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Restructuring Charges

9 Months Ended

Sep. 30, 2024

Restructuring Charges

Restructuring Charges

(18) Restructuring Charges

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During the three months ended September 30, 2024, the Company developed a plan for a restructuring (the “Reorganization Plan”). The Reorganization Plan included provisions for the Termination Agreement, termination and settlement of the TRA, the reduction in force, acquisition of shares and infusion of cash from One Planet Group, change in Chief Executive Officer (“CEO”) and the composition of the Company’s Board of Directors as well as plan to review expenses and business processes.

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The following table presents the components of restructuring charges during the three and nine months ended September 30, 2024 (in thousands):

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​	​	​	​	​	​	​
Cash Restructuring Charges:	​	​	​	​	​	​
Severance and other employee-related benefits	​	​	​	​	$	1,846
Termination of the TRA	​	​	​	​	​	250
Other restructuring charges	​	​	​	​	​	494
Total Cash Restructuring Charges	​	​	​	​	​	2,590
Non-Cash Restructuring Charges:	​	​	​	​	​	​
Acceleration of equity-based compensation	​	​	​	​	​	4,395
Total Restructuring Charges	​	​	​	​	$	6,985

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Through September 30, 2024, the Company paid $1.3 million of the cash restructuring charges in connection with the Reorganization Plan and the remaining unpaid restructuring charges were $1.3 million as of September 30, 2024 and are included in accounts payable and accrued liabilities within the Condensed Consolidated Balance Sheet.

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Additionally, in connection with the Reorganization Plan, the Company also entered into the Termination Agreement of certain previously impaired, underperforming leases that resulted in a gain on lease termination of $37.1 million. The Company’s gain on lease termination was recorded to asset impairments and (gain) on lease termination on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 8 for additional information.

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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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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