NEW RELIC, INC.: restructuring charge — New Relic commits to restructuring plan, expects $40M-$45M in lease termination costs

NEW RELIC, INC.

Board approved restructuring on March 29, 2023 to reduce global real estate footprint.
Expected aggregate charges of $40M-$45M, primarily for real estate lease termination and associated costs.
Approximately 65% of charges are non-cash; remainder cash expenditures.
Majority of restructuring costs expected in Q4 fiscal 2023.
Company says plan will provide operating flexibility and position for long-term success.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

NEW RELIC, INC. announced a restructuring with charges of approximately $40 million to $45 million affecting global real estate footprint.

Type: restructuring
Charge: approximately $40 million to $45 million
Affected area: global real estate footprint

Exact text from the filing

On March 29, 2023, the Board of Directors of New Relic, Inc. (the "Company") committed to a restructuring plan in connection with reduction of its global real estate footprint in line with its Flex First philosophy. The Company expects to incur aggregate restructuring charges totaling approximately $40 million to $45 million, consisting primarily of real estate lease termination and other associated costs.

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Source: SEC EDGAR

accession 0001448056-23-000015

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