On May 7, 2026, the Company announced a plan (the Plan) designed to further accelerate its evolution to an agentic AI-first operating model. The Plan reduced approximately 20% of the Company's workforce. The Company estimates total restructuring charges under the Plan to be up to $165 million, consisting of $125 million in cash expenditures for severance and employee benefits, $35 million in stock-based compensation and $5 million in other costs. The Company recognized the majority of the restructuring charges during the three months ended June 30, 2026 and expects to recognize the remaining charges in the three months ended September 30, 2026 as it substantially completes the Plan by September 30, 2026. These charges were included in restructuring and other costs on the Company's condensed consolidated statement of operations for the three and six months ended June 30, 2026. As of June 30, 2026, the liability associated with the Plan was mostly included in accrued compensation on the Company's condensed consolidated balance sheet.

The following table includes activities related to the Plan for the six months ended June 30, 2026.


	Six Months Ended June 30,
	Severance Payments & Employee Benefits		Stock-based Compensation		Other Costs		Total

	(in thousands)
Balance as of December 31, 2025	$	—	$	—	$	—	$	—
Charges	121,269		27,853		1,571		150,693
Cash payments	(98,556)		—		(11)		(98,567)
Non-cash items	—		(27,853)		—		(27,853)
Balance as of June 30, 2026	$	22,713	$	—	$	1,560	$	24,273