In January 2025, the Company implemented a reduction in its workforce of approximately 6% across various geographies and functions to better align its cost structure with the revenue outlook for the year. The Company recorded $4.2 million of severance and related costs for this action during the fourth quarter of 2024 and $1.8 million during 2025. All costs have been paid as of March 31, 2026.

In February 2026, the Company implemented a reduction in its workforce of approximately 8% across various geographies and functions to better align its cost structure with the revenue outlook for the year. The Company recorded $8.8 million of severance and related costs for this action during the fourth quarter of 2025 and $1.2 million during the first quarter of 2026. In addition, the Company incurred approximately $1.1 million for contract termination costs during the fourth quarter of 2025 and $0.6 million during the first quarter of 2026. The Company also approved plans to close certain of its smaller offices both inside and outside the United States, resulting in a non-cash charge of $0.4 million for accelerated ROU asset amortization in the first quarter of 2026. The Company expects the majority of the accrued restructuring and related costs as of March 31, 2026 to be paid by the end of 2026.

The following table rolls forward the activity in the restructuring accrual for the February 2026 action for the three months ended March 31, 2026 (in thousands):


Accrual at December 31, 2025	$	9,789
Additional restructuring and related costs		2,153
Non-cash charge (included above)		(387	)
Cash payments		(3,026	)
Foreign currency effect		(65	)
Accrual at March 31, 2026	$	8,464