CDK Global layoffs, on the record
Every job cut, severance charge and restructuring CDK Global reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from approximately 9,000 to approximately 6,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | approximately 9,000 | June 30, 2019 |
| 10-K for 2020 | approximately 9,000 | June 30, 2020 |
| 10-K for 2021 | approximately 6,500 | June 30, 2021 |
Job cuts, severance and restructuring
Our summaryRestructuring expenses were recorded under the business transformation plan initiated in fiscal 2015, totaling $28.0 million in fiscal 2019, up $7.4 million from fiscal 2018.
Word for word“Restructuring expenses related to the business transformation plan for fiscal 2019 increased $7.4 million as compared to fiscal 2018 and relate to the business transformation plan we initiated in fiscal 2015.” 10-K for 2019
Our summaryThe business transformation plan was extended by one year through fiscal 2019.
Word for word“As part of this ongoing review process, in fiscal year ended June 30, 2017 ("fiscal 2017") we extended the business transformation plan by one year through the fiscal year ended June 30, 2019 ("fiscal 2019").” 10-K for 2019
Our summaryThe company reported a $3.3 million impairment charge for long-lived assets associated with exiting certain facilities, along with higher restructuring and officer transition expenses.
Word for word“The Other loss before income taxes was unfavorably impacted by increased interest expense largely due to higher average debt levels and interest rate during fiscal 2019, higher restructuring and officer transition expenses, and a $3.3 million impairment charge for certain long-lived assets associated with exiting certain facilities.” 10-K for 2019
Our summaryOfficer transition expense, which includes severance expense for officer departures, was recorded.
Word for word“Officer transition expense includes severance expense in connection with officer departures included within selling, general and administrative expenses.” 10-K for 2019
Our summaryAdopted a plan to restructure the CDKI segment to reduce costs and improve margins.
Word for word“On May 2, 2020, we adopted a plan to restructure the CDKI segment to reduce costs and improve margins.” 10-K for 2020
Our summaryBusiness transformation plan, completed at end of fiscal 2019, produced restructuring expenses in the prior year.
Word for word“The expenses incurred in the prior year relate to our business transformation plan which was completed at the end of fiscal 2019.” 10-K for 2020
Our summaryThe company ran a multi-year business transformation plan to improve operating efficiency and cost structure, with restructuring expenses that included severance and lease termination costs. The plan was completed at the end of fiscal 2019.
Word for word“During fiscal year ended June 30, 2015, the Company initiated a three-year business transformation plan designed to increase operating efficiency and improve the Company's cost structure in its operations.” 10-K for 2021
Our summaryThe company reported the total restructuring expenses recognized over the life of the business transformation plan.
Word for word“In addition, the Company has recognized cumulative restructuring expenses of $ 59.5 million since the inception of the business transformation plan in fiscal 2015 through its completion at the end of fiscal 2019.” 10-K for 2021
Our summaryThe company reported one-time employee termination benefits tied to a restructuring plan in the International Business, which was later sold and is shown as discontinued operations.
Word for word“During fiscal 2020, net earnings for the International Business decreased due to one-time employee termination benefits related to a restructuring plan and customer pricing concessions in response to the COVID-19 pandemic.” 10-K for 2021
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-06-30 | $20.6 million | $12.6 million |
| 2017-06-30 | $19.3 million | $19.5 million |
| 2018-06-30 | $22.6 million | $24.5 million |
| 2019-06-30 | $31.8 million | $26.8 million |
| 2020-06-30 | $14.2 million | $9.1 million |
CDK Global filed 4 restructuring notices (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 CDK Global’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2021-08-18. 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.