Restructuring Charges

3 Months Ended

Mar. 31, 2015

Note 14—Restructuring Charges

Restructuring charges of $2.6 million during the three months ended March 31, 2015 were primarily due to employee termination benefits of $2.1 million associated with a re-organization plan, approved in the first quarter of 2015, with the objective of improving operating results. As a result of this restructuring activity, Advent expects annual operating expense run rate savings of approximately $4 million which will be used to fund investments in other areas of the business to improve productivity, efficiency and client experience. Additionally in the first quarter of 2015, Advent recognized exit costs of $0.5 million due to adjustments to assumptions associated with the exit of San Francisco office space originally initiated in the third quarter of 2014.

The remaining restructuring accrual of $1.5 million at March 31, 2015 is included in “Accrued liabilities” in the accompanying condensed consolidated balance sheet. The following table sets forth an analysis of the changes in the restructuring accrual during the three months ended March 31, 2015 (in thousands):

	Facility Exit			Severance &
	Costs			Benefits			Total

Balance of restructuring accrual at December 31, 2014	$	60		$	—		$	60

Restructuring charges	545			2,099			2,644
Cash payments	(93		)	(1,151		)	(1,244		)

Balance of restructuring accrual at March 31, 2015	$	512		$	948		$	1,460

- 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.

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