 65.78 223,058 $ 72.92 Granted 1,322,799 $ 51.56 37,270 $ 83.76 Vested (616,133) $ 66.15 (28,323) $ 69.82 Forfeited (155,652) $ 59.00 (91,712) $ 70.76 Non-vested as of June 30, 2024 2,000,267 $ 56.79 140,293 $ 77.84 As of June 30, 2024, there was $93.4 million of unrecognized stock-based compensation expense related to RSUs, which the Company expects to recognize over a weighted average period of 2.0 years. As of June 30, 2024, there was $2.9 million of unrecognized stock-based compensation expense related to PSUs, which the Company expects to recognize over a weighted average period of 2.0 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table presents the calculation for the Company’s effective tax rate: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands, except for effective tax rate) Loss before income tax provision (benefit) and equity method investments $ (80,335) $ (20,328) $ (76,008) $ (36,380) Gain (loss) from equity method investments 482 (2,386) (1,801) (5,326) Loss before income tax provision (benefit) $ (79,853) $ (22,714) $ (77,809) $ (41,706) Income tax provision (benefit) $ (652) $ 418 $ 853 $ 24,187 Effective tax rate 0.8% (1.8)% (1.1)% (58.0)% Under ASC 740-270-25, the Company is required to report income tax expense by applying a projected AETR to ordinary pre-tax book income for the interim period. The tax impact of discrete items is accounted for separately in the period in which they occur. The ETR for the quarter is the result of the projected AETR applied to actual pre-tax book income plus discrete items as a percentage of pre-tax book income. Therefore, a change in pre-tax book income, either forecasted or actual year-to-date, from one period to the next will cause the ETR to change. For the three and six months ended June 30, 2024 and 2023, the Company's effective tax rate differed from the statutory rate primarily due to the increase in the valuation allowance the Company has placed on a portion of its U.S. deferred tax assets which includes the impact of IRC Section 174, permanent book-tax differences, uncertain tax positions and the impact of state and local taxes offset by federal and state R&D credits.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Securities that were anti-dilutive and therefore excluded from the computation of diluted net loss per share were as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Convertible Notes 10,811,884 11,253,471 10,811,884 11,361,458 Non-vested RSUs and PSUs 2,140,560 2,206,000 2,140,560 2,206,000 Options to purchase common stock 165,612 237,556 165,612 237,556 Total anti-dilutive securities 13,118,056 13,697,027 13,118,056 13,805,014

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Envestnet is organized around two business segments based on clients served and products provided to meet those needs. The Company's business segments are: • Envestnet Wealth Solutions – a leading provider of comprehensive and unified wealth management software, services and solutions to empower financial advisors and institutions to enable them to deliver holistic advice to their clients. • Envestnet Data & Analytics – a leading provider of financial data aggregation, analytics and digital experiences to meet the needs of financial institutions, enterprise FinTech firms and market investment research firms worldwide. The Company also incurs expenses not directly attributable to the segments listed above. These nonsegment operating expenses primarily consist of employee compensation for certain corporate officers, certain types of professional service expenses, insurance, acquisition related transaction costs, certain restructuring charges and other non-recurring and/or non-operationally related expenses. 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, 2024 2023 2024 2023 (in thousands) Envestnet Wealth Solutions $ 53,171 $ 22,705 $ 92,101 $ 45,303 Envestnet Data & Analytics (101,778) (10,299) (107,517) (17,214) Nonsegment operating expenses (26,940) (27,718) (51,423) (54,458) Loss from operations (75,547) (15,312) (66,839) (26,369) Other expense, net (4,788) (5,016) (9,169) (10,011) Loss before income tax provision (benefit) and equity method investments (80,335) (20,328) (76,008) (36,380) Income tax provision (benefit) (652) 418 853 24,187 Gain (loss) from equity method investments 482 (2,386) (1,801) (5,326) Net loss (79,201) (23,132) (78,662) (65,893) Add: Net loss attributable to non-controlling interest — 1,716 1,974 3,249 Net loss attributable to Envestnet, Inc. $ (79,201) $ (21,416) $ (76,688) $ (62,644) The following table presents a summary of consolidated total assets by segment: June 30, December 31, 2024 2023 (in thousands) Envestnet Wealth Solutions $ 1,585,678 $ 1,562,600 Envestnet Data & Analytics 209,294 314,652 Consolidated total assets $ 1,794,972 $ 1,877,252

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Obligations and Indemnifications The Company includes various types of indemnification and guarantee clauses in certain arrangements. These indemnifications and guarantees may include, but are not limited to, infringement claims related to intellectual property, direct or consequential damages and guarantees to certain service providers and service level requirements with certain customers. The type and amount of any potential indemnification or guarantee varies substantially based on the nature of each arrangement. The Company has experienced no previous claims and cannot determine the maximum amount of potential future payments, if any, related to such indemnification and guarantee provisions. The Company believes that it is unlikely it will have to make material payments under these arrangements and therefore has not recorded a contingent liability associated with these arrangements in the condensed consolidated balance sheets. The Company enters into unconditional purchase obligations arrangements for certain of its services that it receives in the normal course of business. In connection with the Redi2 acquisition, the Company has agreed to pay up to $20.0 million in performance bonuses based upon the achievement of certain performance targets. These performance bonuses will be recognized as employee compensation in the condensed consolidated statements of operations. The Company recognized $1.7 million and $1.1 million related to these bonuses for the three months ended June 30, 2024 and 2023, respectively. The Company recognized $1.7 million and $1.5 million related to these bonuses for the six months ended June 30, 2024 and 2023, respectively. Legal Proceedings The Company and its subsidiary, Yodlee, have been named as defendants in a lawsuit filed on July 17, 2019, by FinancialApps in the United States District Court for the District of Delaware. The case caption is FinancialApps, LLC v. Envestnet Inc., et al., No. 19-cv-1337 (D. Del.). FinancialApps alleges that, after entering into a 2017 services agreement with Yodlee, Envestnet and Yodlee breached the agreement and misappropriated proprietary information to develop competing credit risk assessment software. The complaint includes claims for, among other things, misappropriation of trade secrets, fraud, tortious interference with prospective business opportunities, unfair competition, copyright infringement and breach of contract. FinancialApps is seeking significant monetary damages and various equitable and injunctive relief. On September 17, 2019, the Company and Yodlee filed a motion to dismiss certain of the claims in the complaint filed by FinancialApps, including the copyright infringement, unfair competition and fraud claims. On August 25, 2020, the District Court granted in part and denied in part the Company and Yodlee’s motion. Specifically, the Company and Yodlee prevailed on FinancialApps’ counts alleging copyright infringement and violations of the Illinois Deceptive Trade Practices Act. And while the Court was receptive to Envestnet and Yodlee’s argument that several of FinancialApps’ other counts are based on allegations that amount to copyright infringement—and therefore should fail due to copyright preemption—the Court found that FinancialApps had alleged enough conduct distinct from copyright infringement to survive dismissal at this early stage. On October 30, 2019, the Company and Yodlee filed counterclaims against FinancialApps. Yodlee alleges that FinancialApps fraudulently induced it to enter into contracts with FinancialApps, then breached those contracts. FinancialApps has filed a motion to dismiss Yodlee’s counterclaims. On September 15, 2020, the District Court denied FinancialApps’ motion on all counts except for the breach-of-contract claim which was dismissed on a pleading technicality without prejudice. On that count, the Court granted Yodlee leave to amend its counterclaim, cure the technical deficiency, and reassert its claim. Yodlee and Envestnet filed amended counterclaims on September 30, 2020. The amended counterclaims (1) cure that technical deficiency and reassert Yodlee’s contract counterclaim; and (2) broaden the defamation counterclaims arising out of various defamatory statements FinancialApps disseminated in the trade press after filing the lawsuit. On January 14, 2021, the Court ordered that (i) FinancialApps' claims against Yodlee—as well as Yodlee’s counterclaims against FinancialApps—must be tried before the judge instead of a jury pursuant to a jury waiver provision in the parties’ agreement; and (ii) FinancialApps' claims against Envestnet (and Envestnet’s counterclaim) must be heard by a jury. The Court has scheduled the Envestnet jury trial to take place before the Yodlee bench trial. Fact discovery closed on April 23, 2021, other than a few outstanding matters, and expert discovery concluded on September 30, 2022. The parties’ respective summary judgment and motions to exclude the presentation of expert testimony (a “Daubert Motion”) are fully briefed and are awaiting final ruling. On July 25, 2023, the Magistrate Judge issued a report and recommendation that the Court grant FinancialApps’ summary judgment motion on Envestnet’s defamation counterclaim. The Magistrate Judge did not make a ruling as to Yodlee’s defamation counterclaim. On July 28, 2023, the Magistrate Judge denied Envestnet and Yodlee's Daubert motion to exclude FinancialApps' technical expert, Isaac Pflaum. On July 31, 2023, the Magistrate Judge issued a report and recommendation that the Court grant in part and deny in part Envestnet's summary judgment motion. The Magistrate Judge recommended that the motion be denied as to FinancialApps' vicarious liability theory and direct liability theory but recommended that the motion be granted with respect to the unjust enrichment count. The reports and recommendations are not final rulings, however, and the Company has filed objections against their adoption by the District Court. Those objections are fully briefed and pending before the District Court. On August 14, 2023, the Magistrate Judge granted-in-part and denied-in-part FinancialApps' Daubert motion to exclude Envestnet and Yodlee's technical expert. On September 13, 2023, the Magistrate Judge granted-in-part and denied-in-part Envestnet and Yodlee's Daubert motion to exclude FinancialApps' damages expert. On January 18, 2024, FinancialApps filed a motion seeking sanctions for purported spoliation of evidence against Yodlee and Envestnet. Yodlee and Envestnet filed a brief opposing the motion on February 22, 2024. The motion is fully briefed and pending before the Magistrate Judge. The Company believes FinancialApps' allegations are without merit and will continue to defend the claims against it and litigate the counterclaims vigorously. The Company and Yodlee were named as defendants in a putative class action lawsuit filed on August 25, 2020, by Plaintiff Deborah Wesch in the United States District Court for the Northern District of California. On October 21, 2020, an amended class action complaint was filed by Plaintiff Wesch and nine additional named plaintiffs. The case caption currently is Clark, et al., v. Yodlee, Inc. Case No. 3:20-cv-5991-SK (formerly entitled Deborah Wesch, et al., v. Yodlee, Inc., et al., Case No. 3:20-cv-05991-SK). Plaintiffs alleged that Yodlee unlawfully collected their financial transaction data when plaintiffs linked their bank accounts to a mobile application that uses Yodlee’s Instant Account Verification API, and plaintiffs further allege that Yodlee unlawfully sold the transaction data to third parties. The complaint alleged violations of certain California statutes and common law, including the Unfair Competition Law, and federal statutes, including the Stored Communications Act. Plaintiffs are seeking monetary damages and equitable and injunctive relief on behalf of themselves and a putative nationwide class and California subclass of persons who provided their log-in credentials to a Yodlee-powered app in an allegedly similar manner from 2014 to the present. On November 4, 2020, the Company and Yodlee filed separate motions to dismiss all of the claims in the complaint. On February 16, 2021, the district court granted in part and denied in part Yodlee’s motion to dismiss the amended complaint and granted the plaintiffs leave to further amend. The court reserved ruling on the Company’s motion to dismiss and granted limited jurisdictional discovery to the plaintiffs. On March 15, 2021, Plaintiffs filed a second amended class action complaint re-alleging, among others, the claims the district court had dismissed. The second amended complaint did not allege any claims against the Company or Yodlee that were not previously alleged in first amended complaint. On May 5, 2021, the Company filed a motion to dismiss all claims asserted against it in the second amended complaint, and Yodlee filed a motion to dismiss most claims asserted against it in the second amended complaint. On July 19, 2021, the court granted in part Yodlee’s motion, resulting in the dismissal of all federal law claims and two of the state-law claims. On August 5, 2021, the Court granted the Company's motion to dismiss, and dismissed the Company from the lawsuit. On October 8, 2021, Yodlee filed an early motion for summary judgment. On August 12, 2022, Plaintiffs moved for leave to file a third amended complaint, which Yodlee opposed. On September 29, 2022, the Court denied Plaintiffs’ motion to amend the complaint. On December 13, 2022, the Court granted in part and denied in part Yodlee’s early motion for summary judgment, narrowing the scope of issues that remain to be resolved. On January 30, 2023, the Court granted Yodlee’s motion for reconsideration and dismissed one additional claim. Plaintiffs filed an amended complaint on September 19, 2023, which Yodlee answered on October 3, 2023. Discovery is closed. On May 22, 2024, Plaintiffs filed a motion for class certification, which Yodlee opposed on June 12, 2024; motion is pending. Yodlee believes the allegations are without merit and will continue to vigorously defend the remaining claims against it.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 11, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BCPE Pequod Buyer, Inc., a Delaware corporation (“Parent”), and BCPE Pequod Merger Sub, Inc., a Delaware corporation and a wholly-owned Subsidiary of Parent (“Merger Sub”). Parent and Merger Sub are affiliates of vehicles managed or advised by Bain Capital Private Equity, LP. Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the “Merger”). The Company's Board has unanimously (i) approved and declared advisable the Merger Agreement and the transactions contemplated thereby, (ii) determined that the terms of Merger Agreement and the transactions contemplated thereby are fair to, and in the best interests of, the Company and the Company’s shareholders, (iii) directed that the adoption of the Merger Agreement be submitted to a vote of the Company’s shareholders in accordance with the Merger Agreement, and (iv) subject to the terms and conditions of the Merger Agreement, resolved to recommend that the Company’s shareholders approve the adoption of the Merger Agreement and approve the Merger on the terms and subject to the conditions set forth therein (such recommendation, the “Board Recommendation”). Upon the terms and subject to the conditions set forth in the Merger Agreement, upon the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.005 per share, of the Company (the “Common Shares”) that is issued and outstanding as of immediately prior to the Effective Time (other than any Common Shares (i) owned by Parent (or any of its Affiliates), Merger Sub or the Company or any direct or indirect wholly owned subsidiaries of Parent (or any of its Affiliates), Merger Sub or the Company, (ii) that are Rollover Shares (as defined in the Merger Agreement), (iii) held in treasury of the Company, and (iv) as to which appraisal rights have been properly exercised in accordance with Delaware law), will be automatically cancelled, extinguished and converted into the right to receive $63.15, without interest thereon (the “Merger Consideration”). If the Merger is consummated, the Common Shares will be delisted from The New York Stock Exchange and deregistered under the Exchange Act, as promptly as practicable after the Effective Time. The closing of the Merger is expected in the fourth quarter of 2024 subject to the satisfaction of customary closing conditions including receipt of approval by Envestnet’s shareholders and required regulatory approvals.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 have not been audited by an independent registered public accounting firm. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company's audited consolidated financial statements for the year ended December 31, 2023 and reflect all normal recurring adjustments which are, in the opinion of management, necessary to present fairly the Company’s financial position as of June 30, 2024 and results of operations, equity, comprehensive income (loss) and cash flows for the periods presented herein. The unaudited condensed consolidated financial statements include the accounts of the Company. All significant intercompany transactions and balances have been eliminated in consolidation. Accounts for the Envestnet Wealth Solutions segment that are denominated in a non-U.S. currency have been re-measured using the U.S. dollar as the functional currency. Certain accounts within the Envestnet Data & Analytics segment are recorded and measured in foreign currencies. The assets and liabilities for those subsidiaries with a functional currency other than the U.S. dollar are translated at exchange rates in effect at the balance sheet date, and revenue and expenses are translated at average exchange rates. Differences arising from these foreign currency translations are recorded in the unaudited condensed consolidated balance sheets as accumulated other comprehensive income (loss) within stockholders' equity. The Company is also subject to gains and losses from foreign currency denominated transactions and the remeasurement of foreign currency denominated balance sheet accounts, both of which are included in other expense, net in the condensed consolidated statements of operations.
Segment Reporting	Segment Reporting
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates under different assumptions or conditions.
Reclassifications and Correction of Immaterial Errors	Correction of Immaterial Errors Reclassifications Certain amounts in the condensed consolidated balance sheets as of December 31, 2023, the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and the condensed consolidated statements of cash flows for the six months ended June 30, 2023 have been reclassified to conform to the current period presentation. These reclassifications did not change the previously reported total assets, total liabilities and equity, net income (loss) attributable to Envestnet, Inc., or net change in cash and cash equivalents and did not affect the condensed consolidated statements of comprehensive income (loss) or condensed consolidated statements of stockholders' equity.
Investments	Investments The Company has investments in private companies for which it has significant influence that are recorded using the equity method of accounting. The Company uses the equity method of accounting because of its less than 50% ownership and/or lack of control in these companies. These investments are included in investments in unconsolidated entities in the condensed consolidated balance sheets. The Company records the portion of its earnings or losses in these privately held companies’ net income or loss on a one quarter lag from the actual results of operations in gain (loss) from equity method investments in the condensed consolidated statements of operations. The Company owns equity interests in various privately held companies for which it does not have significant influence, there is no readily determinable fair value, and its investment qualifies for recognition under the measurement alternative at cost minus impairment, if any, plus or minus fair value changes when there are observable price changes. These investments are included in investments in unconsolidated entities in the condensed consolidated balance sheets. The Company records fair value adjustments resulting from observable price changes in other income (expense), net in the condensed consolidated statements of operations.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” This update amends ASC 842 and the accounting for leasehold improvements associated with common control leases. The Company adopted this standard as of January 1, 2024 and it did not have a material impact on the Company's consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This update amends the requirements for segment disclosures. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the standard is permitted. The Company is analyzing the impact of the adoption, but does not expect it to have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This update amends the requirements for income tax disclosures. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption of the standard is permitted. The Company is analyzing the impact of the adoption, but does not expect it to have a material impact on the Company's consolidated financial statements. In March 2024, the FASB issued ASU 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards." This update clarifies how to account for profits interest and similar awards. This standard is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption of the standard is permitted. The Company is analyzing the impact of the adoption, but does not expect it to have a material impact on the Company's consolidated financial statements.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: June 30, December 31, 2024 2023 (in thousands) Prepaid technology $ 17,495 $ 14,630 Income tax prepayments and receivables 12,223 9,625 Prepaid data servers 6,132 7,991 Non-income tax receivable 4,030 4,041 Prepaid insurance 3,816 2,785 Other 14,203 12,400 Total prepaid expenses and other current assets $ 57,899 $ 51,472

Internally Developed Software_2

Internally Developed Software, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Research and Development [Abstract]
Schedule of Internally Developed Software, Net	Internally developed software, net consisted of the following: June 30, December 31, Estimated Useful Life 2024 2023 (in thousands) Internally developed software 5 years $ 416,849 $ 405,078 Less: accumulated amortization (211,759) (180,365) Internally developed software, net $ 205,090 $ 224,713 Due to a change in technology needs of the business, $12.9 million of net capitalized internally developed software costs, the majority of which was included within the Envestnet Wealth Solutions segment, was written off and included within depreciation and amortization expense in the condensed consolidated statements of operations during the three and six months ended June 30, 2024.

Geographical Information (Table

Geographical Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segments, Geographical Areas [Abstract]
Schedule of Property, Plant, and Equipment, Net by Geographic Area	The following table sets forth certain long-lived assets including property and equipment, net and internally developed software, net by geographic area: June 30, December 31, 2024 2023 (in thousands) United States $ 248,351 $ 270,381 India 2,380 2,555 Total long-lived assets, net $ 250,731 $ 272,936

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net consisted of the following: June 30, 2024 December 31, 2023 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (in thousands) Customer lists $ 593,200 $ (335,834) $ 257,366 $ 604,080 $ (327,042) $ 277,038 Proprietary technologies 89,857 (39,605) 50,252 93,058 (37,052) 56,006 Trade names 11,000 (6,750) 4,250 15,700 (10,676) 5,024 Total intangible assets $ 694,057 $ (382,189) $ 311,868 $ 712,838 $ (374,770) $ 338,068
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization expense of the Company's intangible assets as of June 30, 2024 was as follows (in thousands): Remainder of 2024 $ 28,595 2025 54,573 2026 47,048 2027 38,272 2028 30,896 Thereafter 112,484 Total $ 311,868

Depreciation and Amortization_2

Depreciation and Amortization Expense (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Depreciation and Amortization Expense	Depreciation and amortization expense consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) Intangible asset amortization $ 14,457 $ 15,720 $ 29,199 $ 32,660 Internally developed software amortization (1) 28,238 12,398 44,106 23,488 Property and equipment depreciation 3,038 3,947 6,320 7,437 Total depreciation and amortization $ 45,733 $ 32,065 $ 79,625 $ 63,585 _________________________________________________________ (1)

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Segment	Changes in the carrying amount of goodwill by reportable segment were as follows: Envestnet Wealth Solutions Envestnet Data & Analytics Total (in thousands) Balance as of December 31, 2023 $ 710,326 $ 96,237 $ 806,563 Deconsolidation of non-controlling interest (19,409) — (19,409) Goodwill impairment — (96,269) (96,269) Foreign currency translation and other (32) 32 — Balance as of June 30, 2024 $ 690,885 $ — $ 690,885

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities	Accounts payable, accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2024 2023 (in thousands) Accrued investment manager fees $ 125,529 $ 106,612 Accrued compensation and related taxes 52,136 72,466 Accounts payable 19,437 35,738 Accrued professional services 17,132 14,289 Accrued technology 4,142 4,151 Accrued interest 2,473 2,473 Other accrued expenses 4,659 5,695 Total accounts payable, accrued expenses and other current liabilities $ 225,508 $ 241,424
Schedule of Restructuring and Related Costs	The following table presents a reconciliation of the beginning and ending liability balance related to this effort, of which $2.8 million is included within accrued compensation and related taxes in the table above: Envestnet Wealth Solutions Envestnet Data & Analytics Nonsegment Total (in thousands) Balance as of December 31, 2023 $ 9,793 $ 486 $ — $ 10,279 Severance expense 2,436 13 1,645 4,094 Cash payments (7,754) (499) (1,645) (9,898) Balance as of June 30, 2024 $ 4,475 $ — $ — $ 4,475

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Obligation	The following tables set forth the carrying value and estimated fair value of the Company's debt obligations as of June 30, 2024 and December 31, 2023: June 30, 2024 Issuance Amount Unamortized Issuance Costs Carrying Value Fair Value (Level II) (in thousands) Revolving Credit Facility $ — $ — $ — $ — Convertible Notes due 2025 317,500 (2,060) 315,440 307,778 Convertible Notes due 2027 575,000 (11,361) 563,639 614,244 Total debt $ 892,500 $ (13,421) $ 879,079 $ 922,022 December 31, 2023 Issuance Amount Unamortized Issuance Costs Carrying Value Fair Value (Level II) (in thousands) Revolving Credit Facility $ — $ — $ — $ — Convertible Notes due 2025 317,500 (2,968) 314,532 294,958 Convertible Notes due 2027 575,000 (12,920) 562,080 571,746 Total debt $ 892,500 $ (15,888) $ 876,612 $ 866,704 The effective interest rate of the Convertible Notes was equal to the stated interest rate plus the amortization of the debt issuance costs and is set forth below: June 30, 2024 2023 Convertible Notes due 2025 1.3 % 1.3 % Convertible Notes due 2027 3.2 % 3.2 %
Schedule of Interest Expense	Interest expense was comprised of the following and is included in other expense, net in the condensed consolidated statements of operations: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) Convertible Notes interest $ 4,369 $ 4,543 $ 8,738 $ 9,108 Amortization of debt discount and issuance costs 1,412 1,427 2,817 2,869 Undrawn and other fees 316 311 631 624 Revolving Credit Facility interest — 250 — 250 Total interest expense $ 6,097 $ 6,531 $ 12,186 $ 12,851

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value	The following tables set forth the Company's financial assets and liabilities measured at fair value on a recurring basis, based on the three-tier fair value hierarchy, as described in detail within the Company's Annual Report: June 30, 2024 Fair Value Level I Level II Level III (in thousands) Assets: Money market funds $ 56,680 $ 56,680 $ — $ — Assets to fund deferred compensation liability 11,444 — — 11,444 Total assets $ 68,124 $ 56,680 $ — $ 11,444 Liabilities: Deferred compensation liability $ 8,917 $ 8,917 $ — $ — Total liabilities $ 8,917 $ 8,917 $ — $ — December 31, 2023 Fair Value Level I Level II Level III (in thousands) Assets: Money market funds $ 51,653 $ 51,653 $ — $ — Assets to fund deferred compensation liability 10,961 — — 10,961 Total assets $ 62,614 $ 51,653 $ — $ 10,961 Liabilities: Deferred compensation liability $ 8,045 $ 8,045 $ — $ — Total liabilities $ 8,045 $ 8,045 $ — $ —
Schedule of Reconciliation of Assets	The table below presents a reconciliation of the assets used to fund the Company's deferred compensation liability, which is measured at fair value on a recurring basis using significant unobservable inputs (Level III): Fair Value of Assets Used to Fund Deferred Compensation Liability (in thousands) Balance as of December 31, 2023 $ 10,961 Fair value adjustments and fees 483 Balance as of June 30, 2024 $ 11,444

Revenue and Direct Expense (Tab

Revenue and Direct Expense (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Major Source	The following table presents the Company’s revenue by segment disaggregated by major source: Three Months Ended June 30, 2024 2023 Envestnet Wealth Solutions Envestnet Data & Analytics Total Envestnet Wealth Solutions Envestnet Data & Analytics Total (in thousands) Revenue: Asset-based $ 219,485 $ — $ 219,485 $ 185,762 $ — $ 185,762 Subscription-based 84,734 33,254 117,988 79,744 35,215 114,959 Total recurring revenue 304,219 33,254 337,473 265,506 35,215 300,721 Professional services and other revenue 7,889 2,911 10,800 10,318 1,395 11,713 Total revenue $ 312,108 $ 36,165 $ 348,273 $ 275,824 $ 36,610 $ 312,434 Six Months Ended June 30, 2024 2023 Envestnet Wealth Solutions Envestnet Data & Analytics Total Envestnet Wealth Solutions Envestnet Data & Analytics Total (in thousands) Revenue: Asset-based $ 422,101 $ — $ 422,101 $ 362,694 $ — $ 362,694 Subscription-based 168,902 66,548 235,450 160,214 71,824 232,038 Total recurring revenue 591,003 66,548 657,551 522,908 71,824 594,732 Professional services and other revenue 10,915 4,757 15,672 13,565 2,844 16,409 Total revenue $ 601,918 $ 71,305 $ 673,223 $ 536,473 $ 74,668 $ 611,141
Schedule of Disaggregation of Revenue by Geography	The following table presents the Company’s revenue disaggregated by geography, based on the billing address of the customer: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) United States $ 342,749 $ 306,946 $ 662,320 $ 600,160 International 5,524 5,488 10,903 10,981 Total revenue $ 348,273 $ 312,434 $ 673,223 $ 611,141
Schedule of Direct Expense by Revenue Category	The following table summarizes direct expense by revenue category: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) Asset-based $ 130,116 $ 108,532 $ 248,519 $ 211,155 Subscription-based 8,648 7,645 16,878 14,697 Professional services and other 5,587 8,032 5,587 8,036 Total direct expense $ 144,351 $ 124,209 $ 270,984 $ 233,888

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense under the Company’s plans was as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) Stock-based compensation expense $ 17,822 $ 21,390 $ 36,720 $ 40,843 Tax effect on stock-based compensation expense (4,545) (5,454) (9,364) (10,415) Net effect on income (loss) $ 13,277 $ 15,936 $ 27,356 $ 30,428
Schedule of Option Activity under the Company's Plans	The following table summarizes option activity under the Company’s plans: Weighted Weighted Average Average Remaining Aggregate Options Exercise Price Contractual Life Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2023 202,166 $ 45.22 Exercised (36,368) $ 40.39 Forfeited (186) $ 72.52 Outstanding and exercisable as of June 30, 2024 165,612 $ 46.25 1.1 $ 2,706
Summary of RSU and PSU Activity	The following table summarizes RSU and PSU activity under the Company’s plans: RSUs PSUs Number of Weighted Average Grant Date Fair Value per Share Number of Weighted Average Grant Date Fair Value per Share Non-vested as of December 31, 2023 1,449,253 $ 65.78 223,058 $ 72.92 Granted 1,322,799 $ 51.56 37,270 $ 83.76 Vested (616,133) $ 66.15 (28,323) $ 69.82 Forfeited (155,652) $ 59.00 (91,712) $ 70.76 Non-vested as of June 30, 2024 2,000,267 $ 56.79 140,293 $ 77.84

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Loss before Income Tax Provision (Benefit)	The following table presents the calculation for the Company’s effective tax rate: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands, except for effective tax rate) Loss before income tax provision (benefit) and equity method investments $ (80,335) $ (20,328) $ (76,008) $ (36,380) Gain (loss) from equity method investments 482 (2,386) (1,801) (5,326) Loss before income tax provision (benefit) $ (79,853) $ (22,714) $ (77,809) $ (41,706) Income tax provision (benefit) $ (652) $ 418 $ 853 $ 24,187 Effective tax rate 0.8% (1.8)% (1.1)% (58.0)%

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Anti-Dilutive Securities Excluded from Computation of Diluted Earnings per Share	Securities that were anti-dilutive and therefore excluded from the computation of diluted net loss per share were as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Convertible Notes 10,811,884 11,253,471 10,811,884 11,361,458 Non-vested RSUs and PSUs 2,140,560 2,206,000 2,140,560 2,206,000 Options to purchase common stock 165,612 237,556 165,612 237,556 Total anti-dilutive securities 13,118,056 13,697,027 13,118,056 13,805,014

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Income (Loss) from Operations 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, 2024 2023 2024 2023 (in thousands) Envestnet Wealth Solutions $ 53,171 $ 22,705 $ 92,101 $ 45,303 Envestnet Data & Analytics (101,778) (10,299) (107,517) (17,214) Nonsegment operating expenses (26,940) (27,718) (51,423) (54,458) Loss from operations (75,547) (15,312) (66,839) (26,369) Other expense, net (4,788) (5,016) (9,169) (10,011) Loss before income tax provision (benefit) and equity method investments (80,335) (20,328) (76,008) (36,380) Income tax provision (benefit) (652) 418 853 24,187 Gain (loss) from equity method investments 482 (2,386) (1,801) (5,326) Net loss (79,201) (23,132) (78,662) (65,893) Add: Net loss attributable to non-controlling interest — 1,716 1,974 3,249 Net loss attributable to Envestnet, Inc. $ (79,201) $ (21,416) $ (76,688) $ (62,644)
Schedule of Consolidated Total Assets	The following table presents a summary of consolidated total assets by segment: June 30, December 31, 2024 2023 (in thousands) Envestnet Wealth Solutions $ 1,585,678 $ 1,562,600 Envestnet Data & Analytics 209,294 314,652 Consolidated total assets $ 1,794,972 $ 1,877,252

Organization and Description _2

Organization and Description of Business (Details)	6 Months Ended
	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Debt, net of current portion	$ (879,079)		$ (879,079)		$ (562,080)
Direct expense	144,351	$ 124,209	270,984	$ 233,888
General and administrative	52,924	54,375	104,989	108,725
Depreciation and amortization	(45,733)	(32,065)	(79,625)	(63,585)
Net cash provided by operating activities			(91,054)	(38,476)
Net cash used in financing activities			(584)	48,596
Total revenue	348,273	312,434	673,223	611,141
Fees receivable, net	$ 129,252		$ 129,252		120,958
Revision of Prior Period, Error Correction, Adjustment
Disaggregation of Revenue [Line Items]
Debt, current					314,500
Debt, net of current portion					314,500
Direct expense		700		1,400
General and administrative		1,100		1,800
Depreciation and amortization		(1,800)		(3,200)
Net cash provided by operating activities				800
Net cash used in financing activities				800
Private Services Company
Disaggregation of Revenue [Line Items]
Ownership percentage	3.70%		3.70%
Private Services Company | Related Party
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,100	$ 3,300	$ 4,700	$ 6,900
Fees receivable, net	$ 400		$ 400		$ 1,700
Private Company
Disaggregation of Revenue [Line Items]
Ownership percentage	40%		40%

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid technology	$ 17,495	$ 14,630
Income tax prepayments and receivables	12,223	9,625
Prepaid data servers	6,132	7,991
Non-income tax receivable	4,030	4,041
Prepaid insurance	3,816	2,785
Other	14,203	12,400
Total prepaid expenses and other current assets	$ 57,899	$ 51,472

Internally Developed Software_3

Internally Developed Software, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Internally developed software, net	$ 205,090		$ 205,090		$ 224,713
Internally developed software amortization	$ 28,238	$ 12,398	$ 44,106	$ 23,488
Internally developed software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years		5 years
Internally developed software	$ 416,849		$ 416,849		405,078
Less: accumulated amortization	(211,759)		(211,759)		(180,365)
Internally developed software, net	205,090		205,090		$ 224,713
Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Internally developed software amortization	$ 12,900		$ 12,900

Geographical Information (Detai

Geographical Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	$ 250,731	$ 272,936
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	248,351	270,381
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	$ 2,380	$ 2,555

Intangible Assets, Net - Intang

Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 694,057	$ 712,838
Accumulated Amortization	(382,189)	(374,770)
Net Carrying Amount	311,868	338,068
Customer lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	593,200	604,080
Accumulated Amortization	(335,834)	(327,042)
Net Carrying Amount	257,366	277,038
Proprietary technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	89,857	93,058
Accumulated Amortization	(39,605)	(37,052)
Net Carrying Amount	50,252	56,006
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,000	15,700
Accumulated Amortization	(6,750)	(10,676)
Net Carrying Amount	$ 4,250	$ 5,024

Intangible Assets, Net - Narrat

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Envestnet Wealth Solutions
Finite-Lived Intangible Assets [Line Items]
Cost of fully amortized and retired assets	$ 21.8	$ 17.5

Intangible Assets, Net - Future

Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Future amortization expense of the intangible assets
Remainder of 2024	$ 28,595
2025	54,573
2026	47,048
2027	38,272
2028	30,896
Thereafter	112,484
Net Carrying Amount	$ 311,868	$ 338,068

Depreciation and Amortization_3

Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Intangible asset amortization	$ 14,457	$ 15,720	$ 29,199	$ 32,660
Internally developed software amortization	28,238	12,398	44,106	23,488
Property and equipment depreciation	3,038	3,947	6,320	7,437
Total depreciation and amortization	45,733	$ 32,065	79,625	$ 63,585
Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Internally developed software amortization	$ 12,900		$ 12,900

Goodwill - Goodwill by Segment

Goodwill - Goodwill by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Changes in the carrying amount of the Company's goodwill
Balance as of period start			$ 806,563
Deconsolidation of non-controlling interest			(19,409)
Goodwill impairment	$ (96,269)	$ 0	(96,269)	$ 0
Foreign currency translation and other			0
Balance as of period end	690,885		690,885
Envestnet Wealth Solutions
Changes in the carrying amount of the Company's goodwill
Balance as of period start			710,326
Deconsolidation of non-controlling interest			(19,409)
Goodwill impairment			0
Foreign currency translation and other			(32)
Balance as of period end	690,885		690,885
Envestnet Data & Analytics
Changes in the carrying amount of the Company's goodwill
Balance as of period start			96,237
Deconsolidation of non-controlling interest			0
Goodwill impairment			(96,269)
Foreign currency translation and other			32
Balance as of period end	$ 0		$ 0

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 96,269	$ 0	$ 96,269	$ 0

Investments in unconsolidated_2

Investments in unconsolidated entities (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Dilution gain on equity method investee share issuance	$ 19.5	$ 19.5
Equity method investments	$ 41.9	$ 41.9

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 31, 2023
Other Asset [Line Items]
Impairment of investments			$ 0
Notes Receivable
Other Asset [Line Items]
Receivable with imputed interest, face amount					$ 20
Interest rate					8%
Notes Receivable | Other Nonoperating Income (Expense)
Other Asset [Line Items]
Interest income	$ 0.4	$ 0.4	$ 0.8	$ 0.7

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued investment manager fees	$ 125,529	$ 106,612
Accrued compensation and related taxes	52,136	72,466
Accounts payable	19,437	35,738
Accrued professional services	17,132	14,289
Accrued technology	4,142	4,151
Accrued interest	2,473	2,473
Other accrued expenses	4,659	5,695
Total accounts payable, accrued expenses and other current liabilities	$ 225,508	$ 241,424

Accounts Payable, Accrued Exp_4

Accounts Payable, Accrued Expenses and Other Current Liabilities - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Accrued severance		$ 4,475		$ 10,279
Cash payments		9,898
Accrued compensation		$ 2,800
Forecast
Restructuring Cost and Reserve [Line Items]
Cash payments	$ 1,900		$ 1,700

Accounts Payable, Accrued Exp_5

Accounts Payable, Accrued Expenses and Other Current Liabilities - Restructuring and Related Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 10,279
Severance expense	4,094
Cash payments	(9,898)
Ending balance	4,475
Operating Segments | Envestnet Wealth Solutions
Restructuring Reserve [Roll Forward]
Beginning balance	9,793
Severance expense	2,436
Cash payments	(7,754)
Ending balance	4,475
Operating Segments | Envestnet Data & Analytics
Restructuring Reserve [Roll Forward]
Beginning balance	486
Severance expense	13
Cash payments	(499)
Ending balance	0
Nonsegment
Restructuring Reserve [Roll Forward]
Beginning balance	0
Severance expense	1,645
Cash payments	(1,645)
Ending balance	$ 0

Debt - Summary of Outstanding D

Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Issuance Amount	$ 892,500	$ 892,500
Unamortized Issuance Costs	(13,421)	(15,888)
Carrying Value	879,079	876,612
Level II
Debt Instrument [Line Items]
Fair Value (Level II)	922,022	866,704
Convertible Notes Payable | Convertible Notes due 2025
Debt Instrument [Line Items]
Issuance Amount	317,500	317,500
Unamortized Issuance Costs	(2,060)	(2,968)
Carrying Value	315,440	314,532
Convertible Notes Payable | Convertible Notes due 2025 | Level II
Debt Instrument [Line Items]
Fair Value (Level II)	307,778	294,958
Convertible Notes Payable | Convertible Notes due 2027
Debt Instrument [Line Items]
Issuance Amount	575,000	575,000
Unamortized Issuance Costs	(11,361)	(12,920)
Carrying Value	563,639	562,080
Convertible Notes Payable | Convertible Notes due 2027 | Level II
Debt Instrument [Line Items]
Fair Value (Level II)	614,244	571,746
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Issuance Amount	0	0
Unamortized Issuance Costs	0	0
Carrying Value	0	0
Revolving Credit Facility | Line of Credit | Revolving Credit Facility | Level II
Debt Instrument [Line Items]
Fair Value (Level II)	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Aug. 31, 2020
Debt Instrument [Line Items]
Aggregate principal outstanding	$ 892,500	$ 892,500
0.75% Convertible Notes due 2025 | Convertible Notes Payable
Debt Instrument [Line Items]
Issuance amount			$ 517,500
Interest rate			0.75%
Aggregate principal outstanding	$ 317,500

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - Revolving Credit Facility - Line of Credit - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Debt issuance costs	$ 700,000	$ 700,000
Other Noncurrent Assets
Debt Instrument [Line Items]
Debt issuance costs	1,100,000	1,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility amount	500,000,000
Debt settlement amounts outstanding under the revolving credit facility	0	$ 0
Letter of Credit
Debt Instrument [Line Items]
Credit facility amount	$ 20,000,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Convertible Notes interest	$ 4,369	$ 4,543	$ 8,738	$ 9,108
Amortization of debt discount and issuance costs	1,412	1,427	2,817	2,869
Undrawn and other fees	316	311	631	624
Revolving Credit Facility interest	0	250	0	250
Total interest expense	$ 6,097	$ 6,531	$ 12,186	$ 12,851

Debt - Effective Interest Rate

Debt - Effective Interest Rate of Notes (Details)	Jun. 30, 2024	Jun. 30, 2023
Convertible Notes due 2025
Debt Instrument [Line Items]
Effective interest rate	1.30%	1.30%
Convertible Notes due 2027
Debt Instrument [Line Items]
Effective interest rate	3.20%	3.20%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Level I
Assets:
Assets to fund deferred compensation liability	$ 0	$ 0
Total assets	56,680	51,653
Liabilities:
Deferred compensation liability	8,917	8,045
Total liabilities	8,917	8,045
Level I | Money market funds
Assets:
Money market funds	56,680	51,653
Level II
Assets:
Assets to fund deferred compensation liability	0	0
Total assets	0	0
Liabilities:
Deferred compensation liability	0	0
Total liabilities	0	0
Level II | Money market funds
Assets:
Money market funds	0	0
Level III
Assets:
Assets to fund deferred compensation liability	11,444	10,961
Total assets	11,444	10,961
Liabilities:
Deferred compensation liability	0	0
Total liabilities	0	0
Level III | Money market funds
Assets:
Money market funds	0	0
Fair Value
Assets:
Assets to fund deferred compensation liability	11,444	10,961
Total assets	68,124	62,614
Liabilities:
Deferred compensation liability	8,917	8,045
Total liabilities	8,917	8,045
Fair Value | Money market funds
Assets:
Money market funds	$ 56,680	$ 51,653

Fair Value Measurements - Level

Fair Value Measurements - Level III (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value of Assets Used to Fund Deferred Compensation Liability
Beginning balance	$ 10,961
Fair value adjustments and fees	483
Ending balance	$ 11,444
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [extensible enumeration]	General and administrative

Revenue and Direct Expense - Di

Revenue and Direct Expense - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 348,273	$ 312,434	$ 673,223	$ 611,141
United States
Revenue:
Total revenue	342,749	306,946	662,320	600,160
International
Revenue:
Total revenue	5,524	5,488	10,903	10,981
Total recurring revenue
Revenue:
Total revenue	337,473	300,721	657,551	594,732
Asset-based
Revenue:
Total revenue	219,485	185,762	422,101	362,694
Subscription-based
Revenue:
Total revenue	117,988	114,959	235,450	232,038
Professional services and other revenue
Revenue:
Total revenue	10,800	11,713	15,672	16,409
Envestnet Wealth Solutions
Revenue:
Total revenue	312,108	275,824	601,918	536,473
Envestnet Wealth Solutions | Total recurring revenue
Revenue:
Total revenue	304,219	265,506	591,003	522,908
Envestnet Wealth Solutions | Asset-based
Revenue:
Total revenue	219,485	185,762	422,101	362,694
Envestnet Wealth Solutions | Subscription-based
Revenue:
Total revenue	84,734	79,744	168,902	160,214
Envestnet Wealth Solutions | Professional services and other revenue
Revenue:
Total revenue	7,889	10,318	10,915	13,565
Envestnet Data & Analytics
Revenue:
Total revenue	36,165	36,610	71,305	74,668
Envestnet Data & Analytics | Total recurring revenue
Revenue:
Total revenue	33,254	35,215	66,548	71,824
Envestnet Data & Analytics | Asset-based
Revenue:
Total revenue	0	0	0	0
Envestnet Data & Analytics | Subscription-based
Revenue:
Total revenue	33,254	35,215	66,548	71,824
Envestnet Data & Analytics | Professional services and other revenue
Revenue:
Total revenue	$ 2,911	$ 1,395	$ 4,757	$ 2,844

Revenue and Direct Expense - Ob

Revenue and Direct Expense - Obligation (Details) $ in Millions	Jun. 30, 2024 USD ($)
Remaining Performance Obligations
Remaining performance obligations	$ 546.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Remaining Performance Obligations
Revenue, remaining performance obligation, percentage	22%
Revenue recognition period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Remaining Performance Obligations
Revenue, remaining performance obligation, percentage	56%
Revenue recognition period	1 year

Revenue and Direct Expense - Na

Revenue and Direct Expense - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Decrease in contract with customer, liability			$ (4,000,000)
Recognized deferred revenue	$ 8,000,000	$ 11,500,000	23,900,000	$ 28,200,000
Deferred sales incentive compensation	10,500,000		10,500,000		$ 11,500,000
Amortization expense for the deferred sales incentive compensation	$ 1,200,000	$ 1,200,000	2,400,000	2,300,000
Impairment loss for capitalized costs			$ 0	$ 0

Revenue and Direct Expense - _2

Revenue and Direct Expense - Direct Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Product Information [Line Items]
Direct expense	$ 144,351	$ 124,209	$ 270,984	$ 233,888
Asset-based
Product Information [Line Items]
Direct expense	130,116	108,532	248,519	211,155
Subscription-based
Product Information [Line Items]
Direct expense	8,648	7,645	16,878	14,697
Professional services and other
Product Information [Line Items]
Direct expense	$ 5,587	$ 8,032	$ 5,587	$ 8,036

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Mar. 14, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-Based compensation
Award contractual term	10 years
Maximum number of shares available for future issuance (in shares)		5,134,325		5,134,325
Statutory rate (as a percent)		25.50%	25.50%	25.50%	25.50%
Number of shares authorized (in shares)	5,100,000
RSUs
Stock-Based compensation
Unrecognized compensation expense related to shares		$ 93.4		$ 93.4
Unrecognized compensation expense weighted-average recognition period				2 years
PSUs
Stock-Based compensation
Unrecognized compensation expense related to shares		$ 2.9		$ 2.9
Unrecognized compensation expense weighted-average recognition period				2 years

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 17,822	$ 21,390	$ 36,720	$ 40,843
Tax effect on stock-based compensation expense	(4,545)	(5,454)	(9,364)	(10,415)
Net effect on income (loss)	$ 13,277	$ 15,936	$ 27,356	$ 30,428

Stock-Based Compensation - Opti

Stock-Based Compensation - Options (Details) - Options $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Options
Outstanding at the beginning of the period (in shares) | shares	202,166
Exercised (in shares) | shares	(36,368)
Forfeited (in shares) | shares	(186)
Outstanding at the end of the period (in shares) | shares	165,612
Options exercisable (in shares) | shares	165,612
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 45.22
Exercised (in dollars per share) | $ / shares	40.39
Forfeited (in dollars per share) | $ / shares	72.52
Outstanding at the end of the period (in dollars per share) | $ / shares	46.25
Options exercisable (in dollars per share) | $ / shares	$ 46.25
Weighted Average Remaining Contractual Life
Outstanding	1 year 1 month 6 days
Options exercisable	1 year 1 month 6 days
Aggregate Intrinsic Value
Outstanding (in dollars) | $	$ 2,706
Options exercisable (in dollars) | $	$ 2,706

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
RSUs
Number of Shares
Balance at the beginning of the period (in shares) | shares	1,449,253
Granted (in shares) | shares	1,322,799
Vested (in shares) | shares	(616,133)
Forfeited (in shares) | shares	(155,652)
Balance at the end of the period (in shares) | shares	2,000,267
Weighted Average Grant Date Fair Value per Share
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 65.78
Granted (in dollars per share) | $ / shares	51.56
Vested (in dollars per share) | $ / shares	66.15
Forfeited (in dollars per share) | $ / shares	59
Balance at the end of the period (in dollars per share) | $ / shares	$ 56.79
PSUs
Number of Shares
Balance at the beginning of the period (in shares) | shares	223,058
Granted (in shares) | shares	37,270
Vested (in shares) | shares	(28,323)
Forfeited (in shares) | shares	(91,712)
Balance at the end of the period (in shares) | shares	140,293
Weighted Average Grant Date Fair Value per Share
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 72.92
Granted (in dollars per share) | $ / shares	83.76
Vested (in dollars per share) | $ / shares	69.82
Forfeited (in dollars per share) | $ / shares	70.76
Balance at the end of the period (in dollars per share) | $ / shares	$ 77.84

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Loss before income tax provision (benefit) and equity method investments	$ (80,335)	$ (20,328)	$ (76,008)	$ (36,380)
Gain (loss) from equity method investments	482	(2,386)	(1,801)	(5,326)
Loss before income tax provision (benefit)	(79,853)	(22,714)	(77,809)	(41,706)
Income tax provision (benefit)	$ (652)	$ 418	$ 853	$ 24,187
Effective tax rate	0.80%	(1.80%)	(1.10%)	(58.00%)

Net Loss Per Share - Anti-Dilut

Net Loss Per Share - Anti-Dilutive Securities Excluded from Computation of Diluted Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common share equivalents for securities that were anti-dilutive and therefore excluded from the computation of diluted earnings per share
Anti-dilutive securities excluded from computation of diluted loss per share (in shares)	13,118,056	13,697,027	13,118,056	13,805,014
Convertible Notes
Common share equivalents for securities that were anti-dilutive and therefore excluded from the computation of diluted earnings per share
Anti-dilutive securities excluded from computation of diluted loss per share (in shares)	10,811,884	11,253,471	10,811,884	11,361,458
Non-vested RSUs and PSUs
Common share equivalents for securities that were anti-dilutive and therefore excluded from the computation of diluted earnings per share
Anti-dilutive securities excluded from computation of diluted loss per share (in shares)	2,140,560	2,206,000	2,140,560	2,206,000
Options to purchase common stock
Common share equivalents for securities that were anti-dilutive and therefore excluded from the computation of diluted earnings per share
Anti-dilutive securities excluded from computation of diluted loss per share (in shares)	165,612	237,556	165,612	237,556

Segment Information - Reconcili

Segment Information - Reconciliation of Income (Loss) From Operations (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment					2
Loss from continuing operations	$ (75,547)		$ (15,312)		$ (66,839)	$ (26,369)
Nonsegment operating expenses	(423,820)		(327,746)		(740,062)	(637,510)
Other expense, net	(4,788)		(5,016)		(9,169)	(10,011)
Loss before income tax provision (benefit) and equity method investments	(80,335)		(20,328)		(76,008)	(36,380)
Income tax provision (benefit)	(652)		418		853	24,187
Gain (loss) from equity method investments	482		(2,386)		(1,801)	(5,326)
Net loss	(79,201)	$ 539	(23,132)	$ (42,761)	(78,662)	(65,893)
Add: Net loss attributable to non-controlling interest	0		1,716		1,974	3,249
Net loss attributable to Envestnet, Inc.	(79,201)		(21,416)		(76,688)	(62,644)
Operating Segments | Envestnet Wealth Solutions
Segment Reporting Information [Line Items]
Loss from continuing operations	53,171		22,705		92,101	45,303
Operating Segments | Envestnet Data & Analytics
Segment Reporting Information [Line Items]
Loss from continuing operations	(101,778)		(10,299)		(107,517)	(17,214)
Nonsegment
Segment Reporting Information [Line Items]
Nonsegment operating expenses	$ (26,940)		$ (27,718)		$ (51,423)	$ (54,458)

Segment Information - Summary o

Segment Information - Summary of Consolidated Total Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Consolidated total assets	$ 1,794,972	$ 1,877,252
Envestnet Wealth Solutions
Segment Reporting Information [Line Items]
Consolidated total assets	1,585,678	1,562,600
Envestnet Data & Analytics
Segment Reporting Information [Line Items]
Consolidated total assets	$ 209,294	$ 314,652

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions			3 Months Ended		6 Months Ended
	Jan. 30, 2023 claim	Jul. 19, 2021 claim	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) claim	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)
Other Commitments [Line Items]
Number of previous claims experienced | claim					0
Case No. 3:20-cv-05991-SK
Other Commitments [Line Items]
Claims dismissed | claim	1	2
Redi Technologies acquisition
Other Commitments [Line Items]
Payments for bonuses | $			$ 1.7	$ 1.1	$ 1.7	$ 1.5
Certain Executives | Redi Technologies acquisition
Other Commitments [Line Items]
Contingent consideration | $							$ 20

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares	Jul. 11, 2024	Jun. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)		$ 0.005	$ 0.005
Subsequent Event | BCPE Pequod Buyer, Inc.
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$ 0.005
Merger share price (in dollars per share)	$ 63.15