Pandora Media layoffs, on the record
Every job cut, severance charge and restructuring Pandora Media reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from 2,219 to 1,938.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | 2,219 | December 31, 2015 |
| 10-K for 2016 | 2,488 | December 31, 2016 |
| 10-K for 2017 | 1,938 | December 31, 2017 |
Job cuts, severance and restructuring
Our summaryAnnounced a reduction in force affecting about 7% of U.S. employees, excluding Ticketfly, after the Board approved the plan in December 2016.
Word for word“On January 12, 2017, we announced a reduction in force plan affecting approximately 7 % of our U.S. employee base, excluding Ticketfly.” 10-K for 2016
Our summaryRecorded accelerated equity awards in connection with executive severance.
Word for word“During the year ended December 31, 2016 , we recorded $ 8.7 million related to accelerated awards in connection with executive severance.” 10-K for 2016
Our summaryReported executive severance as a driver of higher general and administrative expenses in 2016.
Word for word“For the year ended December 31, 2016 compared to 2015 , general and administrative expenses increased $21.6 million or 14% , primarily due to a $35.0 million increase in employee-related, facilities and equipment costs driven by an approximate 25% increase in average headcount and executive severance, and a $2.3 million increase in sales and other tax expense, offset by a $19.3 million decrease in professional services costs related to content acquisition and other legal matters.” 10-K for 2016
Our summaryPaid about $6.0 million in cash, mostly severance and benefits, for the January 2017 reduction in force.
Word for word“In the year ended December 31, 2017, we incurred approximately $ 6.0 million of cash expenditures, substantially all of which were related to employee severance and benefits costs.” 10-K for 2017
Our summaryAnnounced it would stop doing business in Australia and New Zealand, cutting about 50 employees with severance and benefits costs.
Word for word“The related restructuring charges in the year ended December 31, 2017 primarily relate to a reduction of headcount of approximately 50 employees, which resulted in employee severance and benefits costs offset by a credit related to non-cash stock-based compensation expense reversals for unvested equity awards.” 10-K for 2017
Our summaryAnnounced a new reduction in force affecting about 5% of employees as part of a restructuring, with expected costs of $6.5 million to $8.5 million.
Word for word“On January 31, 2018, we announced efforts to prioritize our strategic growth initiatives and optimize overall business performance, including a reduction in force plan affecting approximately 5 % of our employee base.” 10-K for 2017
Pandora Media 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 Pandora Media’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 2018-02-26. 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.