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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