wb just bid on a huge contract that required disclosures.
total sales: rounded for ease of presentation
2019: 1.96 billion
2020: 1.77 billion
2021: 1.49 billion
shows a loss of @ 500 million over 2 years?
also those numbers don’t appear to be even close to what i’ve heard regarding how the company is performing.
if i recall, they were doing @ 1.5 billion 6 or 7 years ago?
who but!!
it’s a national/ regional contract — ESO, or something like that. if you spend 30 seconds on a google search you can easily find the details ! it’s all public knowledge!
Anyone know who that contract was for ? What account ?
The missing equation is the ponzi-like formula that they ran with Commissions . How many times did we receive a packet expecting to get paid one way, only to notice different buckets pay-outs, all without being told ?! If we sold on March 1st expecting to get paid a set rate, reps wouldn’t see a change until they got paid for March on last day of April. That’s a 60 day float. One has to think WB was relying more and more on this as time went on and their lack of inability to do this anymore has hurt the “profit.” Any company can make $ by taking existing sales and then change the pay out before paying out to reps. Think about that big loan they got from Citizens Bank.. What’s the basis of financial facts (pertaining to profits) did they rely on to get the money? How much of sales rep pre-tax commission $ were used as non-profit donations ? In all fairness, their payables are probably much healthier but the sales # are alarming being that they have made so many purchases and being that we’re in an inflationary environment.. With that that being said, WB Mason appears to be in decline. I don’t think they’ll sell and if they do it will be around the time the loan maturity date arrives.
A high ranking guy announced over the weekend he was leaving, he got his job the old fashioned way, failing rep, moved into ‘mgt training’ and kissed a lot of Meehan ar-e… if guys that high are bailing out the days are numbered
if those numbers are semi accurate, ( and i believe they are, since i was able to view , with very little research effort, the packet WB submitted) then the following math should hold true. keep in mind that these numbers are only guesses but prob more accurate then not .
savings to wb per year since 2020. :
furlough of @ 2500 . at an approx wage of 40K/ year= 100, 000, 000.
the cost of medical insurance to wb per each person furloughed: @ 4000/ year per person. there’s another 10 million.
voluntary severance from the overpaid mgt people — assuming 20 ex mgrs at @ 100k per year = another 2 million. this probably higher as well.
the cease of 401k match : approx 1500 employees at approx 2000/year as a match ( that’s based on 5%). = 3 million.
car allowances : @ 400/month , per 700 reps ( this number might be off a bit).= 3.3 million.
overall shows 118 million ? do the math!
this figure did not include the salary and commission hits for existing reps etc, so i’m betting it’s a bit higher .
i’m fairly certain some of the losses can be used as tax write offs as well.
keep in mind the class action lawsuits pending / filed as well—
They cook the books! Let’s not forget the millions they are saving in payroll with all the people who left. Also the 401k match is still not back. Lot of high Salaried employees have left the company just in the the last several months. 180 + Reps in the call center making $15 an hour. They are profiting the most they ever have before