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Restructuring Activities
3 Months Ended
Mar. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Activities Restructuring Activities
Restructuring Plan
In February 2023, the Company’s board of directors authorized a restructuring plan (the “Restructuring Plan”) that was designed to consolidate the Company’s functions and investments to prioritize customer-centric areas of the Company’s organization, align teams with the Company’s highest business priorities, and improve efficiencies. The Restructuring Plan included a reduction of the Company’s current workforce by 9%.
The Company estimated that it would incur charges of $2.5 million to $3.5 million in connection with the Restructuring Plan, consisting primarily of cash expenditures and relating to employee severance payments, employee benefits, and employee transition costs. Restructuring charges of $2.9 million for severance and related costs, net of $0.3 million previously vested stock based compensation, was recognized during the three months ended March 31, 2023, and is reflected in restructuring related costs on the Company’s condensed consolidated statements of operations. Accrued severance and related costs as of March 31, 2023 were $0.6 million. The Company expects to incur the remaining estimated restructuring related costs during the second quarter of 2023.