Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Restructuring

v3.22.4
Restructuring
12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In 2022, the Company embarked on a restructuring program to improve execution and drive efficiency across the organization. This program is a framework for identifying, prioritizing and executing operational improvements. Restructuring charges incurred consist of severance and other employee costs, costs for optimizing the Company’s geographic presence (“Facility Footprint Optimization”), and consulting and other costs.
The following table summarizes the costs associated with the Company’s restructuring activities for the year ended December 31, 2022 (in thousands):
Severance and Other Employee Costs Facility Footprint Optimization Consulting and Other Costs Total
Balance as of December 31, 2021 $ —  $ —  $ —  $ — 
   Restructuring charges incurred 1,036  —  2,762  3,798 
   Impairment of facility-related assets —  718  —  718 
   Cash payments and other adjustments(1)
(477) (718) (1,802) (2,997)
Balance as of December 31, 2022 $ 559  $ —  $ 960  $ 1,519 
Current liabilities $ 1,519 
Long-term liabilities — 
$ 1,519 
(1) Other adjustments include non-cash asset charges related to Facility Footprint Optimization costs.
The Company will continue this restructuring program in 2023 and expects to incur additional restructuring charges of approximately $5.0 million. The Company estimates these additional restructuring charges to be comprised of approximately $2.0 million in severance and other employee costs, $2.0 million of Facility Footprint Optimization costs, and $1.0 million of consulting and other costs. The Company’s restructuring activities are expected to be complete by December 31, 2023.