iHeartMedia Capital I layoffs, on the record
Every job cut, severance charge and restructuring iHeartMedia Capital I 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 | As of December 31, 2015 |
| 10-K for 2016 | approximately 14,300 domestic employees and approximately 4,400 international employees | As of December 31, 2016 |
| 10-K for 2017 | approximately 13,600 domestic employees and approximately 4,300 international employees | As of December 31, 2017 |
Job cuts, severance and restructuring
Our summaryThe filing describes strategic revenue and efficiency costs, mainly consolidation of locations and positions and severance tied to workforce initiatives, and gives the split by expense line.
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 filing reports costs for closing or consolidating facilities and severance, included in the adjustments to consolidated EBITDA for the four quarters ended December 31, 2015.
Word for word“Costs incurred in connection with the closure and/or consolidation of facilities, retention charges, consulting fees and other permitted activities (46.8) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definition of consolidated EBITDA in iHeartCommunications’ senior secured credit facilities) (20.5) Non-cash charges (21.8) Cash received from nonconsolidated affiliates - Other items (0.9) Less: Depreciation and amortization, Impairment charges, Other operating income (expense), net, and Share-based compensation expense (610.0) Operating income 1,149.4 Plus: Depreciation and amortization, Impairment charges, Gain (loss) on disposal of operating and fixed assets, and Share-based compensation expense 599.4 Less: Interest expense (1,805.5) Less: Current income tax expense (59.1) Plus: Other income (expense), net 13.1 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) 65.9 Change in assets and liabilities, net of assets acquired and liabilities assumed (40.5) Net cash used for operating activities $ (77.3) 52 The maximum ratio permitted under this financial covenant for the four quarters ended December 31, 2015 was 8.75:1.” 10-K for 2015
Our summaryThe filing describes severance tied to workforce initiatives as part of its revenue and efficiency initiatives, with costs expected to benefit future periods.
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 2016
Our summaryThe company describes costs for streamlining its businesses, including 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 is exploring a potential global debt restructuring, and it has retained advisers to assess that transaction.
Word for word“We have considered and will continue to evaluate potential transactions to improve our capital structure and address our liquidity constraints and we have retained advisers to assist with the assessment of a potential debt restructuring transaction.” 10-K for 2016
Our summaryThe company entered into a Restructuring Support Agreement with creditors and equityholders to restructure and recapitalize 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
iHeartMedia Capital I 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 iHeartMedia Capital I’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.