Thoughtworks Holding, Inc.: restructuring charge — Thoughtworks Q1 revenue $248.6M (-19% YoY), net loss $30.9M; CEO Guo Xiao steps down, Mike Sutcliff named CEO

Thoughtworks Holding, Inc.

Q1 revenue $248.6M (down 19% YoY, 18.7% constant currency); net loss $30.9M; adjusted EBITDA $6.8M (2.7% margin).
Restructuring program expanded: additional $25-30M savings targeted; total program savings $100-115M; $87M annualized savings achieved Q1.
CEO Guo Xiao steps down June 17; Mike Sutcliff (ex-Accenture Digital) succeeds as CEO and Director. Sutcliff base salary $750k, target bonus 100%.
Full year revenue guidance raised; Q2 expected sequential revenue growth. Extraordinary charges: $6.5-8M additional restructuring costs.

item 2.02 item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Mike Sutcliff

Class III Director

Thoughtworks Holding, Inc.

Effective: 2024-06-17
Filed: May 7, 2024, 7:59 PM ET

The Company also intends to appoint Mr. Sutcliff as a Class III director of the Company effective on or about June 17, 2024.

Appointed

Mike Sutcliff

Chief Executive Officer and President

Thoughtworks Holding, Inc.

Effective: 2024-06-17
Filed: May 7, 2024, 7:59 PM ET

Mike Sutcliff will assume the role of Chief Executive Officer and President, effective on or before June 17, 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Thoughtworks Holding, Inc. reported first quarter ended March 31, 2024 results: revenue $248.6 million, net income $(30.9), EPS $(0.10). Guidance raised.

Period: first quarter ended March 31, 2024
Revenue: $248.6 million
Net income: $(30.9)
EPS: $(0.10)
Guidance: raised
Result: reported results

Exact text from the filing

Thoughtworks Reports First Quarter 2024 Financial Results • First quarter revenues of $248.6 million • Raises full year revenue guidance and reiterates full year Adjusted EBITDA Margin guidance

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Mike Sutcliff was appointed as Class III Director at Thoughtworks Holding, Inc..

Action: appoint
Role: Class III Director

Exact text from the filing

The Company also intends to appoint Mr. Sutcliff as a Class III director of the Company effective on or about June 17, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Mike Sutcliff was appointed as Chief Executive Officer and President at Thoughtworks Holding, Inc..

Action: assume
Role: Chief Executive Officer and President

Exact text from the filing

Mike Sutcliff will assume the role of Chief Executive Officer and President, effective on or before June 17, 2024.

View on SEC.gov

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

Thoughtworks Holding, Inc. announced a restructuring with charges of approximately $6.5 million to $8.0 million.

Type: restructuring
Charge: approximately $6.5 million to $8.0 million

Exact text from the filing

Thoughtworks expects to incur additional pre-tax cash charges of approximately $6.5 million to $8.0 million, for total expected pre-tax charges of approximately $26.5 million to $33.0 million (the “Updated Total Charges”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001866550-24-000039

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