Restructuring Charges, Net

6 Months Ended

Oct. 31, 2023

In light of the challenging macroeconomic business environment arising from persistent inflationary pressures, rising interest rates and global economic and geopolitical uncertainty, on October 23, 2023, the Company initiated a plan (the “Plan”) intended to align its workforce with its current business realities through position eliminations. Due to the implementation of the Plan, the Company recorded restructuring charges of $63.5 million in the three months ended October 31, 2023 across all lines of business related to severance for positions that were eliminated. During the six months ended October 31, 2023, the Company also made adjustments to previously recorded restructuring accruals resulting in additional restructuring charges of $0.4 million. There were no restructuring charges for the three and six months ended October 31, 2022.

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


	Restructuring Liability
	(in thousands)
As of July 31, 2023	$	4,300
Restructuring charges, net	63,525
Reductions for cash payments	(3,608)
Reductions for non-cash payments	(15,421)
Exchange rate fluctuations	(143)
As of October 31, 2023	$	48,653

Changes in the restructuring liability during the six months ended October 31, 2023 were as follows:


	Restructuring Liability
	(in thousands)
As of April 30, 2023	$	8,004
Restructuring charges, net	63,946
Reductions for cash payments	(7,717)
Reductions for non-cash payments	(15,421)
Exchange rate fluctuations	(159)
As of October 31, 2023	$	48,653

As of October 31, 2023 and April 30, 2023, the restructuring liability is included in the current portion of other accrued liabilities on the consolidated balance sheets.

Restructuring charges incurred by segment were as follows:


	October 31, 2023
	Three Months Ended		Six Months Ended

	(in thousands)
Consulting	$	17,571	$	17,820
Digital	8,851		8,851
Executive Search:
North America	7,427		7,427
EMEA	16,238		16,410
Asia Pacific	1,963		1,963
Latin America	110		110
Professional Search & Interim	3,778		3,778
RPO	7,195		7,195
Corporate	392		392
Consolidated	$	63,525	$	63,946