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Restructuring | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Charges | Note 6 - Restructuring Charges On February 27, 2024, the Company announced that it adopted a restructuring plan (the “Restructuring Plan”) t o reduce its global workforce by approximately 350 roles to better align its operating model with future strategic priorities and to drive stronger operating leverage. As a result, we expect to incur approximately $20.0 million to $22.0 million of non-recurring charges during the first three quarters of 2024, consisting primarily of employee severance, benefits, and related charges for impacted employees. The Restructuring Pla n is expected to be completed in the third quarter of 2024. The following table presents the total restructuring charges by function (in thousands):
|  |  |  | Three Months Ended March 31, 2024 |
Cost of revenue |  |  |  | $ | 920 |
Selling and marketing |  |  |  |  | 3,084 |
General and administrative |  |  |  |  | 4,591 |
Product development |  |  |  |  | 8,021 |
Total |  |  |  | $ | 16,616 |
As of March 31, 2024, the $13.9 million remaining restructuring liability consists primarily of accrued severance costs, which are included in "Accrued expenses and other current liabilities" in the accompanying condensed consolidated balance sheets. The following table summarizes the restructuring-related liabilities (in thousands):
|  | Employee Related Benefits |  |  | Other |  |  | Total |
Balance as of December 31, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
Restructuring charges |  |  | 15,787 |  |  |  | 829 |  |  |  | 16,616 |
Cash payments |  |  | (2,716 | ) |  |  | — |  |  |  | (2,716 | )
Balance as of March 31, 2024 |  | $ | 13,071 |  |  | $ | 829 |  |  | $ | 13,900 |

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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