Groupon expects to reduce current cost structure by an additional $100M

"We have significantly reduced our cost structure; we’ve lowered our full-year GAAP SG&A expenses by over $320 million compared with 2019 levels, or $240 million on a non-GAAP basis. We continue to execute on our multi-phase restructuring plan to ensure that our cost structure remains aligned with where our business is today while providing us with room to grow. Our phase 1 cost actions, which were substantially complete in 2022, removed $150 million of annualized costs from our business. We have expanded and accelerated the second phase of our restructuring plan and now expect to reduce our current cost structure by an additional $100 million, which is twice the size of our original plan. We expect to hit this annualized savings run-rate by the end of 2023 by executing on the following initiatives: Reducing our annualized payroll costs by eliminating approximately 500 positions globally, with the majority of these reductions expected to occur by the end of the second quarter of 2023, and to a lesser extent, implementing other non-payroll actions, including reducing technology, software and certain professional services costs, to create an additional $30 million in annualized cost savings. We expect to realize the majority of savings related to our phase 1 and 2 cost actions by the end of 2023. Based on this, we estimate that our 2023 non-GAAP SG&A expense will be more than $350 million lower than 2019 levels. Our non-GAAP SG&A expense excludes stock-based compensation and depreciation and amortization. Notwithstanding the progress that has been made, the Board is disappointed in the company’s results for the fourth quarter and 2022 and plans to continue to assess the factors contributing to such results. The Board remains committed to the successful transformation of Groupon and the creation of value of our stockholders."