Second Quarter 2024
Revenue was $534.1 Million, down 11.0 Percent
Operating Loss of $224.4 Million or negative 42.0 Percent of Revenue, due to $233.5 Million
Non-cash Goodwill Impairments and Related Tax Adjustments
(Operating Income of $29.5 Million or 5.5 Percent of Revenue Non-GAAP)
Net Loss of $296.8 Million or negative 55.6 Percent of Revenue
(Net Income of $6.6 Million or 1.2 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $46.2 Million or 8.7 Percent of Revenue
Fully Diluted Net Loss Per Share of $6.23 (Net Income Per Share of $0.14 Non-GAAP)
Updated Outlook for Full Year 2024
DENVER, Aug. 8, 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 second quarter ended June 30, 2024.
“Our results this quarter are impacted by non-cash goodwill impairment charges and related tax adjustments. We continue to operate in a dynamic macroeconomic environment where clients are facing softer demand and budget constraints putting pressure on our top line in the Engage business, while our Digital business had a solid quarter,” commented Ken Tuchman, chairman and chief executive officer of TTEC.
Tuchman continued, “We have continued to implement material cost optimization and transformation initiatives to improve the profitability of our Engage segment. In addition, we are making meaningful progress on our diversification strategy expanding our geographic footprint, attracting new enterprise clients, launching new solutions and deepening our partnerships. With these initiatives, we are confident in our ability to return the company to sustainable long-term growth and increased profitability.”
SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS
Revenue
Second quarter 2024 GAAP revenue decreased 11.0 percent to $534.1 million compared to $600.4 million in the prior year.Foreign exchange had a $1.8 million negative impact on revenue in the second quarter of 2024.
Income (Loss) from Operations
Second quarter 2024 GAAP loss from operations was $224.4 million, or negative 42.0 percent of revenue, compared to income from operations of $31.3 million, or 5.2 percent of revenue in the prior year. The significant decrease in operating income was primarily the result of a non-cash pre-tax $196 million impairment charge related to the fair value of the TTEC Engage reporting unit, in addition to other factors.Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $29.5 million, or 5.5 percent of revenue, compared to $50.6 million, or 8.4 percent, for the prior year.Foreign exchange had a $0.8 million positive impact on Non-GAAP income from operations in the second quarter of 2024.
Adjusted EBITDA
Second quarter 2024 Non-GAAP Adjusted EBITDA was $46.2 million, or 8.7 percent of revenue, compared to $67.2 million, or 11.2 percent of revenue, in the prior year.
Net Income (Loss) Per Share
Second quarter 2024 GAAP fully diluted net loss per share was $6.23 compared to net income per share of $0.08 in the prior year.Non-GAAP fully diluted net income per share was $0.14 compared to Non-GAAP net income per share of $0.55 in the prior year.
CASH FLOW AND BALANCE SHEET
Cash flow from operations in the second quarter of 2024 was $49.3 million compared to $95.9 million for the second quarter of 2023.Capital expenditures in the second quarter of 2024 were $14.2 million compared to $19.3 million for the second quarter of 2023.As of June 30, 2024, TTEC had cash and cash equivalents of $79.8 million and debt of $933.2 million, resulting in a net debt position of $853.4 million. This compares to a net debt position of $804.2 million for the same period in 2023.As of June 30, 2024, TTEC’s remaining borrowing capacity under its revolving credit facility was approximately $100 million compared to $265 million for the same period in 2023.On April 30, 2024, TTEC paid a dividend of $0.06 per share, or $2.8 million, to shareholders of record as of April 3, 2024.
SEGMENT REPORTING & COMMENTARY
TTEC reports financial results for TTEC Digital and TTEC Engage business segments. Financial highlights for the two business segments are provided below.
TTEC Digital – Design, build and operate tech-enabled, insight-driven CX solutions
Second quarter 2024 GAAP revenue for TTEC Digital decreased 1.0 percent to $116.4 million from $117.6 million for the year ago period. Income from operations was $6.0 million or 5.2 percent of revenue compared to an operating income of $7.2 million, or 6.1 percent of revenue, in the prior year.Non-GAAP income from operations was $15.0 million, or 12.8 percent of revenue, compared to Non-GAAP income from operations of $14.7 million, or 12.5 percent of revenue, in the prior year.
TTEC Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services
Second quarter 2024 GAAP revenue for TTEC Engage decreased 13.5 percent to $417.7 million from $482.8 million for the year ago period. Loss from operations was ($230.4) million, or negative 55.2 percent of revenue, compared to operating income of $24.1 million, or 5.0 percent of revenue in the prior year.Non-GAAP income from operations was $14.6 million, or 3.5 percent of revenue, compared to Non-GAAP income from operations of $35.9 million, or 7.4 percent of revenue, in the prior year.Foreign exchange had a $1.7 million negative impact on revenue and $0.8 million positive impact on income from operations.
BUSINESS OUTLOOK
“While our second quarter Non-GAAP results were largely in line with our expectations, we see continued pressure in the back half of the year primarily in our Engage business where operational execution remains a top priority,” commented Kenny Wagers, chief financial officer of TTEC.
Wagers continued, “We are taking measurable actions in our Engage business to strengthen the foundation for increased profitability. This includes broad actions to align our Engage and corporate cost structure with forecasted revenue as well as initiatives to improve our operating efficiencies at the client program level. Our bottoms-up approach has been meticulous to deliver the intended benefits without impacting the quality of our service delivery and go-to-market platform as we position ourselves for 2025. In our Digital business, clients across numerous industries are increasingly using our CX technology professional and managed services, with particularly strong demand for our cloud-based offerings.”
Wagers concluded, “We continue to believe that the second quarter will be the peak of the headwinds in our Engage business. While we expect moderate sequential top- and bottom-line improvement in the third quarter, we are forecasting softer third quarter performance than originally anticipated before seeing stronger results in the fourth quarter.”
TTEC Full Year 2024 Outlook
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$2,210M — $2,260M
$2,235M
Non-GAAP adjusted EBITDA
$201M — $217M
$209M
Non-GAAP adjusted EBITDA margins
9.1% — 9.6%
9.3 %
Non-GAAP operating income
$134M — $150M
$142M
Non-GAAP operating income margins
6.0% — 6.6%
6.3 %
Interest expense, net
($82M) — ($84M)
($83M)
Non-GAAP adjusted tax rate
32% — 34%
33 %
Diluted share count
47.5M — 47.7M
47.6M
Non-GAAP earnings per a share
$0.74 — $0.97
$0.86
Engage Full Year 2024 Outlook
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$1,730M — $1,760M
$1,745M
Non-GAAP adjusted EBITDA
$130M — $140M
$135M
Non-GAAP adjusted EBITDA margins
7.5% — 8.0%
7.8 %
Non-GAAP operating income
$74M — $84M
$79M
Non-GAAP operating income margins
4.3% — 4.8%
4.5 %
Digital Full Year 2024 Outlook
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$480M — $500M
$490M
Non-GAAP adjusted EBITDA
$70M — $76M
$73M
Non-GAAP adjusted EBITDA margins
14.7% — 15.3%
15.0 %
Non-GAAP operating income
$59M — $65M
$62M
Non-GAAP operating income margins
12.4% — 13.1%
12.7 %
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.
EARNINGS WEBCAST/CONFERENCE CALL
The Company will host a live webcast and conference call at 8:30 a.m. ET on Friday, August 9, 2024. You are invited to join a live webcast of the conference call by visiting the “Investors Relations” section of the TTEC website at www.ttec.com. If you are unable to participate during the live webcast, a replay will be available on the TTEC website.
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 approximately 54,000 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.
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
Revenue
$ 534,085
$ 600,394
$ 1,110,723
$ 1,233,680
Operating Expenses:
Cost of services
417,890
464,686
871,708
947,364
Selling, general and administrative
73,726
75,338
148,301
149,348
Depreciation and amortization
25,071
24,946
50,216
50,773
Restructuring charges, net
5,095
1,474
5,344
3,527
Impairment losses
236,716
2,652
236,856
6,959
Total operating expenses
758,498
569,096
1,312,425
1,157,971
(Loss) / Income From Operations
(224,413)
31,298
(201,702)
75,709
Other income (expense), net
(18,229)
(21,439)
(38,111)
(37,011)
(Loss) / Income Before Income Taxes
(242,642)
9,859
(239,813)
38,698
Provision for income taxes
(54,126)
(6,102)
(56,455)
(14,024)
Net (Loss) / Income
(296,768)
3,757
(296,268)
24,674
Net (loss) / income attributable to noncontrolling interest
(2,771)
(2,546)
(5,576)
(4,816)
Net (Loss) / Income Attributable to TTEC Stockholders
$(299,539)
$ 1,211
$ (301,844)
$ 19,858
Net (Loss) / Income Per Share
Basic
$ (6.24)
$ 0.08
$ (6.24)
$ 0.52
Diluted
$ (6.23)
$ 0.08
$ (6.23)
$ 0.52
Net (Loss) / Income Per Share Attributable to TTEC Stockholders
Basic
$ (6.30)
$ 0.03
$ (6.35)
$ 0.42
Diluted
$ (6.29)
$ 0.03
$ (6.34)
$ 0.42
(Loss) / Income From Operations Margin
(42.0) %
5.2 %
(18.2) %
6.1 %
Net (Loss) / Income Margin
(55.6) %
0.6 %
(26.7) %
2.0 %
Net (Loss) / Income Attributable to TTEC Stockholders Margin
(56.1) %
0.2 %
(27.2) %
1.6 %
Effective Tax Rate
(22.3) %
61.9 %
(23.5) %
36.2 %
Weighted Average Shares Outstanding
Basic
47,564
47,264
47,498
47,249
Diluted
47,623
47,453
47,585
47,417
TTEC HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
(unaudited)
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
Revenue:
TTEC Digital
$ 116,368
$ 117,585
$ 228,399
$ 234,512
TTEC Engage
417,717
482,809
882,324
999,168
Total
$ 534,085
$ 600,394
$ 1,110,723
$1,233,680
(Loss) / Income From Operations
TTEC Digital
$ 6,008
$ 7,154
$ 9,296
$ 7,939
TTEC Engage
(230,421)
24,144
(210,998)
67,770
Total
$ (224,413)
$ 31,298
$ (201,702)
$ 75,709
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
June 30,
December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 79,780
$ 172,747
Accounts receivable, net
381,685
394,868
Prepaids and other current assets
117,081
95,064
Income and other tax receivables
24,872
18,524
Total current assets
603,418
681,203
Property and equipment, net
149,114
191,003
Assets Held for Sale
29,449
–
Operating lease assets
106,185
121,574
Goodwill
573,625
808,988
Other intangibles assets, net
181,338
198,433
Income and other tax receivables, long-term
37,194
44,673
Other assets
112,298
139,724
Total assets
$ 1,792,621
$ 2,185,598
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$ 87,115
$ 96,577
Accrued employee compensation and benefits
132,824
146,184
Deferred revenue
77,783
81,171
Current operating lease liabilities
35,650
38,271
Other current liabilities
54,284
40,824
Total current liabilities
387,656
403,027
Long-term liabilities:
Line of credit
930,000
995,000
Non-current operating lease liabilities
83,855
96,809
Other long-term liabilities
86,934
75,220
Total long-term liabilities
1,100,789
1,167,029
Equity:
Common stock
476
474
Additional paid in capital
414,728
407,415
Treasury stock
(586,812)
(589,807)
Accumulated other comprehensive income (loss)
(107,581)
(89,876)
Retained earnings
565,738
870,429
Noncontrolling interest
17,627
16,907
Total equity
304,176
615,542
Total liabilities and equity
$ 1,792,621
$ 2,185,598
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Six Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
Cash flows from operating activities:
Net (loss) income
$ (296,268)
$ 24,674
Adjustment to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization
50,216
50,773
Amortization of contract acquisition costs
677
1,158
Amortization of debt issuance costs
985
534
Imputed interest expense and fair value adjustments to contingent consideration
(1,047)
6,762
Provision for credit losses
2,644
1,704
Loss on disposal of assets
1,252
856
Impairment losses
236,856
6,959
Loss on dissolution of subsidiary
–
301
Deferred income taxes
37,148
(10,390)
Excess tax benefit from equity-based awards
1,732
243
Equity-based compensation expense
10,916
9,802
Loss / (gain) on foreign currency derivatives
145
247
Changes in assets and liabilities, net of acquisitions:
Accounts receivable
8,315
14,645
Prepaids and other assets
(10,804)
20,324
Accounts payable and accrued expenses
(996)
43,429
Deferred revenue and other liabilities
(8,126)
(27,072)
Net cash provided by operating activities
33,645
144,949
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment
116
28
Purchases of property, plant and equipment
(27,682)
(32,954)
Net cash used in investing activities
(27,566)
(32,926)
Cash flows from financing activities:
Net proceeds from / (repayments of) line of credit
(65,000)
(45,000)
Payments on other debt
(1,379)
(1,217)
Payments of contingent consideration and hold back payments to acquisitions
–
(37,676)
Dividends paid to shareholders
(2,847)
(24,572)
Payments to noncontrolling interest
(4,770)
(5,887)
Tax payments related to the issuance of restricted stock units
(606)
(629)
Payments of debt issuance costs
(1,100)
–
Net cash used in financing activities
(75,702)
(114,981)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(4,612)
1,275
(Decrease) in cash, cash equivalents and restricted cash
(74,235)
(1,683)
Cash, cash equivalents and restricted cash, beginning of period
173,905
167,064
Cash, cash equivalents and restricted cash, end of period
$ 99,670
$ 165,381
TTEC HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
(unaudited)
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
Revenue
$ 534,085
$ 600,394
$ 1,110,723
$ 1,233,680
Reconciliation of Non-GAAP Income from Operations and EBITDA:
Net (Loss) / Income from Operations
$ (224,413)
$ 31,298
$ (201,702)
$ 75,709
Restructuring charges, net
5,095
1,474
5,344
3,527
Impairment losses
236,716
2,652
236,856
6,959
Cybersecurity incident related impact, net of insurance recovery
–
26
–
(3,210)
Grant income for pandemic relief
–
40
–
40
Property costs not related to operations
872
–
1,905
–
Change in acquisition related obligation
–
483
–
483
Liability related to notifications triggered by labor scheme (1)
(2,275)
–
(2,750)
–
Equity-based compensation expenses
5,104
5,648
10,916
9,802
Amortization of purchased intangibles
8,439
9,007
16,884
18,010
Non-GAAP Income from Operations
$ 29,538
$ 50,628
$ 67,453
$ 111,320
Non-GAAP Income from Operations Margin
5.5 %
8.4 %
6.1 %
9.0 %
Depreciation and amortization
16,210
15,939
32,279
32,763
Changes in acquisition contingent consideration
193
3,584
(1,047)
6,762
Change in escrow balance related to acquisition
–
–
–
625
Loss on dissolution of subsidiary
–
–
–
301
Foreign SS Tax Recovery
(853)
–
(853)
–
Foreign VAT receivable writeoff
–
–
770
–
Foreign exchange loss / (gain), net
(636)
578
556
1,212
Other Income (expense), net
1,788
(3,574)
1,994
(2,919)
Adjusted EBITDA
$ 46,240
$ 67,155
$ 101,152
$ 150,064
Adjusted EBITDA Margin
8.7 %
11.2 %
9.1 %
12.2 %
Reconciliation of Non-GAAP EPS:
Net Income
$ (296,768)
$ 3,757
$ (296,268)
$ 24,674
Add: Asset impairment and restructuring charges
241,811
4,126
242,200
10,486
Add: Equity-based compensation expenses
5,104
5,648
10,916
9,802
Add: Amortization of purchased intangibles
8,439
9,007
16,884
18,010
Add: Cybersecurity incident related impact, net of insurance recovery
–
26
–
(3,210)
Add: Grant income for pandemic relief
–
40
–
40
Add: Change in acquisition related obligation
–
483
–
483
Add: Property costs not related to operations
872
–
1,905
–
Add: Liability related to notifications triggered by labor scheme
(2,275)
–
(2,750)
–
Add: Foreign SS Tax Recovery
(853)
–
(853)
–
Add: Foreign VAT receivable writeoff
–
–
770
–
Add: Changes in acquisition contingent consideration
193
3,584
(1,047)
6,762
Add: Changes in escrow balance related to acquisition
–
–
–
625
Add: Loss on dissolution of subsidiary
–
–
–
301
Add: Foreign exchange loss / (gain), net
(636)
578
556
1,212
Less: Changes in valuation allowance, return to provision adjustments and
other, and tax effects of items separately disclosed above
50,748
(1,349)
46,942
(6,384)
Non-GAAP Net Income
$ 6,635
$ 25,900
$ 19,255
$ 62,801
Diluted shares outstanding
47,623
47,453
47,585
47,417
Non-GAAP EPS
$0.14
$0.55
$0.40
$1.32
Reconciliation of Free Cash Flow:
Cash Flow From Operating Activities:
Net (loss) / income
$ (296,768)
$ 3,757
$ (296,268)
$ 24,674
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
25,071
24,946
50,216
50,773
Other
320,971
67,188
279,697
69,502
Net cash provided by operating activities
49,274
95,891
33,645
144,949
Less – Total Cash Capital Expenditures
14,209
19,285
27,682
32,954
Free Cash Flow
$ 35,065
$ 76,606
$ 5,963
$ 111,995
(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
Q2 24
Q2 23
Q2 24
Q2 23
YTD 24
YTD 23
YTD 24
YTD 23
(Loss) / Income from Operations
$ (230,421)
$ 24,144
$ 6,008
$ 7,154
$ (210,999)
$ 67,770
$ 9,297
$ 7,939
Restructuring charges, net
4,842
801
253
673
5,495
1,793
(151)
1,734
Impairment losses
234,205
2,652
2,511
–
234,345
4,105
2,511
2,854
Cybersecurity incident related impact, net of insurance recovery
26
–
(3,210)
–
–
Grant income for pandemic relief
40
–
40
–
–
Property costs not related to operations
872
–
–
1,905
–
–
–
Change in acquisition related obligation
–
483
–
–
483
Liability related to notifications triggered by labor scheme
(2,275)
–
–
(2,750)
–
–
–
Equity-based compensation expenses
3,264
3,596
1,840
2,052
7,047
6,272
3,869
3,530
Amortization of purchased intangibles
4,101
4,652
4,338
4,355
8,208
9,302
8,676
8,708
Non-GAAP Income from Operations
$ 14,588
$ 35,911
$ 14,950
$ 14,717
$ 43,251
$ 86,072
$ 24,202
$ 25,248
Depreciation and amortization
13,534
13,572
2,676
2,367
26,891
27,888
5,388
4,875
Changes in acquisition contingent consideration
193
3,584
–
(1,047)
6,762
–
–
Change in escrow balance related to acquisition
–
–
–
625
–
–
Loss on dissolution of subsidiary
–
–
–
301
–
–
Foreign VAT receivable writeoff
–
–
770
–
Foreign SS Tax Recovery
(853)
(853)
Foreign exchange loss / (gain), net
(585)
411
(51)
167
793
1,112
(238)
100
Other Income (expense), net
1,733
(3,422)
55
(152)
1,777
(2,910)
218
(9)
Adjusted EBITDA
$ 28,610
$ 50,056
$ 17,630
$ 17,099
$ 71,582
$ 119,850
$ 29,570
$ 30,214
View original content to download multimedia:https://www.prnewswire.com/news-releases/ttec-announces-second-quarter-2024-financial-results-302218222.html
SOURCE TTEC Holdings, Inc.
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