BILL Holdings, Inc. (BILL): restructuring charge — BILL Holdings to cut 15% of workforce, close Sydney office; expects $29-$35M in charges

BILL Holdings, Inc.

Reduces global workforce by ~15% and closes Sydney, Australia office.
Estimated total charges of $29M-$35M, primarily cash severance and stock-based compensation.
Majority of charges expected in quarter ending Dec 31, 2023; substantially all by June 30, 2024.
Company intends to exclude restructuring charges from non-GAAP financial measures.
Restructuring aims to improve profitability and reallocate resources to core SMB business.

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

BILL Holdings, Inc. announced a restructuring with charges of approximately $29 million to $35 million affecting global workforce and Sydney, Australia office (approximately 15%).

Type: restructuring
Charge: approximately $29 million to $35 million
Affected area: global workforce and Sydney, Australia office
Headcount: approximately 15%

Exact text from the filing

On December 5, 2023, BILL Holdings, Inc. (the “Company”) announced that it will reduce its global workforce by approximately 15%, close its office in Sydney, Australia, allocate resources to its key business priorities in service of small and midsize businesses and focus on improving the profitability of its core business (the “Restructuring”). The Company estimates that it will incur charges of approximately $29 million to $35 million in connection with the Restructuring, primarily consisting of cash expenditures for severance payments, employee benefits and related costs, in addition to non-cash charges for stock-based compensation expense.

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BILL Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-288867

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