Vonage Holdings layoffs, on the record
Every job cut, severance charge and restructuring Vonage Holdings reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from 2,264 to 2,082.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | 2,264 | December 31, 2019 |
| 10-K for 2020 | 2,198 | December 31, 2020 |
| 10-K for 2021 | 2,082 | December 31, 2021 |
Job cuts, severance and restructuring
Our summarySubscriber lines fell year over year as the company took planned actions to improve assisted sales channel profitability, eliminating lower performing locations and restructuring pricing offers.
Word for word“Subscriber lines decreased from 1,287,649 as of December 31, 2018 to 1,087,819 as of December 31, 2019 , reflecting planned actions to enhance the profitability of the assisted sales channel by eliminating lower performing locations and restructuring the pricing offers, and to shift investment to our business market.” 10-K for 2019
Our summaryBegan a business-wide optimization and alignment project that included a reduction in workforce, with restructuring costs recorded in 2020.
Word for word“During the third quarter of September 30, 2020, the Company initiated a business-wide optimization and alignment project to focus the Company's resources and drive stronger operational execution, which includes the previously announced Consumer evaluation.” 10-K for 2020
Our summaryInitiated a reduction in workforce and recorded accrued severance for employee exits under the optimization project.
Word for word“In connection with this project, the Company initiated a reduction in workforce incurring accrued severance costs of $ 9,410 related to employee exits as well as abandoning a portion of its office leases as further described in Note 12, Leases which together resulted in total restructuring expense included in general and administrative expense during the year ended December 31, 2020 of $ 18,913 .” 10-K for 2020
Our summaryAbandoned certain leased facilities and closed several offices worldwide as part of the project and COVID-19 response.
Word for word“In addition, the Company abandoned certain of its leased facilities during the second half of 2020 and closed a few offices worldwide by December 31, 2020 as a result of COVID-19 impact.” 10-K for 2020
Our summaryReported restructuring activities expense in the Adjusted EBITDA reconciliation for the optimization project.
Word for word“Restructuring activities 18,913 — — Other non-recurring items 8,518 3,289 1,742 Adjusted EBITDA $ 170,184 $ 158,096 $ 177,736 41 VONAGE ANNUAL REPORT 2020 T able of Contents LIQUIDITY AND CAPITAL RESOURCES Overview For the year ended December 31, 2020, we had lower net cash from operations compared to the years ended December 31, 2019 and 2018 primarily due to lower net income.” 10-K for 2020
Our summaryNoted that further cost saving initiatives may result in additional restructuring charges.
Word for word“In addition, the Company may have opportunities for further cost saving initiatives as the Company continues to streamline and optimize its business processes which may result in further restructuring charges.” 10-K for 2020
| Fiscal year ended | Severance costs |
|---|---|
| 2020-12-31 | $9.4 million |
| 2021-12-31 | $9.4 million |
Vonage Holdings 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 Vonage Holdings’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2022-02-24. 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.