Exterran layoffs, on the record
Every job cut, severance charge and restructuring Exterran reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from approximately 3,600 to approximately 2,800.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | approximately 3,600 | December 31, 2019 |
| 10-K for 2020 | approximately 3,100 | December 31, 2020 |
| 10-K for 2021 | approximately 2,800 | As of December 31, 2021 |
Job cuts, severance and restructuring
Our summaryIn the second quarter of 2019, the company began consolidating two Houston manufacturing facilities into one and announced a cost reduction plan primarily focused on workforce reductions.
Word for word“As a result, in the second quarter of 2019, we began the consolidation of two of our manufacturing facilities located in Houston, Texas into one facility and announced a cost reduction plan primarily focused on workforce reductions.” 10-K for 2019
Our summaryIn the second quarter of 2018, the company initiated a relocation plan in North America to better align its contract operations business with customers, incurring relocation costs and employee termination benefits.
Word for word“In the second quarter of 2018, we initiated a relocation plan in the North America region to better align our contract operations business with our customers.” 10-K for 2019
Our summaryIn the second quarter of 2019 the company announced a cost reduction plan focused mainly on workforce reductions, with restructuring and other charges recorded in 2020 and 2019.
Word for word“As a result, in the second quarter of 2019, we announced a cost reduction plan primarily focused on workforce reductions.” 10-K for 2020
Our summaryThe company initiated a relocation plan in the Latin America region to better align its contract operations business with customers, with relocation costs recorded in 2019.
Word for word“In the second quarter of 2018, we initiated a relocation plan in the Latin America region to better align our contract operations business with our customers.” 10-K for 2020
Our summaryRestructuring and other charges totaled $3.6 million for 2020 and were reported in the statement of operations.
Word for word“Restructuring and other charges 3,550 6,194 1,997 2,344 17,335 Interest expense 38,817 38,620 29,217 34,826 34,181 Equity in income of non-consolidated affiliates — — — — (10,403) Gain on extinguishment of debt (3,571) — — — — Other (income) expense, net 589 (392) 6,484 (975) (13,046) Income (loss) before income taxes (57,616) (82,611) 37,881 29,750 (30,253) Provision for income taxes 28,403 25,290 39,433 22,695 124,242 Income (loss) from continuing operations (86,019) (107,901) (1,552) 7,055 (154,495) Income (loss) from discontinued operations, net of tax (15,272) 5,524 26,406 26,825 (73,442) Net income (loss) (101,291) (102,377) 24,854 33,880 (227,937) Income (loss) from continuing operations per common share: Basic and diluted $ (2.63) $ (3.15) $ (0.04) $ 0.20 $ (4.47) Weighted average common shares outstanding used in income (loss) from continuing operations per common share: Basic 32,750 34,283 35,433 34,959 34,568 Diluted 32,750 34,283 35,433 35,040 34,568 Other Financial Data: Total adjusted gross margin (2) $ 261,866 $ 314,413 $ 352,263 $ 331,925 $ 296,444 EBITDA, as adjusted (2) 133,751 173,040 199,543 178,534 163,818 Capital expenditures: Contract Operations Equipment: Growth (3) $ 56,639 $ 163,731 $ 186,240 $ 104,909 $ 53,005 Maintenance (4) 8,055 8,753 6,616 15,691 14,440 Other 10,917 16,553 17,567 9,081 6,005 Balance Sheet Data: Cash and cash equivalents $ 40,318 $ 16,683 $ 19,300 $ 49,145 $ 35,678 Working capital (5) (6) 154,718 109,278 108,746 134,048 177,824 Property, plant and equipment, net 733,222 824,194 863,229 784,930 751,371 Total assets (6) 1,303,491 1,418,004 1,567,054 1,460,807 1,374,778 Long-term debt 562,325 443,587 403,734 368,142 348,387 Total stockholders’ equity (6) 295,832 409,538 552,821 554,786 556,771 (1) During the fourth quarter of 2020, we completed the sale of our U.S. compression fabrication business and it is now reflected as discontinued operations in our financial statements for all periods presented.” 10-K for 2020
Our summaryThe company announced a cost reduction plan focused mainly on workforce reductions and recorded restructuring charges for it in 2021 and 2020.
Word for word“As a result, in the third quarter of 2019, we announced a cost reduction plan primarily focused on workforce reductions.” 10-K for 2021
Our summaryThe company recorded restructuring charges for legal and other costs tied to the proposed merger with Enerflex and expects total charges of about $15-20 million.
Word for word“We estimate the total restructuring charges related to this plan will be approximately $15-20 million and represents our best estimate based on the facts and circumstances known at this time.” 10-K for 2021
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | — | $22 million | $19.5 million |
| 2017-12-31 | — | $3.2 million | $6.5 million |
| 2018-12-31 | — | $2 million | $2.3 million |
| 2019-12-31 | — | $6.2 million | $4.1 million |
| 2020-12-31 | $3.5 million | $3.5 million | $4.2 million |
| 2021-12-31 | $194,000 | $1.3 million | $1.4 million |
Exterran 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 Exterran’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 2022-03-02. 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.