TTEC Announces Third Quarter 2023 Financial Results

Press Releases

Nov 08, 2023

Third Quarter 2023

Revenue was $603.0 Million, up 1.8 Percent Year-over-Year
Operating Income was $25.4 Million or 4.2 Percent of Revenue
(Non-GAAP Operating Income was $47.3 Million or 7.8 Percent of Revenue)
Net Income was $1.8 Million or 0.3 Percent of Revenue
(Non-GAAP Net Income was $22.9 Million or 3.8 Percent of Revenue)
Adjusted EBITDA was $63.9 Million or 10.6 Percent of Revenue
Fully Diluted EPS was $0.04 (Non-GAAP EPS was $0.48)

Updates Outlook for Full Year 2023

DENVER, Nov. 8, 2023 /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, 2023.

“We delivered against our third quarter plan and continued to support our clients’ strategic CX priorities,” commented Ken Tuchman, chairman and chief executive officer of TTEC. “However, given the dynamic macroeconomic environment and impact from a select number of our clients, we are moderating our financial outlook for the remainder of the year.”

“We remain keenly focused on delivering high quality services and the leading CX technology solutions for our clients while optimizing costs in our business,” Tuchman added. “As we navigate these uncertainties, we remain confident in the attractiveness of the market opportunity, the strength of our client and partner relationships, the dedication of our employees, and our strategy to drive our business forward.”

THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS                     

Revenue        

  • Third quarter 2023 GAAP revenue increased 1.8 percent to $603.0 million compared to $592.5 million in the prior year period.
  • Foreign exchange had a $6.0 million positive impact on revenue in the third quarter of 2023.

Income from Operations

  • Third quarter 2023 GAAP income from operations was $25.4 million, or 4.2 percent of revenue, compared to $35.6 million, or 6.0 percent of revenue in the prior year period.
  • Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $47.3 million, or 7.8 percent of revenue, compared to $50.2 million, or 8.5 percent for the prior year period.
  • Foreign exchange had a $1.0 million negative impact on Non-GAAP income from operations in the third quarter of 2023.

Adjusted EBITDA

  • Third quarter 2023 Non-GAAP Adjusted EBITDA was $63.9 million, or 10.6 percent of revenue, compared to $68.5 million, or 11.6 percent of revenue in the prior year period.

Earnings Per Share

  • Third quarter 2023 GAAP fully diluted earnings per share was $0.04 compared to $0.53 for the same period last year.
  • Non-GAAP fully diluted earnings per share was $0.48 compared to $0.68 in the prior year period.

CASH FLOW AND BALANCE SHEET FUND INVESTMENTS AND DIVIDENDS

  • Cash flow from operations in the third quarter of 2023 was negative $31.7 million compared to a positive $27.5 million for the third quarter 2022.
  • Capital expenditures in the third quarter 2023 were $21.8 million compared to $28.8 million for the third quarter 2022.
  • As of September 30, 2023, TTEC had cash and cash equivalents of $151.6 million and debt of $967.3 million, resulting in a net debt position of $815.7 million. This compares to a net debt position of $787.0 million for the same period 2022. The increase in net debt is primarily attributable to capital distributions and acquisition-related investments, partially offset by positive cash flow from operations.
  • As of September 30, 2023, TTEC’s remaining borrowing capacity under its revolving credit facility was approximately $215 million compared to $370 million for the same period 2022.
  • TTEC paid a $0.52 per share, or $24.7 million, semi-annual dividend on October 31, 2023, to shareholders of record on October 16, 2023. This rate of dividend has remained unchanged since the company paid the dividend in October 2022.

SEGMENT REPORTING & COMMENTARY

TTEC reports financial results for the following two business segments: TTEC Digital (Digital) and TTEC Engage (Engage). Financial highlights for the two segments are provided below.

TTEC Digital – Design, build and operate tech-enabled, insight-driven CX solutions

  • Third quarter 2023 GAAP revenue for TTEC Digital increased 14.7 percent to $133.3 million from $116.2 million for the year ago period. Income from operations was $11.9 million or 8.9 percent of revenue compared to operating income of $8.0 million or 6.9 percent of revenue for the prior year period. 
  • Non-GAAP income from operations was $19.4 million, or 14.5 percent of revenue compared to operating income of $15.8 million or 13.6 percent of revenue in the prior year period.

TTEC Engage – Digitally-enabled customer care, acquisition, and fraud mitigation services

  • Third quarter 2023 GAAP revenue for TTEC Engage decreased 1.4 percent to $469.7 million from $476.3 million for the year ago period. Income from operations was $13.5 million or 2.9 percent of revenue compared to operating income of $27.6 million, or 5.8 percent of revenue for the prior year period.
  • Non-GAAP income from operations was $27.9 million, or 5.9 percent of revenue, compared to operating income of $34.5 million, or 7.2 percent of revenue in the prior year period.
  • Foreign exchange had a $5.8 million positive impact on revenue and $1.0 million negative impact on Non-GAAP income from operations.

BUSINESS OUTLOOK     

“We continue to view the long-term fundamentals of our business and the value proposition we provide as exceptionally durable. However, the rapidly changing macroeconomic uncertainties impacted a number of our clients and in turn put downward pressure on our fourth quarter financial outlook. As a result, we updated our full year guidance,” commented Francois Bourret, interim chief financial officer of TTEC. 

Bourret continued, “As we are pivoting to 2024, we remain focused on our strategic priorities that deliver improved profitable growth. We look forward to providing our full-year 2024 outlook when we announce our fourth quarter earnings results at the end of February.”

TTEC Full Year 2023 Outlook

Full Year 2023
Guidance

Revenue

$2,433M — $2,453M

Non-GAAP adjusted EBITDA

$270M — $280M

Non-GAAP adjusted EBITDA margins

11.1% — 11.4%

Non-GAAP operating income

$198M — $208M

Non-GAAP operating income margins

8.1% — 8.5%

Interest expense, net

($73M) — ($75M)

Non-GAAP adjusted tax rate

23% — 25%

Diluted share count

47.4M — 47.6M

Non-GAAP earnings per a share

$2.11 — $2.27

Engage Full Year 2023 outlook

Full Year 2023
Guidance

Revenue

$1,950M — $1,966M

Non-GAAP adjusted EBITDA

$198M — $206M

Non-GAAP adjusted EBITDA margins

10.2% — 10.5%

Non-GAAP operating income

$136M — $144M

Non-GAAP operating income margins

7.0% — 7.3%

Digital Full Year 2023 outlook

Full Year 2023
Guidance

Revenue

$483M — $487M

Non-GAAP adjusted EBITDA

$72M — $74M

Non-GAAP adjusted EBITDA margins

14.9% — 15.2%

Non-GAAP operating income

$62M — $64M

Non-GAAP operating income margins

12.8% — 13.1%

The Company has not quantitatively reconciled its guidance for Non-GAAP operating income, Non-GAAP operating income margins, Non-GAAP adjusted EBITDA, Non-GAAP adjusted EBITDA margins, or Non-GAAP earnings per share to their respective most comparable GAAP measures because certain of the reconciling items that impact these metrics, including restructuring and impairment charges, equity-based compensation expense, changes in acquisition contingent consideration, depreciation and amortization expense, and provision for income taxes are dependent on the timing of future events outside of the Company’s control or cannot be reliably predicted. Accordingly, the Company is unable to provide reconciliations to GAAP operating income, operating income margins, EBITDA margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company’s 2023 financial results as reported under GAAP.

NON-GAAP FINANCIAL MEASURES

This press release contains a discussion of certain Non-GAAP financial measures that the Company includes to allow investors and analysts to measure, analyze and compare its financial condition and results of operations in a meaningful and consistent manner. A reconciliation of these Non-GAAP financial measures can be found in the tables accompanying this press release.

  • GAAP metrics are presented in accordance with Generally Accepted Accounting Principles.
  • Non-GAAP – As reflected in the attached reconciliation table, the definition of Non-GAAP may exclude from operating income, EBITDA, net income and earnings per share restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, among other items.

ABOUT TTEC 

TTEC Holdings, Inc. (NASDAQ: TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled CX with solutions from TTEC Engage and TTEC Digital. The Company delivers leading CX technology and operational CX orchestration at scale through its proprietary cloud-based CXaaS (Customer Experience as a Service) platform.  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 and cognitive technology, the Company’s Digital business designs, builds, and operates omnichannel contact center technology, conversational messaging, CRM, automation (AI / ML and RPA), and analytics solutions.  The Company’s Engage business delivers digital customer engagement, customer acquisition and growth, content moderation, fraud prevention, and data annotation solutions. Founded in 1982, the Company’s singular obsession with CX excellence has earned it leading client NPS scores across the globe. The Company’s 64,400 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 release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995, relating to our operations, expected financial position, results of operation, and other business matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance. In this release when we use words such as “may,” “believe,” “plan,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “project,” “would,” “could,” “target,” or similar expressions, or when we discuss our strategy, plans, goals, initiatives, or objectives, we are making forward-looking statements.

We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from those expressed in the forward-looking statements, and you should review and consider carefully the risks, uncertainties, and other factors that affect our business and may cause such differences as outlined in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022 and any subsequent filings with the U.S. Securities and Exchange Commission (the “SEC”) which are available on TTEC’s website www.ttec.com, and on the SEC’s public website at www.sec.gov.  Important factors that could cause our actual results to differ materially from those indicated in the forward looking statements include, among others: the risks related to our business operations and strategy in a competitive market; our ability to innovate and introduce disruptive technologies that would allow us to maintain and grow our market share (e.g., effective adoption of artificial intelligence into our solutions); risks that may arise in connection with events outside of our control (e.g., macroeconomic conditions, geopolitical tensions, outbreaks of infectious diseases); risks inherent in a disruption and cybersecurity of our information technology systems, including as a result of criminal or other unauthorized activity, which can impact our ability to consistently deliver uninterrupted service to our clients or unauthorized access to data, any of which may result in government investigations and enforcement actions, and private legal actions; risks inherent in the delivery of services by employees working from home; our ability to attract and retain qualified personnel at a price point that we can afford and our clients are willing to pay; our M&A activity, including our ability to properly integrate acquired businesses; our reliance on a relatively small number of TTEC Engage clients to generate the majority of our revenue and our reliance on technology partners to generate a large portion of TTEC Digital’s revenue; the changes in laws and regulations that impact our and our clients’ businesses, including rapidly changing data privacy and data protection laws, healthcare business regulations, and financial and public sector specific regulations; the cost of labor and data privacy litigation and other class action litigation; the risks related to our international operations including the stress that geographic expansion may have on our business, the impact if we are unable to expand geographically to meet our clients’ demand or our clients’ reluctance to expand the delivery of their services in certain parts of the world due to conflict or other disruptions; and risks inherent in our equity structure including our controlling shareholder risk, and Delaware choice of dispute resolution risks.

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.

Investor Relations Contact

Paul Miller

+1.303.397.8641

 Address

6312 S Fiddler’s Green Circle, 100N 

Greenwood Village, CO 80111

Communications Contact

Tim Blair

tim.blair@ttec.com

+1.303.397.9267

 

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,

2023

2022

2023

2022

Revenue

$ 602,956

$ 592,453

$ 1,836,636

$ 1,785,429

Operating Expenses:

Cost of services

479,699

450,454

1,427,063

1,361,179

Selling, general and administrative

66,781

75,226

216,129

206,831

Depreciation and amortization

25,595

27,117

76,368

80,061

Restructuring charges, net

1,369

1,113

4,896

4,261

Impairment losses

4,124

2,939

11,083

13,299

         Total operating expenses

577,568

556,849

1,735,539

1,665,631

Income From Operations

25,388

35,604

101,097

119,798

Other income (expense), net

(18,298)

(6,100)

(55,309)

(8,218)

Income Before Income Taxes

7,090

29,504

45,788

111,580

Provision for income taxes

(5,294)

(4,489)

(19,318)

(19,797)

Net Income

1,796

25,015

26,470

91,783

Net income attributable to noncontrolling interest

(3,326)

(2,766)

(8,142)

(10,896)

Net (Loss) / Income Attributable to TTEC Stockholders

$    (1,530)

$   22,249

$     18,328

$     80,887

Net Income Per Share

Basic

$       0.04

$       0.53

$         0.56

$         1.95

Diluted

$       0.04

$       0.53

$         0.56

$         1.94

Net (Loss) / Income Per Share Attributable to TTEC Stockholders

Basic

$     (0.03)

$       0.47

$         0.39

$         1.72

Diluted

$     (0.03)

$       0.47

$         0.39

$         1.71

Income From Operations Margin

4.2 %

6.0 %

5.5 %

6.7 %

Net Income Margin

0.3 %

4.2 %

1.4 %

5.1 %

Net (Loss) / Income Attributable to TTEC Stockholders Margin

(0.3) %

3.8 %

1.0 %

4.5 %

Effective Tax Rate

74.7 %

15.2 %

42.2 %

17.7 %

Weighted Average Shares Outstanding

  Basic

47,415

47,207

47,305

47,087

  Diluted

47,488

47,314

47,417

47,354

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(In thousands)

(unaudited)

Three months ended

Nine months ended

 September 30,

 September 30,

2023

2022

2023

2022

Revenue:

TTEC Digital

$     133,252

$     116,173

$    367,764

$     342,020

TTEC Engage

469,704

476,280

1,468,872

1,443,409

Total

$     602,956

$     592,453

$ 1,836,636

$  1,785,429

Income From Operations:

TTEC Digital

$       11,925

$         8,015

$      19,864

$       24,971

TTEC Engage

13,463

27,589

81,233

94,827

Total

$       25,388

$       35,604

$    101,097

$     119,798

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 September 30,

 December 31, 

2023

2022

ASSETS

Current assets:

   Cash and cash equivalents

$         151,583

$       153,435

   Accounts receivable, net

379,755

417,637

   Prepaid and other current assets

118,956

133,365

   Income and other tax receivables

11,832

45,533

      Total current assets

662,126

749,970

Property and equipment, net

192,554

183,360

Operating lease assets

119,544

92,431

Goodwill

806,400

807,845

Other intangibles assets, net

206,800

233,909

Income and other tax receivables, long term

39,595

Other assets

141,171

86,447

Total assets

$      2,168,190

$    2,153,962

LIABILITIES AND EQUITY

Current liabilities:

   Accounts payable

$         105,519

$         93,937

   Accrued employee compensation and benefits

128,731

145,096

   Deferred revenue

82,529

87,846

   Current operating lease liabilities

37,297

35,271

   Other current liabilities

68,721

49,214

      Total current liabilities

422,797

411,364

Long-term liabilities:

   Line of credit

964,000

960,000

   Non-current operating lease liabilities

97,899

69,575

   Other long-term liabilities

76,009

79,273

      Total long-term liabilities

1,137,908

1,108,848

Redeemable noncontrolling interest

4,310

55,645

Equity:

   Common stock

474

472

   Additional Paid in Capital

398,384

367,673

   Treasury stock

(589,948)

(593,164)

   Accumulated other comprehensive income (loss)

(103,039)

(126,301)

   Retained earnings

880,328

911,233

   Noncontrolling interest

16,976

18,192

      Total equity

603,175

578,105

Total liabilities and equity

$      2,168,190

$    2,153,962

 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 Nine months ended 

 Nine months ended 

  September 30, 

  September 30, 

2023

2022

Cash flows from operating activities:

     Net income

$                  26,470

$                   91,783

     Adjustment to reconcile net income to net cash provided by operating activities :

          Depreciation and amortization

76,368

80,061

          Amortization of contract acquisition costs

1,596

1,345

          Amortization of debt issuance costs

801

735

          Imputed interest expense and fair value adjustments to contingent consideration

6,864

2,070

          Provision for credit losses

1,677

1,561

          Loss on disposal of assets

1,176

1,587

          Impairment losses

11,083

13,299

          Loss on dissolution of subsidiary

301

          Deferred income taxes

(12,288)

(8,216)

          Excess tax benefit from equity-based awards

1,807

(1,256)

          Equity-based compensation expense

16,410

13,240

          Loss / (gain) on foreign currency derivatives

552

269

          Changes in assets and liabilities, net of acquisitions:

                Accounts receivable 

34,995

(37,987)

                Prepaids and other assets 

(1,620)

38,594

                Accounts payable and accrued expenses 

(8,453)

1,483

                Deferred revenue and other liabilities 

(44,508)

(79,755)

                    Net cash provided by operating activities

113,231

118,813

Cash flows from investing activities:

     Proceeds from sale of property, plant and equipment

246

189

     Purchases of property, plant and equipment

(54,722)

(64,564)

     Acquisitions

(142,420)

          Net cash used in investing activities

(54,476)

(206,795)

Cash flows from financing activities:

     Proceeds from / (Repayments of) line of credit, net

4,000

164,000

     Payments on other debt

(1,929)

(2,568)

     Payments of contingent consideration and hold back payments to acquisitions

(37,676)

(9,600)

     Dividends paid to shareholders

(24,572)

(23,518)

     Payments to noncontrolling interest

(8,407)

(9,562)

     Tax payments related to the issuance of restricted stock units

(2,938)

(6,980)

          Net cash (used in) / provided by financing activities

(71,522)

111,772

Effect of exchange rate changes on cash and cash equivalents and restricted cash

3,889

(22,226)

(Decrease) / Increase in cash, cash equivalents and restricted cash

(8,878)

1,564

Cash, cash equivalents and restricted cash, beginning of period

167,064

180,682

Cash, cash equivalents and restricted cash, end of period

$                158,186

$                 182,246

 

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,

2023

2022

2023

2022

Revenue

$  602,956

$  592,453

$ 1,836,636

$ 1,785,429

Reconciliation of Non-GAAP Income from Operations and EBITDA:

Income from Operations

$   25,388

$   35,604

$    101,097

$    119,798

Restructuring charges, net

1,369

1,113

4,896

4,261

Impairment losses

4,124

2,939

11,083

13,299

Cybersecurity incident related impact, net of insurance recovery

(6,833)

(3,210)

(3,164)

Software accelerated amortization

2,127

2,127

Write-off of acquisition related receivable

900

900

Property costs not related to operations

744

744

Grant income for pandemic relief

40

Change in acquisition related obligation

483

Equity-based compensation expenses

6,608

5,357

16,410

13,239

Amortization of purchased intangibles 

9,073

9,041

27,083

28,131

         Non-GAAP Income from Operations

$   47,306

$   50,248

$    158,626

$    178,591

         Non-GAAP Income from Operations Margin

7.8 %

8.5 %

8.6 %

10.0 %

Depreciation and amortization

16,183

15,949

48,946

49,803

Changes in acquisition contingent consideration

102

2,070

6,864

2,070

Change in escrow balance related to acquisition

625

Loss on dissolution of subsidiary

301

Foreign exchange loss / (gain), net

(373)

(3,708)

839

(8,224)

Other Income (expense), net

687

3,946

(2,232)

11,317

         Adjusted EBITDA

$   63,905

$   68,505

$    213,969

$    233,557

         Adjusted EBITDA Margin

10.6 %

11.6 %

11.7 %

13.1 %

Reconciliation of Non-GAAP EPS:

Net Income

$     1,796

$   25,015

$      26,470

$      91,783

Add:  Asset impairment and restructuring charges

5,493

4,052

15,979

17,560

Add:  Equity-based compensation expenses

6,608

5,357

16,410

13,239

Add:  Amortization of purchased intangibles

9,073

9,041

27,083

28,131

Add:  Cybersecurity incident related impact, net of insurance recovery

(6,833)

(3,210)

(3,164)

Add:  Software accelerated amortization

2,127

2,127

Add:  Write-off of acquisition related receivable

900

900

Add:  Property costs not related to operations

744

744

Add:  Grant income for pandemic relief

40

Add:  Change in acquisition related obligation

483

Add:  Changes in acquisition contingent consideration

102

2,070

6,864

2,070

Add:  Changes in escrow balance related to acquisition

625

Add:  Loss on dissolution of subsidiary

301

Add:  Foreign exchange loss / (gain), net

(373)

(3,708)

839

(8,224)

Less:  Changes in valuation allowance, return to provision adjustments and
other, and tax effects of items separately disclosed above

(590)

(5,787)

(6,974)

(17,963)

         Non-GAAP Net Income

$   22,853

$   32,234

$      85,654

$    126,459

             Diluted shares outstanding

47,488

47,314

47,417

47,354

         Non-GAAP EPS

$0.48

$0.68

$1.81

$2.67

Reconciliation of Free Cash Flow:

Cash Flow From Operating Activities:

   Net income

$     1,321

$   25,015

$      25,995

$      91,783

   Adjustments to reconcile net income to net cash provided by operating activities:

          Depreciation and amortization

25,256

27,117

76,029

80,061

          Other

(58,295)

(24,591)

11,207

(53,031)

   Net cash (used in) / provided by operating activities

(31,718)

27,541

113,231

118,813

Less – Total Cash Capital Expenditures

21,768

28,774

54,722

64,564

        Free Cash Flow

$  (53,486)

$    (1,233)

$      58,509

$      54,249

Reconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment :

TTEC Engage

TTEC Digital

TTEC Engage

TTEC Digital

Q3 23

Q3 22

Q3 23

Q2 22

YTD 23

YTD 22

YTD 23

YTD 22

Income from Operations

$   13,463

$   27,644

$   11,925

$     7,960

$      81,233

$      94,882

$   19,864

$   24,916

Restructuring charges, net

634

1,086

735

27

2,427

4,121

2,469

140

Impairment losses

4,124

2,728

211

8,229

13,088

2,854

211

Cybersecurity incident related impact, net of insurance recovery

(6,833)

(3,210)

(3,164)

Software accelerated amortization

1,702

425

1,702

425

Write-off of acquisition related receivable

900

900

Property costs not related to operations

744

744

Grant income for pandemic relief

40

Change in acquisition related obligation

483

Equity-based compensation expenses

4,327

3,530

2,281

1,827

10,599

8,816

5,811

4,423

Amortization of purchased intangibles 

4,649

4,615

4,424

4,426

13,951

12,614

13,132

15,517

         Non-GAAP Income from Operations

$   27,941

$   34,472

$   19,365

$   15,776

$    114,013

$    132,059

$   44,613

$   46,532

Depreciation and amortization

13,807

13,194

2,377

2,755

41,695

40,894

7,252

8,910

Changes in acquisition contingent consideration

102

2,070

6,864

2,070

Change in escrow balance related to acquisition

625

Loss on dissolution of subsidiary

301

Foreign exchange loss / (gain), net

(297)

(3,064)

(76)

(644)

815

(7,146)

24

(1,078)

Other Income (expense), net

578

3,321

108

625

(2,332)

10,415

99

902

         Adjusted EBITDA

$   42,131

$   49,993

$   21,774

$   18,512

$    161,981

$    178,292

$   51,988

$   55,266

 

TTEC Logo (PRNewsfoto/TTEC Holdings, Inc.)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/ttec-announces-third-quarter-2023-financial-results-301982116.html

SOURCE TTEC Holdings, Inc.

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