"about this headcount"
Code for we have more reduction in plans just not today folks, nothing to see here. We know if we do it today our workforce will go nuts so for today we can operate at "about this headcount".
It's also great we can see almost 5 months into the future now using our new super duper 3 year best in class never done before anywhere renewal system. That lets us see 5 months ahead. You know it's 1st of it's kind best ever because well BB did it. It lets us see some renewal clients already in July and August.
What a joke, do they think we are all stupid. They do realize many other SaaS companies have been on multi year renewals with baked in rate increases for years.
The second some of those renewals don't come to fruition and the numbers get threatened the layoff bug will hit the ELT again in order to keep the shiny new pat myself on the back we are so awesome we will make rule of 40 in 2023 in tact.
You could hear the giddiness in the ELT voices in the earnings call. We did it look at us we're gonna do it 2 years ahead of schedule aren't we the best. It was us that did this. We had to ditch 14% of our workforce and destroy lives to get here but yippee we did it anyhow.
These guys aren't done yet with layoffs. They read the room realized they couldn't do it now even though they are itching to do it and threw the "about this headcount" in to make sure they covered their a-s for later this year.
They spewed about how great the organic growth and renewals are going. If it's going that awesome they didn't need to ax 14% of the workforce just to hit their rule of 40 2 years early. The organic growth based on what they are saying would have made it by 2025. Why the rush.
Oh yeah
They sped up the rule of 40 cr-p in order to get a better price from ClearLake.
The ELT are are about me me me and look at us look at what we did. It's like tweens running this company. Oh please please please look at me we did so great I am over here look here no why aren't you looking at them I said I am over here.
Oh and let's not gloss over the security breach information from the call. Fully settled with SEC and have about 30 million set to pay anticipated claims with another 30 million already paid. However their are other aspects that are part of the security breach that we cannot determine so you know we will update guidance throughout the year watch our SEC filings about this.
Could it be that BB settled with SEC and many clients but those pesky European and British regulators just won't go away. Oh and maybe a couple deep pocket clients not willing to settle on BB terms
My guess is the SEC settlement will be pennies on the dollar to any Euro British settlements.
Yes clearly still pi---d about the RIF.
And you should be too since clearly based on this call everything is fu----g awesome right?. If it's that great you didn't need to ruin 14% of your workforces lives.
Oh and the we looked at other companies and our severance is in line. That BS too, less than 1 week for each year worked is a ton of cr-p.
Stay annoyed everyone and protect yourself and your family. You know when number crunch time hits BB will layoff to protect the rule of 40 child so you might as well take care of you first as well.