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TTEC Announces Third Quarter 2024 Financial Results

Published

2 years ago

on

Third Quarter 2024

Revenue was $529.4 Million, down 12.2 Percent
Operating Income of $12.9 Million or 2.4 Percent of Revenue
(Operating Income of $34.1 Million or 6.4 Percent of Revenue Non-GAAP)
Net Loss of $19.0 Million or negative 3.6 Percent of Revenue
(Net Income of $5.4 Million or 1.0 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $50.3 Million or 9.5 Percent of Revenue
Fully Diluted Net Loss Per Share of $0.40 (Net Income Per Share of $0.11 Non-GAAP)

DENVER, Nov. 6, 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 third quarter ended September 30, 2024.

“We remain focused on executing our diversification strategies, enhancing our portfolio of AI-enabled CX solutions and our operational agility, while working to strengthen our financial performance,” commented Ken Tuchman, chief executive officer of TTEC. “The industry dynamics and macroeconomic environment continue to create headwinds as select clients delay decision-making and/or focus on near-term cost savings.”

“While taking more time than expected, we are prudently working through various challenges during this transitional year. We are executing against our top strategic priorities alongside taking the necessary profit improvement actions to strengthen our balance sheet and return the company to long-term revenue growth and increased profitability,” Tuchman concluded.

THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS           

Revenue        

Third quarter 2024 GAAP revenue decreased 12.2 percent to $529.4 million compared to $603.0 million in the prior year.Foreign exchange had a $0.5 million negative impact on revenue in the third quarter of 2024.

Income (Loss) from Operations

Third quarter 2024 GAAP income from operations was $12.9 million, or 2.4 percent of revenue, compared to income from operations of $25.4 million, or 4.2 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 $34.1 million, or 6.4 percent of revenue, compared to $47.3 million, or 7.8 percent, for the prior year.Foreign exchange had a $2.6 million positive impact on Non-GAAP income from operations in the third quarter of 2024.

Adjusted EBITDA     

Third quarter 2024 Non-GAAP Adjusted EBITDA was $50.3 million, or 9.5 percent of revenue, compared to $63.9 million, or 10.6 percent of revenue, in the prior year.

Net Income (Loss)

Third quarter 2024 GAAP net loss was $19.0 million, or negative 3.6 percent of revenue, compared to net income of $1.8 million, or 0.3 percent of revenue, in the prior year.Non-GAAP net income was $5.4 million, or 1.0 percent of revenue, compared to Non-GAAP net income of $22.9 million, or 3.8 percent of revenue, in the prior year.

Net Income (Loss) Per Share

Third quarter 2024 GAAP fully diluted net loss per share was $0.40 compared to net income per share of $0.04 in the prior year.Non-GAAP fully diluted net income per share was $0.11 compared to Non-GAAP net income per share of $0.48 in the prior year.

CASH FLOW AND BALANCE SHEET 

Cash flow from operations in the third quarter of 2024 was a negative $91.4 million compared to a negative $31.7 million for the third quarter of 2023.Free cash flow in the third quarter of 2024 was a negative $100.2 million compared to a negative $53.5 million in the prior year. The decline was primarily related to the impact of the accounts receivable factoring facility discontinuation in the quarter. This discontinuation negatively impacted our cash flow from operations by $81.8 million for the three months ended September 30, 2024 and $101.2 million for the nine months ended September 30, 2024. Excluding the factoring facility impact, free cash flow in the third quarter of 2024 was negative $18.4 million. The year-over-year improvement reflects improved working capital conversion and lower capital expenditures, partially offset by lower profitability.Capital expenditures in the third quarter of 2024 were $8.8 million compared to $21.8 million for the third quarter of 2023.As of September 30, 2024, TTEC had cash and cash equivalents of $96.9 million and debt of $1,028.4 million, resulting in a net debt position of $931.5 million. This compares to a net debt position of $815.7 million for the same period in 2023. The increase in net debt is also primarily explained by the discontinuation of the accounts receivable factoring facility.As of September 30, 2024, TTEC’s remaining borrowing capacity under its revolving credit facility was approximately $140 million compared to $215 million for the same period in 2023.On November 4, 2024, the Board of Directors of the Company suspended the Company’s semi-annual cash dividend as part of its ongoing shift to prioritize debt reduction associated with strategic acquisitions and other investments in the business. The Board expects to review the dividend suspension in the future to determine, in light of facts and circumstances at that time, whether and when to reinstate a semi-annual cash dividend.

SALE OF MATERIAL ASSET NOT USED IN OPERATIONS

On November 5, 2024, the Company closed the transaction of a real estate asset held for sale in Englewood, Colorado for $45.5 million dollars, subject to customary adjustments. Prior to the COVID pandemic, the building was used as the Company’s principal place of business. The Company intends to use the proceeds from the sale to reduce its outstanding balance under the revolving line of credit.

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

Third quarter 2024 GAAP revenue for TTEC Digital decreased 13.2 percent to $115.7 million from $133.3 million for the year ago period. Income from operations was $7.5 million, or 6.5 percent of revenue, compared to income from operations of $11.9 million, or 8.9 percent of revenue, in the prior year. The year-over-year reduction primarily relates to a large one-time on-premise sale in the prior year period. Excluding on-premise sales, TTEC Digital’s professional services and recurring revenue together increased by 5.9 percent year over year in the third quarter. Non-GAAP income from operations was $14.4 million, or 12.5 percent of revenue, compared to Non-GAAP income from operations of $19.4 million, or 14.5 percent of revenue, in the prior year.

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

Third quarter 2024 GAAP revenue for TTEC Engage decreased 11.9 percent to $413.8 million from $469.7 million for the year ago period. Income from operations was $5.4 million, or 1.3 percent of revenue, compared to income from operations of $13.5 million, or 2.9 percent of revenue, in the prior year.Non-GAAP income from operations was $19.7 million, or 4.8 percent of revenue, compared to Non-GAAP income from operations of $27.9 million, or 5.9 percent of revenue, in the prior year.Foreign exchange had a $0.6 million negative impact on revenue and a $2.6 million positive impact on income from operations.

BUSINESS OUTLOOK

“We are achieving many of the key objectives that we set forth during this transitional year,” commented Kenny Wagers, chief financial officer of TTEC. “In TTEC Digital, we are diversifying our CX technology partnerships and broadening our expertise and capabilities across Contact Center, CRM, AI and analytics solutions. In TTEC Engage, we are launching new client programs across our expanded geographic footprint, working through the previously mentioned headwinds, and executing upon our profit optimization initiatives. 

Wagers continued, “At the company level, we are re-iterating full year 2024 guidance near the lower end of the range that we provided last quarter. At the segment level, the appropriate contribution adjustments were made to reflect our third-quarter actual results and updated fourth-quarter forecasts. As we prepare to transition into 2025, we remain focused on our strategic priorities and resolute in our ability to return TTEC to long-term organic growth and increased profitability.”

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

6.1% — 6.6%

6.3 %

Interest expense, net

($82M) — ($84M)

($83M)

Non-GAAP adjusted tax rate

40% — 46%

43 %

Diluted share count

47.6M — 47.8M

47.7M

Non-GAAP earnings per a share

$0.64 — $0.83

$0.73

Engage Full Year 2024 Outlook

Full Year 2024
Guidance

Full Year 2024
Mid-Point

Revenue

$1,737M — $1,767M

$1,752M

Non-GAAP adjusted EBITDA

$137M — $147M

$142M

Non-GAAP adjusted EBITDA margins

7.9% — 8.3%

8.1 %

Non-GAAP operating income

$81M — $91M

$86M

Non-GAAP operating income margins

4.7% — 5.2%

4.9 %

Digital Full Year 2024 Outlook

Full Year 2024
Guidance

Full Year 2024
Mid-Point

Revenue

$473M — $493M

$483M

Non-GAAP adjusted EBITDA

$63M — $69M

$66M

Non-GAAP adjusted EBITDA margins

13.4% — 14.1%

13.8 %

Non-GAAP operating income

$52M — $58M

$55M

Non-GAAP operating income margins

11.1% — 11.8%

11.5 %

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, Non-GAAP adjusted tax rate, 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 Thursday, November 7, 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 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 and related oral statements contain “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 operations, reiteration of the Company’s full year 2024 guidance near the lower end of the ranges provided in the third quarter of 2024, effective tax rate, cash flow, leverage, liquidity, business strategy, profit improvement actions, increased profitability, competitive position, strategic priorities, organic growth, 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, operational and financial 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,” “reiterate,” “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 could affect our business and may cause such differences as noted above and 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 or furnishings 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 or the timing thereof.”

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Revenue

$  529,427

$  602,956

$ 1,640,150

$ 1,836,636

Operating Expenses:

Cost of services

415,226

479,699

1,286,934

1,427,063

Selling, general and administrative

71,580

66,781

219,881

216,129

Depreciation and amortization

24,042

25,595

74,258

76,368

Restructuring charges, net

1,002

1,369

6,346

4,896

Impairment losses

4,688

4,124

241,544

11,083

         Total operating expenses

516,538

577,568

1,828,963

1,735,539

(Loss) / Income From Operations

12,889

25,388

(188,813)

101,097

Other income (expense), net

(22,462)

(18,298)

(60,573)

(55,309)

(Loss) / Income Before Income Taxes

(9,573)

7,090

(249,386)

45,788

Provision for income taxes

(9,395)

(5,294)

(65,850)

(19,318)

Net (Loss) / Income

(18,968)

1,796

(315,236)

26,470

Net (loss) / income attributable to noncontrolling interest

(2,154)

(3,326)

(7,730)

(8,142)

Net (Loss) / Income Attributable to TTEC Stockholders

$  (21,122)

$    (1,530)

$  (322,966)

$      18,328

Net (Loss) / Income Per Share

Basic

$      (0.40)

$       0.04

$        (6.63)

$         0.56

Diluted

$      (0.40)

$       0.04

$        (6.62)

$         0.56

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

Basic

$      (0.44)

$      (0.03)

$        (6.79)

$         0.39

Diluted

$      (0.44)

$      (0.03)

$        (6.78)

$         0.39

 (Loss) / Income From Operations Margin

2.4 %

4.2 %

(11.5) %

5.5 %

Net (Loss) /  Income Margin

(3.6) %

0.3 %

(19.2) %

1.4 %

Net (Loss) / Income Attributable to TTEC Stockholders Margin

(4.0) %

(0.3) %

(19.7) %

1.0 %

Effective Tax Rate

(98.1) %

74.7 %

(26.4) %

42.2 %

Weighted Average Shares Outstanding

  Basic

47,723

47,415

47,573

47,305

  Diluted

47,860

47,488

47,618

47,417

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(In thousands)

(unaudited)

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Revenue:

TTEC Digital

$     115,669

$      133,252

$     344,068

$    367,764

TTEC Engage

413,758

469,704

1,296,082

1,468,872

Total

$     529,427

$      602,956

$  1,640,150

$ 1,836,636

(Loss) / Income From Operations

TTEC Digital

$         7,474

$       11,925

$      16,770

$     19,864

TTEC Engage

5,415

13,463

(205,583)

81,233

Total

$       12,889

$       25,388

$   (188,813)

$    101,097

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

September 30,

December 31,

2024

2023

ASSETS

Current assets:

   Cash and cash equivalents

$           96,929

$       172,747

   Accounts receivable, net

430,092

394,868

   Prepaids and other current assets

105,355

95,064

   Income and other tax receivables

20,690

18,524

      Total current assets

653,066

681,203

Property and equipment, net

146,358

191,003

Assets Held for Sale

29,640

–

Operating lease assets

100,263

121,574

Goodwill

575,096

808,988

Other intangibles assets, net

173,227

198,433

Income and other tax receivables, long-term

34,469

44,673

Other assets

114,171

139,724

Total assets

$      1,826,290

$     2,185,598

LIABILITIES AND EQUITY

Current liabilities:

   Accounts payable

$           82,259

$         96,577

   Accrued employee compensation and benefits

121,255

146,184

   Deferred revenue

70,834

81,171

   Current operating lease liabilities

35,217

38,271

   Other current liabilities

29,085

40,824

      Total current liabilities

338,650

403,027

Long-term liabilities:

   Line of credit

1,025,000

995,000

   Non-current operating lease liabilities

79,909

96,809

   Other long-term liabilities

87,597

75,220

      Total long-term liabilities

1,192,506

1,167,029

Equity:

   Common stock

477

474

   Additional paid-in capital

416,813

407,415

   Treasury stock

(584,904)

(589,807)

   Accumulated other comprehensive income (loss)

(99,697)

(89,876)

   Retained earnings

544,616

870,429

   Non-controlling interest

17,829

16,907

      Total equity

295,134

615,542

Total liabilities and equity

$      1,826,290

$     2,185,598

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 Nine Months Ended 

 Nine Months Ended 

 September 30, 

 September 30, 

2024

2023

Cash flows from operating activities:

     Net (loss) income 

$                    (315,236)

$                        26,470

     Adjustment to reconcile net (loss) income to net cash provided by operating activities :

          Depreciation and amortization

74,258

76,368

          Amortization of contract acquisition costs

1,363

1,596

          Amortization of debt issuance costs

1,578

801

          Imputed interest expense and fair value adjustments to contingent consideration

(1,496)

6,864

          Provision for credit losses

2,744

1,677

          Loss on disposal of assets

1,778

1,176

          Impairment losses

241,544

11,083

          Loss on dissolution of subsidiary

–

301

          Deferred income taxes

38,922

(12,288)

          Excess tax benefit from equity-based awards

3,921

1,807

          Equity-based compensation expense

15,249

16,410

          Loss / (gain) on foreign currency derivatives

244

552

          Changes in assets and liabilities, net of acquisitions:

                Accounts receivable 

(37,497)

34,995

                Prepaids and other assets 

(12,959)

(1,620)

                Accounts payable and accrued expenses 

(49,122)

(8,453)

                Deferred revenue and other liabilities 

(23,023)

(44,508)

                    Net cash provided by operating activities

(57,732)

113,231

Cash flows from investing activities:

     Proceeds from sale of property, plant and equipment

146

246

     Purchases of property, plant and equipment

(36,465)

(54,722)

          Net cash used in investing activities

(36,319)

(54,476)

Cash flows from financing activities:

     Net proceeds from / (repayments of) line of credit

30,000

4,000

     Payments on other debt

(1,873)

(1,929)

     Payments of contingent consideration and hold back payments to acquisitions

(37,676)

     Dividends paid to shareholders

(2,847)

(24,572)

     Payments to non-controlling interest

(6,908)

(8,407)

     Tax payments related to the issuance of restricted stock units

(945)

(2,938)

     Payments of debt issuance costs

(2,635)

–

          Net cash used in financing activities

14,792

(71,522)

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

2,283

3,889

(Decrease) in cash, cash equivalents and restricted cash

(76,976)

(8,878)

Cash, cash equivalents and restricted cash, beginning of period

173,905

167,064

Cash, cash equivalents and restricted cash, end of period

$                       96,929

$                      158,186

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(In thousands, except per share data)

(unaudited)

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Revenue

$   529,427

$  602,956

$    1,640,150

$      1,836,636

Reconciliation of Non-GAAP Income from Operations and EBITDA:

Net (Loss) / Income from Operations

$     12,889

$    25,388

$     (188,813)

$         101,097

Restructuring charges, net

1,002

1,369

6,346

4,896

Impairment losses

4,688

4,124

241,544

11,083

Cybersecurity incident related impact, net of insurance recovery

–

–

–

(3,210)

Grant income for pandemic relief

–

–

–

40

Property costs not related to operations

424

744

2,329

744

Change in acquisition related obligation

–

–

–

483

Liability related to notifications triggered by labor scheme   (1)

2,563

–

(187)

–

Equity-based compensation expenses

4,333

6,608

15,249

16,410

Amortization of purchased intangibles 

8,169

9,073

25,053

27,083

         Non-GAAP Income from Operations

$     34,068

$    47,306

$       101,521

$         158,626

         Non-GAAP Income from Operations Margin

6.4 %

7.8 %

6.2 %

8.6 %

Depreciation and amortization

15,873

16,183

48,152

48,946

Changes in acquisition contingent consideration

(449)

102

(1,496)

6,864

Change in escrow balance related to acquisition

–

–

–

625

Loss on dissolution of subsidiary

–

–

–

301

Foreign SS Tax Recovery

–

–

(853)

–

Foreign VAT receivable write-off

–

–

770

–

Foreign exchange loss / (gain), net

1,825

(373)

2,381

839

Other Income (expense), net

(1,041)

687

953

(2,232)

         Adjusted EBITDA

$     50,276

$    63,905

$       151,428

$         213,969

         Adjusted EBITDA Margin

9.5 %

10.6 %

9.2 %

11.7 %

Reconciliation of Non-GAAP EPS:

Net (Loss) Income

$    (18,968)

$      1,796

$     (315,236)

$          26,470

Add:  Asset impairment and restructuring charges

5,690

5,493

247,890

15,979

Add:  Equity-based compensation expenses

4,333

6,608

15,249

16,410

Add:  Amortization of purchased intangibles

8,169

9,073

25,053

27,083

Add:  Cybersecurity incident related impact, net of insurance recovery

–

–

–

(3,210)

Add:  Grant income for pandemic relief

–

–

–

40

Add:  Change in acquisition related obligation

–

–

–

483

Add:  Property costs not related to operations

424

744

2,329

744

Add:  Liability related to notifications triggered by labor scheme

2,563

–

(187)

–

Add:  Foreign SS Tax Recovery

–

–

(853)

–

Add:  Foreign VAT receivable write-off

–

–

770

–

Add:  Changes in acquisition contingent consideration

(449)

102

(1,496)

6,864

Add:  Changes in escrow balance related to acquisition

–

–

–

625

Add:  Loss on dissolution of subsidiary

–

–

–

301

Add:  Foreign exchange loss / (gain), net

1,825

(373)

2,381

839

Less:  Changes in valuation allowance, return to provision adjustments and
other, and tax effects of items separately disclosed above

1,810

(590)

48,752

(6,974)

         Non-GAAP Net Income

$       5,397

$    22,853

$         24,652

$          85,654

             Diluted shares outstanding

47,860

47,488

47,618

47,417

         Non-GAAP EPS

$0.11

$0.48

$0.52

$1.81

Reconciliation of Free Cash Flow:

Cash Flow From Operating Activities:

   Net (loss) / income

$    (18,968)

$      1,321

$     (315,236)

$          26,470

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

          Depreciation and amortization

24,042

25,256

74,258

76,368

          Other

(96,451)

(58,295)

183,246

10,393

   Net cash provided by operating activities

(91,377)

(31,718)

(57,732)

113,231

Less – Total Cash Capital Expenditures

8,783

21,768

36,465

54,722

        Free Cash Flow

$  (100,160)

$  (53,486)

$       (94,197)

$          58,509

(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

Q3 24

Q3 23

Q3 24

Q3 23

YTD 24

YTD 23

YTD 24

YTD 23

Income / (Loss) from Operations

$       5,414

$    13,463

$     7,474

$    11,925

$     (205,585)

$          81,233

$     16,771

$    19,864

Restructuring charges, net

202

634

801

735

5,697

2,427

650

2,469

Impairment losses

4,255

4,124

433

–

238,600

8,229

2,944

2,854

Cybersecurity incident related impact, net of insurance recovery

–

–

–

(3,210)

–

–

Grant income for pandemic relief

–

–

–

40

–

–

Property costs not related to operations

424

744

–

–

2,329

744

–

–

Change in acquisition related obligation

–

–

–

–

–

–

483

Liability related to notifications triggered by labor scheme

2,563

–

–

–

(187)

–

–

–

Equity-based compensation expenses

2,701

4,327

1,632

2,281

9,748

10,599

5,501

5,811

Amortization of purchased intangibles 

4,098

4,649

4,071

4,424

12,306

13,951

12,747

13,132

         Non-GAAP Income from Operations

$     19,657

$    27,941

$    14,411

$    19,365

$         62,908

$         114,013

$     38,613

$    44,613

Depreciation and amortization

12,958

13,807

2,915

2,377

39,849

41,695

8,303

7,252

Changes in acquisition contingent consideration

(449)

102

–

(1,496)

6,864

–

–

Change in escrow balance related to acquisition

–

–

–

625

–

–

Loss on dissolution of subsidiary

–

–

–

–

301

–

–

Foreign VAT receivable write-off

–

–

–

770

–

–

     Foreign SS Tax Recovery

–

–

–

(853)

–

Foreign exchange loss / (gain), net

1,725

(297)

100

(76)

2,518

815

(138)

24

Other Income (expense), net

(944)

578

(97)

108

833

(2,332)

121

99

         Adjusted EBITDA

$     32,947

$    42,131

$    17,329

$    21,774

$       104,529

$         161,981

$     46,899

$    51,988

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ttec-announces-third-quarter-2024-financial-results-302297901.html

SOURCE TTEC Holdings, Inc.

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Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365

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2 hours ago

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May 9, 2026

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NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.

Best Accounting Software for Medium-Sized Business UK

QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.

Growing Demand for Scalable Financial Systems in the UK Mid-Market

Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.

Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.

QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.

QuickBooks Positioned as a Scalable Financial Platform

QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.

A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.

The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

Disclaimer

Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.

Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.

 

View original content:https://www.prnewswire.com/news-releases/best-accounting-software-for-medium-sized-business-uk-2026-quickbooks-advanced-recognised-as-a-scalable-finance-platform-for-uk-mid-market-businesses-by-consumer365-302766759.html

SOURCE Consumer365.org

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BOE continues to launch new products and solutions in the field of high-end displays

Published

3 hours ago

on

May 9, 2026

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LOS ANGELES, May 9, 2026 /PRNewswire/ — 

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization，which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation.  BOE takes the lead in integrating such optics into displays，achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions，supported by 7 core BNL technologies， to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association，and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html

SOURCE BOE Technology Group Co., Ltd.

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BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

Published

6 hours ago

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May 9, 2026

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LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital

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