The following is a summary of the Envestnet, Inc. (ENV) Q1 2024 Earnings Call Transcript:
Financial Performance:
Envestnet posted Q1 revenue of $325 million, indicating a 9% growth from Q1 2023.
The company's adjusted EBITDA was $70 million, accounting for a 22% adjusted EBITDA margin and about 350 basis point margin expansion compared to Q1 2023.
Adjusted EPS increased by 30% from Q1 2023 to $0.60.
Envestnet reported AUM net flows of $12.5 billion, a 12% growth rate, and improvement in free cash flow of more than $40 million year-over-year.
Lower total manageable expense forecasted for 2024, despite inflationary pressures.
Envestnet expects Q2 2024 revenues between $337-$345 million, growing 9% from Q2 2023.
Business Progress:
The company reports strong growth in high-net-worth solutions, direct indexing, and tax overlay capabilities, each with over 38% annual growth in assets, accounts, and advisors.
Envestnet served more than 109,000 advisors and managed over 19.6 million accounts with total platform assets exceeding $6 trillion.
The company plans to enhance its product features to bolster platform adoption and usage, focusing on integrated experiences for advisors and clients.
Envestnet maintains its leading position via effective execution of client-oriented strategies, robust liquidity, and leverage reduction.
The company aims to grow and expand margins, with its asset manager marketplace and proprietary products showing consistent growth.
More details: Envestnet IR
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