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RESTRUCTURING
 12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
In November 2022, the Company initiated a reduction in workforce of 550 employees to realign the Company’s operational focus to support its multi-year growth, scale the business, and improve costs (the “Restructuring Plan”). The Restructuring Plan included: (i) reducing the Company’s headcount by 18% and (ii) winding down of our mortgage lending and brokerage services. The Restructuring Plan was substantially completed as of December 31, 2022.
As a result of the Restructuring Plan and the wind down of our mortgage services, the Company incurred restructuring costs of $17 million, resulting from severance, and other termination benefits for employees whose roles are being eliminated, and other restructuring costs related to winding down our mortgage services. These costs have been presented within the Restructuring costs line in the Company’s consolidated statement of operations. As of December 31, 2022, the Company has paid $13 million with the remaining $4 million included within Accounts payable and other accrued expenses in the Consolidated balance sheets.
On April 15, 2020, the Company initiated a reduction in workforce of 600 employees to achieve a more resilient cost structure in response to the uncertainties caused by COVID-19. As a result, for the year ended December 31, 2020, the Company recorded $11 million of restructuring charges for employee termination benefits. All employee termination benefits were paid prior to December 31, 2020.
Additionally, for the year ended December 31, 2020, the Company incurred $18 million of costs related to the exiting of certain non-cancelable leases with no future benefits to the Company. This includes the Company’s exercise of the early termination option related to the Company’s San Francisco space, as discussed in “Note 10 — Leases,” as well as the termination of other real estate leases.
For the year ended December 31, 2020, of the restructuring charges with respect to employee termination benefits and lease modifications, the Company presented $2 million in Cost of revenue and $29 million in Restructuring in the Company’s consolidated statements of operations.