TTEC Announces Fourth Quarter and Record Full Year 2021 Financial Results

Rhea-AI Summary

TTEC Holdings, Inc. (NASDAQ: TTEC) reported strong financial results for Q4 and FY 2021, with revenues of $612.3 million and $2.273 billion, respectively, marking increases of 7.2% and 16.6% year-over-year. The company achieved GAAP EPS of $0.61 and $2.97 for Q4 and FY 2021, respectively. Key highlights include record bookings of $751 million and strategic acquisitions like Avtex Solutions and Faneuil, Inc. For 2022, TTEC projects revenue between $2,575 million and $2,605 million, with non-GAAP EPS guidance of $4.70 to $4.97, reflecting continued growth and market expansion.

Positive

• Record FY 2021 revenue increased to $2.273 billion, up 16.6% from the previous year.
• GAAP EPS rose to $2.97 for FY 2021, compared to $2.52 in FY 2020.
• Bookings for FY 2021 reached $751 million, a substantial increase from $659 million in 2020.
• Successful acquisition of Avtex and pending acquisition of Faneuil enhance market capabilities.
• 2022 revenue guidance of $2,575 million to $2,605 million indicates strong growth potential.

Negative

• Q4 2021 GAAP income from operations decreased to $51.9 million from $61.6 million year-over-year.
• Non-GAAP EPS declined to $1.08 in Q4 2021 from $1.22 in Q4 2020.
• Increase in net debt to $638.9 million from $263.4 million due to recent acquisitions.

DENVER, March 1, 2022 /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 fourth quarter and full year ended December 31, 2021.

"TTEC delivered another banner year in 2021, highlighted by record bookings, revenue, and adjusted EBITDA and EPS. Along with these strong financial results, we executed the strategic acquisition of Avtex, a leading private CX technology and services company, announced the pending strategic acquisition of the public sector citizen experience platform of Faneuil, Inc., and announced the expansion of our core CX footprint into new emerging markets, including South Africa and Colombia," commented Ken Tuchman, chairman and chief executive officer of TTEC. "Our momentum continues to accelerate as the hypergrowth disruptors, multinational enterprises, and public sector continue to invest heavily to meet the heightened demands of the experience economy. TTEC's technology-enabled Customer Experience as a Service platform is uniquely positioned to deliver the outcomes that matter most to our clients and their customers." 

Tuchman continued, "As TTEC commemorates its 40th anniversary this year, we embark on our next phase of growth. No other company has made our deeply singular commitment to customer experience and engagement. Our highly differentiated platform, growing backlog and sales pipeline, expanding technology partnerships, and continued execution of strategic acquisitions, positions us well to deliver exceptional value to our clients and shareholders in 2022 and beyond." 

FULL YEAR 2021 FINANCIAL HIGHLIGHTS                

Revenue        

• Full year 2021 GAAP revenue increased 16.6 percent to $2.273 billion compared to $1.949 billion in the prior year.
• Foreign exchange had a $18.7 million positive impact on revenue for the full year 2021.

Income from Operations

• Full year 2021 GAAP income from operations was $217.2 million, or 9.6 percent of revenue, compared to $204.7 million, or 10.5 percent of revenue in the prior year.
• Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, cybersecurity incident related impact, and other items, was $286.2 million or 12.6 percent of revenue versus $242.4 million or 12.4 percent for the prior year.
• Foreign exchange had a $3.7 million positive impact on Non-GAAP income from operations for the full year 2021.

Adjusted EBITDA        

• Full year 2021 Non-GAAP Adjusted EBITDA was $354.4 million, or 15.6 percent of revenue, compared to $304.0 million, or 15.6 percent of revenue in the prior year.

Earnings Per Share

• Full year 2021 GAAP fully diluted earnings per share was $2.97 compared to $2.52 for the prior year.
• Non-GAAP fully diluted earnings per share was $4.62 compared to $3.82 in the prior year.

Bookings

• During the full year 2021, TTEC signed an estimated $751 million in annualized contract value compared to $659 million in the prior year. Full year bookings mix was diversified across segments, verticals, and geographies.

FOURTH QUARTER 2021 FINANCIAL HIGHLIGHTS                

Revenue        

• Fourth quarter 2021 GAAP revenue increased 7.2 percent to $612.3 million compared to $571.0 million in the prior year period.
• Foreign exchange had a $1.9 million negative impact on revenue in the fourth quarter 2021.

Income from Operations

• Fourth quarter 2021 GAAP income from operations was $51.9 million, or 8.5 percent of revenue, compared to $61.6 million, or 10.8 percent of revenue in the prior year period.
• Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, cybersecurity incident related impact, and other items, was $68.3 million or 11.2 percent of revenue versus $73.9 million or 12.9 percent for the prior year period.
• Foreign exchange had a $2.6 million positive impact on Non-GAAP income from operations in the fourth quarter 2021.

Adjusted EBITDA        

• Fourth quarter 2021 Non-GAAP Adjusted EBITDA was $84.1 million, or 13.7 percent of revenue, compared to $92.3 million, or 16.2 percent of revenue in the prior year period.

Earnings Per Share

• Fourth quarter 2021 GAAP fully diluted earnings per share was $0.61 compared to $0.94 for the same period last year.
• Non-GAAP fully diluted earnings per share was $1.08 compared to $1.22 in the prior year period.

Bookings

• During the fourth quarter 2021, TTEC signed an estimated $206 million in annualized contract value compared to $188 million in the prior year period. Fourth quarter bookings mix was diversified across segments, verticals, and geographies.

STRONG CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND DIVIDENDS

• Cash flow from operations in the fourth quarter 2021 was $76.2 million compared to $85.1 million for the fourth quarter 2020. For the full year 2021, cash flow from operations was $251.3 million compared to $271.9 million for the same period 2020.
• Capital expenditures in the fourth quarter 2021 were $19.6 million compared to $11.9 million for the fourth quarter 2020. For the full year 2021, capital expenditures were $60.4 million compared to $59.8 million for the same period 2020.
• As of December 31, 2021, TTEC had cash and cash equivalents of $158.2 million and debt of $797.1 million, resulting in a net debt position of $638.9 million. This compares to a net debt position of $263.4 million for the same period 2020. The increase in net debt is primarily attributable to the acquisition of Avtex Solutions Holdings, LLC in April 2021.
• As of December 31, 2021, TTEC's remaining borrowing capacity under its revolving credit facility was approximately $565 million compared to $510 million for the same period 2020.
• TTEC paid a $0.47 per share, or $22.1 million, semi-annual dividend on October 22, 2021. On February 24, 2022, the Board declared the next semi-annual dividend of $0.50 per share, payable on April 20, 2022 to shareholders of record as of March 31, 2022. This dividend represents a 6.4 percent increase over the October 2021 dividend and 16.3 percent over the April 2021 dividend.

SEGMENT REPORTING & COMMENTARY

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

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

• Fourth quarter 2021 GAAP revenue for TTEC Digital increased 56.4 percent to $118.4 million from $75.7 million for the year ago period. Income from operations was $13.0 million or 11.0 percent of revenue compared to operating income of $7.6 million or 10.1 percent of revenue for the prior year period.
• Non-GAAP income from operations was $20.2 million, or 17.1 percent of revenue compared to operating income of $9.9 million or 13.1 percent of revenue in the prior year period.

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

• Fourth quarter 2021 GAAP revenue for TTEC Engage decreased 0.3 percent to $493.9 million from $495.3 million for the year ago period. Income from operations was $38.9 million or 7.9 percent of revenue compared to operating income of $54.0 million or 10.9 percent of revenue for the prior year period.
• Non-GAAP income from operations was $48.1 million, or 9.7 percent of revenue compared to operating income of $64.0 million or 12.9 percent of revenue in the prior year period.
• Foreign exchange had a $2.0 million negative impact on revenue and $2.5 million positive impact on income from operations.

BUSINESS OUTLOOK

"We delivered strong 2021 financial results across all key metrics, further demonstrating the importance of our end-to-end, technology-enabled CX solutions," commented Dustin Semach, chief financial officer of TTEC. "We are excited about our future, propelled by our reputation of delivering value-driven outcomes, a history of innovation, and an unmatched differentiated CX technology and services platform. The successful transformation of our business over the years has made us stronger, more diversified across our capabilities, industry expertise, and geographies, and more indispensable to our clients."

Semach continued, "We expect these accomplishments alongside the size and diversity of our bookings, revenue backlog, and sales pipeline to enable strong profitable growth in 2022, including the pending closing of our acquisition of certain public sector assets of Faneuil, Inc. We remain committed to maximizing shareholder value through continuous innovation, increased market share, profitable organic and inorganic growth, and capital distributions."

Our full-year 2022 outlook including acquisition of Faneuil assets is as follows:

TTEC Full Year 2022 Outlook
		First Quarter 2022 Guidance		Full Year 2022 Guidance
Revenue		$570M — $577M		$2,575M — $2,605M
Non-GAAP adjusted EBITDA		$80M — $84M		$372M — $388M
Non-GAAP adjusted EBITDA margins		14.0% — 14.5%		14.5% — 14.9%
Non-GAAP operating income		$63M — $67M		$303M — $319M
Non-GAAP operating income margins		11.1% — 11.7%		11.8% — 12.3%
Interest expense, net		($3M) — ($4M)		($20M) — ($21M)
Effective tax rate		21% — 23%		21% — 23%
Diluted share count		47.4M — 47.8M		47.4M — 47.8M
Non-GAAP earnings per a share		$0.98 — $1.04		$4.70 — $4.97
Engage Full Year 2022 outlook
		First Quarter 2022 Guidance		Full Year 2022 Guidance
Revenue		$465M — $469M		$2,093M — $2,113M
Non-GAAP adjusted EBITDA		$67M — $69M		$297M — $307M
Non-GAAP adjusted EBITDA margins		14.4% — 14.7%		14.2% — 14.5%
Non-GAAP operating income		$53M — $55M		$240M — $250M
Non-GAAP operating income margins		11.5% — 11.8%		11.5% — 11.8%
Digital Full Year 2022 outlook
		First Quarter 2022 Guidance		Full Year 2022 Guidance
Revenue		$105M — $108M		$482M — $492M
Non-GAAP adjusted EBITDA		$13M — $15M		$75M — $81M
Non-GAAP adjusted EBITDA margins		12.3% — 13.8%		15.6% — 16.5%
Non-GAAP operating income		$10M — $12M		$63M — $69M
Non-GAAP operating income margins		9.6% — 11.2%		13.1% — 14.0%

We estimate the first half - second half 2022 mix as follows:

• Revenue: 46 percent first half, 54 percent second half
• Non-GAAP Operating Income: 43 percent first half, 57 percent second half
• Non-GAAP Adjusted EBITDA: 44 percent first half, 56 percent second half
• Non-GAAP Earnings Per Share: 43 percent first half, 57 percent second half

The Company has not quantitatively reconciled its guidance for Non-GAAP operating income margins, 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 asset impairment, restructuring and integration charges, cybersecurity incident-related costs, gains or losses on the sale of business units or other assets, 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 margins, net income margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company's 2022 financial results as reported under GAAP.

NON-GAAP FINANCIAL MEASURES

This press release contains a discussion of certain Non-GAAP financial measures that the Company includes to allow investors and analysts to measure, analyze and compare its financial condition and results of operations in a meaningful and consistent manner. A reconciliation of these Non-GAAP financial measures can be found in the tables accompanying this press release.

• GAAP metrics are presented in accordance with Generally Accepted Accounting Principles.
• Non-GAAP - As reflected in the attached reconciliation table, the definition of Non-GAAP may exclude from operating income, EBITDA, net income and earnings per share restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, among other items.

ABOUT TTEC 

TTEC 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 65,000 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 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, relating to our operations, expected financial position, results of operation, 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.

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, 2021 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.  Important factors that could cause our actual results to differ materially from those indicated in the forward looking statements include, among others, the risks related to our business operations and strategy, including the risks related to 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; risks inherent in the reliability of our information technology systems; risks related to our information technology infrastructure's cybersecurity in general, and criminal activity such as ransomware, other malware and data exfiltration or destruction in particular, which can impact our ability to consistently deliver uninterrupted service to our clients; our dependence on third parties for our cloud solutions; risks inherent in our 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 risk related to our international operations; the risks related to legal and regulatory impact on our operations, including rapidly changing laws that regulate our and our clients' business, such as data privacy and data protection laws, regulatory changes impacting our healthcare businesses, financial and public sector specific regulations, our ability to comply with these laws timely and cost effectively; and the cost of wage and hour litigation in the United States; the impact of the COVID-19 pandemic and post-pandemic economic and regulatory realities on our business and our clients' business; and risks inherent in our equity structure including our controlling shareholder risk, and Delaware choice of dispute resolution risks.

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)
		Three months ended				Twelve months ended
		December 31,				December 31,
		2021		2020		2021		2020
Revenue		$612,315		$570,974		$2,273,062		$1,949,248
Operating Expenses:
	Cost of services	467,340		425,451		1,704,109		1,452,719
	Selling, general and administrative	58,511		57,235		239,994		203,902
	Depreciation and amortization	26,051		21,808		96,706		78,862
	Restructuring charges, net	1,195		700		3,807		3,264
	Impairment losses	7,305		4,165		11,254		5,809
Total operating expenses		560,402		509,359		2,055,870		1,744,556
Income From Operations		51,913		61,615		217,192		204,692
	Other income (expense), net	(4,738)		(3,366)		(9,308)		(34,424)
Income Before Income Taxes		47,175		58,249		207,884		170,268
	Provision for income taxes	(14,424)		(11,284)		(49,695)		(40,937)
Net Income		32,751		46,965		158,189		129,331
	Net income attributable to noncontrolling interest	(4,003)		(2,542)		(17,219)		(10,683)
Net Income Attributable to TTEC Stockholders		$  28,748		$  44,423		$   140,970		$   118,648
Net Income Per Share Attributable to TTEC Stockholders
	Basic	$     0.61		$     0.95		$        3.01		$        2.54
	Diluted	$     0.61		$     0.94		$        2.97		$        2.52
Income From Operations Margin		8.5%		10.8%		9.6%		10.5%
Net Income Margin		5.3%		8.2%		7.0%		6.6%
Net Income Attributable to TTEC Stockholders Margin		4.7%		7.8%		6.2%		6.1%
Effective Tax Rate		30.6%		19.4%		23.9%		24.0%
Weighted Average Shares Outstanding
Basic		46,989		46,736		46,890		46,647
Diluted		47,372		47,232		47,386		46,993

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
		Three months ended				Twelve months ended
		December 31,				December 31,
		2021		2020		2021		2020
Revenue:
TTEC Digital		$118,436		$  75,715		$   414,104		$   306,985
TTEC Engage		493,879		495,259		1,858,958		1,642,263
Total		$612,315		$570,974		$2,273,062		$1,949,248
Income From Operations:
TTEC Digital		$  13,000		$    7,639		$     35,437		$     45,316
TTEC Engage		38,913		53,976		181,755		159,376
Total		$  51,913		$  61,615		$   217,192		$   204,692

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
		December 31,		December 31,
		2021		2020
ASSETS
Current assets:
Cash and cash equivalents		$        158,205		$       132,914
Accounts receivable, net		357,310		378,397
Other current assets		182,472		145,491
Total current assets		697,987		656,802
Property and equipment, net		168,404		178,706
Operating lease assets		90,180		120,820
Goodwill		739,481		363,502
Other intangibles assets, net		212,349		112,059
Other assets		88,403		84,519
Total assets		$     1,996,804		$    1,516,408
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$          70,415		$         66,658
Accrued employee compensation and benefits		156,324		163,658
Deferred revenue		95,608		39,956
Current operating lease liabilties		44,460		43,651
Other current liabilities		77,589		82,247
Total current liabilities		444,396		396,170
Long-term liabilities:
Line of credit		791,000		385,000
Non-current operating lease liabilities		64,419		98,277
Other long-term liabilities		102,648		126,223
Total long-term liabilities		958,067		609,500
Redeemable noncontrolling interest		56,316		52,976
Equity:
Common stock		470		467
Additional Paid in Capital		361,135		360,293
Treasury stock		(597,031)		(601,214)
Accumulated other comprehensive income (loss)		(98,426)		(72,156)
Retained earnings		856,065		757,312
Noncontrolling interest		15,812		13,060
Total equity		538,025		457,762
Total liabilities and equity		$     1,996,804		$    1,516,408

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
	Twelve Months Ended		Twelve Months Ended
	December 31,		December 31,
	2021		2020
Cash flows from operating activities:
Net income	$                   158,189		$                    129,331
Adjustment to reconcile net income to net cash provided by operating activities :
Depreciation and amortization	96,706		78,862
Amortization of contract acquisition costs	983		590
Amortization of debt issuance costs	1,016		732
Imputed interest expense and fair value adjustments to contingent consideration	1,168		4,484
Provision for credit losses	(350)		494
Loss on disposal of assets	1,127		521
Loss on dissolution of subsidiary	-		19,905
Impairment losses	11,254		5,809
Deferred income taxes	831		(5,193)
Excess tax benefit from equity-based awards	(5,301)		(726)
Equity-based compensation expense	16,425		12,507
Loss / (gain) on foreign currency derivatives	(213)		103
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	40,156		(40,625)
Prepaids and other assets	18,407		57,597
Accounts payable and accrued expenses	(17,209)		76,726
Deferred revenue and other liabilities	(71,893)		(69,197)
Net cash provided by operating activities	251,296		271,920
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	93		20
Purchases of property, plant and equipment	(60,358)		(59,772)
Acquisitions	(481,718)		(52,675)
Net cash used in investing activities	(541,983)		(112,427)
Cash flows from financing activities:
Net proceeds / (borrowings) from line of credit	406,000		95,000
Payments on other debt	(6,626)		(8,619)
Payments of contingent consideration and hold back payments to acquisitions	(11,517)		(48,686)
Dividends paid to shareholders	(42,217)		(134,554)
Payments to noncontrolling interest	(10,984)		(10,801)
Tax payments related to the issuance of restricted stock units	(11,397)		(4,521)
Payments of debt issuance costs	(3,614)		(45)
Net cash provided by / (used in) financing activities	319,645		(112,226)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(7,291)		6,157
Increase in cash, cash equivalents and restricted cash	21,667		53,424
Cash, cash equivalents and restricted cash, beginning of period	159,015		105,591
Cash, cash equivalents and restricted cash, end of period	$                   180,682		$                    159,015

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
		Three months ended							Twelve months ended
		December 31,							December 31,
		2021		2020					2021		2020
Revenue		$612,315		$570,974					$2,273,062		$1,949,248
Reconciliation of Adjusted EBITDA:
Net Income		$  32,751		$  46,965					$   158,189		$   129,331
Interest income		(181)		(235)					(761)		(1,656)
Interest expense		3,697		2,038					12,384		17,489
Provision for income taxes		14,424		11,284					49,695		40,937
Depreciation and amortization		26,051		21,808					96,706		78,862
Asset impairment and restructuring charges		8,500		4,865					15,061		9,073
Gain on sale of business units		-		-					-		(596)
Changes in acquisition contingent consideration		122		2,526					1,168		(1,823)
Grant income for pandemic relief		33		-					(8,142)		-
Cybersecurity incident related impact, net of insurance recovery		(5,796)		-					13,659		-
Loss on dissolution of subsidiary		-		-					-		19,905
Equity-based compensation expenses		4,456		3,036					16,425		12,507
Adjusted EBITDA		$  84,057		$  92,287					$   354,384		$   304,029
Adjusted EBITDA Margin		13.7%		16.2%					15.6%		15.6%
Reconciliation of Free Cash Flow:
Cash Flow From Operating Activities:
Net income		$  32,751		$  46,965					$   158,189		$   129,331
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		26,051		21,808					96,706		78,862
Other		17,432		16,363					(3,599)		63,727
Net cash provided by operating activities		76,234		85,136					251,296		271,920
Less - Total Cash Capital Expenditures		19,580		11,945					60,358		59,772
Free Cash Flow		$  56,654		$  73,191					$   190,938		$   212,148
Reconciliation of Non-GAAP Income from Operations:
Income from Operations		$  51,913		$  61,615					$   217,192		$   204,692
Restructuring charges, net		1,195		700					3,807		3,264
Impairment losses		7,305		4,165					11,254		5,809
Grant income for pandemic relief		33		-					(8,142)		-
Cybersecurity incident related impact, net of insurance recovery		(5,796)		-					13,659		-
Equity-based compensation expenses		4,456		3,036					16,425		12,507
Amortization of purchased intangibles		9,238		4,387					31,990		16,175
Non-GAAP Income from Operations		$  68,344		$  73,903					$   286,185		$   242,447
Non-GAAP Income from Operations Margin		11.2%		12.9%					12.6%		12.4%
Reconciliation of Non-GAAP EPS:
Net Income		$  32,751		$  46,965					$   158,189		$   129,331
Add:  Asset  impairment and restructuring charges		8,500		4,865					15,061		9,073
Add:  Equity-based compensation expenses		4,456		3,036					16,425		12,507
Add:  Amortization of purchased intangibles		9,238		4,387					31,990		16,175
Add:  Interest charge related to future purchase of remaining 30% for Motif acquisition		-		-					-		6,273
Add:  Loss on dissolution of subsidary		-		-					-		19,905
Add:  Cybersecurity incident related impact, net of insurance recovery		(5,796)		-					13,659		-
Less:  Changes in acquisition contingent consideration		122		2,526					1,168		(1,823)
Less:  Gain on sale of business units		-		-					-		(596)
Less:  Grant income for pandemic relief		33		-					(8,142)		-
Less:  Changes in valuation allowance, return to provision adjustments and other, and tax effects of items separately disclosed above		1,922		(4,205)					(9,446)		(11,130)
Non-GAAP Net Income		$  51,226		$  57,574					$   218,904		$   179,715
Diluted shares outstanding		47,372		47,232					47,386		46,993
Non-GAAP EPS		$1.08		$1.22					$4.62		$3.82
Reconciliation of Adjusted EBITDA by Segment :		TTEC Engage				TTEC Digital			TTEC Engage				TTEC Digital
		Q4 21		Q4 20		Q4 21	Q4 20		YTD 21		YTD 20		YTD 21	YTD 20
Earnings before Income Taxes		$  34,254		$  50,580		$12,920	$  7,669		$   172,365		$   124,822		$35,517	$45,446
Interest income / expense, net		3,546		1,835		(29)	(32)		11,760		15,966		(134)	(133)
Depreciation and amortization		16,896		17,881		9,155	3,926		66,239		64,832		30,467	14,030
Asset impairment and restructuring charges		8,546		4,865		(46)	-		14,638		7,620		422	1,453
Gain on sale of business units		-		-		-	-		-		(596)		-	-
Grant income for pandemic relief		33		-		-	-		(8,036)		-		(106)	-
Changes in acquisition contingent consideration		122		2,526		-	-		1,168		(1,823)		-	-
Loss on dissolution of subsidiary		-		-		-	-		-		19,905		-	-
Cybersecurity incident related impact, net of insurance recovery		(5,792)		-		(4)	-		13,429		-		230	-
Equity-based compensation expenses		3,099		1,883		1,357	1,154		11,604		8,433		4,821	4,074
Adjusted EBITDA		$  60,704		$  79,570		$23,353	$12,717		$   283,167		$   239,159		$71,217	$64,870

 

Investor Relations Contact Paul Miller +1.303.397.8641

Address 9197 South Peoria Street Englewood, CO 80112

Communications Contact Tim Blair tim.blair@ttec.com +1.303.397.9267

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ttec-announces-fourth-quarter-and-record-full-year-2021-financial-results-301493393.html

SOURCE TTEC Holdings, Inc.

FAQ

What were TTEC's financial results for Q4 2021?

TTEC reported Q4 2021 GAAP revenue of $612.3 million, a 7.2% increase year-over-year.

How did TTEC perform in FY 2021?

In FY 2021, TTEC achieved a GAAP revenue of $2.273 billion, up 16.6% from FY 2020.

What is TTEC's earnings per share for FY 2021?

TTEC's GAAP earnings per share for FY 2021 was $2.97, compared to $2.52 in the prior year.

What is TTEC's guidance for 2022?

TTEC projects a revenue range of $2,575 million to $2,605 million for 2022, with non-GAAP EPS between $4.70 and $4.97.

What acquisitions did TTEC announce?

TTEC announced the acquisition of Avtex and a pending acquisition of Faneuil, enhancing its capabilities.