Nerdwallet Inc.
07/30/2024 | Press release | Distributed by Public on 07/30/2024 14:02
Regulation FD Disclosure Form 8 K
Item 2.05. Costs Associated with Exit or Disposal Activities.
On July 30, 2024, NerdWallet, Inc. ("NerdWallet" or the "Company") committed to a restructuring plan, effective August 1, 2024, intended to reduce the Company's operating expenses and better position the Company to execute its long-term strategic initiatives (the "Plan"). The Plan will reduce the size of the Company's workforce by approximately 15% of its full-time employees as compared to its headcount as of December 31, 2023.
The Company expects to incur a total estimated pre-tax restructuring charge of approximately $8 million to $10 million in connection with the Plan. This amount primarily consists of severance payments, employee benefits, and related expenses for impacted employees. The Company anticipates most of these charges will occur in the third quarter of fiscal year 2024, with the workforce reduction largely completed by the end of that quarter.
The charges that the Company expects to incur are subject to several assumptions, including, but not limited to, compliance with legal requirements in various jurisdictions, and actual expenses may differ materially from the estimate disclosed above.