Restructuring (Tables)

3 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

As a result of these restructuring initiatives, the Company incurred the charges shown in the following table. Asset write-downs and write-offs are included within Impairment expense, and Write-offs of inventory related to restructuring activities are included within Connected Fitness

Products Cost of revenue, in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The remaining charges incurred are included within Restructuring expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss:


	Three Months Ended September 30,
	2024		2023
Cash restructuring charges:(1)	(in millions)
Severance and other personnel costs	$	(0.5)	$	6.1
Exit and disposal costs and professional fees	3.4		4.5
Total cash restructuring charges	2.9		10.6

Non-cash restructuring charges:(1)
Asset write-downs and write-offs	$	5.1	$	22.8
Stock-based compensation expense	—		7.2
Write-offs of inventory related to restructuring activities(2)	—		0.5

Total non-cash restructuring charges	5.1		30.5

Total	$	8.1	$	41.2

_________________________

(1) All cash and non-cash restructuring charges for the three months ended September 30, 2024 related to the 2024 Restructuring Plan. All cash and non-cash restructuring charges for the three months ended September 30, 2023 related to the 2022 Restructuring Plan. These amounts are included within Impairment expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

(2) Write-offs of inventory are included within Connected Fitness Products Cost of revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Schedule of Restructuring Related Liabilities

The following table presents a roll-forward of cash restructuring-related liabilities, which is included within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets:


	Severance and other personnel costs		Exit and disposal costs and professional fees		Total
	(in millions)
Balance as of June 30, 2023	$	13.6	$	0.3	$	13.9
Cash restructuring charges(1)	6.1		4.5		10.6
Cash payments	(13.8)		(4.2)		(18.0)
Balance as of September 30, 2023	$	5.9	$	0.6	$	6.5

Balance as of June 30, 2024	$	12.7	$	4.3	$	17.0
Cash restructuring charges(1)	(0.5)		3.4		2.9
Cash payments	(10.4)		(4.7)		(15.1)
Balance as of September 30, 2024	$	1.8	$	3.1	$	4.8

_________________________

(1) All cash restructuring-related liabilities for the three months ended September 30, 2024 related to the 2024 Restructuring Plan. All cash restructuring-related liabilities for the three months ended September 30, 2023 related to the 2022 Restructuring Plan.