TERADATA CORP /DE/ (TDC): restructuring charge — Teradata to cut ~9-10% of workforce, expects $75-80M annual savings; Q2 results released

TERADATA CORP /DE/

Restructuring includes workforce reduction of ~9-10%, majority completed by end of 2024, remaining by end of 2025.
Expected ongoing annualized cost savings of $75-80 million, primarily from operating expense reductions.
Restructuring charges estimated at $20-25 million; cash expenditures $45-50 million, with most in 2024.
Company also issued Q2 FY2024 earnings results and Q3/full-year 2024 outlook in a separate press release.
Portion of savings to be reinvested into revenue-generating growth areas starting in 2025.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

TERADATA CORP /DE/ announced a restructuring with charges of $20 to $25 million (approximately 9% to 10% of the Company's global workforce).

Type: restructuring
Charge: $20 to $25 million
Headcount: approximately 9% to 10% of the Company's global workforce

Exact text from the filing

benefits, transition support, and other employee-related costs. The Company expects that it will incur total charges related to the Restructuring in the range of approximately $ 20 to $25 million. The Company expects to recognize these charges in 2024 and 2025, with the majority recorded in 2024. Cash expenditures related to these actions are estimated at

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Source: SEC EDGAR

accession 0000816761-24-000143

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