During the second half of 2023, we engaged a consulting firm to help review and analyze the structure and operations of the Company. The program named "Project Elevate" involved the optimization and rationalization of our business resources as well as the partial reinvestment of savings into the Company's sales and marketing team, technology, and strategy. Reorganization cost reductions from Project Elevate during 2024 through 2025 are estimated to be $16.0 million. We incurred total restructuring charges of $9.9 million through the end of 2025. For the years ended December 31, 2025 and 2024, we recorded restructuring charges of $1.8 million and $2.4 million, respectively. This program has resulted in ongoing cost optimization and rationalization initiatives across the organization.

The following table summarizes the restructuring charges which are recorded in “Restructuring Expense” in the Consolidated Statement of Comprehensive Income.


In thousands	Year Ended December 31, 2025		Year Ended December 31, 2024
Consulting and employee expense	$	239	$	803
Severance	1,255		1,112
Facility, asset impairment and other expense	288		487
Total	$	1,782	$	2,402


	Year Ended December 31, 2025
In thousands	Consulting and employee expense		Severance		Facility, asset impairment and other expense		Total
Beginning balance:	$	—	$	110	$	—	$	110
Additions	239		1,255		288		1,782
Payments and adjustment	(239)		(1,037)		(288)		(1,564)
Ending balance:	$	—	$	328	$	—	$	328