Restructuring Activity |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Activity | Restructuring Activity From time to time, the Company approves and implements restructuring plans as a result of internal resource alignment and cost saving measures. Such restructuring plans may include terminating employees, vacating certain leased facilities, and cancellation of contracts.
In the three months ended March 31, 2025, the Company incurred $7.9 million in restructuring costs which included $6.3 million in charges under contracts associated with CAD tool licenses that the Company ceased using during the quarter and $1.6 million in severance costs and related expenses in connection with a workforce reduction.
The Company expects to complete the workforce reduction in the second quarter of 2025 and estimates that it will incur an additional $4.0 million to $6.0 million in restructuring costs. Estimated restructuring costs remaining to be incurred for the restructuring plan pertain to severance and related costs to be incurred upon completion of notice to employees and exiting of additional leased office space, and are anticipated to be incurred in the second quarter of 2025. The estimate of costs that the Company expects to incur, and the timing thereof, are subject to a number of assumptions and actual results may differ. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the restructuring plan.
The following table presents the activity related to the restructuring plans, which is included in restructuring charges in the consolidated statements of operations:
The following table presents a roll-forward of the Company’s restructuring liability for the three months ended March 31, 2025. The restructuring liability is included in accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets.
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