10-K
TTEC HOLDINGS, INC. filed this Form 10-K on 03/06/2019
Entire Document
 

Table of Contents

TTEC HOLDINGS, INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(22)QUARTERLY FINANCIAL DATA (UNAUDITED)

The following tables present certain quarterly financial data for the year ended December 31, 2018 (in thousands except per share amounts).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

First

    

Second

    

Third

    

Fourth

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

375,249

 

$

349,853

 

$

364,936

 

$

419,133

 

Cost of services

 

 

283,370

 

 

274,260

 

 

286,925

 

 

313,372

 

Selling, general and administrative

 

 

47,045

 

 

44,245

 

 

43,321

 

 

47,817

 

Depreciation and amortization

 

 

17,924

 

 

16,811

 

 

17,317

 

 

17,127

 

Restructuring and integration charges, net

 

 

849

 

 

1,034

 

 

2,716

 

 

1,532

 

Impairment losses

 

 

1,120

 

 

 

 

 —

 

 

332

 

Income from operations

 

 

24,941

 

 

13,503

 

 

14,657

 

 

38,953

 

Other income (expense)

 

 

(16,907)

 

 

(6,553)

 

 

(6,020)

 

 

(6,336)

 

Provision for income taxes

 

 

(2,102)

 

 

(653)

 

 

(1,893)

 

 

(11,835)

 

Non-controlling interest

 

 

(1,341)

 

 

(779)

 

 

(1,369)

 

 

(449)

 

Net income attributable to TTEC stockholders

 

$

4,591

 

$

5,518

 

$

5,375

 

$

20,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

45,871

 

 

46,016

 

 

46,172

 

 

46,193

 

Diluted

 

 

46,452

 

 

46,401

 

 

46,316

 

 

46,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to TTEC stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.10

 

$

0.12

 

$

0.12

 

$

0.44

 

Diluted

 

$

0.10

 

$

0.12

 

$

0.12

 

$

0.44

 

 

Included in Other income (expense) in the first quarter is a $15.6 million expense related to the impairment of the full value of an equity investment and related bridge loan. Also included is a $0.7 million gain on the purchase of an acquisition.

Included in Other income (expense) in the second quarter and fourth quarter was a $2.0 million loss and a $0.4 million gain, respectively, related to a business unit which was classified as assets held for sale but subsequently reclassified to assets held and used.

Included in Other Income (expense) for each of the quarters is an interest expense charge related to the future purchase for the remaining 30% of the Motif acquisition - $1.9 million, $3.1 million, $3.0 million and $1.9 million in the first, second, third and fourth quarters, respectively.

Included in the Provision for Income Taxes is a $3.6 million expense in the fourth quarter, a $1.1 million benefit in the third quarter, a $1.0 million benefit in the second quarter related to changes in tax contingent liabilities, a $3.0 million benefit in the fourth quarter, a $0.2 million expense in the third quarter, a $0.5 million benefit in the second quarter related to return to provision adjustments, a $4.2 million benefit in the first quarter related to impairment of an equity investment, a $0.2 million expense in the first quarter, $0.1 million of expense in the second quarter, $0.1 million of expense in the third quarter and $0.1 million of expense in the fourth quarter related to the disposition of assets, a $1.5 million expense in the fourth quarter related to changes in valuation allowances, a $0.1 million benefit in the first quarter, a $0.2 million benefit in the second quarter and a $0.4 million benefit in the third quarter related to excess taxes on equity compensation, a $0.5 million benefit in the fourth quarter, a $0.7 million benefit in the third quarter, a $0.2 million benefit in the second quarter, a $0.6 million benefit in the first quarter related to restructuring charges, a $0.9 million benefit in the fourth quarter, $0.1 million of expense in the third quarter and a $0.2 million expense in the first quarter of other items. Without these items our effective tax rate for the year ended December 31, 2018 would have been 25.6%.  

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