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Restructuring Plan | 12 Months Ended
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Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring Plan | 14. Restructuring Plan On June 14, 2023, the Company initiated a restructuring plan to reduce its cost base (the “2023 restructuring plan”). The 2023 restructuring plan included a reduction in force involving approximately 7% of the Company's employees, further reducing the Company’s real estate footprint, and re-evaluation of certain program spend. Total pre-tax restructuring and abandonment costs under the 2023 restructuring plan were $11.4 million, substantially all of which were incurred in the third quarter of fiscal 2023, with nominal amounts to be incurred through the first quarter of fiscal 2024. Additionally, in March 2023, in support of operational efficiencies, the Company abandoned portions of its office spaces for the remainder of their respective lease terms resulting in non-recurring abandonment charges of $4.8 million. Restructuring and abandonment costs by major cost-type incurred were as follows:
|  | Twelve Months Ended |
(in thousands) |  | September 30, 2023 |
Employee-related costs |  | $ | 9,083 |
Lease abandonment charges 1 |  |  | 5,600 |
Other restructuring costs |  |  | 966 |
Total restructuring and abandonment costs |  | $ | 15,649 |
1 Restructuring and abandonment costs for fiscal 2023, include $4.8 million of non-recurring lease abandonment charges that were incurred in March 2023, when the Company abandoned portions of its office spaces for the remainder of their respective lease terms in support of operational efficiencies. |
Restructuring and abandonment costs are recorded in the Company's consolidated statements of operations and comprehensive income (loss) as follows:
|  | Twelve Months Ended |
(in thousands) |  | September 30, 2023 |
Research and development 1 |  | $ | 6,556 |
Sales and marketing 1 |  |  | 5,635 |
General and administrative 1 |  |  | 3,458 |
Total restructuring and abandonment costs |  | $ | 15,649 |
1 Restructuring and abandonment costs for twelve months ended September 30, 2023, include accelerated depreciation for leasehold improvements and non-recurring write-offs for operating lease right-of-use assets that were incurred in March 2023, when the Company abandoned portions of its office spaces for the remainders of their respective lease terms in support of operational efficiencies. |
The following table summarizes the Company's restructuring activities recorded in accrued expenses and accrued compensation within the consolidated balance sheets:
(in thousands) |  | Employee Related Costs |  |  | Lease Abandonment and Other Restructuring Costs |  |  | Total |
Balance as of October 1, 2022 |  | $ | - |  |  | $ | - |  |  | $ | - |
Restructuring charges |  |  | 9,083 |  |  |  | 1,022 |  |  |  | 10,105 |
Cash paid |  |  | (7,015 | ) |  |  | (966 | ) |  |  | (7,981 | )
Balance as of September 30, 2023 |  | $ | 2,068 |  |  | $ | 56 |  |  | $ | 2,124 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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