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

Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2020

Accrued expenses and other liabilities consisted of the following:



	March 31,		December 31,
	2020		2019
Accrued compensation and related taxes	$	54,336	$	53,627
Accrued investment manager fees	40,221		48,720
Non-income tax payables	11,249		11,040
Accrued professional services	4,271		3,833
Accrued technology	3,967		3,042
Accrued transaction costs	2,456		2,482
Accrued charitable contribution	—		5,020
Other accrued expenses	15,642		10,180
Total accrued expenses and other liabilities	$	132,142	$	137,944

In the fourth quarter of 2019, the Company offered a voluntary early retirement program (the “Early Retirement Program”) to employees over a certain age, who have a combined age and years of experience with the Company of at least 65 years. Employees had until January 31, 2020 to voluntarily accept the program with separation of service no later than March 31, 2020. In connection with this program, the Company recorded $11,966 of severance expense during the three months ended March 31, 2020. As of March 31, 2020, the Company has accrued approximately $10,670 in accrued compensation and related taxes and $2,336 recorded in other non-current liabilities. As of December 31, 2019, the Company had accrued approximately $1,733 in accrued compensation and related taxes and $599 recorded in other non-current liabilities. The Company anticipates approximately $12,000 of payments in 2020 with the remainder paid through 2030.