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Envestnet (ENV) Shares Barely Move After Q2 Earnings Miss
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Envestnet, Inc. (ENV - Free Report) reported mixed second-quarter 2024 results, wherein earnings missed the Zacks Consensus Estimate, while revenues surpassed the same.
The stock price has not witnessed any significant impact of the earnings miss since the company released results on Aug 9, 2024.
ENV’s earnings per share were 55 cents, missing the Zacks Consensus Estimate by 12.7%. The bottom line increased 19.6% year over year from the second quarter of 2023. Total revenues of $348.3 million beat the consensus estimate by 1.6% and grew 11.5% on a year-over-year basis.
The company’s shares have gained 25.8% in the past six months, outperforming the 2.4% rally of the industry it belongs to and the 11.8% rise of the Zacks S&P 500 Composite.
Asset-based recurring revenues of $219.5 million, which represented 63% of the top line, increased 18% on a year-over-year basis. Professional services and other non-recurring revenues decreased 8% from a year-ago quarter to $10.8 million. Subscription-based recurring revenues of $118 million gained 3% from the second quarter of 2023 and contributed 34% to the total revenues.
Adjusted EBITDA rose 39% from the year-ago figure to $77.8 million. The adjusted EBITDA margin increased 440 basis points year over year to 22.3% in the quarter under discussion.
ENV’s cash and cash equivalents were $122 million compared with $61.23 million in the preceding quarter. Debt at the end of the second quarter of 2024 was $892.5 million, up from $877.84 million in the previous quarter. ENV generated $89.1 million in cash from operating activities. CapEx was $3.3 million and the adjusted free cash flow amounted to $67 million.
Omnicom Group Inc. (OMC - Free Report) reported impressive second-quarter 2024 results.
OMC’s earnings of $1.95 per share beat the consensus estimate by 3.7% and grew 7.7% year over year. Total revenues of $3.9 billion surpassed the consensus estimate by 1.1% and increased 6.8% on a year-over-year basis.
ICFI’s quarterly earnings (excluding 33 cents from non-recurring items) per share of $1.7 beat the Zacks Consensus Estimate by 11.2% and grew 7.6% from the year-ago quarter. Total revenues of $512 million beat the Zacks Consensus Estimate by a slight margin and increased 2.4% year over year.
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Envestnet (ENV) Shares Barely Move After Q2 Earnings Miss
Envestnet, Inc. (ENV - Free Report) reported mixed second-quarter 2024 results, wherein earnings missed the Zacks Consensus Estimate, while revenues surpassed the same.
The stock price has not witnessed any significant impact of the earnings miss since the company released results on Aug 9, 2024.
ENV’s earnings per share were 55 cents, missing the Zacks Consensus Estimate by 12.7%. The bottom line increased 19.6% year over year from the second quarter of 2023. Total revenues of $348.3 million beat the consensus estimate by 1.6% and grew 11.5% on a year-over-year basis.
The company’s shares have gained 25.8% in the past six months, outperforming the 2.4% rally of the industry it belongs to and the 11.8% rise of the Zacks S&P 500 Composite.
Envestnet, Inc Price and EPS Surprise
Envestnet, Inc price-eps-surprise | Envestnet, Inc Quote
Other Quarterly Details
Asset-based recurring revenues of $219.5 million, which represented 63% of the top line, increased 18% on a year-over-year basis. Professional services and other non-recurring revenues decreased 8% from a year-ago quarter to $10.8 million. Subscription-based recurring revenues of $118 million gained 3% from the second quarter of 2023 and contributed 34% to the total revenues.
Adjusted EBITDA rose 39% from the year-ago figure to $77.8 million. The adjusted EBITDA margin increased 440 basis points year over year to 22.3% in the quarter under discussion.
ENV’s cash and cash equivalents were $122 million compared with $61.23 million in the preceding quarter. Debt at the end of the second quarter of 2024 was $892.5 million, up from $877.84 million in the previous quarter. ENV generated $89.1 million in cash from operating activities. CapEx was $3.3 million and the adjusted free cash flow amounted to $67 million.
Envestnet currently has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshots of Some Business Service Firms
Omnicom Group Inc. (OMC - Free Report) reported impressive second-quarter 2024 results.
OMC’s earnings of $1.95 per share beat the consensus estimate by 3.7% and grew 7.7% year over year. Total revenues of $3.9 billion surpassed the consensus estimate by 1.1% and increased 6.8% on a year-over-year basis.
ICF International, Inc. (ICFI - Free Report) reported impressive second-quarter 2024 results.
ICFI’s quarterly earnings (excluding 33 cents from non-recurring items) per share of $1.7 beat the Zacks Consensus Estimate by 11.2% and grew 7.6% from the year-ago quarter. Total revenues of $512 million beat the Zacks Consensus Estimate by a slight margin and increased 2.4% year over year.