Core Viewpoint - Envestnet, Inc. reported mixed second-quarter 2024 results, with earnings missing estimates while revenues exceeded expectations [1] Financial Performance - Earnings per share were 55 cents, missing the Zacks Consensus Estimate by 12.7%, but increased 19.6% year over year [2] - Total revenues reached $348.3 million, surpassing the consensus estimate by 1.6% and growing 11.5% year over year [2] - Adjusted EBITDA rose 39% from the previous year to $77.8 million, with an adjusted EBITDA margin increase of 440 basis points to 22.3% [4] Revenue Breakdown - Asset-based recurring revenues were $219.5 million, accounting for 63% of total revenues, and increased 18% year over year [3] - Subscription-based recurring revenues amounted to $118 million, contributing 34% to total revenues and growing 3% from the second quarter of 2023 [3] - Professional services and other non-recurring revenues decreased 8% year over year to $10.8 million [3] Cash Flow and Debt - Cash and cash equivalents were $122 million, up from $61.23 million in the previous quarter [5] - Total debt at the end of the second quarter was $892.5 million, an increase from $877.84 million in the prior quarter [5] - The company generated $89.1 million in cash from operating activities, with adjusted free cash flow amounting to $67 million [5] Stock Performance - Envestnet's shares have gained 25.8% over the past six months, outperforming the industry’s 2.4% increase and the Zacks S&P 500 Composite's 11.8% rise [2]
Envestnet (ENV) Shares Barely Move After Q2 Earnings Miss