Verifone Systems layoffs, on the record
Every job cut, severance charge and restructuring Verifone Systems reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 5,400 to approximately 5,600.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 5,400 | October 31, 2015 |
| 10-K for 2016 | approximately 5,900 | October 31, 2016 |
| 10-K for 2017 | approximately 5,600 | October 31, 2017 |
Job cuts, severance and restructuring
Our summaryManagement approved restructuring plans in fiscal 2014 and fiscal 2015 to reduce headcount and consolidate facilities and data centers, with total expected cost over $30.0 million.
Word for word“As part of this transformation program, our management has approved restructuring plans reducing headcount and consolidating facilities and data centers, that we expect to cost over $30.0 million.” 10-K for 2015
Our summaryManagement approved an additional restructuring plan to further reduce headcount and consolidate operations (the July 2015 Plan), expected to be substantially complete by the end of fiscal 2016.
Word for word“In addition, during July 2015, our management approved, committed to and initiated another restructuring plan to further reduce headcount and consolidate operations as part of these transformation initiatives.” 10-K for 2015
Our summaryThe company reduced the number of employees and contractors in certain areas, reassigned some employee duties, and consolidated excess facilities under its restructuring activities.
Word for word“In addition, we have initiated certain restructuring activities in accordance with our approved restructuring plans, reducing the number of employees and contractors in certain areas and reassigning certain employee duties, and consolidating excess facilities.” 10-K for 2015
Our summaryFiscal 2015 restructuring charges of $8.8 million were recorded as part of cost optimization and corporate transformation initiatives, and fiscal 2014 charges were $18.1 million.
Word for word“In fiscal year 2015 and 2014 we recorded $8.8 million and $18.1 million restructuring charges, respectively, as part of cost optimization and corporate transformation initiatives.” 10-K for 2015
Our summaryCash payments were made under restructuring plans, with additional payments expected in fiscal 2016.
Word for word“As part of our cost optimization and corporate transformation initiatives, which began in December 2013, during fiscal year 2014 and 2015 we approved restructuring plans under which we made cash payments totaling $10.2 million during the fiscal year ended October 31, 2015 .” 10-K for 2015
Our summaryApproved and began a June 2016 restructuring plan to reduce headcount, exit under-performing businesses, and consolidate facilities and data centers.
Word for word“During June 2016, our management approved, committed to and initiated a restructuring plan to reduce headcount, exit under-performing businesses, and consolidate facilities and data centers.” 10-K for 2016
Our summaryRecorded restructuring and related charges as part of cost optimization and corporate transformation initiatives across fiscal years 2012 to 2016, with fiscal 2016 charges totaling $46.4 million.
Word for word“In fiscal year 2016, 2015, 2014, 2013 and 2012 we recorded restructuring and related charges totaling $46.4 million , $8.8 million, $18.1 million, $0.3 million and $1.3 million, respectively, as part of cost optimization and corporate transformation initiatives.” 10-K for 2016
Our summaryMade cash payments under approved restructuring plans and expects further payments in fiscal 2017, with plans expected to be substantially complete by the end of fiscal 2017.
Word for word“As part of our cost optimization and corporate transformation initiatives, we have approved restructuring plans under which we made cash payments totaling $11.6 million during the fiscal year ended October 31, 2016 .” 10-K for 2016
Our summaryThe company committed to a new restructuring plan in June 2017, mainly to cut headcount, and has spent money on it.
Word for word“During June 2017, our management committed to a new plan under which we have spent $11.8 million primarily related to headcount reductions.” 10-K for 2017
Our summaryThe company committed to a restructuring plan in June 2016 that is substantially complete.
Word for word“During June 2016, our management committed to a restructuring plan that is substantially complete and under which we have incurred charges totaling $20.7 million.” 10-K for 2017
Our summaryThe company recorded restructuring and related charges for fiscal 2017, mostly asset write-downs, contract cancellation costs and employee and facility restructuring costs.
Word for word“The $143.2 million charge in the fiscal year ended October 31, 2017 is comprised primarily of a $102.0 million fair value write-down associated with assets held for sale, a $28.1 million charge related to contract cancellation obligations and a $12.3 million employee and facility related restructuring charge.” 10-K for 2017
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-10-31 | $46.4 million | $15.2 million | $11.6 million |
| 2017-10-31 | $168.9 million | $45 million | $26.9 million |
Verifone Systems 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 Verifone Systems’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 2017-12-18. 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.