Restructuring and Related Costs

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Note 15 — Restructuring and Related Costs

In February 2024, the Company implemented a reduction in its workforce of approximately 3% across various geographies and functions to better align its cost structure with the revenue outlook for the year. The Company recorded $0.7 million of severance and related costs for this action during the fourth quarter of 2023, and $2.8 million during the first quarter of 2024. The Company also recorded a restructuring charge of $3.8 million during the first quarter of 2024 related to closing one floor of its offices located in San Francisco, California, of which $3.2 million related to an impairment of a right-of-use asset and $0.6 million related to an impairment of leasehold improvements.

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 $1.5 million during the first quarter of 2025. The Company expects the majority of the accrued restructuring and related costs as of March 31, 2025 to be fully paid by the end of 2025.

The following table rolls forward the activity in the restructuring accrual for the January 2025 action for the three months ended March 31, 2025 (in thousands):


Accrual at December 31, 2024	$	4,132
Additional restructuring and related costs		1,507
Non-cash charge (included above)		(319	)
Cash payments		(2,457	)
Foreign currency effect		22
Accrual at March 31, 2025	$	2,885