iHeartCommunications layoffs, on the record
Every job cut, severance charge and restructuring iHeartCommunications reported in its annual reports, 2015 to 2017, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 14,400 domestic employees and approximately 4,300 international employees | December 31, 2015 |
| 10-K for 2016 | approximately 14,300 domestic employees and approximately 4,400 international employees | December 31, 2016 |
| 10-K for 2017 | approximately 13,600 domestic employees and approximately 4,300 international employees | December 31, 2017 |
Job cuts, severance and restructuring
Our summaryThe company incurred strategic revenue and efficiency costs, mainly consolidation of locations and positions and severance related to workforce initiatives, with $13.0 million in direct operating expenses, $23.6 million in SG&A and $34.0 million in corporate expense.
Word for word“Of the strategic revenue and efficiency costs, $13.0 million are reported within direct operating expenses, $23.6 million are reported within SG&A and $34.0 million are reported within corporate expense.” 10-K for 2015
Our summaryThe company describes ongoing revenue and efficiency initiatives whose costs consist primarily of severance related to workforce initiatives, consolidation of locations and positions, and other costs, without giving a specific amount for the year.
Word for word“Included in the amounts for direct operating expenses, SG&A and corporate expenses discussed above are expenses incurred in connection with our strategic revenue and efficiency initiatives.” 10-K for 2016
Our summaryThe company states that the costs of its streamlining initiatives consist primarily of consolidation of locations and positions and severance related to workforce initiatives.
Word for word“These costs consist primarily of consolidation of locations and positions, severance related to workforce initiatives, consulting expenses and other costs incurred in connection with streamlining our businesses.” 10-K for 2016
Our summaryThe company notes that its EBITDA calculation adds back costs for facility closures, consolidations and severance, with a stated adjustment for severance and non-recurring expenses.
Word for word“Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definition of consolidated EBITDA in our senior secured credit facilities) (42.9 ) Non-cash charges (8.2 ) Other items 45.5 Less: Depreciation and amortization, Impairment charges, Other operating income (expense), net, and Share-based compensation expense (300.0 ) Operating income 1,504.7 Plus: Depreciation and amortization, Impairment charges, Gain (loss) on disposal of operating and fixed assets, and Share-based compensation expense 290.6 Less: Interest expense (1,850.0 ) Less: Current income tax expense (47.7 ) Plus: Other income (expense), net (73.1 ) Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision for doubtful accounts, Amortization of deferred financing charges and note discounts, net and Other reconciling items, net) 130.5 Change in assets and liabilities, net of assets acquired and liabilities assumed 31.0 Net cash used for operating activities $ (14.0 ) The maximum ratio permitted under this financial covenant for the four quarters ended December 31, 2016 was 8.75:1.” 10-K for 2016
Our summaryThe company incurred costs for strategic revenue and efficiency initiatives, mainly severance tied to workforce initiatives, consolidation of locations and positions, and contract cancellations.
Word for word“These costs consist primarily of severance related to workforce initiatives, consolidation of locations and positions, contract cancellation costs, consulting expenses, and other costs incurred in connection with improving our businesses.” 10-K for 2017
Our summaryThe Debtors entered into a Restructuring Support Agreement with creditors and equityholders to restructure and recapitalize the company through a Chapter 11 plan of reorganization.
Word for word“On March 16, 2018, the Debtors entered into a Restructuring Support Agreement (the “RSA”) with certain creditors and equityholders (the “Consenting Stakeholders”).” 10-K for 2017
iHeartCommunications 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 iHeartCommunications’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2018-05-03. 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.