Quarterly report pursuant to Section 13 or 15(d)

Restructuring Activity

v3.23.2
Restructuring Activity
 6 Months Ended
Jun. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Activity Restructuring Activity
During the three months ended March 31, 2023, the Company entered into a plan of restructuring to reduce its workforce as a result of internal resource alignment and cost saving measures. The Company incurred additional costs in the three months ended June 30, 2023 related to this plan of restructuring due to statutory requirements in the jurisdictions in which the terminated employees were employed. The Company’s management does not expect to incur additional costs associated with this plan of restructuring.
The following table presents the activity related to restructuring plans, which is included in restructuring charges in the consolidated statements of operations:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
(in thousands)
Employee separation expenses $ 4,287  $ —  $ 8,876  $ — 
Lease related charges 34  462  42  462 
Other 115  —  166  — 
$ 4,436  $ 462  $ 9,084  $ 462 
The following table presents a roll-forward of the Company’s restructuring liability for the six months ended June 30, 2023. The restructuring liability is included in accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets.
Employee Separation Expenses Lease Related Charges Other Total
(in thousands)
Liability as of December 31, 2022 $ 971  $ 103  $ 8  $ 1,082 
Restructuring charges 8,876  42  166  9,084 
Cash payments (4,391) (123) (166) (4,680)
Non-cash charges and adjustments —  29  (26) 3 
Liability as of June 30, 2023 5,456  51  (18) 5,489 
Less: current portion as of June 30, 2023 (5,456) (51) 18  (5,489)
Long-term portion as of June 30, 2023 $ —  $ —  $ —  $ —