Five9, Inc. (FIVN): restructuring charge — Five9 cuts ~7% of workforce; expects $12-15M in severance costs

Five9, Inc.

Reduction affects approximately 7% of global full-time employees.
Estimated aggregate costs of $12M-$15M, primarily cash severance and benefits.
Costs expected in Q3 and Q4 2024; actions substantially complete by year-end.
Plan announced alongside lowered FY2024 revenue guidance from Aug 8 call.
CEO Mike Burkland communicated the layoff via internal email on Aug 20.

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

Five9, Inc. announced a restructuring with charges of approximately $12 million to $15 million (approximately 7% of its global full-time employees).

Type: restructuring
Charge: approximately $12 million to $15 million
Headcount: approximately 7% of its global full-time employees

Exact text from the filing

On August 20, 2024, Five9, Inc. (the “Company”) announced a reduction in force plan (the “Plan”) as part of the Company’s broader efforts to drive balanced, profitable growth, further supporting our positive, long-term outlook and focus on increasing shareholder value. The Plan is expected to reduce the Company’s global full-time employees by approximately 7%. The Company estimates the aggregate costs associated with the Plan to be approximately $12 million to $15 million, primarily consisting of notice period payments, severance payments, employee benefits and related costs, all of which are cash expenditures.

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

Five9, Inc. filing history →

Source: SEC EDGAR

accession 0001288847-24-000125

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