Exela Technologies layoffs, on the record

Headcount, as reported

Job cuts, severance and restructuring

1. Our summaryCompany states it regularly reviews operations to reduce its cost structure, including reducing its employee base, and from time to time engages in restructuring actions; no specific 2021 program is described in this passage.

   Word for word“We regularly review our operations with a view towards reducing our cost structure, including, without limitation, reducing our employee base, exiting certain businesses, improving process and system efficiencies and outsourcing some internal functions.” 10-K for 2021

2. Our summaryThe company reports optimization and restructuring expenses of 25,329 in 2022, described as net salary and benefits tied to positions and existing lease contracts in its savings and productivity initiatives. Cost: 25,329

   Word for word“Optimization and restructuring expenses (1) 25,329 ​ ​ 22,246 ​ ​ 45,616 Transaction and integration costs (2) 18,586 ​ ​ 15,872 ​ ​ 16,620 Non-cash equity compensation (3) 985 ​ ​ 3,940 ​ ​ 2,846 Other charges including non-cash (4) ​ 71,203 ​ ​ 32,484 ​ ​ 26,154 Loss/(Gain) on sale of assets (5) ​ 1,357 ​ ​ (2,779) ​ ​ 114 Loss/(Gain) on business disposals (6) ​ — ​ ​ 1,296 ​ ​ (44,595) Debt modification and extinguishment costs (gain), net ​ 4,522 ​ ​ (16,689) ​ ​ 9,589 Loss/(Gain) on derivative instruments (7) (1,091) ​ (893) ​ ​ 375 Contract costs (8) ​ 22,501 ​ ​ 4,268 ​ ​ 4,317 Litigation reserve ​ — ​ ​ (925) ​ ​ 9,624 Impairment of goodwill and other intangible assets 171,182 ​ — ​ ​ — Adjusted EBITDA 139,893 ​ 173,284 ​ 173,545 ​ (1) Adjustment represents net salary and benefits associated with positions, current vendor expenses and existing lease contracts that are part of the on-going savings and productivity improvement initiatives in process transformation, customer transformation and post-merger or acquisition integration.” 10-K for 2022

3. Our summaryThe company states that it from time to time engages in restructuring actions to reduce its cost structure, and that other charges include severance, retention bonus and facility consolidation costs.

   Word for word“We, from time to time, engage in restructuring actions to reduce our cost structure.” 10-K for 2022

4. Our summaryThe company recorded employee severance and facility exit costs in SG&A expenses for 2023, including exit costs for closing its China operations. Cost: $4.3 million, including $1.8 million for exit costs related to China operations

   Word for word“The decrease in our SG&A costs was primarily attributable to a gain of $7.2 million on sale of the high-speed scanner business, $10.8 million in business interruption insurance recoveries, lower employee related costs by $0.9 million, lower travel costs of $0.8 million, lower infrastructure, maintenance and operating costs of $3.4 million, lower legal and professional fees of $6.3 million and lower other SG&A expenses of $3.1 million partially offset by employee severances and facility exit costs of $4.3 million, including $1.8 million for exit costs related to China operations.” 10-K for 2023

Exela Technologies 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 Exela Technologies’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-04-03. 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.