Zendesk, Inc.: restructuring charge — Zendesk to cut ~300 jobs (4.9% of workforce); expects $28M in charges

Zendesk, Inc.

Board approved workforce reduction of ~300 employees, or 4.9% of global workforce.
Estimated total charges of ~$28M, primarily severance and employee benefits.
Approximately $8M to be incurred in Q4 2022; reduction substantially complete by Q1 2023.
Of the $28M, ~$20M are expected to be future cash expenditures.
Action driven by cost-reduction initiatives to lower operating expenses and sharpen focus on growth.

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

Zendesk, Inc. announced a restructuring with charges of approximately $28 million affecting workforce (approximately 300 employees).

Type: restructuring
Charge: approximately $28 million
Affected area: workforce
Headcount: approximately 300 employees

Exact text from the filing

initiatives intended to reduce operating expenses and sharpen Zendesk’s focus on key growth priorities. Zendesk currently estimates that it will incur charges of approximately $28 million in connection with the reduction in force, primarily consisting of severance payments, employee benefits and related costs. Zendesk expects that approximately $8 million of

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Source: SEC EDGAR

accession 0001140361-22-040503

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