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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TTEC Holdings Inc | NASDAQ:TTEC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.225 | 3.08% | 7.525 | 7.24 | 7.78 | 7.64 | 7.22 | 7.45 | 268,462 | 21:00:10 |
DENVER, May 4, 2021 /PRNewswire/ -- 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 first quarter ended March 31, 2021.
"Our broad-based financial momentum is accelerating and for the fourth consecutive quarter we have delivered record financial results," commented Ken Tuchman, chairman and chief executive officer of TTEC. "Across the industries and geographies that we serve, improving the customer experience has never been more urgent. The experience economy has created an explosion of interaction volumes across a myriad of channels. The result is a dizzying array of challenges for companies and government entities alike. Their brand equity and their financial success are now reliant upon their ability to rapidly modernize their technology, operations and processes to deliver a frictionless, personalized experience. Given our sustained momentum and strong bookings, pipeline, and revenue backlog, it is evident that more of the world's most iconic and fastest-growing brands are embracing the differentiated TTEC value proposition."
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS
Revenue
Income from Operations
Adjusted EBITDA
Earnings Per Share
Bookings
STRONG CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND DIVIDENDS
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
TTEC Engage – Digitally-enabled customer care, acquisition, and fraud prevention services
BUSINESS OUTLOOK
"2021 is off to a strong start with record first quarter top and bottom-line financial results exceeding our plan," commented Regina Paolillo, chief financial and administrative officer. We are well positioned for strong profitable growth in 2021 supported by elevated levels of bookings, pipeline and revenue backlog and further evidenced by the increase in our full-year outlook. Our go-to-market platform is accelerating the adoption of our differentiated CX solutions and we continue to augment our organic growth with meaningful accretive strategic acquisitions."
Paolillo continued, "Undeniably, the strategic investments that we have made over the years and the level of execution we are experiencing has transformed our company, increased our value proposition in the marketplace, and changed the financial profile and trajectory of the business. We have a high degree of confidence in our enhanced 2021 outlook, including the revenue and profitability split between first and second half of the year."
Our raised full-year 2021 outlook, including Avtex, is as follows:
Revenue between $2.191 and $2.221 billion, an increase of 12.4 and 14.0 percent over the prior year.
Non-GAAP Operating Income margins between 12.0 and 12.4 percent.
Non-GAAP Adjusted EBITDA margins between 15.0 and 15.3 percent.
Non-GAAP Earnings Per Share between $4.14 and $4.32.
Capital expenditures are estimated to between 3.1 and 3.3 percent of revenue, of which approximately 60 percent is growth oriented.
Effective tax rate for the full year is estimated between 22 and 24 percent.
Diluted share count for the full year is estimated between 47.2 and 47.6 million.
We estimate the first half - second half 2021 mix as follows:
We estimate the Digital - Engage 2021 mix as follows:
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.
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 prevention, 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 58,500 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") and is 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, are 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; our dependance on 3rd parties for our cloud solutions; the impact of COVID-19 on our business and our clients' business; 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 risks related to our technology, including cybersecurity, the reliability of our information technology infrastructure and our ability to consistently deliver uninterrupted service to our clients; the risk related to our international operations; the risks related to legal 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 healthcare, financial and public sector specific regulations, our ability to comply with these laws timely, and 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.
TTEC HOLDINGS, INC. AND SUBSIDIARIES | |||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
(In thousands, except per share data) | |||||
(unaudited) | |||||
Three months ended | |||||
March 31, | |||||
2021 | 2020 | ||||
Revenue | $ 539,219 | $ 432,213 | |||
Operating Expenses: | |||||
Cost of services | 388,660 | 321,557 | |||
Selling, general and administrative | 52,757 | 49,834 | |||
Depreciation and amortization | 20,459 | 18,872 | |||
Restructuring and integration charges, net | 402 | 538 | |||
Impairment losses | 3,517 | 696 | |||
Total operating expenses | 465,795 | 391,497 | |||
Income From Operations | 73,424 | 40,716 | |||
Other income (expense), net | (2,421) | (5,832) | |||
Income Before Income Taxes | 71,003 | 34,884 | |||
Provision for income taxes | (15,979) | (10,199) | |||
Net Income | 55,024 | 24,685 | |||
Net income attributable to noncontrolling interest | (4,606) | (3,151) | |||
Net Income Attributable to TTEC Stockholders | $ 50,418 | $ 21,534 | |||
Net Income Per Share | |||||
Basic | $ 1.18 | $ 0.53 | |||
Diluted | $ 1.16 | $ 0.53 | |||
Net Income Per Share Attributable to TTEC Stockholders | |||||
Basic | $ 1.08 | $ 0.46 | |||
Diluted | $ 1.06 | $ 0.46 | |||
Income From Operations Margin | 13.6% | 9.4% | |||
Net Income Margin | 10.2% | 5.7% | |||
Net Income Attributable to TTEC Stockholders Margin | 9.4% | 5.0% | |||
Effective Tax Rate | 22.5% | 29.2% | |||
Weighted Average Shares Outstanding | |||||
Basic | 46,743 | 46,498 | |||
Diluted | 47,355 | 46,813 |
TTEC HOLDINGS, INC. AND SUBSIDIARIES | ||||
SEGMENT INFORMATION | ||||
(In thousands) | ||||
(unaudited) | ||||
Three months ended | ||||
March 31, | ||||
2021 | 2020 | |||
Revenue: | ||||
TTEC Digital | $ 63,587 | $ 77,556 | ||
TTEC Engage | 475,632 | 354,657 | ||
Total | $ 539,219 | $ 432,213 | ||
Income From Operations: | ||||
TTEC Digital | $ 4,202 | $ 10,258 | ||
TTEC Engage | 69,222 | 30,458 | ||
Total | $ 73,424 | $ 40,716 |
TTEC HOLDINGS, INC. AND SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(In thousands) | ||||
(unaudited) | ||||
March 31, | December 31, | |||
2021 | 2020 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 144,213 | $ 132,914 | ||
Accounts receivable, net | 350,307 | 378,397 | ||
Other current assets | 169,338 | 145,491 | ||
Total current assets | 663,858 | 656,802 | ||
Property and equipment, net | 168,697 | 178,706 | ||
Other assets | 663,098 | 680,900 | ||
Total assets | $ 1,495,653 | $ 1,516,408 | ||
LIABILITIES AND EQUITY | ||||
Total current liabilities | $ 402,946 | $ 396,170 | ||
Other long-term liabilities | 557,792 | 609,500 | ||
Redeemable noncontrolling interest | 54,674 | 52,976 | ||
Total equity | 480,241 | 457,762 | ||
Total liabilities and equity | $ 1,495,653 | $ 1,516,408 |
TTEC HOLDINGS, INC. AND SUBSIDIARIES | |||||||
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION | |||||||
(In thousands, except per share data) | |||||||
(unaudited) | |||||||
Three months ended | |||||||
March 31, | |||||||
2021 | 2020 | ||||||
Revenue | $ 539,219 | $ 432,213 | |||||
Reconciliation of Adjusted EBITDA: | |||||||
Net Income | $ 55,024 | $ 24,685 | |||||
Interest income | (179) | (364) | |||||
Interest expense | 1,802 | 9,592 | |||||
Provision for income taxes | 15,979 | 10,199 | |||||
Depreciation and amortization | 20,459 | 18,872 | |||||
Asset impairment, restructuring and integration charges | 3,919 | 1,234 | |||||
Gain on sale of business units | - | (246) | |||||
Changes in acquisition contingent consideration | 877 | (3,265) | |||||
Grant income for pandemic relief | (6,032) | - | |||||
Equity-based compensation expenses | 4,028 | 2,919 | |||||
Adjusted EBITDA | $ 95,877 | $ 63,626 | |||||
Reconciliation of Free Cash Flow: | |||||||
Cash Flow From Operating Activities: | |||||||
Net income | $ 55,024 | $ 24,685 | |||||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation and amortization | 20,459 | 18,872 | |||||
Other | (5,696) | 18,608 | |||||
Net cash provided by operating activities | 69,787 | 62,165 | |||||
Less - Total Cash Capital Expenditures | 11,565 | 16,813 | |||||
Free Cash Flow | $ 58,222 | $ 45,352 | |||||
Reconciliation of Non-GAAP Income from Operations: | |||||||
Income from Operations | $ 73,424 | $ 40,716 | |||||
Restructuring charges, net | 402 | 538 | |||||
Impairment losses | 3,517 | 696 | |||||
Grant income for pandemic relief | (6,032) | - | |||||
Equity-based compensation expenses | 4,028 | 2,919 | |||||
Amortization of purchased intangibles | 4,515 | 3,877 | |||||
Non-GAAP Income from Operations | $ 79,854 | $ 48,746 | |||||
Non-GAAP Income from Operations Margin | 14.8% | 11.3% | |||||
Reconciliation of Non-GAAP EPS: | |||||||
Net Income | $ 55,024 | $ 24,685 | |||||
Add: Asset restructuring and impairment charges | 3,919 | 1,234 | |||||
Add: Equity-based compensation expenses | 4,028 | 2,919 | |||||
Add: Amortization of purchased intangibles | 4,515 | 3,877 | |||||
Add: Interest charge related to future purchase of remaining 30% for Motif acquisition | - | 6,477 | |||||
Less: Changes in acquisition contingent consideration | 877 | (3,265) | |||||
Less: Gain on sale of business units | - | (246) | |||||
Less: Grant income for pandemic relief | (6,032) | - | |||||
Less: Changes in valuation allowance, return to provision adjustments and other, and tax effects of items separately disclosed above | (2,605) | (853) | |||||
Non-GAAP Net Income | $ 59,726 | $ 34,828 | |||||
Diluted shares outstanding | 47,355 | 46,813 | |||||
Non-GAAP EPS | $1.26 | $0.74 | |||||
Reconciliation of Adjusted EBITDA by Segment : | TTEC Engage | TTEC Digital | |||||
Q1 21 | Q2 20 | Q1 21 | Q2 20 | ||||
Earnings before Income Taxes | $ 66,762 | $ 24,582 | $ 4,241 | $ 10,302 | |||
Interest income / expense, net | 1,662 | 9,274 | (39) | (45) | |||
Depreciation and amortization | 16,572 | 15,584 | 3,887 | 3,288 | |||
Asset impairment, restructuring and integration charges | 3,910 | 331 | 8 | 902 | |||
Gain on sale of business units | - | (246) | - | - | |||
Grant income for pandemic relief | (6,032) | - | - | - | |||
Changes in acquisition contingent consideration | 877 | (3,265) | - | - | |||
Equity-based compensation expenses | 2,742 | 2,070 | 1,287 | 849 | |||
Adjusted EBITDA | $ 86,493 | $ 48,330 | $ 9,384 | $ 15,296 |
Investor Relations Contact Paul Miller +1.303.397.8641 | Public Relations Contact Nick Cerise +1.303.397.8331 | Address 9197 South Peoria Street Englewood, CO 80112 | Contact ttec.com +1.800.835.3832 |
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SOURCE TTEC Holdings, Inc.
Copyright 2021 PR Newswire
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