Maplebear Inc. (CART): restructuring charge — Instacart reports solid Q4 results; announces 250 layoffs, COO resignation, $1B buyback

Maplebear Inc.

2023-FY EPS reported -$12.43 revenue$3,042,000,000

Q4 results showed ongoing order and GTV growth, expanding profitability; Q1 2024 GTV growth expected to accelerate for fourth consecutive quarter.
Layoff of ~250 employees (7% of global workforce) approved Feb 9; expects $19-24M in charges, majority in Q1 2024.
COO Asha Sharma resigns effective March 1, 2024; no replacement planned.
Share repurchase authorization increased to $1B from $500M; ~$430M remained under previous program.
Average order value $113; priority delivery on 38% of orders in Q4'23 vs 29% in Q4'22.

item 2.02 item 2.05 item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Asha Sharma

Chief Operating Officer

CART · Maplebear Inc.

Effective: 2024-03-01
Filed: February 13, 2024, 6:59 PM ET

On February 9, 2024, Asha Sharma informed the Company of her decision to resign from her position as Chief Operating Officer of the Company, effective March 1, 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Maplebear Inc. reported financial results for the full year ended December 31, 2023.

Period: the full year ended December 31, 2023
Result: reported results

Exact text from the filing

On February 13, 2024, Maplebear Inc. (the “ Company ”) issued a Shareholder Letter (the “ Letter ”) announcing its financial results for the fourth quarter and full year ended December 31, 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Maplebear Inc. reported financial results for the fourth quarter ended December 31, 2023.

Period: the fourth quarter ended December 31, 2023
Result: reported results

Exact text from the filing

On February 13, 2024, Maplebear Inc. (the “ Company ”) issued a Shareholder Letter (the “ Letter ”) announcing its financial results for the fourth quarter and full year ended December 31, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Asha Sharma resigned as Chief Operating Officer at Maplebear Inc..

Action: resigned
Role: Chief Operating Officer

Exact text from the filing

On February 9, 2024, Asha Sharma informed the Company of her decision to resign from her position as Chief Operating Officer of the Company, effective March 1, 2024.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Maplebear Inc. announced a restructuring with charges of approximately $19 to $24 million affecting workforce (approximately 250 employees).

Type: restructuring
Charge: approximately $19 to $24 million
Affected area: workforce
Headcount: approximately 250 employees

Exact text from the filing

2024. Any local separations will be determined at the time and as required by any local consultation or process requirements. The Company estimates it will incur approximately $19 to $24 million in non-recurring charges in connection with the Restructuring Plan, predominantly related to cash expenditures for employee transition and severance payments and

View on SEC.gov

50 earnings releases filed in the last 30 days. Browse all earnings releases →

Maplebear Inc. filing history →

Source: SEC EDGAR

accession 0001579091-24-000006

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