New Relic to incur $40M-$45M in restructuring charges

In a regulatory 8-K filing last night, the company stated: "On March 29, 2023, the Board of Directors of New Relic committed to a restructuring plan in connection with reduction of its global real estate footprint in line with its Flex First philosophy. The Company expects to incur aggregate restructuring charges totaling approximately $40 million to $45 million, consisting primarily of real estate lease termination and other associated costs. The Company believes these initiatives will provide further operating flexibility and position the business for its long-term success. The Company expects approximately 65% of these charges will be non-cash charges, with the remainder as cash expenditures, and that it will recognize the majority of these restructuring costs in the fourth quarter of fiscal 2023."