# EDGAR Filing Document

**Accession Number:** 0001337619
**File Stem:** 0001337619-23-000005
**Filing Date:** 2023-2
**Character Count:** 95506
**Document Hash:** cb610b6ed7c38a04a9600e1136f13129
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001337619-23-000005.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001337619-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20230223

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENVESTNET, INC.
- **CENTRAL INDEX KEY:** 0001337619
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 201409613
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34835
- **FILM NUMBER:** 23659822

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 CHESTERBROOK BOULEVARD
- **STREET 2:** SUITE 250
- **CITY:** BERWYN
- **STATE:** PA
- **ZIP:** 19312
- **BUSINESS PHONE:** 312-827-2800

**MAIL ADDRESS:**
- **STREET 1:** 1000 CHESTERBROOK BOULEVARD
- **STREET 2:** SUITE 250
- **CITY:** BERWYN
- **STATE:** PA
- **ZIP:** 19312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENVESTNET ASSET MANAGEMENT GROUP INC
- **DATE OF NAME CHANGE:** 20050831

?xml version="1.0" ? env-20230223

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report: February 23, 2023** 

**Date of Earliest Event Reported: February 23, 2023** 

![env-20230223_g1.jpg](env-20230223_g1.jpg)

**ENVESTNET, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34835** | **20-1409613** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification Number) |

---

---

| | |
|:---|:---|
| **1000 Chesterbrook Boulevard, Suite 250, Berwyn, Pennsylvania** | **19312** |
| (Address of principal executive offices) | (Zip Code) |

---

**(312) 827-2800** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of exchange on which registered** |
| Common Stock, par value $0.005 per share | ENV | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition** |

---

On February 23, 2023, Envestnet, Inc. ("Envestnet") issued a press release regarding Envestnet's financial results for its fourth quarter and year ended December 31, 2022 and its fourth quarter 2022 supplemental presentation. The full text of Envestnet's press release and supplemental presentation are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in this Item 2.02 and the attached exhibits are being furnished to the Securities and Exchange Commission and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of Envestnet under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

---

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | Press Release dated February 23, 2023 |
| 99.2 | Fourth Quarter 2022 Supplemental Presentation |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release dated February 23, 2023](q42022exhibit991.htm)</u> |
| 99.2 | <u>[Fourth Quarter 202](q4earningssupplementfina.htm)[2](q4earningssupplementfina.htm)[Supplemental Presentation](q4earningssupplementfina.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 23, 2023

---

| | |
|:---|:---|
| ENVESTNET, INC. | ENVESTNET, INC. |
| By: | /s/ Peter H. D'Arrigo |
| Name: | Peter H. D'Arrigo |
| Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Envestnet Reports Fourth Quarter 2022 Financial Results**

Berwyn, PA — February 23, 2023 — Envestnet (NYSE: ENV), a leading provider of intelligent systems for wealth management and financial wellness, today reported financial results for its quarter and year ended December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | **Year Ended** | **Year Ended** | |
| | **December 31,** | **December 31,** | | **December 31,** | **December 31,** | |
|<br>**Key Financial Metrics**<br>**(in millions, except per share data)** | **2022** | **2021** |<br>**%**<br>**Change** | **2022** | **2021** |<br>**%**<br>**Change** |
| GAAP: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total revenues | $292.9 | $319.6 | (8)% | $1239.8 | $1186.5 | 4% |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(37.8) | $(5.3) | n/m | $(85.5) | $12.7 | n/m |
| &nbsp;&nbsp;&nbsp;Net income (loss) per diluted share attributable to Envestnet, Inc. | $(0.85) | $(0.09) | n/m | $(1.59) | $0.24 | n/m |
| Non-GAAP: |  |  |  |  |  |  |
| &nbsp;&nbsp;Adjusted revenues<sup>(1)</sup> | $292.9 | $319.7 | (8)% | $1240.0 | $1186.8 | 4% |
| &nbsp;&nbsp;Adjusted EBITDA<sup>(1)</sup> | $53.8 | $56.2 | (4)% | $220.1 | $261.7 | (16)% |
| &nbsp;&nbsp;Adjusted net income<sup>(1)</sup> | $29.9 | $32.7 | (9)% | $122.5 | $158.0 | (22)% |
| &nbsp;&nbsp;Adjusted net income per diluted share<sup>(1)</sup> | $0.45 | $0.50 | (10)% | $1.86 | $2.42 | (23)% |

---

__________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Envestnet does not forecast net income and net income per diluted share due to the unpredictable nature of various items adjusted for non-GAAP disclosure purposes, including the periodic GAAP income tax provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n/m - not meaningful

"Envestnet finished the year on a strong note and has turned the corner. The company delivered solid financial results, including margin expansion beginning in the fourth quarter despite the challenging environment," said Bill Crager, Chief Executive Officer.

**Financial Results for the Fourth Quarter of 2022 Compared to the Fourth Quarter of 2021:**

Total revenues decreased 8% to $292.9 million for the fourth quarter of 2022 from $319.6 million for the fourth quarter of 2021. Asset-based recurring revenues decreased 15% from the prior year period, and represented 57% of total revenues for the fourth quarter of 2022, compared to 61% of total revenues for the same period in 2021. Subscription-based recurring revenues increased 3% from the prior year period, and represented 41% of total revenues for the fourth quarter of 2022, compared to 37% of total revenues for the same period in 2021. Professional services and other non-recurring revenues decreased 7% from the prior year period.

Total operating expenses for the fourth quarter of 2022 decreased to $319.4 million compared to $321.0 million in the prior year period. Cost of revenues decreased 12% to $106.6 million for the fourth quarter of 2022 from $120.5 million for the fourth quarter of 2021. Compensation and benefits increased 4% to $121.3 million for the fourth quarter of 2022 from $116.7 million for the prior year period. Compensation and benefits were 41% of total

------

revenues for the fourth quarter of 2022, compared to 37% for the prior year period. General and administration expenses increased 7% to $58.2 million for the fourth quarter of 2022 from $54.2 million for the prior year period. General and administration expenses were 20% of total revenues for the fourth quarter of 2022, compared to 17% in the prior year period.

Loss from operations was $26.5 million for the fourth quarter of 2022 compared to loss from operations of $1.3 million for the fourth quarter of 2021. Net loss attributable to Envestnet, Inc. was $36.5 million, or $0.85 per diluted share, for the fourth quarter of 2022 compared to net loss of $5.1 million, or $0.09 per diluted share, for the fourth quarter of 2021.

Adjusted revenues<sup>(1)</sup> for the fourth quarter of 2022 decreased 8% to $292.9 million from $319.6 million for the prior year period. Adjusted EBITDA<sup>(1)</sup> for the fourth quarter of 2022 decreased 4% to $53.8 million from $56.2 million for the prior year period. Adjusted Net Income<sup>(1)</sup> for the fourth quarter of 2022 decreased 8% to $29.9 million from $32.7 million for the prior year period. Adjusted Net Income per Diluted Share<sup>(1)</sup> for the fourth quarter of 2022 was $0.45, compared to $0.50 in the fourth quarter of 2021.

**Financial Results for the Full Year of 2022 Compared to the Full Year of 2021:**

Total revenues increased 4% to $1.2 billion for the year ended December 31, 2022 from $1.2 billion for the year ended December 31, 2021. Asset-based recurring revenues increased 4% from the prior year period, and represented 60% of total revenues for the years ended December 31, 2022 and 2021. Subscription-based revenues increased 5% from the prior year period, and represented 39% of total revenues for the year ended December 31, 2022 compared to 38% of total revenues for the same period in 2021. Professional services and other non-recurring revenues increased 2% from the prior year period.

Total operating expenses for the year ended December 31, 2022 increased 14% to $1.3 billion from $1.1 billion in the prior year period. Cost of revenues increased 11% to $468.5 million for the year ended December 31, 2022 from $423.7 million for the year ended December 31, 2021. Compensation and benefits increased 13% to $490.7 million for the year ended December 31, 2022 from $432.8 million for the prior year period. Compensation and benefits were 40% of total revenues for the year ended December 31, 2022, compared to 36% in the prior year period. General and administration expenses increased 26% to $216.1 million for the year ended December 31, 2022 from $171.7 million for the prior year period. General and administration expenses were 17% of total revenues for the year ended December 31, 2022, compared to 14% in the prior year period.

Loss from operations was $66.0 million for the year ended December 31, 2022 compared to income from operations of $40.5 million for the year ended December 31, 2021. Net loss attributable to Envestnet, Inc. was $80.9 million, or $1.59 per diluted share, for the year ended December 31, 2022 compared to net income of $13.3 million, or $0.24 per diluted share, for the year ended December 31, 2021.

Adjusted revenues<sup>(1)</sup> for the year ended December 31, 2022 increased 4% to $1.24 billion from $1.19 billion for the prior year period. Adjusted EBITDA<sup>(1)</sup> for the year ended December 31, 2022 decreased 16% to $220.1 million from $261.7 million for the prior year period. Adjusted Net Income<sup>(1)</sup> decreased 22% for the year ended December 31, 2022 to $122.5 million from $158.0 million for the prior year period. Adjusted Net Income per Diluted Share<sup>(1)</sup> for the year ended December 31, 2022 decreased 23% to $1.86 from $2.42 in the year ended December 31, 2021.

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**Outlook**

Envestnet provided the following outlook for the first quarter ending March 31, 2023 and full year ending December 31, 2023. This outlook is based on the market value of assets under management or administration on December 31, 2022. We caution that we cannot predict the market value of these assets on any future date. See "Cautionary Statement Regarding Forward-Looking Statements."

Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Envestnet reported full-year adjusted revenues of $1.2 billion, a 4% year-over-year increase from 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA decreased by 16% in 2022 to $220.1 million and Adjusted Net Income per Diluted Share was $1.86.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **In Millions Except Adjusted EPS** | **1Q 2023** | **1Q 2023** | **1Q 2023** | **FY 2023** | **FY 2023** | **FY 2023** |
| GAAP: |  |  |  |  |  |  |
| Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based | $176.5 | - | $178.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription-based | $117.5 | - | $118.0 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total recurring revenues | $294.0 | - | $296.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services and other revenues | $5.0 | - | $5.6 |  |  |  |
| Total revenues | $299.0 | - | $302.0 | $1239.8 | - | $1259.8 |
| Asset-based cost of revenues | $103.0 |  | $103.5 |  |  |  |
| Total cost of revenues | $110.2 | - | $110.7 |  |  |  |
| Net income | (a) | - | (a) | (a) | - | (a) |
| Diluted shares outstanding |  | 66.5 |  |  | 66.3 |  |
| Net income per diluted share | (a) | - | (a) | (a) | - | (a) |
| Non-GAAP: |  |  |  |  |  |  |
| Adjusted revenues<sup>(1)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based | $176.5 | - | $178.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription-based | $117.5 | - | $118.0 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total recurring revenues | $294.0 | - | $296.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services and other revenues | $5.0 | - | $5.6 |  |  |  |
| Total revenues | $299.0 | - | $302.0 | $1240.0 | - | $1260.0 |
| Adjusted EBITDA<sup>(1)</sup> | $53.0 | - | $55.0 | $242.0 | - | $252.0 |
| Adjusted net income per diluted share<sup>(1)</sup> |  | $0.45 |  | $1.95 | - | $2.05 |

---

__________________________________________________________

(1) Envestnet does not forecast net income and net income per diluted share due to the unpredictable nature of various items adjusted for non-GAAP disclosure purposes, including the periodic GAAP income tax provision.

**Conference Call**

Envestnet will host a conference call to discuss fourth quarter 2022 financial results today at 5:00 p.m. ET. The live webcast and accompanying presentation can be accessed from Envestnet's investor relations website at http://investor.envestnet.com/. A replay of the webcast will be available on the investor relations website following the call.

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**About Envestnet**

Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Approximately 106,000 advisors and approximately 6,900 companies including: 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.

For more information on Envestnet, please visit www.envestnet.com and follow us on Twitter @ENVintel.

**(1) Non-GAAP Financial Measures**

"Adjusted revenues" excludes the effect of purchase accounting on the fair value of acquired deferred revenue. On January 1, 2022, the Company adopted ASU 2021-08 whereby it now accounts for contract assets and contract liabilities obtained upon a business combination in accordance with ASC 606. Prior to the adoption of ASU 2021-08, we recorded at fair value the acquired deferred revenue for contracts in effect at the time the entities were acquired. Consequently, revenue related to acquired entities for periods subsequent to the acquisition did not reflect the full amount of revenue that would have been recorded by these entities had they remained stand-alone entities. Adjusted revenues has limitations as a financial measure, should be considered as supplemental in nature and is not meant as a substitute for revenue prepared in accordance with GAAP.

"Adjusted EBITDA" represents net income (loss) before deferred revenue fair value adjustment, interest income, interest expense, income tax provision (benefit), depreciation and amortization, non-cash compensation expense, restructuring charges and transaction costs, severance, accretion on contingent consideration and purchase liability, fair market value adjustment on contingent consideration liability, fair market value adjustment on investment in private company, litigation and regulatory related expenses, foreign currency, gain on settlement of liability, gain on insurance reimbursement, dilution gain on equity method investee share issuance, non-income tax expense adjustment, loss allocations from equity method investments and (income) loss attributable to non-controlling interest.

"Adjusted net income" represents net income before deferred revenue fair value adjustment, non-cash interest expense, cash interest on our Convertible Notes (subsequent to the adoption of ASU 2020-06 on January 1, 2021), non-cash compensation expense, restructuring charges and transaction costs, severance, accretion on contingent consideration and purchase liability, fair market value adjustment to contingent consideration liability, fair market value adjustment to investment in private company, amortization of acquired intangibles, litigation and regulatory related expenses, foreign currency, gain on settlement of liability, gain on insurance reimbursement, non-income tax expense adjustment, dilution gain on equity method investee share issuance, loss allocations from equity method investments and (income) loss attributable to non-controlling interest. Reconciling items are presented gross of tax, and a normalized tax rate is applied to the total of all reconciling items to arrive at adjusted net income. The normalized tax rate is based solely on the estimated blended statutory income tax rates in the jurisdictions in which we operate. We monitor the normalized tax rate based on events or trends that could materially impact the rate, including tax legislation changes and changes in the geographic mix of our operations.

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"Adjusted net income per diluted share" represents adjusted net income attributable to common stockholders divided by the diluted number of weighted-average shares outstanding. Beginning January 1, 2021, the dilutive effect of our Convertible Notes are calculated using the if-converted method in accordance with the adoption of ASU 2020-06 (See "Note 2—Summary of Significant Accounting Policies"). As a result, 9.9 million potential shares to be issued in connection with our Convertible Notes are assumed to be dilutive for purposes of the adjusted net income per share calculation beginning January 1, 2021.

See reconciliations of Non-GAAP Financial Measures on pages 11-17 of this press release. Reconciliations are not provided for guidance on such measures as the Company is unable to predict the amounts to be adjusted, such as the GAAP tax provision. The Company's Non-GAAP Financial Measures should not be viewed as a substitute for revenues, net income (loss) or net income (loss) per share determined in accordance with GAAP.

**Cautionary Statement Regarding Forward-Looking Statements**

The forward-looking statements made in this press release and its attachments concerning, among other things, Envestnet, Inc.'s expected financial performance and outlook for the first quarter and full year of 2022, its strategic and operational plans and growth strategy are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and the Company's actual results could differ materially from the results expressed or implied by such forward-looking statements. Furthermore, reported results should not be considered as an indication of future performance. The potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements in this press release include, but are not limited to, the concentration of our revenues from the delivery of our solutions and services to clients in the financial services industry; our reliance on a limited number of clients for a material portion of our revenue; the renegotiation of fees by our clients; changes in the estimates of fair value of reporting units or of long-lived assets; the amount of our debt and our ability to service our debt; limitations on our ability to access information from third parties or charges for accessing such information; the targeting of some of our sales efforts at large financial institutions and large financial technology ("FinTech") companies which prolongs sales cycles, requires substantial upfront sales costs and results in less predictability in completing some of our sales; changes in investing patterns on the assets on which we derive revenue and the freedom of investors to redeem or withdraw investments generally at any time; the impact of fluctuations in market conditions and interest rates on the demand for our products and services and the value of assets under management or administration; our ability to keep up with rapid technological change, evolving industry standards or changing requirements of clients; risks associated with our international operations; the competitiveness of our solutions and services as compared to those of others; liabilities associated with potential, perceived or actual breaches of fiduciary duties and/or conflicts of interest; harm to our reputation; our ability to successfully identify potential acquisition candidates, complete acquisitions and successfully integrate acquired companies; our ability to successfully execute the conversion of clients' assets from their technology platform to our technology platforms in a timely and accurate manner; the failure to protect our intellectual property rights; our ability to introduce new solutions and services and enhancements; our ability to maintain the security and integrity of our systems and facilities and to maintain the privacy of personal information and potential liabilities for data security breaches; the effect of privacy laws and regulations, industry standards and contractual obligations and changes to these laws, regulations, standards and obligations on how we operate our business and the negative effects of failure to comply with these requirements; regulatory compliance failures; failure by our customers to obtain proper permissions or waivers for our use of disclosure of information; adverse judicial or regulatory proceedings against us; failure of our solutions, services or systems, or those of third parties on which we rely, to work properly; potential liability for use of inaccurate

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information by third parties provided by us; the occurrence of a deemed "change of control"; the uncertainty of the application and interpretation of certain tax laws; issuances of additional shares of common stock or issuances of shares of preferred stock or convertible securities on our existing stockholders; changes in the level of inflation; general economic, political and regulatory conditions; changes in trade, monetary and fiscal policies and laws;

global events, natural disasters, environmental disasters, terrorist attacks and pandemics or health crises, including their impact on the economy and trading markets; social, environmental and sustainability concerns that may arise, including from our business activities; and management's response to these factors. More information regarding these and other risks, uncertainties and factors is contained in our filings with the Securities and Exchange Commission ("SEC") which are available on the SEC's website at www.sec.gov or our Investor Relations website at http://investor.envestnet.com/. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this press release. All information in this press release and its attachments is as of February 23, 2023 and, unless required by law, we undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events.

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**Envestnet, Inc.**

**Consolidated Balance Sheets**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $162173 | $429279 |
| &nbsp;&nbsp;&nbsp;Fees receivable, net | 101696 | 95291 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 41363 | 42706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 305232 | 567276 |
| Property and equipment, net | 62443 | 50215 |
| Internally developed software, net | 184558 | 133659 |
| Intangible assets, net | 379995 | 400396 |
| Goodwill | 998414 | 925154 |
| Operating lease right-of-use assets, net | 81596 | 90714 |
| Other non-current assets | 99927 | 73768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2112165 | $2241182 |
| **Liabilities and Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | $216532 | $225159 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 17334 | 19092 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 11949 | 10999 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 36363 | 33473 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 44886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 327064 | 288723 |
| Long-term debt | 871769 | 848862 |
| Non-current operating lease liabilities | 110652 | 105920 |
| Deferred tax liabilities, net | 16196 | 21021 |
| Other non-current liabilities | 18880 | 17114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1344561 | 1281640 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 754567 | 957089 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | 13037 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $2112165 | $2241182 |

---

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**Envestnet, Inc.**

**Consolidated Statements of Operations**

**(in thousands, except share and per share information)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based | $166408 | $195918 | $738228 | $709376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription-based | 121243 | 118084 | 477844 | 453989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recurring revenues | 287651 | 314002 | 1216072 | 1163365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services and other revenues | 5223 | 5619 | 23712 | 23152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 292874 | 319621 | 1239784 | 1186517 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues | 106588 | 120524 | 468460 | 423723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 121272 | 116728 | 490725 | 432829 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administration | 58208 | 54194 | 216075 | 171657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 33340 | 29515 | 130548 | 117767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 319408 | 320961 | 1305808 | 1145976 |
| Income (loss) from operations | (26534) | (1340) | (66024) | 40541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (2704) | (5377) | (12395) | (20180) |
| Income (loss) before income tax provision (benefit) | (29238) | (6717) | (78419) | 20361 |
| Income tax provision (benefit) | 8603 | (1407) | 7061 | 7667 |
| Net income (loss) | (37841) | (5310) | (85480) | 12694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Net (income) loss attributable to non-controlling interest | 1336 | 201 | 4541 | 602 |
| Net income (loss) attributable to Envestnet, Inc. | $(36505) | $(5109) | $(80939) | $13296 |
| Net income (loss) per share attributable to Envestnet, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.66) | $(0.09) | $(1.47) | $0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted\* | $(0.85) | $(0.09) | $(1.59) | $0.24 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 55119075 | 54678195 | 55199482 | 54470975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 56076261 | 54678195 | 56842125 | 55384096 |

---

__________________________________________________________

\*Net loss per share for 2022 periods were diluted primarily due to the inclusion of interest and gain on settlement of repurchased convertible notes due 2025 in net loss attributable to Envestnet, Inc. in accordance with the if-converted method.

------

**Envestnet, Inc.**

**Consolidated Statements of Cash Flows**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **OPERATING ACTIVITIES:** |  |  |
| Net income (loss) | $(85480) | $12694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 130548 | 117767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | 511 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (3490) | (320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash compensation expense | 80333 | 68020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 7445 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion on contingent consideration and purchase liability |  | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of Convertible Notes due 2023 | 13421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of Convertible Notes due 2025 | (15089) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of contingent consideration |  | (2360) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair market value adjustment to contingent consideration liability |  | (1067) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on settlement of liability |  | (1206) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss allocations from equity method investments | 8874 | 7093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on equity method investments | (9517) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on property and equipment disposals | 5097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease related impairments, including right-of-use assets | 15750 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 355 | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees receivable, net | (5031) | (16731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2864 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (4992) | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (24711) | 53265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (3724) | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (305) | (2080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 4178 | 1701 |
| Net cash provided by operating activities | 117037 | 250577 |
| **INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (16172) | (23731) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of internally developed software | (89153) | (65170) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in private companies | (16351) | (25926) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of proprietary technology | (15000) | (25517) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of businesses, net of cash acquired | (104100) | (32794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance for technology solutions | (4000) | (3000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of notes receivable to equity method investees | (6350) |  |
| Net cash used in investing activities | (251126) | (176138) |

---

*-continued-*

------

**Envestnet, Inc.**

**Consolidated Statements of Cash Flows (continued)**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of Convertible Notes due 2027 | 575000 |  |
| &nbsp;&nbsp;&nbsp;Convertible Notes due 2027 issuance costs | (16323) |  |
| &nbsp;&nbsp;&nbsp;Repurchase of Convertible Notes due 2023 | (312422) |  |
| &nbsp;&nbsp;&nbsp;Repurchase of Convertible Notes due 2025 | (181772) |  |
| &nbsp;&nbsp;&nbsp;Capital contributions - non-controlling shareholders | 16037 | 3201 |
| &nbsp;&nbsp;&nbsp;Payments of contingent consideration | (743) | (9276) |
| &nbsp;&nbsp;&nbsp;Purchase of capped calls | (79585) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 2620 | 2090 |
| &nbsp;&nbsp;&nbsp;Taxes paid in lieu of shares issued for stock-based compensation | (23516) | (20529) |
| &nbsp;&nbsp;&nbsp;Share repurchases | (85750) | (4001) |
| &nbsp;&nbsp;&nbsp;Finance lease payments | (18682) |  |
| &nbsp;&nbsp;&nbsp;Other | (1866) | (655) |
| Net cash used in financing activities | (127002) | (29170) |
| **EFFECT OF EXCHANGE RATE CHANGES ON CASH** | (6164) | (555) |
| **INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH** | (267255) | 44714 |
| **CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD** | 429428 | 384714 |
| **CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD** | $162173 | $429428 |

---

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| Cash and cash equivalents | $162173 | $429279 |
| Restricted cash included in prepaid expenses and other current assets |  | 149 |
| &nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $162173 | $429428 |

---

------

**Envestnet, Inc.**

**Reconciliation of Non-GAAP Financial Measures**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Total revenues | $292874 | $319621 | $1239784 | $1186517 |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 54 | 57 | 216 | 284 |
| Adjusted revenues | $292928 | $319678 | $1240000 | $1186801 |
| Net income (loss) | $(37841) | $(5310) | $(85480) | $12694 |
| Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 54 | 57 | 216 | 284 |
| &nbsp;&nbsp;Interest income <sup>(b)</sup> | (1911) | (258) | (4184) | (827) |
| &nbsp;&nbsp;Interest expense <sup>(b)</sup> | 3536 | 4249 | 16843 | 16931 |
| &nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 8603 | (1407) | 7061 | 7667 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 33340 | 29515 | 130548 | 117767 |
| &nbsp;&nbsp;Non-cash compensation expense <sup>(d)</sup> | 17750 | 17713 | 80333 | 68020 |
| &nbsp;&nbsp;Restructuring charges and transaction costs <sup>(e)</sup> | 7874 | 7275 | 35141 | 18490 |
| &nbsp;&nbsp;Severance <sup>(d)</sup> | 18738 | 849 | 30117 | 11347 |
| &nbsp;&nbsp;Accretion on contingent consideration and purchase <br>liability <sup>(c)</sup> |  | 74 |  | 730 |
| &nbsp;&nbsp;Fair market value adjustment to contingent consideration liability <sup>(c)</sup> |  |  |  | (1067) |
| &nbsp;&nbsp;Fair market value adjustment on investment in private company <sup>(b)</sup> | (400) |  | (400) | (758) |
| &nbsp;&nbsp;Litigation and regulatory related expenses <sup>(c)</sup> | 722 | 2432 | 6055 | 7591 |
| &nbsp;&nbsp;Foreign currency <sup>(b)</sup> | 806 | (117) | 1419 | (7) |
| &nbsp;&nbsp;Gain on settlement of liability <sup>(b)</sup> |  |  |  | (1206) |
| &nbsp;&nbsp;Gain on insurance reimbursement <sup>(b)</sup> |  |  |  | (968) |
| &nbsp;&nbsp;Dilution gain on equity method investee share issuance <sup>(b)</sup> | (2583) |  | (9517) |  |
| &nbsp;&nbsp;Non-income tax expense adjustment <sup>(c)</sup> | 914 | (245) | 802 | (1347) |
| &nbsp;&nbsp;Loss allocations from equity method investments <sup>(b)</sup> | 3542 | 1540 | 8874 | 7093 |
| &nbsp;&nbsp;&nbsp;(Income) loss attributable to non-controlling interest | 663 | (150) | 2300 | (704) |
| Adjusted EBITDA | $53807 | $56217 | $220128 | $261730 |

---

__________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Included within subscription-based revenues in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Included within other expense, net in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Included within general and administration expenses in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Included within compensation and benefits in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For the three months ended December 31, 2022 and 2021, $7.9 million and $1.7 million, respectively, were included within general and administration expenses in the consolidated statements of operations. For the three months ended December 31, 2022 and 2021, $0 and $5.6 million, respectively, were included within compensation and benefits in the consolidated statements of operations. For the year ended December 31, 2022 and 2021, $35.1 million and $7.7 million, respectively, were included within general and administration expenses in the consolidated statements of operations. For the year ended December 31, 2022 and 2021, $0 and $10.7 million, respectively, were included within compensation and benefits in the consolidated statements of operations. .

------

**Envestnet, Inc.**

**Reconciliation of Non-GAAP Financial Measures (continued)**

**(in thousands, except share and per share information)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income (loss) | $(37841) | $(5310) | $(85480) | $12694 |
| Income tax provision (benefit) <sup>(a)</sup> | 8603 | (1407) | 7061 | 7667 |
| Income (loss) before income tax provision (benefit) | (29238) | (6717) | (78419) | 20361 |
| Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(b)</sup> | 54 | 57 | 216 | 284 |
| &nbsp;&nbsp;Non-cash interest expense <sup>(c)</sup> | (239) | 1450 | 4678 | 5745 |
| &nbsp;&nbsp;Cash interest - Convertible Notes <sup>(c)</sup> | 3458 | 2480 | 10897 | 9919 |
| &nbsp;&nbsp;Non-cash compensation expense <sup>(f)</sup> | 17750 | 17713 | 80333 | 68020 |
| &nbsp;&nbsp;Restructuring charges and transaction costs <sup>(e)</sup> | 7874 | 7275 | 35141 | 18490 |
| &nbsp;&nbsp;Severance <sup>(f)</sup> | 18738 | 849 | 30117 | 11347 |
| &nbsp;&nbsp;Accretion on contingent consideration and purchase <br>liability <sup>(d)</sup> |  | 74 |  | 730 |
| &nbsp;&nbsp;Fair market value adjustment to contingent consideration liability <sup>(d)</sup> |  |  |  | (1067) |
| &nbsp;&nbsp;Fair market value adjustment to investment in private company <sup>(c)</sup> | (400) |  | (400) | (758) |
| &nbsp;&nbsp;Amortization of acquired intangibles <sup>(g)</sup> | 18087 | 17217 | 71901 | 68587 |
| &nbsp;&nbsp;Litigation and regulatory related expenses <sup>(d)</sup> | 722 | 2432 | 6055 | 7591 |
| &nbsp;&nbsp;Foreign currency <sup>(c)</sup> | 806 | (117) | 1419 | (7) |
| &nbsp;&nbsp;Gain on settlement of liability <sup>(c)</sup> |  |  |  | (1206) |
| &nbsp;&nbsp;Gain on insurance reimbursement <sup>(c)</sup> |  |  |  | (968) |
| &nbsp;&nbsp;Non-income tax expense adjustment <sup>(d)</sup> | 914 | (245) | 802 | (1347) |
| &nbsp;&nbsp;Dilution gain on equity method investee share issuance <sup>(c)</sup> | (2583) |  | (9517) |  |
| &nbsp;&nbsp;Loss allocations from equity method investments <sup>(c)</sup> | 3542 | 1540 | 8874 | 7093 |
| &nbsp;&nbsp;&nbsp;(Income) loss attributable to non-controlling interest | 663 | (150) | 2300 | (704) |
| Adjusted net income before income tax effect | 40148 | 43858 | 164397 | 212110 |
| Income tax effect <sup>(h)</sup> | (10238) | (11184) | (41921) | (54088) |
| Adjusted net income | $29910 | $32674 | $122476 | $158022 |
| Basic number of weighted-average shares outstanding | 55119075 | 54678195 | 55199482 | 54470975 |
| Effect of dilutive shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options to purchase common stock | 70947 | 201300 | 111327 | 206022 |
| &nbsp;&nbsp;&nbsp;Unvested restricted stock units | 265187 | 665222 | 390270 | 633384 |
| &nbsp;&nbsp;&nbsp;Convertible Notes | 10667509 | 9898549 | 10092369 | 9898549 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 93947 |  | 73715 |
| Diluted number of weighted-average shares outstanding | 66122718 | 65537213 | 65793448 | 65282645 |
| Adjusted net income per share - diluted | $0.45 | $0.50 | $1.86 | $2.42 |

---

__________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the three months ended December 31, 2022 and 2021, the effective tax rate computed in accordance with GAAP equaled (29.4)% and 20.9%, respectively. For the years ended December 31, 2022 and 2021, the effective tax rate computed in accordance with GAAP equaled (9.0)% and 37.7%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Included within subscription-based revenues in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Included within other expense, net in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Included within general and administration expenses in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For the three months ended December 31, 2022 and 2021, $7.9 million and $1.7 million, respectively, were included within general and administration expenses in the consolidated statements of operations. For the three months ended December 31, 2022 and 2021, $0 and $5.6 million, respectively, were included within compensation and benefits in the consolidated statements of operations. For the years ended December 31, 2022 and 2021, $35.1 million and $7.7 million, respectively, were included within general and

------

administration expenses in the consolidated statements of operations. For the years ended December 31, 2022 and 2021, $0 and $10.7 million, respectively, were included within compensation and benefits in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Included within compensation and benefits in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Included within depreciation and amortization in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)An estimated normalized effective tax rate of 25.5% has been used to compute adjusted net income for the three months and year ended December 31, 2022 and 2021.

------

**Envestnet, Inc.**

**Reconciliation of Non-GAAP Financial Measures**

**Segment Information**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
| | **Envestnet Wealth Solutions** | **Envestnet Data & Analytics** | **Nonsegment** | **Total** |
| Revenues | $246890 | $45984 | $— | $292874 |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 54 |  |  | 54 |
| Adjusted revenues | $246944 | $45984 | $— | $292928 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-based | $166408 | $— | $— | $166408 |
| &nbsp;&nbsp;&nbsp;Subscription-based | 76917 | 44326 |  | 121243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recurring revenues | 243325 | 44326 |  | 287651 |
| &nbsp;&nbsp;&nbsp;Professional services and other revenues | 3565 | 1658 |  | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 246890 | 45984 |  | 292874 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based | 98207 |  |  | 98207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription-based | 1528 | 6265 |  | 7793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services and other | 588 |  |  | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 100323 | 6265 |  | 106588 |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 78497 | 29333 | 13442 | 121272 |
| &nbsp;&nbsp;&nbsp;General and administration | 36958 | 13682 | 7568 | 58208 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24984 | 8356 |  | 33340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $240762 | $57636 | $21010 | $319408 |
| Income (loss) from operations | $6128 | $(11652) | $(21010) | $(26534) |
| Add: |  |  |  |  |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 54 |  |  | 54 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 24984 | 8356 |  | 33340 |
| &nbsp;&nbsp;Non-cash compensation expense <sup>(c)</sup> | 11154 | 2361 | 4235 | 17750 |
| &nbsp;&nbsp;Restructuring charges and transaction costs <sup>(d)</sup> | 4759 | 1720 | 1395 | 7874 |
| &nbsp;&nbsp;Severance <sup>(c)</sup> | 7506 | 10075 | 1157 | 18738 |
| &nbsp;&nbsp;Litigation and regulatory related expenses <sup>(b)</sup> |  | 722 |  | 722 |
| &nbsp;&nbsp;Non-income tax expense adjustment <sup>(b)</sup> | 930 | (16) |  | 914 |
| &nbsp;&nbsp;&nbsp;Loss attributable to non-controlling interest | 663 |  |  | 663 |
| &nbsp;&nbsp;&nbsp;Other | 283 | 3 |  | 286 |
| Adjusted EBITDA | $56461 | $11569 | $(14223) | $53807 |

---

__________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Included within subscription-based revenues in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Included within general and administration expenses in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Included within compensation and benefits in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the three months ended December 31, 2022, $7.9 million was included within general and administration expenses and $0 was included within compensation and benefits in the consolidated statements of operations.

------

**Envestnet, Inc.**

**Reconciliation of Non-GAAP Financial Measures**

**Segment Information (continued)**

**(in thousands)**

**(unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
| | **Envestnet Wealth Solutions** | **Envestnet Data & Analytics** | **Nonsegment** | **Total** |
| Revenues | $269725 | $49896 | $— | $319621 |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 57 |  |  | 57 |
| Adjusted revenues | $269782 | $49896 | $— | $319678 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-based | $195918 | $— | $— | $195918 |
| &nbsp;&nbsp;&nbsp;Subscription-based | 70057 | 48027 |  | 118084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recurring revenues | 265975 | 48027 |  | 314002 |
| &nbsp;&nbsp;&nbsp;Professional services and other revenues | 3750 | 1869 |  | 5619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 269725 | 49896 |  | 319621 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based | 111888 |  |  | 111888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription-based | 1376 | 7083 |  | 8459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services and other | 162 | 15 |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 113426 | 7098 |  | 120524 |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 73593 | 27651 | 15484 | 116728 |
| &nbsp;&nbsp;&nbsp;General and administration | 36307 | 10285 | 7602 | 54194 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 22790 | 6725 |  | 29515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $246116 | $51759 | $23086 | $320961 |
| Income (loss) from operations | $23609 | $(1863) | $(23086) | $(1340) |
| Add: |  |  |  |  |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 57 |  |  | 57 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 22790 | 6725 |  | 29515 |
| &nbsp;&nbsp;Non-cash compensation expense <sup>(c)</sup> | 9707 | 2943 | 5063 | 17713 |
| &nbsp;&nbsp;Restructuring charges and transaction costs <sup>(d)</sup> | 5746 | 123 | 1406 | 7275 |
| &nbsp;&nbsp;Severance <sup>(c)</sup> | 480 | 382 | (13) | 849 |
| &nbsp;&nbsp;Accretion on contingent consideration and purchase liability <sup>(b)</sup> | 60 | 14 |  | 74 |
| &nbsp;&nbsp;Litigation and regulatory related expenses <sup>(b)</sup> |  | 2432 |  | 2432 |
| &nbsp;&nbsp;Non-income tax expense adjustment <sup>(b)</sup> | (172) | (73) |  | (245) |
| &nbsp;&nbsp;&nbsp;Income attributable to non-controlling interest | (150) |  |  | (150) |
| &nbsp;&nbsp;&nbsp;Other | 37 |  |  | 37 |
| Adjusted EBITDA | $62164 | $10683 | $(16630) | $56217 |

---

__________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Included within subscription-based revenues in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Included within general and administration expenses in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Included within compensation and benefits in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the three months ended December 31, 2021, $1.7 million was included within general and administration expenses and $5.6 million was included within compensation and benefits in the consolidated statements of operations.

------

**Envestnet, Inc.**

**Reconciliation of Non-GAAP Financial Measures**

**Segment Information (continued)**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| | **Envestnet Wealth Solutions** | **Envestnet Data & Analytics** | **Nonsegment** | **Total** |
| Revenues | $1049793 | $189991 | $— | $1239784 |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 216 |  |  | 216 |
| Adjusted revenues | $1050009 | $189991 | $— | $1240000 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-based | $738228 | $— | $— | $738228 |
| &nbsp;&nbsp;&nbsp;Subscription-based | 294997 | 182847 |  | 477844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recurring revenues | 1033225 | 182847 |  | 1216072 |
| &nbsp;&nbsp;&nbsp;Professional services and other revenues | 16568 | 7144 |  | 23712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1049793 | 189991 |  | 1239784 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based | 430345 |  |  | 430345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription-based | 5705 | 24908 |  | 30613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services and other | 7421 | 81 |  | 7502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 443471 | 24989 |  | 468460 |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 312910 | 109667 | 68148 | 490725 |
| &nbsp;&nbsp;&nbsp;General and administration | 140782 | 42315 | 32978 | 216075 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 96658 | 33890 |  | 130548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $993821 | $210861 | $101126 | $1305808 |
| Income (loss) from operations | $55972 | $(20870) | $(101126) | $(66024) |
| Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 216 |  |  | 216 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 96658 | 33890 |  | 130548 |
| &nbsp;&nbsp;Non-cash compensation expense <sup>(c)</sup> | 47043 | 10739 | 22551 | 80333 |
| &nbsp;&nbsp;Restructuring charges and transaction costs <sup>(d)</sup> | 22868 | 3734 | 8539 | 35141 |
| &nbsp;&nbsp;Severance <sup>(c)</sup> | 12415 | 11567 | 6135 | 30117 |
| &nbsp;&nbsp;Litigation and regulatory related expenses <sup>(b)</sup> |  | 6055 |  | 6055 |
| &nbsp;&nbsp;Non-income tax expense adjustment <sup>(b)</sup> | 878 | (76) |  | 802 |
| &nbsp;&nbsp;&nbsp;Loss attributable to non-controlling interest | 2300 |  |  | 2300 |
| &nbsp;&nbsp;&nbsp;Other | 635 | 5 |  | 640 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $238985 | $45044 | $(63901) | $220128 |

---

__________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Included within subscription-based revenues in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Included within general and administration expenses in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Included within compensation and benefits in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the year ended December 31, 2022, $35.1 million was included within general and administration expenses in the consolidated statements of operations.

------

**Envestnet, Inc.**

**Reconciliation of Non-GAAP Financial Measures**

**Segment Information (continued)**

**(in thousands)**

**(unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| | **Envestnet Wealth Solutions** | **Envestnet Data & Analytics** | **Nonsegment** | **Total** |
| Revenues | $991166 | $195351 | $— | $1186517 |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 284 |  |  | 284 |
| Adjusted revenues | $991450 | $195351 | $— | $1186801 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-based | $709376 | $— | $— | $709376 |
| &nbsp;&nbsp;&nbsp;Subscription-based | 267720 | 186269 |  | 453989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recurring revenues | 977096 | 186269 |  | 1163365 |
| &nbsp;&nbsp;&nbsp;Professional services and other revenues | 14070 | 9082 |  | 23152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $991166 | 195351 |  | 1186517 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based | 393717 |  |  | 393717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription-based | 5154 | 24291 |  | 29445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services and other | 442 | 119 |  | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 399313 | 24410 |  | 423723 |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 269153 | 105416 | 58260 | 432829 |
| &nbsp;&nbsp;&nbsp;General and administration | 107976 | 35798 | 27883 | 171657 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 90073 | 27694 |  | 117767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $866515 | $193318 | $86143 | $1145976 |
| Income (loss) from operations | $124651 | $2033 | $(86143) | $40541 |
| Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;Deferred revenue fair value adjustment <sup>(a)</sup> | 284 |  |  | 284 |
| &nbsp;&nbsp;Accretion on contingent consideration and purchase liability <sup>(b)</sup> | 632 | 98 |  | 730 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 90073 | 27694 |  | 117767 |
| &nbsp;&nbsp;Non-cash compensation expense <sup>(c)</sup> | 36787 | 12634 | 18599 | 68020 |
| &nbsp;&nbsp;Restructuring charges and transaction costs <sup>(d)</sup> | 13795 | 242 | 4453 | 18490 |
| &nbsp;&nbsp;Non-income tax expense adjustment <sup>(b)</sup> | (1507) | 160 |  | (1347) |
| &nbsp;&nbsp;Severance <sup>(c)</sup> | 4614 | 4016 | 2717 | 11347 |
| &nbsp;&nbsp;Fair market value adjustment to contingent consideration liability <sup>(b)</sup> |  | (1067) |  | (1067) |
| &nbsp;&nbsp;Litigation and regulatory related expenses <sup>(b)</sup> |  | 7591 |  | 7591 |
| &nbsp;&nbsp;&nbsp;Income attributable to non-controlling interest | (704) |  |  | (704) |
| &nbsp;&nbsp;&nbsp;Other | 78 |  |  | 78 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $268703 | $53401 | $(60374) | $261730 |

---

__________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Included within subscription-based revenues in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Included within general and administration expenses in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Included within compensation and benefits in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the year ended December 31, 2021, $7.7 million was included within general and administration expenses and $10.7 million was included within compensation and benefits in the consolidated statements of operations.

------

**Envestnet, Inc.**

**Historical Assets, Accounts and Advisors**

**(in millions, except accounts and advisors)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **December 31,**<br>**2021** | **March 31,**<br>**2022**<sup>(1)</sup> | **June 30,**<br>**2022** | **September 30,**<br>**2022** | **December 31,**<br>**2022** |
| | **(in millions, except accounts and advisors data)** | **(in millions, except accounts and advisors data)** | **(in millions, except accounts and advisors data)** | **(in millions, except accounts and advisors data)** | **(in millions, except accounts and advisors data)** |
| *Platform Assets* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets Under Management (AUM) | $362038 | $361251 | $325209 | $315883 | $341144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets Under Administration (AUA) | 456316 | 432141 | 352840 | 350576 | 367412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AUM/A | 818354 | 793392 | 678049 | 666459 | 708556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription | 4901662 | 4736537 | 4312114 | 4134414 | 4382109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Platform Assets | $5720016 | $5529929 | $4990163 | $4800873 | $5090665 |
| *Platform Accounts* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AUM | 1345274 | 1459093 | 1491861 | 1522968 | 1547009 |
| &nbsp;&nbsp;&nbsp;&nbsp;AUA | 1217076 | 1186180 | 1061484 | 1135302 | 1135026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total AUM/A | 2562350 | 2645273 | 2553345 | 2658270 | 2682035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription | 14986531 | 15151569 | 15312144 | 15596403 | 15665020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Platform Accounts | 17548881 | 17796842 | 17865489 | 18254673 | 18347055 |
| *Advisors* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AUM/A | 39735 | 39800 | 38394 | 38417 | 38025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription | 68808 | 67168 | 66838 | 67348 | 67520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Advisors | 108543 | 106968 | 105232 | 105765 | 105545 |

---

_________________________________________________________

<sup>(1)</sup> Certain assets and accounts have been reclassified from AUA to AUM to better reflect the nature of the services provided to certain customers.

The following table summarizes the changes in AUM and AUA for the three months ended December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of**<br>**9/30/2022** | **Gross**<br>**Sales** |<br>**Redemptions** | **Net**<br>**Flows** | **Market**<br>**Impact** | **Reclass to**<br>**Subscription** | **As of**<br>**12/31/2022** |
| | **(in millions, except account data)** | **(in millions, except account data)** | **(in millions, except account data)** | **(in millions, except account data)** | **(in millions, except account data)** | | |
| AUM | $315883 | $21658 | $(17281) | $4377 | $20963 | $(79) | $341144 |
| AUA | 350576 | 26865 | (27456) | (591) | 18077 | (650) | 367412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AUM/A | $666459 | $48523 | $(44737) | $3786 | $39040 | $(729) | $708556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Fee-Based Accounts* | *2658270* |  |  | *26756* |  | *(2991)* | *2682035* |

---

The above AUM/A gross sales figures include $11.0 billion in new client conversions. The Company onboarded an additional $37.8 billion in subscription conversions during the fourth quarter, bringing total conversions for the quarter to $48.8 billion.

------

The following table summarizes the changes in AUM and AUA for the year ended December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of 12/31/2021** | **Gross Sales** | | | | **Reclass to Subscription**<sup>(1)</sup> | **Reclassification**<sup>(1)</sup> | |
| | **As of 12/31/2021** | **Gross Sales** |<br>**Redemptions** |<br>**Net Flows** |<br>**Market Impact** | **Reclass to Subscription**<sup>(1)</sup> | **Reclassification**<sup>(1)</sup> |<br>**As of 12/31/2022** |
| | (in millions except account data) | (in millions except account data) | (in millions except account data) | (in millions except account data) | (in millions except account data) | (in millions except account data) | (in millions except account data) | (in millions except account data) |
| AUM | $362038 | $100098 | $(68181) | $31917 | $(60948) | $(584) | $8721 | $341144 |
| AUA | 456316 | 120409 | (95016) | 25393 | (73849) | (31727) | (8721) | 367412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AUM/A | $818354 | $220507 | $(163197) | $57310 | $(134797) | $(32311) | $— | $708556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Fee-Based Accounts* | *2562350* |  |  | *243320* |  | *(123635)* | *—* | *2682035* |

---

__________________________________________________________

<sup>(1)</sup> Certain assets and accounts have been reclassified from AUA to AUM to better reflect the nature of the services provided to certain customers.

The above AUM/A gross sales figures include $52.9 billion in new client conversions. We onboarded an additional $132.3 billion in subscription conversions during 2022, bringing total conversions for the year to $185.2 billion.

Asset and account figures in the "Reclass to Subscription" columns for the three months and year ended December 31, 2022 represent enterprise customers whose billing arrangements in future periods are subscription-based, rather than asset-based. Such amounts are included in Subscription metrics at the end of the quarter in which the reclassification occurred, with no impact on total platform assets or accounts.

## Exhibit 99.2

![](q4earningssupplementfina001.jpg)

4Q 2022 Earnings Supplemental Presentation February 23, 2023© 2023 Envestnet, Inc. All rights reserved.

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![](q4earningssupplementfina002.jpg)

2 Safe Harbor Disclosure This presentation contains forward-looking statements. These forward-looking statements include, in particular, statements about our plans, strategies and prospects. These statements are based on our current expectations and projections about future events. The words "may," "will," "should," "could," "expect," "scheduled," "plan," "seek," "intend," "anticipate," "believe," "estimate," "aim," "potential" or "continue" or the negative of those terms or other similar expressions are intended to identify forward-looking statements and information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based on assumptions and estimates by our management that, although we believe to be reasonable, are inherently uncertain and subject to risks and uncertainties that could cause actual results to differ from those anticipated or predicted by our forward-looking statements. These risks and uncertainties include those described in our filings with the SEC. In light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this presentation may not in fact occur. We undertake no obligation to update or revise any forward-looking statement after the date of this presentation as a result of new information, future events or otherwise, except as required by law. We qualify all of our forward-looking statements by these cautionary statements.© 2023 Envestnet, Inc. All rights reserved.

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![](q4earningssupplementfina003.jpg)

3 Non-GAAP Disclosure Statement This presentation contains the non-GAAP financial measures, "adjusted revenues", "adjusted EBITDA", "adjusted net income" and "adjusted net income per diluted share". • "Adjusted revenues" excludes the effect of purchase accounting on the fair value of acquired deferred revenue. On January 1, 2022, the Company adopted ASU 2021-08 whereby it now accounts for contract assets and contract liabilities obtained upon a business combination in accordance with ASC 606. Prior to the adoption of ASU 2021- 08, we recorded at fair value the acquired deferred revenue for contracts in effect at the time the entities were acquired. Consequently, revenue related to acquired entities for periods subsequent to the acquisition did not reflect the full amount of revenue that would have been recorded by these entities had they remained stand-alone entities. Adjusted revenues has limitations as a financial measure, should be considered as supplemental in nature and is not meant as a substitute for revenue prepared in accordance with GAAP. • "Adjusted EBITDA" represents net income (loss) before deferred revenue fair value adjustment, interest income, interest expense, income tax provision (benefit), depreciation and amortization, non-cash compensation expense, restructuring charges and transaction costs, severance, accretion on contingent consideration and purchase liability, fair market value adjustment on contingent consideration liability, fair market value adjustment to investment in private company, litigation and regulatory related expenses, foreign currency, gain on settlement of liability, gain on insurance reimbursement, non-income tax expense adjustment, dilution gain on equity method investee share issuance, loss allocations from equity method investments and (income) loss attributable to non-controlling interest. • "Adjusted net income" represents net income before deferred revenue fair value adjustment, non-cash interest expense, cash interest on our convertible notes, non-cash compensation expense, restructuring charges and transaction costs, severance, accretion on contingent consideration and purchase liability, fair market value adjustment on contingent consideration liability, fair market value adjustment to investment in private company, amortization of acquired intangibles, litigation and regulatory related expenses, foreign currency, gain on settlement of liability, gain on insurance reimbursement, non-income tax expense adjustment, dilution gain on equity method investee share issuance, loss allocations from equity method investments and (income) loss attributable to non-controlling interest. Reconciling items are presented gross of tax, and a normalized tax rate is applied to the total of all reconciling items to arrive at adjusted net income. The normalized tax rate is based solely on the estimated blended statutory income tax rates in the jurisdictions in which we operate. We monitor the normalized tax rate based on events or trends that could materially impact the rate, including tax legislation changes and changes in the geographic mix of our operations. • "Adjusted net income per diluted share" represents adjusted net income attributable to common stockholders divided by the diluted number of weighted-average shares outstanding. These measures are not calculated in accordance with GAAP and may be calculated differently than similar non-GAAP measures for other companies. Quantitative reconciliations of our non-GAAP financial information to the most directly comparable GAAP information appear in the appendix to this presentation. Reconciliations are not provided for guidance on such measures as we are unable to predict the amounts to be adjusted, such as the GAAP tax provision. Our non-GAAP financial measures should not be viewed as a substitute for revenues, net income (loss) or net income (loss) per share determined in accordance with GAAP.© 2023 Envestnet, Inc. All rights reserved.

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![](q4earningssupplementfina004.jpg)

4 4Q22 YoY Change FY22 YoY Change $292.9 (8.4%) $1,240.0 4.5% $53.8 (4.3%) $220.1 (15.9%) $0.45 (10.0%) $1.86 (23.1%) Envestnet Key Metrics MISSION Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. STRATEGY • Capture more of the addressable market • Modernize the digital engagement marketplace • Open the platform to the ecosystem Adjusted Revenue ($ millions) Adjusted EBITDA ($ millions) Adjusted EPS per diluted share Client Assets $5.1 trillion Number of Advisors ~106,000 Number of Accounts 18.3 million+ Number of Insights Delivered 20 million/day+ Total Number of Paying Users 37 million+ Total Firms on D&A Platforms 1,800+ Net Leverage Ratio 3.5x Cash and Cash Equivalents $162 million Convertible Debt Maturing 2023 $45 million Convertible Debt Maturing 2025 $317.5 million Convertible Debt Maturing 2027 $575 million Key Business Metrics Key Financial Metrics Key Debt Metrics© 2023 Envestnet, Inc. All rights reserved.

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![](q4earningssupplementfina005.jpg)

5 Envestnet is orchestrating the ecosystem that makes possible a connected, Intelligent Financial Life Scaled, cloud-native technology The widest and growing universe of solutions Get out of debt Start saving Start investing Estate planningAccumulating Decumulating RIAs, Broker-dealers, Fintechs, Embedders Financial Planning, Education, and Behavioral Coaching Investing Alternatives Insurance Credit Retirement Trust Health TM© 2023 Envestnet, Inc. All rights reserved. Data drives actionable intelligence

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![](q4earningssupplementfina006.jpg)

6 2022 Fourth Quarter Results 3Q22 Outlook 4Q22 GAAP Results 4Q22 Adjusted Results\*\* YoY Change (%)\* Revenues $292.9 $292.9 -8.4% Adjusted EBITDA\*\* -- $53.8 -4.3% EPS per diluted share $(0.85) $0.45 -10.0% \*YoY change represents 4Q22 results vs. 4Q21 results for Adjusted Results. \*\*Non-GAAP financial measure. Reconciliations are not provided for guidance on such measures as the Company is unable to predict the amounts to be adjusted. (in millions except for per share amounts)© 2023 Envestnet, Inc. All rights reserved.

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![](q4earningssupplementfina007.jpg)

7 2022 Full Year Results 3Q22 Outlook FY22 GAAP Results FY22 Adjusted Results\*\* YoY Change (%)\* Revenues $1,239.8 $1,240.0 4.5% Adjusted EBITDA\*\* -- $220.1 -15.9% EPS per diluted share $(1.59) $1.86 -23.1% \*YoY change represents 2022 results vs. 2021 for Adjusted Results . \*\*Non-GAAP financial measure. Reconciliations are not provided for guidance on such measures as the Company is unable to predict the amounts to be adjusted.© 2023 Envestnet, Inc. All rights reserved. (in millions except for per share amounts)

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![](q4earningssupplementfina008.jpg)

8 2023 Full Year Outlook 3Q22 Outlook FY22 Actual Results FY23 Outlook (2/23/23) FY23 Outlook vs. FY22 Adjusted revenues\* $1,240.0 $1,240 – $1,260 0% – 2% Adjusted EBITDA\* $220.1 $242 – $252 10% – 14% Adjusted EBITDA\* Margin 17.8% 19.5% – 20.0% n/a Normalized effective tax rate (9)% 25.5% n/a Diluted shares outstanding 65.8 66.3 n/a Adjusted EPS per diluted share\* $1.86 $1.95 – $2.05 5% – 11% \*Non-GAAP financial measure. Reconciliations are not provided for guidance on such measures as the Company is unable to predict the amounts to be adjusted, such as the GAAP tax provision.© 2023 Envestnet, Inc. All rights reserved. (in millions except for per share amounts)

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![](q4earningssupplementfina009.jpg)

2022 – A Year of Continued Execution -- Key areas of Investments --© 2023 Envestnet, Inc. All rights reserved. Strategic and Operational Accomplishments In 2022, we signed over 250 new clients, including advisory firms, RIAs, fintechs, enterprises, and asset managers, connecting them to the power of the Envestnet ecosystem. We are capturing more of the addressable market We are modernizing the digital engagement with our customers We are strengthening the Envestnet ecosystem by adding new offerings and leveraging our industry-leading infrastructure

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![](q4earningssupplementfina010.jpg)

10© 2023 Envestnet, Inc. All rights reserved. 2022 – A Year of Continued Execution We are capturing more of the addressable market Net asset flows in AUM/A totaled $57 billion in 2022 as we grew the level of business from both existing advisors and new advisors. The weighting of AUM within our AUM/A net flows was 56% during 2022. The number of accounts on our platform grew to 18.3 million, an increase of 5%. AUM/A accounts per advisor grew 9% to over 70. Advisors and accounts utilizing our overlay services grew 26% and 33%, respectively. Advisors and accounts using our direct indexing capabilities expanded by 48% and 30%, respectively.

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![](q4earningssupplementfina011.jpg)

11© 2023 Envestnet, Inc. All rights reserved. 2022 – A Year of Continued Execution We are modernizing the digital engagement with our customers We introduced our Next Generation Proposal tool, which has now been enabled at over 87% of client firms. We grew financial planning capabilities through MoneyGuide APIs and Blocks. New firms and advisors leveraging Blocks grew by 41% in 2022. We advanced digital connectivity to our clients by delivering over 20 million insights per day in 2022, up from 11 million the year prior.

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![](q4earningssupplementfina012.jpg)

12© 2023 Envestnet, Inc. All rights reserved. 2022 – A Year of Continued Execution We are strengthening the Envestnet ecosystem by adding new offerings and leveraging our industry- leading infrastructure Our partnership with FNZ will provide a fully digital, end-to-end custody offering to our clients and opens an international distribution channel for the Wealth Data Platform. We launched the API Developer Portal, which is integrated with Envestnet's API Management System and provides on-demand documentation for APIs, single sign-on, and data extracts across the Envestnet enterprise. Our acquisitions of Redi2 Technologies, Truelytics, and 401kplans.com fortify and expand our capabilities and addressable market.

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![](q4earningssupplementfina013.jpg)

13 6%9% Path to Accelerating Revenue to Mid-Teens Growth Subscription Revenue Growth Rate 2025202220252022 AUM/A Revenue Growth Rate© 2023 Envestnet, Inc. All rights reserved. 13-17% 12-16% o RIA Managed Accounts o Retirement o Insurance o High Net Worth o Brokerage to Managed o Personalized Investment Solutions o Wealth Data Platform o Retirement o Aggregation & Verification o Asset Manager Partnerships

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![](q4earningssupplementfina014.jpg)

14 Path to Adjusted EBITDA Margin Expansion Custody Net Interest Income Scale from Revenue Growth and Operational Efficiency 17.8% 25% AUM/A: o RIA Managed Accounts o Retirement o Insurance o High Net Worth o Brokerage to Managed o Personalized Inv Solutions Subscription: o Wealth Data Platform o Retirement o Agg & Verification o Asset Mgr. Partnerships Organic Revenue Growth + Accelerants: 2022 20252023 ~20% o Automation o Integration o Organization o Outsourcing o Real Estate Additional Opportunity© 2023 Envestnet, Inc. All rights reserved. (up ~200 basis points) Expense Efficiency Expense Reduction

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![](q4earningssupplementfina015.jpg)

15 Market and Industry Leading Footprint ~17,000 data sources 400 million+ linked consumer accounts 37 million+ Paid Subscribers 700+ Fintech Companies ~106,000 advisors $5.1 trillion in assets 18.3 million+ investor accounts 16 of 20 of the largest U.S. Banks 47 of 50 of the largest wealth management and brokerage firms 500+ of the largest Registered Investment Advisers Metrics as of December 31, 2022© 2023 Envestnet, Inc. All rights reserved.

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![](q4earningssupplementfina016.jpg)

16 Total Platform Assets & Accounts Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Total Platform Assets $5,429 $5,720 $5,530 $4,990 $4,801 $5,091 1st Party Managed $31.3 $33.7 $32.2 $28.5 $27.0 $28.9 AUM $327.7 $362.0 $361.3 $325.2 $315.9 $341.1 AUA $430.6 $456.3 $432.1 $352.8 $350.6 $367.4 Subscription $4,670.8 $4,901.7 $4,736.5 $4,312.1 $4,134.4 $4,382.1 Assets ($B) Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Total Accounts 17.3 17.5 17.8 17.9 18.3 18.3 1st Party Managed 0.2 0.2 0.2 0.2 0.2 0.2 AUM 1.3 1.3 1.5 1.5 1.5 1.5 AUA 1.2 1.2 1.2 1.1 1.1 1.1 Subscription 14.8 15.0 15.2 15.3 15.6 15.7 Accounts (M) Growth by Segment Accounts Q4 2022 YoY Growth 1st Party Managed\* 1% AUM 15% AUA -7% Subscription 5% Growth by Segment Assets Q4 2022 YoY Growth 1st Party Managed\* -14% AUM -6% AUA -20% Subscription -11% \*1st party managed represents assets directly managed, and overlay services provided, by Envestnet Asset Management. These accounts and assets are a component of AUM.© 2023 Envestnet, Inc. All rights reserved.

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![](q4earningssupplementfina017.jpg)

17 7% 9% 13% 8% 7% 8% 10% 6% 2015 2016 2017 2018 2019 2020 2021 2022 YTD 41.6% 43.2% 46.6% 48.1% 49.7% 51.2% 53.8% 2015 2016 2017 2018 2019 2020 2021 Secular Tailwinds Growth Opportunity Source: Cerulli Associates, "U.S. Broker/Dealer Marketplace 2022" Source: InvestmentNews, "2022 InvestmentNews Adviser Technology Study" 2022 YTD represents annualized data for the first 9 months of 2022 Source: Cerulli Lodestar Source: NewVantage Partners, "Data and AI Leadership Executive Survey 2022"; survey of senior executives at financial services (60%), healthcare/life sciences (21%), and other (19%) companies Wealth Management Firm Tech Expenditure as a Percentage of Revenue (median) 3.10% 3.19% 3.23% 3.22% 3.69% 3.69% 3.73% 2.90% 3.10% 3.30% 3.50% 3.70% 3.90% 2015 2016 2017 2018 2019 2020 2021 Fee-Based Assets as a Percentage of Total Advisor-Managed Assets Organic Asset Growth Rates for the Managed Accounts Industry Percentage of Organizations Reporting an Increase in Data and AI Investments for 2022 92% 8% Investment is increasing Investment is not increasing© 2023 Envestnet, Inc. All rights reserved.

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18 5.8% 5.6% 5.6% 5.7% 6.2% 6.5% 7.1% 7.4%(2) $55 $37 $59 $68 $60 $64 $89 $57 3.5 6.1 7.0 10.9 11.9 13.4 17.5 18.3 Enabling our Clients' Growth (1) Excludes wirehouses and the direct channel; (2) Represents a market share figure as of Q3 2022. Industry data was sourced from Cerulli U.S. Broker/Dealer Marketplace 2022 and Cerulli Lodestar. 2022 industry fee-based asset data is an Envestnet estimate through 12/31/22. Managed account market share is calculated by dividing Envestnet's AUM by industry managed account assets (excluding wirehouses and the direct channel). Total Assets on Envestnet's Platform vs. Advice Industry Fee-Based Assets Excluding Wirehouses ($T) AUM/A Net Flows ($B) Platform Accounts (M) Envestnet Metrics:© 2023 Envestnet, Inc. All rights reserved. Managed Acct Market Share(1) HFRX Global HF -4.56% https://www.hfr.com/family-indices/hfrx 7% Weighting per Brooks 6/15/22 -22% $4.7 $5.2 $6.4 $6.5 $7.9 $9.3 $11.9 $9.9 est $0.9 $1.3 $1.7 $2.8 $3.8 $4.6 $5.7 $5.1 2015 2016 2017 2018 2019 2020 2021 2022 Industry Envestnet

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19 Strong Balance Sheet and Liquidity Capital Position as of December 31, 2022 Cash and Cash Equivalents $162M Annual cash interest expense $11.0M(1) Debt Outstanding on Revolving Line of Credit ($500M) $0M Revolving Line of Credit SOFR + spread(2) Convertible Debt Maturing 2023 $45M Convertible Debt 2023 1.75% coupon Convertible Debt Maturing 2025 $317.5M Convertible Debt 2025 0.75% coupon Convertible Debt Maturing 2027 $575M Convertible Debt 2027 2.625% coupon Net Leverage Ratio 3.5x (1) Run rate as of 12/31/22. Includes convertible note coupon payments and undrawn fees on revolving line of credit. (2) We estimate the spread to be Adjusted SOFR + 225 bps based on our current leverage ratio.© 2023 Envestnet, Inc. All rights reserved.

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20 Key Factors To Our Success 1 A leading competitive market position with scale across WealthTech, Solutions, and Data & Analytics 2 Secular tailwinds including fee-based advice, managed accounts, personalization, holistic advice, investment outsourcing, and spending on technology and data 3 Vast market opportunity provides significant organic growth potential featuring net inflows and improving effective fee rate 4 Investments are deepening client engagement and further expanding addressable market 5 Compelling business model with high level of recurring revenues and operating leverage aided by expense management and scalability investments 6 Comprehensive, integrated offering that provides compelling growth opportunities via partnership and acquisition© 2023 Envestnet, Inc. All rights reserved.

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Proven Record of Innovation and Growth Cloud-based TAMP Advisor-as- Portfolio- Manager UMA Tamarac RIA solution Advice-centric platform Data Aggregation Financial planning TAMP Integrated Wealth Platform Financial Wellness Ecosystem Fully mobile WM platform Credit Exchange Retirement Solutions Trust Services Exchange Insurance Exchange Advanced AI recommendations Client apps Developer tools© 2023 Envestnet, Inc. All rights reserved.

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22 ENV Committed to Corporate Social Responsibility Envestnet is committed to empowering Financial Wellness for our communities, our employees, our advisors, and their clients Social & Human Rights Envestnet conducts our business in a responsible manner for our communities, our employees, our advisors and their clients. We fully support the basic rights of all individuals, follow fair and ethical labor practices and provide meaningful opportunities for development for our employees, promote giving back to the communities where we live and work and offer access to responsible investing. Commitment to the Environment We recognize that a healthy, sustainable future requires environmental stewardship, and we are committed to being mindful of the resources we consume. We continue to explore ways to further improve operational effectiveness and decrease our energy usage and carbon emissions. Strong Corporate Governance We are committed to the long-term success of Envestnet, as well as our shareholders, customers and employees, through strong corporate governance and ethical business practices.© 2023 Envestnet, Inc. All rights reserved.

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Appendix

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24 Illustrative Market Impact on Annualized Financials Assuming +/-5% market change(1) ~$35M Asset-based revenues Management has visibility into expected performance allowing operating decisions that may impact hiring plans, variable compensation and other spending initiatives. ~$21M Cost of revenues ~$14M Adjusted EBITDA(1) unmitigated (1)Amounts represent annualized impact applicable to a 5% change in asset values on 4Q22 Annualized Revenue© 2023 Envestnet, Inc. All rights reserved.

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25 Illustrative Market Impact Calculations Illustrative Market Impact Model Assumptions ($ in millions) Total Revenue 4Q22 revenue, annualized $1,172 x % asset-based ~60% of total revenue 60% x % Blended Market Change (a) See below calculation -5% = Revenue impact ($35) - Impact on asset-based cost of revenue ~60% of asset-based revenue ($21) = Impact on Adjusted EBITDA(1) Unmitigated impact ($14) (a)Blended Market Change % exposure to equity 60% equity allocation 60% x % equity market performance Assuming 5% equity market decline -5% + % exposure to bond market 40% bond allocation 40% x % bond market performance Assuming 5% bond market decline -5% = Blended Market Change -5% • Approximately 80% of our asset-based revenue is billed quarterly, in advance. As such, the majority of any market impact would be seen in future quarters. • More than half of our asset-based revenue is paid to third party managers and strategists. This naturally reduces the impact on our profit from a market decline. • This represents the unmitigated impact. Depending on the severity of the impact, management may choose to offset a portion of this impact through lower variable compensation, and changing its discretionary hiring and spending plans.© 2023 Envestnet, Inc. All rights reserved.

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26 Outlook Table The Company provided the following outlook for the first quarter ending March 31, 2023 and full year ending December 31, 2023. This outlook is based on the market value of assets on December 31, 2022. We caution that we cannot predict the market value of our assets on any future date. See slide 2 for more information. In Millions Except Adjusted EPS 1Q 2023 GAAP: Revenues: Asset-based $176.5 – 178.4 Subscription-based $117.5 – 118.0 Total recurring revenues $294.0 – 296.4 Professional services and other revenues $5.0 – 5.6 Total Revenues: $299.0 – 302.0 Asset-based cost of revenues $103.0 – 103.5 Total cost of revenues $110.2 – 110.7 Net income (a) Diluted shares outstanding 66.5 Net income per diluted share (a) Non-GAAP: Adjusted revenues(1): Asset-based $176.5 – 178.4 Subscription-based $117.5 – 118.0 Total recurring revenues $294.0 – 296.4 Professional services and other revenues $5.0 – 5.6 Total Revenues: $299.0 – 302.0 Adjusted EBITDA(1) $53.0 – 55.0 Adjusted net income per diluted share(1) $0.45 FY 2023 $1,239.8 – 1,259.8 (a) 66.3 (a) $1,240.0 – 1,260.0 $242.0 – 252.0 $1.95 – 2.05 (a) The Company does not forecast net income and net income per diluted share due to the unpredictable nature of various items adjusted for non-GAAP disclosure purposes, including the periodic GAAP income tax provision. (1) Non-GAAP financial measure. Reconciliations are not provided for guidance on such measures as the Company is unable to predict the amounts to be adjusted, such as the GAAP tax provision.© 2023 Envestnet, Inc. All rights reserved.

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27 Reconciliation of Non-GAAP Financial Measures Three Months Ended December 31, (in thousands) (unaudited) 2022 2021 Total revenues $292,874 $319,621 Deferred revenue fair value adjustment 54 57 Adjusted revenues $292,928 $319,678 Net income (loss) $(37,841) $(5,310) Add (deduct): Deferred revenue fair value adjustment 54 57 Interest income (1,911) (258) Interest expense 3,536 4,249 Income tax provision (benefit) 8,603 (1,407) Depreciation and amortization 33,340 29,515 Non-cash compensation expense 17,750 17,713 Restructuring charges and transaction costs 7,874 7,275 Severance 18,738 849 Accretion on contingent consideration and purchase liability — 74 Fair market value adjustment on contingent consideration liability — — Fair market value adjustment to investment in private company (400) — Litigation and regulatory related expenses 722 2,432 Foreign currency 806 (117) Gain on settlement of liability — — Gain on insurance reimbursement — — Non-income tax expense adjustment 914 (245) Dilution gain on equity method investee share issuance (2,583) — Loss allocations from equity method investments 3,542 1,540 (Income) loss attributable to non-controlling interest 663 (150) Adjusted EBITDA $53,807 $56,217 Year Ended December 31, 2022 2021 $1,239,784 $1,186,517 216 284 $1,240,000 $1,186,801 $(85,480) $12,694 216 284 (4,184) (827) 16,843 16,931 7,061 7,667 130,548 117,767 80,333 68,020 35,141 18,490 30,117 11,347 — 730 — (1,067) (400) (758) 6,055 7,591 1,419 (7) — (1,206) — (968) 802 (1,347) (9,517) — 8,874 7,093 2,300 (704) $220,128 $261,730© 2023 Envestnet, Inc. All rights reserved.

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28 Reconciliation of Non-GAAP Financial Measures Three Months Ended December 31, (in thousands, except share and per share information) (unaudited) 2022 2021 Net income (loss) $(37,841) $(5,310) Income tax provision (benefit) 8,603 (1,407) Income (loss) before income tax provision (benefit) (29,238) (6,717) Add (deduct): Deferred revenue fair value adjustment 54 57 Non-cash interest expense (239) 1,450 Cash interest - Convertible Notes 3,458 2,480 Non-cash compensation expense 17,750 17,713 Restructuring charges and transaction costs 7,874 7,275 Severance 18,738 849 Accretion on contingent consideration and purchase liability — 74 Fair market value adjustment on contingent consideration liability — — Fair market value adjustment to investment in private company (400) — Amortization of acquired intangibles 18,087 17,217 Litigation and regulatory related expenses 722 2,432 Foreign currency 806 (117) Gain on settlement of liability — — Gain on insurance reimbursement — — Non-income tax expense adjustment 914 (245) Dilution gain on equity method investee share issuance (2,583) — Loss allocations from equity method investments 3,542 1,540 (Income) loss attributable to non-controlling interest 663 (150) Adjusted net income before income tax effect 40,148 43,858 Income tax effect (10,238) (11,184) Adjusted net income $29,910 $32,674 Basic number of weighted-average shares outstanding 55,119,075 54,678,195 Effect of dilutive shares: Options to purchase common stock 70,947 201,300 . Unvested restricted stock units 265,187 665,222 . Convertible notes 10,667,509 9,898,549 . Warrants — 93,947 . Diluted number of weighted-average shares outstanding 66,122,718 65,537,213 Adjusted net income per share - diluted $0.45 $0.50 Year Ended December 31, 2022 2021 $(85,480) $12,694 7,061 7,667 (78,419) 20,361 216 284 4,678 5,745 10,897 9,919 80,333 68,020 35,141 18,490 30,117 11,347 — 730 — (1,067) (400) (758) 71,901 68,587 6,055 7,591 1,419 (7) — (1,206) — (968) 802 (1,347) (9,517) — 8,874 7,093 2,300 (704) 164,397 212,110 (41,921) (54,088) $122,476 $158,022 55,199,482 54,470,975 111,327 206,022 . 390,270 633,384 . 10,092,369 9,898,549 . — 73,715 . 65,793,448 65,282,645 $1.86 $2.42© 2023 Envestnet, Inc. All rights reserved.

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29 Reconciliation of Non-GAAP Financial Measures Year ended December 31, (in millions) (unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net income (loss) $0.47 $3.66 $13.98 $4.44 ($55.57) ($3.28) $4.01 ($17.20) ($2.64) $12.69 ($85.48) Accretion on contingent consideration and purchase liability - - - 0.89 0.15 0.51 0.22 1.77 1.69 0.73 - Deferred revenue fair value adjustment 1.25 0.16 - 0.32 1.27 0.13 0.12 9.27 0.69 0.28 0.22 Depreciation and amortization 12.40 15.33 18.65 27.96 64.00 62.82 77.63 101.27 113.66 117.77 130.55 Fair market value adjustment to investment in private company - - - - - - - - - (0.76) (0.40) Fair market value adjustment on contingent consideration liability - 0.50 (1.43) (4.15) 1.59 - - (8.13) (3.11) (1.07) - Foreign currency - - - - (0.72) 0.49 (0.59) (0.07) 0.12 (0.01) 1.42 Impairment of equity method investment - - - - 0.73 - - - - - - Imputed interest expense on contingent consideration - 0.79 1.47 - - - - - - - - Income tax provision (benefit) 2.60 2.05 8.53 4.55 15.08 1.59 (13.17) (30.89) (5.40) 7.67 7.06 Interest expense - - 0.63 10.27 16.60 16.35 25.20 32.52 31.50 16.93 16.84 Interest income (0.03) (0.02) (0.14) (0.34) (0.04) (0.20) (2.36) (3.35) (1.11) (0.83) (4.18) Litigation related expense 0.27 0.01 0.02 0.07 5.59 1.03 - 2.88 7.83 7.59 6.06 Loss allocation from equity method investments - - - - 1.42 1.47 1.15 2.36 5.40 7.09 8.87 (Income) loss attributable to non-controlling interest - - 1.23 1.64 1.08 0.32 1.79 0.11 (1.83) (0.70) 2.30 Non-cash compensation expense 4.04 8.92 11.42 15.16 33.28 31.33 40.25 60.44 57.11 68.02 80.33 Non-income tax expense adjustment - - - - 6.23 0.35 (0.59) 0.37 0.42 (1.35) 0.80 Non-recurring gains - - - - - - - - (5.88) - - Other - - (1.83) 0.07 (1.38) - - - - - - Re-audit related expenses - 3.11 - - - - - - - - - Restructuring charges and transaction costs 2.72 3.30 2.67 13.50 5.78 13.67 15.58 26.56 19.38 18.49 35.14 Severance 0.28 0.79 0.74 1.70 4.34 2.32 8.32 15.37 25.11 11.35 30.12 Gain on acquisition of equity method investment - - - - - - - - (4.23) - - Gain on settlement of liability - - - - - - - - - (1.21) - Gain on insurance reimbursement - - - - - - - - - (0.97) - Gain on sale of interest in private company - - - - - - - - (1.65) - - Dilution gain on equity method investee share issuance - - - - - - - - - - (9.52) Adjusted EBITDA $23.99 $38.59 $55.94 $76.07 $99.44 $128.89 $157.55 $193.29 $242.94 $261.73 $220.13© 2023 Envestnet, Inc. All rights reserved.

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