$TTEC
TTEC Holdings, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023018303 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $626.2M $603.0M
YoY Change -4.88% 1.77%
Cost Of Revenue $505.8M $479.7M
YoY Change 2.11% 6.49%
Gross Profit $120.4M $123.3M
YoY Change -26.13% -13.17%
Gross Profit Margin 19.22% 20.45%
Selling, General & Admin $74.74M $66.78M
YoY Change -7.27% -11.23%
% of Gross Profit 62.1% 54.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.90M $25.60M
YoY Change -21.51% -5.59%
% of Gross Profit 20.69% 20.76%
Operating Expenses $99.65M $66.78M
YoY Change -11.29% -11.23%
Operating Profit $20.72M $25.39M
YoY Change -59.06% -28.69%
Interest Expense -$20.09M $20.33M
YoY Change 36.5% 92.4%
% of Operating Profit -96.98% 80.07%
Other Income/Expense, Net -$1.894M -$18.30M
YoY Change 63.84% 199.97%
Pretax Income -$5.064M $7.090M
YoY Change -115.41% -75.97%
Income Tax $3.142M $5.294M
% Of Pretax Income 74.67%
Net Earnings -$9.900M -$1.530M
YoY Change -144.29% -106.89%
Net Earnings / Revenue -1.58% -0.25%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.21 -$0.03
COMMON SHARES
Basic Shares Outstanding 47.42M 47.42M
Diluted Shares Outstanding 47.49M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.7M $151.6M
YoY Change 12.59% -12.0%
Cash & Equivalents $172.7M $151.6M
Short-Term Investments
Other Short-Term Assets $95.06M $119.0M
YoY Change -28.72% -12.68%
Inventory
Prepaid Expenses
Receivables $394.9M $379.8M
Other Receivables $18.52M $11.80M
Total Short-Term Assets $681.2M $662.1M
YoY Change -9.17% -10.65%
LONG-TERM ASSETS
Property, Plant & Equipment $312.6M $312.1M
YoY Change 13.34% 13.49%
Goodwill $809.0M $806.4M
YoY Change 0.14% 0.1%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $101.6M $96.70M
YoY Change 49.96% 36.3%
Total Long-Term Assets $1.504B $1.506B
YoY Change 7.15% 6.51%
TOTAL ASSETS
Total Short-Term Assets $681.2M $662.1M
Total Long-Term Assets $1.504B $1.506B
Total Assets $2.186B $2.168B
YoY Change 1.47% 0.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $96.58M $105.5M
YoY Change 2.81% 7.13%
Accrued Expenses $32.22M $53.98M
YoY Change -6.48% -25.62%
Deferred Revenue $81.17M $82.53M
YoY Change -7.6% -9.22%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.100M
YoY Change 2.14%
Total Short-Term Liabilities $403.0M $422.8M
YoY Change -2.03% -8.53%
LONG-TERM LIABILITIES
Long-Term Debt $996.9M $964.0M
YoY Change 3.71% 0.94%
Other Long-Term Liabilities $72.08M $69.85M
YoY Change 8.72% -4.32%
Total Long-Term Liabilities $1.167B $1.138B
YoY Change 5.25% 2.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $403.0M $422.8M
Total Long-Term Liabilities $1.167B $1.138B
Total Liabilities $1.570B $1.561B
YoY Change 3.28% -0.91%
SHAREHOLDERS EQUITY
Retained Earnings $870.4M $880.3M
YoY Change -4.48% -0.96%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $598.6M $586.2M
YoY Change
Total Liabilities & Shareholders Equity $2.186B $2.168B
YoY Change 1.47% 0.61%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$9.900M -$1.530M
YoY Change -144.29% -106.89%
Depreciation, Depletion And Amortization $24.90M $25.60M
YoY Change -21.51% -5.59%
Cash From Operating Activities $31.53M -$31.70M
YoY Change 72.93% -215.1%
INVESTING ACTIVITIES
Capital Expenditures $13.12M $21.70M
YoY Change -32.55% -24.58%
Acquisitions
YoY Change
Other Investing Activities $15.00K $200.0K
YoY Change -62.5% 129.89%
Cash From Investing Activities -$13.10M -$21.60M
YoY Change -32.49% -24.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.288M 43.50M
YoY Change -114.46% 140.98%
NET CHANGE
Cash From Operating Activities 31.53M -31.70M
Cash From Investing Activities -13.10M -21.60M
Cash From Financing Activities 3.288M 43.50M
Net Change In Cash 21.72M -9.800M
YoY Change -190.84% -157.97%
FREE CASH FLOW
Cash From Operating Activities $31.53M -$31.70M
Capital Expenditures $13.12M $21.70M
Free Cash Flow $18.42M -$53.40M
YoY Change -1618.3% 4230.9%

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 64,400 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, India, Ireland, Mexico, the Netherlands, New Zealand, the Philippines, Poland, 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>
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;">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 included 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 was to reflect the deferred tax impact of currency translation adjustments, of which $0.5 million related to the three months ended March 31, 2023, and the remaining $13.3 million related 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 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
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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 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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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 SOFR loans.
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ShareBasedCompensation
6608000
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5357000
us-gaap Share Based Compensation
ShareBasedCompensation
16410000
us-gaap Share Based Compensation
ShareBasedCompensation
13240000
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
ttec-20230930_cal.xml Edgar Link unprocessable
0001558370-23-018303-index-headers.html Edgar Link pending
0001558370-23-018303-index.html Edgar Link pending
0001558370-23-018303.txt Edgar Link pending
0001558370-23-018303-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
ttec-20230930.xsd Edgar Link pending
ttec-20230930x10q.htm Edgar Link pending
ttec-20230930xex10d33.htm Edgar Link pending
ttec-20230930xex10d83.htm Edgar Link pending
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ttec-20230930_def.xml Edgar Link unprocessable
ttec-20230930_lab.xml Edgar Link unprocessable
ttec-20230930_pre.xml Edgar Link unprocessable
ttec-20230930x10q_htm.xml Edgar Link completed