Technology
TTEC Announces Fourth Quarter and Full Year 2023 Financial Results
Published
1 year agoon
By
Full Year 2023
Revenue was $2.463 Billion, up 0.8 Percent
Operating Income was $118.0 Million or 4.8 Percent of Revenue
($200.4 Million or 8.1 Percent of Revenue Non-GAAP)
Net Income was $18.3 Million or 0.7 Percent of Revenue
($103.2 Million or 4.2 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $271.5 Million or 11.0 Percent of Revenue
Fully Diluted EPS was $0.39, $2.18 Non-GAAP
Fourth Quarter 2023
Revenue was $626.2 Million, down 4.9 Percent
Operating Income was 16.9 Million or 2.7 Percent of Revenue
($41.8 Million or 6.7 Percent of Revenue Non-GAAP)
Net Income was ($8.2) Million or (1.3) Percent of Revenue
($17.5 Million or 2.8 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $57.5 Million or 9.2 Percent of Revenue
Fully Diluted EPS was ($0.17), $0.37 Non-GAAP
Provides Outlook for Full Year 2024
DENVER, Feb. 29, 2024 /PRNewswire/ — TTEC Holdings, Inc. (NASDAQ:TTEC), a leading global CX (customer experience) technology and services innovator for AI-enabled CX with solutions from TTEC Engage and TTEC Digital, announced today financial results for the fourth quarter and full year ended December 31, 2023.
“As we have previously communicated, 2023 was a dynamic year for TTEC. The macroeconomic factors created a conservative and uncertain business environment that delayed client contracting decisions and lowered forecasts for certain clients in the second half of the year. While these factors moderated our results, we continued to make progress diversifying our business by growing our client base, completing a strategic phase of our geographic expansion, and expanding our AI-enabled solutions,” commented Ken Tuchman, chairman and chief executive officer of TTEC.
“Our 2024 outlook reflects three very specific challenges in our TTEC Engage segment. First, client budget constraints and a conservative mindset in the second half of 2023 is carrying forward into our 2024 outlook. Second, a long-tenured client eliminated one of several lines of business that we supported. While our relationship remains strong with this client and we continue to service their customers across multiple other lines of business, the discontinuation of this one line of business contributes to the impact on our top and bottom line in 2024. Third, while we are pleased by the growing demand for our new offshore locations, the timing lag between our recent wins and normalized revenue run rate and margins is weighing on our outlook,” Tuchman continued.
“In TTEC Digital, we delivered record bookings in the fourth quarter and the team is off to a strong start this year. Demand for our differentiated CX technology expertise continues to grow as cloud migrations and AI solutions drive our clients’ CX digital transformation agendas.”
Tuchman further stated, “As we move into 2024, we are laser focused on execution. We will continue to capitalize on our greatly expanded offshore footprint, deepen our relationships with new and existing clients, apply our AI-enabled solutions and accelerate our margin optimization initiatives.”
“TTEC’s board of directors’ decision to reduce the dividend reflects a prudent shift to prioritize our capital deployment towards continued investments in sustainable growth initiatives and debt reduction associated with strategic acquisitions. As revised, the dividend is in line with our stock price and the dividend yield typical for our industry and the broader market. I am confident we are well positioned to emerge stronger as we exit 2024.”
FULL YEAR 2023 FINANCIAL HIGHLIGHTS
Revenue
Full year 2023 GAAP revenue increased 0.8 percent to $2.463 billion compared to $2.444 billion in the prior year. Foreign exchange had a $4.4 million positive impact on revenue for the full year 2023.
Income from Operations
Full year 2023 GAAP income from operations was $118.0 million, or 4.8 percent of revenue, compared to $168.5 million, or 6.9 percent of revenue in the prior year.Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $200.4 million, or 8.1 percent of revenue, compared to $248.5 million, or 10.2 percent in the prior year.Foreign exchange had a $2.2 million negative impact on Non-GAAP income from operations for the full year 2023.
Adjusted EBITDA
Full year 2023 Non-GAAP Adjusted EBITDA was $271.5 million, or 11.0 percent of revenue, compared to $320.1 million, or 13.1 percent of revenue in the prior year.
Earnings Per Share
Full year 2023 GAAP fully diluted earnings per share was $0.39 compared to $2.48 in the prior year.Non-GAAP fully diluted earnings per share was $2.18 compared to $3.59 in the prior year.
FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS
Revenue
Fourth quarter 2023 GAAP revenue decreased 4.9 percent to $626.2 million compared to $658.3 million in the prior year. Foreign exchange had a $5.5 million positive impact on revenue in the fourth quarter of 2023.
Income from Operations
Fourth quarter 2023 GAAP income from operations was $16.9 million, or 2.7 percent of revenue, compared to $48.7 million, or 7.4 percent of revenue in the prior year.Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $41.8 million, or 6.7 percent of revenue, compared to $69.9 million, or 10.6 percent for the prior year.Foreign exchange had a $2.4 million negative impact on Non-GAAP income from operations in the fourth quarter 2023.
Adjusted EBITDA
Fourth quarter 2023 Non-GAAP Adjusted EBITDA was $57.5 million, or 9.2 percent of revenue, compared to $86.5 million, or 13.1 percent of revenue in the prior year.
Earnings Per Share
Fourth quarter 2023 GAAP fully diluted earnings per share was ($0.17) compared to $0.54 in the prior year.Non-GAAP fully diluted earnings per share was $0.37 compared to $0.91 in the prior year.
STRONG CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND DIVIDENDS
Cash flow from operations in the fourth quarter 2023 was $31.5 million compared to $18.2 million for the fourth quarter 2022. For the full year 2023, cash flow from operations was $144.8 million compared to $137.0 million for the same period 2022.Capital expenditures in the fourth quarter 2023 were $13.1 million compared to $19.4 million for the fourth quarter 2022. For the full year 2023, capital expenditures were $67.8 million compared to $84.0 million for the same period 2022.As of December 31, 2023, TTEC had cash and cash equivalents of $172.7 million and debt of $999.3 million, resulting in a net debt position of $826.5 million. This compares to a net debt position of $810.2 million for the same period 2022.As of December 31, 2023, TTEC’s remaining borrowing capacity under its revolving credit facility was approximately $90 million compared to $335 million for the same period 2022.On February 27, 2024, the Board declared the next semi-annual dividend of $0.06 per share, or $2.9 million, payable on April 30, 2024 to shareholders of record as of April 3, 2024. TTEC’s board of directors’ decision to reduce the dividend reflects a prudent shift to prioritize our capital deployment towards continued investments in sustainable growth initiatives and debt reduction associated with strategic acquisitions.TTEC paid a $0.52 per share, or $24.7 million, semi-annual dividend on October 31, 2023.
SEGMENT REPORTING & COMMENTARY
TTEC reports financial results for the following two business segments: TTEC Digital (Digital) and TTEC Engage (Engage). Financial highlights for the two segments are provided below.
TTEC Digital – Design, build and operate tech-enabled, insight-driven CX solutions
Fourth quarter 2023 GAAP revenue for TTEC Digital decreased 2.1 percent to $119.1 million from $121.7 million for the year ago period. Income from operations was $10.0 million or 8.4 percent of revenue compared to an operating income of $9.9 million or 8.2 percent of revenue in the prior year. Non-GAAP income from operations was $17.7 million, or 14.8 percent of revenue compared to operating income of $18.0 million or 14.8 percent of revenue in the prior year.
TTEC Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services
Fourth quarter 2023 GAAP revenue for TTEC Engage decreased 5.5 percent to $507.1 million from $536.6 million for the year ago period. Income from operations was $6.9 million or 1.4 percent of revenue compared to operating income of $38.8 million, or 7.2 percent of revenue in the prior year.Non-GAAP income from operations was $24.1 million, or 4.8 percent of revenue, compared to operating income of $52.0 million, or 9.7 percent of revenue in the prior year.Foreign exchange had a $5.3 million positive impact on revenue and $1.9 million negative impact on income from operations.
BUSINESS OUTLOOK
“We ended 2023 in line with expectations but the recent dynamics in the Engage segment are causing a reduction in our 2024 revenue and margin outlook compared to 2023. We are confident in the initiatives currently in motion that focus on growth and margin improvement,” commented Francois Bourret, interim chief financial officer of TTEC. “As digital transformation continues to be a top priority for our clients, we are encouraged by the growing momentum with TTEC Digital. As we move forward, we will navigate this environment to position the company to exit 2024 with a view towards longer-term profitable growth.”
TTEC First Quarter and Full Year 2024 Outlook
First Quarter 2024
Guidance
First Quarter 2024
Mid-Point
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$559M — $569M
$564M
$2,275M — $2,365M
$2,320M
Non-GAAP adjusted EBITDA
$52M — $58M
$55M
$215M — $259M
$237M
Non-GAAP adjusted EBITDA margins
9.3% — 10.2%
9.8 %
9.5% — 11.0%
10.2 %
Non-GAAP operating income
$36M — $42M
$39M
$150M — $194M
$172M
Non-GAAP operating income margins
6.4% — 7.4%
6.9 %
6.6% — 8.2%
7.4 %
Interest expense, net
($20M) — ($22M)
($21M)
($77M) — ($79M)
($78M)
Non-GAAP adjusted tax rate
23% — 25%
24 %
23% — 25%
24 %
Diluted share count
47.4M — 47.6M
47.5M
47.4M — 47.6M
47.5M
Non-GAAP earnings per a share
$0.25 — $0.34
$0.30
$1.15 — $1.86
$1.51
Engage First Quarter and Full Year 2024 Outlook
First Quarter 2024
Guidance
First Quarter 2024
Mid-Point
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$453M — $457M
$455M
$1,790M — $1,850M
$1,820M
Non-GAAP adjusted EBITDA
$41M — $45M
$43M
$149M — $179M
$164M
Non-GAAP adjusted EBITDA margins
9.2% — 9.9%
9.5 %
8.4% — 9.7%
9.0 %
Non-GAAP operating income
$28M — $32M
$30M
$95M — $125M
$110M
Non-GAAP operating income margins
6.2% — 7.0%
6.6 %
5.3% — 6.8%
6.1 %
Digital First Quarter and Full Year 2024 Outlook
First Quarter 2024
Guidance
First Quarter 2024
Mid-Point
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$106M — $112M
$109M
$485M — $515M
$500M
Non-GAAP adjusted EBITDA
$11M — $13M
$12M
$66M — $80M
$73M
Non-GAAP adjusted EBITDA margins
10.1% — 11.3%
10.7 %
13.5% — 15.5%
14.5 %
Non-GAAP operating income
$8M — $10M
$9M
$55M — $69M
$62M
Non-GAAP operating income margins
7.6% — 8.9%
8.3 %
11.2% — 13.3%
12.3 %
The Company has not quantitatively reconciled its guidance for Non-GAAP operating income, Non-GAAP operating income margins, Non-GAAP adjusted EBITDA, Non-GAAP adjusted EBITDA margins, or Non-GAAP earnings per share to their respective most comparable GAAP measures because certain of the reconciling items that impact these metrics, including restructuring and impairment charges, equity-based compensation expense, changes in acquisition contingent consideration, depreciation and amortization expense, and provision for income taxes are dependent on the timing of future events outside of the Company’s control or cannot be reliably predicted. Accordingly, the Company is unable to provide reconciliations to GAAP operating income, operating income margins, EBITDA margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company’s 2024 financial results as reported under GAAP.
NON-GAAP FINANCIAL MEASURES
This press release contains a discussion of certain Non-GAAP financial measures that the Company includes to allow investors and analysts to measure, analyze and compare its financial condition and results of operations in a meaningful and consistent manner. A reconciliation of these Non-GAAP financial measures can be found in the tables accompanying this press release.
GAAP metrics are presented in accordance with Generally Accepted Accounting Principles.Non-GAAP – As reflected in the attached reconciliation table, the definition of Non-GAAP may exclude from operating income, EBITDA, net income and earnings per share restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, among other items.
ABOUT TTEC
TTEC (pronounced T-TEC) Holdings, Inc. (NASDAQ:TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled digital CX solutions. Serving iconic and disruptive brands, TTEC’s outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey. Leveraging next-gen digital technology, the Company’s TTEC Digital business designs, builds, and operates omnichannel contact center technology, CRM, AI and analytics solutions. The Company’s TTEC Engage business delivers AI-enabled customer engagement, customer acquisition and growth, tech support, back office, and fraud prevention services. Founded in 1982, the company’s singular obsession with CX excellence has earned it leading client, customer, and employee satisfaction scores across the globe. The Company’s over 60,000 employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results. To learn more visit us at https://www.ttec.com.
FORWARD-LOOKING STATEMENTS
This Earnings Press Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995., Forward-looking statements include, but are not limited to, statements relating to our operations, expected financial position, results of operation, effective tax rate, cash flow, leverage, liquidity, business strategy, competitive position, demand for our services in international operations, acquisition opportunities and impact of acquisitions, capital allocation and dividends, growth opportunities, spending, capital expenditures and investments, competition and market forecasts, industry trends, our human capital resources, and other business matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance.
In this Release when we use words such as “may,” “believe,” “plan,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “project,” “would,” “could,” “target,” or similar expressions, or when we discuss our strategy, plans, goals, initiatives, or objectives, we are making forward-looking statements. Unless otherwise indicated or except where the context otherwise requires, the terms “TTEC,” “the Company,” “we,” “us” and “our”and other similar terms in this report refer to TTEC Holdings, Inc. and its subsidiaries. We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from those expressed in the forward-looking statements, and you should review and consider carefully the risks, uncertainties, and other factors that affect our business and may cause such differences as outlined in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent filings with the U.S. Securities and Exchange Commission (the “SEC”) which are available on TTEC’s website www.ttec.com, and on the SEC’s public website at www.sec.gov
Our forward-looking statements speak only as of the date that this release is issued. We undertake no obligation to update them, except as may be required by applicable law. Although we believe that our forward-looking statements are reasonable, they depend on many factors outside of our control and we can provide no assurance that they will prove to be correct.
Corporate Comms
Investor Relations
Marji Chimes
Paul Miller
marji.chimes@ttec.com
paul.miller@ttec.com
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three months ended
Twelve months ended
December 31,
December 31,
2023
2022
2023
2022
Revenue
$ 626,181
$ 658,278
$2,462,817
$2,443,707
Operating Expenses:
Cost of services
505,814
495,339
1,932,877
1,856,518
Selling, general and administrative
74,744
80,602
290,873
287,433
Depreciation and amortization
24,904
31,730
101,272
111,791
Restructuring charges, net
3,145
1,412
8,041
5,673
Impairment losses
650
450
11,733
13,749
Total operating expenses
609,257
609,533
2,344,796
2,275,164
Income From Operations
16,924
48,745
118,021
168,543
Other income (expense), net
(21,988)
(15,877)
(77,297)
(24,095)
(Loss) / Income Before Income Taxes
(5,064)
32,868
40,724
144,448
Provision for income taxes
(3,142)
(7,318)
(22,460)
(27,115)
Net (Loss) / Income
(8,206)
25,550
18,264
117,333
Net income attributable to noncontrolling interest
(1,694)
(3,197)
(9,836)
(14,093)
Net (Loss) / Income Attributable to TTEC Stockholders
$ (9,900)
$ 22,353
$ 8,428
$ 103,240
Net (Loss) / Income Per Share
Basic
$ (0.17)
$ 0.54
$ 0.39
$ 2.49
Diluted
$ (0.17)
$ 0.54
$ 0.39
$ 2.48
Net (Loss) / Income Per Share Attributable to TTEC Stockholders
Basic
$ (0.21)
$ 0.47
$ 0.18
$ 2.19
Diluted
$ (0.21)
$ 0.47
$ 0.18
$ 2.18
Income From Operations Margin
2.7 %
7.4 %
4.8 %
6.9 %
Net (Loss) / Income Margin
(1.3) %
3.9 %
0.7 %
4.8 %
Net (Loss) / Income Attributable to TTEC Stockholders Margin
(1.6) %
3.4 %
0.3 %
4.2 %
Effective Tax Rate
(62.0) %
22.3 %
55.2 %
18.8 %
Weighted Average Shares Outstanding
Basic
47,425
47,220
47,335
47,121
Diluted
47,503
47,299
47,419
47,335
TTEC HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
Three months ended
Twelve months ended
December 31,
December 31,
2023
2022
2023
2022
Revenue:
TTEC Digital
$ 119,118
$ 121,650
$ 486,882
$ 463,670
TTEC Engage
507,063
536,628
1,975,935
1,980,037
Total
$ 626,181
$ 658,278
$ 2,462,817
$ 2,443,707
Income From Operations:
TTEC Digital
$ 9,982
$ 9,924
$ 29,846
$ 34,895
TTEC Engage
6,942
38,821
88,175
133,648
Total
$ 16,924
$ 48,745
$ 118,021
$ 168,543
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31,
December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$ 172,747
$ 153,435
Accounts receivable, net
394,868
417,637
Prepaids and other current assets
95,064
133,365
Income and other tax receivables
18,524
45,533
Total current assets
681,203
749,970
Property and equipment, net
191,003
183,360
Operating lease assets
121,574
92,431
Goodwill
808,988
807,845
Other intangibles assets, net
198,433
233,909
Income and other tax receivables, long-term
44,673
–
Other assets
139,724
86,447
Total assets
$ 2,185,598
$ 2,153,962
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$ 96,577
$ 93,937
Accrued employee compensation and benefits
146,184
145,096
Deferred revenue
81,171
87,846
Current operating lease liabilities
38,271
35,271
Other current liabilities
40,824
49,214
Total current liabilities
403,027
411,364
Long-term liabilities:
Line of credit
995,000
960,000
Non-current operating lease liabilities
96,809
69,575
Other long-term liabilities
75,220
79,273
Total long-term liabilities
1,167,029
1,108,848
Redeemable noncontrolling interest
–
55,645
Equity:
Common stock
474
472
Additional paid in capital
407,415
367,673
Treasury stock
(589,807)
(593,164)
Accumulated other comprehensive income (loss)
(89,876)
(126,301)
Retained earnings
870,429
911,233
Noncontrolling interest
16,907
18,192
Total equity
615,542
578,105
Total liabilities and equity
$ 2,185,598
$ 2,153,962
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Twelve months ended
Twelve months ended
December 31,
December 31,
2023
2022
Cash flows from operating activities:
Net income
$ 18,264
$ 117,333
Adjustments to reconcile net income to net cash provided by operating activities :
Depreciation and amortization
101,272
111,791
Amortization of contract acquisition costs
2,288
2,065
Amortization of debt issuance costs
1,067
1,018
Imputed interest expense and fair value adjustments to contingent consideration
7,579
1,746
Provision for credit losses
2,009
9,391
Loss on disposal of assets
2,219
1,916
Loss on dissolution of subsidiary
301
–
Impairment losses
11,733
13,749
Deferred income taxes
(7,528)
(11,001)
Excess tax benefit from equity-based awards
1,705
(1,122)
Equity-based compensation expense
22,071
17,571
Gain on foreign currency derivatives
(3)
(7)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable
22,359
(74,564)
Prepaids and other assets
8,570
43,699
Accounts payable and accrued expenses
9,518
(12,695)
Deferred revenue and other liabilities
(58,659)
(83,842)
Net cash provided by operating activities
144,765
137,048
Cash flows from investing activities:
Proceeds from sale of property and equipment
261
229
Purchases of property, plant and equipment
(67,839)
(84,012)
Acquisitions
–
(142,420)
Net cash used in investing activities
(67,578)
(226,203)
Cash flows from financing activities:
Net proceeds from / (repayments of) line of credit
35,000
169,000
Payments on other debt
(2,317)
(3,245)
Payments of contingent consideration and hold back payments to acquisitions
(37,676)
(9,600)
Dividends paid to shareholders
(49,232)
(48,072)
Payments to noncontrolling interest
(10,972)
(11,883)
Tax payments related to the issuance of restricted stock units
(3,037)
(7,164)
Net cash (used in) / provided by financing activities
(68,234)
89,036
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(2,112)
(13,499)
Increase / (decrease) in cash, cash equivalents and restricted cash
6,841
(13,618)
Cash, cash equivalents and restricted cash, beginning of period
167,064
180,682
Cash, cash equivalents and restricted cash, end of period
$ 173,905
$ 167,064
TTEC HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
Three months ended
Twelve months ended
December 31,
December 31,
2023
2022
2023
2022
Revenue
$ 626,181
$ 658,278
$ 2,462,817
$ 2,443,707
Reconciliation of Non-GAAP Income from Operations and EBITDA:
Income from Operations
$ 16,924
$ 48,745
$ 118,021
$ 168,543
Restructuring charges, net
3,145
1,412
8,041
5,673
Impairment losses
650
450
11,733
13,749
Cybersecurity incident related impact, net of insurance recovery
–
(446)
(3,210)
(3,610)
Software accelerated amortization
–
6,382
–
8,509
Write-off of acquisition related receivable
–
–
–
900
Property costs not related to operations
757
–
1,501
–
Liability related to notifications triggered by labor scheme (1)
6,000
–
6,000
–
Grant income for pandemic relief
–
–
40
–
Change in acquisition related obligation
–
–
483
–
Equity-based compensation expenses
5,661
4,331
22,071
17,571
Amortization of purchased intangibles
8,676
9,038
35,759
37,169
Non-GAAP Income from Operations
$ 41,813
$ 69,912
$ 200,439
$ 248,504
Non-GAAP Income from Operations Margin
6.7 %
10.6 %
8.1 %
10.2 %
Depreciation and amortization
15,894
16,310
64,840
66,113
Changes in acquisition contingent consideration
616
(272)
7,480
1,798
Change in escrow balance related to acquisition
–
–
625
–
Loss on dissolution of subsidiary
–
–
301
–
Foreign exchange loss / (gain), net
1,112
1,710
1,950
(6,514)
Other income (expense), net
(1,894)
(1,156)
(4,126)
10,161
Adjusted EBITDA
$ 57,541
$ 86,504
$ 271,509
$ 320,062
Adjusted EBITDA Margin
9.2 %
13.1 %
11.0 %
13.1 %
Reconciliation of Non-GAAP EPS:
Net (Loss) / Income
$ (8,206)
$ 25,550
$ 18,264
$ 117,333
Add: Asset impairment and restructuring charges
3,795
1,862
19,774
19,422
Add: Equity-based compensation expenses
5,661
4,331
22,071
17,571
Add: Amortization of purchased intangibles
8,676
9,038
35,759
37,169
Add: Cybersecurity incident related impact, net of insurance recovery
–
(446)
(3,210)
(3,610)
Add: Software accelerated amortization
–
6,382
–
8,509
Add: Write-off of acquisition related receivable
–
–
–
900
Add: Property costs not related to operations
757
–
1,501
–
Add: Liability related to notifications triggered by labor scheme
6,000
–
6,000
–
Add: Grant income for pandemic relief
–
–
40
–
Add: Change in acquisition related obligation
–
–
483
–
Add: Changes in acquisition contingent consideration
616
(272)
7,480
1,798
Add: Changes in escrow balance related to acquisition
–
–
625
–
Add: Loss on dissolution of subsidiary
–
–
301
–
Add: Foreign exchange loss / (gain), net
1,112
1,710
1,950
(6,514)
Less: Changes in valuation allowance, return to provision adjustments and
other, and tax effects of items separately disclosed above
(885)
(4,909)
(7,859)
(22,872)
Non-GAAP Net Income
$ 17,526
$ 43,246
$ 103,179
$ 169,706
Diluted shares outstanding
47,503
47,299
47,419
47,335
Non-GAAP EPS
$0.37
$0.91
$2.18
$3.59
Reconciliation of Free Cash Flow:
Cash Flow From Operating Activities:
Net (Loss) / Income
$ (8,206)
$ 25,550
$ 18,264
$ 117,333
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
24,904
31,730
101,272
111,791
Other
14,836
(39,045)
25,229
(92,076)
Net cash provided by operating activities
31,534
18,235
144,765
137,048
Less – Total Cash Capital Expenditures
13,117
19,448
67,839
84,012
Free Cash Flow
$ 18,417
$ (1,213)
$ 76,926
$ 53,036
(1) – For further information, please see discussion in the Risk Factors section of the 2023 Form 10-K filed on February 29, 2024.
Reconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment :
TTEC Engage
TTEC Digital
TTEC Engage
TTEC Digital
Q4 23
Q4 22
Q4 23
Q4 22
YTD 23
YTD 22
YTD 23
YTD 22
Income from Operations
$ 6,942
$ 38,821
$ 9,982
$ 9,924
$ 88,175
$ 133,648
$ 29,846
$ 34,895
Restructuring charges, net
1,823
1,130
1,322
282
4,250
5,251
3,791
422
Impairment losses
700
24
(50)
426
8,929
13,112
2,804
637
Cybersecurity incident related impact, net of insurance recovery
–
(446)
–
–
(3,210)
(3,610)
–
–
Software accelerated amortization
–
5,106
–
1,276
–
6,808
–
1,701
Write-off of acquisition related receivable
–
–
–
–
–
–
–
900
Property costs not related to operations
757
–
–
–
1,501
–
–
–
Grant income for pandemic relief
–
–
–
–
40
–
–
–
Change in acquisition related obligation
–
–
–
–
–
–
483
–
Liability related to notifications triggered by labor scheme
6,000
–
–
–
6,000
–
–
–
Equity-based compensation expenses
3,658
2,659
2,003
1,672
14,257
11,476
7,814
6,095
Amortization of purchased intangibles
4,264
4,658
4,412
4,380
18,215
17,272
17,544
19,897
Non-GAAP Income from Operations
$ 24,144
$ 51,952
$ 17,669
$ 17,960
$ 138,157
$ 183,957
$ 62,282
$ 64,547
Depreciation and amortization
13,458
13,667
2,436
2,643
55,153
54,561
9,687
11,552
Changes in acquisition contingent consideration
616
(272)
–
–
7,480
1,798
–
–
Change in escrow balance related to acquisition
–
–
–
–
625
–
–
–
Loss on dissolution of subsidiary
–
–
–
–
301
–
–
–
Foreign exchange loss / (gain), net
1,271
1,606
(159)
104
2,085
(5,540)
(135)
(974)
Other income (expense), net
(1,728)
(1,063)
(166)
(93)
(4,060)
9,352
(66)
809
Adjusted EBITDA
$ 37,761
$ 65,890
$ 19,780
$ 20,614
$ 199,741
$ 244,128
$ 71,768
$ 75,934
View original content to download multimedia:https://www.prnewswire.com/news-releases/ttec-announces-fourth-quarter-and-full-year-2023-financial-results-302076311.html
SOURCE TTEC Holdings, Inc.
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Welcome to Hydrogen Arabia – The Future of Clean Energy
Published
40 minutes agoon
April 24, 2025By
RIYADH, Saudi Arabia, April 24, 2025 /PRNewswire/ — The Kingdom of Saudi Arabia is set to host the landmark “Hydrogen Arabia” event on 8-9 December 2025 at the Crowne Plaza Riyadh, marking yet another example of the country’s sustainable energy leadership.
From the producer of the agenda-setting “World Hydrogen Summit”, this inaugural event will feature global and regional leaders, investors, policymakers, and innovators, as they come together to shape the future of hydrogen and clean energy in the Middle East and explore Saudi Arabia’s steadfast commitment to its ambitious Vision 2030 initiative.
By 2030, Saudi Arabia aims to generate 50% of its electricity from renewable sources, positioning itself as a global leader in the clean energy revolution. With over 1 trillion Saudi Riyals (approximately $270 billion) earmarked for the power sector, including $235 billion dedicated to renewable energy, the Kingdom is making unmatched investments to expand its renewable energy capacity, modernize its infrastructure, and accelerate hydrogen production and export capabilities.
Hydrogen: The Cornerstone of Saudi Arabia’s Clean Energy Strategy
“Hydrogen Arabia” will champion hydrogen’s pivotal role in this ambitious clean energy strategy and showcase the remarkable progress that has already been made in developing cutting-edge hydrogen projects and solutions across the Middle East. One such project is Saudi Arabia’s NEOM Project, which is home to the world’s largest green hydrogen and underscores Saudi Arabia’s leadership in the hydrogen economy.
The event will also build new synergies between the promising hydrogen sector and the Kingdom’s flagship Circular Carbon Economy (CCE) framework. Launched by Saudi Arabia during its G20 Presidency in 2020, the CCE not only facilitates comprehensive emissions management to mitigate the impact of climate challenges, but also elevates new solutions that make energy systems cleaner and more stable.
Recognizing the power of hydrogen to accelerate these efforts and support a sustainable energy mix, the Saudi Public Investment Fund (PIF) has committed $10 billion to green hydrogen initiatives, leveraging the Kingdom’s abundant solar and wind resources to drive continued innovation and market growth. This significant investment represents yet another milestone in country’s impressive hydrogen journey:
Key Drivers of the Hydrogen Market in KSA:
National Hydrogen Strategy: Launched in 2020, this roadmap aims to produce 1.2 million tons of green hydrogen and capture 10% of the global hydrogen market by 2030.Global Demand & Export Potential: Saudi Arabia is poised to become a major hydrogen exporter, with agreements in place with international partners in Europe and Asia.Strong Investment & Partnerships: A $5 billion green hydrogen project in NEOM, alongside $10 billion in PIF-led ventures, highlights the Kingdom’s commitment to hydrogen production.Expanding Offtake Opportunities: Industrial hubs like Jubail, Yanbu, and Jazan offer significant potential for hydrogen adoption across sectors such as heavy industry, transportation, and energy storage.
With its abundant renewable resources, strong governmental backing, and focus on decarbonization, Saudi Arabia presents a compelling opportunity for hydrogen-related technologies and investments. Through high-level discussions, cutting-edge technology showcases, and strategic partnerships, the Hydrogen Arabia conference will enable both regional and global stakeholder to seize this opportunity for investment and collaboration in Saudi Arabia’s clean energy transition.
Notes to Editors:
About RX Global’s Hydrogen Events
RX Global’s hydrogen events sit at the heart of a rapidly expanding clean energy landscape. Following the acquisition of Sustainable Energy Conferences, RX now hosts major hydrogen-focused events including the World Hydrogen Summit (Rotterdam), Asia-Pacific Hydrogen Summit (Sydney), and Hydrogen Americas Summit (Washington, D.C.). These platforms build global momentum for hydrogen innovation, empowering industries to decarbonise and collaborate on solutions for a net-zero future.
About RELX
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves customers in more than 180 countries and has offices in about 40 countries. It employs more than 36,000 people over 40% of whom are in North America. The shares of RELX PLC, the parent company, are traded on the London, Amsterdam and New York stock exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX.
*Note: Current market capitalisation can be found at http://www.relx.com/investors
SOURCE RX Global’s Hydrogen Events
Technology
2025 Medtec Free Pre-Registration Kicks Off! Meet Over 1000 Chinese Local Enterprises
Published
40 minutes agoon
April 24, 2025By
SHANGHAI, April 24, 2025 /PRNewswire/ — The 2025 Medtec International Medical Device Design & Manufacturing Technology Exhibition (hereinafter referred to as 2025 Medtec) will be held at the Halls 1&2 of Shanghai World Expo Exhibition & Convention Center from September 24 to September 26. This exhibition is expected to cover 45,000㎡, with the Advanced Active Device Tech EXPO (hereinafter referred to as ADTE) and Quality Expo concurrently held. The event will bring together over 1,000 premium exhibitors from approximately 27 countries worldwide, showcasing products across 21 major categories. The 2025 Medtec Global Medical Supply Chain Summit will also be held, comprising eight sectors where over a hundred authoritative guests will explore industry trends with delegates.
Driven by the ’14th Five-Year Plan’ and new medical infrastructure policies, domestic medical devices are entering a ‘golden era of development’. The government has implemented measures such as tax reductions and mutual recognition of certification standards to reduce the costs of companies for overseas business. Meanwhile, the factors like accelerated aging, expanded primary healthcare, and technological innovation are propelling domestic medical equipment to rapidly advance from low-end consumables into high-end imaging, cardiovascular interventions, surgical robots, and other advanced fields. This year, Medtec will take the dual drivers of “substituted by domestic products + going global” as the core, bringing together over 1,000 domestic and international enterprises to showcase innovative technologies in the whole industry chain, helping China’s medical device industry overcome technical barriers and accelerate the process of globalization.
The pre-registration for 2025 Medtec is now officially start. From now until September 23rd, individual visitor and delegates can register for free admission through multiple channels, including official website EDM, E-mail contact. By complete the registration ahead, visitors and delegates can save entry fees up to$20USD, and gain exclusive access to premium benefits. Click to pre-register for visit >
Registration Now and Win Exclusive Gifts
2025 Medtec offers diverse pre-registration methods. Whether you will visit the show by individual or as group we provide various gift choice to claim onsite.
Channel 1. Online registration through Medtec official website
Visit https://en.medtecchina.com/, and click ‘Visitor Registration’ button demonstrated on the homepage, and follow the step to complete registration application.
Channel 2. Registration through E-mail
You can directly send your request to tracy.zhang@informa.com, to obtain the registration link.
Channel 3. Official E-newsletter
Check E-mail address, we should reach you directly if you visit or exhibit before. The fast registration link should lie in it.
Channel 4. Group registration
If you wish to join 2025 Medtec with 5 or more, please send E-mail to tracy.zhang@informa.com for group pre-registration. You can either come with colleagues or friends.
4. Invite more to win “top inviter scheme”
Upon completion personal pre-registration, you may share tailored poster via the ‘Invite My Friends’ – ‘Invite friends’ or send invitation through e-mail via Medtec registration system. In this way, you don’t have to come together with invitees, but we will offer reward for top 3 inviters.
This year’s Medtec requires real-name entry system. All visitors must bring confirmation letter and personal ID for admission. 2025 Medtec is a professional trade show. Minors under 18 is not permitted to entry.
Efficient Exhibition and Learning of cutting-edge Products All at Once
As the annual gathering place for medical device manufacturers to release new equipment, technologies, materials, and trends, 2025 Medtec will continue to showcase in Hall 1 (Medical Manufacturing Service & Equipment Pavilion) and Hall 2 (Medical Materials & Core Components Pavilion) at the Shanghai World Expo Exhibition & Convention Center(short for SWEEC). The exhibition will encompass 21 major product categories, with participating companies evenly distributed in two halls. Currently, over 800 companies have confirmed their participation, including renowned entities such as Lanzhou Seemine Keli New Materials Co., Ltd., WuXi AppTec (Suzhou) Co., Ltd., Suzhou Kedifei Biotechnology Co., Ltd., DuPont (China) R&D Management Co., Ltd., and Vector Automotive Technology (Shanghai) Co., Ltd. Furthermore, and the companies like Joymed-tech (Shanghai) Co., Ltd., Shanghai Y&L Precision Parts Manufacturing Co., Ltd., Guangzhou Honghui Spring Co., Ltd., and IneosStyrolution Advanced Materials (Shanghai) Co., Ltd. will showcase products such as medical collagen, integrated water-electroporation devices, precision welding components, spiral tubes, and Novodur HDs.
In recent years, Made-in-China medical devices have been steadily displacing imported products through their cost-effectiveness and localized service capabilities, achieving a “curve overtaking” particularly in niche segments like AI-assisted diagnosis, 3D-printed biomaterials, and cardiac electrophysiology equipment. Data shows that in 2024, Mindray’s overseas revenue accounted for 38.8% of its total revenue, while United Imaging’s global installed base has surpassed 30,000 units, underscoring the international competitiveness of Chinese manufacturing.
2025Medtec will set aside a 1,500 m² ADTE zone, emphasizing pivotal challenges such as chip sensing, precision machining, and AI-assisted medical devices. Over 100 leading domestic enterprises will showcase their innovative accomplishments. Click to pre-register for visit >
Medtec Global Medical Supply Chain Summit to hit global hot trends
The rapid development of medical device industry hinges on robust supply chain support and the establishment of innovation ecosystem. The technological strides in upstream electronic components, raw materials, and other areas underpin the technological trajectory of medical devices, while the requirements of downstream healthcare institutions fuel a sustained industry advancement.
The industrial summit in concurrent to 2025 Medtec will undergo a comprehensive upgrade and change name into Medtec Global Medical Supply Chain Summit. This event will concentrate on the entire lifecycle of medical device R&D, design, manufacturing, and implementation to foster collaboration and innovation across all supply chain tiers. Simultaneously, we will delve into the development trajectories of innovative medical devices and active medical devices, explore the challenges and opportunities encountered by medical device companies in their global expansion, and assist enterprises in achieving new breakthroughs.
The summit will be anticipated to feature over 120 speakers from governmental regulatory bodies, leading universities, research institutions, and leading enterprises, who will collaborate with attendees to navigate the globalization path for domestic medical devices.
The 2025 Medtec Global Medical Supply Chain Summit will be featured with eight core sectors:
Material Innovation & Application
Boosters for the Birth of Medical Devices-Innovative Medical Materials/Accessories3D Printing Materials and Technologies for Medical Device ApplicationsForum on Technology Development of New Type Medical Dressings
Regulation & Quality
The 6th Edition of Regulatory Lecture: Practice for Product Compliance and Market LaunchQuality Focus – Medical Device Life Cycle Risk Management
Advanced Active Medical Technologies
The 9th IIMD China Summit-Implantable and Interventional Medical Device——New Technologies, New Applications, New OpportunitiesActive Medical Equipment Core Components and Technology Forum
Manufacturing Process
Precision Machining Equipment and Technology ForumPlastic Molding Technology in Medical Device Manufacturing ForumThe 6th Forum for High-end Digital Manufacturing Technology for Medical DevicesSeminar of Advanced Technology of Medical Bonding and WeldingThe 7th Session of Pack & Ster Hub
R&D
Overseas Advanced Medical Manufacturing TechnologyThe 8th Conference of Medical Device Design
Consumer Medical
Medical Cosmetology Forum——UOR Innovation TechnologiesMedical Cosmetology Forum——Research and Clinical Application of New MaterialsForum on Innovation and Practice in Rehabilitation Medical Devices
Market & Purchase
Conference on Supporting Services for Medical Device Companies Overseas ExpansionThe 9th Market Report Track of Medical Device Industry
Other Supporting Activities
Medtec has been committed to the development of collaboration and innovation throughout the entire industry value chain, offering an all-in-one platform for industry professionals to showcase technologies, facilitate business connections, and gain insights into policies and technical advancements.
As domestic substituted products ventures into more challenging fields and global competition intensifies, 2025 Medtec will serve as a vital opportunity for companies to capitalize on emerging market opportunities. Register for free now and collaborate with industry leaders for mutual development!
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/2025-medtec-free-pre-registration-kicks-off-meet-over-1000-chinese-local-enterprises-302435687.html
SOURCE Medtec
Technology
CryptoLab to Participate in RSAC 2025, the World’s Largest Cybersecurity Conference “Unveiling Encrypted Facial Recognition (EFR)”
Published
40 minutes agoon
April 24, 2025By
Enables facial data processing in an encrypted state, powered by EFR’s core homomorphic encryption technology, CKKS.A cutting-edge security solution designed to withstand quantum computing, utilizing a cryptographic algorithm in the same family as the quantum-resistant encryption selected by the U.S. NIST.
SEOUL, South Korea, April 23, 2025 /PRNewswire/ — CryptoLab, a cybersecurity company specializing in next-generation homomorphic encryption led by CEO Jung Hee Cheon announced on April 24 that it will unveil its Encrypted Facial Recognition (EFR) solution for the first time at RSA Conference 2025.
Celebrating its 20th anniversary this year, the RSA Conference 2025 (RSAC) is the world’s largest cybersecurity conference, attracting over 45,000 participants. At this event, CryptoLab will showcase its EFR solution, which is based on Fully Homomorphic Encryption (FHE) technology and aims to overcome the security limitations of conventional facial recognition systems.
Facial recognition technology is rapidly expanding across various sectors, including payment systems, access control, and smart cities. It is also being adopted at major international airports such as those in the U.S. (Denver), Incheon, and, Abu Dhabi. As the global trend shifts toward contactless, biometric-based automated boarding systems, facial recognition is increasingly becoming a critical component.
However, as facial recognition becomes more widespread, concerns over the leakage of personal biometric data are also growing. In fact, the “facial templates” stored in these systems — numerical representations of users’ unique biometric data — have been shown in studies to be capable of reconstructing original face images if leaked. This poses serious security risks, including identity theft and impersonation.
CryptoLab’s EFR solution presents a groundbreaking approach to these concerns. Not only does the EFR solution store facial templates in encrypted form, but it was also designed to perform the matching process in an encrypted state. This means that facial data remains encrypted throughout the entire processing workflow and is never decrypted at any point.
The key technology of EFR is the 4th-generation FHE algorithm, CKKS. CKKS is a lattice-based cryptographic scheme and belongs to the same family as ML-KEM and ML-DSA, quantum-resistant encryption algorithms selected by NIST (U.S. National Institute of Standards and Technology). This positions EFR as a next-generation security solution designed to withstand not only current threats but also those posed by future quantum computing.
Thanks to GPU acceleration, the system can process tens of millions of facial templates in real-time, within milliseconds, and can scale linearly with demand, making it adaptable to a variety of enterprise environments. Its accuracy is comparable to that of plaintext-based facial recognition systems, setting a new standard in secure facial recognition technology.
CryptoLab’s EFR solution will be offered under a commercial license for enterprises and developers. More details can be found on the official EFR website: https://fhefr.com.
#Introduction of CryptoLab
CryptoLab is a startup founded in 2017 by Professor Jung Hee Cheon of the Demartment of Mathematical science. The company has developed core technology in post-quantum cryptography (PQC) which is secure against quantum computers and fully homomorphic encryption which enables computation on encrypted data (CKKS). CEO Jung Hee Cheon is the inventor of CKKS which is the latest 4th generation homomorphic encryption algorithm and is a globally renowned expert in the field. The company’s Chief Scientist, Damien Stehlé, is one of the authors of the CRYSTALS-Kyber and CRYSTALS-Dililthium algorithms, which have been selected as US NIST PQC Standards. CryptoLab is manned by a team of world-class experts in both FHE and PQC. Recently, two of CryptoLab’s algorithms, HAETAE and SMAUG-T, were selected as finalists in Korea’s national PQC competition.
In 2022, CryptoLab secured approximately 21 billion KRW in investment from Altos Ventures, Stonebridge Ventures, and Kiwoom Investment, affirming its technological leadership. In the same year, it was recognized as a leading company in homomorphic encryption by Gartner. CryptoLab is driving a paradigm shift in data security through close collaboration with major domestic and international enterprises.
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SOURCE CryptoLab
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2025 Medtec Free Pre-Registration Kicks Off! Meet Over 1000 Chinese Local Enterprises
CryptoLab to Participate in RSAC 2025, the World’s Largest Cybersecurity Conference “Unveiling Encrypted Facial Recognition (EFR)”
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