Virtusa layoffs, on the record
Every job cut, severance charge and restructuring Virtusa reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from 20,491 to 22,830.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | 20,491 | March 31, 2018 |
| 10-K for 2019 | 21,745 | March 31, 2019 |
| 10-K for 2020 | 22,830 | March 31, 2020 |
Job cuts, severance and restructuring
Our summaryImplemented cost saving and restructuring initiatives tied to a workforce reduction, with the work completed by March 31, 2018.
Word for word“During the three months ended September 30, 2017, the Company implemented certain cost saving and restructuring initiatives related to a workforce reduction.” 10-K for 2018
Our summaryReported restructuring costs of about $1.4 million, primarily termination benefits, with $1.0 million paid during the fiscal year.
Word for word“During the fiscal year ended March 31, 2018, the Company incurred costs of $1.4 million primarily related to termination benefits, out of which we paid $1.0 million during the fiscal year ended March 31, 2018.” 10-K for 2018
Our summaryReported involuntary attrition that includes part related to cost saving and restructuring initiatives.
Word for word“For the last twelve months ended March 31, 2018, our attrition rate reflects voluntary attrition of 11.8% and involuntary attrition of 7.0%, which includes 3.4% related to implementation of certain cost saving and restructuring initiatives.” 10-K for 2018
Our summaryReported restructuring charges for the prior fiscal year, included in acquisition-related and restructuring charges.
Word for word“Restructuring costs 1,368 2,398 — .” 10-K for 2018
Our summaryRestructuring charges were recorded in fiscal 2019, 2018 and 2017, shown in the acquisition-related and restructuring charges table; the fiscal 2019 restructuring charge was $409 thousand.
Word for word“Restructuring charges 409 1,368 2,398 Acquisition-related charges included in costs of revenue and operating expense 23,904 13,278 15,217 Accreted interest related to deferred acquisition payments 1,806 68 — Total acquisition-related charges and restructuring charges $ 25,710 $ 13,346 $ 15,217 (2) Foreign currency transaction gains and losses are inclusive of gains and losses on related foreign exchange forward contracts not designated as hedging instruments for accounting purposes.” 10-K for 2019
Our summaryThe company reported involuntary attrition in fiscal 2018 that included 3.4% related to implementation of certain cost saving and restructuring initiatives.
Word for word“Our attrition rate for the fiscal year ended March 31, 2018 was 18.8%, which reflects voluntary attrition of 11.8% and involuntary attrition of 7.0%, which includes 3.4% related to implementation of certain cost saving and restructuring initiatives.” 10-K for 2019
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2017-03-31 | — | $2.4 million | $2.1 million |
| 2018-03-31 | $1.4 million | $1.4 million | $969,000 |
Virtusa 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 Virtusa’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 2020-05-28. 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.