Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
SPLUNK INC announced a restructuring with charges of approximately $28 million in charges and future cash expenditures in connection with the Plan, consisting primarily of cash expenditures related to severance pa affecting North America (approximately 4 percent of the Company’s global workforce, mostly in North America).
- Type
- restructuring
- Charge
- approximately $28 million in charges and future cash expenditures in connection with the Plan, consisting primarily of cash expenditures related to severance pa
- Affected area
- North America
- Headcount
- approximately 4 percent of the Company’s global workforce, mostly in North America
Exact text from the filing
On February 1, 2023, Splunk Inc. (the “Company”) announced a plan of reorganization (the “Plan”) involving approximately 4 percent of the Company’s global workforce, mostly in North America. This decision is another step in a broader set of proactive organizational and strategic changes that include optimizing the Company’s processes, cost structure and how the Company operates globally to ensure the Company continues to balance growth with profitability through these uncertain times and drive success over the long term. The Company estimates that it will incur approximately $28 million in charges and future cash expenditures in connection with the Plan, consisting primarily of cash expenditures related to severance payments, certain retention payments (for roles being moved to lower cost regions), employee benefits and employee transition costs, as well as non-cash charges for share-based compensation expense.
View on SEC.gov