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

ITEM 6.  SELECTED FINANCIAL DATA

 

The following selected financial data should be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Consolidated Financial Statements and the related notes appearing elsewhere in this Form 10-K (amounts in thousands except per share amounts).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2018

    

2017

    

2016

    

2015

    

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,509,171

 

$

1,477,365

 

$

1,275,258

 

$

1,286,755

 

$

1,241,781

 

Cost of services

 

 

(1,157,927)

 

 

(1,110,068)

 

 

(941,592)

 

 

(928,247)

 

 

(886,492)

 

Selling, general and administrative

 

 

(182,428)

 

 

(182,314)

 

 

(175,797)

 

 

(194,606)

 

 

(198,553)

 

Depreciation and amortization

 

 

(69,179)

 

 

(64,507)

 

 

(68,675)

 

 

(63,808)

 

 

(56,538)

 

Other operating expenses

 

 

(7,583)

(1)  

 

(19,987)

(4)  

 

(36,442)

(8)  

 

(9,914)

(12)  

 

(3,723)

(14)  

Income from operations

 

 

92,054

 

 

100,489

 

 

52,752

 

 

90,180

 

 

96,475

 

Other income (expense)

 

 

(35,816)

(2) 

 

(11,602)

(5)  

 

(2,454)

(9)  

 

(4,291)

 

 

3,984

(15)  

Provision for income taxes

 

 

(16,483)

(3

 

(78,075)

(6)  

 

(12,863)

(10)  

 

(20,004)

(13)  

 

(23,042)

(16)  

Noncontrolling interest

 

 

(3,938)

 

 

(3,556)

 

 

(3,757)

 

 

(4,219)

 

 

(5,124)

 

Net income attributable to TTEC stockholders

 

$

35,817

 

$

7,256

 

$

33,678

 

$

61,666

 

$

72,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

46,064

 

 

45,826

 

 

47,423

 

 

48,370

 

 

49,297

 

Diluted

 

 

46,385

 

 

46,382

 

 

47,736

 

 

49,011

 

 

50,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to TTEC stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.78

 

$

0.16

 

$

0.71

 

$

1.27

 

$

1.47

 

Diluted

 

$

0.77

 

$

0.16

 

$

0.71

 

$

1.26

 

$

1.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends issued per common share

 

$

0.55

 

$

0.47

 

$

0.385

 

$

0.36

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,054,508

 

$

1,078,736

(7)  

$

846,304

(11)  

$

843,327

 

$

852,475

(17)  

Total long-term liabilities

 

$

466,241

 

$

514,113

(7)  

$

304,380

(11)  

$

191,473

 

$

187,780

(17)  

 


(1)

Includes $0.8 million related to reductions in force, a $5.3 million expense due to facility exit charges and a termination fee for a technology vendor contract, a $1.1 million expense related to the impairment of property and equipment and a $0.3 million impairment charge related to internally developed software.

(2)

Includes a $15.6 million impairment of the full value of an equity investment and a related bridge loan, a $9.9 million charge related to the future purchase of the remaining 30% of the Motif acquisition, a $1.6 million net loss related to a business unit which was classified as assets held for sale and subsequently reclassified to assets held and used as of December 31, 2018, a $2.0 million gain related to royalty payments in connection with the sale of a business unit, a $0.7 million gain related to the bargain purchase of an acquisition closed in March 2018, and a $0.3 million benefit related to a fair value adjustment of the contingent consideration based on revised estimates of performance against targets for one or our acquisitions.

(3)

Includes a  $4.2 million benefit related to the impairment of an equity investment, a  $3.4 million benefit related to return to provision adjustments, $0.5 million of expense related to the disposition of assets, a  $0.7 million benefit related to stock options, $1.6 million of expense related to changes in tax contingent liabilities, $1.5 million of expense related to changes in valuation allowance, a  $2.1 million benefit related to restructuring, and a  $0.5 million benefit related to other items.

(4)

Includes $1.2 million expense related to reductions in force, a $2.2 million expense due to facility exit charges, a $3.5 million expense due to write-off of leasehold improvements and other fixed assets in connection with the facilities we exited, $7.8 million expense related to integration charges for the Connextions acquisition, and a $5.3 million impairment charge related to two trade name intangible assets.

22