"As outlined in our last earnings call, we moved aggressively in the third quarter to execute initiatives to improve our top line growth and provide higher and more consistent levels of profitability, "commented Ken Tuchman, chairman and chief executive officer of
THIRD QUARTER 2016 FINANCIAL HIGHLIGHTS
Revenue
- Third quarter 2016 GAAP revenue increased 1.2 percent to
$312.8 million compared to$309 .2 million in the prior year period. - Non-GAAP constant currency revenue increased 1.2 percent to
$313.1 million over the prior year.
Income from Operations
- Third quarter 2016 GAAP income from operations was
$12.3 million , or 3.9 percent of revenue, compared to$15.6 million , or 5.1 percent of revenue in the third quarter 2015. - Non-GAAP constant currency income from operations was
$18.9 million or 6.0 percent of adjusted revenue versus 6.2 percent the prior year.
Restructuring, Impairment, and Other Income (Expense)
- Third quarter 2016 GAAP results include preliminary charges related to restructuring (
$3.7 million ), impairments ($5.9 million ), and loss on assets held for sale ($5.3 million ). - Additionally, the Company released
$4.6 million in acquisition-related contingent consideration.
Earnings Per Share
- Third quarter 2016 GAAP fully diluted earnings per share attributable to
TeleTech shareholders was24 cents up from23 cents in the same period last year. - Non-GAAP fully diluted earnings per share was
39 cents up from29 cents in the prior year.
Bookings
- During the third quarter 2016,
TeleTech signed an estimated $87 million in annualized contract value revenue from new and expanded client relationships. The third quarter bookings mix was diversified across all verticals with 93 percent from existing clients, 51 percent from emerging businesses, and 27 percent from outside of the United States.
STRONG BALANCE SHEET CONTINUES TO FUND OPERATIONS, SHARE REPURCHASES, DIVIDENDS, AND INVESTMENTS
- As of
September 30, 2016 ,TeleTech had cash and cash equivalents of$61.3 million and$140 .9 million of total debt, resulting in a net debt position of$79.6 million . - As of
September 30, 2016 ,TeleTech had approximately$425 million of additional borrowing capacity available under its revolving credit facility. - Cash flow from operations in the third quarter 2016 was
$54.1 million compared to$30.7 million in the third quarter 2015. - Capital expenditures in the third quarter 2016 were
$11.1 million compared to$19.7 million in the third quarter 2015. - The Board of Directors declared an eight percent increase in
TeleTech's semi-annual dividend to$0.20 per share in the third quarter, or$9.3 million . The dividend was paid on October 14, 2016 to shareholders of record onOctober 3, 2016 . - During the third quarter 2016,
TeleTech repurchased approximately 742 thousand shares of common stock for a total cost of$21.2 million . As ofSeptember 30, 2016 ,$12.3 million was authorized for future share repurchases. OnNovember 9, 2016 ,TeleTech announced that its Board of Directors approved an additional share repurchase authorization of$25 million , consistent with prior authorizations.
SEGMENT REPORTING & COMMENTARY
Customer Management Services (CMS) – Customer Experience Delivery Solutions
- CMS third quarter 2016 revenue increased 5.2 percent to
$223.7 million compared to$212.7 million in the year ago quarter. Income from operations was$12.3 million or 5.5 percent of revenue compared to$8.9 million or 4.2 percent in the prior year. - Non-GAAP constant currency revenue grew 5.2 percent over the year ago period and income from operations was
$13.0 million or 5.8 percent of adjusted revenue. This compares to$9 .4 million or 4.4 percent of revenue in the prior year.
Customer Growth Services (CGS) – Digitally-Enabled Revenue Growth Solutions
- CGS third quarter 2016 revenue grew 4.3 percent to
$35.3 million compared to$33.9 million in the year ago quarter. Income from operations was$0.2 million or 0.5 percent of revenue, compared to a loss of$0.3 million in the prior year. - Non-GAAP constant currency revenue increased 4.2 percent over the year ago period and income from operations was $0.2 million or 0.6 percent of adjusted revenue. This compares to
$2 .8 million or 8.3 percent of revenue in the prior year.
Customer Technology Services (CTS) – Hosted and Managed Technology Solutions
- CTS third quarter 2016 revenue declined 13.2 percent to
$36.6 million compared to$42.1 million in the year ago quarter. Income from operations was$3.7 million or 10.1 percent of revenue compared to$3.8 million or 9.0 percent in the prior year. - Non-GAAP constant currency revenue declined 13.2 percent over the year ago period and income from operations was
$4.8 million or 13.1 percent of adjusted revenue. This compares to$3.8 million or 9.0 percent of revenue in the prior year.
Customer Strategy Services (CSS) – Customer Experience Strategy and Data Analytics Solutions
- CSS third quarter 2016 revenue declined 15.9 percent to
$17.3 million from$20.5 million in the year ago quarter. Loss from operations was$3.8 million or negative 22.2 percent of revenue compared to$3.2 million or 15.5 percent in the prior year. - Non-GAAP constant currency revenue declined 15.1 percent over the year ago period and income from operations was
$0.9 million or 5.3 percent of adjusted revenue. This compares to$3.3 million or 15.9 percent of revenue in the prior year.
BUSINESS OUTLOOK
We are updating our full year guidance as follows:
Revenue – We are reducing our revenue guidance to a range of
Operating Income Margin – We are decreasing our operating income margin guidance to a range between 7.0 and 7.2 percent before asset impairments and restructuring charges, compared to 8.4 and 8.6 percent.
Capital Expenditures – We are maintaining our capital expenditure guidance at 4.2 percent of revenue.
"Our priorities are focused on closing the sales execution gaps underlying the adjustment to our 2016 revenue guidance and ensuring we pick up the pace on delivering higher levels of profitability," commented Regina Paolillo, chief financial and administrative officer of TeleTech. "While we have work to do in delivering higher revenue growth, we are clearly seeing margin expansion in our third quarter results and expect continued improvement in the fourth quarter. On a pro forma basis, we expect the full year benefit from the profit improvement initiatives in the third quarter and the sale of selected small non-strategic assets to deliver an operating margin in the 8.4 to 8.6 percent range that we guided to in the short term, albeit not for the full year ending
SEC FILINGS
The company's filings with the
CONFERENCE CALL
A conference call and webcast with management will be held on
NON-GAAP FINANCIAL MEASURES
To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP) in
ABOUT
FORWARD-LOOKING STATEMENTS
Statements in this press release 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, relating to our operations, expected financial position, results of operation, continuation of client relationships, and other business matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance. We use words such as "may," "believe," "plan," "will," "anticipate," "estimate," "expect," "intend," "project," "would," "could," "target," or similar expressions, or when we discuss our strategy, plans, goals, initiatives, or objectives, we are making forward-looking statements.
We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from what is expressed in the forward-looking statements, and you should review and consider carefully the risks, uncertainties and other factors that affect our business and may cause such differences as outlined but are not limited to factors discussed in the sections entitled "Risk Factors" included in
Investor Contact |
Media Contact |
Paul Miller |
Elizabeth Grice |
303.397.8641 |
303.397.8507 |
TELETECH HOLDINGS, INC. AND SUBSIDIARIES |
|||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||
(In thousands, except per share data) |
|||||||||
(Unaudited) |
|||||||||
Three months ended |
Nine months ended |
||||||||
September 30, |
September 30, |
||||||||
2016 |
2015 |
2016 |
2015 |
||||||
Revenue |
$312,796 |
$309,195 |
$930,311 |
$944,939 |
|||||
Operating Expenses: |
|||||||||
Cost of services |
233,541 |
225,978 |
691,649 |
682,579 |
|||||
Selling, general and administrative |
40,628 |
48,418 |
130,902 |
146,031 |
|||||
Depreciation and amortization |
16,811 |
15,486 |
51,761 |
46,529 |
|||||
Restructuring charges, net |
3,688 |
622 |
3,890 |
1,629 |
|||||
Impairment losses |
5,861 |
3,066 |
5,861 |
3,066 |
|||||
Total operating expenses |
300,529 |
293,570 |
884,063 |
879,834 |
|||||
Income From Operations |
12,267 |
15,625 |
46,248 |
65,105 |
|||||
Other income (expense) |
(690) |
(1,995) |
(2,744) |
(3,701) |
|||||
Income Before Income Taxes |
11,577 |
13,630 |
43,504 |
61,404 |
|||||
Benefit from (Provision for) income taxes |
853 |
(1,192) |
(6,627) |
(13,438) |
|||||
Net Income |
12,430 |
12,438 |
36,877 |
47,966 |
|||||
Net income attributable to noncontrolling interest |
(1,198) |
(1,243) |
(2,804) |
(3,303) |
|||||
Net Income Attributable to TeleTech Stockholders |
$ 11,232 |
$ 11,195 |
$ 34,073 |
$ 44,663 |
|||||
Net Income Per Share Attributable to TeleTech Stockholders |
|||||||||
Basic |
$ 0.24 |
$ 0.23 |
$ 0.71 |
$ 0.92 |
|||||
Diluted |
$ 0.24 |
$ 0.23 |
$ 0.71 |
$ 0.91 |
|||||
Income From Operations Margin |
3.9% |
5.1% |
5.0% |
6.9% |
|||||
Net Income Attributable to TeleTech Stockholders Margin |
3.6% |
3.6% |
3.7% |
4.7% |
|||||
Effective Tax Rate |
(7.4)% |
8.7% |
15.2% |
21.9% |
|||||
Weighted Average Shares Outstanding |
|||||||||
Basic |
47,081 |
48,345 |
47,771 |
48,346 |
|||||
Diluted |
47,315 |
48,936 |
48,089 |
49,052 |
TELETECH HOLDINGS, INC. AND SUBSIDIARIES |
||||||||
SEGMENT INFORMATION |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
Three months ended |
Nine months ended |
|||||||
September 30, |
September 30, |
|||||||
2016 |
2015 |
2016 |
2015 |
|||||
Revenue: |
||||||||
Customer Management Services |
$223,664 |
$212,690 |
$664,392 |
$675,015 |
||||
Customer Growth Services |
35,301 |
33,853 |
105,713 |
90,379 |
||||
Customer Technology Services |
36,580 |
42,134 |
109,198 |
115,935 |
||||
Customer Strategy Services |
17,251 |
20,518 |
51,008 |
63,610 |
||||
Total |
$312,796 |
$309,195 |
$930,311 |
$944,939 |
||||
Income (Loss) From Operations: |
||||||||
Customer Management Services |
$ 12,255 |
$ 8,930 |
$ 36,189 |
$ 43,956 |
||||
Customer Growth Services |
161 |
(257) |
4,138 |
1,891 |
||||
Customer Technology Services |
3,682 |
3,774 |
9,838 |
9,033 |
||||
Customer Strategy Services |
(3,831) |
3,178 |
(3,917) |
10,225 |
||||
Total |
$ 12,267 |
$ 15,625 |
$ 46,248 |
$ 65,105 |
TELETECH HOLDINGS, INC. AND SUBSIDIARIES |
||||
CONSOLIDATED BALANCE SHEETS |
||||
(In thousands) |
||||
(Unaudited) |
||||
September 30, |
December 31, |
|||
2016 |
2015 |
|||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 61,308 |
$ 60,304 |
||
Accounts receivable, net |
257,893 |
283,474 |
||
Other current assets |
70,350 |
71,294 |
||
Assets held for sale |
9,967 |
- |
||
Total current assets |
399,518 |
415,072 |
||
Property and equipment, net |
164,357 |
168,289 |
||
Other assets |
244,744 |
259,966 |
||
Total assets |
$ 808,619 |
$ 843,327 |
||
LIABILITIES AND EQUITY |
||||
Total current liabilities |
$ 198,191 |
$ 206,906 |
||
Liabilities held for sale |
1,121 |
- |
||
Other long-term liabilities |
214,463 |
191,473 |
||
Mandatorily redeemable noncontrolling interest |
- |
4,131 |
||
Total equity |
394,844 |
440,817 |
||
Total liabilities and equity |
$ 808,619 |
$ 843,327 |
TELETECH HOLDINGS, INC. AND SUBSIDIARIES |
||||||||
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION |
||||||||
(In thousands, except per share data) |
||||||||
(Unaudited) |
||||||||
Three months ended |
Nine months ended |
|||||||
September 30, |
September 30, |
|||||||
2016 |
2015 |
2016 |
2015 |
|||||
Reconciliation of Revenue: |
||||||||
Revenue |
$312,796 |
$309,195 |
$930,311 |
$944,939 |
||||
Changes due to foreign currency fluctuations 1 |
261 |
18,758 |
||||||
Non-GAAP Revenue |
$313,057 |
$309,195 |
$949,069 |
$944,939 |
||||
Reconciliation of EBIT & EBITDA: |
||||||||
Net Income Attributable to TeleTech stockholders |
$ 11,232 |
$ 11,195 |
$ 34,073 |
$ 44,663 |
||||
Interest income |
(397) |
(196) |
(826) |
(877) |
||||
Interest expense |
2,041 |
2,337 |
5,758 |
5,711 |
||||
(Benefit) Provision for income taxes |
(853) |
1,192 |
6,627 |
13,438 |
||||
EBIT |
$ 12,023 |
$ 14,528 |
$ 45,632 |
$ 62,935 |
||||
Depreciation and amortization |
16,811 |
15,486 |
51,761 |
46,529 |
||||
EBITDA |
$ 28,834 |
$ 30,014 |
$ 97,393 |
$109,464 |
||||
Reconciliation of Free Cash Flow: |
||||||||
Cash Flow From Operating Activities: |
||||||||
Net income |
$ 12,430 |
$ 12,438 |
$ 36,877 |
$ 47,966 |
||||
Adjustments to reconcile net income to net cash |
||||||||
provided by operating activities: |
||||||||
Depreciation and amortization |
16,811 |
15,486 |
51,761 |
46,529 |
||||
Other |
24,879 |
2,727 |
18,508 |
21,669 |
||||
Net cash provided by operating activities |
54,120 |
30,651 |
107,146 |
116,164 |
||||
Less - Total Capital Expenditures |
11,120 |
19,679 |
38,863 |
49,184 |
||||
Free Cash Flow |
$ 43,000 |
$ 10,972 |
$ 68,283 |
$ 66,980 |
||||
Reconciliation of Non-GAAP Income from Operations: |
||||||||
Income from Operations |
$ 12,267 |
$ 15,625 |
$ 46,248 |
$ 65,105 |
||||
Restructuring charges, net |
3,688 |
622 |
3,890 |
1,629 |
||||
Impairment losses |
5,861 |
3,066 |
5,861 |
3,066 |
||||
Non-GAAP Income from Operations |
$ 21,816 |
$ 19,313 |
$ 55,999 |
$ 69,800 |
||||
Non-GAAP Income from Operations Margin |
7.0% |
6.2% |
6.0% |
7.4% |
||||
Reconciliation of Non-GAAP EPS: |
||||||||
Net Income Attributable to TeleTech stockholders |
$ 11,232 |
$ 11,195 |
$ 34,073 |
$ 44,663 |
||||
Add: Asset impairment and restructuring charges, net of related taxes |
7,782 |
2,161 |
7,930 |
2,801 |
||||
Add: Changes in acquisition contingent consideration, net of related taxes |
(4,435) |
557 |
(4,435) |
102 |
||||
Add: Estimated loss on assets held for sale, net of related taxes |
4,208 |
- |
4,208 |
- |
||||
Add: Changes in valuation allowance and returns to provision adjustments |
(530) |
172 |
1,903 |
1,758 |
||||
Non-GAAP Net Income Attributable to TeleTech stockholders |
$ 18,257 |
$ 14,085 |
$ 43,679 |
$ 49,324 |
||||
Diluted shares outstanding |
47,315 |
48,936 |
48,089 |
49,052 |
||||
Non-GAAP EPS Attributable to TeleTech stockholders |
$0.39 |
$0.29 |
$0.91 |
$1.01 |
||||
Reconciliation of Non-GAAP EBITDA: |
||||||||
Net Income Attributable to TeleTech stockholders |
$ 11,232 |
$ 11,195 |
$ 34,073 |
$ 44,663 |
||||
Interest income |
(397) |
(196) |
(826) |
(877) |
||||
Interest expense |
2,041 |
2,337 |
5,758 |
5,711 |
||||
(Benefit) Provision for income taxes |
(853) |
1,192 |
6,627 |
13,438 |
||||
Depreciation and amortization |
16,811 |
15,486 |
51,761 |
46,529 |
||||
Asset impairment and restructuring charges |
9,549 |
3,688 |
9,751 |
4,695 |
||||
Changes in acquisition contingent consideration |
(4,567) |
784 |
(4,567) |
281 |
||||
Estimated loss of assets held for sale |
5,300 |
- |
5,300 |
- |
||||
Equity-based compensation expenses |
2,694 |
3,291 |
7,278 |
8,569 |
||||
Non-GAAP EBITDA |
$ 41,810 |
$ 37,777 |
$115,155 |
$123,009 |
1Foreign currency fluctuations are calculated on a constant currency basis by translating the current year reported amounts using the prior year foreign exchange rates for each underlying currency. |
TELETECH HOLDINGS, INC. AND SUBSIDIARIES |
||||||
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION |
||||||
(In thousands) |
||||||
(Unaudited) |
||||||
THIRD QUARTER |
||||||
(three months end, Sep 30, 2016) |
||||||
Revenue |
||||||
GAAP Revenue |
Non-GAAP |
Non-GAAP Revenue |
Foreign Exchange |
Constant Currency |
||
CMS |
$ 223,664 |
$ - |
$ 223,664 |
$ 126 |
$ 223,790 |
|
YoY Growth Rate: |
5.2% |
5.2% |
5.2% |
|||
CGS |
$ 35,301 |
$ - |
$ 35,301 |
$ (17) |
$ 35,284 |
|
YoY Growth Rate: |
4.3% |
4.3% |
4.2% |
|||
CTS |
$ 36,580 |
$ - |
$ 36,580 |
$ (12) |
$ 36,568 |
|
YoY Growth Rate: |
-13.2% |
-13.2% |
-13.2% |
|||
CSS |
$ 17,251 |
$ - |
$ 17,251 |
$ 164 |
$ 17,415 |
|
YoY Growth Rate: |
-15.9% |
-15.9% |
-15.1% |
|||
Emerging Businesses |
$ 89,132 |
$ - |
$ 89,132 |
$ 135 |
$ 89,267 |
|
YoY Growth Rate: |
-7.6% |
-7.6% |
-7.5% |
|||
Company (Consolidated) |
$ 312,796 |
$ - |
$ 132,796 |
$ 261 |
$ 313,057 |
|
YoY Growth Rate: |
1.2% |
1.2% |
1.2% |
|||
Operating Income |
||||||
GAAP Operating |
Non-GAAP |
Non-GAAP Operating |
Foreign Exchange |
Constant Currency |
||
CMS |
$ 12,255 |
$ 3,526 |
$ 15,781 |
$ (2,797) |
$ 12,984 |
|
Operating Margin: |
5.5% |
7.1% |
5.8% |
|||
CGS |
$ 161 |
$ 108 |
$ 269 |
$ (53) |
$ 216 |
|
Operating Margin: |
0.5% |
0.8% |
0.6% |
|||
CTS |
$ 3,682 |
$ 1,138 |
$ 4,820 |
$ (20) |
$ 4,800 |
|
Operating Margin: |
10.1% |
13.2% |
13.1% |
|||
CSS |
$ (3,831) |
$ 4,777 |
$ 946 |
$ (20) |
$ 926 |
|
Operating Margin: |
-22.2% |
5.5% |
5.3% |
|||
Emerging Businesses |
$ 12 |
$ 6,023 |
$ 6,035 |
$ (93) |
$ 5,942 |
|
Operating Margin: |
0.0% |
6.8% |
6.7% |
|||
Company |
$ 12,267 |
$ 9,549 |
$ 21,816 |
$ (2,890) |
$ 18,926 |
|
Operating Margin: |
3.9% |
7.0% |
6.0% |
Segments Defined: |
CMS (Customer Management Services), CGS (Customer Growth Services), CTS (Customer Technology Services), CSS (Customer Strategy Services) Emerging Business: CGS, CTS, and CSS |
Methodology: |
Constant currency adjustments translate the current period reported amounts using the prior year FX rates, which in turn shows the underlying financial performance of the company as if foreign exchange rates did not change. This methodology also provides greater transparency to the information actually used by management in its financial and operational decision making. |
Non-GAAP Operating Income: |
Adjusted for restructuring and impairment costs |
TELETECH HOLDINGS, INC. AND SUBSIDIARIES |
||||||
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION |
||||||
(In thousands) |
||||||
(Unaudited) |
||||||
YEAR-TO-DATE |
||||||
(nine months ended, Sep 30, 2016) |
||||||
Revenue |
||||||
GAAP Revenue |
Non-GAAP |
Non-GAAP Revenue |
Foreign Exchange |
Constant Currency |
||
CMS |
$ 664,392 |
$ - |
$ 664,392 |
$ 16,683 |
$ 681,075 |
|
YoY Growth Rate: |
-1.6% |
-1.6% |
0.9% |
|||
CGS |
$ 105,713 |
$ - |
$ 105,713 |
$ 1,304 |
$ 107,017 |
|
YoY Growth Rate: |
17.0% |
17.0% |
18.4% |
|||
CTS |
$ 109,198 |
$ - |
$ 109,198 |
$ 24 |
$ 109,222 |
|
YoY Growth Rate: |
-5.8% |
-5.8% |
-5.8% |
|||
CSS |
$ 51,008 |
$ - |
$ 51,008 |
$ 747 |
$ 51,755 |
|
YoY Growth Rate: |
-19.8% |
-19.8% |
-18.6% |
|||
Emerging Businesses |
$ 265,919 |
$ - |
$ 265,919 |
$ 2,075 |
$ 267,994 |
|
YoY Growth Rate: |
-1.5% |
-1.5% |
-0.7% |
|||
Company (Consolidated) |
$ 930,311 |
$ - |
$ 930,311 |
$ 18,758 |
$ 949,069 |
|
YoY Growth Rate: |
-1.5% |
-1.5% |
0.4% |
|||
Operating Income |
||||||
GAAP Operating |
Non-GAAP |
Non-GAAP Operating |
Foreign Exchange |
Constant Currency |
||
CMS |
$ 36,189 |
$ 3,675 |
$ 39,864 |
$ (2,443) |
$ 37,421 |
|
Operating Margin: |
5.4% |
6.0% |
5.5% |
|||
CGS |
$ 4,138 |
$ 108 |
$ 4,246 |
$ 321 |
$ 4,567 |
|
Operating Margin: |
3.9% |
4.0% |
4.3% |
|||
CTS |
$ 9,838 |
$ 1,181 |
$ 11,019 |
$ (142) |
$ 10,877 |
|
Operating Margin: |
9.0% |
10.1% |
10.0% |
|||
CSS |
$ (3,917) |
$ 4,787 |
$ 870 |
$ (83) |
$ 787 |
|
Operating Margin: |
-7.7% |
1.7% |
1.5% |
|||
Emerging Businesses |
$ 10,059 |
$ 6,076 |
$ 16,135 |
$ 96 |
$ 16,231 |
|
Operating Margin: |
3.8% |
6.1% |
6.1% |
|||
Company |
$ 46,248 |
$ 9,751 |
$ 55,999 |
$ (2,347) |
$ 53,652 |
|
Operating Margin: |
5.0% |
6.0% |
5.7% |
Segments Defined: |
CMS (Customer Management Services), CGS (Customer Growth Services), CTS (Customer Technology Services), CSS (Customer Strategy Services) Emerging Business: CGS, CTS, and CSS |
Methodology: |
Constant currency adjustments translate the current period reported amounts using the prior year FX rates, which in turn shows the underlying financial performance of the company as if foreign exchange rates did not change. This methodology also provides greater transparency to the information actually used by management in its financial and operational decision making. |
Non-GAAP Operating Income: |
Adjusted for restructuring and impairment costs |
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