Delta Tucker Holdings layoffs, on the record
Every job cut, severance charge and restructuring Delta Tucker Holdings reported in its annual reports, 2016 to 2018, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 10,700 | December 31, 2016 |
| 10-K for 2017 | approximately 13,100 | December 31, 2017 |
| 10-K for 2018 | approximately 13,200 personnel | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryThe filing describes a cost containment measure and possible future changes that could increase severance payments and facility exit costs, without reporting a specific layoff.
Word for word“Our senior management changes, cost containment measures, as well as the potential for additional changes or activities in the future, may result in disruption of our business or our customer relationships, distract our employees, decrease employee morale and result in failure in meeting operational targets due to the loss of employees.” 10-K for 2016
Our summarySG&A fell in 2016 partly because of lower severance expense combined with cost reduction initiatives.
Word for word“SG&A decreased by $5.1 million , or (3.6)% , to $139.5 million during the year ended December 31, 2016 primarily as a result of the decrease in legal costs and severance expense combined with our cost reduction initiatives, partially offset by an increase in costs by our Global Advisory Group.” 10-K for 2016
Our summaryAdjusted EBITDA reconciliation shows employee share based compensation, severance, relocation and retention expense in 2016.
Word for word“Employee share based compensation, severance, relocation and retention expense (3) 1,756 7,026 9,531 Cerberus fees (4) 3,053 4,062 2,415 Global Advisory Group expenses (5) 23,057 — — Annualized operational efficiencies (6) — 2,094 8,828 Other (7) (581 ) (1,139 ) 2,710 Adjusted EBITDA $ 101,023 $ 96,143 $ 109,016” 10-K for 2016
Our summaryMr. Schorer departed the company and received a severance payment under his employment agreement.
Word for word“Upon his departure in March 2017 and consistent with his employment agreement, Mr. Schorer received a severance of $1,350,000 , equal to one year of his base salary and 100% of his target bonus, to be paid out over a one year period.” 10-K for 2017
Our summaryCompany amended its organizational structure to improve efficiencies within existing businesses.
Word for word“In January 2018, the Company amended its organizational structure to improve efficiencies within existing businesses, capitalize on new opportunities, continue international growth and expand commercial business.” 10-K for 2017
Our summaryCompany reported severance and related post-employment benefit expense within its Adjusted EBITDA reconciliation, combined with employee share based compensation, relocation and retention expense.
Word for word“Employee share based compensation, severance, relocation and retention expense (3) 2,018 1,756 7,026 Cerberus fees (4) 1,984 3,053 4,062 Global Advisory Group expenses (5) 6,943 23,057 — Annualized operational efficiencies (6) — — 2,094 Other (7) (1,647 ) (581 ) (1,139 ) Adjusted EBITDA $ 152,492 $ 101,023 $ 96,143 (1) Includes certain depreciation and amortization amounts which are classified as Cost of services in the consolidated statements of operations of Delta Tucker Holdings, Inc. included elsewhere in this Annual Report on Form 10-K.” 10-K for 2017
Our summaryThe company says it has previously cut its cost structure by removing a number of executive levels and other management positions.
Word for word“In the past, we have taken measures to reduce our cost structure, including the elimination of a number of executive levels and other management positions throughout the Company.” 10-K for 2018
Delta Tucker Holdings 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 Delta Tucker Holdings’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-03-19. 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.