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TTEC Announces Second Quarter 2023 Financial Results

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Second Quarter 2023

Revenue was $600.4 Million
Operating Income was $31.3 Million or 5.2 Percent of Revenue
($50.6 Million or 8.4 Percent of Revenue Non-GAAP)
Net Income was $3.8 Million or 0.6 Percent of Revenue
($25.9 Million or 4.3 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $67.2 Million or 11.2 Percent of Revenue
Fully Diluted EPS was $0.08 ($0.55 Non-GAAP)

Reiterates Outlook for Full Year 2023

DENVER, Aug. 3, 2023 /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 second quarter ended June 30, 2023.

"We delivered on our top priorities this quarter and exceeded the mid-point of our communicated financial guidance," commented Ken Tuchman, Chairman and chief executive officer of TTEC. "We made meaningful progress in TTEC Engage by further expanding our geographic footprint and language capabilities as well as continuing to grow our client portfolio with a focus on resilient verticals, including financial services, healthcare and public sector. In TTEC Digital, we expanded our strategic CX technology partnerships, launched new and innovative AI-related offerings, and continued to accelerate our pace of cloud migrations for clients. While it is early in the adoption of Generative AI for CX, we are actively working with our clients and CX technology partners on exciting pilots using private large language models, augmentation solutions for contact center associates, knowledge management solutions for AI-enablement, and advanced CX analytics."

Tuchman continued, "We enter the second half of the year with a healthy sales funnel and backlog. Recognizing that some of our clients are cautious in light of difficult to predict consumer demand, we maintain a prudent outlook for the remainder of the year. We have a high level of confidence in the factors we control and will remain agile and adapt to market conditions as they evolve."

SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS                 

Revenue        

  • Second quarter 2023 GAAP revenue decreased 0.6 percent to $600.4 million compared to $604.3 million in the prior year period.
  • Foreign exchange had a $1.2 million negative impact on revenue in the second quarter of 2023.

Income from Operations

  • Second quarter 2023 GAAP income from operations was $31.3 million, or 5.2 percent of revenue, compared to $35.9 million, or 5.9 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, and other items, was $50.6 million, or 8.4 percent of revenue, compared to $61.2 million, or 10.1 percent for the prior year period.
  • Foreign exchange had a $1.4 million positive impact on Non-GAAP income from operations in the second quarter of 2023.

Adjusted EBITDA

  • Second quarter 2023 Non-GAAP Adjusted EBITDA was $67.2 million, or 11.2 percent of revenue, compared to $80.6 million, or 13.3 percent of revenue in the prior year period.

Earnings Per Share

  • Second quarter 2023 GAAP fully diluted earnings per share was $0.08 compared to $0.61 for the same period last year.
  • Non-GAAP fully diluted earnings per share was $0.55 compared to $0.93 in the prior year period.

CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND DIVIDENDS

  • Cash flow from operations in the second quarter 2023 was $95.9 million compared to $77.6 million for the second quarter 2022.
  • Capital expenditures in the second quarter 2023 were $19.3 million compared to $19.1 million for the second quarter 2022.
  • As of June 30, 2023, TTEC had cash and cash equivalents of $114.8 million and debt of $919.0 million, resulting in a net debt position of $804.2 million. This compares to a net debt position of $771.5 million for the same period 2022. The increase in net debt is primarily attributable to capital distributions and acquisition-related investments, partially offset by positive cash flow from operations.
  • As of June 30, 2023, TTEC's remaining borrowing capacity under its revolving credit facility was approximately $265 million compared to $425 million for the same period 2022.
  • TTEC paid a $0.52 per share, or $24.6 million, semi-annual dividend on April 20, 2023 to shareholders of record on March 31, 2023. This dividend is unchanged over the October 2022 dividend and a 4.0 percent increase over the April 2022 dividend.

SEGMENT REPORTING & COMMENTARY

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

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

  • Second quarter 2023 GAAP revenue for TTEC Digital increased 2.8 percent to $117.6 million from $114.4 million for the year ago period. Income from operations was $7.2 million or 6.1 percent of revenue compared to operating income of $10.8 million or 9.4 percent of revenue for the prior year period.
  • Non-GAAP income from operations was $14.7 million, or 12.5 percent of revenue compared to operating income of $16.9 million or 14.8 percent of revenue in the prior year period.

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

  • Second quarter 2023 GAAP revenue for TTEC Engage decreased 1.4 percent to $482.8 million from $489.8 million for the year ago period. Income from operations was $24.1 million or 5.0 percent of revenue compared to operating income of $25.1 million, or 5.1 percent of revenue for the prior year period.
  • Non-GAAP income from operations was $35.9 million, or 7.4 percent of revenue, compared to operating income of $44.2 million, or 9.0 percent of revenue in the prior year period.
  • Foreign exchange had a $0.8 million negative impact on revenue and $1.5 million positive impact on Non-GAAP income from operations.

BUSINESS OUTLOOK     

"We are pleased with our execution and second quarter financial results, in-line with our plan and above the mid-point of our revenue and profit guidance range," commented Francois Bourret, Interim Chief Financial Officer of TTEC. "In the second quarter, we prioritized investments around our CX technology capabilities and global delivery footprint expansion, while maintaining a company-wide agile cost structure."

Bourret continued, "Looking at the remainder of 2023, we continue to operate in a dynamic environment where consumers and organizations are taking a cautious approach to their spending priorities. This is impacting select clients' level of confidence, which may impact volumes as well as timing to commit to CX technology investments for the second half of the year. We remain focused on our execution and are re-affirming the mid-point of our full-year 2023 revenue and profit guidance range."

TTEC Full Year 2023 Outlook









Third Quarter 2023
Guidance


Third Quarter 2023
Mid-Point


Full Year 2023
Guidance


Full Year 2023
Mid-Point

Revenue

$593M$613M


$603M


$2,470M$2,530M


$2,500M

Non-GAAP adjusted EBITDA

$60M$66M


$63M


$290M$310M


$300M

Non-GAAP adjusted EBITDA margins

10.1%10.7%


10.4 %


11.7%12.3%


12.0 %

Non-GAAP operating income

$44M$50M


$47M


$221M$241M


$231M

Non-GAAP operating income margins

7.4%8.1%


7.8 %


9.0%9.5%


9.3 %

Interest expense, net

($18M) — ($20M)


($19M)


($74M) — ($76M)


($75M)

Non-GAAP adjusted tax rate

24%26%


25 %


24%26%


25 %

Diluted share count

47.3M — 47.5M


47.4M


47.3M — 47.5M


47.4M

Non-GAAP earnings per a share

$0.38$0.47


$0.43


$2.38$2.70


$2.54

















Engage Full Year 2023 outlook









Third Quarter 2023
Guidance


Third Quarter 2023
Mid-Point


Full Year 2023
Guidance


Full Year 2023
Mid-Point

Revenue

$469M$481M


$475M


$1,980M$2,020M


$2,000M

Non-GAAP adjusted EBITDA

$42M$46M


$44M


$221M$235M


$228M

Non-GAAP adjusted EBITDA margins

9.0%9.6%


9.3 %


11.2%11.6%


11.4 %

Non-GAAP operating income

$30M$34M


$32M


$164M$178M


$171M

Non-GAAP operating income margins

6.3%7.0%


6.7 %


8.3%8.8%


8.6 %

















Digital Full Year 2023 outlook









Third Quarter 2023
Guidance


Third Quarter 2023
Mid-Point


Full Year 2023
Guidance


Full Year 2023
Mid-Point

Revenue

$124M$132M


$128M


$490M$510M


$500M

Non-GAAP adjusted EBITDA

$17M$19M


$18M


$69M$75M


$72M

Non-GAAP adjusted EBITDA margins

14.0%14.7%


14.3 %


14.1%14.7%


14.4 %

Non-GAAP operating income

$14M$16M


$15M


$57M$63M


$60M

Non-GAAP operating income margins

11.5%12.3%


11.9 %


11.7%12.4%


12.1 %

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, cybersecurity incident-related costs, 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, net income margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company's 2023 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 a leading global CX (customer experience) technology and services innovator for AI-enabled 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 and 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 63,900 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, 2022 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 in a competitive market; our ability to innovate and introduce disruptive technologies that would allow us to maintain and grow our market share (e.g., effective adoption of artificial intelligence into our solutions); risks that may arise in connection with events outside of our control (macroeconomic conditions, geopolitical tensions, outbreaks of infectious diseases); risks inherent in a disruption and cybersecurity of our information technology systems, including cybersecurity criminal activity, which can impact our ability to consistently deliver uninterrupted service to our clients or unauthorized access to data, any of which may result in government investigations and enforcement actions, and private legal actions; risks inherent in the delivery of services by employees working from home; our ability to attract and retain qualified personnel at a price point that we can afford and our clients are willing to pay; our M&A activity, including our ability to properly integrate acquired businesses; our reliance on a relatively small number of TTEC Engage clients to generate the majority of our revenue and our reliance on technology partners to generate a large portion of TTEC Digital's revenue; the changes in laws and regulations that impact our and our clients' businesses, including the rapidly changing data privacy and data protection laws, healthcare business regulations, financial and public sector specific regulations; the cost of labor and data privacy litigation and other class action litigation; the risks related to our international operations including the stress that geographic expansion may have on our business, the impact if we are unable to expand geographically to meet our clients' demand; 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.

Investor Relations Contact

Paul Miller

+1.303.397.8641

Address

6312 S Fiddler's Green Circle, 100N 

Greenwood Village, CO 80111

Communications

Contact

Tim Blair

tim.blair@ttec.com

+1.303.397.9267

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)
























Three months ended


Six months ended




 June 30,


 June 30,




2023


2022


2023


2022











Revenue


$600,394


$604,250


$1,233,680


$1,192,976











Operating Expenses:










Cost of services


464,686


463,510


947,364


910,725


Selling, general and administrative


75,338


66,766


149,348


131,605


Depreciation and amortization


24,946


26,314


50,773


52,944


Restructuring charges, net


1,474


2,528


3,527


3,148


Impairment losses


2,652


9,248


6,959


10,360

         Total operating expenses


569,096


568,366


1,157,971


1,108,782











Income From Operations


31,298


35,884


75,709


84,194












Other income (expense), net


(21,439)


188


(37,011)


(2,118)











Income Before Income Taxes


9,859


36,072


38,698


82,076












Provision for income taxes


(6,102)


(7,274)


(14,024)


(15,308)











Net Income


3,757


28,798


24,674


66,768












Net income attributable to noncontrolling interest

(2,546)


(3,564)


(4,816)


(8,130)











Net Income Attributable to TTEC Stockholders

$    1,211


$  25,234


$     19,858


$     58,638





















Net Income Per Share




















Basic


$     0.08


$     0.61


$        0.52


$        1.42












Diluted


$     0.08


$     0.61


$        0.52


$        1.41











Net Income Per Share Attributable to TTEC Stockholders



















Basic


$     0.03


$     0.54


$        0.42


$        1.25












Diluted


$     0.03


$     0.53


$        0.42


$        1.24





















Income From Operations Margin


5.2 %


5.9 %


6.1 %


7.1 %

Net Income Margin


0.6 %


4.8 %


2.0 %


5.6 %

Net Income Attributable to TTEC Stockholders Margin

0.2 %


4.2 %


1.6 %


4.9 %

Effective Tax Rate


61.9 %


20.2 %


36.2 %


18.7 %





















Weighted Average Shares Outstanding








  Basic


47,264


47,047


47,249


47,026

  Diluted


47,453


47,383


47,417


47,381

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(In thousands)

(unaudited)





















Three months ended


Six months ended



 June 30,


 June 30,



2023


2022


2023


2022










Revenue:









TTEC Digital


$117,585


$114,433


$   234,512


$   225,847

TTEC Engage


482,809


489,817


999,168


967,129

Total


$600,394


$604,250


$1,233,680


$1,192,976










Income From Operations:









TTEC Digital


$    7,154


$  10,751


$      7,939


$     16,956

TTEC Engage


24,144


25,133


67,770


67,238

Total


$  31,298


$  35,884


$     75,709


$     84,194

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)








 June 30,


 December 31,



2023


2022






ASSETS





Current assets:





   Cash and cash equivalents


$   114,776


$         153,435

   Accounts receivable, net


402,664


417,637

   Other current assets


203,697


178,898

      Total current assets


721,137


749,970






Property and equipment, net


189,049


183,360

Operating lease assets


111,764


92,431

Goodwill


808,613


807,845

Other intangibles assets, net


216,168


233,909

Other assets


124,578


86,447






Total assets


$2,171,309


$      2,153,962






LIABILITIES AND EQUITY





Current liabilities:





   Accounts payable


$     84,335


$           93,937

   Accrued employee compensation and benefits


149,919


145,096

   Deferred revenue


91,757


87,846

   Current operating lease liabilities


35,620


35,271

   Other current liabilities


89,607


49,214

      Total current liabilities


451,238


411,364






Long-term liabilities:





   Line of credit


915,000


960,000

   Non-current operating lease liabilities


89,388


69,575

   Other long-term liabilities


74,144


79,273

      Total long-term liabilities


1,078,532


1,108,848






Redeemable noncontrolling interest


3,997


55,645






Equity:





   Common stock


473


472

   Additional Paid in Capital


396,444


367,673

   Treasury stock


(592,306)


(593,164)

   Accumulated other comprehensive income (loss)


(90,463)


(126,301)

   Retained earnings


906,518


911,233

   Noncontrolling interest


16,876


18,192

      Total equity


637,542


578,105






Total liabilities and equity


$2,171,309


$      2,153,962

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)






 Six months ended


 Six months ended


  June 30,


  June 30,


2023


2022





Cash flows from operating activities:




     Net income

$                 24,674


$                 66,768

     Adjustment to reconcile net income to net cash provided by operating activities :




          Depreciation and amortization

50,773


52,944

          Amortization of contract acquisition costs

1,158


1,063

          Amortization of debt issuance costs

534


500

          Imputed interest expense and fair value adjustments to contingent consideration

6,762


-

          Provision for credit losses

1,704


198

          Loss on disposal of assets

856


1,116

          Impairment losses

6,959


10,360

          Loss on dissolution of subsidiary

301


-

          Deferred income taxes

(10,390)


(9,161)

          Excess tax benefit from equity-based awards

243


(913)

          Equity-based compensation expense

9,802


7,882

          Loss / (gain) on foreign currency derivatives

247


224

          Changes in assets and liabilities, net of acquisitions:




                Accounts receivable

14,645


(38,271)

                Prepaids and other assets

20,324


35,866

                Accounts payable and accrued expenses

43,429


21,041

                Deferred revenue and other liabilities

(27,072)


(58,345)

                    Net cash provided by operating activities

144,949


91,272





Cash flows from investing activities:




     Proceeds from sale of property, plant and equipment

28


102

     Purchases of property, plant and equipment

(32,954)


(35,790)

     Acquisitions

-


(142,420)

          Net cash used in investing activities

(32,926)


(178,108)





Cash flows from financing activities:




     Net proceeds / (borrowings) from line of credit

(45,000)


139,000

     Payments on other debt

(1,217)


(1,877)

     Payments of contingent consideration and hold back payments to acquisitions

(37,676)


(9,600)

     Dividends paid to shareholders

(24,572)


(23,518)

     Payments to noncontrolling interest

(5,887)


(7,219)

     Tax payments related to the issuance of restricted stock units

(629)


(3,065)

          Net cash (used in) / provided by financing activities

(114,981)


93,721





Effect of exchange rate changes on cash and cash equivalents and restricted cash

1,275


(12,350)





Increase in cash, cash equivalents and restricted cash

(1,683)


(5,465)

Cash, cash equivalents and restricted cash, beginning of period

167,064


180,682

Cash, cash equivalents and restricted cash, end of period

$               165,381


$               175,217

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES




RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION




(In thousands, except per share data)




(unaudited)





















Three months ended





Six months ended






 June 30,





 June 30,






2023


2022





2023


2022



















Revenue


$600,394


$604,250





$1,233,680


$1,192,976



















Reconciliation of Non-GAAP Income from Operations and EBITDA:





























Income from Operations


$  31,298


$  35,884





$     75,709


$     84,194




Restructuring charges, net


1,474


2,528





3,527


3,148




Impairment losses


2,652


9,248





6,959


10,360




Cybersecurity incident related impact, net of insurance recovery


26


(167)





(3,210)


3,669




Grant income for pandemic relief


40


-





40


-




Change in acquisition related obligation


483


-





483


-




Equity-based compensation expenses


5,648


4,143





9,802


7,882




Amortization of purchased intangibles


9,007


9,554





18,010


19,090



















         Non-GAAP Income from Operations


$  50,628


$  61,190





$   111,320


$   128,343



















         Non-GAAP Income from Operations Margin


8.4 %


10.1 %





9.0 %


10.8 %



















Depreciation and amortization


15,939


16,760





32,763


33,854




Changes in acquisition contingent consideration


3,584


-





6,762


-




Change in escrow balance related to acquisition


-


-





625


-




Loss on dissolution of subsidiary


-


-





301


-




Foreign exchange loss / (gain), net


578


(3,473)





1,212


(4,516)




Other Income (expense), net


(3,574)


6,111





(2,919)


7,371



















         Adjusted EBITDA


$  67,155


$  80,588





$   150,064


$   165,052



















         Adjusted EBITDA Margin


11.2 %


13.3 %





12.2 %


13.8 %



















Reconciliation of Non-GAAP EPS:






























Net Income


$    3,757


$  28,798





$     24,674


$     66,768




Add:  Asset impairment and restructuring charges


4,126


11,776





10,486


13,508




Add:  Equity-based compensation expenses


5,648


4,143





9,802


7,882




Add:  Amortization of purchased intangibles


9,007


9,554





18,010


19,090




Add:  Cybersecurity incident related impact, net of insurance recovery


26


(167)





(3,210)


3,669




Add:  Grant income for pandemic relief


40


-





40


-




Add:  Change in acquisition related obligation


483


-





483


-




Add:  Changes in acquisition contingent consideration


3,584


-





6,762


-




Add:  Changes in escrow balance related to acquisition


-


-





625


-




Add:  Loss on dissolution of subsidiary


-


-





301


-




Add:  Foreign exchange loss / (gain), net


578


(3,473)





1,212


(4,516)




Less:  Changes in valuation allowance, return to provision adjustments

and other, and tax effects of items separately disclosed above


(1,349)


(6,782)





(6,384)


(12,176)



















         Non-GAAP Net Income


$  25,900


$  43,849





$     62,801


$     94,225



















             Diluted shares outstanding


47,453


47,383





47,417


47,381



















         Non-GAAP EPS


$0.55


$0.93





$1.32


$1.99



















Reconciliation of Free Cash Flow:






























Cash Flow From Operating Activities:















   Net income


$    3,757


$  28,798





$     24,674


$     66,768




   Adjustments to reconcile net income to net cash provided by operating activities:













          Depreciation and amortization


24,946


26,314





50,773


52,944




          Other


67,188


22,474





69,502


(28,440)




   Net cash provided by operating activities


95,891


77,586





144,949


91,272



















Less - Total Cash Capital Expenditures


19,285


19,099





32,954


35,790



















        Free Cash Flow


$  76,606


$  58,487





$   111,995


$     55,482


































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













TTEC Engage


TTEC Digital


TTEC Engage


TTEC Digital



Q2 23


Q2 22


Q2 23

Q2 22


YTD 23


YTD 22


YTD 23

YTD 22
















Income from Operations


$  24,144


$  25,133


$  7,154

$10,751


$     67,770


$     67,238


$  7,939

$16,956

Restructuring charges, net


801


2,415


673

113


1,793


3,035


1,734

113

Impairment losses


2,652


9,248


-

-


4,105


10,360


2,854

-

Cybersecurity incident related impact, net of insurance recovery


26


(167)


-

-


(3,210)


3,669


-

-

Grant income for pandemic relief


40


-


-

-


40


-


-

-

Change in acquisition related obligation


-


-


483

-


-


-


483

-

Equity-based compensation expenses


3,596


2,834


2,052

1,309


6,272


5,286


3,530

2,596

Amortization of purchased intangibles


4,652


4,784


4,355

4,770


9,302


7,999


8,708

11,091
















         Non-GAAP Income from Operations


$  35,911


$  44,247


$14,717

$16,943


$     86,072


$     97,587


$25,248

$30,756
















Depreciation and amortization


13,572


13,696


2,367

3,064


27,888


27,700


4,875

6,154

Changes in acquisition contingent consideration


3,584


-


-

-


6,762


-


-

-

Change in escrow balance related to acquisition


-


-


-

-


625


-


-

-

Loss on dissolution of subsidiary


-


-


-

-


301


-


-

-

Foreign exchange loss / (gain), net


411


(3,105)


167

(368)


1,112


(4,082)


100

(434)

Other Income (expense), net


(3,422)


5,776


(152)

335


(2,910)


7,094


(9)

277
















         Adjusted EBITDA


$  50,056


$  60,614


$17,099

$19,974


$   119,850


$   128,299


$30,214

$36,753

 

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