Restructuring Charges

9 Months Ended

Sep. 30, 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. The Restructuring Plan was completed in the third quarter of 2024, and the Company incurred approximately $20.4 million

of total non-recurring charges through the third quarter of 2024, consisting primarily of employee severance, benefits, and related charges for impacted employees. The following table presents the total non-recurring restructuring charges by function for the periods indicated (in thousands):


	Three Months Ended September 30, 2024			Nine Months Ended September 30, 2024
Cost of revenue	$	(34	)	$	972
Selling and marketing		(3	)		3,244
General and administrative		21			6,093
Product development		598			10,046
Total	$	582		$	20,355

The Company did not record any restructuring charges for the three and nine months ended September 30, 2023. As of September 30, 2024, the remaining $1.3 million 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		19,032			1,323			20,355
Cash payments		(17,875	)		(1,212	)		(19,087	)
Balance as of September 30, 2024	$	1,157		$	111		$	1,268