Quarterly report pursuant to Section 13 or 15(d)

Restructuring

v3.22.2.2
Restructuring
6 Months Ended
Jul. 31, 2022
Restructuring  
Restructuring

(7) Restructuring

In connection with the Company’s acquisition integration process and workplace flexibility policy, it has continued its initiatives and commitment to reduce its costs and better align operating expenses with existing economic conditions and its operating model. During the three and six months ended July 31, 2022 (Successor), the Company recorded restructuring charges of $4.3 million and $8.3 million, respectively, for the severance costs and the abandonment of right-of-use assets.

In January 2021, the Company committed to a restructuring plan that encompassed a series of measures intended to improve its operating efficiency, competitiveness and business profitability. These included workforce reductions and consolidation of facilities as it is adopting new work arrangements for certain locations. The Company recorded restructuring charges of $0.3 million and recoveries of $0.6 million during the period of June 12, 2021 to July 31, 2021 (Successor) and the period of February 1, 2021 to June 11, 2021 (Predecessor (SLH)), respectively, as a result of severance cost estimate changes.