Brief: Groupon - On Track To Remove $250 Mln Of Annualized Costs By 2023-End

Groupon

16/03/2023 21:31

March 16 (Reuters) - Groupon Inc  GRPN.O :
    * GROUPON INC -  ON TRACK TO REMOVE $250 MILLION OF
ANNUALIZED
COSTS BY THE END OF 2023
    * GROUPON INC -  EXPANDED AND ACCELERATED THE SECOND PHASE
OF OUR
RESTRUCTURING PLAN
    * GROUPON INC -  OW EXPECT TO REDUCE OUR CURRENT COST
STRUCTURE BY
AN ADDITIONAL $100 MILLION
    * GROUPON INC -  REDUCING ANNUALIZED PAYROLL COSTS BY
ELIMINATING
APPROXIMATELY 500 POSITIONS GLOBALLY
    * GROUPON INC -  MAJORITY OF REDUCTIONS EXPECTED TO OCCUR BY
THE
END OF THE SECOND QUARTER OF 2023
    * GROUPON INC -  IMPLEMENTING OTHER NON-PAYROLL ACTIONS,
INCLUDING
REDUCING TECHNOLOGY, SOFTWARE AND CERTAIN PROFESSIONAL SERVICES
COSTS
    * GROUPON INC - OTHER NON-PAYROLL ACTIONS TO CREATE AN
ADDITIONAL
$30 MILLION IN ANNUALIZED COST SAVINGS
    * GROUPON INC -  EXPECT TO REALIZE THE MAJORITY OF SAVINGS
RELATED
TO OUR PHASE 1 AND 2 COST ACTIONS BY THE END OF 2023
    * GROUPON INC -  BOARD IS "DISAPPOINTED" IN RESULTS FOR
FOURTH
QUARTER AND 2022 AND PLANS TO CONTINUE TO ASSESS FACTORS
CONTRIBUTING TO SUCH RESULTS
    * GROUPON INC -  WITHDRAWING OUR PREVIOUSLY ISSUED FULL YEAR
2023
FREE CASH FLOW AND ADJUSTED EBITDA MARGIN GUIDANCE
    * GROUPON INC -  EXPECT FIRST QUARTER ADJUSTED EBITDA TO BE
BETWEEN NEGATIVE $10 MILLION AND NEGATIVE $5 MILLION
    * GROUPON INC -  ANTICIPATE SIGNIFICANT CASH OUTFLOWS IN THE
FIRST
QUARTER 2023
    * GROUPON INC - QTRLY LOSS PER SHARE $1.82

Source text for Eikon:  ID: 
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