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TTEC Announces Fourth Quarter and Full Year 2023 Financial Results

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3 years ago

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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

 

 

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SOURCE TTEC Holdings, Inc.

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KuCoin Upgrades Institutional Lending to Improve Capital Infrastructure and Efficiency

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41 minutes ago

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September 1, 2026

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PROVIDENCIALES, Turks and Caicos Islands, Sept. 1, 2026 /CNW/ — KuCoin, a leading global crypto platform built on trust, today announced an upgrade to its Institutional Interest-Free Lending Program, adding support for its Unified Trading Account (UTA). The upgraded program reduces the qualifying external 30-day trading-volume requirement for newly registered API clients from 30 million to 10 million USDT and offers 0% interest for the first two months without a volume requirement. Eligible clients may borrow up to 3 million USDT for use across Spot, Margin and Futures.

As institutions operate across more products and strategies, capital can become fragmented between accounts, increasing costs and operational friction. Integrating lending with a unified account brings financing closer to execution, helping professional teams use collateral and deploy capital more efficiently.

UTA is an account framework that enables eligible users to manage capital across supported trading products through a single account structure. With Institutional Lending integrated, borrowed funds can be deployed across Spot, Margin and Futures without transfers between separate trading accounts. Borrowing is available in USDT, USDC, BTC and ETH.

KuCoin introduced targeted interest-free credit in 2024, offering eligible API traders and quantitative teams up to 500,000 USDT alongside fee benefits, enhanced connectivity, higher API limits and technical support. In 2025, borrowing increased to 3 million USDT, with support for multiple borrowing assets and the ability to combine funds from sub-accounts as margin across eligible products. The 2026 upgrade marks the next stage of that development, moving the program from targeted credit support toward more integrated institutional capital infrastructure.

“Professional market participants need timely, flexible and capital-efficient access to liquidity. Effective institutional lending infrastructure must combine financing at scale, tailored terms and competitive pricing so clients can execute sophisticated strategies with confidence,” said Alison Qin, Head of KuCoin Institutional & VIP. “By integrating lending with UTA, we are bringing capital closer to the accounts and products behind those strategies, making it easier to deploy while helping clients maintain control over execution and risk.”

The upgrade reflects KuCoin’s broader approach to product innovation: building around how users access, manage, deploy and use digital assets. By connecting financing, account infrastructure and execution, KuCoin aims to provide institutions with practical tools for participating in the evolving digital asset economy.

About KuCoin
Founded in 2017, KuCoin is a leading global crypto platform built on trust and security, serving over 45 million users across 200+ countries and regions. Known for its reliability and user-first approach, the platform combines advanced technology, deep liquidity, and strong security safeguards to deliver a seamless trading experience. KuCoin provides access to 1,500+ digital assets through a broad product suite and remains committed to building transparent, compliant, and user-centric digital asset infrastructure for the future of finance, backed by SOC 2 Type II, ISO/IEC 27001:2022, ISO/IEC 27701:2019, ISO 22301:2019 and ISO/IEC 42001:2023 certifications. In recent years, we have built a strong global compliance foundation, marked by key milestones including AUSTRAC registration in Australia, a MiCA license in Europe, and regulatory progress in other markets.
Learn more at www.kucoin.com.

Disclaimer

The information is for corporate PR purposes only and does not constitute endorsement or investment advice.

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SOURCE KuCoin

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Odyssey Energy Solutions Raises $74 Million to Accelerate Distributed Renewable Energy Financing in Emerging Markets

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41 minutes ago

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September 1, 2026

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Funding will scale Odyssey’s platform in regions including Asia, Africa, and Latin America

BOULDER, Colo., Sept. 1, 2026 /CNW/ — Odyssey Energy Solutions, the leading platform for financing distributed renewable energy (DRE) projects in emerging markets, today announced $74 million in new financing. The funding consists of a $27 million equity round and $47 million in debt. New equity investors include Broadscale Group, FMO, and Al Mada Ventures, with continued participation from existing investors including Union Square Ventures, Equal Ventures, Abstract Ventures, Twelve Below, FJ Labs, MCJ, and Transition Ventures. Debt financiers include British International Investment, BIO, the Facility for Energy Inclusion represented by Cygnum Capital and the Energy Entrepreneurs Growth Fund represented by TripleJump.

The financing will support continued expansion of Odyssey’s platform, which connects more than 6,000 solar installers and engineering, procurement, and construction companies (EPCs) with financiers and equipment suppliers in more than 50 countries across Africa, Asia, and Latin America, facilitating access to $3.6 billion in capital for distributed energy projects. Odyssey’s procurement platform, launched in 2024, aggregates equipment procurement across its large network of EPCs, offering these small-to-medium sized companies access to volume pricing with embedded supply chain credit. The platform has unlocked 1.5 GW of projects to date.

“The focus of financing for distributed renewable energy has historically been on post-construction capital–funding that flows once a project is built,” said Emily McAteer, co-founder and CEO of Odyssey Energy Solutions. “That has left a significant gap upstream, where thousands of small and medium EPCs and installers lack the working capital needed to procure equipment, complete construction, and unlock customer payments. Odyssey bridges this gap directly, providing companies with the equipment pricing and financing they need to accelerate project delivery.”

The announcement comes at a moment of accelerating demand for distributed renewable energy across Odyssey’s core markets. Falling solar and battery costs, rising oil prices, and evolving government policy have converged to make the unit economics of distributed solar materially stronger than fossil-fuel alternatives. In Nigeria, where diesel backup generators supply more electricity than grid-connected power plants, according to the International Finance Corporation, diesel prices rose more than 93% between February and April 2026 following supply disruptions in the Strait of Hormuz. In India, where Odyssey’s platform has grown 205% over the past 12 months, new domestic manufacturing requirements for solar components are reshaping supply chains and driving demand for the procurement and financing infrastructure that Odyssey provides. Rapid data center construction across India, driven by rising AI compute demand, is further increasing electricity demand at a pace grid infrastructure is struggling to meet, adding urgency to distributed solar and storage as a complement to centralized power supply.

“Distributed solar in emerging markets has reached a watershed moment,” said Andrew Shapiro, founder and Managing Partner at Broadscale Group. “The demand is there, the economics work, and the remaining constraint to deployment at massive scale is access to capital and procurement infrastructure for installers. That is exactly what Odyssey provides and why we’re thrilled to support the company as they enable this critically important growth.”

“Having worked across distributed energy finance in India and emerging markets, I’ve seen firsthand both the scale of the opportunity and the barriers that have held the sector back,” said Piyush Mathur, co-founder and Managing Director of Odyssey Energy Solutions. “Today, the conditions for rapid deployment of clean energy have never been stronger. EPCs and distributed energy developers are growing at unprecedented rates, creating an urgent need for the procurement, financing, and technology infrastructure that can enable them to scale. That is the gap Odyssey is uniquely filling.”

The new capital will allow for expansion of Odyssey’s procurement platform, which aggregates equipment orders across smaller buyers to improve supplier terms and offers embedded supply chain credit. Given high demand from commercial and industrial customers for solar and storage solutions, installers typically have a much larger order book than they can supply at a given time due to working capital constraints. Procuring through Odyssey allows these companies to procure and construct more projects at once, accelerating project deployment.

The recent funding follows Odyssey’s $15M Series A, announced in May 2023, bringing the total capital raised by the company to $94M. The company is also among the inaugural portfolio partners of Multiplier, an advisory firm co-founded by Jigar Shah and Jonathan Silver, both former directors of the U.S. Department of Energy’s Loan Programs Office.

About Odyssey Energy Solutions
Odyssey Energy Solutions is accelerating the clean energy transition in emerging markets. The platform connects more than 6,000 distributed energy companies with financiers and equipment suppliers across India, Africa, Latin America, and more than 50 countries worldwide, facilitating access to $3.6 billion in capital. Learn more at odysseyenergysolutions.com.

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SOURCE Odyssey Energy Solutions

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Green Security Expands VendorOps Platform with Acquisition of VenSero

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41 minutes ago

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September 1, 2026

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Green Security acquired VenSero, expanding its VendorOps platform to connect vendor credentialing with surgical scheduling, loaner equipment coordination and case readiness, giving hospitals greater visibility ahead of procedures.

CLEARWATER, Fla., Sept. 1, 2026 /PRNewswire-PRWeb/ — Acquisition extends Green Security beyond vendor credentialing with surgical vendor scheduling and loaner tray management to improve operating room case readiness

Green Security, a leading provider of healthcare vendor operations and intelligence solutions, today announced it has acquired VenSero, a surgical vendor coordination platform that helps health systems improve operating room readiness by coordinating vendor representatives, loaner equipment and surgical workflows before every procedure.

VenSero is embedded directly within Epic OpTime, enabling perioperative teams to coordinate vendor representatives, loaner instrumentation and case readiness within their existing clinical workflows. Combined with Green Security’s credentialing, compliance and vendor access capabilities, the acquisition creates a more connected workflow spanning the critical operational steps that take place before a surgical procedure.

“Hospitals don’t think about vendor credentialing, surgical scheduling and loaner equipment as separate challenges,” said Mickey Meehan, CEO of Green Security. “They think about whether a case is ready. That’s what makes VenSero such a strong fit. Together, we’re giving healthcare organizations a more complete view of everything that happens before a procedure begins so they can reduce delays, improve coordination and better support patient care.”

Founded in 2010, VenSero is one of the healthcare industry’s longest-running surgical vendor coordination platforms. Embedded directly within Epic OpTime, the platform enables perioperative teams to schedule vendor representatives, coordinate loaner instrumentation and monitor case readiness without leaving their existing clinical workflow. The platform is trusted by leading health systems in Baltimore and the greater northeastern region.

That earlier visibility gives surgical teams more time to identify and resolve potential issues before a procedure. At a leading U.S. academic medical center, VenSero expanded visibility into upcoming surgical cases from approximately seven days to as much as four weeks, giving surgeons, perioperative leaders and sterile processing teams greater lead time to coordinate vendor representatives, equipment and instrumentation. This helps teams address potential gaps earlier, improve surgical planning and reduce disruptions caused by missing or delayed vendor support.

Together, Green Security and VenSero connect two parts of surgical vendor operations that have traditionally been managed separately. Green Security verifies that vendor representatives are credentialed and authorized to enter the facility, while VenSero coordinates their participation in upcoming cases, along with the loaner equipment and instrumentation those procedures require. This gives hospitals greater visibility from vendor authorization through case readiness while allowing them to retain control over scheduling and access.

“For more than 15 years, we’ve worked side by side with perioperative teams to solve the daily operational challenges that can delay surgeries,” said Mark Stickler, founder and president of VenSero. “Joining forces with Green Security allows us to build on that work while connecting vendor coordination with the credentialing and operational workflows hospitals already rely on every day. Together, we’re helping healthcare organizations prepare for surgery with greater confidence and fewer surprises.”

VenSero will continue supporting existing customers while Green Security integrates the platform into its broader VendorOps strategy. The combined platform will give Green Security the foundation to bring credentialing, vendor access, surgical scheduling and equipment readiness into a more unified view, while expanding the operational data available to health systems as they manage surgical vendor activity.

Additional resources:

Hear from Green Security’s CEO on why he’s excited about this newsExplore additional insights on the Green Security blogFollow Green Security on LinkedIn

About Green Security

Green Security is the leading provider of secure solutions for healthcare vendor operations. Trusted by over 1,500 hospitals, our platform simplifies credentialing, compliance, and value analysis, helping organizations manage vendor access and product trust with confidence. From onboarding and credentialing to real-time monitoring and secure onsite presence, Green Security reduces risk, streamlines operations, and supports patient safety through advanced analytics and smart access technologies. Learn more at gogreensecurity.com.

Media Contact

Jennifer Usher, PR for Green Security, 1 4154120181, jennifer@usherconsultancy.com

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SOURCE Green Security

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