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

TTEC HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2018

    

2017

    

2016

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

Net income

 

$

39,755

 

$

10,812

 

$

37,435

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

69,179

 

 

64,507

 

 

68,675

 

Amortization of contract acquisition costs

 

 

3,015

 

 

1,678

 

 

659

 

Amortization of debt issuance costs

 

 

992

 

 

745

 

 

753

 

Imputed interest expense and fair value adjustments to contingent consideration

 

 

10,217

 

 

51

 

 

(4,523)

 

Provision for doubtful accounts

 

 

3,679

 

 

458

 

 

1,164

 

(Gain) loss on disposal of assets

 

 

111

 

 

3,694

 

 

(44)

 

Gain on sale of businesses and dissolution of entity

 

 

 —

 

 

(908)

 

 

 —

 

Impairment losses

 

 

1,452

 

 

5,322

 

 

32,050

 

Impairment on equity investment

 

 

15,632

 

 

 —

 

 

 —

 

Gain (adjustment) on bargain purchase of a business

 

 

(685)

 

 

 —

 

 

 —

 

Non-cash loss on assets held for sale reclassified to held and used

 

 

1,616

 

 

 —

 

 

2,700

 

Non-cash loss on held for sale assets

 

 

 —

 

 

 —

 

 

2,600

 

Deferred income taxes

 

 

(7,975)

 

 

16,777

 

 

(1,583)

 

Excess tax benefit from equity-based awards

 

 

(635)

 

 

(2,192)

 

 

(601)

 

Equity-based compensation expense

 

 

12,145

 

 

11,852

 

 

9,773

 

(Gain) loss on foreign currency derivatives

 

 

1,524

 

 

(681)

 

 

1,710

 

Changes in assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

29,985

 

 

(59,284)

 

 

(7,858)

 

Prepaids and other assets

 

 

(30,438)

 

 

(19,266)

 

 

(92)

 

Accounts payable and accrued expenses

 

 

11,713

 

 

18,968

 

 

(19,141)

 

Deferred revenue and other liabilities

 

 

7,063

 

 

60,619

 

 

(11,847)

 

Net cash provided by operating activities

 

 

168,345

 

 

113,152

 

 

111,830

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

Proceeds from sale of long-lived assets

 

 

34

 

 

39

 

 

114

 

Purchases of property, plant and equipment, net of acquisitions

 

 

(43,450)

 

 

(51,958)

 

 

(50,832)

 

Proceeds from sale of business

 

 

 —

 

 

636

 

 

 —

 

Investments in non-marketable equity investments

 

 

(2,119)

 

 

(1,384)

 

 

(3,179)

 

Acquisitions, net of cash acquired of $4,530, $5,997, and $2,655, respectively

 

 

(2,027)

 

 

(116,320)

 

 

(46,460)

 

Net cash used in investing activities

 

 

(47,562)

 

 

(168,987)

 

 

(100,357)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

Proceeds from line of credit

 

 

2,162,400

 

 

2,293,587

 

 

2,093,500

 

Payments on line of credit

 

 

(2,224,400)

 

 

(2,166,887)

 

 

(1,976,200)

 

Payments on other debt

 

 

(5,989)

 

 

(6,041)

 

 

(3,222)

 

Payments of contingent consideration and hold-back payments to acquisitions

 

 

(1,349)

 

 

(1,409)

 

 

(9,467)

 

Dividends paid to shareholders

 

 

(25,346)

 

 

(21,531)

 

 

(18,262)

 

Payments to noncontrolling interest

 

 

(2,925)

 

 

(3,645)

 

 

(4,317)

 

Purchase of mandatorily redeemable noncontrolling interest

 

 

 —

 

 

 —

 

 

(4,105)

 

Proceeds from exercise of stock options

 

 

208

 

 

2,150

 

 

371

 

Tax payments related to issuance of restricted stock units

 

 

(4,643)

 

 

(5,397)

 

 

(3,933)

 

Excess tax benefit from equity-based awards

 

 

 —

 

 

 —

 

 

601

 

Payments of debt issuance costs

 

 

(35)

 

 

(918)

 

 

(1,888)

 

Purchase of treasury stock

 

 

 —

 

 

(18,328)

 

 

(74,683)

 

Net cash provided by (used in) financing activities

 

 

(102,079)

 

 

71,581

 

 

(1,605)

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(14,904)

 

 

3,427

 

 

(14,908)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

 

3,800

 

 

19,173

 

 

(5,040)

 

Cash and cash equivalents, beginning of period

 

 

74,437

 

 

55,264

 

 

60,304

 

Cash and cash equivalents, end of period

 

$

78,237

 

$

74,437

 

$

55,264

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

17,456

 

$

11,727

 

$

6,976

 

Cash paid for income taxes

 

$

39,984

 

$

18,813

 

$

19,741

 

Non-cash investing and financing activities

 

 

 

 

 

 

 

 

 

 

Acquisition of long-lived assets through capital leases

 

$

15,018

 

$

9,836

 

 

584

 

Acquisition of equipment through increase in accounts payable, net

 

$

339

 

$

97

 

$

(681)

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

F-7