Perspecta layoffs, on the record
Every job cut, severance charge and restructuring Perspecta reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 7,700 to nearly 14,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 7,700 | March 31, 2018 |
| 10-K for 2019 | approximately 14,300 | March 31, 2019 |
| 10-K for 2020 | nearly 14,000 | March 31, 2020 |
Job cuts, severance and restructuring
Our summaryParent approved a post-HPES Merger restructuring plan (the 2018 Plan) focused mainly on workforce optimization and facility restructuring, with USPS recognizing aggregate charges.
Word for word“On June 30, 2017, Parent approved a post-HPES Merger restructuring plan (the "2018 Plan").” 10-K for 2018
Our summaryFiscal 2018 restructuring charges were recorded, including workforce reductions and facilities costs under the 2018 Plan.
Word for word“Restructuring charges of $14 million , $0 million , $20 million , and $22 million have been recorded by USPS during fiscal 2018, the five months ended March 31, 2017, fiscal 2016 and fiscal 2015, respectively, based on restructuring activities impacting USPS’s employees and infrastructure.” 10-K for 2018
Our summaryThe 2015 Plan, approved in connection with the HPE spin-off, included workforce reductions and facilities costs; its charges were recorded in fiscal 2016 and 2015 and plan activities were completed as of December 31, 2017.
Word for word“Restructuring plans initiated by Parent in fiscal 2015 were completed as of December 31, 2017.” 10-K for 2018
Our summaryParent adopted a multi-year 2012 restructuring plan with workforce reductions and facilities charges.
Word for word“On May 23, 2012, Parent adopted a multi-year restructuring plan (the “2012 Plan”) designed to simplify business processes, accelerate innovation and deliver better results for customers, employees and stockholders.” 10-K for 2018
Our summaryManagement approved a fiscal 2019 restructuring plan that includes a reduction in workforce and consolidation of infrastructure.
Word for word“In connection with the Spin-Off and Mergers, management approved a restructuring plan (the “2019 Plan”) in November 2018 to better align Perspecta to its mission and business objectives.” 10-K for 2019
Our summaryThe fiscal 2019 restructuring plan includes a reduction in workforce as well as consolidation of infrastructure.
Word for word“The restructuring initiatives include a reduction in workforce as well as consolidation of infrastructure to achieve operating efficiencies, optimize utilization of facilities, and strengthen the Company’s competitiveness.” 10-K for 2019
Our summaryRestructuring charges were recorded for the fiscal 2018 plan and other plans, based on restructuring activities impacting certain employees and infrastructure.
Word for word“Restructuring charges of $10 million , $14 million , zero , and $20 million have been recorded by the Company during the fiscal years ended March 31, 2019 and 2018 , the five months ended March 31, 2017 , and the fiscal year ended October 31, 2016 , respectively, based on restructuring activities impacting certain employees and infrastructure.” 10-K for 2019
Our summaryThe company approved a restructuring plan in the fourth quarter of fiscal 2020 to cut operating costs, consolidate infrastructure and move to a customer-focused delivery model.
Word for word“In connection with the corporate systems integration and rationalization, management approved a restructuring plan (the “2020 Plan”) in the fourth quarter of fiscal year 2020 to reduce our operating cost structure, improve competitiveness and facilitate the achievement of acceptable and sustainable profitability.” 10-K for 2020
Our summaryThe company recorded restructuring charges for the fiscal years 2020, 2019 and 2018, tied to employee terminations and infrastructure changes.
Word for word“Restructuring charges of $17 million , $10 million and $14 million have been recorded by the Company during the fiscal years ended March 31, 2020 , 2019 and 2018 , respectively, based on restructuring activities impacting certain employees and infrastructure.” 10-K for 2020
Our summaryThe company recognized and paid $3 million of expenses under the 2019 restructuring plan in fiscal 2019.
Word for word“During the fiscal year ended March 31, 2019, expenses of $3 million were recognized and paid under this plan.” 10-K for 2020
Our summaryThe former parent approved a 2018 restructuring plan focused on workforce optimization and facility restructuring.
Word for word“On June 30, 2017, Parent approved a restructuring plan (the “2018 Plan”).” 10-K for 2020
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-10-31 | $20 million | — |
| 2018-03-31 | $14 million | — |
| 2019-03-31 | $10 million | $3 million |
| 2020-03-31 | $17 million | — |
Perspecta 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 Perspecta’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2020-05-22. 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.