Envestnet, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable, Accrued Expenses??and Other Current Liabilities

Accounts Payable, Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Accounts Payable, Accrued Expenses and Other Current Liabilities

Accounts payable, accrued expenses and other current liabilities consisted of the following:


	June 30,		December 31,
	2024		2023

	(in thousands)
Accrued investment manager fees	$	125,529	$	106,612
Accrued compensation and related taxes	52,136		72,466
Accounts payable	19,437		35,738
Accrued professional services	17,132		14,289
Accrued technology	4,142		4,151
Accrued interest	2,473		2,473





Other accrued expenses	4,659		5,695
Total accounts payable, accrued expenses and other current liabilities	$	225,508	$	241,424

As of June 30, 2024, the Company had an ending liability balance of $4.5 million primarily in connection with a reduction in force initiative that began during the first quarter of 2023. The Company anticipates approximately $1.9 million to be paid during the remainder of 2024, $1.7 million to be paid throughout 2025, with the remaining balance paid through 2030. Expenses related to this reduction in force initiative are included in employee compensation expense in the condensed consolidated statements of operations.

The following table presents a reconciliation of the beginning and ending liability balance related to this effort, of which $2.8 million is 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	2,436		13		1,645		4,094
Cash payments	(7,754)		(499)		(1,645)		(9,898)

Balance as of June 30, 2024	$	4,475	$	—	$	—	$	4,475