Restructuring Activities and COVID-19 Update

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Activities and COVID-19 Update

12.	Restructuring Activities and COVID-19 Update

Beginning in March 2020, the onset of the

COVID-19

pandemic resulted in a negative impact on the Company’s business in the second quarter of 2020 due to

shelter-in-place

and

stay-at-home

restrictions (in certain of the Company’s markets) which prohibited or reduced

in-person

residential real estate showings and the related impact on customer demand and housing inventory, as well as deteriorating economic conditions, such as increased unemployment rates. In light of the uncertain and rapidly evolving situation relating to

COVID-19,

the Company took a range of measures to address the uncertainties related to the

COVID-19

pandemic including, but not limited to, reducing the size of its workforce, terminating certain lease obligations and reducing certain discretionary expenses during the first quarter of 2020. As a result of these cost-saving measures, the Company reduced its workforce by approximately 15%. As of March 31, 2021, the impacts of the pandemic have not significantly impacted the carrying amount of the Company’s assets and liabilities. Although the demand in the Company’s services had recovered in the second half of 2020, the duration of the pandemic, the resulting

stay-at-home

orders, and any impacts on consumer behavior are unknown, and the amount of that demand which will persist after the reversal of the

stay-at-home

orders is unknown. Additionally, the pandemic’s impacts on the overall economy and credit markets could significantly impact the Company’s estimates of fair value, which could affect the carrying amount of certain assets and liabilities.

The expenses resulting from these cost-saving measures were included in the consolidated statement of operations for the three months ended March 31, 2020, as follows (in millions):


	Three Months Ended March 31, 2020
	Severance		Lease Termination		Total
Sales and marketing	$	1.5	$	1.2	$	2.7
Operations and support		2.8		—		2.8
Research and development		0.7		—		0.7
General and administrative		0.4		—		0.4

Total	$	5.4	$	1.2	$	6.6

The Company did not recognize any restructuring expenses during the three-months ended March 31, 2021. As of March 31, 2021 and December 31, 2020, the Company did not have any material remaining liabilities related to restructuring costs.