Restructuring

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

15. Restructuring

On February 9, 2024, the Company initiated restructuring actions with respect to its workforce intended to improve operational efficiencies and better align the Company’s organizational structure with current business needs, top strategic priorities, and key growth initiatives. The plan included the reduction of approximately 250 employees, or 7% of the Company’s employees.

During the nine months ended September 30, 2024, the Company recognized $18 million in restructuring charges related to cash expenditures for severance payments and other termination benefits. No amounts were recognized during the three months ended September 30, 2024. During the three months ended March 31, 2024, the Company also recognized an immaterial amount of stock-based compensation expense related to the accelerated vesting of equity awards, which was offset by a $46 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for terminated employees in connection with the restructuring.

The following table summarizes the restructuring costs recognized by line item within the condensed consolidated statements of operations for the nine months ended September 30, 2024:

	Nine Months Ended September 30, 2024
	(in millions)
Operations and support	$	2
Research and development	9
Sales and marketing	3
General and administrative	4
Total	$	18

As of September 30, 2024, the liabilities relating to the remaining restructuring charges are immaterial