Restructuring

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

(19)    Restructuring

On August 7, 2023, our board of directors approved a restructuring plan that was designed to improve operational efficiencies, reduce operating costs and better align the Company’s workforce with current business needs, top strategic priorities and key growth opportunities (collectively, the “Restructuring Plan”). The Restructuring Plan included a reduction of the Company’s workforce by approximately 16%.

In 2023, we incurred $22.2 million of restructuring charges which were recorded within restructuring in the condensed consolidated statements of operations. In addition, we incurred $1.3 million of stock-based compensation expense related to acceleration of share-based awards. In 2023, we permanently closed certain idle office spaces in Plano, Texas; Los Angeles, California; and Toronto, Canada, which resulted in an impairment loss of $3.6 million. Refer to Note 12, Leases, for further details on the impairment of long-lived assets. As of December 31, 2023, the restructuring liability accrued but not paid totaled $3.8 million, which was included within accrued expenses in the condensed consolidated balance sheets.

During the first quarter of 2024, the execution of the Restructuring Plan was completed and we recorded $(0.2) million of restructuring charges within general and administrative expense in the consolidated statements of operations. Additionally, during the second quarter of 2024, the remaining payments were made, resulting in no remaining restructuring liability as of December 31, 2024.