| Goodwill and Intangible Assets, Net |
Goodwill and Intangible Assets, Net
Changes in the carrying amount of goodwill were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Envestnet Wealth Solutions |
|
Envestnet Data & Analytics |
|
Total |
Balance at December 31, 2018 |
|
$ |
243,809 |
|
|
$ |
275,293 |
|
|
$ |
519,102 |
|
Private company acquisition |
|
— |
|
|
21,448 |
|
|
21,448 |
|
PortfolioCenter acquisition |
|
14,987 |
|
|
— |
|
|
14,987 |
|
PIEtech acquisition |
|
353,085 |
|
|
— |
|
|
353,085 |
|
Foreign currency |
|
— |
|
|
90 |
|
|
90 |
|
Other |
|
(26 |
) |
|
— |
|
|
(26 |
) |
Balance at June 30, 2019 |
|
$ |
611,855 |
|
|
$ |
296,831 |
|
|
$ |
908,686 |
|
Intangible assets, net consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
December 31, 2018 |
|
|
|
|
Gross |
|
|
|
Net |
|
Gross |
|
|
|
Net |
|
|
Estimated |
|
Carrying |
|
Accumulated |
|
Carrying |
|
Carrying |
|
Accumulated |
|
Carrying |
|
|
Useful Life |
|
Amount |
|
Amortization |
|
Amount |
|
Amount |
|
Amortization |
|
Amount |
Customer lists |
|
7-16 years |
|
$ |
551,120 |
|
|
$ |
(121,836 |
) |
|
$ |
429,284 |
|
|
$ |
361,020 |
|
|
$ |
(102,077 |
) |
|
$ |
258,943 |
|
Proprietary technologies |
|
4-8 years |
|
96,694 |
|
|
(41,311 |
) |
|
55,383 |
|
|
66,746 |
|
|
(36,151 |
) |
|
30,595 |
|
Trade names |
|
2-7 years |
|
38,490 |
|
|
(14,027 |
) |
|
24,463 |
|
|
27,990 |
|
|
(12,352 |
) |
|
15,638 |
|
Backlog |
|
8 years |
|
11,000 |
|
|
(10,971 |
) |
|
29 |
|
|
11,000 |
|
|
(10,935 |
) |
|
65 |
|
Total intangible assets |
|
$ |
697,304 |
|
|
$ |
(188,145 |
) |
|
$ |
509,159 |
|
|
$ |
466,756 |
|
|
$ |
(161,515 |
) |
|
$ |
305,241 |
|
Amortization expense was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Amortization expense |
|
$ |
17,054 |
|
|
$ |
13,419 |
|
|
$ |
29,582 |
|
|
$ |
27,354 |
|
Future amortization expense of the intangible assets as of June 30, 2019, is expected to be as follows:
|
|
|
|
|
Years ending December 31, |
|
|
Remainder of 2019 |
$ |
37,887 |
|
2020 |
71,524 |
|
2021 |
61,555 |
|
2022 |
57,857 |
|
2023 |
46,748 |
|
Thereafter |
233,588 |
|
Total |
$ |
509,159 |
|
|