ENV - Earnings call transcript Q4 2017

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Operator

Good day, everyone, and welcome to the Envestnet Fourth Quarter 2017 Earnings Conference Call. Today's call is being recorded. At this time, I'd like to turn the conference over to Mr. Chris Curtis, Division CFO and Head of Investor Relations. Please go ahead, sir.

Chris Curtis

afternoon. good and you, Thank With me Chief Officer. Bergman, and are today's Officer; and call Executive Financial Jud Pete Chairman on D'Arrigo, Chief

Our envestnet.com press can fourth section. earnings associated quarter X-K Form release be the under and at Investor Relations found XXXX

we share. conference Quantitative discussing be not reconciliations and with GAAP information in companies. This revenues, information call, GAAP including and adjusted press certain net be accordance EBITDA, for is to adjusted information than calculated During information today's income, information net comparable adjusted will our this non-GAAP adjusted non-GAAP income per similar of the may differently in release. directly financial non-GAAP other most calculated appear

future material for will website call discussing numerous as available should are also expect. be you which This our cause Please refer will we during on These not SEC from current is our could certain of put call and be the available our differ time as undue discussions webcast recent on uncertainties the we affect information call month one These call and and website. not more will our them All earnings press to and guarantees filings remarks to subject live factors release, these on performance, replay to are statements developments. matters. for well are materially most subsequent reliance on the for therefore, information. being that be reflect made at the updated During could of that them. risks forward-looking are to not what

Jud. the And with call prepared will We over I that, remarks. our will after take turn to questions

Judson Bergman

us EBITDA execution market you fourth own everyone. earnings Thank strong today. completed adjusted for environment. year revenue, and organic growth and add welcome Thank a driven and a you, was by for I solid my of The Envestnet, it Chris. in quarter to joining healthy

growth XX% the XX% in XX% in the in earnings by strong quarter. adjusted growth delivered year's fourth adjusted As EBITDA quarter, over we of performance prior our increased and adjusted a result revenue, share per

full share the the increased adjusted XX%, increased grew earnings over per adjusted prior For revenue XX% year. year, and adjusted XX% EBITDA

As we through realized benefited consolidating synergies acquisitions. from previous the and our from cost margins leverage operating expanded

record For assets of of XX%, end nearly accounts administration, investor and increased These year, XXXX income And the and advisors assets. XX,XXX account more our X year the management million advisor nearly XX%. supported the metrics almost an XX%. results or By growth advisors drove full wealth advisor under during than resulted revenue accounts. with per per in in adjusted of trillion grew supported in This X,XXX nearly share. platform EBITDA net X.X adjusted XXXX increased

began advisors asset a investment solutions, been since to began for components unbundling our serve access opportunity. our have across compete providing revenue management we advisor advisors day over is and of management wellness services effectively later better certain and We one. a to larger The revenue both Financial margins enterprisers business meaningfully. we the prior introduced advisors software, Envestnet even extension broader strong from segments outcomes later XX%, growing providing lens goal advisors as deliver logical technology how expanded our were for segment We year. Yodlee same enterprise segment preferred firms. the wellness. better management through includes our offerings, with investment for the to those which the of turn-key our platform of wealth help and can and necessary And clients against value to the equally Envestnet, system our operating of results platform. fee-based Our making platform, net performed A their and unbundled financial this XX% growing ago, well, year offerings

leading the banks, process financial the serving far technology in becoming companies firms. at insurance reporting broker we independent advisors services architecture and as unified wealth strategic to thanks deliberate activity, innovation, management open than larger offering as more the are Today, dealers investment well platform management years effective performance of and other advisor example, For to advisors.

solutions, guaranteed goals classes, essential robust asset various net a Managing key investment long from or achieve achieve and that and outflows. ensure including sources, us is to maximize applications describe financial individual, and opportunistically given of deliver advice and long client's income, five a – Investing, investment starts risks. client’s short estate, wellness of main our income cash opportunity. budgeting, analytics, a security planning have very income deep managing and among We technology, assets data to their central spending financial believe for meeting and in this data, planning, understanding is that can on driven Our to seeking planning sources for we other in services to health, assets including plan, our components; has wellness briefly, long-term a that sufficient to capabilities and the financial protecting. provide inflows goals. the To real financial mortgages is role of financial includes investing, and credit, the with term education, personnel credit, action and goals enable appropriately or business. very returns, finally, costs, and plans financial evaluating allocating the help a gaining long-term or a Budgeting aiming of understanding And and areas advisor the other to goals. the about level protection clients play It of to when developing each long-term through in deployed achieve the and assisted situation. relative current pattern timing products important

support on much this Now, from budgeting of the this of ground opportunities to capabilities one and Financial planning, of $XX.X currently XX,XXX One families, managing -Edelman serve of transactions set Yodlee example planning we've planning services largest vision, in wellness their of than assets. investing nation's like Services. Edelman is independent will platform through already up, of and management Finance much clients a of to planning integration, quantitative these delivering embracing providing to is program some individuals managed are customer financial account the winning unified tools, more And the investment and providing Envestnet's we've and broader it. asset or managed a Envestnet's award we technology firms, that acquired including the portfolios. access financial includes and financial comprehensive portions and nearly built Logics. technology, by advanced billion Edelman

help and analytics measurement consumer managing their addition, advisors the capabilities coming combines we financial large May. execute In and investment launch on serve data, develop areas data, and be to enterprises clients. offering enterprises like Summit already and Edelman, Also, customers I to data that performance solution protection of our Advisor wellness. example This aggregated this enables better management institutions beginning will is credit providing solutions for broad another our that Envestnet Envision financial are we've the at to

As future, activity in and we we're the coming begin financial these other to long-term invest of to the we look to the half ourselves And growth the position realize to expect opportunities areas specifically wellness this investments beginning year. of will second see. in we

experience at lose X% about have to loss Pete, activity. activity. the Before our see some some client of redemptions which losses where to per do quite on would I losses, recent our I rare over want the to quarter during to we redemption client began two quarter, In effects it's usually one typical the those in In we due appeared looked turn the of customers, month. fourth Absent comment cases do in reasons.

does as is industry it firm, that sometimes in the acquired First, being a solutions. results consolidates, use not customer our by another it's

and consolidating revenue few and of technology. other an At quite then this buckets are expect with the use the for the does an I'll the XXXX. point, quarter, consolidating the the comes customer and Pete was in delivered that carryover impact guidance cases see a identified by to second cover these of When over recently, both XXXX an targets in created the our first WMS not client often flow go was cash Net acquirer consolidating transactions not FundQuest, case, beneficiary case of we of with model of and PlaceMark. loss or at with years each consolidating falls the value efficiencies the a from was This our where couple Now I'll acquisitions. and operating existing return early acquirer. investment incorporates activity that are have the expect on obtained we either fully expected majority a But We XXX% some do the The retention. can turn in And customer acquisitions. type year. existing exceeded fourth incremental of in growth from investment it met client way, least client acquisitions, the and we for priorities invested acquired through coming we client we not acquisitions financial customers the loss losses effects our with post-integration. these that capital had into to during as

Peter D'Arrigo

with $X.XX year. This our composition we $XXX of then investments our Adjusted guidance growth I'm EBITDA of quarter million revenue was are XX% was of is which last both was XX% and continue a revenue from expectations. last of increase revenue with quarter the grew adjusted for on our quarter business consistent consistent fourth results was fourth some $XX.X XX% quarter to and XXXX the and year, Thank and as spend recurring of fourth quarter, quarter during $X.XX reinvestment million, than subscriptions over with you, Jud. summarizing and per XX% or year in last adjusted year. and to going revenue balance first earnings Briefly Adjusted profitability XX% higher XXXX, revenue, time review the total the manage to full share, fourth the to results of XXXX. to licensing comparing the growth.

XXXX quarter I for XXXX, our provide first like as the to to context are year items outlook comparability effect there and Before which full some results. I'd our summarize of few

of we new we recognition of build the there tax the are standard that maintain of to long-term particular up consider finally base expect we the the and impact impact the within of core and four the income FolioDynamix core expect the overall the X.X in the accounting adjusted with acquisition and we be the we steps. relationship business, law Starting incorporate growth new In targets operations. effects EBITDA between business, to and to start guidance As times the with with our and revenue add revenue consistent taxes. growth and our growth

guidance XXXX have to Today's guidance December negative is our we although growth consistent we acknowledge on both using and approach last for volatility, a environment increased sales. outlook Our can have year. rates on remains market impact an neutral redemption with values, asset

Our to business. EBITDA the XX% to XX% full and XX% year revenue growth guidance XX% from is core adjusted for growth,

Folios include will FolioDynamix, for XXXX. for X, results Second we on close the transaction all given of January

finance As we EBITDA interest noted we adjusted business. costs on XX% our the began call, of our X be percentage adjusted in transaction. per FolioDynamix X% points marginally revenue to this this the is to to in a of integration acquisition growth XXXX, FolioDynamix accretive earnings to EBITDA process to X adds expect adjusted prior earnings growth we as in share and function exceeding

the Third, certain on rule, $XXX financial in initiatives, effect reduces material the reduce costs revenues Beginning leverage. the the or no the The incorporating growth with are revenue in of statements, consolidated impact new to first to Jud X will range XXXX of EBITDA no revenue Adding for on third-party not costs while percentage million our will of XXXX, X expect of and XXXX. financial adjusted $XXX grow rule X% to revenue rule. net million Also, accounting XX% which impact points under to equally treatment EBITDA. due XX% between we will the and the is by recognition of our to profitability to revenue that and be wellness decrease investment revenue compared standard new operating lower impact operations revenue new up in to mentioned, all we recognition X%. fees quarter XXXX with revenues a on will both effect will of to have

grow million earnings to a to in to earnings XX% million $XXX XX% to We all and the of to is to share $X.XX EBITDA expect XX% This XX% table up $X.XX. adjusted in summarized $XXX a per a release. be range adjusted of will range to

Tax Cuts passage Act way changes are taxes. income of be in the the Jobs present the we and With also there

federal utilize As time cash we the unchanged law. operating full some a payer, our we expect currently noted significant this and is net losses, have situation investment for not is new to tax tax with

estimated law taxes. normalized which new income net and we new reflects federal purposes under for X% reducing the are adjusted rate and rate tax XX%, reporting net XX% effective For and an state income of to per calculating XX% adjusted incremental the our share, from

Turning the $XXX up expect between we XX% million, to to to prior and be the total XX% year. $XXX first quarter, million revenue compared to

revenue our December $XXX XX% XX.X or and based or million higher on basis XX fee under is $XXX to than to Asset management XX.X rate The administration implied XXXX. million between XX% points. effective assets

nearly the $XX fees billion is to FolioDynamix, about billion that assets basis of earned with However, priced $XXX in points. of

in including So expect beginning balance, for that beyond. prior our with finance years, per quarter. other structure, higher million Xnd, and shares benefits impact seasonal the sequentially the the FolioDynamix we expect rate And debt due on be and quarter increase of quarter between is rate to of XX% of of and in further certain to $XX points. operating quarter. basis personnel should QX some rate compared with January XXXX. outstanding, long FolioDynamix. And And of fourth purchase normalized expenses the namely borrowed items XX% effective in than are capital a Concluding the closer we ended the to be earnings and share to payroll those first Adjusted the between the million which expenses fee of run assets particularly to nature due adjusted $XXX significantly we approximately X.X taxes effective on using quarter million to we diluted of we fourth EBITDA increase first all would expect XX% the be million this be will X.X to $XX.X term quarter to fourth $X.XX $XXX the first the $XX.X and million which to Similar inclusion tax for for total higher the quarter. from comments assuming

in And the initiatives for times business adjusted long-term growth back Envestnet. are to Jud continue be Priorities for of and X.X to As you this I'll EBITDA our $XXX for our your paying a current closing debt result, comments. point closer at XXXX. supporting investing levels some debt. for XXXX growth cash and our Thank at in million, it down about turn flow the to support

Judson Bergman

Thank you, Pete.

efforts first, our As we system to of our begin to to customers realize organization and to wellness second, XXXX, are our wealth growth mandate to management wellness. execute become fully financial integrate on successfully from our broadening employees; priorities our FolioDynamix align organic third, for and potential; operating to and development a financial potential preferred

consistent As Pete mentioned, our our core growth expectations for long-term XXXX with are targets.

revenue least we for As believe is to We our our Thank financial a systems with adjusted your wellness. mid-teens happy with time Thank the growing foreseeable you core are businesses. for for questions. Envestnet. take your we of support you our and for again afternoon. completion this And the of organic revenue data-centric your remarks, future intelligence this EBITDA as reminder, times target X.X we build in advice growth at sustainable growth prepared

Operator

We'll to with first Chris Instructions] [Operator William you. Blair. Shutler Thank go

Chris Shutler

afternoon. guys Hi good

I'm And losses those you guessing QX some of confirm well-known put it? of how rough there, the those losses can us some pretty year. number of names over some course you the Can of on customer customer sense are the headlines guidance? impacted Can you XXXX out the Jud, the a On give that?

Judson Bergman

for intend nor losses own to names quantification your guidance quarter any year. name. So, that. is in the going our you out and from have by the for can so, make not the that identify are It's I both policy we included there think And there. Chris, client forward inferences

Chris Shutler

just when XX% are trying the markets I'm the up number. conservative, just like I just to XX% convergences trying something? be extremely pretty seems and EBITDA missing strong get Okay. very were out you I business to wanted in what like I core strong, seem if growth low I it to guess but know

Judson Bergman

growth of less the and an growth And it's handful the a Well, rates has losses. EBITDA than revenue on client it effect rates.

Chris Shutler

fair Okay, enough.

impact? X% On we accounting does is impact pretty rate, across consistent that the AUM/AUA impacted and about revenue should on licensing. the to growth the think quarters How X% that

Peter D'Arrigo

Again of quarters I aware of providing. are opposite net and across payments of is not platform sometime to the described the it as will question sometimes the -- recognized a a is, clients where they we're again within It and manager it's effect but managers consistent services profitability recognizes is revenue of number you well those as going payments it's and over those manager affect. sometimes accounts directions, control of cost payments and and our going gross within there of those it's more this

is is it direction, reduction reduction of it's which in by is there cost one net in of a So, not that the revenue. the single offset but equally revenue

So, no impact there is on profitability.

Chris Shutler

and how lastly advisory of FolioDynamix, on you they potential maybe guess their case? of growing hoping a from you the Folio's somebody us up-sale kind that their realized side offend side offend Okay. other time on and client Folio customers. fastest using frame are commission Just overtime, than Can Envestnet, advisor made guys And just using is look over that you as can their their I customers then base. give as Thanks. client on the -- largest at side the or sense how the a you

Judson Bergman

analysis to something something that we something the I as icing or that by of synergies. see sort it up on sale is driven cost expect think we which overtime, investment return that our we suggested in is the So, do or cake, guided not on

some Envestnet are broader it's is extend we have base the become based. activity. enterprise in that where trading based, past where Envestnet into has commission business. There advisor primarily in spends in enterprises of opportunities is for FDX opportunities not out provided fee solution and that leverage it's tool the brokerage general adopted case when for their However, to could of set that Both entire forward. tools capabilities where a an going or and There a there the trading FolioDynamix commission fee-based the that we

So completing based that existing we'll be not that and the of will able to offer expect first we're the overtime, enterprise but clients. Envestnet capabilities a take integration all then we FDX on immediately solution to place broader

the is signups, area we of enterprise new competitive that expect conversions, potential benefit other even expanded engagements because will enterprise we than more The we currently for are of new capability. enterprise be new that,

Chris Shutler

you. Thank right. All

Operator

your take We O'Neill. with know question Chris from Donat Sandler

Judson Bergman

Hi, Chris.

Christopher Roy Donat

you thanks guidance on to to I guiding the afternoon. and lower XX% just else margin in down margins But what EBITDA about taking of your FolioDynamix got XX% headwinds are XXXX, XXXX the the EBITDA figure accounting got of and first trying what all nearly want a looks growth to I that's from because going change ask quarter you Good came course? just just for mean like waving revenues. of my to points there math about accounting for a EBITDA I'm questions. basis margins from are XXXX by EBITDA the for margin on Hi, to that you've initiatives, to Peter denominator like out represent going the there and change you anything

Peter D'Arrigo

Yes, just the again then two Folios from QX. adjustment QX there to and in seasonal

Christopher Roy Donat

like quarter, the we because payroll about and that some full from year the got then quarter, the $X.XX the the in in Okay right, earnings as rolls-off, quarterly think you ramp look first number. so decent second a stuff of

Peter D'Arrigo

the with way consistent played that's out well. XXXX Right, as

Christopher Roy Donat

split fee-based revenue with with is income quarterly aligns modeling about talked on it presentation think it revenues, what up sort AUA, between when our And AUM, the of lines acquisition just $XX announced in us, you but cetera? FolioDynamix of the FolioDynamix with et you as revenue wasn't tell roughly is you from then the remind Okay. FolioDynamix of can here, the million we statement the you

Peter D'Arrigo

primarily on detail I of where revenue will and you and of go four FolioDynamix XX% for a as so about Yes, going side, happy are impact net be gross and get want the number base XX% level so, call, that into were speaking is with net licensing number of is then come some still overall, but, based am to to the with side. fee don't we we impact, be a fee going I costs the there be was will will other and which overall is the talking subscription recognized about revenue the through granular on more to a lot lot generally and this have it analyzing in in, the to

Judson Bergman

on quarter, we you're think is if what part gross and question. will be changes and the XX% that recognizing go was net be based that revenues The the for of that you referencing X% recognition revenue Chris be XXXX to calculate will we I per significantly than to going of I revenue growth can was higher the guidance gross guidance that, behind your can on year-over-year. $XX the gave revenue earlier million

Christopher Roy Donat

I'll And Okay. follow-up.

Judson Bergman

what I you think were Right. asking. that's

Christopher Roy Donat

you very just seen bunch there move kind mean this I parts it here, it's on much. Yes, that's, something client do exception you you the is a – you and approves anything Nothing, Jud then Envestnet couple like very something does as seems rule moving yeah clients it history I on? a And periodically, you understand all don't just different loses of feel lastly, I so got the has not of to happen lose is trying or changed the about them. have of often, of philosophically that am just think of on going

Judson Bergman

for period the nothing time, think new higher kinds with going on. is set, respect of us been am is future. product So, I it in activity broker to that are and for be it’s past, I in activity going that the I dealers if particular With financial increase general services merger within think and than the level certain the some stay of of and strategic of to those that I anything and and this in area, may think foreseeable with competitiveness custodial to of acquisition the new respect a the

is we though growing the thing will while I you happened just to news. those plough the to things set remember in not growth a by I been growth new rarely if able good to and organically that organic through enterprise have that's same-store acquisition past, through organic But through guess and conversion. it's both that think the product sales main it's and

space On in market going will leader than always hand, think win that same and be to the be to the other the we're will share we consolidating the it predictable we I not but in probably always more lose, side.

Christopher Roy Donat

thanks I But Understood. -- it. appreciate for

Operator

next We'll Stifel. from question take Grossman David with our

Judson Bergman

Hi, David.

David Grossman

good afternoon. Jud, Hi

So, I wonder if I can just go back just some of the mechanics.

First losses in and client base. terms the the of

I us just I just think And the all sense that your if you the acquired. identified away base of that companies two of much buckets. related Can was not M&A sure how where the a of attrition you give that straight versus? I'm other the to went you're have understood right I but companies you've that and bucket if that within you acquiring understand you well from

bucket if how I you that And if why happens, those happens two help and you a between relative that right. understand just acquire second them customer if it --. maybe got the So magnitudes that us right forgot could when

Judson Bergman

question. the I Yeah, understand

merger impact The where activity first acquisition the the majority of the industry. coming in bucket is falls from and

if companies, of do get the we The to, elsewhere. about is through sometimes solution what second a It's through are a enables that a review we look to a acquired the prompts conversions. for to the going client full review that going we to When do consolidating acquisition, they're It to do is it go they're going conversion? conversion when sometimes if service conversion. way this prompts bring bucket savings we in-house

is so, that changes the from And conversion to which operating a for prompts client time-to-time. necessary efficiency realize it's activity, us the

client falls activity acquisition impending or transition making client the of buckets, from merger either And conversion results base. disruption and work from across those so, the client all activity client that the all into loss two disruptions consolidating of

David Grossman

XXXX. If then in said terms And dynamics underlying you XXXX? assumptions heard the these right, related to you see it. about some you the elevated think how I could to of that the Got redemptions in in

on marketplace could explain as the you kind So the maybe of if create that in actually a the as actually as of that kind higher in redemptions. I well. the factored well just a XXXX how alone thought Because assumptions terms volatility guidance, into redemption assumption would

to XXXX So two just trying impacted and understand they dynamics guidance? how of those kind your

Judson Bergman

Okay.

initial of as did our much year. one were guidance of on XXXX, for So, strongly redemptions we the that main outperformed reasons our below It's as the forecast. we versus

characterize and to anticipate is So. in of to a X% redemption trying is month, the it heightened for client the more through experienced a result normal, return not we than higher what we year, to what as in market would would base except volatility I we expect a the of rate over expect occur of over XXXX, what but of which which activity be of QX, losses. model level was year a per result

early continues So, XXXX. now we that into expect activity part there of to be loss some client the

comes see expect redemption, around, volatility. to to should no be elevated or QX levels primarily no So, that that of is should comes exclusively when and surprised around, one one increase market QX due

throughout we redemption heightened we And to Now in were client activity historic to continued expect be two first we all there or rates to by not standards. quarter say, expect some XXXX, of XXXX. But in XXXX that's identified. high than due redemption there abnormally the to the see losses higher that

David Grossman

the you higher Got of to that have that. terms core rate of may business? identifying investments could rate really rate, effort or in that need are year you an a you invest what calling to question and conclusion you're the versus third around the thanks higher growth increment you a the just maybe much at in terms kind you place what just maybe really in this the maybe happening incremental that and identified the needed market that for seeing of lead and and outline, at it, invest for the help the And is economic then us okay understand of out is from of to how kind accelerated that initiatives

David Grossman

believe the fiduciary business core the aggregation planning, we data solutions, management look the a that's analytics, wealth and of going than can the at owing and business, growth we solutions, we and as to we see financial attractive are per asset have adjusted scale. and the revenue profile growth data technology a cash the economies So, an grow to of share faster flow core that that our management earnings

our applications have that analytics, data understood, technology. narrow aggregation and to in data that we're finding financial scope and data that investment beyond capabilities go clearly narrow of we analytics data worse and As data planning scope, more

broader that advisors opportunities and to areas and there are We model, credit. protection are uncovering has income for broader security the as be in both areas the as the perhaps we eventually aggregation advisor’s opportunities go the areas in that to with those All are delivery those data areas that opportunities and of promising for want an enterprises capabilities covering. finding data retirement well data is and been is protection protection broader that deeper advisors data around with expect will to uncovering, who and centric enhanced analytics data respect the the

to technology, expect second at and we a adjacency we this year see extend that protection in we to intent year of this guidance. and the beyond investment that are half what to there with of So in we in the with very have we overall would the we that core we ROIC in that half year business the that, will like able the rate past, profile that nice data two, overtime, the that for we the investment make – to to and grow investment the second of yield identified favorable investment make is guiding an are a the planning, of half but around believe second

David Grossman

Okay, Appreciate great. that color. Thanks for it.

Operator

D. go A. with Peter next Heckmann, to Davidson. We'll instructions]. [Operator

Unidentified Analyst

on for [ph] to make Alexis redemption Peter, we're rate is want sure so understanding This firstly correctly. just that guy. I Hi

is that So, is be normal to mentioned a to values, be or return that we value? most for a X% XXXX will that going XXXX it you higher saw month see going to per the

Judson Bergman

normal month XXXX expecting XXXX. are what per we will expecting for in the come than activity in, the we we No, X% which experienced is of redemption are year that higher

Unidentified Analyst

end to where are clarification. XXXX you in you XX%? you of Thank in for the terms be And to margins EBITDA is run looking FolioDynamix of somewhere thinking okay. rate where Great, going that are we going realm – then

Judson Bergman

Not nearly high. that

type again this of It's it's nearly that to in it so that challenging to can integration goes on. margin, put the going terms but are it not of gross revenue, be We as really expecting component consolidated it's -- be, on a transaction, out high.

much that's you and denominator number a bad got -- of not going less. going same So estimate. on recognizing however on a be is revenue that to But based I understand revenue where net recognition that on we're because is same gross so number, on figure revenue that be that numerator number

Unidentified Analyst

half made And XXXX discretionary great. Yodlee makes sense, there investment any back were then lot a That we didn't there of we're of finally you. by in much the as Okay, you? thank maybe as seen expansion expecting. margin seeing that Where

Judson Bergman

expanded nicely as not were concerned, you expected? much No, it are you saying far as we as as

Unidentified Analyst

correct. that's Yeah,

Judson Bergman

had first very expansion nice We and in the during XXXX. Okay. the half segment, of margin some Yodlee XXXX

we that continue investment in capabilities. opportunity, see data to arms and our in requires and around getting aggregation and barriers in with to invest data credit are broader that data continuing particular this capabilities, we important science that data respect we insurance it's analytics As

And and delivering that's so, also we're nicely, our process scale of growing investing to the business investors. the in managing of benefits the

Unidentified Analyst

Thank you so Okay, much. great.

Operator

are would back remarks. And questions for Instructions] Bergman, the it like [Operator time. or further additional to conference turn Jud this I to appears there closing at any you no Mr.

Judson Bergman

introductions the forward questions And understanding of business a the dynamics. forward year effect I invite and to analysts want still I be of for in And Envision on May. a XXXX that you that Summit We helpful interested are to product success us. they in to feel would thank remarkable to looking part truly Advisor around Envestnet look any to for we're launch that were can of your the and the into amplification a new our work building schedules.

we just that will will the You with with that, call. the earnings should happening which hear that first your quarter for Thank about you close time. more before be And Summit.

Operator

This today's Thank call. concludes participation. for your you

may You disconnect. now

Envestnet (ENV) 22 Feb 182017 Q4 Earnings call transcript