---
schema_version: "secwatch.filing_event.v1"
accession: "0001866550-24-000039"
form_type: "8-K"
ticker: null
cik: "0001866550"
company_name: "Thoughtworks Holding, Inc."
filed_at: "2024-05-07T23:59:59+00:00"
generated_at: "2026-06-02T20:39:34.484941+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Thoughtworks Q1 revenue $248.6M (-19% YoY), net loss $30.9M; CEO Guo Xiao steps down, Mike Sutcliff named CEO

## Summary
- 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.

## SEC filing metadata
- accession: 0001866550-24-000039
- form_type: 8-K
- cik: 0001866550
- company_name: Thoughtworks Holding, Inc.
- filed_at: 2024-05-07T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1866550/000186655024000039/0001866550-24-000039-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1866550/000186655024000039/twks-20240501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001866550-24-000039
- JSON: https://secwatch.observer/filing/0001866550-24-000039.json
- Plain text: https://secwatch.observer/filing/0001866550-24-000039.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866550/000186655024000039/0001866550-24-000039-index.htm
- Executive change
  Mike Sutcliff was appointed as Class III Director at Thoughtworks Holding, Inc..
  - Action: appoint
  - Role: Class III Director
  source text: The Company also intends to appoint Mr. Sutcliff as a Class III director of the Company effective on or about June 17, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866550/000186655024000039/0001866550-24-000039-index.htm
- Executive change
  Mike Sutcliff was appointed as Chief Executive Officer and President at Thoughtworks Holding, Inc..
  - Action: assume
  - Role: Chief Executive Officer and President
  source text: Mike Sutcliff will assume the role of Chief Executive Officer and President, effective on or before June 17, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866550/000186655024000039/0001866550-24-000039-index.htm
- Restructurings & Charges
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866550/000186655024000039/0001866550-24-000039-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.