We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Adjusted earnings per share of 64 cents outpaced the Zacks Consensus Estimate by 4.9% and improved 12.3% year over year. The reported figure lies above the guidance of 61 cents.
Revenues of $275.1 million surpassed the consensus mark by 0.6% and climbed 12% year over year.The reported figure lies above the guided range of $270-$273 million.
Over the past year, shares of Envestnet have gained 5.7% compared with 19.2% rise of the industry it belongs to.
Let’s check out the numbers in detail.
Quarterly Numbers in Detail
Adjusted revenues of $275.2 million jumped 11% year over year.
Asset-based recurring revenues of $159.38 million increased 18% year over year, contributing 58% of total revenues. Subscription-based recurring revenues of $109.83 million were up 5% from the prior-year quarter’s levels, contributing 40% of total revenues. Professional services and other non-recurring revenues decreased 18% year over year to $5.9 million.
Adjusted EBITDA came in at $68.3 million, up 25% year over year.
Envestnet ended first-quarter 2021 with cash and cash equivalent balance of $371.98 million compared with $384.57 million at the end of the prior quarter. Long-term debt was $845.19 million compared with $756.5 million at the end of the prior quarter.
The company generated around $49.8 million of cash from operating activities. CapEx was $7.1 million.
For second-quarter 2021, Envestnet expects adjusted earnings to lie between 53-55 cents per share. The Zacks Consensus Estimate of 53 cents is in line with the lower end of the guidance.
Total revenues are estimated between $281 million and $284 million. The Zacks Consensus Estimate of $282.5 million lies within the guidance.
The company expects adjusted EBITDA in the band of $60-$62 million.
For 2021, Envestnet has raised its guidance. Adjusted EPS is now expected in the range of $2.03-$2.10 compared with the prior guidance of $1.95-$2.08. The Zacks Consensus Estimate of $2.14 lies above the updated guidance.
Total revenues are now anticipated between $1.138 billion and $1.148 billion compared with the prior guidance of $1.105-$1.120 billion. The Zacks Consensus Estimate of $1.14 billion lies within the updated guidance.
The company now projects adjusted EBITDA of $230-$236 million compared with the prior guidance of $225-$235 million.
Currently, Envestnet carries a Zacks Rank #5 (Strong Sell).
Equifax’s (EFX - Free Report) first-quarter 2021 adjusted earnings of $1.97 per share beat the Zacks Consensus Estimate by 29.6% and improved on a year-over-year basis. Revenues of $1.21 billion outpaced the consensus estimate by 7.9% and improved 26.6% year over year on a reported basis as well as on a local-currency basis.
Robert Half’s (RHI - Free Report) first-quarter 2021 earnings of 98 cents per share beat the consensus mark by 22.5% and were up 24.1% year over year. Revenues of $1.4 billion surpassed the consensus mark by 3.3% but declined 7.2% year over year on a reported basis and 7.6% on an adjusted basis.
Omnicom’s (OMC - Free Report) first-quarter 2021 adjusted earnings of $1.33 per share beat the consensus mark by 16.7% and increased 11.8% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 3.6% and marginally increased year over year.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Image: Bigstock
Envestnet (ENV) Q1 Earnings & Revenues Beat Estimates, View Up
Envestnet, Inc. (ENV - Free Report) reported better-than-expected first-quarter 2021 results.
Adjusted earnings per share of 64 cents outpaced the Zacks Consensus Estimate by 4.9% and improved 12.3% year over year. The reported figure lies above the guidance of 61 cents.
Revenues of $275.1 million surpassed the consensus mark by 0.6% and climbed 12% year over year.The reported figure lies above the guided range of $270-$273 million.
Over the past year, shares of Envestnet have gained 5.7% compared with 19.2% rise of the industry it belongs to.
Let’s check out the numbers in detail.
Quarterly Numbers in Detail
Adjusted revenues of $275.2 million jumped 11% year over year.
Asset-based recurring revenues of $159.38 million increased 18% year over year, contributing 58% of total revenues. Subscription-based recurring revenues of $109.83 million were up 5% from the prior-year quarter’s levels, contributing 40% of total revenues. Professional services and other non-recurring revenues decreased 18% year over year to $5.9 million.
Adjusted EBITDA came in at $68.3 million, up 25% year over year.
Envestnet ended first-quarter 2021 with cash and cash equivalent balance of $371.98 million compared with $384.57 million at the end of the prior quarter. Long-term debt was $845.19 million compared with $756.5 million at the end of the prior quarter.
The company generated around $49.8 million of cash from operating activities. CapEx was $7.1 million.
Envestnet, Inc Price, Consensus and EPS Surprise
Envestnet, Inc price-consensus-eps-surprise-chart | Envestnet, Inc Quote
Q2 & 2021 Outlook
For second-quarter 2021, Envestnet expects adjusted earnings to lie between 53-55 cents per share. The Zacks Consensus Estimate of 53 cents is in line with the lower end of the guidance.
Total revenues are estimated between $281 million and $284 million. The Zacks Consensus Estimate of $282.5 million lies within the guidance.
The company expects adjusted EBITDA in the band of $60-$62 million.
For 2021, Envestnet has raised its guidance. Adjusted EPS is now expected in the range of $2.03-$2.10 compared with the prior guidance of $1.95-$2.08. The Zacks Consensus Estimate of $2.14 lies above the updated guidance.
Total revenues are now anticipated between $1.138 billion and $1.148 billion compared with the prior guidance of $1.105-$1.120 billion. The Zacks Consensus Estimate of $1.14 billion lies within the updated guidance.
The company now projects adjusted EBITDA of $230-$236 million compared with the prior guidance of $225-$235 million.
Currently, Envestnet carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Business Services Companies
Equifax’s (EFX - Free Report) first-quarter 2021 adjusted earnings of $1.97 per share beat the Zacks Consensus Estimate by 29.6% and improved on a year-over-year basis. Revenues of $1.21 billion outpaced the consensus estimate by 7.9% and improved 26.6% year over year on a reported basis as well as on a local-currency basis.
Robert Half’s (RHI - Free Report) first-quarter 2021 earnings of 98 cents per share beat the consensus mark by 22.5% and were up 24.1% year over year. Revenues of $1.4 billion surpassed the consensus mark by 3.3% but declined 7.2% year over year on a reported basis and 7.6% on an adjusted basis.
Omnicom’s (OMC - Free Report) first-quarter 2021 adjusted earnings of $1.33 per share beat the consensus mark by 16.7% and increased 11.8% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 3.6% and marginally increased year over year.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>