Restructuring Charges, Net

9 Months Ended

Jan. 31, 2023

In light of the Company’s evolution to an organization that is selling larger integrated solutions in a world where there are shifts in global trade lanes and persistent inflationary pressures, on January 11, 2023, the Company initiated a plan (the “Plan”) intended to realign its workforce with its business needs and objectives, namely, to invest in areas of potential growth and implement reductions where there is excess capacity. Due to the implementation of the Plan, the Company recorded restructuring charges of $41.2 million in the three and nine months ended January 31, 2023 across all lines of business related to severance for positions that were eliminated. There were no restructuring charges for the three and nine months ended January 31, 2022.

Changes in the restructuring liability during the three months ended January 31, 2023 were as follows:


	Restructuring Liability
	(in thousands)
As of October 31, 2022	$	463
Restructuring charges, net	41,162
Reductions for cash payments	(7,634)
Reductions for non-cash payments	(10,827)
Exchange rate fluctuations	133
As of January 31, 2023	$	23,297

Changes in the restructuring liability during the nine months ended January 31, 2023 were as follows:


	Restructuring Liability
	(in thousands)
As of April 30, 2022	$	1,502
Restructuring charges, net	41,162
Reductions for cash payments	(8,067)
Reductions for non-cash payments	(10,827)
Exchange rate fluctuations	(473)
As of January 31, 2023	$	23,297

As of January 31, 2023 and April 30, 2022, the restructuring liability is included in the current portion of other accrued liabilities on the consolidated balance sheets, except for $0.6 million and $0.5 million, respectively, which are included in other long-term liabilities.