Affirm Holdings Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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16. Restructuring
- Restructuring and other
During the three and nine months ended March 31, 2024, we incurred exit and disposal costs in connection with certain actions we have taken to manage our operating expenses in response to the current macroeconomic conditions and ongoing business prioritization efforts.
In February 2023, we committed to a restructuring plan (the “February 2023 Plan”) that included reducing our workforce and vacating a portion of our San Francisco office. As of March 31, 2024, the February 2023 Plan is completed and we do not expect future costs or payments related to the plan.
Exit and disposal costs were $5.2 million and $6.9 million for the three and nine months ended March 31, 2024, respectively. Exit and disposal costs were $34.9 million for both the three and nine months ended March 31, 2023, primarily relating to the February 2023 Plan.
Our restructuring and other exit and disposal cost accrual activity for the nine months ended March 31, 2024 is summarized as follows (in thousands):
| February 2023 Plan | Other Exit and Disposal Activities (1) | |
|---|---|---|
| Accrued restructuring and other costs, June 30, 2023 | $308 | $2,116 |
| Additions | 210 | 6,829 |
| Cash paid | (378) | (8,314) |
| Adjustments | (140) | — |
| Accrued restructuring and other costs, March 31, 2024 | $— | $631 |
(1)Includes employee severance pay and related costs, contract cancellation charges, among other items, related to other exit and disposal activities
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