QUALTRICS INTERNATIONAL INC. Item 2.05 Costs Associated with Exit or Disposal Activities
OnJanuary 11, 2023 ,Qualtrics International Inc. (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. The Company estimates that it will incur non-recurring charges of approximately$5.8 million 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.
Item 7.01 Regulation FD Disclosure
An excerpt of the email which the Company's Chief Executive Officer
The information contained in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this Item 7.01 and Exhibit 99.1 shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number Description
99.1 Excerpt of email from CEO Zig Seraf in to employees
dated January 11, 2023 .
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
Forward-Looking Statements
This Current Report on Form 8-K contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by terms such as "anticipate,"
"believe," "estimate," "expect," "intend," "may," "might," "plan," "project,"
"will," "would," "should," "could," "can," "predict," "potential," "target,"
"explore," "continue," or the negative of these terms, and similar expressions
intended to identify forward-looking statements. Forward-looking statements are
predictions, projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are subject to
numerous uncertainties and risks, including factors beyond our control, that
could cause actual results, performance or outcomes to differ materially from
those anticipated or implied in the statements. Additional risks and
uncertainties that could cause actual results, performance or outcomes to differ
materially from those contemplated by the forward-looking statements are and/or
will be included under the caption "Risk Factors" and elsewhere in the Company's
Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission and any subsequent public filings.
Forward-looking statements speak only as of the date the statements are made.
Readers are cautioned not to put undue reliance on forward-looking statements,
and the Company assumes no obligation to update forward-looking statements,
whether to reflect new information, events or circumstances after the date they
were made or otherwise, except as required by law.
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