Moneygram International layoffs, on the record
Every job cut, severance charge and restructuring Moneygram International reported in its annual reports, 2020 to 2022, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | 974 employees in the U.S. and 1,295 employees outside of the U.S. | December 31, 2020 |
| 10-K for 2021 | 2,174 employees globally | December 31, 2021 |
| 10-K for 2022 | 2,247 employees globally | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryMoneyGram carried out a 2019 Organizational Realignment workforce reduction, substantially completed in the first half of 2020, to streamline operations and become more agile around market-specific strategies.
Word for word“The workforce reduction was substantially completed in the first half of 2020 with $8.5 million of costs incurred consisting primarily of one-time termination benefits for employee severance and related costs, all of which resulted in cash expenditures that were paid out during 2020.” 10-K for 2020
Our summaryMoneyGram expects the 2019 Organizational Realignment to reduce annualized operating expenses.
Word for word“We expect the 2019 Organizational Realignment to reduce annualized operating expenses by approximately $18.0 million.” 10-K for 2020
Our summaryMoneyGram announced a 2021 Organizational Realignment to streamline operations and become more agile around market-specific strategies.
Word for word“The total expected cost of the 2021 Organizational Realignment is approximately $9.7 million, which includes approximately $6.2 million in one-time cash severance expenditures and $3.5 million in real estate-related and other cash expenditures.” 10-K for 2020
Our summaryMoneyGram expects the 2021 Organizational Realignment to reduce operating expenses on an annualized basis.
Word for word“The Company expects the 2021 Organizational Realignment to reduce operating expenses by approximately $ 18.0 million on an annualized basis.” 10-K for 2020
Our summaryCompany undertook a 2021 Organizational Realignment to streamline operations, with costs mainly one-time severance and related termination benefits recorded in compensation and benefits.
Word for word“Costs consisted primarily of one-time termination benefits for employee severance and related costs, which are recorded in "Compensation and benefits" on the Consolidated Statements of Operations.” 10-K for 2021
Our summaryCompensation and benefits rose mainly because of severance costs tied to the 2021 Organizational Realignment.
Word for word“Compensation and benefits increased by $4.0 million for the year ended December 31, 2021, primarily driven by severance costs associated with the 2021 Organizational Realignment, partially offset by higher employee related expenses in the prior year.” 10-K for 2021
Our summaryCompany reported restructuring and reorganization costs and severance and related costs as significant items in its EBITDA reconciliation.
Word for word“Restructuring and reorganization costs 9.4 1.0 Compliance enhancement program 2.9 4.4 Loss on early extinguishment of debt 44.1 — Severance and related costs 0.2 0.3 Direct monitor costs 4.9 11.0 Adjusted EBITDA $ 222.2 $ 241.3 Adjusted EBITDA change, as reported (8) % Adjusted EBITDA change, constant currency adjusted (12) %” 10-K for 2021
Our summaryThe company says it has carried out restructuring activities and cost reduction initiatives to align its organizational structure and costs with its strategy, and it may do so again.
Word for word“We have undertaken and may in the future undertake various restructuring activities and cost reduction initiatives in an effort to better align our organizational structure and costs with our strategy.” 10-K for 2022
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2018-12-31 | $19.9 million | $11.1 million |
| 2019-12-31 | — | $10.4 million |
Moneygram International 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 Moneygram International’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-02-24. 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.