Change Healthcare layoffs, on the record
Every job cut, severance charge and restructuring Change Healthcare reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 15,000 to approximately 14,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 15,000 | March 31, 2020 |
| 10-K for 2021 | approximately 15,000 | March 31, 2021 |
| 10-K for 2022 | approximately 14,000 | March 31, 2022 |
Job cuts, severance and restructuring
Our summaryIntegration-related costs, which include severance, decreased in fiscal 2020 as several integration projects were completed.
Word for word“The amount of such costs decreased by $32.4 million in the year ended March 31, 2020 as compared to the prior year due to the completion of certain integration projects during the year ended March 31, 2020.” 10-K for 2020
Our summaryThe company expects significant severance costs from transitioning services to Wipro under a new agreement, but has not recorded an accrual because the timing and amount cannot yet be estimated.
Word for word“In connection with the Agreement, the Company expects to incur significant severance costs related to the transition of services currently performed by the Company to Wipro.” 10-K for 2020
Our summaryThe company offers post-employment severance and outplacement benefits, and it recognized a liability for these benefits.
Word for word“As of March 31, 2020 and 2019, the Company recognized liabilities related to these benefits of $5,927 and $0, respectively.” 10-K for 2020
Our summaryThe company reported severance costs of $13,184 thousand in its Adjusted EBITDA reconciliation for the year ended March 31, 2021.
Word for word“Severance costs 13,184 Accretion and changes in estimate, net 11,644 Impairment of long-lived assets and other 18,190 Gain on sale of businesses (59,143 ) Contingent consideration (3,000 ) Loss on extinguishment of debt 8,924 Other non-routine, net 3,164 Adjusted EBITDA $ 934,165 (1) Revenue for the Postage and Eliminations segment includes postage revenue of $196,532 for the year ended March 31, 2021.” 10-K for 2021
Our summaryThe company stated it has incurred and expects to continue to incur severance costs related to the transition of services to Wipro, with accrued amounts not material at year end.
Word for word“In connection with the agreement, we have incurred and expect to continue to incur severance costs related to the transition of services currently performed by us to Wipro.” 10-K for 2021
| Fiscal year ended | Severance costs |
|---|---|
| 2021-03-31 | $13.2 million |
| 2022-03-31 | $10.2 million |
Change Healthcare 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 Change Healthcare’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2022-05-26. 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.