secwatch.observer — SEC 8-K summary
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Issuer:     Thoughtworks Holding, Inc. (—)
CIK:        0001866550
Form:       8-K
Filed at:   2024-05-07T23:59:59+00:00
Accession:  0001866550-24-000039
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 2.05, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1866550/000186655024000039/0001866550-24-000039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1866550/000186655024000039/twks-20240501.htm
  HTML page:      https://secwatch.observer/filing/0001866550-24-000039

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer