Sonder Holdings Inc.: restructuring charge — Sonder cuts 100 corporate roles (14% of corp workforce) for ~$10M annual savings; Q4 burn halved, revenue doubled YoY

Sonder Holdings Inc.

Reduction in force of ~100 corporate roles (14% of corporate workforce) expected to yield ~$10M annualized cost savings.
Estimated $2-3M in severance and benefits costs, substantially all recognized in Q1 2023.
Q4 2022 cash burn cut in half vs Q1 2022; full-year revenue doubled year-over-year.
Cash contribution margin more than doubled in 2022; overhead leverage improved.
Guest and employee experience metrics remained strong; company reiterates focus on free cash flow.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.4

Sonder Holdings Inc. reported financial results for the quarter and year ended December 31, 2022.

Period: the quarter and year ended December 31, 2022
Result: reported results

Exact text from the filing

On March 1, 2023, Sonder Holdings Inc. (the “ Company ”) issued a Shareholder Letter announcing its financial results for the quarter and year ended December 31, 2022.

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

Sonder Holdings Inc. announced a restructuring with charges of $2 million to $3 million affecting corporate roles (approximately 100 corporate roles, or 14% of the corporate workforce).

Type: restructuring
Charge: $2 million to $3 million
Affected area: corporate roles
Headcount: approximately 100 corporate roles, or 14% of the corporate workforce

Exact text from the filing

the reduction in force to be substantially complete by the end of the first quarter of 2023. Total costs and cash expenditures for the reduction in force are estimated at $2 million to $3 million, substantially all of which are related to employee severance and benefits costs and will be recognized in the first quarter of 2023. The Company expects to pay the

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Source: SEC EDGAR

accession 0001819395-23-000010

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