BLACKLINE, INC. (BL): restructuring charge — BlackLine to cut 9% of workforce (166 jobs) in restructuring, targeting $28M annual savings

BLACKLINE, INC.

Workforce reduction of ~9%, or 166 positions, announced August 23, 2023.
Restructuring expenses estimated up to $9M, mainly for severance and termination benefits.
Annual gross cost savings of approximately $28M expected by year-end 2024.
Actions substantially complete in Q4 2023; cash expenditures for majority of costs.

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

BLACKLINE, INC. announced a restructuring with charges of up to $9.0 million (approximately 9.0%, or 166 total employee positions).

Type: restructuring
Charge: up to $9.0 million
Headcount: approximately 9.0%, or 166 total employee positions

Exact text from the filing

On August 23, 2023, BlackLine, Inc. (“BlackLine” or the “Company”) announced a restructuring plan that is designed to support the Company’s growth, scale and profitability objectives. As part of the restructuring, the Company expects to reduce its global workforce by approximately 9.0%, or 166 total employee positions. In connection with the restructuring plan, the Company currently estimates that it will incur expenses of up to $9.0 million, primarily for severance and other termination benefits.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

BLACKLINE, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-219103

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