SPLUNK INC: restructuring charge — Splunk to cut ~7% of workforce; expects $42M in charges, mostly severance

SPLUNK INC

Workforce reduction of ~7% globally, primarily in U.S.; impacts all regions.
Estimated $42M total charges: $37M cash (severance, benefits, transition) and $5M non-cash share-based comp.
Actions expected substantially complete by April 30, 2024, subject to local law and consultation requirements.
CEO Gary Steele says move not related to Cisco acquisition; cites macro uncertainty and need for efficiency.
Separated employees will receive severance package, healthcare coverage, and job placement resources.

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

SPLUNK INC announced a restructuring with charges of approximately $42 million affecting global workforce, mostly in the U.S. (approximately 7% percent of the Company’s global workforce).

Type: restructuring
Charge: approximately $42 million
Affected area: global workforce, mostly in the U.S.
Headcount: approximately 7% percent of the Company’s global workforce

Exact text from the filing

On October 31, 2023, Splunk Inc. (the “Company”) initiated a plan of reorganization (the “Plan”) involving approximately 7% percent of the Company’s global workforce, mostly in the U.S. The Company estimates that it will incur approximately $42 million in charges

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Source: SEC EDGAR

accession 0001104659-23-113185

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