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

The following tables present certain quarterly financial data for the year ended December 31, 2017 (in thousands except per share amounts).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

First

    

Second

    

Third

    

Fourth

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

338,277

 

$

353,429

 

$

359,036

 

$

426,623

 

Cost of services

 

 

253,898

 

 

268,004

 

 

275,548

 

 

312,618

 

Selling, general and administrative

 

 

43,220

 

 

43,985

 

 

45,167

 

 

49,942

 

Depreciation and amortization

 

 

14,500

 

 

16,258

 

 

16,515

 

 

17,234

 

Restructuring and integration charges, net

 

 

169

 

 

3,593

 

 

6,006

 

 

4,897

 

Impairment losses

 

 

 

 

 —

 

 

 —

 

 

5,322

 

Income from operations

 

 

26,490

 

 

21,589

 

 

15,800

 

 

36,610

 

Other income (expense)

 

 

(932)

 

 

(4,198)

 

 

1,846

 

 

(8,318)

 

Provision for income taxes

 

 

(5,391)

 

 

(1,597)

 

 

(2,071)

 

 

(69,016)

 

Non-controlling interest

 

 

(922)

 

 

(1,100)

 

 

(806)

 

 

(728)

 

Net income (loss) attributable to TTEC stockholders

 

$

19,245

 

$

14,694

 

$

14,769

 

$

(41,452)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

45,950

 

 

45,662

 

 

45,838

 

 

45,856

 

Diluted

 

 

46,315

 

 

46,150

 

 

46,367

 

 

46,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to TTEC stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.42

 

$

0.32

 

$

0.32

 

$

(0.90)

 

Diluted

 

$

0.42

 

$

0.32

 

$

0.32

 

$

(0.89)

 

 

Included in Other income (expense) in the second quarter is a $3.2 million expense related to additional estimated loss on one of the units being reported as Assets Held for Sale. In the fourth quarter, we sold this unit and a net $0.6 million gain was recorded.

Included in Other income (expense) in the third quarter, was a $3.2 million gain related to dissolution of a foreign entity and a release of its cumulative translation adjustment.

Included in Other income (expense) in the fourth quarter is a $5.25 million expense related to finalization of the transition services agreement for the Connextions acquisition, and a $1.2 million interest charge related to the future purchase for the remaining 30% of the Motif acquisition.

Included in the Provision for Income Taxes is $62.4 million of expense in the fourth quarter related to the US 2017 Tax Act, $0.4 million of expense in the fourth quarter, $1.3 million of expense in the third quarter and $1.3 million of benefit in the second quarter related to the disposition of assets, $1.9 million of benefit in the fourth quarter related to impairments, a $1.9 million benefit in the fourth quarter, and a $2.4 million benefit in the third quarter and a $1.5 million benefit in the second quarter related to restructuring charges. Also included is $0.6 million of expense in the fourth quarter related to changes in valuation allowances. Additionally, $0.3 million of benefit was recorded in the fourth quarter, $0.2 million of expense was recorded in the third quarter, $0.7 million of benefit recorded in the second quarter, and $0.3 million of expense was recorded in the first quarter related to return to provision adjustments. Also included in the fourth quarter was $2.1 million of benefit related to transition service agreement. Finally, a $0.2 million benefit was recorded in the fourth quarter, a $1.0 million benefit was recorded in the third quarter, a $0.7 million benefit was recorded in the second quarter and a $0.3 million benefit was recorded in the first quarter related to stock options. 

F-51