General form of registration statement for all companies including face-amount certificate companies

Restructuring

v3.21.2
Restructuring
 3 Months Ended 5 Months Ended
Apr. 30, 2021
Jan. 31, 2021
SOFTWARE LUXEMBOURG HOLDING S.A. (SUCCESSOR) AND POINTWELL LIMITED (PREDECESSOR)    
Restructuring

(8) Restructuring

In connection with strategic initiatives implemented during the three months ended April 30, 2021 (Successor) and April 30, 2020 (Predecessor), the Company’s management approved and initiated plans to reduce its cost structure and better align operating expenses with existing economic conditions and the Company’s operating model. The Company recorded a $0.5 million, and $0.4 million of restructuring charge during the three months ended April 30, 2021 (Successor) and April 30, 2020 (Predecessor), respectively, which is included in the statement of operations as restructuring. Substantially all of this charge represents the severance costs of terminated employees.

Activity in the Company’s restructuring accrual was as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

    

Employee Severance

    

Contractual

    

 

 

 

 

and Related Costs

 

Obligations

 

Total

Restructuring accrual as of January 31, 2021

 

$

5,000

 

$

171

 

$

5,171

Restructuring charges incurred

 

 

311

 

 

226

 

 

537

Payments made

 

 

(2,049)

 

 

(298)

 

 

(2,347)

Foreign currency translation adjustment

 

 

 —

 

 

 —

 

 

 —

Restructuring accrual as of April 30, 2021

 

$

3,262

 

$

99

 

$

3,361

 

(11)Restructuring

In connection with strategic initiatives implemented during the period from August 28, 2020 through January 31, 2021 (Successor), the period from February 1, 2020 through August 27, 2020 (Predecessor) and the fiscal years ended January 31, 2020 and 2019, the Company’s management approved and initiated plans to reduce its cost structure and better align operating expenses with existing economic conditions and the Company’s operating model. The Company recorded a $4.3 million, $1.2 million, $1.9 million and $2.1 million of restructuring charge during the period from August 28, 2020 through January 31, 2021 (Successor), the period from February 1, 2020 through August 27, 2020 (Predecessor), and the fiscal years ended January 31, 2020 and January 31, 2019, respectively, which is included in the statement of operations as restructuring. Substantially all of this charge represents the severance costs of terminated employees.

Activity in the Company’s restructuring accrual was as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

    

Employee Severance

    

Contractual

    

 

 

 

 

 and Related Costs

 

 Obligations

 

Total

Restructuring accrual as of January 31, 2018

 

$

1,504

 

$

25

 

$

1,529

Restructuring charges incurred

 

 

1,971

 

 

102

 

 

2,073

Payments made

 

 

(1,720)

 

 

(100)

 

 

(1,820)

Foreign currency translation adjustment

 

 

(42)

 

 

 —

 

 

(42)

Restructuring accrual as of January 31, 2019

 

$

1,713

 

$

27

 

$

1,740

Restructuring charges incurred

 

 

1,610

 

 

290

 

 

1,900

Payments made

 

 

(2,588)

 

 

(41)

 

 

(2,629)

Foreign currency translation adjustment

 

 

26

 

 

 —

 

 

26

Restructuring accrual as of January 31, 2020 (Predecessor)

 

$

761

 

$

276

 

$

1,037

Restructuring charges incurred

 

 

1,032

 

 

147

 

 

1,179

Payments made

 

 

(559)

 

 

(154)

 

 

(713)

Foreign currency translation adjustment

 

 

 —

 

 

 —

 

 

 —

Restructuring accrual as of August 27, 2020 (Predecessor)

 

$

1,234

 

$

269

 

$

1,503

Restructuring charges incurred

 

 

4,218

 

 

123

 

 

4,341

Payments made

 

 

(452)

 

 

(221)

 

 

(673)

Foreign currency translation adjustment

 

 

 —

 

 

 —

 

 

 —

Restructuring accrual as of January 31, 2021 (Successor)

 

$

5,000

 

 

171

 

 

5,171