SP Plus layoffs, on the record
Every job cut, severance charge and restructuring SP Plus reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from approximately 16,600 to approximately 19,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 16,600 | December 31, 2021 |
| 10-K for 2022 | approximately 19,000 | As of December 31, 2022 |
| 10-K for 2023 | approximately 19,900 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryCompany-initiated workforce reductions recorded as restructuring costs (severance and relocation) to increase organizational effectiveness and provide cost savings, reported across 2019 to 2021.
Word for word“Restructuring costs - severance and relocation costs related to a series of Company initiated workforce reductions to increase organizational effectiveness and provide cost savings that can be reinvested in the Company's growth initiatives (included within Cost of services and General and administrative expenses within the Consolidated Statements of Income (Loss)); and” 10-K for 2021
Our summaryRestructuring and other costs in the Other segment and G&A were described as higher in 2020 and lower in 2021, including cost reduction initiatives.
Word for word“Other Operating expenses within the Other segment increased $0.3 million, or 0.5%, to $58.2 million for the year ended December 31, 2021, compared to $57.9 million for the year ended December 31, 2020, primarily due to higher compensation expenses, including performance based compensation, during the year ended December 31, 2021, partially offset by lower restructuring and other costs, lower legal expenses and cost reduction initiatives.” 10-K for 2021
Our summaryCost reduction initiatives and restructuring recorded in 2020, including abandoned lease impairment charges.
Word for word“General and administrative expenses decreased $23.6 million, or 21.7%, for the year ended December 31, 2020, as compared to the year ended December 31, 2019, primarily related to lower compensation expenses, including performance based compensation, and cost reduction initiatives during the year ended December 31, 2020, partially offset by an increase in restructuring and other costs and impairment charges of $1.6 million during the year ended December 31, 2020 related to certain abandoned operating leases.” 10-K for 2021
Our summaryCompany ran a series of company-initiated workforce reductions, mainly in 2020, with severance and other costs recorded as restructuring costs.
Word for word“Restructuring costs - severance and other costs related to a series of Company initiated workforce reductions, primarily during the year ended December 31, 2020, to increase organizational effectiveness and provide cost savings that can be reinvested in the Company's growth initiatives (included in Cost of services and General and administrative expenses within the Consolidated Statements of Income (Loss)).” 10-K for 2022
Our summaryCompany reported severance costs within its acquisition, restructuring, integration and other costs across segments for 2022.
Word for word“(5) Included severance costs of $ 0.4 million, $ 0.1 million and $ 3.2 million during the years ended December 31, 2022, 2021 and 2020, respectively.” 10-K for 2022
Our summaryThe company reports acquisition-related, restructuring and other costs that include severance and other costs mainly tied to workforce reductions, along with merger expenses.
Word for word“Acquisition-related, restructuring and other costs include expenses related to the proposed merger with Metropolis, compensation expenses related to organizational changes, acquisition-related expenses, including integration expenses related to our recent acquisitions, and severance and other costs primarily related to workforce reductions.” 10-K for 2023
Our summaryConsolidated general and administrative expenses rose partly because acquisition-related, restructuring and other costs were higher in 2023 than in 2022.
Word for word“General and administrative expenses increased $31.3 million, or 28.7%, primarily due to higher compensation and non-cash stock-based compensation expenses and higher acquisition-related, restructuring and other costs of $18.3 million during the year ended December 31, 2023 as compared to $3.7 million during the year ended December 31, 2022, as well as our continued investment in business development, technology deployment and growth initiatives.” 10-K for 2023
Our summaryOperating cash flow fell because the company paid acquisition-related, restructuring and other costs, mostly tied to the proposed Metropolis merger.
Word for word“The decrease resulted from the payment of $21.7 million of acquisition-related, restructuring and other costs, primarily related to the proposed merger with Metropolis, and per the terms of the Merger Agreement, certain incentive compensation earned in 2023, which usually would be paid in 2024, during the year ended December 31, 2023.” 10-K for 2023
SP Plus 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 SP Plus’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-02-28. 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.