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Restructuring Plan

3 Months Ended

Mar. 31, 2022

Restructuring Plan

Restructuring Plan

Note 15 – Restructuring Plan

In December 2021, the Board approved a restructuring plan (“Plan”) designed to advance the Company’s model, streamline its business, and enhance its capital resources. The first phase began and was substantially completed during the three months ended March 31, 2022.

As part of the first phase of the Plan, we reduced headcount by eliminating positions in certain areas of the Company. The Company incurred severance and related benefits costs, which are recorded in the sales and marketing, research and development, and general and administrative expense financial statement line items in the condensed consolidated income statement for the three months ended March 31, 2022, as follows:


			Three months ended
			March 31,
			2022
in thousands
Operating costs
	Sales and marketing		$	895
	Research and development			1,652
	General and administrative			112
	Total restructuring related expenses		$	2,659

There are $1.6 million of restructuring related expenses recorded in Accrued Wages and Payroll Expenses on the Company’s condensed consolidated Balance Sheet at March 31, 2022.

The Company expects to finalize additional details regarding future phases of the multi-year strategic plan during the three months ended June 30, 2022.