DENVER, Aug. 3, 2021 /PRNewswire/ -- TTEC
Holdings, Inc. (NASDAQ: TTEC), one of the largest, global
CX (customer experience) technology and services innovators
for end-to-end digital CX solutions, announced today financial
results for the second quarter ended June
30, 2021.
"Our record revenue and profitability has us well positioned to
achieve significant financial milestones in 2021 and beyond,"
commented Ken Tuchman, chairman, and chief executive officer.
"Our continued velocity in growing our existing client volume and
adding new clients has set us up for long-term growth as they
leverage the full breadth of our CX offerings."
Tuchman continued, "As the world becomes increasingly reliant on
digital technology to work, study, play, communicate and
collaborate, companies are seeking trusted partners like TTEC to
help them infuse the best of these capabilities into their customer
experiences. Through both our Digital and Engage businesses, we
bring technology and humanity together by combining advanced
analytics, customized CRM, AI-enabled technology solutions, and
automation with talented brand ambassadors to deliver happy, loyal
customers and breakthrough business results."
SECOND QUARTER 2021 FINANCIAL
HIGHLIGHTS
Revenue
- Second quarter 2021 GAAP revenue increased 22.4 percent to
$554.8 million compared to
$453.1 million in the prior year
period.
- Foreign exchange had a $10.4
million positive impact on revenue in the second quarter
2021.
Income from Operations
- Second quarter 2021 GAAP income from operations was
$65.8 million, or 11.9 percent of
revenue, compared to $49.0 million,
or 10.8 percent of revenue in the prior year period.
- Non-GAAP income from operations, excluding restructuring and
impairment charges, equity-based compensation expenses,
amortization of purchased intangibles, and other items, was
$78.6 million or 14.2 percent of
revenue versus $56.7 million or 12.5
percent for the prior year period.
- Foreign exchange had a $1.1
million negative impact on income from operations in the
second quarter 2021.
Adjusted
EBITDA
- Second quarter 2021 Non-GAAP Adjusted EBITDA was $95.7 million or 17.3 percent of revenue,
compared to $71.0 million or 15.7
percent of revenue in the prior year period.
Earnings Per Share
- Second quarter 2021 GAAP fully diluted earnings per share was
$1.00 compared to $0.67 for the same period last year.
- Non-GAAP fully diluted earnings per share was $1.27 compared to $0.85 in the prior year period.
Bookings
- During the second quarter 2021, TTEC signed an estimated
$204 million in annualized contract
value compared to $214 million in the
prior year period. Second quarter bookings mix was diversified
across segments, verticals, and geographies.
STRONG CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND
DIVIDENDS
- Cash flow from operations in the second quarter 2021 was
$63.1 million compared to
$43.1 million for the second quarter
2020.
- Capital expenditures in the second quarter 2021 were
$12.0 million compared to
$15.1 million for the second quarter
2020.
- As of June 30, 2021, TTEC had
cash and cash equivalents of $174.7
million and debt of $842.5 million, resulting in a net debt
position of $667.8 million. This
compares to a net debt position of $231.7
million for the same period 2020. The increase in net debt
is primarily attributable to the acquisition of Avtex Solutions
Holdings, LLC in April 2021.
- As of June 30, 2021, TTEC had
approximately $360 million of
additional borrowing capacity available under its credit facility
compared to $195 million for the same
period 2020.
- Paid a $0.43 per share,
$20.1 million in the aggregate,
semi-annual dividend on April 21,
2021, an approximate 7.5 percent increase over the
semi-annual dividend paid in October
2020 and a 26.5 percent increase over the April 2020 dividend.
SEGMENT REPORTING & COMMENTARY
TTEC reports financial results for the following two business
segments: TTEC Digital (Digital) and
TTEC Engage (Engage). Financial highlights for the two
segments are provided below.
TTEC Digital – Design, build and operate tech-enabled,
insight-driven CX solutions
- Second quarter 2021 GAAP revenue for TTEC Digital increased
40.0 percent to $108.0 million from
$77.1 million for the year ago
period. Income from operations was $9.6
million or 8.9 percent of revenue compared to operating
income of $14.4 million or 18.6
percent of revenue for the prior year period.
- Non-GAAP income from operations was $17.1 million, or 15.8 percent of revenue
compared to operating income of $16.0
million or 20.7 percent of revenue in the prior year
period.
- Foreign exchange had a $1.2
million positive impact on revenue and negligible impact on
income from operations.
TTEC Engage – Digitally-enabled customer care, acquisition,
and fraud mitigation services
- Second quarter 2021 GAAP revenue for TTEC Engage increased 18.8
percent to $446.8 million from
$375.9 million for the year ago
period. Income from operations was $56.3
million or 12.6 percent of revenue compared to operating
income of $34.6 million or 9.2
percent of revenue for the prior year period.
- Non-GAAP income from operations was $61.5 million or 13.8 percent of revenue compared
to operating income of $40.7 million
or 10.8 percent of revenue in the prior year period.
- Foreign exchange had a $9.2
million positive impact on revenue and $1.1 million negative impact on income from
operations.
BUSINESS OUTLOOK
"We had an exceptional quarter that exceeded our revenue and
profit forecast," commented Regina Paolillo, chief financial
and administrative officer. "Our year-to-date 2021 results further
underscore the market differentiation in our technology-rich
customer experience-as-a-service offerings as we capitalize on the
favorable trends within a large and growing addressable
market."
Paolillo continued, "We believe our clients will continue to
turn to TTEC as their trusted go-to-partner for exceptional CX
technology and service solutions. We have a high degree of
confidence in our improved 2021 outlook, including the revenue and
profitability split between the third and fourth quarters of the
year."
Our raised full-year 2021 outlook is as follows:
Revenue between $2.248 and
$2.266 billion, an increase of 15.3
and 16.3 percent over the prior year.
Non-GAAP Operating Income margins between 12.4 and 12.7
percent.
- Margin of approximately 13.3 percent for TTEC Digital and 12.4
percent for TTEC Engage
Non-GAAP Adjusted EBITDA margins between 15.3 and 15.7
percent.
- Margin of approximately 16.2 percent for TTEC Digital and 15.3
percent for TTEC Engage
Non-GAAP Earnings Per Share between $4.35 and $4.51.
Capital expenditures are estimated to between 2.9 and 3.1
percent of revenue, of which approximately 60 percent is growth
oriented.
Effective tax rate for the full year is estimated between
22 and 24 percent.
Diluted share count for the full year is estimated
between 47.2 and 47.6 million.
We estimate the second half 2021 mix as follows:
- Revenue: 49 percent third quarter, 51 percent fourth
quarter
- Non-GAAP Operating Income: 44 percent third quarter, 56 percent
fourth quarter
- Non-GAAP Adjusted EBITDA: 45 percent third quarter, 55 percent
fourth quarter
- Non-GAAP Earnings Per Share: 43 percent third quarter, 57
percent fourth quarter
We estimate the Digital - Engage second half 2021 mix as
follows:
- Revenue: 20 percent Digital, 80 percent Engage, of which 47
percent of Digital and 52 percent of Engage in the fourth quarter,
respectively.
- Non-GAAP Operating Income: 24 percent Digital, 76 percent
Engage, of which 44 percent of Digital and 60 percent of Engage in
the fourth quarter, respectively.
- Adjusted EBITDA: 23 percent Digital, 77 percent Engage, of
which 45 percent of Digital and 58 percent of Engage in the fourth
quarter, respectively.
NON-GAAP FINANCIAL MEASURES
This press release contains a discussion of certain Non-GAAP
financial measures that the company includes to allow investors and
analysts to measure, analyze and compare its financial condition
and results of operations in a meaningful and consistent manner. A
reconciliation of these Non-GAAP financial measures can be found in
the tables accompanying this press release.
- GAAP metrics are presented in accordance with
Generally Accepted Accounting Principles.
- Non-GAAP - As reflected in the attached reconciliation
table, the definition of Non-GAAP may exclude from operating
income, EBITDA, net income and earnings per share restructuring and
impairment charges, equity-based compensation expenses,
amortization of purchased intangibles, among other items.
ABOUT TTEC
TTEC Holdings, Inc. (NASDAQ: TTEC) is one of the largest,
global CX (customer experience) technology and services innovators
for end-to-end, digital CX solutions. The company delivers
leading CX technology and operational CX orchestration
at scale through its proprietary cloud-based CXaaS (Customer
Experience as a Service) platform. Serving iconic and
disruptive brands, TTEC's outcome-based solutions span the
entire enterprise, touch every virtual interaction channel,
and improve each step of the customer journey. Leveraging next gen
digital and cognitive technology, the company's Digital business
designs, builds, and operates omnichannel contact center
technology, conversational messaging, CRM, automation (AI / ML and
RPA), and analytics solutions. The company's Engage business
delivers digital customer engagement, customer acquisition &
growth, content moderation, fraud mitigation, and data annotation
solutions. Founded in 1982, the Company's singular
obsession with CX excellence has earned it leading client NPS
scores across the globe. The company's nearly 58,500 employees
operate on six continents and bring technology and humanity
together to deliver happy customers and differentiated business
results. To learn more visit us at https://www.ttec.com
FORWARD-LOOKING STATEMENTS
This earnings release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of TTEC Holdings, Inc.'s management and are
subject to significant risks and uncertainties. We caution you not
to rely unduly on any forward-looking statements. Actual results
may differ materially from those expressed in the forward-looking
statements, and you should review and consider carefully the risks,
uncertainties and other factors that affect our business and may
cause such differences as outlined in Item 1A. Risk Factors in our
Annual Report on Form 10-K for the year ended December 31, 2020 and any subsequent filings with
the U.S. Securities and Exchange Commission (the "SEC") and is
available on TTEC's website www.ttec.com, and on the SEC's public
website at www.sec.gov. Specifically, important factors that could
cause our actual results to differ materially from those indicated
in the forward looking statements include, among others, are risks
related to our business operations and strategy, including our
strategy execution in a competitive market; our ability to innovate
and introduce technologies that are sufficiently disruptive to
allow us to maintain and grow our market share; our dependance on
3rd parties for our cloud solutions; the impact of
COVID-19 on our business and our clients' business; risks inherent
in our rapid transition to a work from home environment; our
ability to attract and retain qualified and skilled personnel at a
price point that we can afford and our clients are willing to pay;
our M&A activity, including our ability to identify, acquire
and properly integrate acquired businesses in accordance with our
strategy; the risks related to our technology, including
cybersecurity, the reliability of our information technology
infrastructure and our ability to consistently deliver
uninterrupted service to our clients; the risk related to our
international operations; the risks related to legal impacts on our
operations, in particular rapidly changing laws that regulate our
and our clients' business, such as data privacy and data protection
laws and healthcare, financial and public sector specific
regulations, our ability to comply with these laws timely, and cost
of wage and hour litigation in the United
States; and risks inherent in our equity structure including
our controlling shareholder risk, and Delaware choice of dispute resolution risks.
TTEC Holdings, Inc. does not undertake to update any
forward-looking statements.
TTEC HOLDINGS,
INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
554,794
|
|
$
453,081
|
|
$
1,094,013
|
|
$
885,294
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
400,323
|
|
337,306
|
|
788,983
|
|
658,863
|
|
Selling, general and
administrative
|
|
61,300
|
|
47,360
|
|
114,057
|
|
97,194
|
|
Depreciation and
amortization
|
|
24,916
|
|
18,660
|
|
45,375
|
|
37,532
|
|
Restructuring and
integration charges, net
|
1,725
|
|
793
|
|
2,127
|
|
1,331
|
|
Impairment
losses
|
|
700
|
|
-
|
|
4,217
|
|
696
|
Total operating expenses
|
|
488,964
|
|
404,119
|
|
954,759
|
|
795,616
|
|
|
|
|
|
|
|
|
|
|
Income From
Operations
|
|
65,830
|
|
48,962
|
|
139,254
|
|
89,678
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
(2,104)
|
|
(4,374)
|
|
(4,525)
|
|
(10,206)
|
|
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes
|
|
63,726
|
|
44,588
|
|
134,729
|
|
79,472
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
(11,353)
|
|
(11,039)
|
|
(27,332)
|
|
(21,238)
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
52,373
|
|
33,549
|
|
107,397
|
|
58,234
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
(5,004)
|
|
(2,224)
|
|
(9,610)
|
|
(5,375)
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to TTEC Stockholders
|
$
47,369
|
|
$
31,325
|
|
$
97,787
|
|
$
52,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
1.12
|
|
$
0.72
|
|
$
2.30
|
|
$
1.25
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
1.10
|
|
$
0.72
|
|
$
2.27
|
|
$
1.24
|
|
|
|
|
|
|
|
|
|
|
Net Income Per
Share Attributable to TTEC Stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
1.01
|
|
$
0.67
|
|
$
2.09
|
|
$
1.14
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
1.00
|
|
$
0.67
|
|
$
2.06
|
|
$
1.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income From
Operations Margin
|
|
11.9%
|
|
10.8%
|
|
12.7%
|
|
10.1%
|
Net Income
Margin
|
|
9.4%
|
|
7.4%
|
|
9.8%
|
|
6.6%
|
Net Income
Attributable to TTEC Stockholders Margin
|
8.5%
|
|
6.9%
|
|
8.9%
|
|
6.0%
|
Effective Tax
Rate
|
|
17.8%
|
|
24.8%
|
|
20.3%
|
|
26.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
Basic
|
|
46,840
|
|
46,619
|
|
46,792
|
|
46,559
|
Diluted
|
|
47,409
|
|
46,861
|
|
47,388
|
|
46,838
|
TTEC HOLDINGS,
INC. AND SUBSIDIARIES
|
SEGMENT
INFORMATION
|
(In
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
TTEC
Digital
|
|
$
107,995
|
|
$
77,143
|
|
$
171,582
|
|
$
154,699
|
TTEC
Engage
|
|
446,799
|
|
375,938
|
|
922,431
|
|
730,595
|
Total
|
|
$
554,794
|
|
$
453,081
|
|
$
1,094,013
|
|
$
885,294
|
|
|
|
|
|
|
|
|
|
Income From
Operations:
|
|
|
|
|
|
|
|
|
TTEC
Digital
|
|
$
9,565
|
|
$
14,376
|
|
$
13,767
|
|
$
24,634
|
TTEC
Engage
|
|
56,265
|
|
34,586
|
|
125,487
|
|
65,044
|
Total
|
|
$
65,830
|
|
$
48,962
|
|
$
139,254
|
|
$
89,678
|
TTEC HOLDINGS,
INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and
cash equivalents
|
|
$
174,742
|
|
$
132,914
|
Accounts
receivable, net
|
|
354,662
|
|
378,397
|
Other
current assets
|
|
177,657
|
|
145,491
|
Total current
assets
|
|
707,061
|
|
656,802
|
|
|
|
|
|
Property and
equipment, net
|
|
168,685
|
|
178,706
|
Other
assets
|
|
1,161,882
|
|
680,900
|
|
|
|
|
|
Total
assets
|
|
$
2,037,628
|
|
$
1,516,408
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Total current
liabilities
|
|
$
410,210
|
|
$
396,170
|
Other long-term
liabilities
|
|
1,040,317
|
|
609,500
|
Redeemable
noncontrolling interest
|
|
54,800
|
|
52,976
|
Total
equity
|
|
532,301
|
|
457,762
|
|
|
|
|
|
Total liabilities
and equity
|
|
$
2,037,628
|
|
$
1,516,408
|
TTEC HOLDINGS,
INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL INFORMATION
|
(In thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
Six months
ended
|
|
|
|
June
30,
|
|
|
|
|
|
|
June
30,
|
|
|
|
2021
|
|
2020
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
554,794
|
|
$
453,081
|
|
|
|
|
$
1,094,013
|
|
$
885,294
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
52,373
|
|
$
33,549
|
|
|
|
|
$
107,397
|
|
$
58,234
|
Interest
income
|
|
(230)
|
|
(491)
|
|
|
|
|
(409)
|
|
(855)
|
Interest
expense
|
|
3,381
|
|
3,104
|
|
|
|
|
5,183
|
|
12,696
|
Provision for income taxes
|
|
11,353
|
|
11,039
|
|
|
|
|
27,332
|
|
21,238
|
Depreciation and amortization
|
|
24,916
|
|
18,660
|
|
|
|
|
45,375
|
|
37,532
|
Asset
impairment, restructuring and integration charges
|
|
2,425
|
|
793
|
|
|
|
|
6,344
|
|
2,027
|
Gain on
sale of business units
|
|
-
|
|
(142)
|
|
|
|
|
-
|
|
(388)
|
Changes
in acquisition contingent consideration
|
|
169
|
|
(1,084)
|
|
|
|
|
1,046
|
|
(4,349)
|
Grant
income for pandemic relief
|
|
(2,012)
|
|
-
|
|
|
|
|
(8,044)
|
|
-
|
Loss on
dissolution of subsidiary
|
|
-
|
|
2,467
|
|
|
|
|
-
|
|
2,467
|
Equity-based compensation expenses
|
|
3,371
|
|
3,057
|
|
|
|
|
7,399
|
|
5,976
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
95,746
|
|
$
70,952
|
|
|
|
|
$
191,623
|
|
$
134,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Free Cash Flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
52,373
|
|
$
33,549
|
|
|
|
|
$
107,397
|
|
$
58,234
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
|
|
|
provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
24,916
|
|
18,660
|
|
|
|
|
45,375
|
|
37,532
|
Other
|
|
(14,237)
|
|
(9,096)
|
|
|
|
|
(19,933)
|
|
9,512
|
Net cash
provided by operating activities
|
|
63,052
|
|
43,113
|
|
|
|
|
132,839
|
|
105,278
|
|
|
|
|
|
|
|
|
|
|
|
|
Less - Total Cash
Capital Expenditures
|
|
12,028
|
|
15,102
|
|
|
|
|
23,593
|
|
31,915
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash
Flow
|
|
$
51,024
|
|
$
28,011
|
|
|
|
|
$
109,246
|
|
$
73,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Income from Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations
|
|
$
65,830
|
|
$
48,962
|
|
|
|
|
$
139,254
|
|
$
89,678
|
Restructuring
charges, net
|
|
1,725
|
|
793
|
|
|
|
|
2,127
|
|
1,331
|
Impairment
losses
|
|
700
|
|
-
|
|
|
|
|
4,217
|
|
696
|
Grant
income for pandemic relief
|
|
(2,012)
|
|
-
|
|
|
|
|
(8,044)
|
|
-
|
Equity-based compensation expenses
|
|
3,371
|
|
3,057
|
|
|
|
|
7,399
|
|
5,976
|
Amortization of
purchased intangibles
|
|
8,968
|
|
3,844
|
|
|
|
|
13,483
|
|
7,721
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income
from Operations
|
|
$
78,582
|
|
$
56,656
|
|
|
|
|
$
158,436
|
|
$
105,402
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income
from Operations Margin
|
|
14.2%
|
|
12.5%
|
|
|
|
|
14.5%
|
|
11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
52,373
|
|
$
33,549
|
|
|
|
|
$
107,397
|
|
$
58,234
|
Add: Asset
restructuring and impairment charges
|
|
2,425
|
|
793
|
|
|
|
|
6,344
|
|
2,027
|
Add:
Equity-based compensation expenses
|
|
3,371
|
|
3,057
|
|
|
|
|
7,399
|
|
5,976
|
Add:
Amortization of purchased intangibles
|
|
8,968
|
|
3,844
|
|
|
|
|
13,483
|
|
7,721
|
Add: Interest
charge related to future purchase of remaining
30% for Motif acquisition
|
|
-
|
|
(204)
|
|
|
|
|
-
|
|
6,273
|
Add: Loss on
dissolution of subsidary
|
|
-
|
|
2,467
|
|
|
|
|
-
|
|
2,467
|
Less: Changes
in acquisition contingent consideration
|
|
169
|
|
(1,084)
|
|
|
|
|
1,046
|
|
(4,349)
|
Less: Gain on
sale of business units
|
|
-
|
|
(142)
|
|
|
|
|
-
|
|
(388)
|
Less: Grant
income for pandemic relief
|
|
(2,012)
|
|
-
|
|
|
|
|
(8,044)
|
|
-
|
Less: Changes
in valuation allowance, return to provision
adjustments and other, and tax effects of items separately
disclosed above
|
|
(5,072)
|
|
(2,217)
|
|
|
|
|
(7,677)
|
|
(3,070)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income
|
|
$
60,222
|
|
$
40,063
|
|
|
|
|
$
119,948
|
|
$
74,891
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding
|
|
47,409
|
|
46,861
|
|
|
|
|
47,388
|
|
46,838
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
EPS
|
|
$1.27
|
|
$0.85
|
|
|
|
|
$2.53
|
|
$1.60
|
Reconciliation of
Adjusted EBITDA by Segment :
|
|
TTEC
Engage
|
|
TTEC
Digital
|
|
TTEC
Engage
|
|
TTEC
Digital
|
|
|
Q2
21
|
|
Q2
20
|
|
Q2
21
|
Q2
20
|
|
YTD
21
|
|
YTD
20
|
|
YTD
21
|
YTD
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
Income Taxes
|
|
$
54,156
|
|
$
30,190
|
|
$
9,569
|
$
14,398
|
|
$
120,918
|
|
$
54,772
|
|
$
13,810
|
$
24,700
|
Interest
income / expense, net
|
|
3,186
|
|
2,635
|
|
(33)
|
(22)
|
|
4,848
|
|
11,909
|
|
(72)
|
(67)
|
Depreciation and amortization
|
|
16,427
|
|
15,382
|
|
8,489
|
3,278
|
|
32,999
|
|
30,966
|
|
12,376
|
6,566
|
Asset
impairment, restructuring and integration charges
|
|
1,566
|
|
679
|
|
859
|
114
|
|
5,476
|
|
1,010
|
|
867
|
1,016
|
Gain on
sale of business units
|
|
-
|
|
(142)
|
|
-
|
-
|
|
-
|
|
(388)
|
|
-
|
-
|
Grant
income for pandemic relief
|
|
(1,906)
|
|
-
|
|
(106)
|
-
|
|
(7,938)
|
|
-
|
|
(106)
|
-
|
Changes
in acquisition contingent consideration
|
|
169
|
|
(1,084)
|
|
-
|
-
|
|
1,046
|
|
(4,349)
|
|
-
|
-
|
Loss on
dissolution of subsidiary
|
|
-
|
|
2,467
|
|
-
|
-
|
|
-
|
|
2,467
|
|
-
|
-
|
Equity-based compensation expenses
|
|
2,291
|
|
2,128
|
|
1,079
|
929
|
|
5,033
|
|
4,198
|
|
2,366
|
1,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
75,889
|
|
$
52,255
|
|
$
19,857
|
$
18,697
|
|
$
162,382
|
|
$
100,585
|
|
$
29,241
|
$
33,993
|
Investor Relations
Contact
Paul
Miller
+1.303.397.8641
|
Public Relations
Contact
Nick
Cerise
+1.303.397.8331
|
Address
9197 South Peoria
Street
Englewood, CO
80112
|
Contact
ttec.com
+1.800.835.3832
|
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multimedia:https://www.prnewswire.com/news-releases/ttec-announces-record-second-quarter-2021-financial-results-301347461.html
SOURCE TTEC Holdings, Inc.