Technology
IMMEDIATE ACTION REQUIRED: Invictus Games Vancouver Whistler 2025 Needs Media Contact Information
Published
3 hours agoon
By
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:
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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Technology
CyncHealth Selects Health Catalyst to Elevate Health Data Management
Published
5 mins agoon
November 6, 2024By
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
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SOURCE Health Catalyst
Technology
Zillow Group Reports Third-Quarter 2024 Financial Results
Published
5 mins agoon
November 6, 2024By
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
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SOURCE Zillow Group, Inc.
Technology
TTEC Announces Third Quarter 2024 Financial Results
Published
6 mins agoon
November 6, 2024By
Third Quarter 2024
Revenue was $529.4 Million, down 12.2 Percent
Operating Income of $12.9 Million or 2.4 Percent of Revenue
(Operating Income of $34.1 Million or 6.4 Percent of Revenue Non-GAAP)
Net Loss of $19.0 Million or negative 3.6 Percent of Revenue
(Net Income of $5.4 Million or 1.0 Percent of Revenue Non-GAAP)
Adjusted EBITDA was $50.3 Million or 9.5 Percent of Revenue
Fully Diluted Net Loss Per Share of $0.40 (Net Income Per Share of $0.11 Non-GAAP)
DENVER, Nov. 6, 2024 /PRNewswire/ — TTEC Holdings, Inc. (NASDAQ:TTEC), a leading global CX (customer experience) technology and services innovator for AI-enabled CX with solutions from TTEC Engage and TTEC Digital, announced today financial results for the third quarter ended September 30, 2024.
“We remain focused on executing our diversification strategies, enhancing our portfolio of AI-enabled CX solutions and our operational agility, while working to strengthen our financial performance,” commented Ken Tuchman, chief executive officer of TTEC. “The industry dynamics and macroeconomic environment continue to create headwinds as select clients delay decision-making and/or focus on near-term cost savings.”
“While taking more time than expected, we are prudently working through various challenges during this transitional year. We are executing against our top strategic priorities alongside taking the necessary profit improvement actions to strengthen our balance sheet and return the company to long-term revenue growth and increased profitability,” Tuchman concluded.
THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS
Revenue
Third quarter 2024 GAAP revenue decreased 12.2 percent to $529.4 million compared to $603.0 million in the prior year.Foreign exchange had a $0.5 million negative impact on revenue in the third quarter of 2024.
Income (Loss) from Operations
Third quarter 2024 GAAP income from operations was $12.9 million, or 2.4 percent of revenue, compared to income from operations of $25.4 million, or 4.2 percent of revenue, in the prior year.Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $34.1 million, or 6.4 percent of revenue, compared to $47.3 million, or 7.8 percent, for the prior year.Foreign exchange had a $2.6 million positive impact on Non-GAAP income from operations in the third quarter of 2024.
Adjusted EBITDA
Third quarter 2024 Non-GAAP Adjusted EBITDA was $50.3 million, or 9.5 percent of revenue, compared to $63.9 million, or 10.6 percent of revenue, in the prior year.
Net Income (Loss)
Third quarter 2024 GAAP net loss was $19.0 million, or negative 3.6 percent of revenue, compared to net income of $1.8 million, or 0.3 percent of revenue, in the prior year.Non-GAAP net income was $5.4 million, or 1.0 percent of revenue, compared to Non-GAAP net income of $22.9 million, or 3.8 percent of revenue, in the prior year.
Net Income (Loss) Per Share
Third quarter 2024 GAAP fully diluted net loss per share was $0.40 compared to net income per share of $0.04 in the prior year.Non-GAAP fully diluted net income per share was $0.11 compared to Non-GAAP net income per share of $0.48 in the prior year.
CASH FLOW AND BALANCE SHEET
Cash flow from operations in the third quarter of 2024 was a negative $91.4 million compared to a negative $31.7 million for the third quarter of 2023.Free cash flow in the third quarter of 2024 was a negative $100.2 million compared to a negative $53.5 million in the prior year. The decline was primarily related to the impact of the accounts receivable factoring facility discontinuation in the quarter. This discontinuation negatively impacted our cash flow from operations by $81.8 million for the three months ended September 30, 2024 and $101.2 million for the nine months ended September 30, 2024. Excluding the factoring facility impact, free cash flow in the third quarter of 2024 was negative $18.4 million. The year-over-year improvement reflects improved working capital conversion and lower capital expenditures, partially offset by lower profitability.Capital expenditures in the third quarter of 2024 were $8.8 million compared to $21.8 million for the third quarter of 2023.As of September 30, 2024, TTEC had cash and cash equivalents of $96.9 million and debt of $1,028.4 million, resulting in a net debt position of $931.5 million. This compares to a net debt position of $815.7 million for the same period in 2023. The increase in net debt is also primarily explained by the discontinuation of the accounts receivable factoring facility.As of September 30, 2024, TTEC’s remaining borrowing capacity under its revolving credit facility was approximately $140 million compared to $215 million for the same period in 2023.On November 4, 2024, the Board of Directors of the Company suspended the Company’s semi-annual cash dividend as part of its ongoing shift to prioritize debt reduction associated with strategic acquisitions and other investments in the business. The Board expects to review the dividend suspension in the future to determine, in light of facts and circumstances at that time, whether and when to reinstate a semi-annual cash dividend.
SALE OF MATERIAL ASSET NOT USED IN OPERATIONS
On November 5, 2024, the Company closed the transaction of a real estate asset held for sale in Englewood, Colorado for $45.5 million dollars, subject to customary adjustments. Prior to the COVID pandemic, the building was used as the Company’s principal place of business. The Company intends to use the proceeds from the sale to reduce its outstanding balance under the revolving line of credit.
SEGMENT REPORTING & COMMENTARY
TTEC reports financial results for TTEC Digital and TTEC Engage business segments. Financial highlights for the two business segments are provided below.
TTEC Digital – Design, build and operate tech-enabled, insight-driven CX solutions
Third quarter 2024 GAAP revenue for TTEC Digital decreased 13.2 percent to $115.7 million from $133.3 million for the year ago period. Income from operations was $7.5 million, or 6.5 percent of revenue, compared to income from operations of $11.9 million, or 8.9 percent of revenue, in the prior year. The year-over-year reduction primarily relates to a large one-time on-premise sale in the prior year period. Excluding on-premise sales, TTEC Digital’s professional services and recurring revenue together increased by 5.9 percent year over year in the third quarter. Non-GAAP income from operations was $14.4 million, or 12.5 percent of revenue, compared to Non-GAAP income from operations of $19.4 million, or 14.5 percent of revenue, in the prior year.
TTEC Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services
Third quarter 2024 GAAP revenue for TTEC Engage decreased 11.9 percent to $413.8 million from $469.7 million for the year ago period. Income from operations was $5.4 million, or 1.3 percent of revenue, compared to income from operations of $13.5 million, or 2.9 percent of revenue, in the prior year.Non-GAAP income from operations was $19.7 million, or 4.8 percent of revenue, compared to Non-GAAP income from operations of $27.9 million, or 5.9 percent of revenue, in the prior year.Foreign exchange had a $0.6 million negative impact on revenue and a $2.6 million positive impact on income from operations.
BUSINESS OUTLOOK
“We are achieving many of the key objectives that we set forth during this transitional year,” commented Kenny Wagers, chief financial officer of TTEC. “In TTEC Digital, we are diversifying our CX technology partnerships and broadening our expertise and capabilities across Contact Center, CRM, AI and analytics solutions. In TTEC Engage, we are launching new client programs across our expanded geographic footprint, working through the previously mentioned headwinds, and executing upon our profit optimization initiatives.
Wagers continued, “At the company level, we are re-iterating full year 2024 guidance near the lower end of the range that we provided last quarter. At the segment level, the appropriate contribution adjustments were made to reflect our third-quarter actual results and updated fourth-quarter forecasts. As we prepare to transition into 2025, we remain focused on our strategic priorities and resolute in our ability to return TTEC to long-term organic growth and increased profitability.”
TTEC Full Year 2024 Outlook
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$2,210M — $2,260M
$2,235M
Non-GAAP adjusted EBITDA
$201M — $217M
$209M
Non-GAAP adjusted EBITDA margins
9.1% — 9.6%
9.3 %
Non-GAAP operating income
$134M — $150M
$142M
Non-GAAP operating income margins
6.1% — 6.6%
6.3 %
Interest expense, net
($82M) — ($84M)
($83M)
Non-GAAP adjusted tax rate
40% — 46%
43 %
Diluted share count
47.6M — 47.8M
47.7M
Non-GAAP earnings per a share
$0.64 — $0.83
$0.73
Engage Full Year 2024 Outlook
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$1,737M — $1,767M
$1,752M
Non-GAAP adjusted EBITDA
$137M — $147M
$142M
Non-GAAP adjusted EBITDA margins
7.9% — 8.3%
8.1 %
Non-GAAP operating income
$81M — $91M
$86M
Non-GAAP operating income margins
4.7% — 5.2%
4.9 %
Digital Full Year 2024 Outlook
Full Year 2024
Guidance
Full Year 2024
Mid-Point
Revenue
$473M — $493M
$483M
Non-GAAP adjusted EBITDA
$63M — $69M
$66M
Non-GAAP adjusted EBITDA margins
13.4% — 14.1%
13.8 %
Non-GAAP operating income
$52M — $58M
$55M
Non-GAAP operating income margins
11.1% — 11.8%
11.5 %
The Company has not quantitatively reconciled its guidance for Non-GAAP operating income, Non-GAAP operating income margins, Non-GAAP adjusted EBITDA, Non-GAAP adjusted EBITDA margins, Non-GAAP adjusted tax rate, or Non-GAAP earnings per share to their respective most comparable GAAP measures because certain of the reconciling items that impact these metrics, including restructuring and impairment charges, equity-based compensation expense, changes in acquisition contingent consideration, depreciation and amortization expense, and provision for income taxes are dependent on the timing of future events outside of the Company’s control or cannot be reliably predicted. Accordingly, the Company is unable to provide reconciliations to GAAP operating income, operating income margins, EBITDA margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company’s 2024 financial results as reported under GAAP.
NON-GAAP FINANCIAL MEASURES
This press release contains a discussion of certain Non-GAAP financial measures that the Company includes to allow investors and analysts to measure, analyze and compare its financial condition and results of operations in a meaningful and consistent manner. A reconciliation of these Non-GAAP financial measures can be found in the tables accompanying this press release.
GAAP metrics are presented in accordance with Generally Accepted Accounting Principles.Non-GAAP – As reflected in the attached reconciliation table, the definition of Non-GAAP may exclude from operating income, EBITDA, net income and earnings per share restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, among other items.
EARNINGS WEBCAST/CONFERENCE CALL
The Company will host a live webcast and conference call at 8:30 a.m. ET on Thursday, November 7, 2024. You are invited to join a live webcast of the conference call by visiting the “Investors Relations” section of the TTEC website at www.ttec.com. If you are unable to participate during the live webcast, a replay will be available on the TTEC website.
ABOUT TTEC
TTEC (pronounced T-TEC) Holdings, Inc. (NASDAQ:TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled digital CX solutions. Serving iconic and disruptive brands, TTEC’s outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey. Leveraging next-gen digital technology, the Company’s TTEC Digital business designs, builds, and operates omnichannel contact center technology, CRM, AI and analytics solutions. The Company’s TTEC Engage business delivers AI-enabled customer engagement, customer acquisition and growth, tech support, back office, and fraud prevention services. Founded in 1982, the Company’s singular obsession with CX excellence has earned it leading client, customer, and employee satisfaction scores across the globe. The Company’s employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results. To learn more visit us at https://www.ttec.com.
FORWARD-LOOKING STATEMENTS
This Earnings Press Release and related oral statements contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to our operations, expected financial position, results of operations, reiteration of the Company’s full year 2024 guidance near the lower end of the ranges provided in the third quarter of 2024, effective tax rate, cash flow, leverage, liquidity, business strategy, profit improvement actions, increased profitability, competitive position, strategic priorities, organic growth, demand for our services in international operations, acquisition opportunities and impact of acquisitions, capital allocation and dividends, growth opportunities, spending, capital expenditures and investments, competition and market forecasts, industry trends, our human capital resources, and other business, operational and financial matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance.
In this Release when we use words such as “may,” “believe,” “plan,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “reiterate,” “project,” “would,” “could,” “target,” or similar expressions, or when we discuss our strategy, plans, goals, initiatives, or objectives, we are making forward-looking statements. Unless otherwise indicated or except where the context otherwise requires, the terms “TTEC,” “the Company,” “we,” “us” and “our” and other similar terms in this report refer to TTEC Holdings, Inc. and its subsidiaries. We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from those expressed in the forward-looking statements, and you should review and consider carefully the risks, uncertainties, and other factors that could affect our business and may cause such differences as noted above and as outlined in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent filings or furnishings with the U.S. Securities and Exchange Commission (the “SEC”) which are available on TTEC’s website www.ttec.com, and on the SEC’s public website at www.sec.gov.
Our forward-looking statements speak only as of the date that this Release is issued. We undertake no obligation to update them, except as may be required by applicable law. Although we believe that our forward-looking statements are reasonable, they depend on many factors outside of our control and we can provide no assurance that they will prove to be correct or the timing thereof.”
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
Revenue
$ 529,427
$ 602,956
$ 1,640,150
$ 1,836,636
Operating Expenses:
Cost of services
415,226
479,699
1,286,934
1,427,063
Selling, general and administrative
71,580
66,781
219,881
216,129
Depreciation and amortization
24,042
25,595
74,258
76,368
Restructuring charges, net
1,002
1,369
6,346
4,896
Impairment losses
4,688
4,124
241,544
11,083
Total operating expenses
516,538
577,568
1,828,963
1,735,539
(Loss) / Income From Operations
12,889
25,388
(188,813)
101,097
Other income (expense), net
(22,462)
(18,298)
(60,573)
(55,309)
(Loss) / Income Before Income Taxes
(9,573)
7,090
(249,386)
45,788
Provision for income taxes
(9,395)
(5,294)
(65,850)
(19,318)
Net (Loss) / Income
(18,968)
1,796
(315,236)
26,470
Net (loss) / income attributable to noncontrolling interest
(2,154)
(3,326)
(7,730)
(8,142)
Net (Loss) / Income Attributable to TTEC Stockholders
$ (21,122)
$ (1,530)
$ (322,966)
$ 18,328
Net (Loss) / Income Per Share
Basic
$ (0.40)
$ 0.04
$ (6.63)
$ 0.56
Diluted
$ (0.40)
$ 0.04
$ (6.62)
$ 0.56
Net (Loss) / Income Per Share Attributable to TTEC Stockholders
Basic
$ (0.44)
$ (0.03)
$ (6.79)
$ 0.39
Diluted
$ (0.44)
$ (0.03)
$ (6.78)
$ 0.39
(Loss) / Income From Operations Margin
2.4 %
4.2 %
(11.5) %
5.5 %
Net (Loss) / Income Margin
(3.6) %
0.3 %
(19.2) %
1.4 %
Net (Loss) / Income Attributable to TTEC Stockholders Margin
(4.0) %
(0.3) %
(19.7) %
1.0 %
Effective Tax Rate
(98.1) %
74.7 %
(26.4) %
42.2 %
Weighted Average Shares Outstanding
Basic
47,723
47,415
47,573
47,305
Diluted
47,860
47,488
47,618
47,417
TTEC HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
(unaudited)
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
Revenue:
TTEC Digital
$ 115,669
$ 133,252
$ 344,068
$ 367,764
TTEC Engage
413,758
469,704
1,296,082
1,468,872
Total
$ 529,427
$ 602,956
$ 1,640,150
$ 1,836,636
(Loss) / Income From Operations
TTEC Digital
$ 7,474
$ 11,925
$ 16,770
$ 19,864
TTEC Engage
5,415
13,463
(205,583)
81,233
Total
$ 12,889
$ 25,388
$ (188,813)
$ 101,097
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
September 30,
December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 96,929
$ 172,747
Accounts receivable, net
430,092
394,868
Prepaids and other current assets
105,355
95,064
Income and other tax receivables
20,690
18,524
Total current assets
653,066
681,203
Property and equipment, net
146,358
191,003
Assets Held for Sale
29,640
–
Operating lease assets
100,263
121,574
Goodwill
575,096
808,988
Other intangibles assets, net
173,227
198,433
Income and other tax receivables, long-term
34,469
44,673
Other assets
114,171
139,724
Total assets
$ 1,826,290
$ 2,185,598
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$ 82,259
$ 96,577
Accrued employee compensation and benefits
121,255
146,184
Deferred revenue
70,834
81,171
Current operating lease liabilities
35,217
38,271
Other current liabilities
29,085
40,824
Total current liabilities
338,650
403,027
Long-term liabilities:
Line of credit
1,025,000
995,000
Non-current operating lease liabilities
79,909
96,809
Other long-term liabilities
87,597
75,220
Total long-term liabilities
1,192,506
1,167,029
Equity:
Common stock
477
474
Additional paid-in capital
416,813
407,415
Treasury stock
(584,904)
(589,807)
Accumulated other comprehensive income (loss)
(99,697)
(89,876)
Retained earnings
544,616
870,429
Non-controlling interest
17,829
16,907
Total equity
295,134
615,542
Total liabilities and equity
$ 1,826,290
$ 2,185,598
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Nine Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
Cash flows from operating activities:
Net (loss) income
$ (315,236)
$ 26,470
Adjustment to reconcile net (loss) income to net cash provided by operating activities :
Depreciation and amortization
74,258
76,368
Amortization of contract acquisition costs
1,363
1,596
Amortization of debt issuance costs
1,578
801
Imputed interest expense and fair value adjustments to contingent consideration
(1,496)
6,864
Provision for credit losses
2,744
1,677
Loss on disposal of assets
1,778
1,176
Impairment losses
241,544
11,083
Loss on dissolution of subsidiary
–
301
Deferred income taxes
38,922
(12,288)
Excess tax benefit from equity-based awards
3,921
1,807
Equity-based compensation expense
15,249
16,410
Loss / (gain) on foreign currency derivatives
244
552
Changes in assets and liabilities, net of acquisitions:
Accounts receivable
(37,497)
34,995
Prepaids and other assets
(12,959)
(1,620)
Accounts payable and accrued expenses
(49,122)
(8,453)
Deferred revenue and other liabilities
(23,023)
(44,508)
Net cash provided by operating activities
(57,732)
113,231
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment
146
246
Purchases of property, plant and equipment
(36,465)
(54,722)
Net cash used in investing activities
(36,319)
(54,476)
Cash flows from financing activities:
Net proceeds from / (repayments of) line of credit
30,000
4,000
Payments on other debt
(1,873)
(1,929)
Payments of contingent consideration and hold back payments to acquisitions
(37,676)
Dividends paid to shareholders
(2,847)
(24,572)
Payments to non-controlling interest
(6,908)
(8,407)
Tax payments related to the issuance of restricted stock units
(945)
(2,938)
Payments of debt issuance costs
(2,635)
–
Net cash used in financing activities
14,792
(71,522)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
2,283
3,889
(Decrease) in cash, cash equivalents and restricted cash
(76,976)
(8,878)
Cash, cash equivalents and restricted cash, beginning of period
173,905
167,064
Cash, cash equivalents and restricted cash, end of period
$ 96,929
$ 158,186
TTEC HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
(unaudited)
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
Revenue
$ 529,427
$ 602,956
$ 1,640,150
$ 1,836,636
Reconciliation of Non-GAAP Income from Operations and EBITDA:
Net (Loss) / Income from Operations
$ 12,889
$ 25,388
$ (188,813)
$ 101,097
Restructuring charges, net
1,002
1,369
6,346
4,896
Impairment losses
4,688
4,124
241,544
11,083
Cybersecurity incident related impact, net of insurance recovery
–
–
–
(3,210)
Grant income for pandemic relief
–
–
–
40
Property costs not related to operations
424
744
2,329
744
Change in acquisition related obligation
–
–
–
483
Liability related to notifications triggered by labor scheme (1)
2,563
–
(187)
–
Equity-based compensation expenses
4,333
6,608
15,249
16,410
Amortization of purchased intangibles
8,169
9,073
25,053
27,083
Non-GAAP Income from Operations
$ 34,068
$ 47,306
$ 101,521
$ 158,626
Non-GAAP Income from Operations Margin
6.4 %
7.8 %
6.2 %
8.6 %
Depreciation and amortization
15,873
16,183
48,152
48,946
Changes in acquisition contingent consideration
(449)
102
(1,496)
6,864
Change in escrow balance related to acquisition
–
–
–
625
Loss on dissolution of subsidiary
–
–
–
301
Foreign SS Tax Recovery
–
–
(853)
–
Foreign VAT receivable write-off
–
–
770
–
Foreign exchange loss / (gain), net
1,825
(373)
2,381
839
Other Income (expense), net
(1,041)
687
953
(2,232)
Adjusted EBITDA
$ 50,276
$ 63,905
$ 151,428
$ 213,969
Adjusted EBITDA Margin
9.5 %
10.6 %
9.2 %
11.7 %
Reconciliation of Non-GAAP EPS:
Net (Loss) Income
$ (18,968)
$ 1,796
$ (315,236)
$ 26,470
Add: Asset impairment and restructuring charges
5,690
5,493
247,890
15,979
Add: Equity-based compensation expenses
4,333
6,608
15,249
16,410
Add: Amortization of purchased intangibles
8,169
9,073
25,053
27,083
Add: Cybersecurity incident related impact, net of insurance recovery
–
–
–
(3,210)
Add: Grant income for pandemic relief
–
–
–
40
Add: Change in acquisition related obligation
–
–
–
483
Add: Property costs not related to operations
424
744
2,329
744
Add: Liability related to notifications triggered by labor scheme
2,563
–
(187)
–
Add: Foreign SS Tax Recovery
–
–
(853)
–
Add: Foreign VAT receivable write-off
–
–
770
–
Add: Changes in acquisition contingent consideration
(449)
102
(1,496)
6,864
Add: Changes in escrow balance related to acquisition
–
–
–
625
Add: Loss on dissolution of subsidiary
–
–
–
301
Add: Foreign exchange loss / (gain), net
1,825
(373)
2,381
839
Less: Changes in valuation allowance, return to provision adjustments and
other, and tax effects of items separately disclosed above
1,810
(590)
48,752
(6,974)
Non-GAAP Net Income
$ 5,397
$ 22,853
$ 24,652
$ 85,654
Diluted shares outstanding
47,860
47,488
47,618
47,417
Non-GAAP EPS
$0.11
$0.48
$0.52
$1.81
Reconciliation of Free Cash Flow:
Cash Flow From Operating Activities:
Net (loss) / income
$ (18,968)
$ 1,321
$ (315,236)
$ 26,470
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
24,042
25,256
74,258
76,368
Other
(96,451)
(58,295)
183,246
10,393
Net cash provided by operating activities
(91,377)
(31,718)
(57,732)
113,231
Less – Total Cash Capital Expenditures
8,783
21,768
36,465
54,722
Free Cash Flow
$ (100,160)
$ (53,486)
$ (94,197)
$ 58,509
(1) – For further information, please see discussion in the Risk Factors section of the 2023 Form 10-K filed on February 29, 2024.
Reconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment :
TTEC Engage
TTEC Digital
TTEC Engage
TTEC Digital
Q3 24
Q3 23
Q3 24
Q3 23
YTD 24
YTD 23
YTD 24
YTD 23
Income / (Loss) from Operations
$ 5,414
$ 13,463
$ 7,474
$ 11,925
$ (205,585)
$ 81,233
$ 16,771
$ 19,864
Restructuring charges, net
202
634
801
735
5,697
2,427
650
2,469
Impairment losses
4,255
4,124
433
–
238,600
8,229
2,944
2,854
Cybersecurity incident related impact, net of insurance recovery
–
–
–
(3,210)
–
–
Grant income for pandemic relief
–
–
–
40
–
–
Property costs not related to operations
424
744
–
–
2,329
744
–
–
Change in acquisition related obligation
–
–
–
–
–
–
483
Liability related to notifications triggered by labor scheme
2,563
–
–
–
(187)
–
–
–
Equity-based compensation expenses
2,701
4,327
1,632
2,281
9,748
10,599
5,501
5,811
Amortization of purchased intangibles
4,098
4,649
4,071
4,424
12,306
13,951
12,747
13,132
Non-GAAP Income from Operations
$ 19,657
$ 27,941
$ 14,411
$ 19,365
$ 62,908
$ 114,013
$ 38,613
$ 44,613
Depreciation and amortization
12,958
13,807
2,915
2,377
39,849
41,695
8,303
7,252
Changes in acquisition contingent consideration
(449)
102
–
(1,496)
6,864
–
–
Change in escrow balance related to acquisition
–
–
–
625
–
–
Loss on dissolution of subsidiary
–
–
–
–
301
–
–
Foreign VAT receivable write-off
–
–
–
770
–
–
Foreign SS Tax Recovery
–
–
–
(853)
–
Foreign exchange loss / (gain), net
1,725
(297)
100
(76)
2,518
815
(138)
24
Other Income (expense), net
(944)
578
(97)
108
833
(2,332)
121
99
Adjusted EBITDA
$ 32,947
$ 42,131
$ 17,329
$ 21,774
$ 104,529
$ 161,981
$ 46,899
$ 51,988
View original content to download multimedia:https://www.prnewswire.com/news-releases/ttec-announces-third-quarter-2024-financial-results-302297901.html
SOURCE TTEC Holdings, Inc.
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