During the fiscal year 2025, the Company implemented a voluntary separation program (VSP) for employees who met certain age and service requirements to reduce overall headcount. As a result of the related workforce reduction, during the fiscal year ended March 31, 2025, the Company recorded restructuring charges totaling $19.6 million related to one-time termination benefits for one hundred forty-two employees who voluntarily terminated their employment with the Company during the fiscal year ended March 31, 2025. All one-time termination benefits were settled in full during the first quarter of the fiscal year ending March 31, 2026.

In addition to the VSP, during the third quarter of fiscal year 2025, the Company entered into transition agreements that provided termination benefits for certain employees to ensure an orderly transition of responsibilities for continuity purposes. As a result of the related workforce changes, during the fiscal years ended March 31, 2026 and March 31, 2025, the Company recorded restructuring charges totaling $0.9 million and $0.9 million, respectively. The Company estimates approximately $0.1 million in remaining additional restructuring charges that will be recorded through the fiscal year ending March 31, 2027.

The following table provides a summary of the activity related to the restructuring plan and the related restructuring liability (in thousands):


	Q1 FY25 VSP			Q3FY25 Plan
	Employee-related			Employee-related			TOTAL
Balance at March 31, 2025	$	9		$	906		$	915
Restructuring charges to operations		—			883			883
Payments		(9	)		(1,650	)		(1,659	)
Other adjustments		1		—				1
Balance at March 31, 2026	$	1		$	139		$	140