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Reorganization Expenses
3 Months Ended
Mar. 31, 2023
Reorganizations [Abstract]  
Reorganization Expenses Reorganization Expenses
On January 31, 2023, the Company implemented a plan of reorganization (the “January 2023 Plan”). The January 2023 Plan was designed to reduce operating costs, streamline operations and return the Company to profitability. As part of the January 2023 Plan, the Company reduced its workforce by approximately 20%, or 365 employees, and suspended development of its small business loan product.

During the quarter ended March 31, 2023, the Company incurred reorganization expenses in relation to the January 2023 plan, which primarily consisted of $15.5 million of severance charges related to employee cash compensation, benefits, and associated taxes. During the three months ended March 31, 2023, the Company has made $12.7 million of cash payments to impacted employees. The Company also recognized an impairment expense of $2.6 million for previously capitalized internally developed software costs. In addition to these charges, the Company recognized $2.9 million of one-time non-cash savings related to the reversal of previously expensed stock-based compensation associated with forfeited stock awards.