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Restructuring and Reorganization Charges

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Reorganization Charges

6. RESTRUCTURING AND REORGANIZATION CHARGES

During the third quarters of 2024 and 2023, we recorded restructuring and reorganization charges of $2.9 million and $1.2 million, respectively, and for the nine months ended September 30, 2024 and 2023, we recorded restructuring and reorganization charges of $12.0 million and $8.4 million, respectively.

During the nine months ended September 30, 2024, we reduced our global workforce by approximately 300 employees, as part of initiatives to better align and allocate resources to areas of the business where we have identified growth opportunities. As a result, we incurred restructuring charges related to involuntary terminations of $9.6 million.

The activity in the restructuring and reorganization reserves during the nine months ended September 30, 2024 was as follows (in thousands):

		Termination Benefits				Other				Total
January 1, 2024, balance		$	1,434			$	8,100			$	9,534
Charged to expense during period			9,593				2,447				12,040
Cash payments			(10,311	)			(7,589	)			(17,900	)
Adjustment for accelerated depreciation			-				(438	)			(438	)
Other			1,180				-				1,180
September 30, 2024, balance		$	1,896			$	2,520			$	4,416

During the nine months ended September 30, 2024, we paid $5.6 million related to the exit of two reseller agreements that were acquired with the acquisition of Forte Payment Systems, Inc. in 2018.
 

As of September 30, 2024, $3.2 million of the restructuring and reorganization reserves were included in current liabilities.

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The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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