Freshworks Inc. (FRSH): restructuring charge — Freshworks Q3 revenue up 22% to $186.6M, cuts 13% workforce, approves $400M buyback

Freshworks Inc.

2024-Q3 EPS reported -$0.24 revenue$525,849,000

Revenue $186.6M (+22% YoY); Non-GAAP diluted EPS $0.11 vs $0.08.
GAAP net loss $0.10/share; Non-GAAP income from ops $24.0M.
Restructuring to cut ~660 jobs (13% of workforce); $11-13M charge in Q4 2024.
Board authorized $400M stock repurchase program for Class A common stock.
Net cash from ops $42.3M, FCF $40.1M; cash & securities $1.05B.

item 2.02 item 2.05 item 7.01 item 8.01 item 9.01

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

Freshworks Inc. announced a restructuring with charges of between approximately $11 million and $13 million (approximately 660 employees globally, representing approximately 13% of the Company's global workforce).

Type: restructuring
Charge: between approximately $11 million and $13 million
Headcount: approximately 660 employees globally, representing approximately 13% of the Company's global workforce

Exact text from the filing

On November 5, 2024, the Board of Directors of the Company committed the Company to a restructuring plan (the “Plan”) to better align the Company’s talent with its strategic priorities and to improve operating efficiency. The Plan is expected to affect approximately 660 employees globally, representing approximately 13% of the Company’s global workforce. In connection with the Plan, the Company currently estimates it will incur a charge of between approximately $11 million and $13 million in the fourth quarter of 2024, which consists primarily of cash expenditures for severance payments, employee benefits, and related costs.

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Source: SEC EDGAR

accession 0001544522-24-000056

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