Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.3
Property and Equipment
9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and Equipment
 
Property and equipment consists of the following:
 
 
 
 
September 30,
 
December 31,
 
 
Estimated Useful Life
 
2019
 
2018
Cost:
 
 
 
 

 
 

Computer equipment and software
 
3 years
 
$
71,812

 
$
64,346

Leasehold improvements
 
Shorter of the lease term or useful life of the asset
 
33,553

 
28,191

Office furniture and fixtures
 
3-7 years
 
11,126

 
9,291

Office equipment and other
 
3-5 years
 
6,499

 
5,577

Building and building improvements
 
7-39 years
 
2,647

 

Land
 
Not applicable
 
940

 

 
 
 
 
126,577

 
107,405

Less: accumulated depreciation and amortization
 
(73,012
)
 
(62,414
)
Total property and equipment, net
 
$
53,565

 
$
44,991


 
During the three and nine months ended September 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 $1,355 and $4,997, respectively. During the three and nine months ended September 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 $174 and $4,295, respectively. Gains and losses on asset retirements during the three and nine months ended September 30, 2019 were not material.

During the three and nine months ended September 30, 2018, the Company retired property and equipment that was no longer in service for the Envestnet Wealth Solutions segment with an historical cost of $872, and $4,209, respectively. During the three and nine months ended September 30, 2018, the Company retired property and equipment that was no longer in service for the Envestnet Data & Analytics segment with an historical cost of $739 and $4,140, respectively. Gains and losses on asset retirements during the three and nine months ended September 30, 2018 were not material.
 
Depreciation and amortization expense was as follows:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Depreciation and amortization expense
 
$
4,693

 
$
3,917

 
$
15,810

 
$
11,755