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IMMEDIATE ACTION REQUIRED: Invictus Games Vancouver Whistler 2025 Needs Media Contact Information

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VANCOUVER, BC, Nov. 6, 2024 /CNW/ – Who at your media organization needs to get our news and event access invites? We need the essential contact information for this person (or these people) to ensure they receive our latest news, updates and invitations to key events leading up to and during the Games.

We need this information within the next 72 hours (by EOD Friday November 8). As soon as next week we will be notifying you of key events requiring access application.

It’s easy and fast. Enter the contact details through the form below or by reaching out to our media contact listed below. Please do not assume that we already have your most up to date contact information.

Link to Update Your Contact Information:

Media Contact Form

If reaching out to our media contact (below) by email is preferred, please confirm the following details with us:

Full NameTitle/RoleMedia OutletEmail AddressPhone Number

About Invictus Games Vancouver Whistler 2025

The Invictus Games Vancouver Whistler 2025, presented by ATCO and Boeing, is an international sporting competition for wounded, injured, and sick service members and Veterans. From February 8-16, 2025, the seventh Invictus Games will bring together up to 550 competitors from up to 25 nations in 11 adaptive sports. Visit https://invictusgames2025.ca/media-hub/ for our latest news, supporting materials and full Games details.  

SOURCE Vancouver Whistler Games Corporation

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CyncHealth Selects Health Catalyst to Elevate Health Data Management

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SALT LAKE CITY, Nov. 6, 2024 /PRNewswire/ — Health Catalyst, Inc. (“Health Catalyst,” Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today announced a new partnership with CyncHealth, the designated statewide health information exchange (HIE) for Iowa.

This partnership will enhance CyncHealth’s ability to provide comprehensive and timely patient health information to healthcare providers. CyncHealth will improve the quality of care within its network by working with Health Catalyst to leverage their data and analytics—as well as the interoperability of Ninja Universe by Health Catalyst™, an end-to-end cloud-native platform which is part of Health Catalyst’s next-generation Ignite™ data and analytics ecosystem, and a set of applications purpose-built for HIEs.

Health Catalyst will tap into Ninja Universe to efficiently parse data to support more accurate, timely, and secure transfer of essential Continuity of Care Documents (CCDs), which summarize patient health information across different healthcare entities within the CyncHealth network.

 “CyncHealth looks forward to collaborating with Health Catalyst as we work to transform healthcare and advance interoperability in Iowa. Leveraging our analytics to arm our providers with critical CCDs is another strong step toward that goal,” says Dr. Jaime Bland, CEO of CyncHealth.

CCDs provide a consistent format for health data exchange, ensuring that healthcare providers across different systems can access and understand critical patient information. Secure data exchange is vital for coordinated care, especially in cases where a patient sees multiple specialists or transitions between care settings.

“We’re excited for this opportunity to partner with CyncHealth in their crucial role serving as a reliable healthcare data collector,” said Dan Burton, CEO of Health Catalyst. “Access to secure data across a care network is essential to enhancing both the patient and provider experience. We look forward to the meaningful improvement CyncHealth will enable across the state through this trailblazing work.”

About Health Catalyst

Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations committed to being the catalyst for massive, measurable, data-informed healthcare improvement. Its clients leverage the cloud-based data platform—powered by data from more than 100 million patient records and encompassing trillions of facts—as well as its analytics software and professional services expertise to make data-informed decisions and realize measurable clinical, financial, and operational improvements. Health Catalyst envisions a future in which all healthcare decisions are data informed.

CyncHealth

CyncHealth connects over 5 million lives and over 1,100 facilities across Nebraska and Iowa. This network includes hospitals, clinics, long-term care facilities, and other healthcare providers. By sharing data like patient histories, lab results, and immunizations, CyncHealth helps doctors and nurses provide better care.

Media Contact:

Amanda Flanders 
Senior Vice President of Marketing and Communications
media@healthcatalyst.com
808.743.1781

View original content to download multimedia:https://www.prnewswire.com/news-releases/cynchealth-selects-health-catalyst-to-elevate-health-data-management-302297982.html

SOURCE Health Catalyst

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Zillow Group Reports Third-Quarter 2024 Financial Results

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SEATTLE, Nov. 6, 2024 /PRNewswire/ — Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months ended September 30, 2024.

Complete financial results for the third quarter and outlook for the fourth quarter of 2024 can be found in our shareholder letter on the Investor Relations section of Zillow Group’s website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx

“Zillow had another strong quarter, with 17% total revenue growth year over year. I’m proud of how we are executing our strategy to serve renters, buyers, sellers, agents and the broader residential real estate industry,” Zillow CEO Jeremy Wacksman said. “We continue to invest in tech solutions to build the integrated transaction experience consumers demand and deserve. These investments give Zillow an advantage as we connect high-intent movers with high-performing agents, driving adoption of our services and contributing to increased revenue.”

Recent highlights include:

Zillow Group’s third-quarter results exceeded the company’s outlook for revenue and Adjusted EBITDA.

Q3 total revenue was $581 million, up 17% year over year and above the midpoint of the company’s outlook range by $28 million. Q3 revenue outperformed the residential real estate industry total transaction value1 growth of 2%, as well as total industry purchase loan origination volume, which the company estimates declined in the low single digits in Q3.

Residential revenue was up 12% year over year in Q3 to $405 million, benefiting from continued conversion improvements as more buyers and sellers transacted with Zillow agent partners.

Rentals revenue increased 24% year over year to $123 million, primarily driven by multifamily revenue growing 38% year over year in Q3.

Mortgages revenue increased 63% year over year to $39 million, primarily due to an 80% year-over-year increase in purchase loan origination volume to $812 million in Q3.

On a GAAP basis, net loss was $20 million, or 3% of total revenue, in Q3.

Q3 Adjusted EBITDA was $127 million, or 22% of total revenue, $24 million above the midpoint of the company’s outlook range, driven primarily by higher-than-expected Residential revenue.

Cash and investments at the end of Q3 were $2.2 billion, down from $2.6 billion at the end of Q2.

Traffic to Zillow Group’s mobile apps and sites in Q3 was 233 million average monthly unique users, up 1% year over year. Visits during Q3 were 2.4 billion, up 3% year over year.

1 National Association of Realtors® existing homes sold during Q3 2024 multiplied by the average selling price per home for Q3 2024,

compared with the same period in 2023.

Third Quarter 2024 Financial Highlights

The following table sets forth Zillow Group’s financial highlights for the periods presented (in millions, except percentages, unaudited):

Three Months Ended
September 30,

2023 to 2024
% Change

Nine Months Ended
September 30,

2023 to 2024
% Change

2024

2023

2024

2023

Revenue:

Residential

$                405

$                362

12 %

$             1,207

$             1,103

9 %

Rentals

123

99

24 %

337

264

28 %

Mortgages

39

24

63 %

104

74

41 %

Other

14

11

27 %

34

30

13 %

Total revenue

$                581

$                496

17 %

$             1,682

$             1,471

14 %

Other Financial Data:

Gross profit

$                441

$                386

$             1,289

$             1,165

Net loss

$                 (20)

$                 (28)

$                 (60)

$                 (85)

Adjusted EBITDA (1)

$                127

$                107

$                386

$                322

Percentage of Revenue:

Gross profit

76 %

78 %

77 %

79 %

Net loss

(3) %

(6) %

(4) %

(6) %

Adjusted EBITDA (1)

22 %

22 %

23 %

22 %

(1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted

accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a 

reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net loss, for each of the

periods presented.

Conference Call and Webcast Information

Zillow Group will host a live webcast to discuss these results today at 2 p.m. Pacific Time (5 p.m. Eastern Time). Please register for the live event at https://zillow-q3-24-financial-results.open-exchange.net. A shareholder letter and link to both the live webcast and recorded replay of the call may be accessed in the Quarterly Results section of Zillow Group’s Investor Relations website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding the future performance and operation of our business, and our business strategies and ability to translate such strategies into financial performance. Statements containing words such as “may,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “project,” “predict,” “will,” “projections,” “continue,” “estimate,” “outlook,” “guidance,” “would,” “could,” “strive,” or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of November 6, 2024, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group’s actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s control.

Factors that may contribute to such differences include, but are not limited to: the current and future health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, homeowners insurance rates, labor shortages and supply chain issues; our ability to manage advertising and product inventory and pricing and maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile applications and websites; our ability to comply with current and future rules and requirements promulgated by National Association of Realtors®, multiple listing services, or other real estate industry groups or governing bodies, or decisions to repeal, amend, or not enforce such rules and requirements; our ability to navigate industry changes, including as a result of past, pending or future class action lawsuits, settlements or government investigations, which may include lawsuits, settlements or investigations in which we are not a named party, such as the National Association of Realtors® settlement agreement entered into on March 15, 2024; uncertainties related to the November 2024 elections in the United States; our ability to continue to innovate and compete to attract customers and real estate partners; our ability to effectively invest resources to pursue new strategies, develop new products and services and expand existing products and services into new markets; our ability to operate and grow Zillow Home Loans, our mortgage origination business, including the ability to obtain or maintain sufficient financing to fund its origination of mortgages, meet customers’ financing needs with its product offerings, continue to grow the origination business and resell originated mortgages on the secondary market; the duration and impact of natural disasters, geopolitical events, and other catastrophic events (including public health crises) on our ability to operate, demand for our products or services, or general economic conditions; our ability to maintain adequate security measures or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; the impact of past, pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations to which we are not a party; our ability to attract, engage, and retain a highly skilled workforce; acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of generative artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay our debt, settle conversions of our convertible senior notes, or repurchase our convertible senior notes upon a fundamental change; our ability to raise additional capital or refinance our indebtedness on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; actual or perceived inaccuracies in the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices.

The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group’s business and financial results, please review the “Risk Factors” described in Zillow Group’s publicly available filings with the United States Securities and Exchange Commission. Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances.

About Zillow Group, Inc.

Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing, and renting experiences.

Zillow Group’s affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Rentals®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+SM, Spruce® and Follow Up Boss®.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2024 MFTB Holdco, Inc., a Zillow affiliate.

Please visit https://investors.zillowgroup.com, www.zillowgroup.com/news, and www.x.com/zillowgroup, where Zillow Group discloses information about the company, its financial information and its business that may be deemed material.

The Zillow Group logo is available at https://zillowgroup.mediaroom.com/logos-photos

(ZFIN)

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We have provided a reconciliation below of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have not provided a quantitative reconciliation of forecasted GAAP net income (loss) to forecasted Adjusted EBITDA within this press release because we are unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to: income taxes that are directly impacted by unpredictable fluctuations in the market price of the company’s capital stock; depreciation and amortization from new acquisitions; impairments of assets; gains or losses on extinguishment of debt; and acquisition-related costs. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of our control. We have not provided a reconciliation of forecasted Adjusted EBITDA margin to net income (loss) margin, the most directly comparable GAAP financial measure, for the same reasons.

Adjusted EBITDA is a key metric used by our management and board of directors to measure operating performance and trends and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation;

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments;

Adjusted EBITDA does not reflect impairment and restructuring costs;

Adjusted EBITDA does not reflect acquisition-related costs;

Adjusted EBITDA does not reflect loss on extinguishment of debt;

Adjusted EBITDA does not reflect interest expense or other income, net;

Adjusted EBITDA does not reflect income taxes; and

Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently from the way we do, limiting its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash-flow metrics, net loss and our other GAAP results.

Adjusted EBITDA

The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods presented (in millions, unaudited):

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Reconciliation of Adjusted EBITDA to Net Loss:

Net loss

$             (20)

$             (28)

$             (60)

$             (85)

Income taxes

4

1

Other income, net

(34)

(34)

(101)

(108)

Depreciation and amortization

63

49

178

134

Share-based compensation

108

109

329

342

Impairment and restructuring costs

1

6

9

Acquisition-related costs

1

1

1

2

Loss on extinguishment of debt

1

Interest expense

9

9

28

27

         Adjusted EBITDA

$            127

$            107

$            386

$            322

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/zillow-group-reports-third-quarter-2024-financial-results-302297872.html

SOURCE Zillow Group, Inc.

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TTEC Announces Third Quarter 2024 Financial Results

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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

 

 

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SOURCE TTEC Holdings, Inc.

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