Restructuring Inclusive of Related Severance Expenses

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Inclusive of Related Severance Expenses

During the second quarter of 2023, we implemented a restructuring plan, separate and apart from our restructuring efforts in connection with the RSA and Bond MS RSA, to optimize future growth and profitability. The primary components of the restructuring were reductions in our workforce and corporate and other expenses.

During the second quarter of 2023, we had an initial reduction in force of certain leadership employees, accelerated depreciation of leasehold improvements at our principal executive offices, and a reduction of our office lease expenses. We completed a broader reduction in force during the third quarter of 2023. As of December 31, 2023 and 2022, $1.3 million and zero, respectively, of employee severance expenses were included in accrued and other current liabilities.

The following table summarizes our pre-tax restructuring expenses:


	Year Ended December 31, 2023

Cash-based employee severance expenses	$	6,553
Non-cash, equity-based compensation	11,825
Accelerated leasehold improvement depreciation	1,248
Impairment of right-of-use asset	216
Total	$	19,842

Enviva Inc. 10-K