News regarding changes to our team

New Relic's CEO, Bill Staples, announced a restructuring plan, affecting approximately 212 employees globally, as part of a strategic shift to enhance the company's focus on consumption-based business models. This decision follows a thorough review of roles and aims to align resources with New Relic's strategic priorities, which include exiting the subscription business within the next 4-6 quarters and continuing to grow its observability platform. Despite the layoffs, New Relic plans to maintain its headcount by hiring for essential roles and is committed to supporting departing employees with severance packages, extended benefits, and career assistance. As New Relic moves towards a more streamlined and profitable future amid economic uncertainties, it emphasizes maintaining high growth rates and optimizing resource allocation. The company remains dedicated to its core values and culture while navigating through these changes, and further details on the restructuring will be discussed in an upcoming company meeting.