$TTEC
TTEC Holdings, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023008307 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $600.4M $633.3M
YoY Change -0.64% 7.57%
Cost Of Revenue $464.7M $482.7M
YoY Change 0.25% 7.93%
Gross Profit $135.7M $150.6M
YoY Change -3.58% 6.43%
Gross Profit Margin 22.6% 23.78%
Selling, General & Admin $75.34M $74.01M
YoY Change 12.84% 14.14%
% of Gross Profit 55.51% 49.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.95M $25.83M
YoY Change -5.2% -3.02%
% of Gross Profit 18.38% 17.15%
Operating Expenses $75.34M $74.01M
YoY Change -19.06% 14.14%
Operating Profit $31.30M $44.41M
YoY Change -34.33% -8.07%
Interest Expense $18.99M $17.39M
YoY Change -420.63% 361.79%
% of Operating Profit 60.68% 39.16%
Other Income/Expense, Net -$21.44M -$15.57M
YoY Change -450.83% 575.28%
Pretax Income $9.859M $28.84M
YoY Change -72.67% -37.31%
Income Tax $6.102M $7.922M
% Of Pretax Income 61.89% 27.47%
Net Earnings $1.211M $18.65M
YoY Change -95.2% -44.18%
Net Earnings / Revenue 0.2% 2.94%
Basic Earnings Per Share $0.03 $0.39
Diluted Earnings Per Share $0.03 $0.39
COMMON SHARES
Basic Shares Outstanding 47.25M 47.23M
Diluted Shares Outstanding 47.45M 47.40M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.8M $151.4M
YoY Change -29.67% -3.47%
Cash & Equivalents $114.8M $151.4M
Short-Term Investments
Other Short-Term Assets $152.5M $116.0M
YoY Change 6.66% -24.41%
Inventory
Prepaid Expenses
Receivables $402.7M $405.1M
Other Receivables $51.23M $48.58M
Total Short-Term Assets $721.1M $721.0M
YoY Change -2.66% -4.21%
LONG-TERM ASSETS
Property, Plant & Equipment $300.8M $281.7M
YoY Change 12.65% 6.0%
Goodwill $808.6M $808.0M
YoY Change 9.26%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $84.85M $78.83M
YoY Change -9.22% 3.75%
Total Long-Term Assets $1.450B $1.415B
YoY Change 1.81% 8.92%
TOTAL ASSETS
Total Short-Term Assets $721.1M $721.0M
Total Long-Term Assets $1.450B $1.415B
Total Assets $2.171B $2.136B
YoY Change 0.28% 4.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $84.34M $89.31M
YoY Change -14.15% 14.5%
Accrued Expenses $73.36M $76.43M
YoY Change -70.03% 2.19%
Deferred Revenue $91.76M $87.38M
YoY Change -5.89%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $451.2M $435.4M
YoY Change -2.19% -7.74%
LONG-TERM LIABILITIES
Long-Term Debt $915.0M $930.0M
YoY Change -1.61% 15.82%
Other Long-Term Liabilities $65.73M $67.98M
YoY Change -59.52% -10.19%
Total Long-Term Liabilities $1.079B $1.086B
YoY Change -1.27% 11.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $451.2M $435.4M
Total Long-Term Liabilities $1.079B $1.086B
Total Liabilities $1.530B $1.521B
YoY Change -6.15% 5.4%
SHAREHOLDERS EQUITY
Retained Earnings $906.5M $905.3M
YoY Change 4.55%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $620.7M $594.0M
YoY Change
Total Liabilities & Shareholders Equity $2.171B $2.136B
YoY Change 0.28% 4.11%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $1.211M $18.65M
YoY Change -95.2% -44.18%
Depreciation, Depletion And Amortization $24.95M $25.83M
YoY Change -5.2% -3.02%
Cash From Operating Activities $95.89M $49.06M
YoY Change 23.59% 258.45%
INVESTING ACTIVITIES
Capital Expenditures $19.29M $13.67M
YoY Change -200.97% -18.11%
Acquisitions
YoY Change
Other Investing Activities $2.000K $26.00K
YoY Change -100.0% 271.43%
Cash From Investing Activities -$19.28M -$13.64M
YoY Change -88.05% -18.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -71.34M -43.64M
YoY Change -173.12% 1034.07%
NET CHANGE
Cash From Operating Activities 95.89M 49.06M
Cash From Investing Activities -19.28M -13.64M
Cash From Financing Activities -71.34M -43.64M
Net Change In Cash 5.266M -7.346M
YoY Change -61.65% -13.32%
FREE CASH FLOW
Cash From Operating Activities $95.89M $49.06M
Capital Expenditures $19.29M $13.67M
Free Cash Flow $76.61M $35.39M
YoY Change -20.77% -1277.67%

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 (“CX”) as a service (“CXaaS”) partner for many of the world’s most iconic companies, disruptive hypergrowth brands, and large public sector agencies. TTEC designs, builds, orchestrates, and delivers seamless digitally-enabled customer experiences that 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 CX across numerous real-time digital and live interaction channels and different phases of the customer lifecycle. TTEC’s 65,000 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, and travel and transportation industries via operations in the United States, Australia, Belgium, Brazil, Bulgaria, Canada, Colombia, Costa Rica, Germany, Greece, Honduras, 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, digitization, analytics, process optimization, system integration, cloud-based technology solutions, and transformation enabled by the Company’s 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, technology 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, 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 and seamless, 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, hypergrowth companies and public sector agencies on a global scale.</p>
CY2023Q1 dei Entity Number Of Employees
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CY2023Q1 us-gaap Reclassifications
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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;">Reclassifications</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;">Certain prior year amounts have been reclassified to conform to the current year presentation.</p>
CY2023Q1 us-gaap Use Of Estimates
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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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GoodwillForeignCurrencyTranslationGainLoss
140000
CY2023Q1 us-gaap Goodwill
Goodwill
807985000
CY2022Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
89000
CY2021Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
-40000
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
6167000
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
390000
CY2023Q1 ttec Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Tax
CashFlowHedgeGainLossReclassifiedToEarningsNetOfTax
-384000
CY2022Q1 ttec Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Tax
CashFlowHedgeGainLossReclassifiedToEarningsNetOfTax
-239000
CY2023Q1 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
6640000
CY2022Q1 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
589000
CY2023Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
930000000.0
CY2022Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
960000000.0
CY2023Q1 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.060
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
5916000
CY2023Q1 ttec Purchase Price Payable Acquired During Period
PurchasePricePayableAcquiredDuringPeriod
0
CY2023Q1 ttec Purchase Price Payable Payments During Period
PurchasePricePayablePaymentsDuringPeriod
0
CY2023Q1 ttec Contingent Consideration Payable Imputed Interest Expense And Other Adjustments
ContingentConsiderationPayableImputedInterestExpenseAndOtherAdjustments
-574000
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
6490000
CY2023Q1 us-gaap Impaired Long Lived Assets Held And Used Method For Determining Fair Value
ImpairedLongLivedAssetsHeldAndUsedMethodForDeterminingFairValue
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.
CY2023Q1 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.
CY2023Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
21400000
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
27200000
CY2023Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
17700000
CY2023Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
3700000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.275
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.175
CY2022Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-1300000
CY2022Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
600000
CY2022Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2500000
CY2023Q1 us-gaap Income Tax Holiday Description
IncomeTaxHolidayDescription
The Company has been granted “Tax Holidays” as an incentive to attract foreign investment by the governments of the Philippines and Costa Rica. 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 under local laws which result in an overall reduced tax rate. These incentives have varying benefit year over year and expire at various times beginning in 2030.
CY2023Q1 ttec Income Tax Holiday Aggregate Dollar Amount Net
IncomeTaxHolidayAggregateDollarAmountNet
700000
CY2022Q1 ttec Income Tax Holiday Aggregate Dollar Amount Net
IncomeTaxHolidayAggregateDollarAmountNet
900000
CY2023Q1 ttec Income Tax Holiday Income Tax Expense Benefits Per Share
IncomeTaxHolidayIncomeTaxExpenseBenefitsPerShare
0.01
CY2022Q1 ttec Income Tax Holiday Income Tax Expense Benefits Per Share
IncomeTaxHolidayIncomeTaxExpenseBenefitsPerShare
0.02
CY2021Q4 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2021-11-23
CY2021Q4 ttec Line Of Credit Initial Borrowing Capacity
LineOfCreditInitialBorrowingCapacity
1500000000
CY2023Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
1500000000
CY2023Q1 us-gaap Receivables Held For Sale Amount
ReceivablesHeldForSaleAmount
100000000
CY2023Q1 ttec Percentage Of Average Book Value Of Accounts Receivable Permitted To Be Factored
PercentageOfAverageBookValueOfAccountsReceivablePermittedToBeFactored
25
CY2023Q1 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.
CY2023Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
930000000.0
CY2022Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
960000000.0
CY2023Q1 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
1061900000
CY2022Q1 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
917800000
CY2023Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
335000000
CY2023Q1 ttec Line Of Credit Facility Letters Of Credit Issued
LineOfCreditFacilityLettersOfCreditIssued
200000
CY2023Q1 ttec Letters Of Credit Issued Outside Line Of Credit Facility
LettersOfCreditIssuedOutsideLineOfCreditFacility
300000
CY2023Q1 ttec Contract With Customer Revenue Recognized
ContractWithCustomerRevenueRecognized
76200000
CY2022Q1 ttec Contract With Customer Revenue Recognized
ContractWithCustomerRevenueRecognized
78200000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
301500000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47234000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47005000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
143000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
350000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
24000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
26000
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
167000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
376000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47401000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47381000

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