Transformation Program Activities |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transformation Program Activities | Transformation Program Activities In October 2024, the Company began a transformation program intended to improve various measures across the organization. These measures include but are not limited to current and future operating expenses, cash flows, and personnel costs. Additionally, the initiatives intend to simplify and streamline business operations, including product optimization, procurement and cost optimization, and team restructuring.
As part of the transformation program, we implemented a two-phased reduction in our workforce, one in November 2024 and the other in January 2025. The transformation program includes a number of other initiatives that are underway, and the Company expects the transformation program to be substantially completed by the first quarter of fiscal year 2026.
During the three and nine months ended December 31, 2024, the Company incurred expenses of $2,887, related to our transformation program, $2,220 of which related specifically to severance costs. These aggregate pre-tax charges are primarily cash-based and consist of severance and other one-time termination benefits. The following table summarizes the severance costs related to the Company’s transformation program for the three months ended December 31, 2024:
The liability for transformation program charges related to workforce reductions is included in accrued compensation on the condensed consolidated balance sheet. The severance charges reflected in the table above was recorded in operating expense on the condensed consolidated statements of operations and comprehensive (loss) income.
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