Restructuring Costs

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring Costs

NOTE 12. RESTRUCTURING COSTS

In February 2022, the Company’s Board approved the February 2022 Restructuring Plan (“Restructuring Plan”) to refocus the Company’s operations to support sustainable long-term growth, better align resources, and improve operational efficiencies. The Restructuring Plan includes i) reducing the Company’s headcount by approximately 15% (or approximately 190 positions), ii) exiting various office leases, and iii) reducing and realigning vendor expenditures. The Company expects the Restructuring Plan to be substantially implemented by the end of fiscal year 2022.

During the three months ended June 30, 2022, the Company recorded $2 million in impairments of lease assets and property and equipment. During the six months ended June 30, 2022, the Company recorded charges of approximately $3 million in severance and other personnel reductions costs for terminated employees and $6 million in impairments of lease assets and property and equipment. Substantially all related severance payments have been paid as of June 30, 2022.