professional quarters, productivity the Consistent this management advisers which and direct leading other higher in possible with conference offset wealth services professionals experienced annual platform. Jim. growth and our At slightly our May, expenses the Thanks, revenue, Envestnet made second X,XXX firsthand client by conference Elevate incurred. associated caused nearly
growth over increased breadth meaningful access dormant effort fees QX segment QX the our reduce In our won't to our by revenues asset-based We QX over accounts million, a constructs X% representing XXX,XXX, platform a primarily across platforms. account among our to reported revenue unfunded declined consisting clients X% XX.X growth year-over-year. subscription-based to During in extent during platform diversified to the provide driven fit that Wealth both have client impact. defined we XXXX. needs.
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portfolio range revenues services, and as the asset-based with to performance discretionary managed indexing improve accounts traditional such to reporting risk-adjusted full of fiduciary tailored management include customization from technology and results. that Our after-tax offerings both and higher-touch blends consolidated solutions, our
We accounts. inflows have experienced Wealth structural asset-based into revenue Solutions
inflows total of clients. our $XX relationships nearly QX, During expanded with billion reflects existing
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during of all billion XXXX. of of flows compares half to AUM AUM flows of approximately for the XXXX Our first $XX $XX billion
by XXXX, asset-based over XX% improving market QX increase total Solutions by from QX million, XXXX, revenue During was generated conditions. $XXX Wealth an supported
oriented Our offerings. subscription-based software-as-a-service revenue represents our
representing subscription-based Wealth During of growth QX, QX Solutions we XXXX. over X% revenue million, $XX over delivered
funding FDx and from the with led deconsolidated round our company clients. results Envestnet we recent in insurance connection by QX, partners During
round. segment consolidated of Envestnet Wealth million over to revenue. with to XXXX, XX% representing this FDx total, $X $XXX shareholder over in contribution revenue grew Solutions XXXX. approximately approximately In funding QX, million in subscription during FDx growth participating Envestnet, not revenue despite QX the of largest this XX% is During contributed in
across banking our Turning which subscription-based alternative offerings. open business, Analytics Data & generates revenues to and data
XXXX. with revenue representing as X% revenue QX a QX During from QX, D&A primary QX our services revenue was $XX.X represented million, X% driver. decline increase professional from the a
noncash business $XX million consistent quarters, efforts.
In acquisition our to impairment the created business with of X revenue Our of Yodlee. writing last off stabilization a been of XXXX has QX, flat related goodwill with recurring connection approximately subscription charge by recorded during D&A the Envestnet's remaining we $XX million the during conditions,
expenses. to moving Now on
As previously of combination detailed, expenses. and noncontrollable costs consist manageable of a Envestnet's
include third industry Our asset-based move tandem noncontrollable that revenue payments the in to in growth. wealth parties with expenses common
included million direct $XXX expenses asset-based of these QX of $XXX million costs. Our
manageable costs fall into non-compensation Our X compensation-related, and capital general expenditures. categories: expenses
compensation of reminder, a its XX%, XXXX, by during infrastructure the conclusion as investment. elevated Regarding expenses, a count of Envestnet head consistent reduced period with platform
roughly be our during head to XXXX. expect We count flat
compensation-related As accounting development. treatment results, stock-based benefits, we software despite regardless discussed include which connection variable in in and on severance regarding compensation of salary, improved calls, a decline increased previous total all costs, with expect compensation
area expenses, capitalizable operating encompasses with major software non-compensation is total free second all of costs on consistent The other cash flow. development, which focus expenses, our including
headwinds, despite calls, costs be we our modestly continue to prior will on anticipate versus XXXX lower non-compensation discussed As scale. given inflationary our
with for annual consistent Finally, CapEx million cycle. was planning our $X QX,
$XX cash XXXX XXXX. was a from $XX QX free during improvement Our million flow negative during QX from during QX million, million sequential up $XX and
half $XXX generation, improved generated During in more efficiency all approximately million cash and XXXX, to the our by $XX free Cash sheet driven flow, free of than increased of cash our on balance million, Envestnet flow first of XXXX. conversion. it generated
our cash to a was reduction adjusted leverage QX, than over the full ago. representing more defined turn of X.Xx, EBITDA, year debt approximately relative ratio, trailing of a end As as of total less leverage
by items to during related charge, connection our $XX continued our our losses gains FDx development flow from our described In or partially deconsolidation. These QX, noncash impairment of items. accounting by our platform is were to previously are include cash million with There financial offset these our previously streamlining no to software impact in results capitalized operations. connection from $XX efforts. with the accounting enhance minority primarily investments writing off addition from cash These of gains impacted efforts million in
I'd our forward Envestnet our particularly closing, you we convey journey this new sincere Bain, a has been Before embarking pleased years. transaction look incredible have thank an to shareholders. to during to chapter. on We're employees, the on and XX clients, and like with announced our last stakeholders, to this all our
continue for grow our are evolve substantial for interest are confident company Thank Envestnet. days as your the capitalize and the and we opportunities to industry. our best that you on in We ahead firm's
