Restructuring Charges, Net

9 Months Ended

Jan. 31, 2024

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 $68.6 million in the nine months ended January 31, 2024 across all lines of business related to severance for positions that were eliminated, which included adjustments to previously recorded restructuring accruals of $4.6 million during the three months ended January 31, 2024.

On January 11, 2023, the Company implemented a separate restructuring plan and 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.

Changes in the restructuring liability during the three months ended January 31, 2024 were as follows:


	Restructuring Liability
	(in thousands)
As of October 31, 2023	$	48,653
Restructuring charges, net	4,612
Reductions for cash payments	(38,523)
Exchange rate fluctuations	949
As of January 31, 2024	$	15,691

Changes in the restructuring liability during the nine months ended January 31, 2024 were as follows:


	Restructuring Liability
	(in thousands)
As of April 30, 2023	$	8,004
Restructuring charges, net	68,558
Reductions for cash payments	(46,240)
Reductions for non-cash payments	(15,421)
Exchange rate fluctuations	790
As of January 31, 2024	$	15,691

As of January 31, 2024 and April 30, 2023, the restructuring liability is included in the current portion of other accrued liabilities on the condensed consolidated balance sheets.

Restructuring charges incurred by segment were as follows:


	Three Months Ended January 31,
	2024		2023

	(in thousands)
Consulting	$	1,051	$	10,842
Digital	618		2,856
Executive Search:
North America	1,398		4,352
EMEA	855		12,255
Asia Pacific	—		2,129
Latin America	—		697
Professional Search & Interim	—		4,835
RPO	690		3,097
Corporate	—		99
Consolidated	$	4,612	$	41,162


	Nine Months Ended January 31,
	2024		2023

	(in thousands)
Consulting	$	18,871	$	10,842
Digital	9,469		2,856
Executive Search:
North America	8,825		4,352
EMEA	17,265		12,255
Asia Pacific	1,963		2,129
Latin America	110		697
Professional Search & Interim	3,778		4,835
RPO	7,885		3,097
Corporate	392		99
Consolidated	$	68,558	$	41,162