Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.20.2
Property and Equipment, Net
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
 
Property and equipment, net consists of the following:
    June 30, December 31,
  Estimated Useful Life 2020 2019
Cost:      
Computer equipment and software 3 years $ 71,090    $ 72,190   
Leasehold improvements Shorter of the lease term or useful life of the asset 37,271    34,645   
Office furniture and fixtures
3-7 years
 10,668    10,832   
Office equipment and other
3-5 years
 6,925    6,850   
Building and building improvements
7-39 years
 2,669    2,647   
Land Not applicable 940    940   
    129,563    128,104   
Less: accumulated depreciation and amortization (79,811)   (74,348)  
Total property and equipment, net $ 49,752    $ 53,756   
 
During the three and six months ended June 30, 2020, the Company retired property and equipment that was no longer in service for the Envestnet Wealth Solutions segment with an historical cost of $2,903 and $4,495, respectively. During the three and six months ended June 30, 2020, the Company retired property and equipment that was no longer in service for the Envestnet Data & Analytics segment with an historical cost of $117 and $684, respectively.

During the three and six months ended June 30, 2019, the Company retired property and equipment that was no longer in service for the Envestnet Wealth Solutions segment with an historical cost of $2,396 and $3,642, respectively. During the three and six months ended June 30, 2019, the Company retired property and equipment that was no longer in service for the Envestnet Data & Analytics segment with an historical cost of $1,640 and $4,121, respectively.

Gains and losses on asset retirements during the three and six months ended June 30, 2020 and 2019 were not material.
 
Depreciation and amortization expense was as follows:
  Three Months Ended Six Months Ended
  June 30, June 30,
  2020 2019 2020 2019
Depreciation and amortization expense $ 5,363    $ 6,751    $ 10,680    $ 11,117