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Restructuring

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Note 6 - Restructuring Charges

On February 27, 2024, the Company announced that it adopted a restructuring plan (the “Restructuring Plan”) to 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 Plan 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