Exhibit 99.1
TTEC Announces Record Third Quarter 2021 Financial Results
Third Quarter 2021
Revenue Increased 15.0 Percent to $566.7 Million
Operating Income was 26.0 Million or 4.6 Percent of Revenue
(Non-GAAP $59.4 Million or 10.5 Percent of Revenue)
Net Income was $14.4 Million ($47.7 Million Non-GAAP)
Adjusted EBITDA was $78.7 Million or 13.9 Percent of Revenue
Fully Diluted EPS was $0.30 ($1.01 Non-GAAP)
Bookings of $171 million
DENVER, November 9, 2021 – TTEC Holdings, Inc. (NASDAQ: TTEC), one of the largest, global CX (customer experience) technology and services innovators for end-to-end digital CX solutions, announced today financial results for the third quarter ended September 30, 2021.
"We delivered strong results this quarter and continue to gain momentum in the market. Our robust sales pipeline heading into the fourth quarter, combined with our strong bookings momentum, positions us for continued long-term profitable growth as our clients leverage the full depth and breadth of our technology enabled solutions and services,” commented Ken Tuchman, chairman and chief executive officer of TTEC. “Leading brands are looking for a comprehensive solution - a purpose-built, technology-enabled service provider who can solve their end-to-end CX challenges and deliver measurable value-based outcomes. The fastest growing digital brands and the elite Fortune 500 leaders alike are choosing TTEC to successfully compete and win in the customer-centric economy,” continued Tuchman.
THIRD QUARTER 2021 FINANCIAL HIGHLIGHTS
Revenue
| ● | Third quarter 2021 GAAP revenue increased 15.0 percent to $566.7 million compared to $493.0 million in the prior year period. |
| ● | Foreign exchange had a $3.1 million positive impact on revenue in the third quarter 2021. |
Income from Operations
| ● | Third quarter 2021 GAAP income from operations was $26.0 million, or 4.6 percent of revenue, compared to $53.4 million, or 10.8 percent of revenue in the prior year period. |
| ● | Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, cybersecurity incident related impact, and other items, was $59.4 million or 10.5 percent of revenue versus $63.1 million or 12.8 percent for the prior year period. |
| ● | Foreign exchange had a $1.3 million positive impact on income from operations in the third quarter 2021. |
Investor Relations Contact Paul Miller +1.303.397.8641 |
Public Relations Contact Tim Blair +1.303.397.9267 |
Address 9197 South Peoria Street Englewood, CO 80112 |
Contact ttec.com +1.800.835.3832 |
Adjusted EBITDA
| ● | Third quarter 2021 Non-GAAP Adjusted EBITDA was $78.7 million or 13.9 percent of revenue, compared to $77.2 million or 15.7 percent of revenue in the prior year period. |
Earnings Per Share
| ● | Third quarter 2021 GAAP fully diluted earnings per share was $0.30 compared to $0.45 for the same period last year. |
| ● | Non-GAAP fully diluted earnings per share was $1.01 compared to $1.00 in the prior year period. |
Bookings
| ● | During the third quarter 2021, TTEC signed an estimated $171 million in annualized contract value compared to $170 million in the prior year period. Third quarter 2021 bookings mix was diversified across segments, verticals, and geographies. |
STRONG CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND DIVIDENDS
| ● | Cash flow from operations in the third quarter 2021 was $42.2 million compared to $81.5 million for the third quarter 2020. |
| ● | Capital expenditures in the third quarter 2021 were $17.2 million compared to $15.9 million for the third quarter 2020. |
| ● | As of September 30, 2021, TTEC had cash and cash equivalents of $148.9 million and debt of $811.8 million, resulting in a net debt position of $662.9 million. This compares to a net debt position of $203.0 million for the same period 2020. The increase in net debt is primarily attributable to the acquisition of Avtex Solutions Holdings, LLC in April 2021 and capital distributions. |
| ● | As of September 30, 2021, TTEC had approximately $390 million of additional borrowing capacity available under its credit facility compared to $570 million for the same period 2020. |
| ● | Paid a $0.47 per share, $22.1 million in the aggregate, semi-annual dividend on October 22, 2021, an approximate 17.5 percent increase over the semi-annual dividend paid in October 2020 and a 9.3 percent increase over the April 2021 dividend. |
Investor Relations Contact Paul Miller +1.303.397.8641 |
Public Relations Contact Tim Blair +1.303.397.9267 |
Address 9197 South Peoria Street Englewood, CO 80112 |
Contact ttec.com +1.800.835.3832 |
SEGMENT REPORTING & COMMENTARY
TTEC reports financial results for the following two business segments: TTEC Digital (Digital) and TTEC Engage (Engage). Financial highlights for the two segments are provided below.
TTEC Digital – Design, build and operate tech-enabled, insight-driven CX solutions
| ● | Third quarter 2021 GAAP revenue for TTEC Digital increased 62.1 percent to $124.1 million from $76.6 million for the year ago period. Income from operations was $8.7 million or 7.0 percent of revenue compared to operating income of $13.0 million or 17.0 percent of revenue for the prior year period. |
| ● | Non-GAAP income from operations was $15.6 million or 12.5 percent of revenue compared to $15.4 million or 20.1 percent of revenue in the prior year period. |
| ● | Foreign exchange had a $0.4 million positive impact on revenue and $0.1 million positive impact on income from operations. |
TTEC Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services
| ● | Third quarter 2021 GAAP revenue for TTEC Engage increased 6.3 percent to $442.6 million from $416.4 million for the year ago period. Income from operations was $17.4 million or 3.9 percent of revenue compared to operating income of $40.4 million or 9.7 percent of revenue for the prior year period. |
| ● | Non-GAAP income from operations was $43.8 million or 9.9 percent of revenue compared to $47.7 million or 11.5 percent of revenue in the prior year period. |
| ● | Foreign exchange had a $2.7 million positive impact on revenue and $1.2 million positive impact on income from operations. |
BUSINESS OUTLOOK
“Our strong business fundamentals reflect our successful delivery of outcome-based customer experiences,” commented Regina Paolillo, chief financial and administrative officer. “Our integrated CX technology and service offerings are a marketplace differentiator within a dynamic, growing addressable market. Our business momentum is reflected in our robust sales pipeline and strong bookings. We anticipate full year 2021 results relatively consistent with our previous guidance, despite the one-time costs related to the cyber incident.”
Paolillo continued, “We remain highly encouraged by our near- and longer-term outlook. We are confident in our strategy and the strength of our business model. Importantly, we are making the leadership, R&D and go to market investments necessary to execute on our strategy and drive further growth. The breadth and depth of our technology rich offerings sets us apart, enabling us to win new client relationships and increase our wallet share in our expansive embedded client base.”
Including the third quarter impact of the cybersecurity incident, which is offset by the underlying strength in the business, our current estimate for 2021 full year results remains consistent with our previous guidance. Adjusted for the one-time revenue loss and expenses, we are at the high end or exceeding our previous guidance.
Investor Relations Contact Paul Miller +1.303.397.8641 |
Public Relations Contact Tim Blair +1.303.397.9267 |
Address 9197 South Peoria Street Englewood, CO 80112 |
Contact ttec.com +1.800.835.3832 |
Revenue of approximately $2,255.0, an increase of 15.7 percent over the prior year.
Non-GAAP Operating Income margin of approximately 12.6 percent.
| ● | Margin of approximately 13.2 percent for TTEC Digital and 12.5 percent for TTEC Engage |
Adjusted EBITDA margin of approximately 15.6 percent.
| ● | Margin of approximately 16.1 percent for TTEC Digital and 15.5 percent for TTEC Engage |
Non-GAAP Earnings Per Share of approximately $4.57
Capital expenditures of approximately 2.9 percent of revenue, of which approximately 70 percent is growth oriented.
Effective tax rate of approximately 22 percent.
Diluted share count of approximately 47.4 million.
The company has not quantitatively reconciled its guidance for Non-GAAP operating income margins, Non-GAAP adjusted EBITDA margins, or Non-GAAP earnings per share to their respective most comparable GAAP measures because certain of the reconciling items that impact these metrics, including asset impairment, restructuring and integration charges, cybersecurity incident-related costs, gains or losses on the sale of business units or other assets, equity-based compensation expense, changes in acquisition contingent consideration, depreciation and amortization expense, and provision for income taxes are dependent on the timing of future events outside of the company’s control or cannot be reliably predicted. Accordingly, the company is unable to provide reconciliations to GAAP operating income margins, net income margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s 2021 financial results as reported under GAAP.
NON-GAAP FINANCIAL MEASURES
This press release contains a discussion of certain Non-GAAP financial measures that the company includes to allow investors and analysts to measure, analyze and compare its financial condition and results of operations in a meaningful and consistent manner. A reconciliation of these Non-GAAP financial measures can be found in the tables accompanying this press release.
| ● | GAAP metrics are presented in accordance with Generally Accepted Accounting Principles. |
| ● | Non-GAAP - As reflected in the attached reconciliation table, the definition of Non-GAAP may exclude from operating income, EBITDA, net income and earnings per share restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, cybersecurity incident-related costs, among other items. |
Investor Relations Contact Paul Miller +1.303.397.8641 |
Public Relations Contact Tim Blair +1.303.397.9267 |
Address 9197 South Peoria Street Englewood, CO 80112 |
Contact ttec.com +1.800.835.3832 |
ABOUT TTEC
TTEC Holdings, Inc. (NASDAQ: TTEC) is one of the largest, global CX (customer experience) technology and services innovators for end-to-end, digital CX solutions. The company delivers leading CX technology and operational CX orchestration at scale through its proprietary cloud-based CXaaS (Customer Experience as a Service) platform. Serving iconic and disruptive brands, TTEC's outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey. Leveraging next gen digital and cognitive technology, the company’s Digital business designs, builds, and operates omnichannel contact center technology, conversational messaging, CRM, automation (AI / ML and RPA), and analytics solutions. The company’s Engage business delivers digital customer engagement, customer acquisition & growth, content moderation, fraud mitigation, and data annotation solutions. Founded in 1982, the Company’s singular obsession with CX excellence has earned it leading client NPS scores across the globe. The company's nearly 62,300 employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results. To learn more visit us at https://www.ttec.com
FORWARD-LOOKING STATEMENTS
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TTEC Holdings, Inc.’s management and are subject to significant risks and uncertainties. We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from those expressed in the forward-looking statements, and you should review and consider carefully the risks, uncertainties and other factors that affect our business and may cause such differences as outlined in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020 and any subsequent filings with the U.S. Securities and Exchange Commission (the “SEC”) which are available on TTEC’s website www.ttec.com, and on the SEC's public website at www.sec.gov. Specifically, important factors that could cause our actual results to differ materially from those indicated in the forward looking statements include, among others, risks related to our business operations and strategy, including our strategy execution in a competitive market; our ability to innovate and introduce technologies that are sufficiently disruptive to allow us to maintain and grow our market share; risks inherent in the reliability of our information technology systems; risks related to our information technology infrastructure’s cyber security in general, and criminal activity such as ransomware, other malware and data exfiltration or destruction in particular, which can impact our ability to consistently deliver uninterrupted service to our clients; our dependance on 3rd parties for our cloud solutions; risks inherent in our rapid transition to a work from home environment; our ability to attract and retain qualified and skilled personnel at a price point that we can afford and our clients are willing to pay; our M&A activity, including our ability to identify, acquire and properly integrate acquired businesses in accordance with our strategy; the risk related to our international operations; the risks related to legal and regulatory impacts on our operations, in particular rapidly changing laws that regulate our and our clients’ business, such as data privacy and data protection laws and regulatory changes impacting our healthcare business, financial and public sector specific regulations, our ability to comply with these laws timely and cost effectively; impact of COVID-19 pandemic and post-pandemic economic and regulatory realities on our business and our clients’ business; cost of wage and hour litigation in the United States; and risks inherent in our equity structure including our controlling shareholder risk, and Delaware choice of dispute resolution risks. TTEC Holdings, Inc. does not undertake to update any forward-looking statements.
Investor Relations Contact Paul Miller +1.303.397.8641 |
Public Relations Contact Tim Blair +1.303.397.9267 |
Address 9197 South Peoria Street Englewood, CO 80112 |
Contact ttec.com +1.800.835.3832 |
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue | $ | 566,734 | $ | 492,980 | $ | 1,660,747 | $ | 1,378,274 | ||||||||
| Operating Expenses: | ||||||||||||||||
| Cost of services | 447,786 | 368,405 | 1,236,769 | 1,027,268 | ||||||||||||
| Selling, general and administrative | 67,426 | 49,473 | 181,483 | 146,667 | ||||||||||||
| Depreciation and amortization | 25,280 | 19,522 | 70,655 | 57,054 | ||||||||||||
| Restructuring charges, net | 485 | 1,233 | 2,612 | 2,564 | ||||||||||||
| Impairment losses | (268 | ) | 948 | 3,949 | 1,644 | |||||||||||
| Total operating expenses | 540,709 | 439,581 | 1,495,468 | 1,235,197 | ||||||||||||
| Income From Operations | 26,025 | 53,399 | 165,279 | 143,077 | ||||||||||||
| Other income (expense), net | (45 | ) | (20,852 | ) | (4,570 | ) | (31,058 | ) | ||||||||
| Income Before Income Taxes | 25,980 | 32,547 | 160,709 | 112,019 | ||||||||||||
| Provision for income taxes | (7,939 | ) | (8,415 | ) | (35,271 | ) | (29,653 | ) | ||||||||
| Net Income | 18,041 | 24,132 | 125,438 | 82,366 | ||||||||||||
| Net income attributable to noncontrolling interest | (3,606 | ) | (2,766 | ) | (13,216 | ) | (8,141 | ) | ||||||||
| Net Income Attributable to TTEC Stockholders | $ | 14,435 | $ | 21,366 | $ | 112,222 | $ | 74,225 | ||||||||
| Net Income Per Share | ||||||||||||||||
| Basic | $ | 0.38 | $ | 0.52 | $ | 2.68 | $ | 1.77 | ||||||||
| Diluted | $ | 0.38 | $ | 0.51 | $ | 2.65 | $ | 1.76 | ||||||||
| Net Income Per Share Attributable to TTEC Stockholders | ||||||||||||||||
| Basic | $ | 0.31 | $ | 0.46 | $ | 2.39 | $ | 1.59 | ||||||||
| Diluted | $ | 0.30 | $ | 0.45 | $ | 2.37 | $ | 1.58 | ||||||||
| Income From Operations Margin | 4.6 | % | 10.8 | % | 10.0 | % | 10.4 | % | ||||||||
| Net Income Margin | 3.2 | % | 4.9 | % | 7.6 | % | 6.0 | % | ||||||||
| Net Income Attributable to TTEC Stockholders Margin | 2.5 | % | 4.3 | % | 6.8 | % | 5.4 | % | ||||||||
| Effective Tax Rate | 30.6 | % | 25.9 | % | 21.9 | % | 26.5 | % | ||||||||
| Weighted Average Shares Outstanding | ||||||||||||||||
| Basic | 46,984 | 46,732 | 46,857 | 46,617 | ||||||||||||
| Diluted | 47,348 | 47,031 | 47,372 | 46,885 | ||||||||||||
TTEC HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
(unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue: | ||||||||||||||||
| TTEC Digital | $ | 124,086 | $ | 76,571 | $ | 295,668 | $ | 231,270 | ||||||||
| TTEC Engage | 442,648 | 416,409 | 1,365,079 | 1,147,004 | ||||||||||||
| Total | $ | 566,734 | $ | 492,980 | $ | 1,660,747 | $ | 1,378,274 | ||||||||
| Income From Operations: | ||||||||||||||||
| TTEC Digital | $ | 8,670 | $ | 13,043 | $ | 22,438 | $ | 37,677 | ||||||||
| TTEC Engage | 17,355 | 40,356 | 142,841 | 105,400 | ||||||||||||
| Total | $ | 26,025 | $ | 53,399 | $ | 165,279 | $ | 143,077 | ||||||||
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
| September 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 148,853 | $ | 132,914 | ||||
| Accounts receivable, net | 349,382 | 378,397 | ||||||
| Other current assets | 235,733 | 145,491 | ||||||
| Total current assets | 733,968 | 656,802 | ||||||
| Property and equipment, net | 171,508 | 178,706 | ||||||
| Operating lease assets | 97,866 | 120,820 | ||||||
| Goodwill | 736,398 | 363,502 | ||||||
| Other intangibles assets, net | 218,556 | 112,059 | ||||||
| Other assets | 85,837 | 84,519 | ||||||
| Total assets | $ | 2,044,133 | $ | 1,516,408 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 84,464 | $ | 66,658 | ||||
| Accrued employee compensation and benefits | 174,272 | 163,658 | ||||||
| Deferred revenue | 88,870 | 39,956 | ||||||
| Current operating lease liabilties | 42,643 | 43,651 | ||||||
| Other current liabilities | 93,894 | 82,247 | ||||||
| Total current liabilities | 484,143 | 396,170 | ||||||
| Long-term liabilities: | ||||||||
| Line of credit | 805,000 | 385,000 | ||||||
| Non-current operating lease liabilities | 73,172 | 98,277 | ||||||
| Other long-term liabilities | 121,663 | 126,223 | ||||||
| Total long-term liabilities | 999,835 | 609,500 | ||||||
| Redeemable noncontrolling interest | 55,194 | 52,976 | ||||||
| Equity: | ||||||||
| Common stock | 470 | 467 | ||||||
| Additional Paid in Capital | 356,727 | 360,293 | ||||||
| Treasury stock | (597,051 | ) | (601,214 | ) | ||||
| Accumulated other comprehensive income (loss) | (98,423 | ) | (72,156 | ) | ||||
| Retained earnings | 827,317 | 757,312 | ||||||
| Noncontrolling interest | 15,921 | 13,060 | ||||||
| Total equity | 504,961 | 457,762 | ||||||
| Total liabilities and equity | $ | 2,044,133 | $ | 1,516,408 | ||||
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
| Nine Months Ended | Nine Months Ended | |||||||
| September 30, | September 30, | |||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 125,438 | $ | 82,366 | ||||
| Adjustment to reconcile net income to net cash provided by operating activities : | ||||||||
| Depreciation and amortization | 70,655 | 57,054 | ||||||
| Amortization of contract acquisition costs | 575 | 332 | ||||||
| Amortization of debt issuance costs | 719 | 549 | ||||||
| Imputed interest expense and fair value adjustments to contingent consideration | 1,046 | 1,949 | ||||||
| Provision for credit losses | (34 | ) | 563 | |||||
| Loss on disposal of assets | 524 | 77 | ||||||
| Loss on dissolution of subsidiary | - | 19,905 | ||||||
| Impairment losses | 3,949 | 1,644 | ||||||
| Deferred income taxes | 514 | (1,153 | ) | |||||
| Excess tax benefit from equity-based awards | (5,284 | ) | (708 | ) | ||||
| Equity-based compensation expense | 11,969 | 9,471 | ||||||
| Loss / (gain) on foreign currency derivatives | 134 | (25 | ) | |||||
| Changes in assets and liabilities, net of acquisitions: | ||||||||
| Accounts receivable | 48,816 | (5,450 | ) | |||||
| Prepaids and other assets | (42,455 | ) | 14,333 | |||||
| Accounts payable and accrued expenses | 19,406 | 70,441 | ||||||
| Deferred revenue and other liabilities | (60,910 | ) | (64,564 | ) | ||||
| Net cash provided by operating activities | 175,062 | 186,784 | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds from sale of property, plant and equipment | 42 | 16 | ||||||
| Purchases of property, plant and equipment | (40,778 | ) | (47,827 | ) | ||||
| Acquisitions | (481,718 | ) | (38,739 | ) | ||||
| Net cash used in investing activities | (522,454 | ) | (86,550 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds / (borrowings) from line of credit | 420,000 | 35,000 | ||||||
| Payments on other debt | (5,288 | ) | (6,602 | ) | ||||
| Payments of contingent consideration and hold back payments to acquisitions | (11,517 | ) | (48,686 | ) | ||||
| Dividends paid to shareholders | (20,132 | ) | (15,843 | ) | ||||
| Payments to noncontrolling interest | (8,059 | ) | (8,268 | ) | ||||
| Tax payments related to the issuance of restricted stock units | (11,369 | ) | (4,456 | ) | ||||
| Payments of debt issuance costs | (1,102 | ) | (35 | ) | ||||
| Net cash provided by / (used in) financing activities | 362,533 | (48,890 | ) | |||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (6,272 | ) | (104 | ) | ||||
| Increase in cash, cash equivalents and restricted cash | 8,869 | 51,240 | ||||||
| Cash, cash equivalents and restricted cash, beginning of period | 159,015 | 105,591 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 167,884 | $ | 156,831 | ||||
TTEC HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
(unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue | $ | 566,734 | $ | 492,980 | $ | 1,660,747 | $ | 1,378,274 | ||||||||
| Reconciliation of Adjusted EBITDA: | ||||||||||||||||
| Net Income | $ | 18,041 | $ | 24,132 | $ | 125,438 | $ | 82,366 | ||||||||
| Interest income | (171 | ) | (566 | ) | (580 | ) | (1,421 | ) | ||||||||
| Interest expense | 3,504 | 2,755 | 8,687 | 15,451 | ||||||||||||
| Provision for income taxes | 7,939 | 8,415 | 35,271 | 29,653 | ||||||||||||
| Depreciation and amortization | 25,280 | 19,522 | 70,655 | 57,054 | ||||||||||||
| Asset impairment and restructuring charges | 217 | 2,181 | 6,561 | 4,208 | ||||||||||||
| Gain on sale of business units | - | (208 | ) | - | (596 | ) | ||||||||||
| Changes in acquisition contingent consideration | - | - | 1,046 | (4,349 | ) | |||||||||||
| Grant income for pandemic relief | (131 | ) | - | (8,175 | ) | - | ||||||||||
| Cybersecurity incident related impact, net of insurance recovery | 19,455 | - | 19,455 | - | ||||||||||||
| Loss on dissolution of subsidiary | - | 17,438 | - | 19,905 | ||||||||||||
| Equity-based compensation expenses | 4,570 | 3,495 | 11,969 | 9,471 | ||||||||||||
| Adjusted EBITDA | $ | 78,704 | $ | 77,164 | $ | 270,327 | $ | 211,742 | ||||||||
| Reconciliation of Free Cash Flow: | ||||||||||||||||
| Cash Flow From Operating Activities: | ||||||||||||||||
| Net income | $ | 18,041 | $ | 24,132 | $ | 125,438 | $ | 82,366 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Depreciation and amortization | 25,280 | 19,522 | 70,655 | 57,054 | ||||||||||||
| Other | (1,098 | ) | 37,852 | (21,031 | ) | 47,364 | ||||||||||
| Net cash provided by operating activities | 42,223 | 81,506 | 175,062 | 186,784 | ||||||||||||
| Less - Total Cash Capital Expenditures | 17,185 | 15,912 | 40,778 | 47,827 | ||||||||||||
| Free Cash Flow | $ | 25,038 | $ | 65,594 | $ | 134,284 | $ | 138,957 | ||||||||
| Reconciliation of Non-GAAP Income from Operations: | ||||||||||||||||
| Income from Operations | $ | 26,025 | $ | 53,399 | $ | 165,279 | $ | 143,077 | ||||||||
| Restructuring charges, net | 485 | 1,233 | 2,612 | 2,564 | ||||||||||||
| Impairment losses | (268 | ) | 948 | 3,949 | 1,644 | |||||||||||
| Grant income for pandemic relief | (131 | ) | - | (8,175 | ) | - | ||||||||||
| Cybersecurity incident related impact, net of insurance recovery | 19,455 | - | 19,455 | - | ||||||||||||
| Equity-based compensation expenses | 4,570 | 3,495 | 11,969 | 9,471 | ||||||||||||
| Amortization of purchased intangibles | 9,269 | 4,067 | 22,752 | 11,788 | ||||||||||||
| Non-GAAP Income from Operations | $ | 59,405 | $ | 63,142 | $ | 217,841 | $ | 168,544 | ||||||||
| Non-GAAP Income from Operations Margin | 10.5 | % | 12.8 | % | 13.1 | % | 12.2 | % | ||||||||
| Reconciliation of Non-GAAP EPS: | ||||||||||||||||
| Net Income | $ | 18,041 | $ | 24,132 | $ | 125,438 | $ | 82,366 | ||||||||
| Add: Asset impairment and restructuring charges | 217 | 2,181 | 6,561 | 4,208 | ||||||||||||
| Add: Equity-based compensation expenses | 4,570 | 3,495 | 11,969 | 9,471 | ||||||||||||
| Add: Amortization of purchased intangibles | 9,269 | 4,067 | 22,752 | 11,788 | ||||||||||||
| Add: Interest charge related to future purchase of remaining 30% for Motif acquisition | - | - | - | 6,273 | ||||||||||||
| Add: Loss on dissolution of subsidary | - | 17,438 | - | 19,905 | ||||||||||||
| Add: Cybersecurity incident related impact, net of insurance recovery | 19,455 | - | 19,455 | - | ||||||||||||
| Less: Changes in acquisition contingent consideration | - | - | 1,046 | (4,349 | ) | |||||||||||
| Less: Gain on sale of business units | - | (208 | ) | - | (596 | ) | ||||||||||
| Less: Grant income for pandemic relief | (131 | ) | - | (8,175 | ) | - | ||||||||||
| Less: Changes in valuation allowance, return to provision adjustments and other, and tax effects of items separately disclosed above | (3,691 | ) | (3,855 | ) | (11,368 | ) | (6,925 | ) | ||||||||
| Non-GAAP Net Income | $ | 47,730 | $ | 47,250 | $ | 167,678 | $ | 122,141 | ||||||||
| Diluted shares outstanding | 47,348 | 47,031 | 47,372 | 46,885 | ||||||||||||
| Non-GAAP EPS | $ | 1.01 | $ | 1.00 | $ | 3.54 | $ | 2.61 | ||||||||
| TTEC Engage | TTEC Digital | TTEC Engage | TTEC Digital | |||||||||||||||||||||||||||||
| Reconciliation of Adjusted EBITDA by Segment : | Q3 21 | Q3 20 | Q3 21 | Q3 20 | YTD 21 | YTD 20 | YTD 21 | YTD 20 | ||||||||||||||||||||||||
| Earnings before Income Taxes | $ | 17,193 | $ | 19,470 | $ | 8,787 | $ | 13,077 | $ | 138,111 | $ | 74,242 | $ | 22,597 | $ | 37,777 | ||||||||||||||||
| Interest income / expense, net | 3,366 | 2,223 | (33 | ) | (34 | ) | 8,214 | 14,132 | (105 | ) | (101 | ) | ||||||||||||||||||||
| Depreciation and amortization | 16,344 | 15,985 | 8,936 | 3,537 | 49,343 | 46,951 | 21,312 | 10,103 | ||||||||||||||||||||||||
| Asset impairment and restructuring charges | 616 | 1,745 | (399 | ) | 436 | 6,092 | 2,755 | 468 | 1,452 | |||||||||||||||||||||||
| Gain on sale of business units | - | (208 | ) | - | - | - | (596 | ) | - | - | ||||||||||||||||||||||
| Grant income for pandemic relief | (131 | ) | - | - | - | (8,069 | ) | - | (106 | ) | - | |||||||||||||||||||||
| Changes in acquisition contingent consideration | - | - | - | - | 1,046 | (4,349 | ) | - | - | |||||||||||||||||||||||
| Loss on dissolution of subsidiary | - | 17,438 | - | - | - | 19,905 | - | - | ||||||||||||||||||||||||
| Cybersecurity incident related impact, net of insurance recovery | 19,221 | - | 234 | - | 19,221 | - | 234 | - | ||||||||||||||||||||||||
| Equity-based compensation expenses | 3,472 | 2,353 | 1,098 | 1,142 | 8,505 | 6,551 | 3,464 | 2,920 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 60,081 | $ | 59,006 | $ | 18,623 | $ | 18,158 | $ | 222,463 | $ | 159,591 | $ | 47,864 | $ | 52,151 | ||||||||||||||||