Subsequent Event |
12 Months Ended |
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Dec. 31, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Event |
Subsequent Event
On January 12, 2017, we announced a reduction in force plan affecting approximately 7% of our U.S. employee base, excluding Ticketfly. Our Board of Directors approved the plan on December 15, 2016 and the affected employees were informed of the plan on January 12, 2017. The reduction in force will allow us to focus and realign existing resources on execution and make further investments in product innovation to drive advertising revenue and subscription growth. We expect the reduction in force plan to be completed by the end of the first quarter of 2017.
In connection with the reduction in force plan, we estimate we will incur approximately $5.0 million to $7.0 million of cash expenditures, substantially all of which are related to employee severance and benefits costs. Total reduction in force costs are estimated at $4.0 million to $6.0 million, which is lower than cash reduction in force costs due to a credit related to non-cash stock-based compensation expense reversals for unvested equity awards. We expect to recognize these pre-tax reduction in force charges in the first quarter of 2017.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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