$TTEC
TTEC Holdings, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023013376 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $603.0M $600.4M $604.3M
YoY Change 1.77% -0.64% 8.91%
Cost Of Revenue $479.7M $464.7M $463.5M
YoY Change 6.49% 0.25% 19.18%
Gross Profit $123.3M $135.7M $140.7M
YoY Change -13.17% -3.58% -15.16%
Gross Profit Margin 20.45% 22.6% 23.29%
Selling, General & Admin $66.78M $75.34M $66.77M
YoY Change -11.23% 12.84% 8.92%
% of Gross Profit 54.16% 55.51% 47.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.60M $24.95M $26.31M
YoY Change -5.59% -5.2% 5.78%
% of Gross Profit 20.76% 18.38% 18.7%
Operating Expenses $66.78M $75.34M $93.08M
YoY Change -11.23% -19.06% 51.84%
Operating Profit $25.39M $31.30M $47.66M
YoY Change -28.69% -34.33% -27.6%
Interest Expense $20.33M $18.99M -$5.923M
YoY Change 92.4% -420.63% -275.18%
% of Operating Profit 80.07% 60.68% -12.43%
Other Income/Expense, Net -$18.30M -$21.44M $6.111M
YoY Change 199.97% -450.83% -390.45%
Pretax Income $7.090M $9.859M $36.07M
YoY Change -75.97% -72.67% -43.4%
Income Tax $5.294M $6.102M $7.274M
% Of Pretax Income 74.67% 61.89% 20.17%
Net Earnings -$1.530M $1.211M $25.23M
YoY Change -106.89% -95.2% -46.73%
Net Earnings / Revenue -0.25% 0.2% 4.18%
Basic Earnings Per Share -$0.03 $0.03 $0.54
Diluted Earnings Per Share -$0.03 $0.03 $532.6K
COMMON SHARES
Basic Shares Outstanding 47.42M 47.25M 47.04M
Diluted Shares Outstanding 47.49M 47.45M 47.38M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $151.6M $114.8M $163.2M
YoY Change -12.0% -29.67% -6.6%
Cash & Equivalents $151.6M $114.8M $163.2M
Short-Term Investments
Other Short-Term Assets $119.0M $152.5M $142.9M
YoY Change -12.68% 6.66% 8.65%
Inventory
Prepaid Expenses
Receivables $379.8M $402.7M $391.6M
Other Receivables $11.80M $51.23M $43.10M
Total Short-Term Assets $662.1M $721.1M $740.8M
YoY Change -10.65% -2.66% 4.78%
LONG-TERM ASSETS
Property, Plant & Equipment $312.1M $300.8M $267.0M
YoY Change 13.49% 12.65% -3.05%
Goodwill $806.4M $808.6M
YoY Change 0.1%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $96.70M $84.85M $93.46M
YoY Change 36.3% -9.22% 26.22%
Total Long-Term Assets $1.506B $1.450B $1.424B
YoY Change 6.51% 1.81% 7.05%
TOTAL ASSETS
Total Short-Term Assets $662.1M $721.1M $740.8M
Total Long-Term Assets $1.506B $1.450B $1.424B
Total Assets $2.168B $2.171B $2.165B
YoY Change 0.61% 0.28% 6.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $105.5M $84.34M $98.24M
YoY Change 7.13% -14.15% 46.94%
Accrued Expenses $53.98M $73.36M $244.8M
YoY Change -25.62% -70.03% 452.34%
Deferred Revenue $82.53M $91.76M
YoY Change -9.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $422.8M $451.2M $461.4M
YoY Change -8.53% -2.19% 12.47%
LONG-TERM LIABILITIES
Long-Term Debt $964.0M $915.0M $930.0M
YoY Change 0.94% -1.61% 11.04%
Other Long-Term Liabilities $69.85M $65.73M $162.4M
YoY Change -4.32% -59.52% 68.41%
Total Long-Term Liabilities $1.138B $1.079B $1.092B
YoY Change 2.25% -1.27% 5.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $422.8M $451.2M $461.4M
Total Long-Term Liabilities $1.138B $1.079B $1.092B
Total Liabilities $1.561B $1.530B $1.630B
YoY Change -0.91% -6.15% 12.38%
SHAREHOLDERS EQUITY
Retained Earnings $880.3M $906.5M
YoY Change -0.96%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $586.2M $620.7M $535.1M
YoY Change
Total Liabilities & Shareholders Equity $2.168B $2.171B $2.165B
YoY Change 0.61% 0.28% 6.26%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$1.530M $1.211M $25.23M
YoY Change -106.89% -95.2% -46.73%
Depreciation, Depletion And Amortization $25.60M $24.95M $26.31M
YoY Change -5.59% -5.2% 5.78%
Cash From Operating Activities -$31.70M $95.89M $77.59M
YoY Change -215.1% 23.59% 23.08%
INVESTING ACTIVITIES
Capital Expenditures $21.70M $19.29M -$19.10M
YoY Change -24.58% -200.97% -258.79%
Acquisitions
YoY Change
Other Investing Activities $200.0K $2.000K -$142.3M
YoY Change 129.89% -100.0% -70.44%
Cash From Investing Activities -$21.60M -$19.28M -$161.4M
YoY Change -24.7% -88.05% -67.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.50M -71.34M 97.57M
YoY Change 140.98% -173.12% -78.54%
NET CHANGE
Cash From Operating Activities -31.70M 95.89M 77.59M
Cash From Investing Activities -21.60M -19.28M -161.4M
Cash From Financing Activities 43.50M -71.34M 97.57M
Net Change In Cash -9.800M 5.266M 13.73M
YoY Change -157.97% -61.65% -43.3%
FREE CASH FLOW
Cash From Operating Activities -$31.70M $95.89M $77.59M
Capital Expenditures $21.70M $19.29M -$19.10M
Free Cash Flow -$53.40M $76.61M $96.69M
YoY Change 4230.9% -20.77% 89.54%

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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 63,900 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, Egypt, 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><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><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;"></div><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>
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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;">Out</b><b style="font-weight:bold;">-of-period Adjustment</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 Consolidated Financial Statements for the three months ended June 30, 2023 include an adjustment of $13.8 million to other comprehensive income and deferred tax assets, to correct for an error identified by management during the preparation of the financial statements. This adjustment is to reflect the deferred tax impact of currency translation adjustments, of which $0.5 million relates to the three months ended March 31, 2023, and the remaining $13.3 million relates to prior annual fiscal periods. Management has determined that this error was not material to the historical financial statements in any individual period or in the aggregate and did not result in the previously issued financial statements being materially misstated. The impact to the three and six month periods ended June 30, 2023 is not material. As such, management recorded the correction as an out-of-period adjustment in the three months ended June 30, 2023.</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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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.
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12000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
13000
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
189000
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
336000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
168000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
355000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47453000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47383000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47417000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47381000
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5649000
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4143000
us-gaap Share Based Compensation
ShareBasedCompensation
9802000
us-gaap Share Based Compensation
ShareBasedCompensation
7882000
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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