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    TTEC Announces Third Quarter 2024 Financial Results

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    TTEC Holdings, Inc. 

    Nov 06, 2024, 16:05 ET

    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 margins9.1% — 9.6%9.3 %
    Non-GAAP operating income$134M — $150M$142M
    Non-GAAP operating income margins6.1% — 6.6%6.3 %
    Interest expense, net($82M) — ($84M)($83M)
    Non-GAAP adjusted tax rate40% — 46%43 %
    Diluted share count47.6M — 47.8M47.7M
    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 margins7.9% — 8.3%8.1 %
    Non-GAAP operating income$81M — $91M$86M
    Non-GAAP operating income margins4.7% — 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 margins13.4% — 14.1%13.8 %
    Non-GAAP operating income$52M — $58M$55M
    Non-GAAP operating income margins11.1% — 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 endedNine months ended
    September 30,September 30,
    2024202320242023
    Revenue$  529,427$  602,956$ 1,640,150$ 1,836,636
    Operating Expenses:
    Cost of services415,226479,6991,286,9341,427,063
    Selling, general and administrative71,58066,781219,881216,129
    Depreciation and amortization24,04225,59574,25876,368
    Restructuring charges, net1,0021,3696,3464,896
    Impairment losses4,6884,124241,54411,083
             Total operating expenses516,538577,5681,828,9631,735,539
    (Loss) / Income From Operations12,88925,388(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 Margin2.4 %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
      Basic47,72347,41547,57347,305
      Diluted47,86047,48847,61847,417
    TTEC HOLDINGS, INC. AND SUBSIDIARIES
    SEGMENT INFORMATION
    (In thousands)
    (unaudited)
    Three months endedNine months ended
    September 30,September 30,
    2024202320242023
    Revenue:
    TTEC Digital$     115,669$      133,252$     344,068$    367,764
    TTEC Engage413,758469,7041,296,0821,468,872
    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 Engage5,41513,463(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,
    20242023
    ASSETS
    Current assets:
       Cash and cash equivalents$           96,929$       172,747
       Accounts receivable, net430,092394,868
       Prepaids and other current assets105,35595,064
       Income and other tax receivables20,69018,524
          Total current assets653,066681,203
    Property and equipment, net146,358191,003
    Assets Held for Sale29,640–
    Operating lease assets100,263121,574
    Goodwill575,096808,988
    Other intangibles assets, net173,227198,433
    Income and other tax receivables, long-term34,46944,673
    Other assets114,171139,724
    Total assets$      1,826,290$     2,185,598
    LIABILITIES AND EQUITY
    Current liabilities:
       Accounts payable$           82,259$         96,577
       Accrued employee compensation and benefits121,255146,184
       Deferred revenue70,83481,171
       Current operating lease liabilities35,21738,271
       Other current liabilities29,08540,824
          Total current liabilities338,650403,027
    Long-term liabilities:
       Line of credit1,025,000995,000
       Non-current operating lease liabilities79,90996,809
       Other long-term liabilities87,59775,220
          Total long-term liabilities1,192,5061,167,029
    Equity:
       Common stock477474
       Additional paid-in capital416,813407,415
       Treasury stock(584,904)(589,807)
       Accumulated other comprehensive income (loss)(99,697)(89,876)
       Retained earnings544,616870,429
       Non-controlling interest17,82916,907
          Total equity295,134615,542
    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, 
    20242023
    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 amortization74,25876,368
              Amortization of contract acquisition costs1,3631,596
              Amortization of debt issuance costs1,578801
              Imputed interest expense and fair value adjustments to contingent consideration(1,496)6,864
              Provision for credit losses2,7441,677
              Loss on disposal of assets1,7781,176
              Impairment losses241,54411,083
              Loss on dissolution of subsidiary–301
              Deferred income taxes38,922(12,288)
              Excess tax benefit from equity-based awards3,9211,807
              Equity-based compensation expense15,24916,410
              Loss / (gain) on foreign currency derivatives244552
              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 equipment146246
         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 credit30,0004,000
         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 activities14,792(71,522)
    Effect of exchange rate changes on cash and cash equivalents and restricted cash2,2833,889
    (Decrease) in cash, cash equivalents and restricted cash(76,976)(8,878)
    Cash, cash equivalents and restricted cash, beginning of period173,905167,064
    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 endedNine months ended
    September 30,September 30,
    2024202320242023
    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, net1,0021,3696,3464,896
    Impairment losses4,6884,124241,54411,083
    Cybersecurity incident related impact, net of insurance recovery–––(3,210)
    Grant income for pandemic relief–––40
    Property costs not related to operations4247442,329744
    Change in acquisition related obligation–––483
    Liability related to notifications triggered by labor scheme   (1)2,563–(187)–
    Equity-based compensation expenses4,3336,60815,24916,410
    Amortization of purchased intangibles 8,1699,07325,05327,083
             Non-GAAP Income from Operations$     34,068$    47,306$       101,521$         158,626
             Non-GAAP Income from Operations Margin6.4 %7.8 %6.2 %8.6 %
    Depreciation and amortization15,87316,18348,15248,946
    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), net1,825(373)2,381839
    Other Income (expense), net(1,041)687953(2,232)
             Adjusted EBITDA$     50,276$    63,905$       151,428$         213,969
             Adjusted EBITDA Margin9.5 %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 charges5,6905,493247,89015,979
    Add:  Equity-based compensation expenses4,3336,60815,24916,410
    Add:  Amortization of purchased intangibles8,1699,07325,05327,083
    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 operations4247442,329744
    Add:  Liability related to notifications triggered by labor scheme2,563–(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), net1,825(373)2,381839
    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 outstanding47,86047,48847,61847,417
             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 amortization24,04225,25674,25876,368
              Other(96,451)(58,295)183,24610,393
       Net cash provided by operating activities(91,377)(31,718)(57,732)113,231
    Less – Total Cash Capital Expenditures8,78321,76836,46554,722
            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 EngageTTEC DigitalTTEC EngageTTEC Digital
    Q3 24Q3 23Q3 24Q3 23YTD 24YTD 23YTD 24YTD 23
    Income / (Loss) from Operations$       5,414$    13,463$     7,474$    11,925$     (205,585)$          81,233$     16,771$    19,864
    Restructuring charges, net2026348017355,6972,4276502,469
    Impairment losses4,2554,124433–238,6008,2292,9442,854
    Cybersecurity incident related impact, net of insurance recovery–––(3,210)––
    Grant income for pandemic relief–––40––
    Property costs not related to operations424744––2,329744––
    Change in acquisition related obligation––––––483
    Liability related to notifications triggered by labor scheme2,563–––(187)–––
    Equity-based compensation expenses2,7014,3271,6322,2819,74810,5995,5015,811
    Amortization of purchased intangibles 4,0984,6494,0714,42412,30613,95112,74713,132
             Non-GAAP Income from Operations$     19,657$    27,941$    14,411$    19,365$         62,908$         114,013$     38,613$    44,613
    Depreciation and amortization12,95813,8072,9152,37739,84941,6958,3037,252
    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), net1,725(297)100(76)2,518815(138)24
    Other Income (expense), net(944)578(97)108833(2,332)12199
             Adjusted EBITDA$     32,947$    42,131$    17,329$    21,774$       104,529$         161,981$     46,899$    51,988

    SOURCE TTEC Holdings, Inc.

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