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Restructuring and Related Costs | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs | Note 14 — Restructuring and Related Costs In January 2023, the Company implemented a reduction in its workforce of approximately 4% across various geographies and functions to streamline operations. The Company recorded $4.3 million of severance and related costs for this action during the fourth quarter of 2022, and $0.6 million during the first quarter of 2023. The Company also recorded a restructuring charge of $5.0 million during the fourth quarter of 2022 related to closing one floor of its offices located at 150 Spear Street, San Francisco, California, of which $3.7 million related to an impairment of a right-of-use asset and $1.3 million related to an impairment of leasehold improvements. In the first quarter of 2023, the Company recorded an incremental $0.4 million impairment to its California office and a $0.6 million charge for the write-off of a previously capitalized software project. During the third quarter of 2024, the Company recorded an incremental $0.5 million impairment to its California office. The following table rolls forward the activity in the restructuring accrual for the January 2023 action for the nine months ended September 30, 2024 (in thousands):
Accrual at December 31, 2023 | $ | 48 |
Additional restructuring and related costs |  | 506 |
Non-cash charge (included above) |  | (492 | )
Cash payments |  | (62 | )
Accrual at September 30, 2024 | $ | — |
In May 2023, the Company implemented a reduction in its workforce of approximately 8% across various geographies and functions to better align its cost structure and to streamline its sales and consulting organizations. The Company reco rded $7.5 million of severance and related costs for this action during the second quarter of 2023. In addition, the Company closed certain of its smaller offices both inside and outside the U.S. in order to reduce facility costs and better match its facilities to its hybrid work strategy. As a result of closing the offices, the Company recorded restructuring costs of $2.3 million, which included $1.3 million related to right-of-use asset impairments and accelerated amortization and $0.6 million relat ed to impairments of leasehold improvements. In addition, the Company incurred $0.7 million in contract termination costs. During the third quarter of 2024, the Company recognized $0.2 million of expense from the write-off of foreign currency translation adjustments related to the liquidation of a small foreign operation. The following table rolls forward the activity in the restructuring accrual for the May 2023 action for the nine months ended September 30, 2024 (in thousands):
Accrual at December 31, 2023 | $ | 1,282 |
Additional restructuring and related costs |  | 262 |
Non-cash charge (included above) |  | (232 | )
Cash payments |  | (943 | )
Accrual at September 30, 2024 | $ | 369 |
I n February 2024, the Company implemented a reduction in its workforce of approximately 3% across various geographies and functions to better align its cost structure with the revenue outlook for the year. The Company recorded $0.7 million of severance and related costs for this action during the fourth quarter of 2023, and $2.8 million during the first quarter of 2024. The Company also recorded a restructuring charge of $3.8 million during the first quarter of 2024 related to closing one floor of its offices located at 150 Spear Street, San Francisco, California, of which $3.2 million related to an impairment of a right-of-use asset and $0.6 million related to an impairment of leasehold improvements. During the third quarter of 2024, the Company recorded an incremental $0.2 million impairment to its California office. The accrued restructuring and related costs as of September 30, 2024 will be fully paid by the end of 2024. The following table rolls forward the activity in the restructuring accrual for the February 2024 action for the nine months ended September 30, 2024 (in thousands):
Accrual at December 31, 2023 | $ | 732 |
Additional restructuring and related costs |  | 6,875 |
Non-cash charge (included above) |  | (4,060 | )
Cash payments |  | (3,435 | )
Accrual at September 30, 2024 | $ | 112 |

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- Definition 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 + Details
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