An "intangible asset" is an asset that has a significant value but has no physical presence and provides a company with long-term financial value. Intangible assets that can be individually marketed by the business can be separated from other assets and can be identified are known to as identifiable intangible assets. Intellectual property, such as patents, trademarks, and copyrights, as well as non-cash government grants, like airport landing rights or broadcasting licenses, are examples of identifiable intangible assets. A trademark is a sign that can be used to distinguish one company's goods or services from those of other businesses. For trademarks, intellectual property rights offer protection. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
Envestnet’s gross value of intangible assets surged from $88.6 million in FY2020 to $119.0 million in FY2021, an increase of 34.3%. In FY2021, the company's net value of intangible assets was $400.4 million. Trade names and Proprietary technologies accounted for $33.7 million and $85.3 million respectively, based on the company's calculation of the fair value of identified intangible assets. The company's amortization expense for intangible assets was $68.6 million in FY2021.
The company’s tradenames grew from $28 million in FY2018 to $33.7 million in FY2021. For the year ending December 31, 2021, net cash used in investing operations was $176.1 million as compared to $100.0 million for the same period in 2020. The increase was primarily due to an increase in cash disbursements of $25.5 million for the acquisition of proprietary technology. Proprietary technologies were approximately $54.9 million and $87.7 million in 2020 and 2019 respectively. As of FY2021, the company had $925.2 million of goodwill and $400.4 million of net intangible assets, collectively representing 59% of its total assets.
Envestnet Inc (Envestnet) provides financial and wealth management technology and services. The company provides unified wealth management software and services empowering financial advisors and institutions. Envestnet also offers data analytics, data intelligence, data aggregation, and cloud-based innovation solutions to digital financial and technology innovators and financial institutions. Its brands include Envestnet Enterprise, Envestnet PMC (Portfolio Management Consultants), Envestnet MoneyGuide, Envestnet Tamarac, and Envestnet Retirement Solutions. The company offers its services to financial advisors, investors, and financial service providers.
United States of America
United States of America
United States of America
United States of America
United States of America
United States of America
Japan
Japan
United States of America
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