LogMeIn layoffs, on the record
Every job cut, severance charge and restructuring LogMeIn reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from 2,760 to 3,974.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | 2,760 | December 31, 2017 |
| 10-K for 2018 | 3,515 | December 31, 2018 |
| 10-K for 2019 | 3,974 | December 31, 2019 |
Job cuts, severance and restructuring
Our summaryIntegration-related severance costs were recorded in general and administrative expenses for 2017, tied to integrating the GoTo Business after the Merger.
Word for word“For the year ended December 31, 2017, general and administrative expenses included acquisition-related costs of $48.2 million primarily related to the Merger, consisting of $29.4 million in transaction, transition and integration-related costs, $12.8 million in integration-related severance costs and $5.0 million of retention-based bonuses.” 10-K for 2017
Our summaryBoard approved a global restructuring plan with a reduction in force of about 4% of the workforce and consolidation of certain leased facilities.
Word for word“Restructuring Plan On February 11, 2019, the Company’s Board of Directors approved a global restructuring plan, including a reduction in force which will result in the termination of approximately 4% of the Company’s workforce and the consolidation of certain leased facilities.” 10-K for 2018
Our summaryCompany expects to substantially complete the restructuring by the end of fiscal year 2019.
Word for word“The Company expects to incur pre-tax restructuring charges of approximately $17 million and to substantially complete the restructuring by the end of fiscal year 2019.” 10-K for 2018
Our summaryIntegration-related severance costs were recorded in connection with the acquisition of Jive.
Word for word“Acquisition-related costs for the year ended December 31, 2018 consisted of $8.2 million of transaction, transition and integration-related expenses, primarily for the acquisition of Jive, $3.5 million of integration-related severance costs, and $11.2 million of retention-based bonuses primarily related to the Jive and Nanorep acquisitions described below.” 10-K for 2018
Our summaryThe Board approved a global restructuring plan with a reduction in force and consolidation of certain leased facilities, and the company expects to incur about $21 million in pre-tax charges.
Word for word“We expect to incur pre-tax restructuring charges of approximately $21 million and to substantially complete the restructuring by the end of fiscal year 2020.” 10-K for 2019
Our summaryThe company recorded a restructuring charge in 2019 covering employee termination benefits and costs of vacating certain leased facilities.
Word for word“We recorded a restructuring charge of $14.5 million in the year ended December 31, 2019, which includes one-time employee termination benefits and related costs and costs associated with vacating certain leased facilities.” 10-K for 2019
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2019-12-31 | $14.5 million | $9.5 million |
LogMeIn filed 2 restructuring notices (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 LogMeIn’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 2020-02-14. 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.