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QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA (UNAUDITED) [ABSTRACT]

(22)QUARTERLY FINANCIAL DATA (UNAUDITED)

The following tables present certain quarterly financial data for the year ended December 31, 2020 (in thousands except per share amounts).


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter

Revenue	$	432,213	$	453,081	$	492,980	$	570,974
Cost of services		321,557		337,306		368,405		425,451
Selling, general and administrative		49,834		47,360		49,473		57,235
Depreciation and amortization		18,872		18,660		19,522		21,808
Restructuring and integration charges, net		538		793		1,233		700
Impairment losses		696		—		948		4,165
Income from operations		40,716		48,962		53,399		61,615
Other income (expense)		(5,832)		(4,374)		(20,852)		(3,366)
Provision for income taxes		(10,199)		(11,039)		(8,415)		(11,284)
Non-controlling interest		(3,151)		(2,224)		(2,766)		(2,542)
Net income attributable to TTEC stockholders	$	21,534	$	31,325	$	21,366	$	44,423

Weighted average shares outstanding
Basic		46,498		46,619		46,732		46,736
Diluted		46,813		46,861		47,031		47,232

Net income per share attributable to TTEC stockholders
Basic	$	0.46	$	0.67	$	0.46	$	0.95
Diluted	$	0.46	$	0.67	$	0.45	$	0.94

Included in Other income (expense) in the first, second and fourth quarters is a $3.3 million benefit, a $1.1 million benefit and a $2.5 million expense, respectively, related to the fair value adjustments of contingent consideration for the acquisitions.

Included in the first and second quarters is a $2.5 million expense and a $17.4 million expense, respectively, related to the deconsolidation of three subsidiaries and the related removal of the Currency Translation Adjustments.

Included in Other Income (expense) in the first quarter is an interest expense charge related to the purchase for the remaining 30% of the Motif acquisition for $6.2 million.

Included in the Provision for Income Taxes is: a $0.6 million expense in the fourth quarter, a $1.9 million expense in the third quarter, a $0.2 million expense in the second quarter, and a $0.2 million expense in the first quarter related to changes in tax contingent liabilities; a $2.3 million benefit in the fourth quarter, a $0.4 million expense in the second quarter and a $0.1 million expense in the first quarter related to return to provision adjustments; a $3.0 million benefit in the third quarter related to dissolution of subsidiaries; a $1.0 million expense in the fourth quarter, and a $0.9 million benefit in the second quarter and $0.3 million expense in the first quarter related to changes in valuation allowances; a $0.2 million benefit in the second quarter and a $0.3 million benefit in the first quarter related to restructuring charges; a $0.4 million benefit in the fourth quarter, a $0.3 million expense in the second quarter and a $0.9 million expense in the first quarter related to acquisition earn outs; a $1.0 million benefit in the first quarter, a $1.0 million benefit in the second quarter, a $1.2 million benefit in the third quarter and a $0.8 million benefit in the fourth quarter related to equity based compensation; a $1.1 million benefit in the first quarter, a $1.0 million benefit in the second quarter, a $1.0 million benefit in the third quarter and a $1.1 million benefit in the fourth quarter related to the amortization of purchased intangibles; and a $0.1 million benefit in the fourth quarter, a $0.1 million expense in the second quarter, and a $0.1 million benefit in the first quarter of other items. Without these items our effective tax rate for the year ended December 31, 2020 would have been 22.5%.

The following tables present certain quarterly financial data for the year ended December 31, 2019 (in thousands except per share amounts).


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter

Revenue	$	394,356	$	392,515	$	395,507	$	461,326
Cost of services		293,334		299,237		304,622		345,694
Selling, general and administrative		49,720		50,864		48,062		53,894
Depreciation and amortization		16,743		17,050		16,659		18,634
Restructuring and integration charges, net		961		428		183		175
Impairment losses		1,506		2,063		—		166
Income from operations		32,092		22,873		25,981		42,763
Other income (expense)		(4,150)		(1,914)		(806)		(6,428)
Provision for income taxes		(7,466)		(7,345)		(5,196)		(5,670)
Non-controlling interest		(1,474)		(1,816)		(1,878)		(2,402)
Net income (loss) attributable to TTEC stockholders	$	19,002	$	11,798	$	18,101	$	28,263

Weighted average shares outstanding
Basic		46,203		46,318		46,481		46,487
Diluted		46,590		46,684		46,768		46,830

Net income per share attributable to TTEC stockholders
Basic	$	0.41	$	0.25	$	0.39	$	0.61
Diluted	$	0.41	$	0.25	$	0.39	$	0.60

Included in Other income (expense) in the second quarter is a $2.4 million benefit related to the fair value adjustment of contingent consideration for an acquisition.

Included in Other income (expense) in the third quarter is a $1.4 million benefit on recovery of receivables in connection with the consulting business that is being wound down and a $0.7 million benefit on the sale of trademarks.

Included in Other Income (expense) for each of the quarters is an interest expense charge related to the future purchase for the remaining 30% of the Motif acquisition - $1.3 million, $0.5 million, $0.8 million and $2.1 million in the first, second, third and fourth quarters, respectively.

Included in the Provision for Income Taxes is: a $0.2 million expense in the fourth quarter, a $0.2 million expense in the third quarter, a $0.1 million expense in the second quarter, and a $0.2 million expense in the first quarter related to changes in tax contingent liabilities; a $1.6 million benefit in the fourth quarter, a $0.2 million benefit in the third quarter, a $0.1 million benefit in the second quarter and a $0.1 million expense in the first quarter related to return to provision adjustments; a $2.8 million benefit in the fourth quarter related to tax rate changes; a $2.2 million expense in the fourth quarter, and a $2.3 million expense in the second quarter related to changes in valuation allowances; a $0.2 million benefit in the second quarter and a $0.7 million benefit in the first quarter related to restructuring charges; a $1.2 million benefit in the first quarter, a $1.2 million benefit in the second quarter, a $1.5 million benefit in the third quarter and a $0.8 million benefit in the fourth quarter related to equity based compensation; a $0.8 million benefit in the first quarter, a $0.7 million benefit in the second quarter, a $0.7 million benefit in the third quarter, a $0.7 million benefit in the fourth quarter related to the amortization of purchased intangibles; and a $0.1 million benefit in the fourth quarter, a $0.2 million expense in the third quarter, a $0.1 million expense in the second quarter, and a $0.1 million expense in the first quarter of other items. Without these items our effective tax rate for the year ended December 31, 2019 would have been 24.4%.