Citrix Systems layoffs, on the record
Every job cut, severance charge and restructuring Citrix Systems reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from approximately 8,400 to approximately 9,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | approximately 8,400 | As of December 31, 2019 |
| 10-K for 2020 | approximately 9,000 | December 31, 2020 |
Job cuts, severance and restructuring
Our summaryRestructuring initiatives to accelerate the shift to a cloud-based subscription business, increase strategic focus and improve operational efficiency, with costs of $22.2 million in 2019 including employee severance.
Word for word“During the years ended December 31, 2019 and 2018, we incurred costs of $22.2 million and $2.5 million, respectively, related to initiatives intended to accelerate the transformation to a cloud-based subscription business, increase strategic focus, and improve operational efficiency.” 10-K for 2019
Our summaryEmployee severance and related costs recorded under the restructuring initiatives in 2019.
Word for word“During the year ended December 31, 2019, we incurred costs of $19.6 million related to employee severance and related costs and $2.7 million related to the consolidation of leased facilities.” 10-K for 2019
Our summaryConsolidation of leased facilities under restructuring in 2018.
Word for word“During the year ended December 31, 2018, we incurred costs of $14.2 million related to the consolidation of leased facilities.” 10-K for 2019
Our summaryThe company implemented multiple restructuring plans to reduce its cost structure, which resulted in workforce reductions and consolidation of certain leased facilities; these activities are substantially complete.
Word for word“The Company has implemented multiple restructuring plans to reduce its cost structure, align resources with its product strategy and improve efficiency, which has resulted in workforce reductions and the consolidation of certain leased facilities.” 10-K for 2020
Our summaryEmployee severance and related costs were recorded within restructuring charges.
Word for word“Employee severance and related costs $ 3,100 $ 19,581 $ 2,507 Consolidation of leased facilities — 2,666 14,218 Right-of-use asset impairment 8,881 — — Total Restructuring charges $ 11,981 $ 22,247 $ 16,725 The Company reviews for impairment of its long-lived assets, including ROU assets, whenever events or changes in circumstances indicate that the carrying amount of such assets may be impaired.” 10-K for 2020
Our summaryA vacant facility from a previous restructuring plan became fully impaired due to COVID-19, and the company recorded an impairment charge.
Word for word“During the year ended December 31, 2020, in connection with the COVID-19 pandemic, the Company determined that a vacant facility partially impaired under a previous restructuring plan became fully impaired due to a reassessment of the timing and fees of the assumed sublease rentals and recorded impairment charges of $ 8.9 million.” 10-K for 2020
Our summaryThe Board approved a restructuring program that eliminates full-time positions, terminates certain contracts, and impairs assets, mainly from facilities consolidations.
Word for word“On November 14, 2021, the Board of Directors approved a restructuring program (the “2021 Restructuring Program”) that included, among other things, the elimination of full-time positions, termination of certain contracts, and asset impairments, primarily related to facilities consolidations.” 10-K for 2021
Our summaryThe company expects to record pre-tax restructuring and asset impairment charges for the program, which it expects to finish over about eighteen months.
Word for word“We expect to record in the aggregate approximately $130.0 million to $240.0 million in pre-tax restructuring and asset impairment charges associated with the restructuring program.” 10-K for 2021
Our summaryRestructuring expense rose in 2021 mainly because of the 2021 program, including higher severance costs and right-of-use asset impairments.
Word for word“Restructuring expenses increased during 2021 compared to 2020, primarily due to the 2021 Restructuring Program, which resulted in increases in employee severance and related costs of $63.9 million and right-of-use asset impairments of $12.0 million.” 10-K for 2021
Our summaryThe company recorded intangible asset impairment charges in the fourth quarter of 2021 tied to the restructuring program.
Word for word“For instance, as described in Note 2 of this Annual Report on Form 10-K, we had intangible asset impairment charges of $19.4 million for the fourth quarter of 2021 related to our previously-announced restructuring program.” 10-K for 2021
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $41.1 million | $67.4 million | $69 million |
| 2017-12-31 | $62.8 million | $72.4 million | $55.2 million |
| 2018-12-31 | $2.5 million | $16.7 million | $26.9 million |
| 2019-12-31 | $19.6 million | $19.6 million | $15.5 million |
| 2020-12-31 | $3.1 million | $3.1 million | $8.8 million |
Citrix Systems filed 2 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 Citrix Systems’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 2022-02-16. 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.