Apollo Education layoffs, on the record
Every job cut, severance charge and restructuring Apollo Education reported in its annual reports, 2014 to 2016, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 13,000 non-faculty employees | August 31, 2014 |
| 10-K for 2015 | approximately 11,000 | August 31, 2015 |
| 10-K for 2016 | approximately 9,000 | August 31, 2016 |
Job cuts, severance and restructuring
Our summaryCompany recorded restructuring and other charges tied to reengineering, reducing services infrastructure and rationalizing real estate, with total charges in fiscal 2014 of $85.3 million.
Word for word“Restructuring and other charges of $85.3 million , $197.0 million , $38.7 million and $22.9 million in fiscal years 2014 , 2013 , 2012 and 2011 , respectively;” 10-K for 2014
Our summaryCompany has implemented workforce reductions beginning in fiscal 2011 and continuing through fiscal 2014 to reengineer processes and reduce operating costs.
Word for word“Beginning in fiscal year 2011 and continuing through fiscal year 2014 , we have implemented workforce reductions as we reengineer and simplify our business processes, refine our educational delivery systems and reduce our operating costs to align with our reduced enrollment and revenue.” 10-K for 2014
Our summaryCompany incurred lease and related restructuring costs as it rationalized administrative real estate and closed ground locations, including exiting 1.9 million square feet.
Word for word“The properties in the above table include 1.9 million of square feet we are exiting as part of our restructuring activities for which we still have a remaining lease obligation as of August 31, 2014.” 10-K for 2014
Our summaryCompany reported restructuring liabilities and noted it may incur material charges from future restructuring activities to streamline operations.
Word for word“The gross, undiscounted obligation associated with our restructuring liabilities as of August 31, 2014 was approximately $170 million , which principally represents non-cancelable leases that will be paid over the respective lease terms through fiscal year 2023.” 10-K for 2014
Our summaryUniversity of Phoenix announced a plan to transform itself into a more focused, higher retaining and less complex institution, with restructuring expense for new 2015 activities, mainly severance, tied to eliminating about 1,500 positions.
Word for word“The substantial majority of the expense represents severance and other employee separation costs associated with the elimination of approximately 1,500 positions.” 10-K for 2015
Our summaryUniversity of Phoenix closed or was in the process of closing ground locations and stopped accepting new enrollment at them.
Word for word“Pursuant to these plans, the University has ceased accepting new enrollment at these locations, and has closed or is in the process of closing approximately 150 ground locations.” 10-K for 2015
Our summaryRestructuring and impairment charges in fiscal 2015, including severance and other employee separation costs, lease obligations and asset impairments.
Word for word“As detailed further below, we incurred $81.8 million of expense in in fiscal year 2015, which includes $37.1 million associated with restructuring activities initiated prior to fiscal year 2015, $34.8 million associated with new restructuring activities initiated during fiscal year 2015, and $9.9 million of impairment charges.” 10-K for 2015
Our summaryPrior year restructuring plans included workforce reductions with severance and other employee separation costs.
Word for word“For workforce reductions initiated prior to fiscal year 2015, we have incurred $1.4 million, $33.2 million, and $32.7 million of severance and other employee separation costs in fiscal years 2015, 2014 and 2013, respectively.” 10-K for 2015
Our summaryRestructuring begun before fiscal 2016 included closing about 150 University of Phoenix ground locations, consolidating leased administrative offices, and cutting the workforce.
Word for word“Our restructuring activities initiated prior to fiscal year 2016 principally included closing approximately 150 University of Phoenix ground locations, rationalizing our leased administrative office facilities, and workforce reductions.” 10-K for 2016
Our summaryThe company paid severance and other separation costs for workforce reductions started before fiscal 2016, across three fiscal years.
Word for word“For workforce reductions initiated prior to fiscal year 2016, we have incurred $ 2.5 million , $ 30.0 million , and $ 33.2 million of severance and other employee separation costs in fiscal years 2016, 2015 and 2014, respectively.” 10-K for 2016
Our summaryThe company expects to cut costs further and to record material charges for future restructuring.
Word for word“Additionally, we intend to further reduce costs in future periods to align with our declining enrollment and revenue, and expect to incur material charges associated with other future restructuring activities.” 10-K for 2016
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-08-31 | $83.2 million | $85.3 million |
Apollo Education has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Apollo Education’s annual reports (10-K for 2016, 10-K for 2015, 10-K for 2014) and the financial data it files with the SEC, as of 2016-10-20. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.