DENVER, March 4, 2020 /PRNewswire/ -- TTEC Holdings,
Inc. (NASDAQ: TTEC), a leading digital global customer
experience technology and services company focused on the design,
implementation and delivery of transformative solutions for many of
the world's most iconic and disruptive brands, today announced
financial results for the fourth quarter and full year ended
December 31, 2019.
"We delivered record revenue and profit in 2019 and
overperformed against many of our internal targets," commented
Ken Tuchman, chairman and chief
executive officer of TTEC. "Our journey over the past decade
has included significant investments to grow our overall portfolio
of technology-rich CX solutions, culminating in a set of
integrated capabilities that today allows TTEC to deliver
everything from management consulting to recurring technology
services and outcome based operational execution. This has
optimized our access to the highest growing areas within the
customer experience ecosystem. The current CX market tailwinds,
combined with our reputation of excellence, history of innovation,
and unrivaled CX technology and services, position us to advance
our revenue growth and margin expansion in 2020 and beyond."
FULL YEAR 2019 FINANCIAL
HIGHLIGHTS
Revenue
- Full year 2019 GAAP revenue increased 8.9 percent to
$1.644 billion compared to
$1.509 billion in the prior
year.
- Foreign exchange had a $0.8
million positive impact on revenue for full year 2019.
Income from Operations
- Full year 2019 GAAP income from operations was $123.7 million, or 7.5 percent of revenue,
compared to $92.1 million, or 6.1
percent of revenue in the prior year.
- Non-GAAP income from operations, excluding $5.5 million in restructuring and impairment
charges, was $129.2 million or 7.9
percent of revenue versus 6.9 percent for the prior year.
- Foreign exchange had a $7.0
million positive impact on income from operations for full
year 2019.
Adjusted
EBITDA
- Full year 2019 Non-GAAP Adjusted EBITDA was $209.1 million, or 12.7 percent of revenue,
compared to $188.7 million, or 12.5
percent of revenue in the prior year.
Earnings Per Share
- Full year 2019 GAAP fully diluted earnings per share was
$1.65 compared to $0.77 for the same period last year.
- Non-GAAP fully diluted earnings per share was $1.89 compared to $1.49 in the prior year.
Bookings
- During full year 2019, TTEC signed an estimated $488 million in annualized contract value. Full
year bookings mix was diversified across segments, verticals, and
geographies.
FOURTH QUARTER 2019 FINANCIAL
HIGHLIGHTS
Revenue
- Fourth quarter 2019 GAAP revenue increased 10.1 percent to
$461.3 million compared to
$419.1 million in the prior year
period.
- Foreign exchange had a $4.0
million positive impact on revenue in the fourth quarter
2019.
Income from Operations
- Fourth quarter 2019 GAAP income from operations was
$42.8 million, or 9.3 percent of
revenue, compared to $39.0 million,
or 9.3 percent of revenue in the prior year period.
- Non-GAAP income from operations, excluding $0.3 million in restructuring and impairment
charges, was $43.1 million or 9.3
percent of revenue versus 11.0 percent for the prior year
period.
- Foreign exchange had a $2.5
million positive impact on income from operations in the
fourth quarter 2019.
Adjusted
EBITDA
- Fourth quarter 2019 Non-GAAP Adjusted EBITDA was $63.2 million, or 13.7 percent of revenue,
compared to $64.0 million, or 15.3
percent of revenue in the prior year period.
Earnings Per Share
- Fourth quarter 2019 GAAP fully diluted earnings per share was
$0.60 compared to $0.44 for the same period last year.
- Non-GAAP fully diluted earnings per share was $0.65 compared to $0.63 in the prior year period.
Bookings
- During the fourth quarter 2019, TTEC signed an estimated
$120 million in annualized contract
value. Fourth quarter bookings mix was diversified across segments,
verticals, and geographies.
STRONG CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND
DIVIDENDS
- Cash flow from operations in the fourth quarter 2019 was
$53.6 million compared to
$2.2 million for the fourth quarter
2018. For the full year 2019, cash flow from operations was
$238.0 million compared to
$168.3 million for the same period
2018.
- Capital expenditures in the fourth quarter 2019 were
$16.3 million compared to
$11.6 million for the fourth quarter
2018. For the full year 2019, capital expenditures were
$60.8 million compared to
$43.5 million for the same period
2018.
- As of December 31, 2019, TTEC had
cash and cash equivalents of $82.4
million and debt of $307.5 million, resulting in a net debt
position of $225.1 million. This
compares to a net debt position of $226.3
million for the same period 2018.
- As of December 31, 2019, TTEC had
approximately $530 million of
additional borrowing capacity available under its revolving credit
facility compared to $360 million for
the same period 2018.
- Paid a $0.32 per share, or
$14.9 million, semi-annual dividend
on October 17, 2019. On
February 27, 2020, the Board declared the next semi-annual
dividend of $0.34 per share, payable
on April 16, 2020 to shareholders of
record as of April 1, 2020. This dividend represents a
6.3 percent increase over the October
2019 dividend and 13.3 percent over the April 2019 dividend.
SEGMENT REPORTING & COMMENTARY
Effective June 30, 2019, TTEC
reports financial results for the following two business
segments:
- TTEC Digital (Digital) - Previously TTEC's Customer
Strategy Services and Customer Technology Services segments.
- TTEC Engage (Engage) – Previously TTEC's Customer
Growth Services and Customer Management Services segments.
Financial highlights for the two segments are provided
below.
TTEC Digital – Design, build and operate tech-enabled,
insight-driven CX solutions
- Fourth quarter 2019 GAAP revenue for TTEC Digital increased
18.4 percent to $82.4 million from
$69.6 million for the year ago
period. Income from operations was $11.8
million or 14.3 percent of revenue compared to operating
income of $12.5 million or 17.9
percent of revenue for the prior year period.
- Non-GAAP income from operations was $11.9 million, or 14.4 percent of revenue
compared to operating income of $12.7
million or 18.3 percent of revenue in the prior year
period.
TTEC Engage – Digitally-enabled customer care, acquisition,
and fraud prevention services
- Fourth quarter 2019 GAAP revenue for TTEC Engage increased 8.4
percent to $379.0 million from
$349.6 million for the year ago
period. Income from operations was $31.0
million or 8.2 percent of revenue compared to operating
income of $26.5 million or 7.6
percent of revenue for the prior year period.
- Non-GAAP income from operations was $31.2 million, or 8.2 percent of revenue compared
to operating income of $33.2 million
or 9.5 percent of revenue in the prior year period.
- Foreign exchange had a $4.1
million positive impact on revenue and $2.5 million positive impact on income from
operations.
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, among other items.
BUSINESS OUTLOOK
"2019 was a milestone year for us, exceeding many of our key
goals," commented Regina Paolillo,
chief financial and administrative officer. "We achieved record
financial results, completed a strategic acquisition, entered into
new and expanded technology channel partnerships, significantly
grew our CX cloud market share, and added a meaningful number
of new hypergrowth and Global 1000 clients across our expanded
global footprint. We expect these positive developments alongside
the size and diversity of our bookings, revenue backlog and sales
pipeline to enable revenue growth and profit margin expansion in
2020."
Paolillo continued, "With regard to any impact from the
coronavirus, we have reflected our initial assumptions in our
guidance. Given the diversity of our industry coverage and client
delivery footprint, alongside our virtual Digital and Engage
services capabilities, we currently do not expect a material impact
to our 2020 financial and business results."
Our full-year 2020 outlook, which excludes restructuring and
impairment charges, is as follows:
Revenue between $1.757 and
$1.773 billion, an increase of 6.9
and 7.9 percent over the prior year.
Operating Income margins between 8.2 and 8.4 percent.
- Margins of approximately 12.9 percent for TTEC Digital and 7.3
percent for TTEC Engage
Adjusted EBITDA margins between 13.3 and 13.5
percent.
- Margins of approximately 18.4 percent for TTEC Digital and 12.4
percent for TTEC Engage
Earnings Per Share between 2.03 and 2.10 cents.
Capital expenditures are estimated to between 3.6 and 3.8
percent of revenue, of which approximately 65 percent is growth
oriented.
Effective tax rate for the full year is estimated between
25 and 27 percent.
Diluted share count for the full year is estimated
between 46.9 and 47.1 million.
We estimate the first half - second half 2020 mix as
follows:
- Revenue: 48 percent first half, 52 percent second half
- Operating Income: 45 percent first half, 55 percent second
half
- Adjusted EBITDA: 47 percent first half, 53 percent second
half
- Earnings Per Share: 45 percent first half, 55 percent second
half
We estimate the Digital - Engage 2020 mix as follows:
- Revenue: 17 percent Digital, 83 percent Engage, of which 51
percent of Digital and 48 percent of Engage in the first half,
respectively.
- Operating Income: 26 percent Digital, 74 percent Engage, of
which 56 percent of Digital and 41 percent of Engage in the first
half, respectively.
- Adjusted EBITDA: 23 percent Digital 77 percent Engage, of which
54 percent of Digital and 44 percent of Engage in the first half,
respectively.
About TTEC
TTEC Holdings, Inc. (NASDAQ: TTEC) is a leading global customer
experience technology and services company focused on the design,
implementation and delivery of transformative customer experience
for many of the world's most iconic and disruptive brands. The
Company delivers outcome-based customer engagement solutions
through TTEC Digital, its digital consultancy that designs and
builds human centric, tech-enabled, insight-driven customer
experience solutions for clients and TTEC Engage, its delivery
center of excellence, that operates customer acquisition, care,
fraud prevention and detection, and content moderation services.
Founded in 1982, the Company's 49,500 employees operate on six
continents across the globe and live by a set of customer-focused
values that guide relationships with clients, their customers, and
each other. To learn more about how TTEC is bringing humanity to
the customer experience, visit www.ttec.com
FORWARD-LOOKING STATEMENTS
This earnings release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of TTEC Holding, Inc.'s management and are
subject to significant risks and uncertainties. Specifically, we
would like for you to focus on risks related to our strategy
execution, our ability to innovate and introduce technologies that
are sufficiently disruptive to allow us to maintain and grow our
market share, cybersecurity risk and risks inherent to our equity
structure. Actual results may differ from what is expressed in the
forward-looking statements. Risk Factors that could cause TTEC's
results to differ materially from those described in the
forward-looking statements can be found in TTEC's Annual Report on
Form 10-K for the year ended December 31,
2019, which has been filed with the U.S. Securities and
Exchange Commission (the "SEC") and is available on TTEC's website
www.ttec.com, and on the SEC's public website at www.sec.gov. TTEC
Holdings, Inc. does not undertake to update any forward-looking
statements.
Investor Relations
Contact
Paul
Miller
+1.303.397.8641
|
Public Relations
Contact
Nick
Cerise
+1.303.397.8331
|
Address
9197 South Peoria
Street
Englewood, CO
80112
|
Contact
ttec.com
+1.800.835.3832
|
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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
Revenue
|
$461,326
|
|
$419,133
|
|
$1,643,704
|
|
$1,509,171
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Cost of
services
|
345,694
|
|
313,372
|
|
1,242,887
|
|
1,157,927
|
|
Selling, general and
administrative
|
53,894
|
|
47,817
|
|
202,540
|
|
182,428
|
|
Depreciation and
amortization
|
18,634
|
|
17,127
|
|
69,086
|
|
69,179
|
|
Restructuring and
integration charges, net
|
175
|
|
1,532
|
|
1,747
|
|
6,131
|
|
Impairment
losses
|
166
|
|
332
|
|
3,735
|
|
1,452
|
Total operating expenses
|
418,563
|
|
380,180
|
|
1,519,995
|
|
1,417,117
|
|
|
|
|
|
|
|
|
|
Income From
Operations
|
42,763
|
|
38,953
|
|
123,709
|
|
92,054
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
(6,428)
|
|
(6,336)
|
|
(13,298)
|
|
(35,816)
|
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes
|
36,335
|
|
32,617
|
|
110,411
|
|
56,238
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
(5,670)
|
|
(11,835)
|
|
(25,677)
|
|
(16,483)
|
|
|
|
|
|
|
|
|
|
Net
Income
|
30,665
|
|
20,782
|
|
84,734
|
|
39,755
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest
|
(2,402)
|
|
(449)
|
|
(7,570)
|
|
(3,938)
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to TTEC Stockholders
|
$
28,263
|
|
$
20,333
|
|
$
77,164
|
|
$
35,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.66
|
|
$
0.45
|
|
$
1.83
|
|
$
0.86
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
0.65
|
|
$
0.45
|
|
$
1.81
|
|
$
0.86
|
|
|
|
|
|
|
|
|
|
Net Income Per
Share Attributable to TTEC Stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.61
|
|
$
0.44
|
|
$
1.66
|
|
$
0.78
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
0.60
|
|
$
0.44
|
|
$
1.65
|
|
$
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income From
Operations Margin
|
9.3%
|
|
9.3%
|
|
7.5%
|
|
6.1%
|
Net Income
Margin
|
6.6%
|
|
5.0%
|
|
5.2%
|
|
2.6%
|
Net Income
Attributable to TTEC Stockholders Margin
|
6.1%
|
|
4.9%
|
|
4.7%
|
|
2.4%
|
Effective Tax
Rate
|
15.6%
|
|
36.3%
|
|
23.3%
|
|
29.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
Basic
|
46,487
|
|
46,193
|
|
46,373
|
|
46,064
|
Diluted
|
46,830
|
|
46,390
|
|
46,758
|
|
46,385
|
TTEC HOLDINGS,
INC. AND SUBSIDIARIES
|
SEGMENT
INFORMATION
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
TTEC
Digital
|
|
$
82,354
|
|
$
69,552
|
|
$
305,346
|
|
$
238,799
|
TTEC
Engage
|
|
378,972
|
|
349,581
|
|
1,338,358
|
|
1,270,372
|
Total
|
|
$461,326
|
|
$419,133
|
|
$1,643,704
|
|
$1,509,171
|
|
|
|
|
|
|
|
|
|
Income From
Operations:
|
|
|
|
|
|
|
|
|
TTEC
Digital
|
|
$
11,754
|
|
$
12,475
|
|
$
38,927
|
|
$
33,054
|
TTEC
Engage
|
|
31,009
|
|
26,478
|
|
84,782
|
|
59,000
|
Total
|
|
$
42,763
|
|
$
38,953
|
|
$
123,709
|
|
$
92,054
|
TTEC HOLDINGS,
INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands)
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and
cash equivalents
|
|
$
82,407
|
|
$
78,237
|
Accounts
receivable, net
|
|
331,096
|
|
350,962
|
Other
current assets
|
|
136,322
|
|
97,278
|
Total current
assets
|
|
549,825
|
|
526,477
|
|
|
|
|
|
Property and
equipment, net
|
|
176,633
|
|
161,523
|
Other
assets
|
|
650,330
|
|
366,508
|
|
|
|
|
|
Total
assets
|
|
$
1,376,788
|
|
$
1,054,508
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Total current
liabilities
|
|
$
363,289
|
|
$
235,418
|
Other long-term
liabilities
|
|
532,846
|
|
466,241
|
Redeemable
noncontrolling interest
|
|
48,923
|
|
-
|
Total
equity
|
|
431,730
|
|
352,849
|
|
|
|
|
|
Total liabilities
and equity
|
|
$
1,376,788
|
|
$
1,054,508
|
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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$461,326
|
|
$419,133
|
|
$1,643,704
|
|
$1,509,171
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
30,665
|
|
$
20,782
|
|
$
84,734
|
|
$
39,755
|
Interest
income
|
|
(622)
|
|
(536)
|
|
(1,913)
|
|
(4,476)
|
Interest
expense
|
|
5,576
|
|
6,040
|
|
19,113
|
|
28,674
|
Provision for income taxes
|
|
5,670
|
|
11,835
|
|
25,677
|
|
16,483
|
Depreciation and amortization
|
|
18,634
|
|
17,127
|
|
69,086
|
|
69,179
|
Asset
impairment, restructuring and integration charges
|
|
341
|
|
1,864
|
|
5,482
|
|
7,583
|
Impairment of equity investment
|
|
-
|
|
-
|
|
-
|
|
15,632
|
Gain on
sale of business units
|
|
(225)
|
|
(320)
|
|
(1,366)
|
|
(1,973)
|
Gain on
sale of trademarks
|
|
-
|
|
-
|
|
(700)
|
|
-
|
Gain on
recovery of receivables in connection with division in
winddown
|
|
-
|
|
-
|
|
(1,416)
|
|
-
|
Changes
in acquisition contingent consideration
|
|
-
|
|
(331)
|
|
(2,424)
|
|
(331)
|
Loss on
asset held for sale reclassified to asset held and used
|
|
-
|
|
(384)
|
|
-
|
|
1,616
|
Gain on
bargain purchase of acquisition
|
|
-
|
|
-
|
|
-
|
|
(685)
|
Allowance for doubtful accounts receivable from customer in
bankruptcy
|
|
-
|
|
2,706
|
|
-
|
|
2,706
|
Writeoff
of contract acquisition costs
|
|
-
|
|
1,436
|
|
-
|
|
1,436
|
Writeoff
of value added tax due to change in foreign tax law
|
|
-
|
|
966
|
|
-
|
|
966
|
Equity-based compensation expenses
|
|
3,151
|
|
2,853
|
|
12,814
|
|
12,145
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
63,190
|
|
$
64,038
|
|
$
209,087
|
|
$
188,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Free Cash Flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From
Operating Activities:
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
30,665
|
|
$
20,782
|
|
$
84,734
|
|
$
39,755
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
18,634
|
|
17,127
|
|
69,086
|
|
69,179
|
Other
|
|
4,293
|
|
(35,673)
|
|
84,169
|
|
59,411
|
Net cash
provided by operating activities
|
|
53,592
|
|
2,236
|
|
237,989
|
|
168,345
|
|
|
|
|
|
|
|
|
|
Less - Total Cash
Capital Expenditures
|
|
16,338
|
|
11,609
|
|
60,776
|
|
43,450
|
|
|
|
|
|
|
|
|
|
Free Cash
Flow
|
|
$
37,254
|
|
$
(9,373)
|
|
$
177,213
|
|
$
124,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Income from Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations
|
|
$
42,763
|
|
$
38,953
|
|
$
123,709
|
|
$
92,054
|
Restructuring
charges, net
|
|
175
|
|
1,532
|
|
1,747
|
|
6,131
|
Impairment
losses
|
|
166
|
|
332
|
|
3,735
|
|
1,452
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income
from Operations
|
|
$
43,104
|
|
$
40,817
|
|
$
129,191
|
|
$
99,637
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income
from Operations Margin
|
|
9.3%
|
|
9.7%
|
|
7.9%
|
|
6.6%
|
|
|
|
|
|
|
|
|
|
Allowance for doubtful accounts receivable from customer in
bankruptcy
|
|
-
|
|
2,706
|
|
-
|
|
2,706
|
Writeoff
of contract acquisition costs
|
|
-
|
|
1,436
|
|
-
|
|
1,436
|
Writeoff
of value added tax due to change in foreign tax law
|
|
-
|
|
966
|
|
-
|
|
966
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP
Income from Operations
|
|
$
43,104
|
|
$
45,925
|
|
$
129,191
|
|
$
104,745
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP
Income from Operations Margin
|
|
9.3%
|
|
11.0%
|
|
7.9%
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
30,665
|
|
$
20,782
|
|
$
84,734
|
|
$
39,755
|
Add: Asset
restructuring and impairment charges
|
|
341
|
|
1,864
|
|
5,482
|
|
7,583
|
Add: Loss on
asset held for sale reclassified to asset held and used
|
|
-
|
|
(384)
|
|
-
|
|
1,616
|
Add: Interest
charge related to future purchase of remaining 30% for Motif
acquisition
|
|
2,124
|
|
1,939
|
|
4,657
|
|
9,928
|
Add: Impairment
of equity investment
|
|
-
|
|
-
|
|
-
|
|
15,632
|
Less: Changes
in acquisition contingent consideration
|
|
-
|
|
(331)
|
|
(2,424)
|
|
(331)
|
Less: Gain on
sale of business units
|
|
(225)
|
|
(320)
|
|
(1,366)
|
|
(1,973)
|
Less: Gain on
sale of trademarks
|
|
-
|
|
-
|
|
(700)
|
|
-
|
Less: Gain on
recovery of receivable in connection with division in
winddown
|
|
-
|
|
-
|
|
(1,416)
|
|
-
|
Less: Gain on
bargain purchase of acquisition
|
|
-
|
|
-
|
|
-
|
|
(685)
|
Add: Allowance
for doubtful accounts receivable from customer in
bankruptcy
|
|
-
|
|
2,706
|
|
-
|
|
2,706
|
Add: Writeoff of contract acquisition costs
|
|
-
|
|
1,436
|
|
-
|
|
1,436
|
Add: Writeoff of value added tax due to change in foreign tax
law
|
|
-
|
|
966
|
|
-
|
|
966
|
Add: Changes in
valuation allowance, return to provision adjustments and other, and
tax effects of items separately disclosed above
|
|
(2,626)
|
|
791
|
|
(580)
|
|
(7,355)
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income
|
|
$
30,279
|
|
$
29,449
|
|
$
88,387
|
|
$
69,278
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding
|
|
46,830
|
|
46,390
|
|
46,758
|
|
46,385
|
|
|
|
|
|
|
|
|
|
Non-GAAP
EPS
|
|
$0.65
|
|
$0.63
|
|
$1.89
|
|
$1.49
|
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SOURCE TTEC Holdings, Inc.