Technology
TTEC Announces Third Quarter 2024 Financial Results
Published
2 weeks agoon
By
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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Technology
Zooming into the green transformation, the “Together We Act” platform for China’s dual-carbon talent plan was released
Published
20 minutes agoon
November 24, 2024By
“Empowering Green Value Chains, Contributing to New Productive Forces” Side Event was Successfully Held at COP29
BAKU, Azerbaijan, Nov. 23, 2024 /PRNewswire/ — The side event titled “Empowering Green Value Chains, Contributing to New Productive Forces” was held in Baku, Azerbaijan, during COP29. The event was jointly organized by the Vanke Foundation, C Team, and Phoenix TV. The aim of the event was to explore how industries in China can empower human capital and implement green value chains to achieve green, efficient, and low-carbon operational models under the country’s dual-carbon strategy. The goal was also to inspire new productive forces and drive the green transformation of economic and social development.
The side event brought together experts, scholars, business representatives, and NGO partners from both China and abroad to discuss the latest global trends and developments in green value chains across key industries. The event was chaired by Yang Peidan, Director of C Team. In her opening remarks, Liu Xi, Senior Manager of Climate Change and Biodiversity at the Vanke Foundation, highlighted the foundation’s vision of a “beautiful and shared future home” and its commitment to promoting environmental protection and social public welfare. She also introduced the “Net Zero Drive” Talents Acceleration Initiative, unveiling the “Together We Act” platform, a significant new step in the foundation’s efforts to align with its strategies.
Liu Yifeng, Deputy Director of C Team, provided an in-depth introduction to the “Together We Act” platform. This platform aims to cultivate and empower talents in the field of China’s dual-carbon strategy, equipping individuals with the knowledge and skills needed to better adapt to and lead the green low-carbon transformation.
C Team is implementing a strategic upgrade to support the development of emerging industry talents while facilitating the transition of workers from traditional industries. This initiative aims to create a green employment market system. According to Liu, workers in traditional industries need to adapt to the “new wave” of industry transformation, while employees in emerging sectors must quickly update their knowledge and skills to keep pace with technological advancements. Through effective training and accelerated efforts, industries, businesses, and regions can better apply technologies and management practices, achieving both technological and energy transformations.
To this end, C Team has partnered with Tencent to develop the “Together We Act” platform. The platform breaks down knowledge into “knowledge cards,” which are categorized and tailored for workers in need of transformation or upskilling. The platform offers smart, content-driven training and quantitative assessments. By using algorithms, the platform provides personalized knowledge to users and includes management features that allow administrators to assign tasks and learning objectives. Knowledge and exercises are managed separately, creating a flexible and intelligent learning system.
Additionally, C Team plans to leverage the data on workforce technology upgrades and training behaviors collected by the platform to analyze the impact of dual-transformation policies and strategies on the workforce in both corporate supply chains and regional areas. This data will help companies and local governments better understand workforce trends and provide support for industry and regional transitions.
Media’s role is also essential in promoting new productive forces. Yang Yuntong, Director of International Cooperation and Project Operations at Phoenix TV, shared that as the largest well-rounded Chinese-language cultural media group overseas, Phoenix TV has long been committed to advancing new productive forces through practical actions. The group has been actively involved in climate-change communication in China and has hosted the annual “Zero-Carbon Mission International Climate Summit” for the past four years in the lead-up to COP, providing a platform for dialogue and discussion among stakeholders and influencing corporate practices and public advocacy.
Xu Shilun, head of the ESG projects at Onewo’s Sustainable Development Center, shared that reducing energy consumption and carbon emissions in property management are key concerns for the company. Onewo is integrating its experience from managing various spaces, such as communities and office buildings, into its “Magic Stone” AI system, focusing on energy management to improve carbon management efficiency in public spaces and encourage owners and tenants to adopt greener lifestyles.
The roundtable discussion focused on two main themes: “Collaborative Innovation of Diverse Forces in Creating New Productive Forces” and “Empowering Green Value Chains to Drive the Green Transformation of Economic and Social Development”. Representatives from leading companies such as JA Solar, Anta Group, Lenovo, Carbonstop, PES, Exiss, ACT, Dasso, Hainan Deeprock, and SQUAKE participated in the discussion. The Secretary of the CPC Municipal Committee of Huzhou City, Chen Hao, also joined via video to introduce the innovative concept of “Bamboo Forest Carbon Sequestration.”
The organizers stated that the side event was not only a deep exploration of green development concepts but also a firm commitment to future sustainable development. C Team plans to further collaborate with nonprofit organizations, environmental foundations, leading enterprises, research institutions, and knowledge service platforms to jointly promote public and inclusive transformation, ensuring that high-quality training content is presented on the platform. Through collective effort and the pooling of knowledge and resources, the event sought to support industry development, regional transformation, and the green transformation of society.
About C Team:
C Team is a non-profit organization dedicated to promoting corporate climate action and sustainable development.
View original content:https://www.prnewswire.com/news-releases/zooming-into-the-green-transformation-the-together-we-act-platform-for-chinas-dual-carbon-talent-plan-was-released-302314780.html
SOURCE C Team
Technology
Urgent Call: Donate Electronics to Empower Charities Nationwide
Published
1 hour agoon
November 23, 2024By
TORONTO, Nov. 23, 2024 /CNW/ – This holiday season, the Electronic Recycling Association (ERA) is spreading the spirit of giving with its annual 12 Days of Electronic Giving campaign. Aiming to donate over 200 electronic devices to charities across Canada, ERA is committed to empowering organizations to deliver critical services to their communities.
However, the demand for electronics remains pressing. More than 500 charities are still on ERA’s waitlist—a number that highlights the urgent need for public and corporate donations of pre-loved technology.
“Together, We Can Create Impact”
Bojan Paduh, Founder and President of ERA, urges individuals and businesses to step up this holiday season:
“We’ve accomplished so much, but hundreds of charities are still waiting for essential technology to continue their work. I encourage everyone to consider donating their unused laptops, tablets, or cell phones. Your generosity can transform lives and reduce e-waste at the same time.”
ERA’s 12 Days of Electronic Giving campaign is already making an impact, supporting a wide range of organizations across the country, including:
Children’s Autism Services of Edmonton – Edmonton, ABWinnipeg Humane Society – Winnipeg, MBBent Arrow Traditional Healing Society – Edmonton, ABCanadian Mental Health Association – Toronto, ONYork Region Educational Services – Toronto, ONIt Takes a Village Community Outreach and Advocacy – Halifax, NSToronto Fringe – Toronto, ONMarina Housing Co-op – Vancouver, BCAgape Table Inc. – Winnipeg, MBGreater Edmonton Live-In Society – Edmonton, ABEqual Housing Initiative Inc. – Winnipeg, MBValley Community Learning Association – Kentville, NSAlberta Children’s Hospital – Calgary, AB
How You Can Help
The holidays are the perfect time to give back. If you or your organization have unused electronic devices gathering dust, ERA invites you to donate and make a meaningful difference. Whether it’s a laptop, tablet, or cell phone, every device can create opportunities, reduce e-waste, and bring hope to someone in need.
Donating is Simple
ERA offers convenient, free pickup services across Canada.
Call: 1-877-9EWASTE / Email: info@era.ca / Visit: www.era.ca to schedule a pickup.
Let’s Make This Season Count
“Your donation today can change lives tomorrow,” adds Paduh. “Together, we can meet the urgent needs of these charities while fostering a sustainable future.” Don’t wait—help ERA ensure no charity is left behind this holiday season.
SOURCE Electronic Recycling Association
Technology
MyDataRemoval Proven More Effective Than Competing Data Removal Services [updated links]
Published
2 hours agoon
November 23, 2024By
Internal and external reports show MyDataRemoval to be the most effective personal data removal service. MyDataRemoval has achieved over 70% data removal within the first week and 90% within four months, outperforming industry competitors who average 26% in the first week and 35% within four months.
LAS VEGAS, Nov. 23, 2024 /PRNewswire-PRWeb/ — Recent findings from a consumer advocacy group have raised concerns about the effectiveness of people-search site removal services, revealing high rates of ineffectiveness among tested companies. Notably, MyDataRemoval was not included in this study. In response, MyDataRemoval conducted an internal audit [updated link] to evaluate its standing relative to the competition, revealing that it was already leading the industry. Building on this success, MyDataRemoval has since enhanced its methodologies and technologies for data removal. As a result, MyDataRemoval is now reaching a 90% removal rate within four months and exceeding a 70% removal rate within the first week—results that place it well above the competition.
Over 70% of personal data removed within the first week: MyDataRemoval successfully removed over 70% of personal data from people-search websites within just one week, outperforming all other services tested by Consumer Reports.Effectiveness over time: MyDataRemoval maintained superior performance compared to other data removal services, with 80% of data removed within one month and 90% within four months.Competitor Comparison in one week: The average effectiveness for the first week across competing services was 30%, whereas MyDataRemoval removed over 70%, demonstrating a clear advantage.Competitor Comparison at four months: Competing services demonstrated significantly lower data removal rates, with some services removing only 27% of personal data within four months.
MyDataRemoval’s internal audits have demonstrated that the service is not only more effective in the initial stages of data removal but also continues to outperform over time. Its proprietary methods, commitment to ongoing audits, and dedication to continuous improvement ensure that it remains a leader in data removal.
MyDataRemoval acknowledges that while current effectiveness rates are industry-leading, there is still room for growth. The goal is to achieve over 90% removal rates across all categories and time frames. MyDataRemoval is committed to conducting monthly audits and making these results publicly available to ensure transparency and continuous improvement. You can see the most recent audit results here [updated link].
Privacy is more important than ever, and MyDataRemoval is here to help individuals reclaim theirs. Do not settle for ineffective data removal—trust the service that has been proven to deliver results. Find MyDataRemoval at www.mydataremoval.com or contact us at hello@mydataremoval.com or call (855) 700-2914 to start your journey towards a more private online presence.
Stay tuned for our monthly audit updates to see how we are continuously improving to make your personal information private once again.
Audit date: 8/9/2024
Profiles removed within 1 week: 85%Profiles removed within 1 month: 71%Profiles removed within 4 months: 73%
Audit date: 9/9/2024
Profiles removed within 1 week: 85%Profiles removed within 1 month: 78%Profiles removed within 4 months: 92%
Audit date: 10/9/2024
Profiles removed within 1 week: 59%Profiles removed within 1 month: 81%Profiles removed within 4 months: 90%
Audit date: 11/9/2024
Profiles removed within 1 week: 77%Profiles removed within 1 month: 81%Profiles removed within 4 months: 90%
Media Contact
James Wilson, MyDataRemoval, 1 8557002194, hello@mydataremoval.com, https://www.mydataremoval.com
View original content:https://www.prweb.com/releases/mydataremoval-proven-more-effective-than-competing-data-removal-services-updated-links-302313853.html
SOURCE MyDataRemoval
Zooming into the green transformation, the “Together We Act” platform for China’s dual-carbon talent plan was released
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