Restructuring Costs

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

In second quarter of 2024, the Company initiated a strategic restructuring plan to align its workforce with market opportunities, business strategies and evolving customer needs. A substantial part of this plan was executed in the second quarter of 2024, which affected less than 1% of the Company’s global workforce.

The restructuring costs include costs in relation to employee severance and other associated costs including legal fees and outplacement support costs. These costs have been recognized under cost of revenues (across all reporting segments), general & administrative and selling & marketing expenses in the unaudited consolidated statements of income.

The following table summarizes the activity related to the restructuring costs incurred and paid during the three months ended June 30, 2024:


	Employee-Related Costs		Other Associated Costs		Total
Balance as of April 1, 2024	$	—	$	—	$	—
Costs incurred during the period	4,397		365		4,762
Payments made during the period	3,760		10		3,770
Balance as of June 30, 2024	$	637	$	355	$	992