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Note 19 - Restructuring Costs

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

19. Restructuring Costs:

On February 7, 2024, Ting committed to the February 2024 workforce reduction which aimed to realign the Company's operational structure within the Ting operating segment and reduce Ting's workforce by 13%, or 7% of the Company’s total workforce, to better align with strategic objectives (the “February 2024 workforce reduction”). The February 2024 workforce reduction was designed to streamline operations and reduce operating expenses within the Ting operating segment. Substantially all of the employees impacted by the workforce reduction were notified on February 7, 2024 and have since exited the Company. 

During the three and nine months ended September 30, 2024, the Company incurred $0.2 million and $3.0 million in costs related to this restructuring, which were accounted for under ASC 420 - Exit or Disposal Cost Obligations. These costs associated with the February 2024 workforce reduction predominantly consisted of one-time termination benefits for the terminated employees associated with the restructuring, and to a lesser extent, continuation of benefits and outplacement costs.

The costs are recorded within the following financial statement captions on the Consolidated Statements of Operations and Comprehensive Loss (Dollar amounts in thousands of U.S. dollars):

Expense Presentation		Three Months Ended September 30, 2024				For the Nine Months Ended September 30, 2024
Direct cost of revenue		$	47			$	484
Sales and marketing			63				2,117
Network, other costs			35				114
General administrative			44				300
		$	189			$	3,015

All of the costs associated with the February 2024 workforce reduction were charged to the Ting operating segment. 

The components of the restructuring charges were as follows (Dollar amounts in thousands of U.S. dollars):

Cost Description		Three Months Ended September 30, 2024				For the Nine Months Ended September 30, 2024
One-time pay		$	122			$	2,401
Continuation of benefits			19				355
Outplacement costs			48				259
Total restructuring charges		$	189			$	3,015

The liability for the February 2024 workforce reduction was included in Accrued liabilities in the consolidated balance sheet, and the following tables summarize the related activity for the February 2024 workforce reduction for the three and nine months ended September 30, 2024 (Dollar amounts in thousands of U.S. dollars):

Cost Description		As of June 30, 2024				Charges for the For the Three Months Ended September 30, 2024				Cash payments made in the For the Three Months Ended September 30, 2024				Balances as of September 30, 2024
One-time pay		$	-			$	122			$	(122	)		$	-
Continuation of benefits			-				19				(19	)			-
Outplacement costs			16				48				(42	)		$	22
Total		$	16			$	189			$	(183	)		$	22

Cost Description		As of December 31, 2023				Charges for the For the Nine Months Ended September 30, 2024				Cash payments made in the For the Nine Months Ended September 30, 2024				Balances as of September 30, 2024
One-time pay		$	-			$	2,401			$	(2,401	)		$	-
Continuation of benefits			-				355				(355	)			-
Outplacement costs			-				259				(237	)			22
Total		$	-			$	3,015			$	(2,993	)		$	22

On October 30, 2024, Ting undertook an October 2024 workforce reduction to reflect the ongoing operational and financial prioritizations of the Ting business and to lower the Company’s year-over-year operating expenses. For more detailed information about the event, see Note 21 - Subsequent Events.

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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 S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/420/tableOfContent

Reference 5: 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

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