La Quinta layoffs, on the record
Every job cut, severance charge and restructuring La Quinta reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from 7,426 to 7,486.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | 7,426 | December 31, 2015 |
| 10-K for 2016 | 7,333 | December 31, 2016 |
| 10-K for 2017 | 7,486 | December 31, 2017 |
Job cuts, severance and restructuring
Our summaryFormer President and CEO departed; company recorded a non-cash severance charge under a Separation and Release Agreement.
Word for word“During September 2015, pursuant to a Separation and Release Agreement (the "Separation and Release Agreement"), dated effective as of September 15, 2015, that the Company entered into with its former President and Chief Executive Officer in connection with his departure, the Company vested 0.3 million shares to him in accordance with the terms of the respective grants under the 2014 Omnibus Incentive Plan, and the Company incurred an associated non-cash severance charge of $3.0 million .” 10-K for 2015
Our summaryCompany made a cash severance payment to its former President and CEO under the separation agreement.
Word for word“In addition, pursua nt to the benefits to which the Company's former President and Chief Executive Officer was entitled under the Separation and Release Agreement, the Company made a cash severance payment of $7.6 million.” 10-K for 2015
Our summaryAdjusted EBITDA reconciliation shows Severance Charges reducing EBITDA, tied to the departure of the former CEO.
Word for word“Severance Charges (1) (11,021 ) — — Other gains (losses), net (2) 4,347 821 (2,697 ) EBITDA 312,076 311,583 325,393 Interest expense (86,614 ) (120,994 ) (148,806 ) Income tax expense (22,487 ) (28,805 ) (3,665 ) Recognition of net deferred tax liabilities upon C-corp conversion — (321,054 ) — Depreciation and amortization (176,263 ) (174,137 ) (170,401 ) Non-controlling interests (347 ) (3,890 ) 1,455 Net income (loss) attributable to the Company $ 26,365 $ (337,297 ) $ 3,976 (1) Includes cash and non-cash charges relating to the departure of the Company's former President and Chief Executive Officer.” 10-K for 2015
Our summarySeparation agreement with former President and CEO; the company recorded non-cash and cash charges in general and administrative expenses for his departure.
Word for word“Additionally for the year ended December 31, 2015 general and administrative expenses included $8.0 million in cash and $3.0 million in non-cash charges related to the departure of our former CEO.” 10-K for 2016
Our summaryCash severance payment made to former President and CEO under his Separation and Release Agreement.
Word for word“In addition, pursuant to the benefits to which the Company’s former President and Chief Executive Officer was entitled under the Separation and Release Agreement, the Company made a cash severance payment of $7.6 million.” 10-K for 2016
Our summarySeverance costs were one of several items that increased general and administrative expenses in 2016 compared with 2015.
Word for word“Excluding these charges in the year ended December 31, 2015, general and administrative expenses increased for the year ended December 31, 2016 compared to the prior year, primarily as a result of increases in corporate bonus, stock based compensation for new grants, salaries and benefits, legal fees, severance costs and additional purchased services.” 10-K for 2016
Our summaryThe company vested shares for its former CEO and paid him cash severance when he left in September 2015, recording a non-cash severance charge.
Word for word“During September 2015, pursuant to a Separation and Release Agreement (the “Separation and Release Agreement”), dated effective as of September 15, 2015, that the Company entered into with its former President and Chief Executive Officer in connection with his departure, the Company vested 0.3 million shares to him in accordance with the terms of the respective grants under the 2014 Omnibus Incentive Plan, and the Company incurred an associated non-cash severance charge of $3.0 million.” 10-K for 2017
| Fiscal year ended | Restructuring charges |
|---|---|
| 2017-12-31 | −$15.2 million |
La Quinta 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 La Quinta’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 2018-03-01. 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.