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TTEC Announces Fourth Quarter and Full Year 2023 Financial Results

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Full Year 2023
Revenue was $2.463 Billion, up 0.8 Percent
Operating Income was $118.0 Million or 4.8 Percent of Revenue
($200.4 Million or 8.1 Percent of Revenue Non-GAAP)
Net Income was $18.3 Million or 0.7 Percent of Revenue
($103.2 Million or 4.2 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $271.5 Million or 11.0 Percent of Revenue
Fully Diluted EPS was $0.39, $2.18 Non-GAAP

 Fourth Quarter 2023
Revenue was $626.2 Million, down 4.9 Percent
Operating Income was 16.9 Million or 2.7 Percent of Revenue
($41.8 Million or 6.7 Percent of Revenue Non-GAAP)
Net Income was ($8.2) Million or (1.3) Percent of Revenue
($17.5 Million or 2.8 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $57.5 Million or 9.2 Percent of Revenue
Fully Diluted EPS was ($0.17), $0.37 Non-GAAP

 Provides Outlook for Full Year 2024

DENVER, Feb. 29, 2024 /PRNewswire/ — TTEC Holdings, Inc. (NASDAQ:TTEC), a leading global CX (customer experience) technology and services innovator for AI-enabled CX with solutions from TTEC Engage and TTEC Digital, announced today financial results for the fourth quarter and full year ended December 31, 2023.

“As we have previously communicated, 2023 was a dynamic year for TTEC. The macroeconomic factors created a conservative and uncertain business environment that delayed client contracting decisions and lowered forecasts for certain clients in the second half of the year. While these factors moderated our results, we continued to make progress diversifying our business by growing our client base, completing a strategic phase of our geographic expansion, and expanding our AI-enabled solutions,” commented Ken Tuchman, chairman and chief executive officer of TTEC.

“Our 2024 outlook reflects three very specific challenges in our TTEC Engage segment. First, client budget constraints and a conservative mindset in the second half of 2023 is carrying forward into our 2024 outlook. Second, a long-tenured client eliminated one of several lines of business that we supported. While our relationship remains strong with this client and we continue to service their customers across multiple other lines of business, the discontinuation of this one line of business contributes to the impact on our top and bottom line in 2024. Third, while we are pleased by the growing demand for our new offshore locations, the timing lag between our recent wins and normalized revenue run rate and margins is weighing on our outlook,” Tuchman continued.

“In TTEC Digital, we delivered record bookings in the fourth quarter and the team is off to a strong start this year. Demand for our differentiated CX technology expertise continues to grow as cloud migrations and AI solutions drive our clients’ CX digital transformation agendas.”

Tuchman further stated, “As we move into 2024, we are laser focused on execution. We will continue to capitalize on our greatly expanded offshore footprint, deepen our relationships with new and existing clients, apply our AI-enabled solutions and accelerate our margin optimization initiatives.”

“TTEC’s board of directors’ decision to reduce the dividend reflects a prudent shift to prioritize our capital deployment towards continued investments in sustainable growth initiatives and debt reduction associated with strategic acquisitions. As revised, the dividend is in line with our stock price and the dividend yield typical for our industry and the broader market. I am confident we are well positioned to emerge stronger as we exit 2024.”

FULL YEAR 2023 FINANCIAL HIGHLIGHTS                    

Revenue        

Full year 2023 GAAP revenue increased 0.8 percent to $2.463 billion compared to $2.444 billion in the prior year. Foreign exchange had a $4.4 million positive impact on revenue for the full year 2023.

Income from Operations

Full year 2023 GAAP income from operations was $118.0 million, or 4.8 percent of revenue, compared to $168.5 million, or 6.9 percent of revenue in the prior year.Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $200.4 million, or 8.1 percent of revenue, compared to $248.5 million, or 10.2 percent in the prior year.Foreign exchange had a $2.2 million negative impact on Non-GAAP income from operations for the full year 2023.

Adjusted EBITDA    

Full year 2023 Non-GAAP Adjusted EBITDA was $271.5 million, or 11.0 percent of revenue, compared to $320.1 million, or 13.1 percent of revenue in the prior year.

Earnings Per Share

Full year 2023 GAAP fully diluted earnings per share was $0.39 compared to $2.48 in the prior year.Non-GAAP fully diluted earnings per share was $2.18 compared to $3.59 in the prior year.

FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS                  

Revenue        

Fourth quarter 2023 GAAP revenue decreased 4.9 percent to $626.2 million compared to $658.3 million in the prior year. Foreign exchange had a $5.5 million positive impact on revenue in the fourth quarter of 2023.

Income from Operations

Fourth quarter 2023 GAAP income from operations was $16.9 million, or 2.7 percent of revenue, compared to $48.7 million, or 7.4 percent of revenue in the prior year.Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $41.8 million, or 6.7 percent of revenue, compared to $69.9 million, or 10.6 percent for the prior year.Foreign exchange had a $2.4 million negative impact on Non-GAAP income from operations in the fourth quarter 2023.

Adjusted EBITDA    

Fourth quarter 2023 Non-GAAP Adjusted EBITDA was $57.5 million, or 9.2 percent of revenue, compared to $86.5 million, or 13.1 percent of revenue in the prior year.

Earnings Per Share

Fourth quarter 2023 GAAP fully diluted earnings per share was ($0.17) compared to $0.54 in the prior year.Non-GAAP fully diluted earnings per share was $0.37 compared to $0.91 in the prior year.

STRONG CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND DIVIDENDS

Cash flow from operations in the fourth quarter 2023 was $31.5 million compared to $18.2 million for the fourth quarter 2022. For the full year 2023, cash flow from operations was $144.8 million compared to $137.0 million for the same period 2022.Capital expenditures in the fourth quarter 2023 were $13.1 million compared to $19.4 million for the fourth quarter 2022. For the full year 2023, capital expenditures were $67.8 million compared to $84.0 million for the same period 2022.As of December 31, 2023, TTEC had cash and cash equivalents of $172.7 million and debt of $999.3 million, resulting in a net debt position of $826.5 million. This compares to a net debt position of $810.2 million for the same period 2022.As of December 31, 2023, TTEC’s remaining borrowing capacity under its revolving credit facility was approximately $90 million compared to $335 million for the same period 2022.On February 27, 2024, the Board declared the next semi-annual dividend of $0.06 per share, or $2.9 million, payable on April 30, 2024 to shareholders of record as of April 3, 2024. TTEC’s board of directors’ decision to reduce the dividend reflects a prudent shift to prioritize our capital deployment towards continued investments in sustainable growth initiatives and debt reduction associated with strategic acquisitions.TTEC paid a $0.52 per share, or $24.7 million, semi-annual dividend on October 31, 2023.

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

Fourth quarter 2023 GAAP revenue for TTEC Digital decreased 2.1 percent to $119.1 million from $121.7 million for the year ago period. Income from operations was $10.0 million or 8.4 percent of revenue compared to an operating income of $9.9 million or 8.2 percent of revenue in the prior year. Non-GAAP income from operations was $17.7 million, or 14.8 percent of revenue compared to operating income of $18.0 million or 14.8 percent of revenue in the prior year.

TTEC Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services

Fourth quarter 2023 GAAP revenue for TTEC Engage decreased 5.5 percent to $507.1 million from $536.6 million for the year ago period. Income from operations was $6.9 million or 1.4 percent of revenue compared to operating income of $38.8 million, or 7.2 percent of revenue in the prior year.Non-GAAP income from operations was $24.1 million, or 4.8 percent of revenue, compared to operating income of $52.0 million, or 9.7 percent of revenue in the prior year.Foreign exchange had a $5.3 million positive impact on revenue and $1.9 million negative impact on income from operations.

BUSINESS OUTLOOK

“We ended 2023 in line with expectations but the recent dynamics in the Engage segment are causing a reduction in our 2024 revenue and margin outlook compared to 2023. We are confident in the initiatives currently in motion that focus on growth and margin improvement,” commented Francois Bourret, interim chief financial officer of TTEC. “As digital transformation continues to be a top priority for our clients, we are encouraged by the growing momentum with TTEC Digital. As we move forward, we will navigate this environment to position the company to exit 2024 with a view towards longer-term profitable growth.”

 

TTEC First Quarter and Full Year 2024 Outlook

First Quarter 2024
Guidance

First Quarter 2024
Mid-Point

Full Year 2024
Guidance

Full Year 2024
Mid-Point

Revenue

$559M — $569M

$564M

$2,275M — $2,365M

$2,320M

Non-GAAP adjusted EBITDA

$52M — $58M

$55M

$215M — $259M

$237M

Non-GAAP adjusted EBITDA margins

9.3% — 10.2%

9.8 %

9.5% — 11.0%

10.2 %

Non-GAAP operating income

$36M — $42M

$39M

$150M — $194M

$172M

Non-GAAP operating income margins

6.4% — 7.4%

6.9 %

6.6% — 8.2%

7.4 %

Interest expense, net

($20M) — ($22M)

($21M)

($77M) — ($79M)

($78M)

Non-GAAP adjusted tax rate

23% — 25%

24 %

23% — 25%

24 %

Diluted share count

47.4M — 47.6M

47.5M

47.4M — 47.6M

47.5M

Non-GAAP earnings per a share

$0.25 — $0.34

$0.30

$1.15 — $1.86

$1.51

Engage First Quarter and Full Year 2024 Outlook

First Quarter 2024
Guidance

First Quarter 2024
Mid-Point

Full Year 2024
Guidance

Full Year 2024
Mid-Point

Revenue

$453M — $457M

$455M

$1,790M — $1,850M

$1,820M

Non-GAAP adjusted EBITDA

$41M — $45M

$43M

$149M — $179M

$164M

Non-GAAP adjusted EBITDA margins

9.2% — 9.9%

9.5 %

8.4% — 9.7%

9.0 %

Non-GAAP operating income

$28M — $32M

$30M

$95M — $125M

$110M

Non-GAAP operating income margins

6.2% — 7.0%

6.6 %

5.3% — 6.8%

6.1 %

Digital First Quarter and Full Year 2024 Outlook

First Quarter 2024
Guidance

First Quarter 2024
Mid-Point

Full Year 2024
Guidance

Full Year 2024
Mid-Point

Revenue

$106M — $112M

$109M

$485M — $515M

$500M

Non-GAAP adjusted EBITDA

$11M — $13M

$12M

$66M — $80M

$73M

Non-GAAP adjusted EBITDA margins

10.1% — 11.3%

10.7 %

13.5% — 15.5%

14.5 %

Non-GAAP operating income

$8M — $10M

$9M

$55M — $69M

$62M

Non-GAAP operating income margins

7.6% — 8.9%

8.3 %

11.2% — 13.3%

12.3 %

The Company has not quantitatively reconciled its guidance for Non-GAAP operating income, Non-GAAP operating income margins, Non-GAAP adjusted EBITDA, Non-GAAP adjusted EBITDA margins, or Non-GAAP earnings per share to their respective most comparable GAAP measures because certain of the reconciling items that impact these metrics, including restructuring and impairment charges, equity-based compensation expense, changes in acquisition contingent consideration, depreciation and amortization expense, and provision for income taxes are dependent on the timing of future events outside of the Company’s control or cannot be reliably predicted. Accordingly, the Company is unable to provide reconciliations to GAAP operating income, operating income margins, EBITDA margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company’s 2024 financial results as reported under GAAP.

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 (pronounced T-TEC) Holdings, Inc. (NASDAQ:TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled digital CX solutions. 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 technology, the Company’s TTEC Digital business designs, builds, and operates omnichannel contact center technology, CRM, AI and analytics solutions. The Company’s TTEC Engage business delivers AI-enabled customer engagement, customer acquisition and growth, tech support, back office, and fraud prevention services. Founded in 1982, the company’s singular obsession with CX excellence has earned it leading client, customer, and employee satisfaction scores across the globe. The Company’s over 60,000 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 Press Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995., Forward-looking statements include, but are not limited to, statements relating to our operations, expected financial position, results of operation, effective tax rate, cash flow, leverage, liquidity, business strategy, competitive position, demand for our services in international operations, acquisition opportunities and impact of acquisitions, capital allocation and dividends, growth opportunities, spending, capital expenditures and investments, competition and market forecasts, industry trends, our human capital resources, and other business matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance.

In this Release when we use words such as “may,” “believe,” “plan,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “project,” “would,” “could,” “target,” or similar expressions, or when we discuss our strategy, plans, goals, initiatives, or objectives, we are making forward-looking statements. Unless otherwise indicated or except where the context otherwise requires, the terms “TTEC,” “the Company,” “we,” “us” and “our”and other similar terms in this report refer to TTEC Holdings, Inc. and its subsidiaries. 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, 2023 and any subsequent filings with the U.S. Securities and Exchange Commission (the “SEC”) which are available on TTEC’s website www.ttec.com, and on the SEC’s public website at www.sec.gov

Our forward-looking statements speak only as of the date that this release is issued. We undertake no obligation to update them, except as may be required by applicable law. Although we believe that our forward-looking statements are reasonable, they depend on many factors outside of our control and we can provide no assurance that they will prove to be correct.

Corporate Comms

Investor Relations

Marji Chimes

Paul Miller

marji.chimes@ttec.com

paul.miller@ttec.com

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Three months ended

Twelve months ended

December 31,

December 31,

2023

2022

2023

2022

Revenue

$ 626,181

$ 658,278

$2,462,817

$2,443,707

Operating Expenses:

Cost of services

505,814

495,339

1,932,877

1,856,518

Selling, general and administrative

74,744

80,602

290,873

287,433

Depreciation and amortization

24,904

31,730

101,272

111,791

Restructuring charges, net

3,145

1,412

8,041

5,673

Impairment losses

650

450

11,733

13,749

         Total operating expenses

609,257

609,533

2,344,796

2,275,164

Income From Operations

16,924

48,745

118,021

168,543

Other income (expense), net

(21,988)

(15,877)

(77,297)

(24,095)

(Loss) / Income Before Income Taxes

(5,064)

32,868

40,724

144,448

Provision for income taxes

(3,142)

(7,318)

(22,460)

(27,115)

Net (Loss) / Income

(8,206)

25,550

18,264

117,333

Net income attributable to noncontrolling interest

(1,694)

(3,197)

(9,836)

(14,093)

Net (Loss) / Income Attributable to TTEC Stockholders

$   (9,900)

$  22,353

$      8,428

$   103,240

Net (Loss) / Income Per Share

Basic

$    (0.17)

$     0.54

$        0.39

$        2.49

Diluted

$    (0.17)

$     0.54

$        0.39

$        2.48

Net (Loss) / Income Per Share Attributable to TTEC Stockholders

Basic

$    (0.21)

$     0.47

$        0.18

$        2.19

Diluted

$    (0.21)

$     0.47

$        0.18

$        2.18

Income From Operations Margin

2.7 %

7.4 %

4.8 %

6.9 %

Net (Loss) / Income Margin

(1.3) %

3.9 %

0.7 %

4.8 %

Net (Loss) / Income Attributable to TTEC Stockholders Margin

(1.6) %

3.4 %

0.3 %

4.2 %

Effective Tax Rate

(62.0) %

22.3 %

55.2 %

18.8 %

Weighted Average Shares Outstanding

  Basic

47,425

47,220

47,335

47,121

  Diluted

47,503

47,299

47,419

47,335

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(In thousands)

Three months ended

Twelve months ended

December 31,

December 31,

2023

2022

2023

2022

Revenue:

TTEC Digital

$ 119,118

$ 121,650

$    486,882

$    463,670

TTEC Engage

507,063

536,628

1,975,935

1,980,037

Total

$ 626,181

$ 658,278

$ 2,462,817

$ 2,443,707

Income From Operations:

TTEC Digital

$    9,982

$    9,924

$     29,846

$     34,895

TTEC Engage

6,942

38,821

88,175

133,648

Total

$  16,924

$  48,745

$   118,021

$   168,543

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

December 31,

 December 31, 

2023

2022

ASSETS

Current assets:

   Cash and cash equivalents

$        172,747

$         153,435

   Accounts receivable, net

394,868

417,637

   Prepaids and other current assets

95,064

133,365

   Income and other tax receivables

18,524

45,533

      Total current assets

681,203

749,970

Property and equipment, net

191,003

183,360

Operating lease assets

121,574

92,431

Goodwill

808,988

807,845

Other intangibles assets, net

198,433

233,909

Income and other tax receivables, long-term

44,673

–

Other assets

139,724

86,447

Total assets

$     2,185,598

$      2,153,962

LIABILITIES AND EQUITY

Current liabilities:

   Accounts payable

$          96,577

$           93,937

   Accrued employee compensation and benefits

146,184

145,096

   Deferred revenue

81,171

87,846

   Current operating lease liabilities

38,271

35,271

   Other current liabilities

40,824

49,214

      Total current liabilities

403,027

411,364

Long-term liabilities:

   Line of credit

995,000

960,000

   Non-current operating lease liabilities

96,809

69,575

   Other long-term liabilities

75,220

79,273

      Total long-term liabilities

1,167,029

1,108,848

Redeemable noncontrolling interest

–

55,645

Equity:

   Common stock

474

472

   Additional paid in capital

407,415

367,673

   Treasury stock

(589,807)

(593,164)

   Accumulated other comprehensive income (loss)

(89,876)

(126,301)

   Retained earnings

870,429

911,233

   Noncontrolling interest

16,907

18,192

      Total equity

615,542

578,105

Total liabilities and equity

$      2,185,598

$      2,153,962

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 Twelve months ended 

 Twelve months ended 

 December 31, 

 December 31, 

2023

2022

Cash flows from operating activities:

     Net income

$                       18,264

$                      117,333

     Adjustments to reconcile net income to net cash provided by operating activities :

          Depreciation and amortization

101,272

111,791

          Amortization of contract acquisition costs

2,288

2,065

          Amortization of debt issuance costs

1,067

1,018

          Imputed interest expense and fair value adjustments to contingent consideration

7,579

1,746

          Provision for credit losses

2,009

9,391

          Loss on disposal of assets

2,219

1,916

          Loss on dissolution of subsidiary

301

–

          Impairment losses

11,733

13,749

          Deferred income taxes

(7,528)

(11,001)

          Excess tax benefit from equity-based awards

1,705

(1,122)

          Equity-based compensation expense

22,071

17,571

          Gain on foreign currency derivatives

(3)

(7)

          Changes in assets and liabilities, net of acquisitions:

                Accounts receivable 

22,359

(74,564)

                Prepaids and other assets 

8,570

43,699

                Accounts payable and accrued expenses 

9,518

(12,695)

                Deferred revenue and other liabilities 

(58,659)

(83,842)

                    Net cash provided by operating activities

144,765

137,048

Cash flows from investing activities:

     Proceeds from sale of property and equipment

261

229

     Purchases of property, plant and equipment

(67,839)

(84,012)

     Acquisitions

–

(142,420)

          Net cash used in investing activities

(67,578)

(226,203)

Cash flows from financing activities:

     Net proceeds from / (repayments of) line of credit

35,000

169,000

     Payments on other debt

(2,317)

(3,245)

     Payments of contingent consideration and hold back payments to acquisitions

(37,676)

(9,600)

     Dividends paid to shareholders

(49,232)

(48,072)

     Payments to noncontrolling interest

(10,972)

(11,883)

     Tax payments related to the issuance of restricted stock units

(3,037)

(7,164)

          Net cash (used in) / provided by financing activities

(68,234)

89,036

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(2,112)

(13,499)

Increase / (decrease) in cash, cash equivalents and restricted cash

6,841

(13,618)

Cash, cash equivalents and restricted cash, beginning of period

167,064

180,682

Cash, cash equivalents and restricted cash, end of period

$                      173,905

$                      167,064

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(In thousands, except per share data)

Three months ended

Twelve months ended

December 31,

December 31,

2023

2022

2023

2022

Revenue

$  626,181

$  658,278

$ 2,462,817

$ 2,443,707

Reconciliation of Non-GAAP Income from Operations and EBITDA:

Income from Operations

$   16,924

$   48,745

$    118,021

$    168,543

Restructuring charges, net

3,145

1,412

8,041

5,673

Impairment losses

650

450

11,733

13,749

Cybersecurity incident related impact, net of insurance recovery

–

(446)

(3,210)

(3,610)

Software accelerated amortization

–

6,382

–

8,509

Write-off of acquisition related receivable

–

–

–

900

Property costs not related to operations

757

–

1,501

–

Liability related to notifications triggered by labor scheme   (1)

6,000

–

6,000

–

Grant income for pandemic relief

–

–

40

–

Change in acquisition related obligation

–

–

483

–

Equity-based compensation expenses

5,661

4,331

22,071

17,571

Amortization of purchased intangibles 

8,676

9,038

35,759

37,169

         Non-GAAP Income from Operations

$   41,813

$   69,912

$    200,439

$    248,504

         Non-GAAP Income from Operations Margin

6.7 %

10.6 %

8.1 %

10.2 %

Depreciation and amortization

15,894

16,310

64,840

66,113

Changes in acquisition contingent consideration

616

(272)

7,480

1,798

Change in escrow balance related to acquisition

–

–

625

–

Loss on dissolution of subsidiary

–

–

301

–

Foreign exchange loss / (gain), net

1,112

1,710

1,950

(6,514)

Other income (expense), net

(1,894)

(1,156)

(4,126)

10,161

         Adjusted EBITDA

$   57,541

$   86,504

$    271,509

$    320,062

         Adjusted EBITDA Margin

9.2 %

13.1 %

11.0 %

13.1 %

Reconciliation of Non-GAAP EPS:

Net (Loss) / Income

$    (8,206)

$   25,550

$      18,264

$    117,333

Add:  Asset impairment and restructuring charges

3,795

1,862

19,774

19,422

Add:  Equity-based compensation expenses

5,661

4,331

22,071

17,571

Add:  Amortization of purchased intangibles

8,676

9,038

35,759

37,169

Add:  Cybersecurity incident related impact, net of insurance recovery

–

(446)

(3,210)

(3,610)

Add:  Software accelerated amortization

–

6,382

–

8,509

Add:  Write-off of acquisition related receivable

–

–

–

900

Add:  Property costs not related to operations

757

–

1,501

–

Add:  Liability related to notifications triggered by labor scheme

6,000

–

6,000

–

Add:  Grant income for pandemic relief

–

–

40

–

Add:  Change in acquisition related obligation

–

–

483

–

Add:  Changes in acquisition contingent consideration

616

(272)

7,480

1,798

Add:  Changes in escrow balance related to acquisition

–

–

625

–

Add:  Loss on dissolution of subsidiary

–

–

301

–

Add:  Foreign exchange loss / (gain), net

1,112

1,710

1,950

(6,514)

Less:  Changes in valuation allowance, return to provision adjustments and

other, and tax effects of items separately disclosed above

(885)

(4,909)

(7,859)

(22,872)

         Non-GAAP Net Income

$   17,526

$   43,246

$    103,179

$    169,706

             Diluted shares outstanding

47,503

47,299

47,419

47,335

         Non-GAAP EPS

$0.37

$0.91

$2.18

$3.59

Reconciliation of Free Cash Flow:

Cash Flow From Operating Activities:

   Net (Loss) / Income

$    (8,206)

$   25,550

$      18,264

$    117,333

   Adjustments to reconcile net income to net cash provided by operating activities:

          Depreciation and amortization

24,904

31,730

101,272

111,791

          Other

14,836

(39,045)

25,229

(92,076)

   Net cash provided by operating activities

31,534

18,235

144,765

137,048

Less – Total Cash Capital Expenditures

13,117

19,448

67,839

84,012

        Free Cash Flow

$   18,417

$    (1,213)

$      76,926

$      53,036

(1) –  For further information, please see discussion in the Risk Factors section of the 2023 Form 10-K filed on February 29, 2024.

 

Reconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment :

TTEC Engage

TTEC Digital

TTEC Engage

TTEC Digital

Q4 23

Q4 22

Q4 23

Q4 22

YTD 23

YTD 22

YTD 23

YTD 22

Income from Operations

$     6,942

$  38,821

$   9,982

$   9,924

$     88,175

$   133,648

$  29,846

$  34,895

Restructuring charges, net

1,823

1,130

1,322

282

4,250

5,251

3,791

422

Impairment losses

700

24

(50)

426

8,929

13,112

2,804

637

Cybersecurity incident related impact, net of insurance recovery

–

(446)

–

–

(3,210)

(3,610)

–

–

Software accelerated amortization

–

5,106

–

1,276

–

6,808

–

1,701

Write-off of acquisition related receivable

–

–

–

–

–

–

–

900

Property costs not related to operations

757

–

–

–

1,501

–

–

–

Grant income for pandemic relief

–

–

–

–

40

–

–

–

Change in acquisition related obligation

–

–

–

–

–

–

483

–

Liability related to notifications triggered by labor scheme

6,000

–

–

–

6,000

–

–

–

Equity-based compensation expenses

3,658

2,659

2,003

1,672

14,257

11,476

7,814

6,095

Amortization of purchased intangibles 

4,264

4,658

4,412

4,380

18,215

17,272

17,544

19,897

         Non-GAAP Income from Operations

$   24,144

$  51,952

$ 17,669

$ 17,960

$   138,157

$   183,957

$  62,282

$  64,547

Depreciation and amortization

13,458

13,667

2,436

2,643

55,153

54,561

9,687

11,552

Changes in acquisition contingent consideration

616

(272)

–

–

7,480

1,798

–

–

Change in escrow balance related to acquisition

–

–

–

–

625

–

–

–

Loss on dissolution of subsidiary

–

–

–

–

301

–

–

–

Foreign exchange loss / (gain), net

1,271

1,606

(159)

104

2,085

(5,540)

(135)

(974)

Other income (expense), net

(1,728)

(1,063)

(166)

(93)

(4,060)

9,352

(66)

809

         Adjusted EBITDA

$   37,761

$  65,890

$ 19,780

$ 20,614

$   199,741

$   244,128

$  71,768

$  75,934

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ttec-announces-fourth-quarter-and-full-year-2023-financial-results-302076311.html

SOURCE TTEC Holdings, Inc.

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Thousands of Suppliers, Nine Buyer Delegations, Three Major Trends: The 35th Guzhen Lighting Fair Opens October 22 to Chart New Directions for the Industry

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ZHONGSHAN, China, Oct. 17, 2026 /PRNewswire/ — This October, the global lighting industry will once again turn its attention to the Pearl River Delta. The 2026 China (Guzhen) International Lighting Fair (Autumn Edition), also known as the 35th Guzhen Lighting Fair, will take place from October 22 to 25, 2026, at the Guzhen Convention and Exhibition Center in Zhongshan, Guangdong. Thousands of suppliers, nine buyer delegations, three major trends. They represent a major collective showcase for China’s lighting industry at a time of profound change in global trade.

Highlight 1: A New National Milestone for the Lighting Industry’s Only National-Level Trade Event

The Guzhen Lighting Fair’s standing begins with its national credentials. Approved by the Ministry of Commerce of the People’s Republic of China as a national-level exhibition and certified by UFI, the Global Association of the Exhibition Industry, this edition draws on a strong industrial base: a RMB 100 billion-plus lighting industry cluster centered on Guzhen and encompassing 11 towns and subdistricts across three surrounding cities.

Notably, the fair has been included in the 2026 National Consumer Goods Campaign Key Activity List, jointly issued by the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism. It is the only major annual trade event from the lighting industry included on the list. The fair is also listed in the Guangdong Department of Commerce’s 2026 Guangdong Trade Nationwide program. These endorsements recognize the collective strength of Guzhen’s lighting industry and mark the fair’s rise from an industry exhibition to a national showcase.

Highlight 2: Seven themed Halls Reflect the Industry’s Evolving Priorities

All seven halls at the main venue have been upgraded, creating a new exhibition and trading layout in which each hall has a distinct theme and identity.

The seven-hall layout reveals three clear trends: increasingly sophisticated smart technologies, the return of design and aesthetics to the mainstream, and greater supply chain autonomy and control. Hall A, Urban Lighting and Smart Engineering, focuses on smart lighting and project lighting. Hall B, inter and commercial lighting, brings together decorative fixtures, residential lighting, and commercial lighting. Hall C, outdoor and special lighting, covers outdoor lighting, lighting for cultural and tourism attractions, and special-purpose fixtures. Halls D and E, lighting manufacturing and supply-chain, connect machinery, auxiliary materials and components, and supporting services. Hall F, smart home and living decor, combines smart home technologies with decorative furnishings and accessories. Hall H, new brands and cross-border sourcing, gives buyers a one-stop product sourcing destination.

The fair will showcase advances in three major areas. In AI integration, lighting control systems powered by large AI models and wireless AIoT lighting solutions will deliver more responsive experiences, with light adapting to people’s movements. In health-focused lighting, highlights include classroom lighting solutions designed to meet China’s new national standards, along with human-centric lighting and products tailored to older adults. In green and low-carbon development, the displays will span high-efficiency energy-saving technologies, solar photovoltaic and energy storage applications, and innovations in environmentally friendly materials.

Highlight 3: Targeted Sourcing for a Thousand Buyers Shifts the Focus from Visitor Traffic to Lasting Business

This edition will assemble nine professional buyer delegations. Six domestic groups will cover smart lighting systems, decorative lighting, linear lighting, wholesale distribution, the full range of lighting products, and intelligent lighting. Under the banner “Hundreds of Businesses, Nationwide Connections: Leading Lighting Distributors’ Sourcing Delegation,” the fair will invite selected company executives and decision-makers to attend with concrete sourcing plans. Three further delegations will bring together key overseas buyers, media and associations, and key opinion leaders (KOLs).

This approach shifts the emphasis from visitor traffic to a sustained flow of orders. Using the IIRIS data management system, the fair will identify high-quality buyers, establish qualification criteria for major buyers, and build a year-round service framework. By extending short-term connections at the fair into year-round trade support, it will help exhibitors turn a four-day encounter into year-round business relationships.

Highlight 4: The Hosted Buyer Program Combines Business Matching, VIP Sourcing Tour, and Networking Party

The fair’s flagship Hosted Buyer Program (HBP) will return with an expanded program, inviting hundreds of overseas buyers to join an international sourcing delegation. The business matching area in Hall H will host five Denggle.com Business Matching, four for overseas buyers and one for domestic buyers. The proven format combines pre-event research into buyers’ needs, targeted invitations, and one-on-one matching in a dedicated meeting area during the fair. It will cover major lighting markets including Southeast Asia, South Asia, Europe, the Americas, and Africa.

A distinctive addition is the partnership with GZCD•STAR ALLIANCE for the “Stars Gather at Star Alliance: A Global Search for Lighting” event series. Activities will include a guided tour for 40 overseas buyers, store visits by KOLs, and the “206 Hosted Buyer Program Networking Party.” Together, they will create an integrated program of exhibition matchmaking, direct sourcing at lighting malls, and social networking over cocktails.

This combination of exhibition halls and lighting malls, formal business meetings and informal networking, sets the Guzhen Lighting Fair apart. Behind the event is Guzhen’s extensive local industry. In China’s Lighting Capital, the entire town serves as a showroom, with opportunities to do business throughout the area. This is the foundation of the fair’s distinctive strength: industry concentration drives efficiency, and location creates a competitive advantage that is hard to replicate.

Highlight 5: Five Lighting Forums Address the Industry’s Challenges and Next Steps

This edition will feature five themed forums, all centered on light.

“Illuminating Prospects: Forum on Industry Trends and New Opportunities in Guzhen” will examine the reshaping of global trade and the direction of industrial policy, exploring how the industry can move from selling lighting products to providing lighting solutions and services.

The “Building Intelligence with Light, Achieving Low-Carbon Coexistence” forum will focus on green, low-carbon IoT applications, wireless AIoT lighting, and upgrades to smart manufacturing in factories.

“Expanding Markets with Light, Making Retail Breakthroughs,” a distribution alliance forum, will address declining foot traffic for dealers and encourage shared access to customer bases and joint brand initiatives among lighting malls.

“Light for All Homes, Harmonious Living,” a forum on health-focused lighting, will explore lighting environments that serve people of all ages and the standardization of lighting for older adults.

“Global Reach with Light, Profit at the Endpoints,” a practical matchmaking forum on cross-platform customer acquisition through new media and overseas expansion, will focus on AI-powered customer acquisition across new media channels and generative engine optimization (GEO).

The five events will be organized in collaboration with leading bodies including the China Association of Lighting Industry, the Guangdong Lighting Association, and the Guangdong Electronic Commerce Association. They will cover industry trends, smart manufacturing, retail channels, health-focused lighting, and overseas expansion through new media. Their themes address both where businesses should go and how to get there. Combining strategic direction with practical methods is precisely the value industry dialogue should deliver.

Highlight 6: A Networking Party Builds Industry Consensus Through Recognition

To mark its 35th edition, the fair will hold the 35th Guzhen Lighting Fair Sourcing and Supply Information Networking Dinner on the evening of October 22. The organizing committee will launch a “Gold Partners” recognition program, with awards across several categories honoring companies that have supported the fair over the long term, demonstrated sustained commitment to the industry, and excelled in their respective fields.

By recognizing exemplary businesses, the program will establish industry role models, strengthen longstanding exhibitors’ connection to the fair, and demonstrate to global buyers the industry’s commitment to quality and a strong reputation for reliability. Around 250 key guests are expected to be invited, including representatives of government, business and industry associations, industrial bases, and high-caliber exhibitor partners. With the fair as a meeting point, the dinner will help companies support one another and strengthen ties between individual businesses and the wider industry.

Highlight 7: The 2026 Short-Video & Live Creator Contest Award Ceremony and KOL Tours Test New Ways for a Traditional Trade Fair to Reach Wider Audiences

“Good Lighting in Guzhen: The 2026 Short-Video & Live Creator Contest Award Ceremony” has evolved into a year-round signature event on Douyin and WeChat Channels. It features two categories, short-form video and on-site livestreaming, with quarterly popularity awards, annual grand prizes, and other honors. Recognition, audience metrics, and cash prizes will encourage participation by industry buyers and sellers, creators, and influencers.

The “Star Scout KOL Sourcing Group” will bring together more than 30 short-video creators specializing in lighting. Through in-depth short videos and on-site livestreams, they will explore the fair and amplify its reach across their combined online channels. Campaign-related content is expected to generate more than one million impressions over the full campaign period.

The Data Foundation: A Buyer Database of Over 1.3 Million Records and Year-Round Online Exhibitions and Trade

For promotion and buyer outreach, the fair uses the IIRIS data management system to draw on more than 1.3 million global buyer records. It works with over 150 trade and general-interest media outlets and web portals, alongside a social media presence on WeChat, Douyin, Kuaishou, Xiaohongshu, and Weibo, to send multiple rounds of targeted invitations to buyers in more than 140 countries and regions. Offline, it partners with over ten industry print publications and sends promotion teams to more than 40 lighting wholesale markets across China. Outdoor advertising will also appear along Guzhen’s main roads, on shuttle buses, and on LED displays.

On the digital side, the fair’s specialized B2B trading website, Denggle.com, and its online exhibition and e-commerce platform, Denggle EZbuy, use big data and intelligent recommendations to match buyers and suppliers precisely, providing online exhibition and trading services 365 days a year. By extending a four-day fair into a year-round online presence and complementing in-person connections with data-driven matching, the Guzhen Lighting Fair is redefining the reach of a lighting exhibition, extending it beyond its physical venue and four-day run.

Since its launch in 1999, the Guzhen Lighting Fair has held 34 successful editions over 27 years. From a regional ordering fair to an international exhibition and trading platform spanning more than 1.5 million square meters, each stage of its development has kept pace with the transformation of China’s lighting industry.

As AI integration reshapes lighting products, health-focused lighting responds to people’s aspirations for a better life, and green, low-carbon practices become a requirement for access to global supply chains, the 35th Guzhen Lighting Fair offers more than seven event highlights. It presents a promising vision for the future of China’s lighting industry.

View original content:https://www.prnewswire.com/apac/news-releases/thousands-of-suppliers-nine-buyer-delegations-three-major-trends-the-35th-guzhen-lighting-fair-opens-october-22-to-chart-new-directions-for-the-industry-302911746.html

SOURCE China (Guzhen) International Lighting Fair

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DR. PHONE FIX ANNOUNCES AMENDMENT TO INTEREST CONVERSION TERMS OF CONVERTIBLE DEBENTURES

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

EDMONTON, AB, Oct. 16, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) announces that it has entered into an amending agreement dated October 8, 2026 (the “Amending Agreement”) to amend the mechanics for converting accrued and unpaid interest under its unsecured convertible debentures issued on June 24, 2026 and July 17, 2026 in the aggregate principal amount of $1,608,000 and bearing interest at 10% per annum (the “Debentures”). The conversion price applicable to the principal amount of the Debentures is not affected by the amendments.

Under the Amending Agreement, the principal amount of the Debentures remains convertible, at the option of the holder, at any time on or before the maturity date into common shares of the Company (“Common Shares”) at a conversion price of $0.16 per Common Share. Accrued and unpaid interest on the Debentures remains convertible into Common Shares at the option of the holder, but at a deemed price per Common Share (the “Interest Conversion Price”) equal to the closing price of the Common Shares on the TSX Venture Exchange (the “TSXV”) on the last trading day before the holder delivers a notice electing to convert interest (an “Interest Conversion Notice”), provided that the Interest Conversion Price will not be less than the Market Price (as defined in the policies of the TSXV) on that trading day.

An Interest Conversion Notice must be delivered within the five trading days before the date on which the applicable interest becomes payable, including on conversion of the principal amount, in which case the Interest Conversion Notice is to be delivered together with the conversion notice. Any issuance of Common Shares in satisfaction of interest is subject to the prior acceptance of the TSXV, and any interest that is not converted, or for which TSXV acceptance is not obtained, will be paid in cash. The form of conversion notice attached to the Debentures has been updated to reflect these amendments. All other terms of the Debentures remain unchanged.

The terms of the Debentures provide that they may be amended with the consent of the holders of a majority of the aggregate principal amount of the Debentures outstanding, and that all holders are bound by any amendment so approved. Holders of more than 50% of the aggregate principal amount of the outstanding Debentures have consented to the Amending Agreement. Accordingly, the amendments are binding on all holders of Debentures, whether or not they executed the Amending Agreement and whether or not replacement certificates are issued.

The amendments to the Debentures remain subject to the acceptance of the TSXV.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Dr. Phone Fix

Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric integrated device care platform providing repair, refurbishment, certified pre-owned devices, trade-in solutions, accessories and related services through its growing national retail network. Founded in 2019, the Company serves consumers and businesses across multiple Canadian markets, delivering convenient and reliable device care solutions through its corporately owned retail network. With a focus on operational execution, customer service and sustainability, Dr. Phone Fix continues to expand its national platform while supporting the repair, reuse and extension of the useful life of connected devices.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the acceptance of the amendments to the Debentures by the TSXV; and the conversion of principal and interest under the Debentures and the issuance of Common Shares in connection therewith. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV acceptance of the amendments to the Debentures or of any issuance of Common Shares in satisfaction of interest; market conditions and investor demand for the Company’s securities; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

SOURCE Dr. Phone Fix

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Brightmoor Hospice, LLC Provides Notification of Data Security Incident

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GRIFFIN, Ga., Oct. 16, 2026 /PRNewswire/ — Brightmoor Hospice, LLC (“Brightmoor”) is providing notification of a data security incident that may have impacted certain protected health information.

On or around March 25, 2026, Brightmoor Hospice, LLC (“Brightmoor”) discovered suspicious activity related to two employees’ email accounts. Upon discovery, Brightmoor took immediate action to secure the accounts and engaged a team of third-party specialists to investigate. The investigation determined that two employee email accounts were accessed without authorization between March 24, 2026, and March 25, 2026. Upon confirmation of unauthorized access, Brightmoor began a comprehensive review of the contents of the affected accounts to determine whether they contained sensitive information pertaining to individuals. On August 18, 2026, Brightmoor determined that protected health information belonging to certain patients was present within the accounts. Brightmoor then conducted a time-intensive review of its internal records to locate address information for the potentially impacted individuals. On October 16, 2026, Brightmoor began notifying individuals by mail.

The types of information vary by individual and may include name and one or more of the following: addresses, Social Security numbers, driver’s license information, dates of birth, patients’ identification numbers, diagnosis, medical history information, medical record numbers, medical treatment information, lab information, treating doctor’s name, medication information, vaccination information, medical insurance information, and family and social history information.

In response to this incident, Brightmoor worked with third-party specialists to investigate and implement additional security measures within its network. Brightmoor has no evidence of actual or attempted misuse of information as a result of this incident. Nonetheless, in an abundance of caution, Brightmoor is providing notice to potentially affected individuals and offering complimentary credit monitoring services. Individuals are also encouraged to monitor their account statements and explanation of benefits forms for suspicious activity and to detect errors. In addition, Brightmoor has notified the U.S. Health and Human Services Office for Civil Rights of this incident. 

Brightmoor has established a toll-free call center to answer questions about the incident and to address related concerns. The number for the hotline is 1-800-759-8524. The hotline hours of operation are Monday through Friday from 8 AM to 8 PM EST, excluding holidays. You can also write to 3247 Newnan Rd, Griffin, GA 30223.

Brightmoor takes protecting the privacy and security of personal information seriously and is reviewing and implementing further security enhancements designed to strengthen the protection of our systems.

View original content:https://www.prnewswire.com/news-releases/brightmoor-hospice-llc-provides-notification-of-data-security-incident-302911735.html

SOURCE Brightmoor Hospice, LLC

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