TTEC Announces Second Quarter 2025 Financial Results
TTEC Holdings (NASDAQ:TTEC) reported Q2 2025 financial results with revenue of $513.6 million, down 3.8% year-over-year. The company posted a GAAP net loss of $6.7 million but achieved Non-GAAP net income of $10.6 million. Adjusted EBITDA reached $51.8 million, representing 10.1% of revenue.
The company's segments showed mixed performance: TTEC Digital revenue decreased 2.3% to $113.7 million, while TTEC Engage revenue declined 4.3% to $399.8 million. Despite revenue challenges, both segments improved their operating margins. The company has updated its full-year 2025 guidance, raising revenue expectations to $2,064M - $2,114M.
Cash flow from operations significantly improved to $92.7 million, with free cash flow of $85.5 million. The company maintained a strong liquidity position with $270 million in remaining borrowing capacity.
TTEC Holdings (NASDAQ:TTEC) ha riportato i risultati finanziari del secondo trimestre 2025 con un fatturato di 513,6 milioni di dollari, in calo del 3,8% rispetto all'anno precedente. La societ脿 ha registrato una perdita netta GAAP di 6,7 milioni di dollari, ma ha ottenuto un utile netto Non-GAAP di 10,6 milioni di dollari. L'EBITDA rettificato ha raggiunto 51,8 milioni di dollari, pari al 10,1% del fatturato.
I segmenti aziendali hanno mostrato performance contrastanti: il fatturato di TTEC Digital 猫 diminuito del 2,3% a 113,7 milioni di dollari, mentre quello di TTEC Engage 猫 sceso del 4,3% a 399,8 milioni di dollari. Nonostante le difficolt脿 di fatturato, entrambi i segmenti hanno migliorato i margini operativi. La societ脿 ha aggiornato le previsioni per l'intero anno 2025, alzando le stime di fatturato a 2.064 - 2.114 milioni di dollari.
Il flusso di cassa operativo 猫 migliorato significativamente, raggiungendo 92,7 milioni di dollari, con un flusso di cassa libero di 85,5 milioni di dollari. La societ脿 mantiene una solida posizione di liquidit脿 con una capacit脿 di indebitamento residua di 270 milioni di dollari.
TTEC Holdings (NASDAQ:TTEC) report贸 los resultados financieros del segundo trimestre de 2025 con ingresos de 513,6 millones de d贸lares, una disminuci贸n del 3,8% interanual. La compa帽铆a registr贸 una p茅rdida neta GAAP de 6,7 millones de d贸lares, pero logr贸 un ingreso neto Non-GAAP de 10,6 millones de d贸lares. El EBITDA ajustado alcanz贸 51,8 millones de d贸lares, representando el 10,1% de los ingresos.
Los segmentos de la empresa mostraron un desempe帽o mixto: los ingresos de TTEC Digital disminuyeron un 2,3% hasta 113,7 millones de d贸lares, mientras que los de TTEC Engage cayeron un 4,3% hasta 399,8 millones de d贸lares. A pesar de los desaf铆os en los ingresos, ambos segmentos mejoraron sus m谩rgenes operativos. La compa帽铆a actualiz贸 su gu铆a para todo el a帽o 2025, aumentando las expectativas de ingresos a 2.064 - 2.114 millones de d贸lares.
El flujo de caja operativo mejor贸 significativamente a 92,7 millones de d贸lares, con un flujo de caja libre de 85,5 millones de d贸lares. La empresa mantuvo una s贸lida posici贸n de liquidez con una capacidad de endeudamiento restante de 270 millones de d贸lares.
TTEC Holdings (NASDAQ:TTEC)電� 2025雲� 2攵勱赴 鞁れ爜鞚� 氚滍憸頃橂┌ 毵れ稖鞎§澊 5鞏� 1,360毵� 雼煬搿� 鞝勲厔 霃欔赴 雽�牍� 3.8% 臧愳唽頄堧嫟瓿� 氚濏様鞀惦媹雼�. 須岇偓電� GAAP 旮办 靾滌啇鞁� 670毵� 雼煬毳� 旮半頄堨溂雮� Non-GAAP 旮办 靾滌澊鞚奠潃 1,060毵� 雼煬毳� 雼劚頄堨姷雼堧嫟. 臁办爼 EBITDA電� 5,180毵� 雼煬搿� 毵れ稖鞚� 10.1%鞐� 頃措嫻頃╇媹雼�.
靷梾 攵�氍鸽硠 鞁れ爜鞚� 鞐囮皥霠胳姷雼堧嫟. TTEC Digital 毵れ稖鞚� 2.3% 臧愳唽頃� 1鞏� 1,370毵� 雼煬鞓�瓿�, TTEC Engage 毵れ稖鞚� 4.3% 臧愳唽頃� 3鞏� 9,980毵� 雼煬鞓�鞀惦媹雼�. 毵れ稖 臧愳唽鞐愲弰 攵堦惮頃橁碃 霊� 攵�氍� 氇憪 鞓侅梾 毵堨鞚� 臧滌劆頄堨姷雼堧嫟. 須岇偓電� 2025雲� 鞝勳泊 臧�鞚措崢鞀るゼ 鞐呺嵃鞚错姼頃橂┌ 毵れ稖 鞝勲鞚� 20鞏� 6,400毵� 雼煬 - 21鞏� 1,400毵� 雼煬搿� 靸來枼 臁办爼頄堨姷雼堧嫟.
鞓侅梾頇滊彊 順勱笀頋愲鞚� 韥矊 臧滌劆霅橃柎 9,270毵� 雼煬毳� 旮半頄堦碃, 鞛夓棳順勱笀頋愲鞚� 8,550毵� 雼煬鞓�鞀惦媹雼�. 須岇偓電� 2鞏� 7,000毵� 雼煬鞚� 雮潃 彀瀰 鞐牓鞚� 鞙犾頃橂┌ 瓴碃頃� 鞙犽彊靹� 鞙勳箻毳� 鞙犾頃橁碃 鞛堨姷雼堧嫟.
TTEC Holdings (NASDAQ:TTEC) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025, affichant un chiffre d'affaires de 513,6 millions de dollars, en baisse de 3,8 % par rapport 脿 l'ann茅e pr茅c茅dente. La soci茅t茅 a enregistr茅 une perte nette GAAP de 6,7 millions de dollars, mais a r茅alis茅 un b茅n茅fice net Non-GAAP de 10,6 millions de dollars. L'EBITDA ajust茅 a atteint 51,8 millions de dollars, soit 10,1 % du chiffre d'affaires.
Les segments de l'entreprise ont montr茅 des performances mitig茅es : le chiffre d'affaires de TTEC Digital a diminu茅 de 2,3 % pour atteindre 113,7 millions de dollars, tandis que celui de TTEC Engage a recul茅 de 4,3 % 脿 399,8 millions de dollars. Malgr茅 ces d茅fis, les deux segments ont am茅lior茅 leurs marges op茅rationnelles. La soci茅t茅 a r茅vis茅 ses pr茅visions pour l'ann茅e 2025, augmentant ses attentes de chiffre d'affaires 脿 2 064 M$ - 2 114 M$.
Les flux de tr茅sorerie op茅rationnels se sont nettement am茅lior茅s, atteignant 92,7 millions de dollars, avec un flux de tr茅sorerie libre de 85,5 millions de dollars. La soci茅t茅 maintient une solide position de liquidit茅 avec une capacit茅 d鈥檈mprunt restante de 270 millions de dollars.
TTEC Holdings (NASDAQ:TTEC) meldete die Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Umsatz von 513,6 Millionen US-Dollar, was einem R眉ckgang von 3,8 % im Jahresvergleich entspricht. Das Unternehmen verzeichnete einen GAAP-Nettogewinnverlust von 6,7 Millionen US-Dollar, erzielte jedoch einen Non-GAAP-Nettogewinn von 10,6 Millionen US-Dollar. Das bereinigte EBITDA erreichte 51,8 Millionen US-Dollar und entspricht 10,1 % des Umsatzes.
Die Gesch盲ftsbereiche zeigten unterschiedliche Leistungen: Der Umsatz von TTEC Digital sank um 2,3 % auf 113,7 Millionen US-Dollar, w盲hrend der Umsatz von TTEC Engage um 4,3 % auf 399,8 Millionen US-Dollar zur眉ckging. Trotz der Umsatzr眉ckg盲nge verbesserten beide Segmente ihre operativen Margen. Das Unternehmen hat seine Prognose f眉r das Gesamtjahr 2025 aktualisiert und die Umsatzerwartungen auf 2,064 Mrd. 鈥� 2,114 Mrd. US-Dollar 别谤丑枚丑迟.
Der operative Cashflow verbesserte sich deutlich auf 92,7 Millionen US-Dollar, mit einem freien Cashflow von 85,5 Millionen US-Dollar. Das Unternehmen h盲lt eine starke Liquidit盲tsposition mit einer verbleibenden Kreditaufnahmef盲higkeit von 270 Millionen US-Dollar.
- Adjusted EBITDA margin improved to 10.1% from 8.7% year-over-year
- Operating cash flow nearly doubled to $92.7 million from $49.3 million in Q2 2024
- TTEC Digital segment's Non-GAAP operating margin increased to 16.1% from 12.8%
- Company raised full-year 2025 revenue guidance
- Available borrowing capacity improved to $270 million from $100 million year-over-year
- Revenue declined 3.8% year-over-year to $513.6 million
- Reported GAAP net loss of $6.7 million or $0.14 per share
- Both segments experienced revenue declines (Digital -2.3%, Engage -4.3%)
- High net debt position of $803.7 million
Insights
TTEC shows mixed results with improved margins and raised revenue guidance despite a 3.8% revenue decline year-over-year.
TTEC's Q2 2025 results present a mixed but improving picture. While revenue declined 3.8% to
The company's transformation initiatives are bearing fruit in three key areas. First, cash flow generation nearly doubled year-over-year to
Most notably, management raised full-year revenue guidance, citing stronger growth in their existing client base and positive foreign exchange impacts. The company's strategic pivot toward AI-enabled solutions appears to be resonating with clients as they report attracting new marquee customers.
Despite these improvements, challenges remain. The company still reported a GAAP net loss of
Second Quarter 2025
Revenue was
Net Loss was
(Net Income of
Adjusted EBITDA was
Updates Revenue Outlook for Full Year 2025
"We are pleased with our financial results for the second quarter and first half of the year and are on our way to bringing TTEC back to our historic growth rates and profitability. Our leadership team is delivering on our transformation with consistent improvements in growth and margins.听 With our digital-first approach, we continue to attract new marquee clients as we grow with our embedded base," commented Ken Tuchman, chairman and chief executive officer of TTEC.
"As the market continues to evolve with AI innovations, we are designing and delivering complex transformational digital solutions that align with the rapidly changing CX landscape.听 Our teams are deploying AI throughout our entire organization and working externally with our clients to deliver the right balance between human interaction and AI automation. We are transforming our clients' end-to-end customer experiences by leading with AI and data driven solutions and continue to deepen our partnerships with the leading CX technology players. This approach is delivering for our clients as evidenced in our increased full-year 2025 revenue guidance," Tuchman concluded.听
SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS听听听听听听听听听听听听听听听听听听听听听听
搁别惫别苍耻别听听听听听听听听
- Second quarter 2025 GAAP revenue was
$513.6 million $534 - Foreign exchange had a
$2.4 million
Income from Operations
- Second quarter 2025 GAAP income from operations was
$18.9 million $224 - Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was
$36 $29.5 million - Foreign exchange had a
$1.5 million
Adjusted EBITDA听听听听听听听听
- Second quarter 2025 Non-GAAP Adjusted EBITDA was
$51.8 million $46
Earnings Per Share
- Second quarter 2025 GAAP fully diluted net loss per share was
$0.14 $6.24 - Non-GAAP fully diluted earnings per share was
$0.22 $0.14
CASH FLOW AND BALANCE SHEET听
- Cash flow from operations in the second quarter of 2025 was
$92.7 million $49.3 million - Free cash flow in the second quarter of 2025 was
$85.5 million $35.1 million - Capital expenditures in the second quarter of 2025 were
$7.2 million $14.2 million - As of June 30, 2025, TTEC had cash and cash equivalents of
$82.6 million $886 $803.7 million $853.4 million - As of June 30, 2025, TTEC's remaining borrowing capacity under its revolving credit facility was approximately
$270 million $100 million
SEGMENT REPORTING & COMMENTARY
TTEC reports financial results for TTEC Digital and TTEC听Engage business segments. Financial highlights for the two business segments are provided below.
TTEC Digital 鈥� Design, build and operate tech-enabled, insight-driven CX solutions
- Second quarter 2025 GAAP revenue for TTEC Digital was
$113.7 million $116.4 million - Income from operations was
$11.4 million $6.0 million - Non-GAAP income from operations was
$18.4 million $15.0 million
TTEC Engage 鈥� Technology-enabled customer care, acquisition, and fraud mitigation services
- Second quarter 2025 GAAP revenue for TTEC Engage was
$399.8 million $417.7 million - Income from operations was
$7.5 million $230.4 million - Non-GAAP income from operations was
$18.4 million $14.6 million - Foreign exchange had a
$2.2 million $1.5 million
BUSINESS OUTLOOK
"We delivered solid performance in the second quarter and first half of the year in both segments, exceeding our plan. In TTEC Digital, we are diversifying and scaling with our new growth partners. We also remain highly focused on utilization to maximize our margins as the market shifts to more holistic data and AI solutions. In TTEC Engage, the revenue decline was less than expected and our profit optimization delivered significant improvement in our margins through the first half of the year," commented Kenny Wagers, chief financial officer of TTEC.
Wagers continued, "In our Engage segment, we are raising our revenue guidance due to higher growth in our embedded base and a positive foreign exchange impact on revenue compared to budgeted 2025 foreign exchange rates. We are re-iterating our full-year outlook on our profitability, noting that the foreign exchange impact versus budget is having a negative impact on Engage's margins. We are well positioned to deliver on our financial commitments in the second half of the year but remain cautious as we navigate the dynamic global economic environment."
听
TTEC Full Year 2025 Outlook | |||
Full Year 2025 | Full Year 2025 | ||
Revenue | |||
Non-GAAP adjusted EBITDA | |||
Non-GAAP adjusted EBITDA margins | 10.8听% | ||
Non-GAAP operating income | |||
Non-GAAP operating income margins | 7.8听% | ||
Interest expense, net | ( | ( | |
Non-GAAP adjusted tax rate | 41听% | ||
Diluted share count | 48.0M 鈥� 48.4M | 48.2M | |
Non-GAAP earnings per a share | |||
Engage Full Year 2025 Outlook | |||
Full Year 2025 | Full Year 2025 | ||
Revenue | |||
Non-GAAP adjusted EBITDA | |||
Non-GAAP adjusted EBITDA margins | 9.7听% | ||
Non-GAAP operating income | |||
Non-GAAP operating income margins | 6.6听% | ||
Digital Full Year 2025 Outlook | |||
Full Year 2025 | Full Year 2025 | ||
Revenue | |||
Non-GAAP adjusted EBITDA | |||
Non-GAAP adjusted EBITDA margins | 14.5听% | ||
Non-GAAP operating income | |||
Non-GAAP operating income margins | 12.1听% | ||
听
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 2025 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听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
TTEC will host a live webcast and conference call at 8:30 a.m. ET on Friday, August 8, 2025. You are invited to join a live webcast of the conference call by visiting the "Investors Relations" section of the TTEC website at . 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 .
FORWARD-LOOKING STATEMENTS听
This Earnings Press Release and related oral statements contains "forward-looking statements" within the meaning of Section听27A of the Securities Act of 1933, Section听21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to our operations, expected financial position, results of operation, effective tax rate, cash flow, leverage, liquidity, business strategy, profit improvement actions, competitive position, demand for our services in international operations, acquisition opportunities and impact of acquisitions, capital allocation and dividends, growth opportunities, spending, capital expenditures and investments, competition and market forecasts, industry trends, our human capital resources, and other business, 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," "project," "would," "could," "target," or similar expressions, or when we discuss our strategy, plans, goals, initiatives, or objectives, we are making forward-looking statements. Unless otherwise indicated or except where the context otherwise requires, the terms "TTEC," "the Company," "we," "us" and "our" and other similar terms in this report refer to TTEC Holdings, Inc. and its subsidiaries. We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from those expressed in the forward-looking statements, and you should review and consider carefully the risks, uncertainties, and other factors that affect our business and may cause such differences as outlined in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent filings with the
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.
听
TTEC HOLDINGS, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(In thousands, except per share data) | |||||||||
(unaudited) | |||||||||
Three months ended | Six months ended | ||||||||
June 30, | June 30, | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
Revenue | $听 513,571 | $听 534,085 | |||||||
Operating Expenses: | |||||||||
Cost of services | 399,273 | 417,890 | 813,820 | 871,708 | |||||
Selling, general and administrative | 70,654 | 73,726 | 140,691 | 148,301 | |||||
Depreciation and amortization | 22,888 | 25,071 | 45,586 | 50,216 | |||||
Restructuring charges, net | 1,116 | 5,095 | 3,112 | 5,344 | |||||
Impairment losses | 764 | 236,716 | 1,525 | 236,856 | |||||
听听听听听听听听 Total operating expenses | 494,695 | 758,498 | 1,004,734 | 1,312,425 | |||||
Income / (Loss) From Operations | 18,876 | (224,413) | 43,065 | (201,702) | |||||
Other income (expense), net | (15,312) | (18,229) | (26,940) | (38,111) | |||||
Income / (Loss) Before Income Taxes | 3,564 | (242,642) | 16,125 | (239,813) | |||||
Provision for income taxes | (10,288) | (54,126) | (19,603) | (56,455) | |||||
Net Income / (Loss) | (6,724) | (296,768) | (3,478) | (296,268) | |||||
Net (loss) / income attributable to noncontrolling interest | (1,263) | (2,771) | (3,125) | (5,576) | |||||
Net Income / (Loss) Attributable to TTEC Stockholders | $听听听 (7,987) | $听听听听听 (6,603) | $听 (301,844) | ||||||
Net Income / (Loss) Per Share | |||||||||
Basic | $听听听听听 (0.14) | $听听听听听 (6.24) | $听听听听听听听 (0.07) | $听听听听听听听 (6.24) | |||||
Diluted | $听听听听听 (0.14) | $听听听听听 (6.24) | $听听听听听听听 (0.07) | $听听听听听听听 (6.24) | |||||
Net Income / (Loss) Per Share Attributable to TTEC Stockholders | |||||||||
Basic | $听听听听听 (0.17) | $听听听听听 (6.30) | $听听听听听听听 (0.14) | $听听听听听听听 (6.35) | |||||
Diluted | $听听听听听 (0.17) | $听听听听听 (6.30) | $听听听听听听听 (0.14) | $听听听听听听听 (6.35) | |||||
Income / (Loss) From Operations Margin | 3.7听% | (42.0)听% | 4.1听% | (18.2)听% | |||||
Net Income / (Loss) Margin | (1.3)听% | (55.6)听% | (0.3)听% | (26.7)听% | |||||
Net Income / (Loss) Attributable to TTEC Stockholders Margin | (1.6)听% | (56.1)听% | (0.6)听% | (27.2)听% | |||||
Effective Tax Rate | 288.7听% | (22.3)听% | 121.6听% | (23.5)听% | |||||
Weighted Average Shares Outstanding | |||||||||
听 Basic | 48,064 | 47,564 | 47,918 | 47,498 | |||||
听 Diluted | 48,064 | 47,564 | 47,918 | 47,498 | |||||
听
TTEC HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
SEGMENT INFORMATION | ||||||||
(In thousands) | ||||||||
(unaudited) | ||||||||
Three months ended | Six months ended | |||||||
June 30, | June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Revenue: | ||||||||
TTEC Digital | $听听听听听 113,746 | $听听听听听 116,368 | $听听听听 221,786 | $听听听 228,399 | ||||
TTEC Engage | 399,825 | 417,717 | 826,013 | 882,324 | ||||
Total | $听听听听听 513,571 | $听听听听听 534,085 | $听 1,047,799 | |||||
Income / (Loss) From Operations | ||||||||
TTEC Digital | $听听听听听听 11,409 | $听听听听听听听听 6,008 | $听听听听听 17,273 | $听听听听听听 9,296 | ||||
TTEC Engage | 7,467 | (230,421) | 25,792 | (210,998) | ||||
Total | $听听听听听听 18,876 | $听听听 (224,413) | $听听听听听 43,065 | $听 (201,702) | ||||
听
TTEC HOLDINGS, INC. AND SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(In thousands) | ||||
(unaudited) | ||||
June 30, | December 31, | |||
2025 | 2024 | |||
ASSETS | ||||
Current assets: | ||||
听听 Cash and cash equivalents | $听听听听听听听 82,559 | $听听听听听听听听 84,991 | ||
听听 Accounts receivable, net | 420,269 | 452,573 | ||
听听 Prepaids and other current assets | 101,632 | 92,947 | ||
听听 Income and other tax receivables | 23,253 | 21,785 | ||
听听听听听 Total current assets | 627,713 | 652,296 | ||
Property and equipment, net | 112,685 | 132,051 | ||
Operating lease assets | 100,331 | 91,263 | ||
Goodwill | 574,383 | 571,197 | ||
Other intangibles assets, net | 149,548 | 164,808 | ||
Income and other tax receivables, long-term | 20,063 | 31,781 | ||
Other assets | 110,307 | 109,984 | ||
Total assets | $听听听 1,695,030 | $听听听听 1,753,380 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities: | ||||
听听 Accounts payable | $听听听听听听听 71,623 | $听听听听听听听听 84,180 | ||
听听 Accrued employee compensation and benefits | 138,985 | 137,636 | ||
听听 Deferred revenue | 69,501 | 64,752 | ||
听听 Current operating lease liabilities | 34,006 | 33,358 | ||
听听 Other current liabilities | 41,174 | 34,010 | ||
听听听听听 Total current liabilities | 355,289 | 353,936 | ||
Long-term liabilities: | ||||
听听 Line of credit | 882,500 | 975,000 | ||
听听 Non-current operating lease liabilities | 78,055 | 71,008 | ||
听听 Other long-term liabilities | 84,010 | 85,317 | ||
听听听听听 Total long-term liabilities | 1,044,565 | 1,131,325 | ||
Equity: | ||||
听听 Common stock | 484 | 477 | ||
听听 Additional paid in capital | 426,437 | 420,181 | ||
听听 Treasury stock | (584,900) | (584,900) | ||
听听 Accumulated other comprehensive income (loss) | (104,149) | (132,121) | ||
听听 Retained earnings | 540,014 | 546,617 | ||
听听 Noncontrolling interest | 17,290 | 17,865 | ||
听听听听听 Total equity | 295,176 | 268,119 | ||
Total liabilities and equity | $听听听 1,695,030 | $听听听听 1,753,380 | ||
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TTEC HOLDINGS, INC. AND SUBSIDIARIES | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(In thousands) | |||
(unaudited) | |||
听Six Months Ended听 | 听Six Months Ended听 | ||
听June 30,听 | 听June 30,听 | ||
2025 | 2024 | ||
Cash flows from operating activities: | |||
听听听听 Net (loss) income听 | $听听听听听听听听听听听听听听听听听听听听听听 (3,478) | $听听听听听听听听听听听听听听听听听听听听 (296,268) | |
听听听听 Adjustment to reconcile net (loss) income to net cash provided by operating activities : | |||
听听听听听听听听听 Depreciation and amortization | 45,586 | 50,216 | |
听听听听听听听听听 Amortization of contract acquisition costs | 790 | 677 | |
听听听听听听听听听 Amortization of debt issuance costs | 985 | 985 | |
听听听听听听听听听 Imputed interest expense and fair value adjustments to contingent consideration | - | (1,047) | |
听听听听听听听听听 Provision for credit losses | 598 | 2,644 | |
听听听听听听听听听 Loss on disposal of assets | 597 | 1,252 | |
听听听听听听听听听 Impairment losses | 1,525 | 236,856 | |
听听听听听听听听听 Loss on dissolution of subsidiary | - | - | |
听听听听听听听听听 Deferred income taxes | 3,033 | 37,148 | |
听听听听听听听听听 Excess tax benefit from equity-based awards | 720 | 1,732 | |
听听听听听听听听听 Equity-based compensation expense | 7,301 | 10,916 | |
听听听听听听听听听 Loss / (gain) on foreign currency derivatives | (338) | 145 | |
听听听听听听听听听 Changes in assets and liabilities, net of acquisitions: | |||
听听听听听听听听听听听听听听听 Accounts receivable听 | 42,509 | 8,315 | |
听听听听听听听听听听听听听听听 Prepaids and other assets听 | 17,479 | (10,804) | |
听听听听听听听听听听听听听听听 Accounts payable and accrued expenses听 | 14,665 | (996) | |
听听听听听听听听听听听听听听听 Deferred revenue and other liabilities听 | (17,671) | (8,126) | |
听听听听听听听听听听听听听听听听听听听 Net cash provided by operating activities | 114,301 | 33,645 | |
Cash flows from investing activities: | |||
听听听听 Proceeds from sale of property, plant and equipment | 176 | 116 | |
听听听听 Purchases of property, plant and equipment | (12,587) | (27,682) | |
听听听听听听听听听 Net cash used in investing activities | (12,411) | (27,566) | |
Cash flows from financing activities: | |||
听听听听 Net proceeds from / (repayments of) line of credit | (92,500) | (65,000) | |
听听听听 Payments on other debt | (1,088) | (1,379) | |
听听听听 Payments of contingent consideration and hold back payments to acquisitions | - | - | |
听听听听 Dividends paid to shareholders | - | (2,847) | |
听听听听 Payments to noncontrolling interest | (4,101) | (4,770) | |
听听听听 Tax payments related to the issuance of restricted stock units | (1,038) | (606) | |
听听听听 Payments of debt issuance costs | (200) | (1,100) | |
听听听听听听听听听 Net cash used in financing activities | (98,927) | (75,702) | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (5,395) | (4,612) | |
(Decrease) in cash, cash equivalents and restricted cash | (2,432) | (74,235) | |
Cash, cash equivalents and restricted cash, beginning of period | 84,991 | 173,905 | |
Cash, cash equivalents and restricted cash, end of period | $听听听听听听听听听听听听听听听听听听听听听 82,559 | $听听听听听听听听听听听听听听听听听听听听听听听 99,670 | |
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TTEC HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION | |||||||||||
(In thousands, except per share data) | |||||||||||
(unaudited) | |||||||||||
Three months ended | Six months ended | ||||||||||
June 30, | June 30, | ||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||
Revenue | $听听听听听听听 513,571 | $听 534,085 | |||||||||
Reconciliation of Non-GAAP Income from Operations and EBITDA: | |||||||||||
Net Income / (Loss) from Operations | $听听听听听听听听听 18,876 | $听听听听听 43,065 | $听听 (201,702) | ||||||||
Restructuring charges, net | 1,116 | 5,095 | 3,112 | 5,344 | |||||||
Impairment losses | 764 | 236,716 | 1,525 | 236,856 | |||||||
Property costs not related to operations | - | 872 | (46) | 1,905 | |||||||
Mexico VAT consulting fees | 412 | - | 820 | - | |||||||
Liability related to notifications triggered by labor scheme听 听(1) | - | (2,275) | - | (2,750) | |||||||
Expenses related to non-binding offer | 3,830 | - | 7,019 | - | |||||||
Equity-based compensation expenses | 4,051 | 5,104 | 7,301 | 10,916 | |||||||
Amortization of purchased intangibles听 | 7,738 | 8,439 | 15,488 | 16,884 | |||||||
听听听听听听听听 Non-GAAP Income from Operations | $听听听听听听听听听 36,787 | $听听听 29,538 | $听听听听听 78,284 | $听听听听听 67,453 | |||||||
听听听听听听听听 Non-GAAP Income from Operations Margin | 7.2听% | 5.5听% | 7.5听% | 6.1听% | |||||||
Depreciation and amortization | 15,150 | 16,210 | 30,098 | 32,279 | |||||||
Changes in acquisition contingent consideration | - | 193 | - | (1,047) | |||||||
Gain on property sale | (179) | - | (629) | - | |||||||
Mexico VAT Recovery | (2,719) | - | (6,625) | - | |||||||
Foreign SS Tax Recovery | - | (853) | - | (853) | |||||||
Foreign VAT receivable writeoff | - | - | - | 770 | |||||||
Foreign exchange loss / (gain), net | 3,027 | (636) | 3,777 | 556 | |||||||
Other Income (expense), net | (296) | 1,788 | 3,293 | 1,994 | |||||||
听听听听听听听听 Adjusted EBITDA | $听听听听听听听听听 51,770 | $听听听 46,240 | $听听听 108,198 | $听听听 101,152 | |||||||
听听听听听听听听 Adjusted EBITDA Margin | 10.1听% | 8.7听% | 10.3听% | 9.1听% | |||||||
Reconciliation of Non-GAAP EPS: | |||||||||||
Net Income | $听听听听听听听听听 (6,724) | $听听听听听 (3,478) | $听听 (296,268) | ||||||||
Add:听 Asset impairment and restructuring charges | 1,880 | 241,811 | 4,637 | 242,200 | |||||||
Add:听 Equity-based compensation expenses | 4,051 | 5,104 | 7,301 | 10,916 | |||||||
Add:听 Amortization of purchased intangibles | 7,738 | 8,439 | 15,488 | 16,884 | |||||||
Add:听 Property costs not related to operations | - | 872 | (46) | 1,905 | |||||||
Add:听 Liability related to notifications triggered by labor scheme | - | (2,275) | - | (2,750) | |||||||
Add:听 Foreign SS Tax Recovery | - | (853) | - | (853) | |||||||
Add:听 Foreign VAT receivable writeoff | - | - | - | 770 | |||||||
Add:听 Changes in acquisition contingent consideration | - | 193 | - | (1,047) | |||||||
Add:听 Foreign VAT (inclusive of interest) | (5,266) | - | (13,089) | - | |||||||
Add:听 Fees related to non-binding offer | 3,830 | - | 7,019 | - | |||||||
Add:听 Gain on property sale | (179) | - | (629) | - | |||||||
Add:听 Foreign exchange loss / (gain), net | 3,027 | (636) | 3,777 | 556 | |||||||
Less:听 Changes in valuation allowance, return to provision adjustments and other, and tax effects of items separately disclosed above | 2,198 | 50,748 | 3,200 | 46,942 | |||||||
听听听听听听听听 Non-GAAP Net Income | $听听听听听听听听听 10,555 | $听听听听听 6,635 | $听听听听听 24,180 | $听听听听听 19,255 | |||||||
听听听听听听听听听听听听 Diluted shares outstanding | 48,064 | 47,564 | 47,918 | 47,498 | |||||||
听听听听听听听听 Non-GAAP EPS | |||||||||||
Reconciliation of Free Cash Flow: | |||||||||||
Cash Flow From Operating Activities: | |||||||||||
听听 Net (loss) / income | $听听听听听听听听听 (6,724) | $听听听听听 (3,478) | $听听 (296,268) | ||||||||
听听 Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
听听听听听听听听听 Depreciation and amortization | 22,888 | 25,071 | 45,586 | 50,216 | |||||||
听听听听听听听听听 Other | 76,545 | 320,971 | 72,193 | 279,697 | |||||||
听听 Net cash provided by operating activities | 92,709 | 49,274 | 114,301 | 33,645 | |||||||
Less - Total Cash Capital Expenditures | 7,181 | 14,209 | 12,587 | 27,682 | |||||||
听听听听听听听 Free Cash Flow | $听听听听听听听听听 85,528 | $听听听 35,065 | $听听听 101,714 | $听听听听听听听 5,963 | |||||||
(1) - 听For further information, please see discussion in the Risk Factors section of the 2024 Form 10-K filed on February 27, 2025. |
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Reconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment : | ||||||||||||||
TTEC Engage | TTEC Digital | TTEC Engage | TTEC Digital | |||||||||||
Q2 25 | Q2 24 | Q2 25 | Q2 24 | YTD 25 | YTD 24 | YTD 25 | YTD 24 | |||||||
(Loss) / Income from Operations | $听听听听听听听听听听听 7,467 | $听听听 11,409 | $听听听听 6,008 | $听听听听听 25,792 | $听听 (210,999) | $听听听 17,273 | $听听听听 9,297 | |||||||
Restructuring charges, net | 887 | 4,842 | 229 | 253 | 2,179 | 5,495 | 932 | (151) | ||||||
Impairment losses | 567 | 234,205 | 197 | 2,511 | 1,287 | 234,345 | 239 | 2,511 | ||||||
Property costs not related to operations | - | 872 | - | - | (46) | 1,905 | - | - | ||||||
Mexico VAT Consulting Fees | 412 | - | - | - | 820 | - | - | - | ||||||
Expenses related to non-binding offer | 2,592 | - | 1,238 | - | 5,225 | - | 1,794 | - | ||||||
Liability related to notifications triggered by labor scheme | - | (2,275) | - | - | - | (2,750) | - | - | ||||||
Equity-based compensation expenses | 2,417 | 3,264 | 1,634 | 1,840 | 4,440 | 7,047 | 2,861 | 3,869 | ||||||
Amortization of purchased intangibles听 | 4,082 | 4,101 | 3,656 | 4,338 | 8,149 | 8,208 | 7,339 | 8,676 | ||||||
听听听听听听听听 Non-GAAP Income from Operations | $听听听听听听听听听 18,424 | $听听听 14,588 | $听听听 18,363 | $听听听 14,950 | $听听听听听 47,846 | $听听听听听 43,251 | $听听听 30,438 | $听听听 24,202 | ||||||
Depreciation and amortization | 12,342 | 13,534 | 2,808 | 2,676 | 24,481 | 26,891 | 5,617 | 5,388 | ||||||
Changes in acquisition contingent consideration | - | 193 | - | - | - | (1,047) | - | - | ||||||
Gain on Property Sale | (179) | - | - | - | (629) | - | - | - | ||||||
Mexico VAT Recovery | (2,719) | - | - | - | (6,625) | - | - | - | ||||||
Foreign VAT receivable writeoff | - | - | - | - | - | 770 | - | - | ||||||
听听听 Foreign SS Tax Recovery | - | (853) | - | - | - | (853) | - | - | ||||||
Foreign exchange loss / (gain), net | 2,821 | (585) | 206 | (51) | 3,572 | 793 | 205 | (238) | ||||||
Other Income (expense), net | (89) | 1,733 | (207) | 55 | 3,498 | 1,777 | (205) | 218 | ||||||
听听听听听听听听 Adjusted EBITDA | $听听听听听听听听听 30,600 | $听听听 28,610 | $听听听 21,170 | $听听听 17,630 | $听听听听听 72,143 | $听听听听听 71,582 | $听听听 36,055 | $听听听 29,570 | ||||||
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