On February 7, 2023, we announced a restructuring plan (the “Plan”) intended to reduce operating costs and continue advancing our ongoing commitment to profitable growth. The Plan included a reduction of our then-current workforce by approximately 15%.

The execution of the Plan was completed as of July 31, 2023. For the year ended January 31, 2024, we recorded net restructuring costs of $73.0 million, which consisted of $54.4 million related to employee transition, severance payments, and employee benefits; $17.3 million related to stock-based compensation awards; and $1.3 million for other related expenses.

The following table summarizes our restructuring expenses that were recorded as an operating expense in the consolidated statement of operations for the year ended January 31, 2024:


	Year Ended January 31, 2024
	(in thousands)
Cost of revenue	$	7,119
Research and development	19,629
Sales and marketing	32,930
General and administrative	13,315
Total restructuring expenses	$	72,993

The following table summarizes our restructuring liability that is included in accrued expenses and other current liabilities on the consolidated balance sheet:


	Severance and termination benefits		Other
	(in thousands)
Balance as of January 31, 2023	$	—	$	—
Restructuring expenses	54,361		1,339
Cash payments	(54,361)		(1,339)
Balance as of January 31, 2024	$	—	$	—