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Subsequent Events
9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On October 30, 2024, the Company announced the Board of Directors approved a reduction of its global workforce by approximately 20% to streamline the Company’s team structure to better align with its long-term growth and profitability objectives. The Company estimates that it will make total cash expenditures of approximately $63 million to $68 million, primarily consisting of severance payments, employee benefits, and related costs. Severance payments include the pro rata amount of the fiscal year 2024 annual employee bonus through October 30, 2024, for which the Company has accrued compensation expense. The Company expects to recognize $47 million to $52 million of incremental expense in connection with the reduction in workforce. The Company expects substantially all of the incremental expense will be recognized and the majority of the cash expenditure will be paid in the fourth quarter of 2024, with the remainder to be recognized and paid in the first half of 2025. The estimated cash expenditures and incremental expenses are based on certain assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from such estimates.

The Company may incur other incremental expenses or cash expenditures not currently contemplated due to unanticipated events that may occur as a result of or in connection with the implementation of the reduction in workforce.