PINTEREST, INC. (PINS): restructuring charge — Pinterest approves $100-125M restructuring plan with office sublease and 4% workforce reduction

PINTEREST, INC.

Estimated charges of $100-$125M, primarily non-cash impairment and abandonment of lease assets ($95-$110M).
Approximately $95-$115M of charges expected in Q1 2023; cash expenditures only $2-$4M.
Subleasing 505 Brannan St and abandoning other offices; cease occupancy by end of Q1 2023.
Workforce reduction of about 4% commenced in February 2023 as part of the plan.
Future cash impact depends on landlord negotiations and subtenant outcomes; additional actions possible.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

PINTEREST, INC. announced a restructuring with charges of estimated $100.0 million to $125.0 million in charges, consisting primarily of $95.0 million to $110.0 million in non-cash impairment and abandonment charges re affecting office space reductions at 505 Brannan Street and other locations, and workforce reduction of approximately 4% (approximately 4% workforce reduction).

Type: restructuring
Charge: estimated $100.0 million to $125.0 million in charges, consisting primarily of $95.0 million to $110.0 million in non-cash impairment and abandonment charges re
Affected area: office space reductions at 505 Brannan Street and other locations, and workforce reduction of approximately 4%
Headcount: approximately 4% workforce reduction

Exact text from the filing

cost structure and operating plan and may determine to take additional actions in the future in connection with the Plan. The Company estimates that it will incur approximately $100.0 million to $125.0 million in charges in connection with the Plan. These charges consist primarily of $95.0 million to $110.0 million in non-cash impairment and abandonment charges

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PINTEREST, INC. filing history →

Source: SEC EDGAR

accession 0001506293-23-000050

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