Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.21.2
Property and Equipment, Net
 9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
 
Property and equipment, net consisted of the following:
    September 30, December 31,
  Estimated Useful Life 2021 2020
(in thousands)
Cost:      
Computer equipment and software 3 years $ 72,415  $ 72,443 
Leasehold improvements Shorter of the lease term or useful life of the asset 43,860  37,671 
Office furniture and fixtures
3-7 years
 12,243  11,249 
Office equipment and other
3-5 years
 5,810  7,151 
Building and building improvements
7-39 years
 2,669  2,669 
Land Not applicable 940  940 
    137,937  132,123 
Less: accumulated depreciation and amortization (89,779) (84,154)
Total property and equipment, net $ 48,158  $ 47,969 
 
During the three and nine months ended September 30, 2021, the Company retired property and equipment that was no longer in service for the Envestnet Wealth Solutions segment with an historical cost of $1.8 million and $9.6 million, respectively. During the three and nine months ended September 30, 2021, the Company retired property and equipment that was no longer in service for the Envestnet Data & Analytics segment with an historical cost of $0.4 million and $1.0 million million, respectively.

During the three and nine months ended September 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 $1.0 million and $5.5 million, respectively. During the three and nine months ended September 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 $1.4 million and $2.1 million, respectively.

Gains and losses on asset retirements during the three and nine months ended September 30, 2021 and 2020 were not material.
 
Depreciation and amortization expense was as follows:
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2021 2020 2021 2020
(in thousands)
Depreciation and amortization expense $ 4,998  $ 5,341  $ 15,887  $ 16,021