The Company recorded $14.4 million and $26.3 million of restructuring and related charges during the three and nine months ended March 31, 2024, respectively, which primarily related to the restructuring plans as noted below.

During the third quarter of fiscal 2024, the Company executed a global reduction-in-force plan targeted towards the reorganization of the Company's research and development and sales and marketing functions to align the Company's workforce with its strategic priorities and to focus on specific geographies and industry segments with higher growth opportunities (the “Q3 2024 Plan”). During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of approximately $9.7 million related to the Q3 2024 Plan, which primarily consisted of severance and benefits expenses.

During the second quarter of fiscal 2024, the Company executed a global reduction-in-force plan to rebalance its workforce to create greater efficiency and improve execution, in alignment with the Company's business and strategic priorities, while reducing its ongoing operating expenses to address reduced revenue and macro-economic conditions (the “Q2 2024 Plan”). During the three months ended March 31, 2024, the Company recorded restructuring charges of approximately $4.6 million related to the Q2 2024 Plan, which primarily consisted of additional severance, other employee benefits and legal and consulting fees. During the nine months ended March 31, 2024, the Company recorded restructuring charges of approximately $13.3 million related to the Q2 2024 Plan, which primarily consisted of employee severance and benefits expenses and legal and consulting fees.

The Company expects to complete these ongoing restructuring plans by the end of fiscal 2024 and expects to incur between $2.0 million to $3.0 million in additional charges for the Q3 2024 Plan and the Q2 2024 Plan by the end of fiscal 2024.

During the first quarter of fiscal 2024, the Company initiated a reduction-in-force plan to rebalance the workforce to create greater efficiency and improve execution in alignment with the Company's business and strategic priorities (the “Q1 2024 Plan”). It consisted primarily of workforce reduction to drive productivity in research and development, sales and marketing and provide efficiency across operations and general & administrative functions. During the three months ended March 31, 2024, the Company did not incur any charges related to the Q1 2024 Plan. During the nine months ended March 31, 2024, the Company incurred charges of approximately $2.9 million related to the Q1 2024 Plan. As of March 31, 2024, the plan was completed.

During the third quarter of fiscal 2023, the Company initiated a restructuring plan to transform its business infrastructure and reduce its facilities footprint and the facilities related charges (the “2023 Plan”). As part of this project, the Company is moving engineering labs from its San Jose, California location to its Salem, New Hampshire location. This move is expected to help reduce the cost of operating the Company's labs. During the three months and nine months ended March 31, 2024, the Company incurred restructuring charges of approximately $0.1 million and $0.4 million, respectively, primarily for moving costs. The Company expects that the project will take about 6 to 9 months from March 31, 2024 to complete, and expects to incur charges of approximately $9.0 million throughout this period, primarily for asset disposals, contractor costs, severance, relocation, and other non-recurring fees.

The Company recorded $1.4 million and $2.3 million of restructuring and related charges during the three and nine months ended March 31, 2023, which primarily included additional facilities expenses related to previously impaired facilities and $0.8 million in charges associated with the 2023 plan to transform the Company's business and facilities infrastructure.

Restructuring liabilities are recorded in “Other accrued liabilities” in the accompanying condensed consolidated balance sheets. As of March 31, 2024, the restructuring liability was $17.0 million, which primarily related to the Q2 2024 and Q3 2024 Plans.

The following table summarizes the activity related to the Company’s restructuring and related liabilities during the following periods (in thousands):


	Three Months Ended			Nine Months Ended
	March 31, 2024			March 31, 2024
Balance at beginning of period	$	6,192		$	—
Period charges		14,937			27,113
Period reversals		(516	)		(802	)
Period payments		(3,641	)		(9,339	)
Balance at end of period	$	16,972		$	16,972