$TTEC
TTEC Holdings, Inc.

2022 Q2 Form 10-Q Financial Statement

#000155837022007131 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $604.3M $588.7M $612.3M
YoY Change 8.91% 9.18% 7.24%
Cost Of Revenue $463.5M $447.2M $456.6M
YoY Change 19.18% 18.66% 10.38%
Gross Profit $140.7M $141.5M $155.7M
YoY Change -15.16% -12.81% -1.02%
Gross Profit Margin 23.29% 24.04% 25.43%
Selling, General & Admin $66.77M $64.84M $69.41M
YoY Change 8.92% 22.9% 21.27%
% of Gross Profit 47.44% 45.82% 44.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.31M $26.63M $26.05M
YoY Change 5.78% 29.9% 19.5%
% of Gross Profit 18.7% 18.82% 16.73%
Operating Expenses $93.08M $64.84M $95.28M
YoY Change 51.84% 22.9% 66.47%
Operating Profit $47.66M $48.31M $60.41M
YoY Change -27.6% -34.2% -1.95%
Interest Expense -$5.923M $3.766M -$3.516M
YoY Change -275.18% 108.99% 95.33%
% of Operating Profit -12.43% 7.8% -5.82%
Other Income/Expense, Net $6.111M -$2.306M -$1.222M
YoY Change -390.45% -4.75% -63.7%
Pretax Income $36.07M $46.00M $47.18M
YoY Change -43.4% -35.21% -18.94%
Income Tax $7.274M $8.034M $14.42M
% Of Pretax Income 20.17% 17.46% 30.58%
Net Earnings $25.23M $33.40M $28.75M
YoY Change -46.73% -33.72% -35.29%
Net Earnings / Revenue 4.18% 5.67% 4.69%
Basic Earnings Per Share $0.54 $0.71
Diluted Earnings Per Share $532.6K $0.71 $606.1K
COMMON SHARES
Basic Shares Outstanding 47.04M 47.01M 46.99M
Diluted Shares Outstanding 47.38M 47.38M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $163.2M $156.8M $158.2M
YoY Change -6.6% 8.76% 19.04%
Cash & Equivalents $163.2M $156.8M $158.2M
Short-Term Investments
Other Short-Term Assets $142.9M $153.5M $134.3M
YoY Change 8.65% 21.98% 28.43%
Inventory
Prepaid Expenses
Receivables $391.6M $399.2M $357.3M
Other Receivables $43.10M $43.25M $48.14M
Total Short-Term Assets $740.8M $752.7M $698.0M
YoY Change 4.78% 13.38% 6.27%
LONG-TERM ASSETS
Property, Plant & Equipment $267.0M $265.7M $258.6M
YoY Change -3.05% -5.37% -13.66%
Goodwill $739.5M $739.5M
YoY Change 103.81% 103.43%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $93.46M $75.98M $77.27M
YoY Change 26.22% 16.8% 11.28%
Total Long-Term Assets $1.424B $1.299B $1.299B
YoY Change 7.05% 56.17% 51.09%
TOTAL ASSETS
Total Short-Term Assets $740.8M $752.7M $698.0M
Total Long-Term Assets $1.424B $1.299B $1.299B
Total Assets $2.165B $2.052B $1.997B
YoY Change 6.26% 37.18% 31.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $98.24M $78.00M $70.42M
YoY Change 46.94% 58.08% 5.64%
Accrued Expenses $244.8M $74.79M $63.37M
YoY Change 452.34% 3.86% 13.33%
Deferred Revenue $92.85M $95.61M
YoY Change 171.34% 139.28%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.001M
YoY Change -51.6%
Total Short-Term Liabilities $461.4M $471.9M $444.4M
YoY Change 12.47% 17.11% 12.17%
LONG-TERM LIABILITIES
Long-Term Debt $930.0M $803.0M $793.9M
YoY Change 11.04% 134.25% 103.66%
Other Long-Term Liabilities $162.4M $75.69M $79.83M
YoY Change 68.41% -24.43% -17.01%
Total Long-Term Liabilities $1.092B $971.3M $958.1M
YoY Change 5.0% 74.13% 57.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $461.4M $471.9M $444.4M
Total Long-Term Liabilities $1.092B $971.3M $958.1M
Total Liabilities $1.630B $1.443B $1.402B
YoY Change 12.38% 50.22% 39.46%
SHAREHOLDERS EQUITY
Retained Earnings $866.0M $856.1M
YoY Change 9.95% 13.04%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $596.3M $597.0M
YoY Change -0.6% -0.7%
Treasury Stock Shares $35.02M $35.06M
Shareholders Equity $535.1M $535.3M $522.2M
YoY Change
Total Liabilities & Shareholders Equity $2.165B $2.052B $1.997B
YoY Change 6.26% 37.18% 31.68%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $25.23M $33.40M $28.75M
YoY Change -46.73% -33.72% -35.29%
Depreciation, Depletion And Amortization $26.31M $26.63M $26.05M
YoY Change 5.78% 29.9% 19.5%
Cash From Operating Activities $77.59M $13.69M $76.23M
YoY Change 23.08% -80.39% -10.42%
INVESTING ACTIVITIES
Capital Expenditures -$19.10M $16.69M -$19.58M
YoY Change -258.79% 44.32% 63.17%
Acquisitions
YoY Change
Other Investing Activities -$142.3M $7.000K $51.00K
YoY Change -70.44% -103.5% -100.36%
Cash From Investing Activities -$161.4M -$16.68M -$19.53M
YoY Change -67.29% 41.31% -24.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 97.57M -3.848M -42.89M
YoY Change -78.54% -92.9% -32.25%
NET CHANGE
Cash From Operating Activities 77.59M 13.69M 76.23M
Cash From Investing Activities -161.4M -16.68M -19.53M
Cash From Financing Activities 97.57M -3.848M -42.89M
Net Change In Cash 13.73M -8.475M 13.82M
YoY Change -43.3% -794.1% -445.42%
FREE CASH FLOW
Cash From Operating Activities $77.59M $13.69M $76.23M
Capital Expenditures -$19.10M $16.69M -$19.58M
Free Cash Flow $96.69M -$3.005M $95.81M
YoY Change 89.54% -105.16% -1.32%

Facts In Submission

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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Summary of Business</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">TTEC Holdings, Inc. (“TTEC”, “the Company”; pronounced “T-TEC”) is a leading global customer experience as a service (“CXaaS”) partner for many of the world’s most iconic and disruptive brands. TTEC designs, builds, orchestrates, and delivers seamless digitally enabled customer experiences that are designed to increase brand value, customer loyalty, revenue and profitability through personalized, outcome-based interactions. The Company helps clients improve their customer satisfaction while lowering their total cost to serve by combining innovative digital solutions with service capabilities that deliver a frictionless customer experience (“CX”) across different channels and phases of the customer lifecycle. TTEC’s 62,000 employees serve clients in the automotive, communication, financial services, national/federal and state and local governments, healthcare, logistics, media and entertainment, e-tail/retail, technology, travel and transportation industries via operations in the United States, Australia, Belgium, Brazil, Bulgaria, Canada, Costa Rica, Germany, Greece, India, Ireland, Mexico, the Netherlands, New Zealand, the Philippines, Poland, Singapore, South Africa, Thailand, and the United Kingdom.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">The Company operates and reports its financial results of operation through two business segments: TTEC Digital and TTEC Engage.</p><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;">TTEC Digita</b><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;">l is one of the largest pure-play CX technology service providers with expertise in CX strategy, digital consulting, and transformation enabled by proprietary CX applications and technology partnerships. TTEC Digital designs, builds, and operates robust digital experiences for clients and their customers through the contextual integration and orchestration of customer relationship management (“CRM”), data, analytics, CXaaS technology, and intelligent automation to ensure high-quality, scalable CX outcomes.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:bold;">TTEC Engage</b><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;"> provides the digitally enabled CX managed services to support our clients’ end-to-end customer interaction delivery at scale. The segment delivers omnichannel customer care, tech support, order fulfillment, customer acquisition, growth, and retention services with industry specialization and distinctive CX capabilities for hypergrowth brands. TTEC Engage also delivers digitally enabled back office and industry specific specialty services including artificial intelligence (“AI”) operations, content moderation, and fraud management services.</span></td></tr></table><div style="margin-top:6pt;"/><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">TTEC Digital and TTEC Engage strategically come together under our unified offering, Humanify<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> CXaaS, which drives measurable customer results for clients through the delivery of personalized, omnichannel experiences. Our Humanify<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> cloud platform provides a fully integrated ecosystem of CX offerings, including messaging, AI, machine learning, robotic process automation, analytics, cybersecurity, CRM, knowledge management, journey orchestration, and traditional voice solutions. Our end-to-end CXaaS platform differentiates us from competitors by combining design, strategic consulting, technology, data analytics, process optimization, system integration, and operational excellence along with our decades of industry know-how. This unified offering is value-oriented, outcome-based and delivered to large enterprises, governments, and hypergrowth companies on a global scale.</p>
CY2022Q1 dei Entity Number Of Employees
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates including those related to derivatives and hedging activities, income taxes including the valuation allowance for deferred tax assets, litigation reserves, restructuring reserves, allowance for credit losses, contingent consideration, redeemable noncontrolling interest, and valuation of goodwill, long-lived and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions.</p>
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Concentration of Credit Risk</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">The Company is exposed to credit risk in the normal course of business, primarily related to accounts receivable and derivative instruments. Historically, the losses related to credit risk have been immaterial. The Company regularly monitors its credit risk to mitigate the possibility of current and future exposures resulting in a loss. The Company evaluates the creditworthiness of its clients prior to entering into an agreement to provide services and as necessary through the life of the client relationship. The Company does not believe it is exposed to more than a nominal amount of credit risk in its derivative hedging activities, as the Company diversifies its activities across eight investment-grade financial institutions.</p>
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CY2022Q1 us-gaap Income Tax Holiday Description
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The Company has been granted “Tax Holidays” as an incentive to attract foreign investment by the government of the Philippines. Generally, a Tax Holiday is an agreement between the Company and a foreign government under which the Company receives certain tax benefits in that country, such as exemption from taxation on profits derived from export-related activities. In the Philippines, the Company has been granted multiple agreements with an initial period of tax at 0% for four years, which will be fully expired in 2022 and additional periods at a reduced tax rate, expiring at various times beginning in 2030.
CY2022Q1 ttec Income Tax Holiday Aggregate Dollar Amount Net
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CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
21000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
213000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
83000
CY2022Q1 ttec Effect Of Foreign Currency Allowance For Doubtful Accounts
EffectOfForeignCurrencyAllowanceForDoubtfulAccounts
21000
CY2021Q1 ttec Effect Of Foreign Currency Allowance For Doubtful Accounts
EffectOfForeignCurrencyAllowanceForDoubtfulAccounts
-8000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5032000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4997000
CY2022Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
88700000
CY2021Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
97700000
CY2022Q1 us-gaap Receivables From Customers
ReceivablesFromCustomers
15400000
CY2022Q1 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
917800000
CY2021Q4 us-gaap Goodwill
Goodwill
739481000
CY2022Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
50000
CY2022Q1 us-gaap Goodwill
Goodwill
739531000
CY2022Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
15100000
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
29400000
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
10200000
CY2022Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
5000000.0
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.176
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.225
CY2021Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2400000
CY2021Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
-40000
CY2020Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
8431000
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
390000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-3773000
CY2022Q1 ttec Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Tax
CashFlowHedgeGainLossReclassifiedToEarningsNetOfTax
-239000
CY2021Q1 ttec Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Tax
CashFlowHedgeGainLossReclassifiedToEarningsNetOfTax
-1059000
CY2022Q1 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
589000
CY2021Q1 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
5717000
CY2022Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
41700000
CY2021Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
32900000
CY2021Q1 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
446100000
CY2022Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
803000000.0
CY2021Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
791000000.0
CY2022Q1 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.013
CY2021Q4 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2021-11-23
CY2021Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
1500000000
CY2021Q1 us-gaap Line Of Credit Facility Increase Decrease Other Net
LineOfCreditFacilityIncreaseDecreaseOtherNet
300000000
CY2021Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
1200000000
CY2022Q1 ttec Line Of Credit Initial Borrowing Capacity
LineOfCreditInitialBorrowingCapacity
1500000
CY2022Q1 us-gaap Receivables Held For Sale Amount
ReceivablesHeldForSaleAmount
100000000
CY2022Q1 ttec Percentage Of Average Book Value Of Accounts Receivable Permitted To Be Factored
PercentageOfAverageBookValueOfAccountsReceivablePermittedToBeFactored
25
CY2022Q1 us-gaap Line Of Credit Facility Collateral
LineOfCreditFacilityCollateral
Letter of credit fees are one eighth of 1% of the stated amount of the letter of credit on the date of issuance, renewal or amendment, plus an annual fee equal to the borrowing margin for Eurodollar loans.
CY2022Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
803000000.0
CY2021Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
791000000.0
CY2022Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
525000000
CY2022Q1 ttec Line Of Credit Facility Letters Of Credit Issued
LineOfCreditFacilityLettersOfCreditIssued
12600000
CY2022Q1 ttec Letters Of Credit Issued Outside Line Of Credit Facility
LettersOfCreditIssuedOutsideLineOfCreditFacility
400000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
78200000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
36300000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
310000000.0
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47005000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46743000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
350000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
612000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
26000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
376000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
612000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47381000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47355000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3700000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4000000.0

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