0001104659-24-030001.txt : 20240301 0001104659-24-030001.hdr.sgml : 20240301 20240301163035 ACCESSION NUMBER: 0001104659-24-030001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240301 DATE AS OF CHANGE: 20240301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TTEC Holdings, Inc. CENTRAL INDEX KEY: 0001013880 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 841291044 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11919 FILM NUMBER: 24710418 BUSINESS ADDRESS: STREET 1: 6312 S. FIDDLER'S GREEN CIRCLE STREET 2: SUITE 100N CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 BUSINESS PHONE: 303-397-8100 MAIL ADDRESS: STREET 1: 6312 S. FIDDLER'S GREEN CIRCLE STREET 2: SUITE 100N CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 FORMER COMPANY: FORMER CONFORMED NAME: TELETECH HOLDINGS INC DATE OF NAME CHANGE: 19960509 8-K 1 tm247637d1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 27, 2024

 

TTEC Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware 001-11919 84-1291044
(State or other jurisdiction (Commission file (IRS Employer
of incorporation) number) Identification Number)

 

9197 S. Peoria Street, Englewood, CO 80112-5833

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: 303-397-8100

 

Not Applicable
(Former name or former address if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock of TTEC Holdings, Inc., $0.01 par value per share TTEC NASDAQ

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On February 29, 2024, TTEC Holdings, Inc. (the "Company") issued a press release announcing its financial results for its fourth quarter and fiscal year ended December 31, 2023; and shared its outlook for full year 2024.

 

A copy of the February 29, 2024 press release is attached as Exhibit 99.1 to this current report on Form 8-K.

 

Item 8.01. Other Events.

 

On February 27, 2024, the Company’s Board of Directors declared a cash dividend of $0.06 per common share to be paid on April 30, 2024 to shareholders of record as of April 3, 2024.

 

A copy of the press release announcing the cash dividend is attached as Exhibit 99.1 to this current report on Form 8-K.

 

Item 9.01.   Financial Statements and Exhibits

 

(d)  Exhibits.

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press release announcing financial results for fourth quarter and fiscal year ended December 31, 2023, dated February 29, 2024
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

The information in this Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

 

2 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  TTEC Holdings, Inc.
  (Registrant)
     
Date: March 1, 2024 By: /s/ Francois Bourret
   

Francois Bourret

Interim Chief Financial Officer

 

3 

 

 EX-99.1 2 tm247637d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

TTEC Announces Fourth Quarter and

Full Year 2023 Financial Results

 

Full Year 2023 

Revenue was $2.463 Billion, up 0.8 Percent 

Operating Income was $118.0 Million or 4.8 Percent of Revenue

($200.4 Million or 8.1 Percent of Revenue Non-GAAP) 

Net Income was $18.3 Million or 0.7 Percent of Revenue 

($103.2 Million or 4.2 Percent of Revenue Non-GAAP)

Adjusted EBITDA was $271.5 Million or 11.0 Percent of Revenue

Fully Diluted EPS was $0.39, $2.18 Non-GAAP

 

Fourth Quarter 2023 

Revenue was $626.2 Million, down 4.9 Percent 

Operating Income was 16.9 Million or 2.7 Percent of Revenue 

($41.8 Million or 6.7 Percent of Revenue Non-GAAP) 

Net Income was ($8.2) Million or (1.3) Percent of Revenue 

($17.5 Million or 2.8 Percent of Revenue Non-GAAP) 

Adjusted EBITDA was $57.5 Million or 9.2 Percent of Revenue 

Fully Diluted EPS was ($0.17), $0.37 Non-GAAP 

Provides Outlook for Full Year 2024

 

DENVER, February 29, 2024 – TTEC Holdings, Inc. (NASDAQ:TTEC), a leading global CX (customer experience) technology and services innovator for AI-enabled CX with solutions from TTEC Engage and TTEC Digital, announced today financial results for the fourth quarter and full year ended December 31, 2023.

 

“As we have previously communicated, 2023 was a dynamic year for TTEC. The macroeconomic factors created a conservative and uncertain business environment that delayed client contracting decisions and lowered forecasts for certain clients in the second half of the year. While these factors moderated our results, we continued to make progress diversifying our business by growing our client base, completing a strategic phase of our geographic expansion, and expanding our AI-enabled solutions,” commented Ken Tuchman, chairman and chief executive officer of TTEC.

 

“Our 2024 outlook reflects three very specific challenges in our TTEC Engage segment. First, client budget constraints and a conservative mindset in the second half of 2023 is carrying forward into our 2024 outlook. Second, a long-tenured client eliminated one of several lines of business that we supported. While our relationship remains strong with this client and we continue to service their customers across multiple other lines of business, the discontinuation of this one line of business contributes to the impact on our top and bottom line in 2024. Third, while we are pleased by the growing demand for our new offshore locations, the timing lag between our recent wins and normalized revenue run rate and margins is weighing on our outlook,” Tuchman continued.

 

 

 

 

 

 

 

 

“In TTEC Digital, we delivered record bookings in the fourth quarter and the team is off to a strong start this year. Demand for our differentiated CX technology expertise continues to grow as cloud migrations and AI solutions drive our clients’ CX digital transformation agendas.”

 

Tuchman further stated, “As we move into 2024, we are laser focused on execution. We will continue to capitalize on our greatly expanded offshore footprint, deepen our relationships with new and existing clients, apply our AI-enabled solutions and accelerate our margin optimization initiatives.”

 

“TTEC’s board of directors’ decision to reduce the dividend reflects a prudent shift to prioritize our capital deployment towards continued investments in sustainable growth initiatives and debt reduction associated with strategic acquisitions. As revised, the dividend is in line with our stock price and the dividend yield typical for our industry and the broader market. I am confident we are well positioned to emerge stronger as we exit 2024.”

 

FULL YEAR 2023 FINANCIAL HIGHLIGHTS

 

Revenue

 

·Full year 2023 GAAP revenue increased 0.8 percent to $2.463 billion compared to $2.444 billion in the prior year.

 

·Foreign exchange had a $4.4 million positive impact on revenue for the full year 2023.

 

Income from Operations

 

·Full year 2023 GAAP income from operations was $118.0 million, or 4.8 percent of revenue, compared to $168.5 million, or 6.9 percent of revenue in the prior year.

 

·Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $200.4 million, or 8.1 percent of revenue, compared to $248.5 million, or 10.2 percent in the prior year.

 

·Foreign exchange had a $2.2 million negative impact on Non-GAAP income from operations for the full year 2023.

 

Adjusted EBITDA

 

·Full year 2023 Non-GAAP Adjusted EBITDA was $271.5 million, or 11.0 percent of revenue, compared to $320.1 million, or 13.1 percent of revenue in the prior year.

 

Earnings Per Share

 

·Full year 2023 GAAP fully diluted earnings per share was $0.39 compared to $2.48 in the prior year.

 

·Non-GAAP fully diluted earnings per share was $2.18 compared to $3.59 in the prior year.

 

FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS

 

Revenue

 

·Fourth quarter 2023 GAAP revenue decreased 4.9 percent to $626.2 million compared to $658.3 million in the prior year.

 

·Foreign exchange had a $5.5 million positive impact on revenue in the fourth quarter of 2023.

 

 

 

 

 

 

 

 

Income from Operations

 

·Fourth quarter 2023 GAAP income from operations was $16.9 million, or 2.7 percent of revenue, compared to $48.7 million, or 7.4 percent of revenue in the prior year.

 

·Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $41.8 million, or 6.7 percent of revenue, compared to $69.9 million, or 10.6 percent for the prior year.

 

·Foreign exchange had a $2.4 million negative impact on Non-GAAP income from operations in the fourth quarter 2023.

 

Adjusted EBITDA

 

·Fourth quarter 2023 Non-GAAP Adjusted EBITDA was $57.5 million, or 9.2 percent of revenue, compared to $86.5 million, or 13.1 percent of revenue in the prior year.

 

Earnings Per Share

 

·Fourth quarter 2023 GAAP fully diluted earnings per share was ($0.17) compared to $0.54 in the prior year.

 

·Non-GAAP fully diluted earnings per share was $0.37 compared to $0.91 in the prior year.

 

STRONG CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND DIVIDENDS

 

·Cash flow from operations in the fourth quarter 2023 was $31.5 million compared to $18.2 million for the fourth quarter 2022. For the full year 2023, cash flow from operations was $144.8 million compared to $137.0 million for the same period 2022.

 

·Capital expenditures in the fourth quarter 2023 were $13.1 million compared to $19.4 million for the fourth quarter 2022. For the full year 2023, capital expenditures were $67.8 million compared to $84.0 million for the same period 2022.

 

·As of December 31, 2023, TTEC had cash and cash equivalents of $172.7 million and debt of $999.3 million, resulting in a net debt position of $826.5 million. This compares to a net debt position of $810.2 million for the same period 2022.

 

·As of December 31, 2023, TTEC’s remaining borrowing capacity under its revolving credit facility was approximately $90 million compared to $335 million for the same period 2022.

 

·On February 27, 2024, the Board declared the next semi-annual dividend of $0.06 per share, or $2.9 million, payable on April 30, 2024 to shareholders of record as of April 3, 2024. TTEC’s board of directors’ decision to reduce the dividend reflects a prudent shift to prioritize our capital deployment towards continued investments in sustainable growth initiatives and debt reduction associated with strategic acquisitions.

 

·TTEC paid a $0.52 per share, or $24.7 million, semi-annual dividend on October 31, 2023.

 

 

 

 

 

 

 

 

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

 

·Fourth quarter 2023 GAAP revenue for TTEC Digital decreased 2.1 percent to $119.1 million from $121.7 million for the year ago period. Income from operations was $10.0 million or 8.4 percent of revenue compared to an operating income of $9.9 million or 8.2 percent of revenue in the prior year.

 

·Non-GAAP income from operations was $17.7 million, or 14.8 percent of revenue compared to operating income of $18.0 million or 14.8 percent of revenue in the prior year.

 

TTEC Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services

 

·Fourth quarter 2023 GAAP revenue for TTEC Engage decreased 5.5 percent to $507.1 million from $536.6 million for the year ago period. Income from operations was $6.9 million or 1.4 percent of revenue compared to operating income of $38.8 million, or 7.2 percent of revenue in the prior year.

 

·Non-GAAP income from operations was $24.1 million, or 4.8 percent of revenue, compared to operating income of $52.0 million, or 9.7 percent of revenue in the prior year.

 

·Foreign exchange had a $5.3 million positive impact on revenue and $1.9 million negative impact on income from operations.

 

BUSINESS OUTLOOK

 

“We ended 2023 in line with expectations but the recent dynamics in the Engage segment are causing a reduction in our 2024 revenue and margin outlook compared to 2023. We are confident in the initiatives currently in motion that focus on growth and margin improvement,“ commented Francois Bourret, interim chief financial officer of TTEC. “As digital transformation continues to be a top priority for our clients, we are encouraged by the growing momentum with TTEC Digital. As we move forward, we will navigate this environment to position the company to exit 2024 with a view towards longer-term profitable growth.”

 

 

 

 

 

 

 

 

TTEC First Quarter and Full Year 2024 Outlook            
             
   First Quarter 2024
Guidance		  First Quarter 2024
Mid-Point		   Full Year 2024
Guidance		   Full Year 2024
Mid-Point		 
Revenue  $559M — $569M   $564M    $2,275M — $2,365M    $2,320M 
Non-GAAP adjusted EBITDA  $52M — $58M   $55M    $215M — $259M    $237M 
Non-GAAP adjusted EBITDA margins  9.3% — 10.2%   9.8%    9.5% — 11.0%    10.2% 
Non-GAAP operating income  $36M — $42M   $39M    $150M — $194M    $172M 
Non-GAAP operating income margins  6.4% — 7.4%   6.9%    6.6% — 8.2%    7.4% 
Interest expense, net  ($20M) — ($22M)   $(21M)    ($77M) — ($79M)    $(78M) 
Non-GAAP adjusted tax rate  23% — 25%   24%    23% — 25%    24% 
Diluted share count  47.4M — 47.6M   47.5M    47.4M — 47.6M    47.5M 
Non-GAAP earnings per a share  $0.25 — $0.34   $0.30    $1.15 — $1.86    $1.51 

 

Engage First Quarter and Full Year 2024 Outlook            
             
   First Quarter 2024
Guidance		  First Quarter 2024
Mid-Point		   Full Year 2024
Guidance		   Full Year 2024
Mid-Point		 
Revenue  $453M — $457M   $455M    $1,790M — $1,850M    $1,820M 
Non-GAAP adjusted EBITDA  $41M — $45M   $43M    $149M — $179M    $164M 
Non-GAAP adjusted EBITDA margins  9.2% — 9.9%   9.5%    8.4% — 9.7%    9.0% 
Non-GAAP operating income  $28M — $32M   $30M    $95M — $125M    $110M 
Non-GAAP operating income margins  6.2% — 7.0%   6.6%    5.3% — 6.8%    6.1% 

 

Digital First Quarter and Full Year 2024 Outlook            
             
   First Quarter 2024
Guidance		  First Quarter 2024
Mid-Point		   Full Year 2024
Guidance		   Full Year 2024
Mid-Point		 
Revenue  $106M — $112M   $109M    $485M — $515M    $500M 
Non-GAAP adjusted EBITDA  $11M — $13M   $12M    $66M — $80M    $73M 
Non-GAAP adjusted EBITDA margins  10.1% — 11.3%   10.7%    13.5% — 15.5%    14.5% 
Non-GAAP operating income  $8M — $10M   $9M    $55M — $69M    $62M 
Non-GAAP operating income margins  7.6% — 8.9%   8.3%    11.2% — 13.3%    12.3% 

 

The Company has not quantitatively reconciled its guidance for Non-GAAP operating income, Non-GAAP operating income margins, Non-GAAP adjusted EBITDA, 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 restructuring and impairment charges, 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, operating income margins, EBITDA margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company’s 2024 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, among other items.

 

ABOUT TTEC

 

TTEC (pronounced T-TEC) Holdings, Inc. (NASDAQ:TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled digital CX solutions. 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 technology, the Company's TTEC Digital business designs, builds, and operates omnichannel contact center technology, CRM, AI and analytics solutions. The Company's TTEC Engage business delivers AI-enabled customer engagement, customer acquisition and growth, tech support, back office, and fraud prevention services. Founded in 1982, the company's singular obsession with CX excellence has earned it leading client, customer, and employee satisfaction scores across the globe. The Company's over 60,000 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 Press Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995., Forward-looking statements include, but are not limited to, statements relating to our operations, expected financial position, results of operation, effective tax rate, cash flow, leverage, liquidity, business strategy, competitive position, demand for our services in international operations, acquisition opportunities and impact of acquisitions, capital allocation and dividends, growth opportunities, spending, capital expenditures and investments, competition and market forecasts, industry trends, our human capital resources, and other business matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance.

 

 

 

 

 

 

 

 

In this Release when we use words such as “may,” “believe,” “plan,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “project,” “would,” “could,” “target,” or similar expressions, or when we discuss our strategy, plans, goals, initiatives, or objectives, we are making forward-looking statements. Unless otherwise indicated or except where the context otherwise requires, the terms “TTEC,” “the Company,” “we,” “us” and “our”and other similar terms in this report refer to TTEC Holdings, Inc. and its subsidiaries. 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, 2023 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

 

Our forward-looking statements speak only as of the date that this release is issued. We undertake no obligation to update them, except as may be required by applicable law. Although we believe that our forward-looking statements are reasonable, they depend on many factors outside of our control and we can provide no assurance that they will prove to be correct.

 

###

 

 

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

 

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
   2023   2022   2023   2022 
Revenue  $626,181   $658,278   $2,462,817   $2,443,707 
                     
Operating Expenses:                    
Cost of services   505,814    495,339    1,932,877    1,856,518 
Selling, general and administrative   74,744    80,602    290,873    287,433 
Depreciation and amortization   24,904    31,730    101,272    111,791 
Restructuring charges, net   3,145    1,412    8,041    5,673 
Impairment losses   650    450    11,733    13,749 
Total operating expenses   609,257    609,533    2,344,796    2,275,164 
                     
Income From Operations   16,924    48,745    118,021    168,543 
                     
Other income (expense), net   (21,988)   (15,877)   (77,297)   (24,095)
                     
(Loss) / Income Before Income Taxes   (5,064)   32,868    40,724    144,448 
                     
Provision for income taxes   (3,142)   (7,318)   (22,460)   (27,115)
                     
Net (Loss) / Income   (8,206)   25,550    18,264    117,333 
                     
Net income attributable to noncontrolling interest   (1,694)   (3,197)   (9,836)   (14,093)
                     
Net (Loss) / Income Attributable to TTEC Stockholders  $(9,900)  $22,353   $8,428   $103,240 
                     
Net (Loss) / Income Per Share                    
                     
Basic  $(0.17)  $0.54   $0.39   $2.49 
                     
Diluted  $(0.17)  $0.54   $0.39   $2.48 
                     
Net (Loss) / Income Per Share Attributable to TTEC Stockholders                    
                     
Basic  $(0.21)  $0.47   $0.18   $2.19 
                     
Diluted  $(0.21)  $0.47   $0.18   $2.18 
                     
                     
Income From Operations Margin   2.7%   7.4%   4.8%   6.9%
Net (Loss) / Income Margin   (1.3)%   3.9%   0.7%   4.8%
Net (Loss) / Income Attributable to TTEC Stockholders Margin   (1.6)%   3.4%   0.3%   4.2%
Effective Tax Rate   (62.0)%   22.3%   55.2%   18.8%
                     
                     
Weighted Average Shares Outstanding                    
Basic   47,425    47,220    47,335    47,121 
Diluted   47,503    47,299    47,419    47,335 

 

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
   2023   2022   2023   2022 
Revenue:                    
TTEC Digital  $119,118   $121,650   $486,882   $463,670 
TTEC Engage   507,063    536,628    1,975,935    1,980,037 
Total  $626,181   $658,278   $2,462,817   $2,443,707 
                     
Income From Operations:                    
TTEC Digital  $9,982   $9,924   $29,846   $34,895 
TTEC Engage   6,942    38,821    88,175    133,648 
Total  $16,924   $48,745   $118,021   $168,543 

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)

 

   December 31,   December 31, 
   2023   2022 
ASSETS          
Current assets:          
Cash and cash equivalents  $172,747   $153,435 
Accounts receivable, net   394,868    417,637 
Prepaids and other current assets   95,064    133,365 
Income and other tax receivables   18,524    45,533 
Total current assets   681,203    749,970 
           
Property and equipment, net   191,003    183,360 
Operating lease assets   121,574    92,431 
Goodwill   808,988    807,845 
Other intangibles assets, net   198,433    233,909 
Income and other tax receivables, long-term   44,673    - 
Other assets   139,724    86,447 
           
Total assets  $2,185,598   $2,153,962 
           
LIABILITIES AND EQUITY          
Current liabilities:          
Accounts payable  $96,577   $93,937 
Accrued employee compensation and benefits   146,184    145,096 
Deferred revenue   81,171    87,846 
Current operating lease liabilities   38,271    35,271 
Other current liabilities   40,824    49,214 
Total current liabilities   403,027    411,364 
           
Long-term liabilities:          
Line of credit   995,000    960,000 
Non-current operating lease liabilities   96,809    69,575 
Other long-term liabilities   75,220    79,273 
Total long-term liabilities   1,167,029    1,108,848 
           
Redeemable noncontrolling interest   -    55,645 
           
Equity:          
Common stock   474    472 
Additional paid in capital   407,415    367,673 
Treasury stock   (589,807)   (593,164)
Accumulated other comprehensive income (loss)   (89,876)   (126,301)
Retained earnings   870,429    911,233 
Noncontrolling interest   16,907    18,192 
Total equity   615,542    578,105 
           
Total liabilities and equity  $2,185,598   $2,153,962 

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

 

   Twelve months ended   Twelve months ended 
   December 31,   December 31, 
   2023   2022 
Cash flows from operating activities:          
Net income  $18,264   $117,333 
Adjustments to reconcile net income to net cash provided by operating activities :          
Depreciation and amortization   101,272    111,791 
Amortization of contract acquisition costs   2,288    2,065 
Amortization of debt issuance costs   1,067    1,018 
Imputed interest expense and fair value adjustments to contingent consideration   7,579    1,746 
Provision for credit losses   2,009    9,391 
Loss on disposal of assets   2,219    1,916 
Loss on dissolution of subsidiary   301    - 
Impairment losses   11,733    13,749 
Deferred income taxes   (7,528)   (11,001)
Excess tax benefit from equity-based awards   1,705    (1,122)
Equity-based compensation expense   22,071    17,571 
Gain on foreign currency derivatives   (3)   (7)
Changes in assets and liabilities, net of acquisitions:          
Accounts receivable   22,359    (74,564)
Prepaids and other assets   8,570    43,699 
Accounts payable and accrued expenses   9,518    (12,695)
Deferred revenue and other liabilities   (58,659)   (83,842)
Net cash provided by operating activities   144,765    137,048 
           
Cash flows from investing activities:          
Proceeds from sale of property and equipment   261    229 
Purchases of property, plant and equipment   (67,839)   (84,012)
Acquisitions   -    (142,420)
Net cash used in investing activities   (67,578)   (226,203)
           
Cash flows from financing activities:          
Net proceeds from / (repayments of) line of credit   35,000    169,000 
Payments on other debt   (2,317)   (3,245)
Payments of contingent consideration and hold back payments to acquisitions   (37,676)   (9,600)
Dividends paid to shareholders   (49,232)   (48,072)
Payments to noncontrolling interest   (10,972)   (11,883)
Tax payments related to the issuance of restricted stock units   (3,037)   (7,164)
Net cash (used in) / provided by financing activities   (68,234)   89,036 
           
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (2,112)   (13,499)
           
Increase / (decrease) in cash, cash equivalents and restricted cash   6,841    (13,618)
Cash, cash equivalents and restricted cash, beginning of period   167,064    180,682 
Cash, cash equivalents and restricted cash, end of period  $173,905   $167,064 

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)

 

 

   Three months ended   Twelve months ended 
   December 31,   December 31, 
   2023   2022   2023   2022 
Revenue  $626,181   $658,278   $2,462,817   $2,443,707 
                     
Reconciliation of Non-GAAP Income from Operations and EBITDA:                    
                     
Income from Operations  $16,924   $48,745   $118,021   $168,543 
Restructuring charges, net   3,145    1,412    8,041    5,673 
Impairment losses   650    450    11,733    13,749 
Cybersecurity incident related impact, net of insurance recovery   -    (446)   (3,210)   (3,610)
Software accelerated amortization   -    6,382    -    8,509 
Write-off of acquisition related receivable   -    -    -    900 
Property costs not related to operations   757    -    1,501    - 
Liability related to notifications triggered by labor scheme(1)   6,000    -    6,000    - 
Grant income for pandemic relief   -    -    40    - 
Change in acquisition related obligation   -    -    483    - 
Equity-based compensation expenses   5,661    4,331    22,071    17,571 
Amortization of purchased intangibles   8,676    9,038    35,759    37,169 
Non-GAAP Income from Operations  $41,813   $69,912   $200,439   $248,504 
                     
Non-GAAP Income from Operations Margin   6.7%   10.6%   8.1%   10.2%
                     
Depreciation and amortization   15,894    16,310    64,840    66,113 
Changes in acquisition contingent consideration   616    (272)   7,480    1,798 
Change in escrow balance related to acquisition   -    -    625    - 
Loss on dissolution of subsidiary   -    -    301    - 
Foreign exchange loss / (gain), net   1,112    1,710    1,950    (6,514)
Other income (expense), net   (1,894)   (1,156)   (4,126)   10,161 
Adjusted EBITDA  $57,541   $86,504   $271,509   $320,062 
                     
Adjusted EBITDA Margin   9.2%   13.1%   11.0%   13.1%
                     
Reconciliation of Non-GAAP EPS:                    
                     
Net (Loss) / Income  $(8,206)  $25,550   $18,264   $117,333 
Add:  Asset impairment and restructuring charges   3,795    1,862    19,774    19,422 
Add:  Equity-based compensation expenses   5,661    4,331    22,071    17,571 
Add:  Amortization of purchased intangibles   8,676    9,038    35,759    37,169 
Add:  Cybersecurity incident related impact, net of insurance recovery   -    (446)   (3,210)   (3,610)
Add:  Software accelerated amortization   -    6,382    -    8,509 
Add:  Write-off of acquisition related receivable   -    -    -    900 
Add:  Property costs not related to operations   757    -    1,501    - 
Add:  Liability related to notifications triggered by labor scheme   6,000    -    6,000    - 
Add:  Grant income for pandemic relief   -    -    40    - 
Add:  Change in acquisition related obligation   -    -    483    - 
Add:  Changes in acquisition contingent consideration   616    (272)   7,480    1,798 
Add:  Changes in escrow balance related to acquisition   -    -    625    - 
Add:  Loss on dissolution of subsidiary   -    -    301    - 
Add:  Foreign exchange loss / (gain), net   1,112    1,710    1,950    (6,514)
Less:  Changes in valuation allowance, return to provision adjustments and other, and tax effects of items separately disclosed above   (885)   (4,909)   (7,859)   (22,872)
Non-GAAP Net Income  $17,526   $43,246   $103,179   $169,706 
                     
Diluted shares outstanding   47,503    47,299    47,419    47,335 
                     
Non-GAAP EPS  $0.37   $0.91   $2.18   $3.59 
                     
Reconciliation of Free Cash Flow:                    
                     
Cash Flow From Operating Activities:                    
Net (Loss) / Income  $(8,206)  $25,550   $18,264   $117,333 
Adjustments to reconcile net income to net cash provided by operating activities:                    
Depreciation and amortization   24,904    31,730    101,272    111,791 
Other   14,836    (39,045)   25,229    (92,076)
Net cash provided by operating activities   31,534    18,235    144,765    137,048 
                     
Less - Total Cash Capital Expenditures   13,117    19,448    67,839    84,012 
Free Cash Flow  $18,417   $(1,213)  $76,926   $53,036 

 

(1) - For further information, please see discussion in the Risk Factors section of the 2023 Form 10-K filed on February 29, 2024.

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)

 

Reconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment :                        
   TTEC Engage   TTEC Digital   TTEC Engage   TTEC Digital 
   Q4 23   Q4 22   Q4 23   Q4 22   YTD 23   YTD 22   YTD 23   YTD 22 
Income from Operations  $6,942   $38,821   $9,982   $9,924   $88,175   $133,648   $29,846   $34,895 
Restructuring charges, net   1,823    1,130    1,322    282    4,250    5,251    3,791    422 
Impairment losses   700    24    (50)   426    8,929    13,112    2,804    637 
Cybersecurity incident related impact, net of insurance recovery   -    (446)   -    -    (3,210)   (3,610)   -    - 
Software accelerated amortization   -    5,106    -    1,276    -    6,808    -    1,701 
Write-off of acquisition related receivable   -    -    -    -    -    -    -    900 
Property costs not related to operations   757    -    -    -    1,501    -    -    - 
Grant income for pandemic relief   -    -    -    -    40    -    -    - 
Change in acquisition related obligation   -    -    -    -    -    -    483    - 
Liability related to notifications triggered by labor scheme   6,000    -    -    -    6,000    -    -    - 
Equity-based compensation expenses   3,658    2,659    2,003    1,672    14,257    11,476    7,814    6,095 
Amortization of purchased intangibles   4,264    4,658    4,412    4,380    18,215    17,272    17,544    19,897 
Non-GAAP Income from Operations  $24,144   $51,952   $17,669   $17,960   $138,157   $183,957   $62,282   $64,547 
                                         
Depreciation and amortization   13,458    13,667    2,436    2,643    55,153    54,561    9,687    11,552 
Changes in acquisition contingent consideration   616    (272)   -    -    7,480    1,798    -    - 
Change in escrow balance related to acquisition   -    -    -    -    625    -    -    - 
Loss on dissolution of subsidiary   -    -    -    -    301    -    -    - 
Foreign exchange loss / (gain), net   1,271    1,606    (159)   104    2,085    (5,540)   (135)   (974)
Other income (expense), net   (1,728)   (1,063)   (166)   (93)   (4,060)   9,352    (66)   809 
Adjusted EBITDA  $37,761   $65,890   $19,780   $20,614   $199,741   $244,128   $71,768   $75,934 

 

 

 

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Cover
Feb. 27, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 27, 2024
Entity File Number 001-11919
Entity Registrant Name TTEC Holdings, Inc.
Entity Central Index Key 0001013880
Entity Tax Identification Number 84-1291044
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 9197 S. Peoria Street
Entity Address, City or Town Englewood
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80112-5833
City Area Code 303
Local Phone Number 397-8100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock of TTEC Holdings, Inc., $0.01 par value per share
Trading Symbol TTEC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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