Cornerstone OnDemand Inc. (CSOD) filed a Form 8K – Costs of Exits Or Disposals – with the U.S Securities and Exchange Commission on November 24, 2017.
On December 4, 2017, Cornerstone OnDemand, Inc. (the “Company”), at the direction of the Board of Directors (the “Board”), approved a restructuring plan to reduce the headcount of the Company’s global service delivery team, as well as the headcount of some of its sales teams, representing a total workforce reduction of approximately 6 percent. The Company expects the service delivery headcount reductions to be completed by March 2018, and the sales headcount reductions to be completed by December 2017. The restructuring is part of the Company’s renewed focus on recurring, or subscription-based, revenue growth and driving cost reductions to accelerate the growth of its operating margins and free cash flow.
The Company estimates it will incur approximately $3.5 million of cash expenditures, substantially all of which will be severance costs, and approximately $1.5 million of non-cash expenditures primarily consisting of stock-based compensation expense, for a total of approximately $5.0 million of expenditures expected to be incurred in connection with the restructuring. The Company expects to recognize most of these pre-tax workforce related restructuring charges in the quarters ended December 31, 2017 and March 31, 2018.
The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1401680/000119312517362840/d504004d8k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1401680/000119312517362840/0001193125-17-362840-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company’s financial position or the value of its shares.
Copyright (c) 2017 Dow Jones & Company, Inc.