Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable, Accrued Expenses??and Other Current Liabilities

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Accounts Payable, Accrued Expenses and Other Current Liabilities
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Accounts Payable, Accrued Expenses and Other Current Liabilities Accounts Payable, Accrued Expenses and Other Current Liabilities
 
Accounts payable, accrued expenses and other current liabilities consisted of the following:

March 31, December 31,
  2024 2023
(in thousands)
Accrued investment manager fees $ 116,092  $ 106,612 
Accrued compensation and related taxes 36,603  72,466 
Accounts payable 22,765  35,738 
Accrued professional services 10,482  14,289 
Accrued interest 5,648  2,473 
Accrued technology 4,349  4,151 
Other accrued expenses 5,187  5,695 
Total accounts payable, accrued expenses and other current liabilities $ 201,126  $ 241,424 

As of March 31, 2024 the Company had an ending liability balance of $7.2 million primarily in connection with a reduction in force initiative that began during the first quarter of 2023. The Company anticipates approximately $4.6 million to be paid during the remainder of 2024, $1.7 million to be paid throughout 2025, with the remaining balance paid through 2030.

The following table presents a reconciliation of the beginning and ending liability balance related to this effort, which is primarily included within accrued compensation and related taxes in the table above.

  Envestnet Wealth Solutions Envestnet Data & Analytics Nonsegment Total
(in thousands)
Balance as of December 31, 2023 $ 9,793  $ 486  $ —  $ 10,279 
Severance expense
 1,804  13  1,608  3,425 
Cash payments (4,442) (499) (1,608) (6,549)
Balance as of March 31, 2024 $ 7,155  $ —  $ —  $ 7,155