Qualtrics to eliminate 270 roles, less than 5% of workforce

In a regulatory filing, Qualtrics International disclosed that on January 11 the company committed to a plan to eliminate approximately 270 roles across the company globally "that do not align with the company’s highest priorities for 2023." This represents less than 5% of the company’s workforce, Qualtrics stated. The company estimates that it will incur non-recurring charges of approximately $5.8M in connection with the headcount reductions, primarily consisting of severance payments, notice pay where applicable, employee benefits contributions and related costs. The company expects that the majority of the restructuring charges will be incurred in the first quarter of fiscal 2023 and that the implementation of the headcount reductions, including cash payments, will be substantially complete by the end of the first quarter of fiscal 2023. "Potential position eliminations are subject to legal requirements that vary by jurisdiction, which may extend this process beyond the first quarter of fiscal 2023 in certain cases. The charges that the company expects to incur are subject to a number of assumptions, including legal requirements in various jurisdictions, and actual expenses may differ materially from the estimates disclosed above," the filing stated.