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
 9 Months Ended
Sep. 30, 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:

September 30, December 31,
  2024 2023
(in thousands)
Accrued investment manager fees $ 129,277  $ 106,612 
Accrued compensation and related taxes 74,293  72,466 
Accrued merger related costs 17,158  — 
Accounts payable 16,933  35,738 
Accrued professional services 9,508  14,289 
Accrued interest 5,339  2,473 
Accrued technology 4,200  4,151 
Other accrued expenses 4,756  5,695 
Total accounts payable, accrued expenses and other current liabilities $ 261,464  $ 241,424 

As of September 30, 2024, the Company had an ending liability balance of $4.8 million primarily in connection with a reduction in force initiative that began during the first quarter of 2023. The Company anticipates approximately $2.2 million to be paid during the remainder of 2024, $1.8 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 $3.6 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
 3,161  13  4,428  7,602 
Cash payments (8,120) (499) (4,428) (13,047)
Balance as of September 30, 2024 $ 4,834  $ —  $ —  $ 4,834