TTEC Announces Third Quarter 2024 Financial Results

PR Newswire11-07

Third Quarter 2024 Revenue was $529.4 Million, down 12.2 PercentOperating Income of $12.9 Million or 2.4 Percent of Revenue(Operating Income of $34.1 Million or 6.4 Percent of Revenue Non-GAAP)Net ...

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTTEC Announces Third Quarter 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-07 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/ttec-announces-third-quarter-2024-210500061.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Third Quarter 2024\nRevenue was $529.4 Million, down 12.2 PercentOperating Income of $12.9 Million or 2.4 Percent of Revenue(Operating Income of $34.1 Million or 6.4 Percent of Revenue Non-GAAP)Net ...</p>\n\n<a href=\"https://finance.yahoo.com/news/ttec-announces-third-quarter-2024-210500061.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4106","symbol_name":"数据处理与外包服务","start_time":0,"source_url":"https://finance.yahoo.com/news/ttec-announces-third-quarter-2024-210500061.html","article_id":"2481951300","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ND.UbJmUMn70inQzBA4W6w--~B/aD0xOTk7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/prnewswire.com/9bae07dad7415b81636fecbad8e7eea7"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/ttec-announces-third-quarter-2024-210500061.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2481951300","pubTimestamp":1730927100,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Revenue was $529.4 Million, down 12.2 PercentOperating Income of $12.9 Million or 2.4 Percent of RevenueNet Loss of $19.0 Million or negative 3.6 Percent of RevenueAdjusted EBITDA was $50.3 Million or 9.5 Percent of RevenueFully Diluted Net Loss Per Share of $0.40 . DENVER, Nov. 6, 2024 /PRNewswire/ --TTEC Holdings, Inc. , a leading global CX  technology and services innovator for AI-enabled CX with solutions from TTEC Engage and TTEC Digital, announced today financial results for the third quarter ended September 30, 2024.Third quarter 2024 GAAP revenue decreased 12.2 percent to $529.4 million compared to $603.0million in the prior year.Third quarter 2024 GAAP income from operations was $12.9 million, or 2.4 percent of revenue, compared to income from operations of $25.4million, or 4.2 percent of revenue, in the prior year.Non-GAAP net income was $5.4 million, or 1.0 percent of revenue, compared to Non-GAAP net income of $22.9 million, or 3.8 percent of revenue, in the prior year.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4106":"数据处理与外包服务","TTEC":"TTEC Holdings","BK4226":"数据处理及外包服务"},"translate_title":"TTEC公布2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TTEC":1},"content_text":"Third Quarter 2024\nRevenue was $529.4 Million, down 12.2 PercentOperating Income of $12.9 Million or 2.4 Percent of Revenue(Operating Income of $34.1 Million or 6.4 Percent of Revenue Non-GAAP)Net Loss of $19.0 Million or negative 3.6 Percent of Revenue(Net Income of $5.4 Million or 1.0 Percent of Revenue Non-GAAP)Adjusted EBITDA was $50.3 Million or 9.5 Percent of RevenueFully Diluted Net Loss Per Share of $0.40 (Net Income Per Share of $0.11 Non-GAAP)\nDENVER, Nov. 6, 2024 /PRNewswire/ -- 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 third quarter ended September 30, 2024.\n\"We remain focused on executing our diversification strategies, enhancing our portfolio of AI-enabled CX solutions and our operational agility, while working to strengthen our financial performance,\" commented Ken Tuchman, chief executive officer of TTEC. \"The industry dynamics and macroeconomic environment continue to create headwinds as select clients delay decision-making and/or focus on near-term cost savings.\"\n\"While taking more time than expected, we are prudently working through various challenges during this transitional year. We are executing against our top strategic priorities alongside taking the necessary profit improvement actions to strengthen our balance sheet and return the company to long-term revenue growth and increased profitability,\" Tuchman concluded.\nTHIRD QUARTER 2024 FINANCIAL HIGHLIGHTS            \nRevenue         \n\nThird quarter 2024 GAAP revenue decreased 12.2 percent to $529.4 million compared to $603.0 million in the prior year.\nForeign exchange had a $0.5 million negative impact on revenue in the third quarter of 2024.\n\nIncome (Loss) from Operations\n\nThird quarter 2024 GAAP income from operations was $12.9 million, or 2.4 percent of revenue, compared to income from operations of $25.4 million, or 4.2 percent of revenue, in the prior year.\nNon-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $34.1 million, or 6.4 percent of revenue, compared to $47.3 million, or 7.8 percent, for the prior year.\nForeign exchange had a $2.6 million positive impact on Non-GAAP income from operations in the third quarter of 2024.\n\nAdjusted EBITDA      \n\nThird quarter 2024 Non-GAAP Adjusted EBITDA was $50.3 million, or 9.5 percent of revenue, compared to $63.9 million, or 10.6 percent of revenue, in the prior year.\n\nNet Income (Loss)\n\nThird quarter 2024 GAAP net loss was $19.0 million, or negative 3.6 percent of revenue, compared to net income of $1.8 million, or 0.3 percent of revenue, in the prior year.\nNon-GAAP net income was $5.4 million, or 1.0 percent of revenue, compared to Non-GAAP net income of $22.9 million, or 3.8 percent of revenue, in the prior year.\n\nNet Income (Loss) Per Share\n\nThird quarter 2024 GAAP fully diluted net loss per share was $0.40 compared to net income per share of $0.04 in the prior year.\nNon-GAAP fully diluted net income per share was $0.11 compared to Non-GAAP net income per share of $0.48 in the prior year.\n\nCASH FLOW AND BALANCE SHEET  \n\nCash flow from operations in the third quarter of 2024 was a negative $91.4 million compared to a negative $31.7 million for the third quarter of 2023.\nFree cash flow in the third quarter of 2024 was a negative $100.2 million compared to a negative $53.5 million in the prior year. The decline was primarily related to the impact of the accounts receivable factoring facility discontinuation in the quarter. This discontinuation negatively impacted our cash flow from operations by $81.8 million for the three months ended September 30, 2024 and $101.2 million for the nine months ended September 30, 2024. Excluding the factoring facility impact, free cash flow in the third quarter of 2024 was negative $18.4 million. The year-over-year improvement reflects improved working capital conversion and lower capital expenditures, partially offset by lower profitability.\nCapital expenditures in the third quarter of 2024 were $8.8 million compared to $21.8 million for the third quarter of 2023.\nAs of September 30, 2024, TTEC had cash and cash equivalents of $96.9 million and debt of $1,028.4 million, resulting in a net debt position of $931.5 million. This compares to a net debt position of $815.7 million for the same period in 2023. The increase in net debt is also primarily explained by the discontinuation of the accounts receivable factoring facility.\nAs of September 30, 2024, TTEC's remaining borrowing capacity under its revolving credit facility was approximately $140 million compared to $215 million for the same period in 2023.\nOn November 4, 2024, the Board of Directors of the Company suspended the Company's semi-annual cash dividend as part of its ongoing shift to prioritize debt reduction associated with strategic acquisitions and other investments in the business. The Board expects to review the dividend suspension in the future to determine, in light of facts and circumstances at that time, whether and when to reinstate a semi-annual cash dividend.\n\nSALE OF MATERIAL ASSET NOT USED IN OPERATIONS\nOn November 5, 2024, the Company closed the transaction of a real estate asset held for sale in Englewood, Colorado for $45.5 million dollars, subject to customary adjustments. Prior to the COVID pandemic, the building was used as the Company's principal place of business. The Company intends to use the proceeds from the sale to reduce its outstanding balance under the revolving line of credit.\nSEGMENT REPORTING & COMMENTARY\nTTEC reports financial results for TTEC Digital and TTEC Engage business segments. Financial highlights for the two business segments are provided below.\nTTEC Digital – Design, build and operate tech-enabled, insight-driven CX solutions\n\nThird quarter 2024 GAAP revenue for TTEC Digital decreased 13.2 percent to $115.7 million from $133.3 million for the year ago period. Income from operations was $7.5 million, or 6.5 percent of revenue, compared to income from operations of $11.9 million, or 8.9 percent of revenue, in the prior year. The year-over-year reduction primarily relates to a large one-time on-premise sale in the prior year period. Excluding on-premise sales, TTEC Digital's professional services and recurring revenue together increased by 5.9 percent year over year in the third quarter. \nNon-GAAP income from operations was $14.4 million, or 12.5 percent of revenue, compared to Non-GAAP income from operations of $19.4 million, or 14.5 percent of revenue, in the prior year.\n\nTTEC Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services\n\nThird quarter 2024 GAAP revenue for TTEC Engage decreased 11.9 percent to $413.8 million from $469.7 million for the year ago period. Income from operations was $5.4 million, or 1.3 percent of revenue, compared to income from operations of $13.5 million, or 2.9 percent of revenue, in the prior year.\nNon-GAAP income from operations was $19.7 million, or 4.8 percent of revenue, compared to Non-GAAP income from operations of $27.9 million, or 5.9 percent of revenue, in the prior year.\nForeign exchange had a $0.6 million negative impact on revenue and a $2.6 million positive impact on income from operations.\n\nBUSINESS OUTLOOK \n\"We are achieving many of the key objectives that we set forth during this transitional year,\" commented Kenny Wagers, chief financial officer of TTEC. \"In TTEC Digital, we are diversifying our CX technology partnerships and broadening our expertise and capabilities across Contact Center, CRM, AI and analytics solutions. In TTEC Engage, we are launching new client programs across our expanded geographic footprint, working through the previously mentioned headwinds, and executing upon our profit optimization initiatives. \nWagers continued, \"At the company level, we are re-iterating full year 2024 guidance near the lower end of the range that we provided last quarter. At the segment level, the appropriate contribution adjustments were made to reflect our third-quarter actual results and updated fourth-quarter forecasts. As we prepare to transition into 2025, we remain focused on our strategic priorities and resolute in our ability to return TTEC to long-term organic growth and increased profitability.\"\n\n\n\n\nTTEC Full Year 2024 Outlook \n\n\n\n\n\n\nFull Year 2024Guidance \n\nFull Year 2024Mid-Point \n\n\nRevenue \n$2,210M — $2,260M \n\n$2,235M \n\n\nNon-GAAP adjusted EBITDA \n$201M — $217M \n\n$209M \n\n\nNon-GAAP adjusted EBITDA margins \n9.1% — 9.6% \n\n9.3 % \n\n\nNon-GAAP operating income \n$134M — $150M \n\n$142M \n\n\nNon-GAAP operating income margins \n6.1% — 6.6% \n\n6.3 % \n\n\nInterest expense, net \n($82M) — ($84M) \n\n($83M) \n\n\nNon-GAAP adjusted tax rate \n40% — 46% \n\n43 % \n\n\nDiluted share count \n47.6M — 47.8M \n\n47.7M \n\n\nNon-GAAP earnings per a share \n$0.64 — $0.83 \n\n$0.73 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEngage Full Year 2024 Outlook \n\n\n\n\n\n\nFull Year 2024Guidance \n\nFull Year 2024Mid-Point \n\n\nRevenue \n$1,737M — $1,767M \n\n$1,752M \n\n\nNon-GAAP adjusted EBITDA \n$137M — $147M \n\n$142M \n\n\nNon-GAAP adjusted EBITDA margins \n7.9% — 8.3% \n\n8.1 % \n\n\nNon-GAAP operating income \n$81M — $91M \n\n$86M \n\n\nNon-GAAP operating income margins \n4.7% — 5.2% \n\n4.9 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDigital Full Year 2024 Outlook \n\n\n\n\n\n\nFull Year 2024Guidance \n\nFull Year 2024Mid-Point \n\n\nRevenue \n$473M — $493M \n\n$483M \n\n\nNon-GAAP adjusted EBITDA \n$63M — $69M \n\n$66M \n\n\nNon-GAAP adjusted EBITDA margins \n13.4% — 14.1% \n\n13.8 % \n\n\nNon-GAAP operating income \n$52M — $58M \n\n$55M \n\n\nNon-GAAP operating income margins \n11.1% — 11.8% \n\n11.5 % \n\n\n\n\nThe 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, Non-GAAP adjusted tax rate, 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.\nNON-GAAP FINANCIAL MEASURES\nThis 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.\n\nGAAP metrics are presented in accordance with Generally Accepted Accounting Principles.\nNon-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.\n\nEARNINGS WEBCAST/CONFERENCE CALL\nThe Company will host a live webcast and conference call at 8:30 a.m. ET on Thursday, November 7, 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.\nABOUT TTEC  \nTTEC (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 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.\nFORWARD-LOOKING STATEMENTS \nThis Earnings Press Release and related oral statements contain \"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 operations, reiteration of the Company's full year 2024 guidance near the lower end of the ranges provided in the third quarter of 2024, effective tax rate, cash flow, leverage, liquidity, business strategy, profit improvement actions, increased profitability, competitive position, strategic priorities, organic growth, 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, operational and financial matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance.\nIn this Release when we use words such as \"may,\" \"believe,\" \"plan,\" \"will,\" \"anticipate,\" \"estimate,\" \"expect,\" \"intend,\" \"reiterate,\" \"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 could affect our business and may cause such differences as noted above and 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 or furnishings 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. \nOur 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 or the timing thereof.\"\n\n\n\n\nTTEC HOLDINGS, INC. AND SUBSIDIARIES \n\n\nCONSOLIDATED STATEMENTS OF OPERATIONS \n\n\n(In thousands, except per share data) \n\n\n(unaudited) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended \n\nNine months ended \n\n\n\n\n\nSeptember 30, \n\nSeptember 30, \n\n\n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue \n\n$  529,427 \n\n$  602,956 \n\n$ 1,640,150 \n\n$ 1,836,636 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Expenses: \n\n\n\n\n\n\n\n\n\n\n\nCost of services \n\n415,226 \n\n479,699 \n\n1,286,934 \n\n1,427,063 \n\n\n\nSelling, general and administrative \n\n71,580 \n\n66,781 \n\n219,881 \n\n216,129 \n\n\n\nDepreciation and amortization \n\n24,042 \n\n25,595 \n\n74,258 \n\n76,368 \n\n\n\nRestructuring charges, net \n\n1,002 \n\n1,369 \n\n6,346 \n\n4,896 \n\n\n\nImpairment losses \n\n4,688 \n\n4,124 \n\n241,544 \n\n11,083 \n\n\n         Total operating expenses \n\n516,538 \n\n577,568 \n\n1,828,963 \n\n1,735,539 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(Loss) / Income From Operations \n\n12,889 \n\n25,388 \n\n(188,813) \n\n101,097 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther income (expense), net \n\n(22,462) \n\n(18,298) \n\n(60,573) \n\n(55,309) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(Loss) / Income Before Income Taxes \n\n(9,573) \n\n7,090 \n\n(249,386) \n\n45,788 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProvision for income taxes \n\n(9,395) \n\n(5,294) \n\n(65,850) \n\n(19,318) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet (Loss) / Income \n\n(18,968) \n\n1,796 \n\n(315,236) \n\n26,470 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet (loss) / income attributable to noncontrolling interest \n(2,154) \n\n(3,326) \n\n(7,730) \n\n(8,142) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet (Loss) / Income Attributable to TTEC Stockholders \n$  (21,122) \n\n$    (1,530) \n\n$  (322,966) \n\n$      18,328 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet (Loss) / Income Per Share \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic \n\n$      (0.40) \n\n$       0.04 \n\n$        (6.63) \n\n$         0.56 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted \n\n$      (0.40) \n\n$       0.04 \n\n$        (6.62) \n\n$         0.56 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet (Loss) / Income Per Share Attributable to TTEC Stockholders \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic \n\n$      (0.44) \n\n$      (0.03) \n\n$        (6.79) \n\n$         0.39 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted \n\n$      (0.44) \n\n$      (0.03) \n\n$        (6.78) \n\n$         0.39 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n (Loss) / Income From Operations Margin \n2.4 % \n\n4.2 % \n\n(11.5) % \n\n5.5 % \n\n\nNet (Loss) /  Income Margin \n\n(3.6) % \n\n0.3 % \n\n(19.2) % \n\n1.4 % \n\n\nNet (Loss) / Income Attributable to TTEC Stockholders Margin \n(4.0) % \n\n(0.3) % \n\n(19.7) % \n\n1.0 % \n\n\nEffective Tax Rate \n\n(98.1) % \n\n74.7 % \n\n(26.4) % \n\n42.2 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted Average Shares Outstanding \n\n\n\n\n\n\n\n\n\n  Basic \n\n47,723 \n\n47,415 \n\n47,573 \n\n47,305 \n\n\n  Diluted \n\n47,860 \n\n47,488 \n\n47,618 \n\n47,417 \n\n\n\n\n\n\n\n\nTTEC HOLDINGS, INC. AND SUBSIDIARIES \n\n\nSEGMENT INFORMATION \n\n\n(In thousands) \n\n\n(unaudited) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended \n\nNine months ended \n\n\n\n\nSeptember 30, \n\nSeptember 30, \n\n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue: \n\n\n\n\n\n\n\n\n\n\nTTEC Digital \n\n$     115,669 \n\n$      133,252 \n\n$     344,068 \n\n$    367,764 \n\n\nTTEC Engage \n\n413,758 \n\n469,704 \n\n1,296,082 \n\n1,468,872 \n\n\nTotal \n\n$     529,427 \n\n$      602,956 \n\n$  1,640,150 \n\n$ 1,836,636 \n\n\n\n\n\n\n\n\n\n\n\n\n\n(Loss) / Income From Operations \n\n\n\n\n\n\n\n\n\n\nTTEC Digital \n\n$         7,474 \n\n$       11,925 \n\n$      16,770 \n\n$     19,864 \n\n\nTTEC Engage \n\n5,415 \n\n13,463 \n\n(205,583) \n\n81,233 \n\n\nTotal \n\n$       12,889 \n\n$       25,388 \n\n$   (188,813) \n\n$    101,097 \n\n\n\n\n\n\n\n\nTTEC HOLDINGS, INC. AND SUBSIDIARIES \n\n\nCONSOLIDATED BALANCE SHEETS \n\n\n(In thousands) \n\n\n(unaudited) \n\n\n\n\n\n\n\n\n\n\n\nSeptember 30, \n\nDecember 31, \n\n\n\n\n2024 \n\n2023 \n\n\n\n\n\n\n\n\n\nASSETS \n\n\n\n\n\n\nCurrent assets: \n\n\n\n\n\n\n   Cash and cash equivalents \n\n$           96,929 \n\n$       172,747 \n\n\n   Accounts receivable, net \n\n430,092 \n\n394,868 \n\n\n   Prepaids and other current assets \n\n105,355 \n\n95,064 \n\n\n   Income and other tax receivables \n\n20,690 \n\n18,524 \n\n\n      Total current assets \n\n653,066 \n\n681,203 \n\n\n\n\n\n\n\n\n\nProperty and equipment, net \n\n146,358 \n\n191,003 \n\n\nAssets Held for Sale \n\n29,640 \n\n- \n\n\nOperating lease assets \n\n100,263 \n\n121,574 \n\n\nGoodwill \n\n575,096 \n\n808,988 \n\n\nOther intangibles assets, net \n\n173,227 \n\n198,433 \n\n\nIncome and other tax receivables, long-term \n\n34,469 \n\n44,673 \n\n\nOther assets \n\n114,171 \n\n139,724 \n\n\n\n\n\n\n\n\n\nTotal assets \n\n$      1,826,290 \n\n$     2,185,598 \n\n\n\n\n\n\n\n\n\nLIABILITIES AND EQUITY \n\n\n\n\n\n\nCurrent liabilities: \n\n\n\n\n\n\n   Accounts payable \n\n$           82,259 \n\n$         96,577 \n\n\n   Accrued employee compensation and benefits \n\n121,255 \n\n146,184 \n\n\n   Deferred revenue \n\n70,834 \n\n81,171 \n\n\n   Current operating lease liabilities \n\n35,217 \n\n38,271 \n\n\n   Other current liabilities \n\n29,085 \n\n40,824 \n\n\n      Total current liabilities \n\n338,650 \n\n403,027 \n\n\n\n\n\n\n\n\n\nLong-term liabilities: \n\n\n\n\n\n\n   Line of credit \n\n1,025,000 \n\n995,000 \n\n\n   Non-current operating lease liabilities \n\n79,909 \n\n96,809 \n\n\n   Other long-term liabilities \n\n87,597 \n\n75,220 \n\n\n      Total long-term liabilities \n\n1,192,506 \n\n1,167,029 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEquity: \n\n\n\n\n\n\n   Common stock \n\n477 \n\n474 \n\n\n   Additional paid-in capital \n\n416,813 \n\n407,415 \n\n\n   Treasury stock \n\n(584,904) \n\n(589,807) \n\n\n   Accumulated other comprehensive income (loss) \n\n(99,697) \n\n(89,876) \n\n\n   Retained earnings \n\n544,616 \n\n870,429 \n\n\n   Non-controlling interest \n\n17,829 \n\n16,907 \n\n\n      Total equity \n\n295,134 \n\n615,542 \n\n\n\n\n\n\n\n\n\nTotal liabilities and equity \n\n$      1,826,290 \n\n$     2,185,598 \n\n\n\n\n\n\n\n\nTTEC HOLDINGS, INC. AND SUBSIDIARIES \n\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS \n\n\n(In thousands) \n\n\n(unaudited) \n\n\n\n\n\n\n\n\n\n Nine Months Ended  \n\n Nine Months Ended  \n\n\n\n September 30,  \n\n September 30,  \n\n\n\n2024 \n\n2023 \n\n\n\n\n\n\n\n\nCash flows from operating activities: \n\n\n\n\n\n     Net (loss) income  \n$                    (315,236) \n\n$                        26,470 \n\n\n     Adjustment to reconcile net (loss) income to net cash provided by operating activities : \n\n\n\n\n\n          Depreciation and amortization \n74,258 \n\n76,368 \n\n\n          Amortization of contract acquisition costs \n1,363 \n\n1,596 \n\n\n          Amortization of debt issuance costs \n1,578 \n\n801 \n\n\n          Imputed interest expense and fair value adjustments to contingent consideration \n(1,496) \n\n6,864 \n\n\n          Provision for credit losses \n2,744 \n\n1,677 \n\n\n          Loss on disposal of assets \n1,778 \n\n1,176 \n\n\n          Impairment losses \n241,544 \n\n11,083 \n\n\n          Loss on dissolution of subsidiary \n- \n\n301 \n\n\n          Deferred income taxes \n38,922 \n\n(12,288) \n\n\n          Excess tax benefit from equity-based awards \n3,921 \n\n1,807 \n\n\n          Equity-based compensation expense \n15,249 \n\n16,410 \n\n\n          Loss / (gain) on foreign currency derivatives \n244 \n\n552 \n\n\n          Changes in assets and liabilities, net of acquisitions: \n\n\n\n\n\n                Accounts receivable  \n(37,497) \n\n34,995 \n\n\n                Prepaids and other assets  \n(12,959) \n\n(1,620) \n\n\n                Accounts payable and accrued expenses  \n(49,122) \n\n(8,453) \n\n\n                Deferred revenue and other liabilities  \n(23,023) \n\n(44,508) \n\n\n                    Net cash provided by operating activities \n(57,732) \n\n113,231 \n\n\n\n\n\n\n\n\nCash flows from investing activities: \n\n\n\n\n\n     Proceeds from sale of property, plant and equipment \n146 \n\n246 \n\n\n     Purchases of property, plant and equipment \n(36,465) \n\n(54,722) \n\n\n          Net cash used in investing activities \n(36,319) \n\n(54,476) \n\n\n\n\n\n\n\n\nCash flows from financing activities: \n\n\n\n\n\n     Net proceeds from / (repayments of) line of credit \n30,000 \n\n4,000 \n\n\n     Payments on other debt \n(1,873) \n\n(1,929) \n\n\n     Payments of contingent consideration and hold back payments to acquisitions \n\n\n(37,676) \n\n\n     Dividends paid to shareholders \n(2,847) \n\n(24,572) \n\n\n     Payments to non-controlling interest \n(6,908) \n\n(8,407) \n\n\n     Tax payments related to the issuance of restricted stock units \n(945) \n\n(2,938) \n\n\n     Payments of debt issuance costs \n(2,635) \n\n- \n\n\n          Net cash used in financing activities \n14,792 \n\n(71,522) \n\n\n\n\n\n\n\n\nEffect of exchange rate changes on cash and cash equivalents and restricted cash \n2,283 \n\n3,889 \n\n\n\n\n\n\n\n\n(Decrease) in cash, cash equivalents and restricted cash \n(76,976) \n\n(8,878) \n\n\nCash, cash equivalents and restricted cash, beginning of period \n173,905 \n\n167,064 \n\n\nCash, cash equivalents and restricted cash, end of period \n$                       96,929 \n\n$                      158,186 \n\n\n\n\n\n\n\n\nTTEC HOLDINGS, INC. AND SUBSIDIARIES \n\n\n\n\nRECONCILIATION OF NON-GAAP FINANCIAL INFORMATION \n\n\n\n\n(In thousands, except per share data) \n\n\n\n\n(unaudited) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended \n\n\n\n\nNine months ended \n\n\n\n\n\n\n\nSeptember 30, \n\n\n\n\nSeptember 30, \n\n\n\n\n\n\n\n2024 \n\n2023 \n\n\n\n\n2024 \n\n2023 \n\n\n\n\n\n\n\n\n\n\n...\n     \n\n\n\n\n\n\n\n\n\n\nRevenue \n\n$   529,427 \n\n$  602,956 \n\n\n\n\n$    1,640,150 \n\n$      1,836,636 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Non-GAAP Income from Operations and EBITDA: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet (Loss) / Income from Operations \n\n$     12,889 \n\n$    25,388 \n\n\n\n\n$     (188,813) \n\n$         101,097 \n\n\n\n\n\nRestructuring charges, net \n\n1,002 \n\n1,369 \n\n\n\n\n6,346 \n\n4,896 \n\n\n\n\n\nImpairment losses \n\n4,688 \n\n4,124 \n\n\n\n\n241,544 \n\n11,083 \n\n\n\n\n\nCybersecurity incident related impact, net of insurance recovery \n\n- \n\n- \n\n\n\n\n- \n\n(3,210) \n\n\n\n\n\nGrant income for pandemic relief \n\n- \n\n- \n\n\n\n\n- \n\n40 \n\n\n\n\n\nProperty costs not related to operations \n\n424 \n\n744 \n\n\n\n\n2,329 \n\n744 \n\n\n\n\n\nChange in acquisition related obligation \n\n- \n\n- \n\n\n\n\n- \n\n483 \n\n\n\n\n\nLiability related to notifications triggered by labor scheme   (1) \n\n2,563 \n\n- \n\n\n\n\n(187) \n\n- \n\n\n\n\n\nEquity-based compensation expenses \n\n4,333 \n\n6,608 \n\n\n\n\n15,249 \n\n16,410 \n\n\n\n\n\nAmortization of purchased intangibles  \n\n8,169 \n\n9,073 \n\n\n\n\n25,053 \n\n27,083 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n         Non-GAAP Income from Operations \n\n$     34,068 \n\n$    47,306 \n\n\n\n\n$       101,521 \n\n$         158,626 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n         Non-GAAP Income from Operations Margin \n\n6.4 % \n\n7.8 % \n\n\n\n\n6.2 % \n\n8.6 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDepreciation and amortization \n\n15,873 \n\n16,183 \n\n\n\n\n48,152 \n\n48,946 \n\n\n\n\n\nChanges in acquisition contingent consideration \n\n(449) \n\n102 \n\n\n\n\n(1,496) \n\n6,864 \n\n\n\n\n\nChange in escrow balance related to acquisition \n\n- \n\n- \n\n\n\n\n- \n\n625 \n\n\n\n\n\nLoss on dissolution of subsidiary \n\n- \n\n- \n\n\n\n\n- \n\n301 \n\n\n\n\n\nForeign SS Tax Recovery \n\n- \n\n- \n\n\n\n\n(853) \n\n- \n\n\n\n\n\nForeign VAT receivable write-off \n\n- \n\n- \n\n\n\n\n770 \n\n- \n\n\n\n\n\nForeign exchange loss / (gain), net \n\n1,825 \n\n(373) \n\n\n\n\n2,381 \n\n839 \n\n\n\n\n\nOther Income (expense), net \n\n(1,041) \n\n687 \n\n\n\n\n953 \n\n(2,232) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n         Adjusted EBITDA \n\n$     50,276 \n\n$    63,905 \n\n\n\n\n$       151,428 \n\n$         213,969 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n         Adjusted EBITDA Margin \n\n9.5 % \n\n10.6 % \n\n\n\n\n9.2 % \n\n11.7 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Non-GAAP EPS: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet (Loss) Income \n\n$    (18,968) \n\n$      1,796 \n\n\n\n\n$     (315,236) \n\n$          26,470 \n\n\n\n\n\nAdd:  Asset impairment and restructuring charges \n\n5,690 \n\n5,493 \n\n\n\n\n247,890 \n\n15,979 \n\n\n\n\n\nAdd:  Equity-based compensation expenses \n\n4,333 \n\n6,608 \n\n\n\n\n15,249 \n\n16,410 \n\n\n\n\n\nAdd:  Amortization of purchased intangibles \n\n8,169 \n\n9,073 \n\n\n\n\n25,053 \n\n27,083 \n\n\n\n\n\nAdd:  Cybersecurity incident related impact, net of insurance recovery \n\n- \n\n- \n\n\n\n\n- \n\n(3,210) \n\n\n\n\n\nAdd:  Grant income for pandemic relief \n\n- \n\n- \n\n\n\n\n- \n\n40 \n\n\n\n\n\nAdd:  Change in acquisition related obligation \n\n- \n\n- \n\n\n\n\n- \n\n483 \n\n\n\n\n\nAdd:  Property costs not related to operations \n\n424 \n\n744 \n\n\n\n\n2,329 \n\n744 \n\n\n\n\n\nAdd:  Liability related to notifications triggered by labor scheme \n\n2,563 \n\n- \n\n\n\n\n(187) \n\n- \n\n\n\n\n\nAdd:  Foreign SS Tax Recovery \n\n- \n\n- \n\n\n\n\n(853) \n\n- \n\n\n\n\n\nAdd:  Foreign VAT receivable write-off \n\n- \n\n- \n\n\n\n\n770 \n\n- \n\n\n\n\n\nAdd:  Changes in acquisition contingent consideration \n\n(449) \n\n102 \n\n\n\n\n(1,496) \n\n6,864 \n\n\n\n\n\nAdd:  Changes in escrow balance related to acquisition \n\n- \n\n- \n\n\n\n\n- \n\n625 \n\n\n\n\n\nAdd:  Loss on dissolution of subsidiary \n\n- \n\n- \n\n\n\n\n- \n\n301 \n\n\n\n\n\nAdd:  Foreign exchange loss / (gain), net \n\n1,825 \n\n(373) \n\n\n\n\n2,381 \n\n839 \n\n\n\n\n\nLess:  Changes in valuation allowance, return to provision adjustments and other, and tax effects of items separately disclosed above \n\n1,810 \n\n(590) \n\n\n\n\n48,752 \n\n(6,974) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n         Non-GAAP Net Income \n\n$       5,397 \n\n$    22,853 \n\n\n\n\n$         24,652 \n\n$          85,654 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n             Diluted shares outstanding \n\n47,860 \n\n47,488 \n\n\n\n\n47,618 \n\n47,417 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n         Non-GAAP EPS \n\n$0.11 \n\n$0.48 \n\n\n\n\n$0.52 \n\n$1.81 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Free Cash Flow: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash Flow From Operating Activities: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n   Net (loss) / income \n\n$    (18,968) \n\n$      1,321 \n\n\n\n\n$     (315,236) \n\n$          26,470 \n\n\n\n\n\n   Adjustments to reconcile net income to net cash provided by operating activities: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n          Depreciation and amortization \n\n24,042 \n\n25,256 \n\n\n\n\n74,258 \n\n76,368 \n\n\n\n\n\n          Other \n\n(96,451) \n\n(58,295) \n\n\n\n\n183,246 \n\n10,393 \n\n\n\n\n\n   Net cash provided by operating activities \n\n(91,377) \n\n(31,718) \n\n\n\n\n(57,732) \n\n113,231 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLess - Total Cash Capital Expenditures \n\n8,783 \n\n21,768 \n\n\n\n\n36,465 \n\n54,722 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n        Free Cash Flow \n\n$  (100,160) \n\n$  (53,486) \n\n\n\n\n$       (94,197) \n\n$          58,509 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) -  For further information, please see discussion in the Risk Factors section of the 2023 Form 10-K filed on February 29, 2024. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment : \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTTEC Engage \n\nTTEC Digital \n\nTTEC Engage \n\nTTEC Digital \n\n\n\n\nQ3 24 \n\nQ3 23 \n\nQ3 24 \nQ3 23 \n\nYTD 24 \n\nYTD 23 \n\nYTD 24 \nYTD 23 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome / (Loss) from Operations \n\n$       5,414 \n\n$    13,463 \n\n$     7,474 \n$    11,925 \n\n$     (205,585) \n\n$          81,233 \n\n$     16,771 \n$    19,864 \n\n\nRestructuring charges, net \n\n202 \n\n634 \n\n801 \n735 \n\n5,697 \n\n2,427 \n\n650 \n2,469 \n\n\nImpairment losses \n\n4,255 \n\n4,124 \n\n433 \n- \n\n238,600 \n\n8,229 \n\n2,944 \n2,854 \n\n\nCybersecurity incident related impact, net of insurance recovery \n\n\n\n- \n\n- \n- \n\n\n\n(3,210) \n\n- \n- \n\n\nGrant income for pandemic relief \n\n\n\n- \n\n- \n- \n\n\n\n40 \n\n- \n- \n\n\nProperty costs not related to operations \n\n424 \n\n744 \n\n- \n- \n\n2,329 \n\n744 \n\n- \n- \n\n\nChange in acquisition related obligation \n\n- \n\n- \n\n- \n- \n\n\n\n- \n\n- \n483 \n\n\nLiability related to notifications triggered by labor scheme \n\n2,563 \n\n- \n\n- \n- \n\n(187) \n\n- \n\n- \n- \n\n\nEquity-based compensation expenses \n\n2,701 \n\n4,327 \n\n1,632 \n2,281 \n\n9,748 \n\n10,599 \n\n5,501 \n5,811 \n\n\nAmortization of purchased intangibles  \n\n4,098 \n\n4,649 \n\n4,071 \n4,424 \n\n12,306 \n\n13,951 \n\n12,747 \n13,132 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n         Non-GAAP Income from Operations \n\n$     19,657 \n\n$    27,941 \n\n$    14,411 \n$    19,365 \n\n$         62,908 \n\n$         114,013 \n\n$     38,613 \n$    44,613 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDepreciation and amortization \n\n12,958 \n\n13,807 \n\n2,915 \n2,377 \n\n39,849 \n\n41,695 \n\n8,303 \n7,252 \n\n\nChanges in acquisition contingent consideration \n\n(449) \n\n102 \n\n\n- \n\n(1,496) \n\n6,864 \n\n- \n- \n\n\nChange in escrow balance related to acquisition \n\n\n\n- \n\n\n- \n\n- \n\n625 \n\n- \n- \n\n\nLoss on dissolution of subsidiary \n\n- \n\n- \n\n\n- \n\n- \n\n301 \n\n- \n- \n\n\nForeign VAT receivable write-off \n\n- \n\n- \n\n\n- \n\n770 \n\n- \n\n- \n\n\n\n     Foreign SS Tax Recovery \n\n- \n\n- \n\n\n- \n\n(853) \n\n- \n\n\n\n\n\nForeign exchange loss / (gain), net \n\n1,725 \n\n(297) \n\n100 \n(76) \n\n2,518 \n\n815 \n\n(138) \n24 \n\n\nOther Income (expense), net \n\n(944) \n\n578 \n\n(97) \n108 \n\n833 \n\n(2,332) \n\n121 \n99 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n         Adjusted EBITDA \n\n$     32,947 \n\n$    42,131 \n\n$    17,329 \n$    21,774 \n\n$       104,529 \n\n$         161,981 \n\n$     46,899 \n$    51,988 \n\n\n\n\n\n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/ttec-announces-third-quarter-2024-financial-results-302297901.html\nSOURCE TTEC Holdings, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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