$TTEC
TTEC Holdings, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022017194 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $658.3M $592.5M
YoY Change 7.51% 4.54%
Cost Of Revenue $495.3M $450.5M
YoY Change 8.48% 3.13%
Gross Profit $162.9M $142.0M
YoY Change 4.66% 9.27%
Gross Profit Margin 24.75% 23.97%
Selling, General & Admin $80.60M $75.23M
YoY Change 16.13% 11.57%
% of Gross Profit 49.47% 52.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.73M $27.12M
YoY Change 21.8% 7.27%
% of Gross Profit 19.47% 19.1%
Operating Expenses $112.3M $75.23M
YoY Change 17.9% 11.57%
Operating Profit $50.61M $35.60M
YoY Change -16.23% 36.81%
Interest Expense -$14.72M $10.57M
YoY Change 318.69% 201.51%
% of Operating Profit -29.09% 29.67%
Other Income/Expense, Net -$1.156M -$6.100M
YoY Change -5.4% 13455.56%
Pretax Income $32.87M $29.50M
YoY Change -30.33% 13.56%
Income Tax $7.318M $4.489M
% Of Pretax Income 22.26% 15.21%
Net Earnings $22.35M $22.20M
YoY Change -22.25% 53.79%
Net Earnings / Revenue 3.4% 3.75%
Basic Earnings Per Share $0.47
Diluted Earnings Per Share $0.47 $0.47
COMMON SHARES
Basic Shares Outstanding 47.22M 47.21M
Diluted Shares Outstanding 47.31M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.4M $172.3M
YoY Change -3.02% 15.73%
Cash & Equivalents $153.4M $172.3M
Short-Term Investments
Other Short-Term Assets $133.4M $136.3M
YoY Change -0.72% -24.53%
Inventory
Prepaid Expenses
Receivables $417.6M $384.8M
Other Receivables $45.53M $47.74M
Total Short-Term Assets $750.0M $741.1M
YoY Change 7.45% 0.97%
LONG-TERM ASSETS
Property, Plant & Equipment $275.8M $275.0M
YoY Change 6.65% 2.09%
Goodwill $807.8M $805.6M
YoY Change 9.24% 9.4%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $67.73M $70.94M
YoY Change -12.34% 0.24%
Total Long-Term Assets $1.404B $1.414B
YoY Change 8.1% 7.92%
TOTAL ASSETS
Total Short-Term Assets $750.0M $741.1M
Total Long-Term Assets $1.404B $1.414B
Total Assets $2.154B $2.155B
YoY Change 7.87% 5.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.94M $98.50M
YoY Change 33.4% 16.61%
Accrued Expenses $34.45M $72.57M
YoY Change -45.63% -10.7%
Deferred Revenue $87.85M $90.92M
YoY Change -8.12% 2.3%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.056M
YoY Change -31.49%
Total Short-Term Liabilities $411.4M $462.2M
YoY Change -7.43% -4.53%
LONG-TERM LIABILITIES
Long-Term Debt $961.3M $955.0M
YoY Change 21.09% 18.19%
Other Long-Term Liabilities $66.30M $73.00M
YoY Change -16.94% -24.68%
Total Long-Term Liabilities $1.109B $1.113B
YoY Change 15.74% 11.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $411.4M $462.2M
Total Long-Term Liabilities $1.109B $1.113B
Total Liabilities $1.520B $1.575B
YoY Change 8.4% 6.13%
SHAREHOLDERS EQUITY
Retained Earnings $911.2M $888.9M
YoY Change 6.44% 7.44%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $559.9M $507.8M
YoY Change
Total Liabilities & Shareholders Equity $2.154B $2.155B
YoY Change 7.87% 5.43%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $22.35M $22.20M
YoY Change -22.25% 53.79%
Depreciation, Depletion And Amortization $31.73M $27.12M
YoY Change 21.8% 7.27%
Cash From Operating Activities $18.24M $27.54M
YoY Change -76.08% -34.77%
INVESTING ACTIVITIES
Capital Expenditures $19.45M $28.77M
YoY Change -199.33% 67.44%
Acquisitions
YoY Change
Other Investing Activities $40.00K $87.00K
YoY Change -21.57% 569.23%
Cash From Investing Activities -$19.41M -$28.69M
YoY Change -0.62% 67.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.74M 18.05M
YoY Change -46.99% -147.6%
NET CHANGE
Cash From Operating Activities 18.24M 27.54M
Cash From Investing Activities -19.41M -28.69M
Cash From Financing Activities -22.74M 18.05M
Net Change In Cash -23.91M 16.91M
YoY Change -273.04% -231.31%
FREE CASH FLOW
Cash From Operating Activities $18.24M $27.54M
Capital Expenditures $19.45M $28.77M
Free Cash Flow -$1.213M -$1.233M
YoY Change -101.27% -104.92%

Facts In Submission

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TTEC Holdings, Inc.
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Common stock of TTEC Holdings, Inc., $0.01 par value per share
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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 62,700 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 Digital</b><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;"> 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>
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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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us-gaap Impaired Long Lived Assets Held And Used Method For Determining Fair Value
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The amount of impairment recognized is the difference between the carrying value of the asset group and its fair value. To determine fair value, the Company used Level 3 inputs in its discounted cash flows analysis.
us-gaap Impaired Long Lived Assets Held And Used Asset Description
ImpairedLongLivedAssetsHeldAndUsedAssetDescription
Assumptions included the amount and timing of estimated future cash flows and assumed discount rates.
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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.
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25
us-gaap Line Of Credit Facility Collateral
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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.
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Share Based Compensation
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