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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): August 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
August 8, 2024, TTEC Holdings, Inc. issued a press release announcing financial results for its second quarter 2024, the reporting
period ended June 30, 2024.
A copy of the
August 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
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: August 9,
2024 |
By: |
/s/
Kenneth R. Wagers, III |
|
|
Kenneth
R. Wagers, III
Chief Financial
Officer |
Exhibit
99.1
TTEC
Announces Second Quarter 2024
Financial
Results
Second
Quarter 2024
Revenue
was $534.1 Million, down 11.0 Percent
Operating
Loss of $224.4 Million or negative 42.0 Percent of Revenue, due to $233.5 Million
Non-cash
Goodwill Impairments and Related Tax Adjustments
(Operating
Income of $29.5 Million or 5.5 Percent of Revenue Non-GAAP)
Net
Loss of $296.8 Million or negative 55.6 Percent of Revenue
(Net
Income of $6.6 Million or 1.2 Percent of Revenue Non-GAAP)
Adjusted
EBITDA was $46.2 Million or 8.7 Percent of Revenue
Fully
Diluted Net Loss Per Share of $6.23 (Net Income Per Share of $0.14 Non-GAAP)
Updated
Outlook for Full Year 2024
DENVER,
August 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 second
quarter ended June 30, 2024.
“Our
results this quarter are impacted by non-cash goodwill impairment charges and related tax adjustments. We continue to operate in a dynamic
macroeconomic environment where clients are facing softer demand and budget constraints putting pressure on our top line in the Engage
business, while our Digital business had a solid quarter,” commented Ken Tuchman, chairman and chief executive officer of TTEC.
Tuchman
continued, “We have continued to implement material cost optimization and transformation initiatives to improve the profitability
of our Engage segment. In addition, we are making meaningful progress on our diversification strategy expanding our geographic footprint,
attracting new enterprise clients, launching new solutions and deepening our partnerships. With these initiatives, we are confident in
our ability to return the company to sustainable long-term growth and increased profitability.”
SECOND
QUARTER 2024 FINANCIAL HIGHLIGHTS
Revenue
| · | Second
quarter 2024 GAAP revenue decreased 11.0 percent to $534.1 million compared to $600.4 million
in the prior year. |
| · | Foreign
exchange had a $1.8 million negative impact on revenue in the second quarter of 2024. |
Income
(Loss) from Operations
| · | Second
quarter 2024 GAAP loss from operations was $224.4 million, or negative 42.0 percent of revenue,
compared to income from operations of $31.3 million, or 5.2 percent of revenue in the
prior year. The significant decrease in operating income was primarily the result of a non-cash
pre-tax $196 million impairment charge related to the fair value of the TTEC Engage
reporting unit, in addition to other factors. |
| · | Non-GAAP
income from operations, excluding restructuring and impairment charges, equity-based compensation
expenses, amortization of purchased intangibles, and other items, was $29.5 million,
or 5.5 percent of revenue, compared to $50.6 million, or 8.4 percent, for the prior
year. |
| · | Foreign
exchange had a $0.8 million positive impact on Non-GAAP income from operations in the second
quarter of 2024. |
Adjusted
EBITDA
| · | Second
quarter 2024 Non-GAAP Adjusted EBITDA was $46.2 million, or 8.7 percent of revenue, compared
to $67.2 million, or 11.2 percent of revenue, in the prior year. |
Net
Income (Loss) Per Share
| · | Second
quarter 2024 GAAP fully diluted net loss per share was $6.23 compared to net income per share
of $0.08 in the prior year. |
| · | Non-GAAP
fully diluted net income per share was $0.14 compared to Non-GAAP net income per share of
$0.55 in the prior year. |
CASH
FLOW AND BALANCE SHEET
| · | Cash
flow from operations in the second quarter of 2024 was $49.3 million compared to $95.9 million
for the second quarter of 2023. |
| · | Capital
expenditures in the second quarter of 2024 were $14.2 million compared to $19.3 million for
the second quarter of 2023. |
| · | As
of June 30, 2024, TTEC had cash and cash equivalents of $79.8 million and debt of $933.2 million,
resulting in a net debt position of $853.4 million. This compares to a net debt position
of $804.2 million for the same period in 2023. |
| · | As
of June 30, 2024, TTEC’s remaining borrowing capacity under its revolving credit
facility was approximately $100 million compared to $265 million for the same period in 2023. |
| · | On
April 30, 2024, TTEC paid a dividend of $0.06 per share, or $2.8 million, to shareholders
of record as of April 3, 2024. |
SEGMENT
REPORTING & COMMENTARY
TTEC
reports financial results for TTEC Digital and TTEC Engage business segments. Financial highlights for the two business segments
are provided below.
TTEC
Digital – Design, build and operate tech-enabled, insight-driven CX solutions
| · | Second
quarter 2024 GAAP revenue for TTEC Digital decreased 1.0 percent to $116.4 million from $117.6
million for the year ago period. Income from operations was $6.0 million or 5.2 percent
of revenue compared to an operating income of $7.2 million, or 6.1 percent of revenue, in
the prior year. |
| · | Non-GAAP
income from operations was $15.0 million, or 12.8 percent of revenue, compared to Non-GAAP
income from operations of $14.7 million, or 12.5 percent of revenue, in the prior year. |
TTEC
Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services
| · | Second
quarter 2024 GAAP revenue for TTEC Engage decreased 13.5 percent to $417.7 million from $482.8
million for the year ago period. Loss from operations was ($230.4) million, or negative 55.2 percent
of revenue, compared to operating income of $24.1 million, or 5.0 percent of revenue in the
prior year. |
| · | Non-GAAP
income from operations was $14.6 million, or 3.5 percent of revenue, compared to Non-GAAP
income from operations of $35.9 million, or 7.4 percent of revenue, in the prior year. |
| · | Foreign
exchange had a $1.7 million negative impact on revenue and $0.8 million positive impact on
income from operations. |
BUSINESS
OUTLOOK
“While
our second quarter Non-GAAP results were largely in line with our expectations, we see continued pressure in the back half of the year
primarily in our Engage business where operational execution remains a top priority,” commented Kenny Wagers, chief financial officer
of TTEC.
Wagers
continued, “We are taking measurable actions in our Engage business to strengthen the foundation for increased profitability. This
includes broad actions to align our Engage and corporate cost structure with forecasted revenue as well as initiatives to improve our
operating efficiencies at the client program level. Our bottoms-up approach has been meticulous to deliver the intended benefits without
impacting the quality of our service delivery and go-to-market platform as we position ourselves for 2025. In our Digital business, clients
across numerous industries are increasingly using our CX technology professional and managed services, with particularly strong demand
for our cloud-based offerings.”
Wagers
concluded, “We continue to believe that the second quarter will be the peak of the headwinds in our Engage business. While we expect
moderate sequential top and bottom line improvement in the third quarter, we are forecasting softer third quarter performance than originally
anticipated before seeing stronger results in the fourth quarter.”
| |
Full Year 2024 Guidance | |
Full Year 2024 Mid-Point |
Revenue | |
$2,210M — $2,260M | |
$2,235M |
Non-GAAP adjusted EBITDA | |
$201M — $217M | |
$209M |
Non-GAAP adjusted EBITDA margins | |
9.1% — 9.6% | |
9.3% |
Non-GAAP operating income | |
$134M — $150M | |
$142M |
Non-GAAP operating income margins | |
6.0% — 6.6% | |
6.3% |
Interest expense, net | |
($82M) — ($84M) | |
($83M) |
Non-GAAP adjusted tax rate | |
32% — 34% | |
33% |
Diluted share count | |
47.5M — 47.7M | |
47.6M |
Non-GAAP earnings per a share | |
$0.74 — $0.97 | |
$0.86 |
Engage Full Year 2024 Outlook | |
| |
|
| |
| |
|
| |
Full Year 2024 Guidance | |
Full Year 2024 Mid-Point |
Revenue | |
$1,730M — $1,760M | |
$1,745M |
Non-GAAP adjusted EBITDA | |
$130M — $140M | |
$135M |
Non-GAAP adjusted EBITDA margins | |
7.5% — 8.0% | |
7.8% |
Non-GAAP operating income | |
$74M — $84M | |
$79M |
Non-GAAP operating income margins | |
4.3% — 4.8% | |
4.5% |
Digital Full Year 2024 Outlook | |
| |
|
| |
| |
|
| |
Full Year 2024 Guidance | |
Full Year 2024 Mid-Point |
Revenue | |
$480M — $500M | |
$490M |
Non-GAAP adjusted EBITDA | |
$70M — $76M | |
$73M |
Non-GAAP adjusted EBITDA margins | |
14.7% — 15.3% | |
15.0% |
Non-GAAP operating income | |
$59M — $65M | |
$62M |
Non-GAAP operating income margins | |
12.4% — 13.1% | |
12.7% |
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. |
EARNINGS
WEBCAST/CONFERENCE CALL
The
Company will host a live webcast and conference call at 8:30 a.m. ET on Friday, August 9, 2024. You are invited to join a live
webcast of the conference call by visiting the "Investors Relations" section of the TTEC website at www.ttec.com. If you are
unable to participate during the live webcast, a replay will be available on the TTEC website.
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 54,000 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
June 30, | | |
Six
months ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue | |
$ | 534,085 | | |
$ | 600,394 | | |
$ | 1,110,723 | | |
$ | 1,233,680 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
Expenses: | |
| | | |
| | | |
| | | |
| | |
Cost
of services | |
| 417,890 | | |
| 464,686 | | |
| 871,708 | | |
| 947,364 | |
Selling,
general and administrative | |
| 73,726 | | |
| 75,338 | | |
| 148,301 | | |
| 149,348 | |
Depreciation
and amortization | |
| 25,071 | | |
| 24,946 | | |
| 50,216 | | |
| 50,773 | |
Restructuring
charges, net | |
| 5,095 | | |
| 1,474 | | |
| 5,344 | | |
| 3,527 | |
Impairment
losses | |
| 236,716 | | |
| 2,652 | | |
| 236,856 | | |
| 6,959 | |
Total
operating expenses | |
| 758,498 | | |
| 569,096 | | |
| 1,312,425 | | |
| 1,157,971 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss)
/ Income From Operations | |
| (224,413 | ) | |
| 31,298 | | |
| (201,702 | ) | |
| 75,709 | |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expense), net | |
| (18,229 | ) | |
| (21,439 | ) | |
| (38,111 | ) | |
| (37,011 | ) |
| |
| | | |
| | | |
| | | |
| | |
(Loss)
/ Income Before Income Taxes | |
| (242,642 | ) | |
| 9,859 | | |
| (239,813 | ) | |
| 38,698 | |
| |
| | | |
| | | |
| | | |
| | |
Provision
for income taxes | |
| (54,126 | ) | |
| (6,102 | ) | |
| (56,455 | ) | |
| (14,024 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
(Loss) / Income | |
| (296,768 | ) | |
| 3,757 | | |
| (296,268 | ) | |
| 24,674 | |
| |
| | | |
| | | |
| | | |
| | |
Net
(loss) / income attributable to noncontrolling interest | |
| (2,771 | ) | |
| (2,546 | ) | |
| (5,576 | ) | |
| (4,816 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
(Loss) / Income Attributable to TTEC Stockholders | |
$ | (299,539 | ) | |
$ | 1,211 | | |
$ | (301,844 | ) | |
$ | 19,858 | |
| |
| | | |
| | | |
| | | |
| | |
Net
(Loss) / Income Per Share | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (6.24 | ) | |
$ | 0.08 | | |
$ | (6.24 | ) | |
$ | 0.52 | |
Diluted | |
$ | (6.23 | ) | |
$ | 0.08 | | |
$ | (6.23 | ) | |
$ | 0.52 | |
| |
| | | |
| | | |
| | | |
| | |
Net
(Loss) / Income Per Share Attributable to TTEC Stockholders | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (6.30 | ) | |
$ | 0.03 | | |
$ | (6.35 | ) | |
$ | 0.42 | |
Diluted | |
$ | (6.29 | ) | |
$ | 0.03 | | |
$ | (6.34 | ) | |
$ | 0.42 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss)
/ Income From Operations Margin | |
| (42.0 | )% | |
| 5.2 | % | |
| (18.2 | )% | |
| 6.1 | % |
Net
(Loss) / Income Margin | |
| (55.6 | )% | |
| 0.6 | % | |
| (26.7 | )% | |
| 2.0 | % |
Net
(Loss) / Income Attributable to TTEC Stockholders Margin | |
| (56.1 | )% | |
| 0.2 | % | |
| (27.2 | )% | |
| 1.6 | % |
Effective
Tax Rate | |
| (22.3 | )% | |
| 61.9 | % | |
| (23.5 | )% | |
| 36.2 | % |
| |
| | | |
| | | |
| | | |
| | |
Weighted
Average Shares Outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 47,564 | | |
| 47,264 | | |
| 47,498 | | |
| 47,249 | |
Diluted | |
| 47,623 | | |
| 47,453 | | |
| 47,585 | | |
| 47,417 | |
TTEC
HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT
INFORMATION
(In
thousands)
(unaudited)
| |
Three
months ended | | |
Six
months ended | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
TTEC
Digital | |
$ | 116,368 | | |
$ | 117,585 | | |
$ | 228,399 | | |
$ | 234,512 | |
TTEC
Engage | |
| 417,717 | | |
| 482,809 | | |
| 882,324 | | |
| 999,168 | |
Total | |
$ | 534,085 | | |
$ | 600,394 | | |
$ | 1,110,723 | | |
$ | 1,233,680 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss)
/ Income From Operations | |
| | | |
| | | |
| | | |
| | |
TTEC
Digital | |
$ | 6,008 | | |
$ | 7,154 | | |
$ | 9,296 | | |
$ | 7,939 | |
TTEC
Engage | |
| (230,421 | ) | |
| 24,144 | | |
| (210,998 | ) | |
| 67,770 | |
Total | |
$ | (224,413 | ) | |
$ | 31,298 | | |
$ | (201,702 | ) | |
$ | 75,709 | |
TTEC
HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In
thousands)
(unaudited)
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
ASSETS | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 79,780 | | |
$ | 172,747 | |
Accounts
receivable, net | |
| 381,685 | | |
| 394,868 | |
Prepaids
and other current assets | |
| 117,081 | | |
| 95,064 | |
Income
and other tax receivables | |
| 24,872 | | |
| 18,524 | |
Total
current assets | |
| 603,418 | | |
| 681,203 | |
| |
| | | |
| | |
Property
and equipment, net | |
| 149,114 | | |
| 191,003 | |
Assets
Held for Sale | |
| 29,449 | | |
| - | |
Operating
lease assets | |
| 106,185 | | |
| 121,574 | |
Goodwill | |
| 573,625 | | |
| 808,988 | |
Other
intangibles assets, net | |
| 181,338 | | |
| 198,433 | |
Income
and other tax receivables, long-term | |
| 37,194 | | |
| 44,673 | |
Other
assets | |
| 112,298 | | |
| 139,724 | |
| |
| | | |
| | |
Total
assets | |
$ | 1,792,621 | | |
$ | 2,185,598 | |
| |
| | | |
| | |
LIABILITIES
AND EQUITY | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 87,115 | | |
$ | 96,577 | |
Accrued
employee compensation and benefits | |
| 132,824 | | |
| 146,184 | |
Deferred
revenue | |
| 77,783 | | |
| 81,171 | |
Current
operating lease liabilities | |
| 35,650 | | |
| 38,271 | |
Other
current liabilities | |
| 54,284 | | |
| 40,824 | |
Total
current liabilities | |
| 387,656 | | |
| 403,027 | |
| |
| | | |
| | |
Long-term
liabilities: | |
| | | |
| | |
Line
of credit | |
| 930,000 | | |
| 995,000 | |
Non-current
operating lease liabilities | |
| 83,855 | | |
| 96,809 | |
Other
long-term liabilities | |
| 86,934 | | |
| 75,220 | |
Total
long-term liabilities | |
| 1,100,789 | | |
| 1,167,029 | |
| |
| | | |
| | |
Equity: | |
| | | |
| | |
Common
stock | |
| 476 | | |
| 474 | |
Additional
paid in capital | |
| 414,728 | | |
| 407,415 | |
Treasury
stock | |
| (586,812 | ) | |
| (589,807 | ) |
Accumulated
other comprehensive income (loss) | |
| (107,581 | ) | |
| (89,876 | ) |
Retained
earnings | |
| 565,738 | | |
| 870,429 | |
Noncontrolling
interest | |
| 17,627 | | |
| 16,907 | |
Total
equity | |
| 304,176 | | |
| 615,542 | |
| |
| | | |
| | |
Total
liabilities and equity | |
$ | 1,792,621 | | |
$ | 2,185,598 | |
TTEC
HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands)
(unaudited)
| |
Six
Months Ended
June 30, | | |
Six
Months Ended
June 30, | |
| |
2024 | | |
2023 | |
Cash
flows from operating activities: | |
| | |
| |
Net
(loss) income | |
$ | (296,268 | ) | |
$ | 24,674 | |
Adjustment
to reconcile net (loss) income to net cash provided by operating activities : | |
| | | |
| | |
Depreciation
and amortization | |
| 50,216 | | |
| 50,773 | |
Amortization
of contract acquisition costs | |
| 677 | | |
| 1,158 | |
Amortization
of debt issuance costs | |
| 985 | | |
| 534 | |
Imputed
interest expense and fair value adjustments to contingent consideration | |
| (1,047 | ) | |
| 6,762 | |
Provision
for credit losses | |
| 2,644 | | |
| 1,704 | |
Loss
on disposal of assets | |
| 1,252 | | |
| 856 | |
Impairment
losses | |
| 236,856 | | |
| 6,959 | |
Loss
on dissolution of subsidiary | |
| - | | |
| 301 | |
Deferred
income taxes | |
| 37,148 | | |
| (10,390 | ) |
Excess
tax benefit from equity-based awards | |
| 1,732 | | |
| 243 | |
Equity-based
compensation expense | |
| 10,916 | | |
| 9,802 | |
Loss
/ (gain) on foreign currency derivatives | |
| 145 | | |
| 247 | |
Changes
in assets and liabilities, net of acquisitions: | |
| | | |
| | |
Accounts
receivable | |
| 8,315 | | |
| 14,645 | |
Prepaids
and other assets | |
| (10,804 | ) | |
| 20,324 | |
Accounts
payable and accrued expenses | |
| (996 | ) | |
| 43,429 | |
Deferred
revenue and other liabilities | |
| (8,126 | ) | |
| (27,072 | ) |
Net
cash provided by operating activities | |
| 33,645 | | |
| 144,949 | |
| |
| | | |
| | |
Cash
flows from investing activities: | |
| | | |
| | |
Proceeds
from sale of property, plant and equipment | |
| 116 | | |
| 28 | |
Purchases
of property, plant and equipment | |
| (27,682 | ) | |
| (32,954 | ) |
Net
cash used in investing activities | |
| (27,566 | ) | |
| (32,926 | ) |
| |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | |
Net
proceeds from / (repayments of) line of credit | |
| (65,000 | ) | |
| (45,000 | ) |
Payments
on other debt | |
| (1,379 | ) | |
| (1,217 | ) |
Payments
of contingent consideration and hold back payments to acquisitions | |
| - | | |
| (37,676 | ) |
Dividends
paid to shareholders | |
| (2,847 | ) | |
| (24,572 | ) |
Payments
to noncontrolling interest | |
| (4,770 | ) | |
| (5,887 | ) |
Tax
payments related to the issuance of restricted stock units | |
| (606 | ) | |
| (629 | ) |
Payments
of debt issuance costs | |
| (1,100 | ) | |
| - | |
Net
cash used in financing activities | |
| (75,702 | ) | |
| (114,981 | ) |
| |
| | | |
| | |
Effect
of exchange rate changes on cash and cash equivalents and restricted cash | |
| (4,612 | ) | |
| 1,275 | |
| |
| | | |
| | |
(Decrease)
in cash, cash equivalents and restricted cash | |
| (74,235 | ) | |
| (1,683 | ) |
Cash,
cash equivalents and restricted cash, beginning of period | |
| 173,905 | | |
| 167,064 | |
Cash,
cash equivalents and restricted cash, end of period | |
$ | 99,670 | | |
$ | 165,381 | |
TTEC
HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION
OF NON-GAAP FINANCIAL INFORMATION
(In
thousands, except per share data)
(unaudited)
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue | |
$ | 534,085 | | |
$ | 600,394 | | |
$ | 1,110,723 | | |
$ | 1,233,680 | |
| |
| | | |
| | | |
| | | |
| | |
Reconciliation of Non-GAAP Income from Operations and EBITDA: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net (Loss) / Income from Operations | |
$ | (224,413 | ) | |
$ | 31,298 | | |
$ | (201,702 | ) | |
$ | 75,709 | |
Restructuring charges, net | |
| 5,095 | | |
| 1,474 | | |
| 5,344 | | |
| 3,527 | |
Impairment losses | |
| 236,716 | | |
| 2,652 | | |
| 236,856 | | |
| 6,959 | |
Cybersecurity incident related impact, net of insurance recovery | |
| - | | |
| 26 | | |
| - | | |
| (3,210 | ) |
Grant income for pandemic relief | |
| - | | |
| 40 | | |
| - | | |
| 40 | |
Property costs not related to operations | |
| 872 | | |
| - | | |
| 1,905 | | |
| - | |
Change in acquisition related obligation | |
| - | | |
| 483 | | |
| - | | |
| 483 | |
Liability related to notifications triggered by labor scheme(1) | |
| (2,275 | ) | |
| - | | |
| (2,750 | ) | |
| - | |
Equity-based compensation expenses | |
| 5,104 | | |
| 5,648 | | |
| 10,916 | | |
| 9,802 | |
Amortization of purchased intangibles | |
| 8,439 | | |
| 9,007 | | |
| 16,884 | | |
| 18,010 | |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP Income from Operations | |
$ | 29,538 | | |
$ | 50,628 | | |
$ | 67,453 | | |
$ | 111,320 | |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP Income from Operations Margin | |
| 5.5 | % | |
| 8.4 | % | |
| 6.1 | % | |
| 9.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 16,210 | | |
| 15,939 | | |
| 32,279 | | |
| 32,763 | |
Changes in acquisition contingent consideration | |
| 193 | | |
| 3,584 | | |
| (1,047 | ) | |
| 6,762 | |
Change in escrow balance related to acquisition | |
| - | | |
| - | | |
| - | | |
| 625 | |
Loss on dissolution of subsidiary | |
| - | | |
| - | | |
| - | | |
| 301 | |
Foreign SS Tax Recovery | |
| (853 | ) | |
| - | | |
| (853 | ) | |
| - | |
Foreign VAT receivable writeoff | |
| - | | |
| - | | |
| 770 | | |
| - | |
Foreign exchange loss / (gain), net | |
| (636 | ) | |
| 578 | | |
| 556 | | |
| 1,212 | |
Other Income (expense), net | |
| 1,788 | | |
| (3,574 | ) | |
| 1,994 | | |
| (2,919 | ) |
| |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
$ | 46,240 | | |
$ | 67,155 | | |
$ | 101,152 | | |
$ | 150,064 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA Margin | |
| 8.7 | % | |
| 11.2 | % | |
| 9.1 | % | |
| 12.2 | % |
| |
| | | |
| | | |
| | | |
| | |
Reconciliation of Non-GAAP EPS: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net Income | |
$ | (296,768 | ) | |
$ | 3,757 | | |
$ | (296,268 | ) | |
$ | 24,674 | |
Add:Asset impairment and restructuring charges | |
| 241,811 | | |
| 4,126 | | |
| 242,200 | | |
| 10,486 | |
Add:Equity-based compensation expenses | |
| 5,104 | | |
| 5,648 | | |
| 10,916 | | |
| 9,802 | |
Add:Amortization of purchased intangibles | |
| 8,439 | | |
| 9,007 | | |
| 16,884 | | |
| 18,010 | |
Add:Cybersecurity incident related impact, net of insurance recovery | |
| - | | |
| 26 | | |
| - | | |
| (3,210 | ) |
Add:Grant income for pandemic relief | |
| - | | |
| 40 | | |
| - | | |
| 40 | |
Add:Change in acquisition related obligation | |
| - | | |
| 483 | | |
| - | | |
| 483 | |
Add:Property costs not related to operations | |
| 872 | | |
| - | | |
| 1,905 | | |
| - | |
Add:Liability related to notifications triggered by labor scheme | |
| (2,275 | ) | |
| - | | |
| (2,750 | ) | |
| - | |
Add:Foreign SS Tax Recovery | |
| (853 | ) | |
| - | | |
| (853 | ) | |
| - | |
Add:Foreign VAT receivable writeoff | |
| - | | |
| - | | |
| 770 | | |
| - | |
Add:Changes in acquisition contingent consideration | |
| 193 | | |
| 3,584 | | |
| (1,047 | ) | |
| 6,762 | |
Add:Changes in escrow balance related to acquisition | |
| - | | |
| - | | |
| - | | |
| 625 | |
Add:Loss on dissolution of subsidiary | |
| - | | |
| - | | |
| - | | |
| 301 | |
Add:Foreign exchange loss / (gain), net | |
| (636 | ) | |
| 578 | | |
| 556 | | |
| 1,212 | |
Less:Changes in valuation allowance, return to provision adjustments and other, and tax effects of items separately disclosed above | |
| 50,748 | | |
| (1,349 | ) | |
| 46,942 | | |
| (6,384 | ) |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP Net Income | |
$ | 6,635 | | |
$ | 25,900 | | |
$ | 19,255 | | |
$ | 62,801 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted shares outstanding | |
| 47,623 | | |
| 47,453 | | |
| 47,585 | | |
| 47,417 | |
| |
| | | |
| | | |
| | | |
| | |
Non-GAAP EPS | |
$ | 0.14 | | |
$ | 0.55 | | |
$ | 0.40 | | |
$ | 1.32 | |
| |
| | | |
| | | |
| | | |
| | |
Reconciliation of Free Cash Flow: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Cash Flow From Operating Activities: | |
| | | |
| | | |
| | | |
| | |
Net (loss) / income | |
$ | (296,768 | ) | |
$ | 3,757 | | |
$ | (296,268 | ) | |
$ | 24,674 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 25,071 | | |
| 24,946 | | |
| 50,216 | | |
| 50,773 | |
Other | |
| 320,971 | | |
| 67,188 | | |
| 279,697 | | |
| 69,502 | |
Net cash provided by operating activities | |
| 49,274 | | |
| 95,891 | | |
| 33,645 | | |
| 144,949 | |
| |
| | | |
| | | |
| | | |
| | |
Less - Total Cash Capital Expenditures | |
| 14,209 | | |
| 19,285 | | |
| 27,682 | | |
| 32,954 | |
| |
| | | |
| | | |
| | | |
| | |
Free Cash Flow | |
$ | 35,065 | | |
$ | 76,606 | | |
$ | 5,963 | | |
$ | 111,995 | |
(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)
(unaudited)
Reconciliation
of Non-GAAP Income from Operations and Adjusted EBITDA by Segment :
| |
TTEC Engage | | |
TTEC Digital | | |
TTEC Engage | | |
TTEC Digital | |
| |
Q2 24 | | |
Q2 23 | | |
Q2 24 | | |
Q2 23 | | |
YTD 24 | | |
YTD 23 | | |
YTD 24 | | |
YTD 23 | |
(Loss) / Income from Operations | |
$ | (230,421 | ) | |
$ | 24,144 | | |
$ | 6,008 | | |
$ | 7,154 | | |
$ | (210,999 | ) | |
$ | 67,770 | | |
$ | 9,297 | | |
$ | 7,939 | |
Restructuring charges, net | |
| 4,842 | | |
| 801 | | |
| 253 | | |
| 673 | | |
| 5,495 | | |
| 1,793 | | |
| (151 | ) | |
| 1,734 | |
Impairment losses | |
| 234,205 | | |
| 2,652 | | |
| 2,511 | | |
| - | | |
| 234,345 | | |
| 4,105 | | |
| 2,511 | | |
| 2,854 | |
Cybersecurity incident related impact, net of insurance recovery | |
| | | |
| 26 | | |
| | | |
| - | | |
| | | |
| (3,210 | ) | |
| - | | |
| - | |
Grant income for pandemic relief | |
| | | |
| 40 | | |
| | | |
| - | | |
| | | |
| 40 | | |
| - | | |
| - | |
Property costs not related to operations | |
| 872 | | |
| - | | |
| | | |
| - | | |
| 1,905 | | |
| - | | |
| - | | |
| - | |
Change in acquisition related obligation | |
| | | |
| - | | |
| | | |
| 483 | | |
| | | |
| - | | |
| - | | |
| 483 | |
Liability related to notifications triggered by labor scheme | |
| (2,275 | ) | |
| - | | |
| | | |
| - | | |
| (2,750 | ) | |
| - | | |
| - | | |
| - | |
Equity-based compensation expenses | |
| 3,264 | | |
| 3,596 | | |
| 1,840 | | |
| 2,052 | | |
| 7,047 | | |
| 6,272 | | |
| 3,869 | | |
| 3,530 | |
Amortization of purchased intangibles | |
| 4,101 | | |
| 4,652 | | |
| 4,338 | | |
| 4,355 | | |
| 8,208 | | |
| 9,302 | | |
| 8,676 | | |
| 8,708 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-GAAP Income from Operations | |
$ | 14,588 | | |
$ | 35,911 | | |
$ | 14,950 | | |
$ | 14,717 | | |
$ | 43,251 | | |
$ | 86,072 | | |
$ | 24,202 | | |
$ | 25,248 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 13,534 | | |
| 13,572 | | |
| 2,676 | | |
| 2,367 | | |
| 26,891 | | |
| 27,888 | | |
| 5,388 | | |
| 4,875 | |
Changes in acquisition contingent consideration | |
| 193 | | |
| 3,584 | | |
| | | |
| - | | |
| (1,047 | ) | |
| 6,762 | | |
| - | | |
| - | |
Change in escrow balance related to acquisition | |
| - | | |
| | | |
| | | |
| - | | |
| - | | |
| 625 | | |
| - | | |
| - | |
Loss on dissolution of subsidiary | |
| - | | |
| | | |
| | | |
| - | | |
| - | | |
| 301 | | |
| - | | |
| - | |
Foreign VAT receivable writeoff | |
| - | | |
| | | |
| | | |
| - | | |
| 770 | | |
| | | |
| - | | |
| | |
Foreign SS Tax Recovery | |
| (853 | ) | |
| | | |
| | | |
| | | |
| (853 | ) | |
| | | |
| | | |
| | |
Foreign exchange loss / (gain), net | |
| (585 | ) | |
| 411 | | |
| (51 | ) | |
| 167 | | |
| 793 | | |
| 1,112 | | |
| (238 | ) | |
| 100 | |
Other Income (expense), net | |
| 1,733 | | |
| (3,422 | ) | |
| 55 | | |
| (152 | ) | |
| 1,777 | | |
| (2,910 | ) | |
| 218 | | |
| (9 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
$ | 28,610 | | |
$ | 50,056 | | |
$ | 17,630 | | |
$ | 17,099 | | |
$ | 71,582 | | |
$ | 119,850 | | |
$ | 29,570 | | |
$ | 30,214 | |
v3.24.2.u1
Cover
|
Aug. 08, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Aug. 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 |
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- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
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- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
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- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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- DefinitionTitle of a 12(b) registered security.
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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