Form 8-K - Current report

 

 

 

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): May 8, 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)

 

6312 S. Fiddler's Green Circle, Suite 100N, Greenwood Village, CO 80111

(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)

 

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))

 

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

 

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 May 8, 2024, TTEC Holdings, Inc. issued a press release announcing financial results for its first quarter 2024, the reporting period ended March 31, 2024.

 

A copy of the May 8, 2024 press release is attached hereto 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 first quarter ended March 31, 2024
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

 

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.

 

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: May 9, 2024	By:	/s/ Kenneth R. Wagers, III
		Kenneth R. Wagers, III Chief Financial Officer

 

2

Exhibit 99.1

 

 

TTEC Announces First Quarter 2024

Financial Results

 

First Quarter 2024

 

Revenue was $576.6 Million, down 8.9 Percent

Operating Income was $22.7 Million or 3.9 Percent of Revenue

($37.9 Million or 6.6 Percent of Revenue Non-GAAP)

Net Income was $0.5 Million or 0.1 Percent of Revenue

($12.6 Million or 2.2 Percent of Revenue Non-GAAP)

Adjusted EBITDA was $54.9 Million or 9.5 Percent of Revenue

Fully Diluted EPS was $0.01 ($0.27 Non-GAAP)

 

Reiterates Outlook for Full Year 2024

 

DENVER, May 8, 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 first quarter ended March 31, 2024.

 

“We met our first quarter objectives while navigating a fluid demand environment. We continued to make progress executing our diversification strategy that includes new clients, partnerships, solutions, and geographic delivery locations. We established new client relationships with over two dozen accounts, several of which are large enterprises that present strong long-term growth opportunities,” commented Ken Tuchman, chairman and chief executive officer of TTEC.

 

Tuchman continued, “In TTEC Digital we are gaining momentum as one of the dominant CX partners working at the intersection of Contact Center technology, CRM, AI, and analytics. With our expert teams of CX strategists, data scientists, and engineers, TTEC Digital continues to deliver strong bookings and a growing pipeline.”

 

“In TTEC Engage, we are attracting and ramping an exciting group of new enterprise clients leveraging our expanded geographic footprint and technology-enabled solutions. We are working through anticipated first half 2024 headwinds and are committed to returning the Company to long-term growth and increased profitability,” Tuchman concluded.

 

FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS

 

Revenue

 

·

First quarter 2024 GAAP revenue decreased 8.9 percent to $576.6 million compared to $633.3 million in the prior year.

·

Foreign exchange had a $1.8 million positive impact on revenue in the first quarter of 2024.

 

 

 

 

 

 

Income from Operations

 

·

First quarter 2024 GAAP income from operations was $22.7 million, or 3.9 percent of revenue, compared to $44.4 million, or 7.0 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 $37.9 million, or 6.6 percent of revenue, compared to $60.7 million, or 9.6 percent for the prior year.

·

Foreign exchange had a $0.5 million negative impact on Non-GAAP income from operations in the first quarter of 2024.

 

Adjusted EBITDA

 

·

First quarter 2024 Non-GAAP Adjusted EBITDA was $54.9 million, or 9.5 percent of revenue, compared to $82.9 million, or 13.1 percent of revenue in the prior year.

 

Earnings Per Share

 

·

First quarter 2024 GAAP fully diluted earnings per share was $0.01 compared to $0.44 in the prior year.

·

Non-GAAP fully diluted earnings per share was $0.27 compared to $0.78 in the prior year.

 

CASH FLOW AND BALANCE SHEET

 

·

Cash flow from operations in the first quarter of 2024 was ($15.6) million compared to $49.1 million for the first quarter of 2023.

·

Capital expenditures in the first quarter of 2024 were $13.5 million compared to $13.7 million for the first quarter of 2023.

·

As of March 31, 2024, TTEC had cash and cash equivalents of $91.5 million and debt of $956.8 million, resulting in a net debt position of $865.3 million. This compares to a net debt position of $781.8 million for the same period 2023.

·

As of March 31, 2024, TTEC’s remaining borrowing capacity under its revolving credit facility was approximately $95 million compared to $335 million for the same period 2023.

·

On February 27, 2024, the Board declared the semi-annual dividend of $0.06 per share, or $2.8 million, which was paid on April 30, 2024, to shareholders of record as of April 3, 2024.

 

 

 

 

 

 

SEGMENT REPORTING & COMMENTARY

 

TTEC reports financial results for the following two business segments: TTEC Digital and TTEC Engage. Financial highlights for the two segments are provided below.

 

TTEC Digital – Design, build and operate tech-enabled, insight-driven CX solutions

 

·

First quarter 2024 GAAP revenue for TTEC Digital decreased 4.2 percent to $112.0 million from $116.9 million for the year ago period. Income from operations was $3.3 million or 2.9 percent of revenue compared to an operating income of $0.8 million or 0.7 percent of revenue in the prior year.

·

Non-GAAP income from operations was $9.3 million, or 8.3 percent of revenue, compared to Non-GAAP income from operations of $10.5 million or 9.0 percent of revenue in the prior year.

 

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

 

·

First quarter 2024 GAAP revenue for TTEC Engage decreased 10.0 percent to $464.6 million from $516.4 million for the year ago period. Income from operations was $19.4 million or 4.2 percent of revenue compared to operating income of $43.6 million, or 8.4 percent of revenue in the prior year.

·

Non-GAAP income from operations was $28.7 million, or 6.2 percent of revenue, compared to Non-GAAP income from operations of $50.2 million, or 9.7 percent of revenue in the prior year.

·

Foreign exchange had a $1.7 million positive impact on revenue and $0.4 million negative impact on income from operations.

 

BUSINESS OUTLOOK

 

“We delivered upon our plan in the first quarter, especially the momentum in our TTEC Digital business as an increased level of clients across industries modernize their CX ecosystems with our cloud technology solutions. Operational execution in our TTEC Engage business is a top priority as we focus on increased utilization of our expanded global footprint, deepen our relationships with new and existing clients, and integrate AI-enabled solutions. We are also resolute in our commitment to meaningfully improve our TTEC Engage profit margins in the second half of this year,” commented Kenny Wagers, chief financial officer of TTEC.

 

Wagers continued, “I want to convey our confidence in the attractiveness of the CX marketplace, our differentiated TTEC Engage and TTEC Digital technology and service capabilities, and our fortitude to execute and deliver long-term value to our clients and shareholders. We still believe that the second quarter will be the low point in our performance this year as we transition through the peak of the headwinds in our TTEC Engage business. This, in addition to the profit optimization initiatives shared in our last earnings call, gives us the confidence in achieving our full-year outlook.”

 

 

 

 

 

 

TTEC Full Year 2024 Outlook

 

		Full Year 2024		Full Year 2024
		Guidance		Mid-Point
Revenue		$2,275M — $2,365M		$2,320M
Non-GAAP adjusted EBITDA		$215M — $259M		$237M
Non-GAAP adjusted EBITDA margins		9.5% — 11.0%		10.2%
Non-GAAP operating income		$150M — $194M		$172M
Non-GAAP operating income margins		6.6% — 8.2%		7.4%
Interest expense, net		($79M) — ($81M)		($80M)
Non-GAAP adjusted tax rate		25% — 27%		26%
Diluted share count		47.4M — 47.6M		47.5M
Non-GAAP earnings per a share		$1.10 — $1.78		$1.44

 

Engage Full Year 2024 Outlook

 

		Full Year 2024		Full Year 2024
		Guidance		Mid-Point
Revenue		$1,790M — $1,850M		$1,820M
Non-GAAP adjusted EBITDA		$149M — $179M		$164M
Non-GAAP adjusted EBITDA margins		8.4% — 9.7%		9.0%
Non-GAAP operating income		$95M — $125M		$110M
Non-GAAP operating income margins		5.3% — 6.8%		6.1%

 

Digital Full Year 2024 Outlook

 

		Full Year 2024		Full Year 2024
		Guidance		Mid-Point
Revenue		$485M — $515M		$500M
Non-GAAP adjusted EBITDA		$66M — $80M		$73M
Non-GAAP adjusted EBITDA margins		13.5% — 15.5%		14.5%
Non-GAAP operating income		$55M — $69M		$62M
Non-GAAP operating income margins		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 approximately 58,000 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)

(unaudited)

 

		Three months ended
		March 31,
		2024				2023
Revenue		$	576,638			$	633,286
Operating Expenses:
Cost of services			453,818				482,678
Selling, general and administrative			74,575				74,010
Depreciation and amortization			25,145				25,827
Restructuring charges, net			249				2,053
Impairment losses			140				4,307
Total operating expenses			553,927				588,875
Income From Operations			22,711				44,411
Other income (expense), net			(19,882	)			(15,572	)
Income Before Income Taxes			2,829				28,839
Provision for income taxes			(2,329	)			(7,922	)
Net Income			500				20,917
Net (loss) / income attributable to noncontrolling interest			(2,805	)			(2,270	)
Net (Loss) / Income Attributable to TTEC Stockholders		$	(2,305	)		$	18,647
Net Income Per Share
Basic		$	0.01			$	0.44
Diluted		$	0.01			$	0.44
Net (Loss) / Income Per Share Attributable to TTEC Stockholders
Basic		$	(0.05	)		$	0.39
Diluted		$	(0.05	)		$	0.39
Income From Operations Margin			3.9	%			7.0	%
Net Income Margin			0.1	%			3.3	%
Net (Loss) / Income Attributable to TTEC Stockholders Margin			(0.4	)%			2.9	%
Effective Tax Rate			82.3	%			27.5	%
Weighted Average Shares Outstanding
Basic			47,432				47,234
Diluted			47,587				47,401

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(In thousands)

(unaudited)

 

		Three months ended
		March 31,
		2024				2023
Revenue:
TTEC Digital		$	112,031			$	116,927
TTEC Engage			464,607				516,359
Total		$	576,638			$	633,286
Income From Operations:
TTEC Digital		$	3,288			$	785
TTEC Engage			19,423				43,626
Total		$	22,711			$	44,411

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

		March 31,				December 31,
		2024				2023
ASSETS
Current assets:
Cash and cash equivalents		$	91,514			$	172,747
Accounts receivable, net			404,651				394,868
Prepaids and other current assets			104,985				95,064
Income and other tax receivables			16,328				18,524
Total current assets			617,478				681,203
Property and equipment, net			185,242				191,003
Operating lease assets			113,060				121,574
Goodwill			807,134				808,988
Other intangibles assets, net			189,814				198,433
Income and other tax receivables, long-term			41,501				44,673
Other assets			160,825				139,724
Total assets		$	2,115,054			$	2,185,598
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	90,473			$	96,577
Accrued employee compensation and benefits			120,340				146,184
Deferred revenue			87,787				81,171
Current operating lease liabilities			36,457				38,271
Other current liabilities			49,158				40,824
Total current liabilities			384,215				403,027
Long-term liabilities:
Line of credit			953,000				995,000
Non-current operating lease liabilities			90,218				96,809
Other long-term liabilities			75,212				75,220
Total long-term liabilities			1,118,430				1,167,029
Equity:
Common stock			474				474
Additional paid in capital			412,768				407,415
Treasury stock			(589,475	)			(589,807	)
Accumulated other comprehensive income (loss)			(93,733	)			(89,876	)
Retained earnings			865,277				870,429
Noncontrolling interest			17,098				16,907
Total equity			612,409				615,542
Total liabilities and equity		$	2,115,054			$	2,185,598

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

		Three Months Ended				Three Months Ended
		March 31,				March 31,
		2024				2023
Cash flows from operating activities:
Net income		$	500			$	20,917
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			25,145				25,827
Amortization of contract acquisition costs			283				716
Amortization of debt issuance costs			643				268
Imputed interest expense and fair value adjustments to contingent consideration			(1,240	)			3,178
Provision for credit losses			(31	)			2,263
Loss on disposal of assets			510				605
Impairment losses			140				4,307
Loss on dissolution of subsidiary							301
Deferred income taxes			(12,628	)			(4,994	)
Excess tax benefit from equity-based awards			292				(1	)
Equity-based compensation expense			5,812				4,154
Loss / (gain) on foreign currency derivatives			77				(493	)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable			(11,301	)			11,089
Prepaids and other assets			3,094				13,325
Accounts payable and accrued expenses			(25,845	)			(22,352	)
Deferred revenue and other liabilities			(1,080	)			(10,052	)
Net cash provided by operating activities			(15,629	)			49,058
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment			25				26
Purchases of property, plant and equipment			(13,473	)			(13,669	)
Net cash used in investing activities			(13,448	)			(13,643	)
Cash flows from financing activities:
Net proceeds / (borrowings) from line of credit			(42,000	)			(30,000	)
Payments on other debt			(741	)			(600	)
Payments of contingent consideration and hold back payments to acquisitions			-				(9,162	)
Payments to noncontrolling interest			(2,520	)			(3,367	)
Tax payments related to the issuance of restricted stock units			(127	)			(510	)
Payments of debt issuance costs			(1,100	)			-
Net cash provided by financing activities			(46,488	)			(43,639	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash			1,847				878
Increase in cash, cash equivalents and restricted cash			(73,718	)			(7,346	)
Cash, cash equivalents and restricted cash, beginning of period			173,905				167,064
Cash, cash equivalents and restricted cash, end of period		$	100,187			$	159,718

 

 

 

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(In thousands, except per share data)

(unaudited)

 

		Three months ended
		March 31,
		2024				2023
Revenue		$	576,638			$	633,286
Reconciliation of Non-GAAP Income from Operations and EBITDA:
Income from Operations		$	22,711			$	44,411
Restructuring charges, net			249				2,053
Impairment losses			140				4,307
Cybersecurity incident related impact, net of insurance recovery			-				(3,236	)
Property costs not related to operations			1,033				-
Liability related to notifications triggered by labor scheme (1)			(475	)			-
Equity-based compensation expenses			5,812				4,154
Amortization of purchased intangibles			8,445				9,003
Non-GAAP Income from Operations		$	37,915			$	60,692
Non-GAAP Income from Operations Margin			6.6	%			9.6	%
Depreciation and amortization			16,069				16,824
Changes in acquisition contingent consideration			(1,240	)			3,178
Change in escrow balance related to acquisition			-				625
Loss on dissolution of subsidiary			-				301
Foreign VAT receivable write-off			770				-
Foreign exchange loss / (gain), net			1,192				634
Other Income (expense), net			206				655
Adjusted EBITDA		$	54,912			$	82,909
Adjusted EBITDA Margin			9.5	%			13.1	%
Reconciliation of Non-GAAP EPS:
Net Income		$	500			$	20,917
Add:Asset impairment and restructuring charges			389				6,360
Add:Equity-based compensation expenses			5,812				4,154
Add:Amortization of purchased intangibles			8,445				9,003
Add:Cybersecurity incident related impact, net of insurance recovery			-				(3,236	)
Add:Property costs not related to operations			1,033				-
Add:Liability related to notifications triggered by labor scheme			(475	)			-
Add:Foreign VAT receivable write-off			770				-
Add:Changes in acquisition contingent consideration			(1,240	)			3,178
Add:Changes in escrow balance related to acquisition			-				625
Add:Loss on dissolution of subsidiary			-				301
Add:Foreign exchange loss / (gain), net			1,192				634
Less:Changes in valuation allowance, return to provision adjustments and other, and tax effects of items separately disclosed above			(3,806	)			(5,035	)
Non-GAAP Net Income		$	12,620			$	36,901
Diluted shares outstanding			47,587				47,401
Non-GAAP EPS		$	0.27			$	0.78
Reconciliation of Free Cash Flow:
Cash Flow From Operating Activities:
Net income		$	500			$	20,917
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			25,145				25,827
Other			(41,274	)			2,314
Net cash provided by operating activities			(15,629	)			49,058
Less - Total Cash Capital Expenditures			13,473				13,669
Free Cash Flow		$	(29,102	)		$	35,389

 

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

 

Reconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment:

 

		TTEC Engage								TTEC Digital
		Q1 24				Q1 23				Q1 24				Q1 23
Income from Operations		$	19,422			$	43,626			$	3,289			$	785
Restructuring charges, net			653				992				(404	)			1,061
Impairment losses			140				1,453				-				2,854
Cybersecurity incident related impact, net of insurance recovery			-				(3,236	)			-				-
Property costs not related to operations			1,033				-				-				-
Liability related to notifications triggered by labor scheme			(475	)			-				-				-
Equity-based compensation expenses			3,783				2,676				2,029				1,478
Amortization of purchased intangibles			4,107				4,650				4,338				4,353
Non-GAAP Income from Operations		$	28,663			$	50,161			$	9,252			$	10,531
Depreciation and amortization			13,357				14,316				2,712				2,508
Changes in acquisition contingent consideration			(1,240	)			3,178				-				-
Change in escrow balance related to acquisition			-				625				-				-
Loss on dissolution of subsidiary			-				301				-				-
Foreign VAT receivable write-off			770				-				-				-
Foreign exchange loss / (gain), net			1,378				701				(187	)			(67	)
Other Income (expense), net			44				512				163				143
Adjusted EBITDA		$	42,972			$	69,794			$	11,940			$	13,115

 

 

Cover	May 08, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 08, 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	6312 S. Fiddler's Green Circle
Entity Address, Address Line Two	Suite 100N
Entity Address, City or Town	Greenwood Village
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111
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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