Innerworkings layoffs, on the record
Every job cut, severance charge and restructuring Innerworkings reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 2,000 to approximately 2,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 2,000 | December 31, 2017 |
| 10-K for 2018 | approximately 2,100 | December 31, 2018 |
| 10-K for 2019 | approximately 2,100 | December 31, 2019 |
Job cuts, severance and restructuring
Our summaryGlobal realignment plan approved in late 2015 to improve integration of international resources, eliminating roughly 100 positions; restructuring charges were recognized mainly in 2016 and none in 2017.
Word for word“On December 14, 2015, the Company approved a global realignment plan that allowed the Company to more efficiently meet client needs across its international platform.” 10-K for 2017
Our summaryCompany recorded no restructuring charges in 2017 related to the realignment plan; remaining severance payouts continue into 2018.
Word for word“During the year ended December 31, 2017 , the Company recognized no restructuring charges related to this plan.” 10-K for 2017
Our summaryThe company approved a 2018 restructuring plan to reduce its cost structure, with expected cash charges for employee severance and lease and contract terminations.
Word for word“In connection with these actions, the Company expects to incur pre-tax cash restructuring charges of $20.0 million to $25.0 million and pre-tax non-cash restructuring charges of $0.4 million .” 10-K for 2018
Our summaryExpected cash charges under the 2018 restructuring plan were broken down into employee severance and related benefits and lease and contract termination costs.
Word for word“Cash charges are expected to include $12.0 million to $15.0 million for employee severance and related benefits and $8.0 million and $10.0 million for lease and contract terminations and other associated costs.” 10-K for 2018
Our summaryThe company recognized restructuring charges under the 2018 plan during the year.
Word for word“For the year ended December 31, 2018 , the Company recognized $6.0 million in restructuring charges.” 10-K for 2018
Our summaryThe board extended the 2018 restructuring plan by two years.
Word for word“On February 21, 2019, the Board of Directors approved a two-year extension to the restructuring plan through the end of 2021.” 10-K for 2018
Our summaryThe company approved a 2015 global realignment plan that eliminated positions and recorded restructuring charges, mostly in 2016.
Word for word“Through improved integration of global resources, the plan created back office and other efficiencies and allowed for the elimination of approximately 100 positions deemed unnecessary.” 10-K for 2018
Our summaryThe company approved a restructuring plan in August 2018 to reduce its cost structure, because selling, general and administrative costs were too high relative to revenue and gross profit.
Word for word“On August 10, 2018 , the Company approved a plan to reduce the Company's cost structure while driving value for its clients and stockholders.” 10-K for 2019
Our summaryThe company increased the size of the 2018 restructuring plan and raised its expected total charges, including severance.
Word for word“From adoption through completion of the plan, the Company expects to incur pre-tax cash restructuring charges of $ 35.0 million to $ 45.0 million and pre-tax non-cash restructuring charges of $ 0.5 million .” 10-K for 2019
Our summaryThe company recognized restructuring charges under the 2018 plan totaling $21.9 million through the end of 2019.
Word for word“From adoption through December 31, 2019 , the Company recognized $ 21.9 million in total restructuring charges pursuant to the 2018 Restructuring Plan.” 10-K for 2019
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring | Positions expected to be eliminated |
|---|---|---|---|---|
| 2016-12-31 | $0 | $5.6 million | $4.4 million | 100 |
| 2017-12-31 | $0 | $0 | $1.1 million | — |
| 2018-12-31 | −$1.4 million | $6 million | $4.4 million | — |
| 2019-12-31 | — | $15.9 million | — | — |
Innerworkings filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Innerworkings’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2020-03-17. 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.