Vivint Smart Home layoffs, on the record
Every job cut, severance charge and restructuring Vivint Smart Home reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 12,100 to approximately 11,800.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 12,100 | December 31, 2020 |
| 10-K for 2021 | approximately 11,000 | December 31, 2021 |
| 10-K for 2022 | approximately 11,800 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryThe company recorded restructuring and asset impairment charges of $20.9 million in 2020, consisting of employee severance and termination benefits from an organizational restructuring.
Word for word“Restructuring expenses for the year ended December 31, 2020 related to employee severance and termination benefits expenses (See Note 11 to the accompanying unaudited condensed consolidated financial statements).” 10-K for 2020
Our summaryThe company carried out an organizational restructuring in March 2020 that lowered personnel and related support costs.
Word for word“$14.8 million in personnel and related support costs, due primarily to the organizational restructuring in March 2020 and lower benefits and travel costs related to COVID-19;” 10-K for 2020
Our summaryThe company recorded restructuring expenses for employee severance and termination benefits in 2020, tied to an organizational restructuring in March 2020.
Word for word“Restructuring expenses for the year ended December 31, 2020 related to employee severance and termination benefits expenses (See Note 12 to the accompanying consolidated financial statements).” 10-K for 2021
Our summaryThe company reported severance related expenses from the departure of certain corporate executives in 2021.
Word for word“$11.0 million in severance related expenses primarily from the departure of certain corporate executives; • $9.4 million in legal and finance contracted service costs; • $3.4 million in marketing costs primarily related to costs associated with building brand awareness; • $2.8 million in certain insurance related costs; and • $1.5 million in research and development costs.” 10-K for 2021
Our summaryThe company noted that personnel costs fell in 2020 due primarily to an organizational restructuring in March 2020.
Word for word“These were offset by decreases of: • $14.8 million in personnel and related support costs, due primarily to the organizational restructuring in March 2020 and lower benefits and travel costs related to COVID-19; • $5.3 million in costs associated with our former wireless internet business which was spun out in July 2019; 64 Table of Contents • $3.5 million in bad debt expenses; and • $1.6 million in research and development costs.” 10-K for 2021
Our summaryThe company announced cost reduction initiatives in 2020 that cut fixed costs and caused one-time employee severance and termination expenses.
Word for word“These actions resulted in one-time cash employee severance and termination benefits expenses of $ 20.9 million during the year ended December 31, 2020.” 10-K for 2022
Vivint Smart Home filed 1 restructuring notice (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 Vivint Smart Home’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-02-24. 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.