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Restructuring Plan | 9 Months Ended
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Jul. 01, 2023
Restructuring and Related Activities [Abstract] |
Restructuring Plan | 13. 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 includes a reduction in force involving approximately 7% of the Company's employees, further reducing the Company’s real estate footprint, and re-evaluating 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. Restructuring and abandonment costs by major cost-type incurred were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(in thousands) |  | July 1, 2023 |  |  | July 1, 2023 |
Employee-related costs |  | $ | 9,083 |  |  | $ | 9,083 |
Lease abandonment charges 1 |  |  | 279 |  |  |  | 5,126 |
Other restructuring costs |  |  | 966 |  |  |  | 966 |
Total restructuring and abandonment costs |  | $ | 10,328 |  |  | $ | 15,175 |
1 Lease abandonment charges for the nine months ended July 1, 2023, include $4.8 million of 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. |
Restructuring costs are recorded in the Company's condensed consolidated statements of operations and comprehensive income (loss) as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(in thousands) |  | July 1, 2023 |  |  | July 1, 2023 |
Research and development 1 |  | $ | 3,686 |  |  | $ | 6,368 |
Sales and marketing 1 |  |  | 4,422 |  |  |  | 5,455 |
General and administrative 1 |  |  | 2,220 |  |  |  | 3,352 |
Total restructuring and abandonment costs |  | $ | 10,328 |  |  | $ | 15,175 |
1 Restructuring and abandonment costs for the nine months ended July 1, 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 condensed consolidated balance sheets:
(in thousands) |  | Employee Related Costs |  |  | Other Restructuring Costs |  |  | Total |
Balance as of April 1, 2023 |  | $ | - |  |  | $ | - |  |  | $ | - |
Restructuring charges |  |  | 9,083 |  |  |  | 966 |  |  |  | 10,049 |
Cash paid |  |  | (768 | ) |  |  | — |  |  |  | (768 | )
Balance as of July 1, 2023 |  | $ | 8,315 |  |  | $ | 966 |  |  | $ | 9,281 |

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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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