8-K
filed February 13, 2023, 6:59 PM ET
ticker TWLO
CIK 0001447669
other material
confidence high
sentiment neutral
materiality 0.75
TWILIO INC (TWLO): restructuring charge — Twilio to cut 17% of workforce, pre-announces Q4 results at or above guidance
TWILIO INC
- Q4 2022 results expected at or above prior guidance range (Nov 2022).
- Workforce reduction of ~17%; estimated charges $100-135M, mostly in Q1 2023.
- Additional office closures: impairment of $10-25M in 2023; prior closures $97.7M in Q3 2022.
- Appointed Aidan Viggiano as CFO (eff. Mar 1); base salary $850k, RSU award ~$3M.
- Reorganization into two units: Twilio Communications & Twilio Data & Applications; new presidents named.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Khozema Shipchandler was appointed as President, Twilio Communications at TWILIO INC.
- Action
- appointed
- Role
- President, Twilio Communications
Exact text from the filing
the Board appointed Khozema Shipchandler as President, Twilio Communications, effective March 1, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Elena Donio was appointed as President, Twilio Data & Applications at TWILIO INC.
- Action
- appointed
- Role
- President, Twilio Data & Applications
Exact text from the filing
the Board appointed Elena Donio as President, Twilio Data & Applications, effective March 1, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Aidan Viggiano was appointed as Chief Financial Officer at TWILIO INC.
- Action
- appointed
- Role
- Chief Financial Officer
Exact text from the filing
the Board appointed Aidan Viggiano, 43, as the Company's Chief Financial Officer, effective March 1, 2023.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
TWILIO INC announced a impairment with charges of approximately $10-$25 million affecting office locations.
- Type
- impairment
- Charge
- approximately $10-$25 million
- Affected area
- office locations
Exact text from the filing
The February announcement will result in an additional impairment of approximately $10-$25 million that will be recorded during 2023 as the exit activities are finalized in each location.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
TWILIO INC announced a restructuring with charges of approximately $100-$135 million (approximately 17% of the Company’s current workforce).
- Type
- restructuring
- Charge
- approximately $100-$135 million
- Headcount
- approximately 17% of the Company’s current workforce
Exact text from the filing
On February 13, 2023, the Company committed to a workforce reduction plan (the “ February Plan ”), that is intended to reduce operating costs, improve operating margins, and accelerate profitability. The February Plan includes the elimination of approximately 17% of the Company’s current workforce. As a result of the February Plan, the Company estimates that it will incur approximately $100-$135 million in charges in connection with the workforce reduction, consisting of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related facilitation costs.
View on SEC.gov
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