Stratrix
On the Record · APX Group Holdings

APX Group Holdings layoffs, on the record

Every job cut, severance charge and restructuring APX Group Holdings reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 6,800 to approximately 5,750.

Headcount, as reported

Annual reportEmployeesAs of
10-K for 2017approximately 6,800December 31, 2017
10-K for 2018approximately 7,500December 31, 2018
10-K for 2019approximately 5,750December 31, 2019

Job cuts, severance and restructuring

  1. Our summaryWireless Internet business restructuring: recorded restructuring and asset impairment charges, including employee severance, as part of the transition from 5Ghz to 60Ghz network technology. during the year ended December 31, 2015

    Word for word“For example, during the year ended December 31, 2015 we recorded restructuring and asset impairment charges for our Wireless Internet business totaling $59.2 million, which included $53.2 million of asset impairment charges related to write downs of our network assets, subscriber acquisition costs, certain intellectual property and goodwill and $6.0 million in restructuring charges related to employee severance and termination benefits as well as write offs of certain vendor contracts.” 10-K for 2017

  2. Our summarySold all New Zealand and Puerto Rico subscriber contracts and ceased operations in those regions (2016 Contract Sales), recorded as restructuring and asset impairment. during the year ended December 31, 2016

    Word for word“During the year ended December 31, 2016, the Company sold all of its New Zealand and Puerto Rico subscriber contracts and ceased operations in these geographical regions ("2016 Contract Sales").” 10-K for 2017

  3. Our summaryAccrued restructuring liability from the Wireless Restructuring was partly paid down; the remaining accrual at year end 2017 relates to contract termination costs. No restructuring charges were recorded in 2017.

    Word for word“Accrued restructuring balance as of December 31, 2017 $ — $ 558 $ — $ 558 The wireless restructuring and impairment recoveries during the year ended December 31, 2016 resulted primarily from a vendor settlement for amounts less than previously estimated.” 10-K for 2017

  4. Our summaryEliminated about 140 other positions in the second quarter of 2018, with the related severance and termination costs recorded as restructuring expense. second quarter of 2018 · Affected: approximately 140 other positions

    Word for word“In addition, we eliminated approximately 140 other positions during the second quarter of 2018.” 10-K for 2018

  5. Our summaryAnnounced cost reduction initiatives targeting General and Administrative, Customer Service and Sales Support fixed costs, mostly completed in the second and third quarters of 2018. during the year ended December 31, 2018

    Word for word“During the year ended December 31, 2018, the Company announced a number of cost reduction initiatives that are expected to reduce certain of the Company's General and Administrative, Customer Service, and Sales Support fixed costs.” 10-K for 2018

  6. Our summaryEliminated other general and administrative positions as part of the restructuring.

    Word for word“In addition, the Company eliminated other general and administrative positions.” 10-K for 2018

  7. Our summaryRecorded restructuring and asset impairment charges of employee severance and termination benefits, reported in the 2018 income statement. year ended December 31, 2018

    Word for word“Restructuring and asset impairment charges were as follows (in thousands): Year ended December 31, 2018 2017 2016 Wireless restructuring recoveries: Asset recoveries $ — $ — $ (710 ) Contract termination recoveries — — (751 ) Employee severance and termination benefits recoveries — — (77 ) Total wireless restructuring recoveries — — (1,538 ) Loss on subscriber contract sales — — 2,551 Employee severance and termination benefits charges 4,683 — — Total restructuring and asset impairment charges $ 4,683 $ — $ 1,013 The following table presents accrued restructuring activity for the years ended December 31, 2018 and 2017 .” 10-K for 2018

  8. Our summaryTerminated the Best Buy relationship and agreed to pay a termination fee. December 2018

    Word for word“The Company formally terminated its relationship with Best Buy in December 2018 and agreed to pay a termination fee of $5.5 million .” 10-K for 2018

  9. Our summaryRecorded restructuring and asset impairment charges for the Wireless Internet business, including employee severance and termination benefits. year ended December 31, 2015

    Word for word“For example, during the year ended December 31, 2015 we recorded restructuring and asset impairment charges for our Wireless Internet business totaling $59.2 million, which resulted in $52.5 million of asset impairment charges related to write downs of our network assets, subscriber acquisition costs, certain intellectual property and goodwill and $5.1 million in net restructuring charges related to employee severance and termination benefits as well as write offs of certain vendor contracts.” 10-K for 2018

  10. Our summarySold all New Zealand and Puerto Rico subscriber contracts and ceased operations there, recording a net loss in restructuring and asset impairment. year ended December 31, 2016

    Word for word“During the year ended December 31, 2016, the Company sold all of its New Zealand and Puerto Rico contracts and recorded the impact of these transactions in restructuring and asset impairment.” 10-K for 2018

  11. Our summaryThe company eliminated other general and administrative positions in 2018, which led to one-time cash severance and termination benefit expenses. during the year ended December 31, 2018 · Cost: $4.7 million

    Word for word“These actions resulted in one-time cash employee severance and termination benefits expenses of $4.7 million during the year ended December 31, 2018.” 10-K for 2019

  12. Our summaryThe company had a reduction-in-force in June 2018, and projected run-rate savings from it were added back in Covenant Adjusted EBITDA. June 2018

    Word for word“(j) Projected run-rate savings related to June 2018 reduction-in-force.” 10-K for 2019
As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year endedRestructuring chargesCash paid for restructuring
2016-12-31—$2.8 million
2017-12-31—$91,000
2018-12-31$4.7 million$4.4 million

APX Group Holdings filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.

Read from APX Group Holdings’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2020-03-09. 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.