[November 07, 2012] |
|
TeleTech Announces Third Quarter 2012 Financial Results
ENGLEWOOD, Colo. --(Business Wire)--
TeleTech
Holdings, Inc. (NASDAQ: TTEC), a leading global provider of
technology-enabled customer experience solutions, today announced
financial results for the third quarter ended September 30, 2012. The
Company also filed its Quarterly Report on Form 10-Q with the Securities
and Exchange Commission for the quarter ended September 30, 2012.
"We continue to execute on our strategy of investing in both revenue
diversification and innovation to position the company for top line
growth," said Ken Tuchman, TeleTech chairman and chief executive
officer. "Our diversified business segments grew to 22 percent of
revenue from 18 percent in the year-ago period. Our strong balance sheet
has funded our continued investment in scalable, technology-rich
offerings that keep us strategically relevant with the increasingly
complex customer experience needs of our clients," continued Tuchman.
"Industry leading companies realize that creating strong emotional
connections with their customers is the key differentiator in today's
dynamic global marketplace. As we celebrate our 30th year in
business, I am very excited about our future. We have been investing in
innovation for the past three decades and as a result, we are uniquely
positioned to help our clients deliver on the promise of their brand by
providing engaging customer experiences at every touch point."
THIRD QUARTER 2012 FINANCIAL HIGHLIGHTS
-
Third quarter 2012 revenue was $286.3 million compared to $304.2
million in the third quarter 2011. The lower revenue was attributable
to a $27.7 million reduction from the Company's previously announced
decision to exit certain underperforming business in addition to a
$4.5 million negative foreign currency impact. Excluding the impact of
the above reductions, third quarter 2012 revenue grew $14.3 million or
4.7 percent.
-
Income from operations for the third quarter 2012 included $2.6
million of net restructuring and impairment charges.
-
Third quarter 2012 income from operations was $27.4 million or 9.6
percent of revenue compared to $26.6 million or 8.7 percent of revenue
in the third quarter 2011. Excluding the restructuring and impairment
charges discussed above, third quarter 2012 non-GAAP income from
operations was $30.0 million or 10.5 percent of revenue.
-
Third quarter 2012 fully diluted earnings per share attributable to
TeleTech stockholders was 52 cents compared to 44 cents in the third
quarter 2011. Excluding restructuring, impairment and other items,
third quarter 2012 non-GAAP fully diluted earnings per share
attributable to TeleTech stockholders increased 11.4 percent to 39
cents compared to 35 cents in the year-ago quarter.
-
During the third quarter 2012 TeleTech signed an estimated $90 million
in annualized revenue from both new and expanding client
relationships. Approximately 75 percent represented recurring revenue.
STRONG BALANCE SHEET CONTINUES TO FUND OPERATIONS, SHARE REPURCHASES
AND STRATEGIC ACQUISITIONS
-
As of September 30, 2012, TeleTech had cash and cash equivalents of
$170.4 million, $88.0 million of borrowings on its credit facility and
total other debt of $12.8 million, resulting in net cash of $69.6
million.
-
TeleTech had approximately $408 million of additional borrowing
capacity available under its revolving credit facility as of September
30, 2012. This provides TeleTech with the continued financial
flexibility to fund organic growth, share repurchases and accretive
acquisitions.
-
Cash flow from operations in the third quarter 2012 increased to $14.8
million from a negative ($8.5) million in the third quarter 2011. The
increase was primarily due to the timing of certain working capital
items.
-
Capital expenditures in the third quarter 2012 were $15.8 million
compared to $8.8 million in the third quarter 2011. The higher capital
expenditures were principally related to increased investments in the
Company's technology-based offerings.
-
TeleTech repurchased 0.9 million shares of common stock during the
third quarter 2012 for a total cost of $14.5 million. As of September
30, 2012, there was $26.5 million authorized for future share
repurchases.
SEGMENT REPORTING
To provide clarity as to the financial profile and performance of
TeleTech's primary businesses, TeleTech reports financial results for
the following four business segments: Customer Management Services
(CMS), Customer Growth Services (CGS), Customer Technology Services
(CTS) and Customer Strategy Services (CSS). Corporate expenses are
reported separately from the above. Highlights of the financial
performance of the primary segments are provided below.
Customer Management Services (CMS) - Customer Experience Delivery
Solutions
-
CMS third quarter 2012 revenue was $224.0 million, representing
approximately 78 percent of total third quarter 2012 revenue, compared
to $248.7 million in the third quarter 2011. The lower revenue was
attributable to a $27.7 million reduction from the Company's
previously announced decision to exit certain underperforming business
in addition to a $4.1 million negative foreign currency impact.
Excluding the above reductions, revenue increased by $7.1 million or
2.9 percent.
-
CMS third quarter 2012 income from operations included $2.5 million of
net restructuring and impairment charges.
-
CMS third quarter 2012 income from operations, before corporate
expenses, was $47.2 million or 21.1 percent of revenue, compared to
17.4 percent of revenue in the third quarter 2011. Excluding the $2.5
million of net restructuring and impairment charges, CMS third quarter
2012 non-GAAP income from operations was $49.7 million or 22.2 percent
of revenue. The higher third quarter 2012 operating margin was
primarily related to TeleTech's profit improvement initiatives
including an increase in capacity utilization for its multi-client
centers to 77 percent from 74 percent in the year-ago quarter.
Customer Growth Services (CGS) - Technology-Enabled Revenue
Generation Solutions
-
CGS third quarter 2012 revenue was $28.2 million, representing
approximately 10 percent of total third quarter 2012 revenue, compared
to $25.8 million in the third quarter 2011.
-
CGS third quarter 2012 income from operations was $5.8 million or 20.6
percent of revenue, compared to 19.5 percent of revenue in the third
quarter 2011.
Customer Technology Services (CTS) - Hosted and Managed Technology
Solutions
-
CTS third quarter 2012 revenue was $22.3 million compared to $22.9
million in the year-ago period, representing approximately 8 percent
of total third quarter 2012 revenue.
-
CTS third quarter 2012 income from operations was $3.3 million or 14.6
percent of revenue, compared to $4.3 million or 18.7 percent of
revenue in the third quarter 2011. CTS third quarter 2012 operating
results reflect the combination of its cloud- and premise-based
services along with an increased investment in technology and expanded
offerings to support its continued growth initiatives.
-
During the third quarter, TeleTech further enhanced its cloud-based
market opportunity and expertise by achieving Cisco's Cloud Provider
Certification and Contact Center as a Service Designation.
Customer Strategy Services (CSS) - Customer Experience Strategy and
Data Analytics Solutions
-
CSS third quarter 2012 revenue increased 69.9 percent to $11.7 million
compared to $6.9 million in the third quarter 2011.
-
CSS third quarter 2012 income from operations was $0.8 million or 7.1
percent of revenue, compared to an operating loss of ($0.3) million in
the third quarter 2011. The higher operating margin was attributable
to the increased revenue enabling greater fixed cost absorption.
Corporate Expenses
-
The third quarter 2012 income from operations for the above segments
excluded $29.7 million of corporate expenses. TeleTech expects to
continue to further leverage its general and administrative expenses
as a percentage of revenue across its expanding suite of services.
BUSINESS OUTLOOK
-
TeleTech continues to expect 2012 revenue will range between $1.15
billion and $1.2 billion.
-
TeleTech continues to expect 2012 operating margin will increase from
2011 and range between 8.5 percent and 9.0 percent, before asset
impairment and restructuring charges.
SEC FILINGS
The company's filings with the Securities and Exchange Commission are
available in the "Investors" section of TeleTech's website, which can be
found at www.teletech.com.
CONFERENCE CALL
A conference call and webcast with management will be held on Thursday,
November 8, 2012 at 8:30 a.m. Eastern Time. You are invited to join a
live webcast of the conference call by visiting the "Investors" section
of the TeleTech website at www.teletech.com.
If you are unable to participate during the live webcast, a replay will
be available on the TeleTech website through Thursday, November 22, 2012.
NON-GAAP FINANCIAL MEASURES
To supplement the Company's consolidated financial statements presented
in accordance with generally accepted accounting principles (GAAP) in
the United States, the Company uses the following non-GAAP financial
measures: Free Cash Flow, Non-GAAP Income from Operations, Non-GAAP
EBITDA and Non-GAAP EPS. TeleTech believes that providing these non-GAAP
financial measures provides investors with greater transparency to the
information used by TeleTech's management in its financial and
operational decision making and allows investors to see TeleTech's
results "through the eyes" of management. TeleTech also believes that
providing this information better enables TeleTech's investors to
understand its operating performance and information used by management
to evaluate and measure such performance. These financial measures are
not intended to be used in isolation or as a substitute for the
financial information prepared and presented in accordance with GAAP. A
reconciliation of these non-GAAP financial measures is available in the
financial tables attached to this press release. We also encourage all
investors to read our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2012.
ABOUT TELETECH
For 30 years, TeleTech and its subsidiaries have helped the world's most
successful companies design, enable, manage and grow customer value
through the delivery of superior customer experiences across the
customer lifecycle. As the go-to partner for the Global 1000, the
TeleTech group of companies delivers technology-enabled solutions that
maximize revenue, transform customer experiences and optimize business
processes. From strategic consulting to operational execution, our more
than 39,000 employees drive success for clients in the communications
and media, financial services, government, healthcare, technology,
transportation and retail industries. Through the TeleTech Community
Foundation, the company leverages its innovative leadership to ensure
that students in underserved communities around the globe have access to
the tools and support they need to maximize their educational outcomes.
For additional information, please visit www.teletech.com.
FORWARD-LOOKING STATEMENTS
Statements in this press release that relate to future results and
events (including statements about future financial and operating
performance) are forward-looking statements based on TeleTech's current
expectations. Actual results and events in future periods could differ
materially from those projected in these forward-looking statements
because of a number of risks and uncertainties including: achieving
estimated revenue from new, renewed and expanded client business as
volumes may not materialize as forecasted, especially due to the global
economic slowdown; the ability to close and ramp new business
opportunities that are currently being pursued or that are in the final
stages with existing and/or potential clients; our ability to execute
our growth plans, including the successful integration of acquired
companies and the sales of new products; the possibility of lower
revenue or price pressure from our clients experiencing a business
downturn or merger in their business; greater than anticipated
competition in the customer management industry, causing adverse pricing
and more stringent contractual terms; risks associated with losing or
not renewing client relationships, particularly large client agreements,
or early termination of a client agreement; the risk of losing clients
due to consolidation in the industries we serve; consumers' concerns or
adverse publicity regarding our clients' products; our ability to find
cost-effective locations, obtain favorable lease terms and build or
retrofit facilities in a timely and economic manner; risks associated
with business interruption due to weather, fires, pandemic, or
terrorist-related events; risks associated with attracting and retaining
cost-effective labor at our delivery centers; the possibility of asset
impairments and restructuring charges; risks associated with changes in
foreign currency exchange rates; economic or political changes affecting
the countries in which we operate; changes in accounting policies and
practices promulgated by standard setting bodies; and new legislation or
government regulation that adversely impacts our tax obligations, health
care costs or the customer management industry. A detailed discussion of
these and other risk factors that could affect our results is included
in TeleTech's SEC filings, including our Annual Report on Form 10-K for
the year ended December 31, 2011. The Company's filings with the
Securities and Exchange Commission are available in the "Investors"
section of TeleTech's website, which is located at www.teletech.com.
All information in this release is as of November 7, 2012. The Company
undertakes no duty to update any forward-looking statement to conform
the statement to actual results or changes in the Company's expectations.
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TELETECH HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per
share data) (unaudited)
|
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|
|
|
|
|
|
|
|
|
|
|
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Three months ended
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Nine months ended
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September 30,
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September 30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
286,268
|
|
|
$
|
304,235
|
|
|
$
|
867,720
|
|
|
$
|
878,850
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
Cost of services
|
|
|
201,766
|
|
|
|
220,795
|
|
|
|
622,782
|
|
|
|
630,274
|
|
Selling, general and administrative
|
|
|
43,845
|
|
|
|
43,445
|
|
|
|
137,689
|
|
|
|
138,529
|
|
Depreciation and amortization
|
|
|
10,695
|
|
|
|
11,807
|
|
|
|
31,040
|
|
|
|
34,828
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|
Restructuring charges, net
|
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|
2,440
|
|
|
|
1,616
|
|
|
|
20,694
|
|
|
|
2,298
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|
Impairment losses
|
|
|
161
|
|
|
|
-
|
|
|
|
2,958
|
|
|
|
230
|
|
Total operating expenses
|
|
|
258,907
|
|
|
|
277,663
|
|
|
|
815,163
|
|
|
|
806,159
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|
|
|
|
|
|
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|
Income From Operations
|
|
|
27,361
|
|
|
|
26,572
|
|
|
|
52,557
|
|
|
|
72,691
|
|
|
|
|
|
|
|
|
|
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Other income (expense)
|
|
|
(1,252
|
)
|
|
|
(633
|
)
|
|
|
(2,802
|
)
|
|
|
(2,179
|
)
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
|
26,109
|
|
|
|
25,939
|
|
|
|
49,755
|
|
|
|
70,512
|
|
|
|
|
|
|
|
|
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Benefit (Provision) for income taxes
|
|
|
3,611
|
|
|
|
496
|
|
|
|
3,030
|
|
|
|
(9,482
|
)
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
29,720
|
|
|
|
26,435
|
|
|
|
52,785
|
|
|
|
61,030
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interest
|
|
|
(1,291
|
)
|
|
|
(1,064
|
)
|
|
|
(3,152
|
)
|
|
|
(2,969
|
)
|
|
|
|
|
|
|
|
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Net Income Attributable to TeleTech Stockholders
|
|
$
|
28,429
|
|
|
$
|
25,371
|
|
|
$
|
49,633
|
|
|
$
|
58,061
|
|
|
|
|
|
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Net Income Per Share Attributable to TeleTech Stockholders
|
|
|
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|
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Basic
|
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$
|
0.53
|
|
|
$
|
0.45
|
|
|
$
|
0.90
|
|
|
$
|
1.02
|
|
|
|
|
|
|
|
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Diluted
|
|
$
|
0.52
|
|
|
$
|
0.44
|
|
|
$
|
0.89
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
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|
|
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|
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Income From Operations Margin
|
|
|
9.6
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%
|
|
|
8.7
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%
|
|
|
6.1
|
%
|
|
|
8.3
|
%
|
Net Income Attributable to TeleTech Stockholders Margin
|
|
|
9.9
|
%
|
|
|
8.3
|
%
|
|
|
5.7
|
%
|
|
|
6.6
|
%
|
Effective Tax Rate
|
|
|
(13.8
|
)%
|
|
|
(1.9
|
)%
|
|
|
(6.1
|
)%
|
|
|
13.4
|
%
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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Weighted Average Shares Outstanding
|
|
|
|
|
|
|
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|
Basic
|
|
|
54,093
|
|
|
|
56,476
|
|
|
|
55,233
|
|
|
|
56,790
|
|
Diluted
|
|
|
54,905
|
|
|
|
57,748
|
|
|
|
55,991
|
|
|
|
58,173
|
|
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|
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TELETECH HOLDINGS, INC. AND SUBSIDIARIES
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SEGMENT INFORMATION
|
(In thousands)
|
(unaudited)
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|
|
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|
|
|
|
Three months ended
|
|
Nine months ended
|
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|
September 30,
|
|
September 30,
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|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
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|
Revenue:
|
|
|
|
|
|
|
|
|
Customer Management Services
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|
$
|
224,041
|
|
|
$
|
248,690
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|
|
$
|
688,317
|
|
|
$
|
742,969
|
|
Customer Growth Services
|
|
|
28,200
|
|
|
|
25,793
|
|
|
|
75,373
|
|
|
|
71,419
|
|
Customer Technology Services
|
|
|
22,343
|
|
|
|
22,876
|
|
|
|
72,852
|
|
|
|
39,193
|
|
Customer Strategy Services
|
|
|
11,684
|
|
|
|
6,876
|
|
|
|
31,178
|
|
|
|
25,269
|
|
Total
|
|
$
|
286,268
|
|
|
$
|
304,235
|
|
|
$
|
867,720
|
|
|
$
|
878,850
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations:
|
|
|
|
|
|
|
|
|
Customer Management Services
|
|
$
|
47,181
|
|
|
$
|
43,385
|
|
|
$
|
120,797
|
|
|
$
|
141,223
|
|
Customer Growth Services
|
|
|
5,818
|
|
|
|
5,020
|
|
|
|
11,108
|
|
|
|
12,596
|
|
Customer Technology Services
|
|
|
3,272
|
|
|
|
4,289
|
|
|
|
11,734
|
|
|
|
10,158
|
|
Customer Strategy Services
|
|
|
824
|
|
|
|
(322
|
)
|
|
|
1,671
|
|
|
|
1,450
|
|
Corporate
|
|
|
(29,734
|
)
|
|
|
(25,800
|
)
|
|
|
(92,753
|
)
|
|
|
(92,736
|
)
|
Total
|
|
$
|
27,361
|
|
|
$
|
26,572
|
|
|
$
|
52,557
|
|
|
$
|
72,691
|
|
|
|
|
|
|
TELETECH HOLDINGS, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
170,377
|
|
$
|
156,371
|
Accounts receivable, net
|
|
|
244,175
|
|
|
243,636
|
Other current assets
|
|
|
95,830
|
|
|
78,275
|
Total current assets
|
|
|
510,382
|
|
|
478,282
|
|
|
|
|
|
Property and equipment, net
|
|
|
111,431
|
|
|
100,321
|
Other assets
|
|
|
183,791
|
|
|
168,375
|
|
|
|
|
|
Total assets
|
|
$
|
805,604
|
|
$
|
746,978
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Total current liabilities
|
|
$
|
161,568
|
|
$
|
170,011
|
Other long-term liabilities
|
|
|
145,117
|
|
|
106,720
|
Total equity
|
|
|
498,919
|
|
|
470,247
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
805,604
|
|
$
|
746,978
|
|
|
|
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,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Reconciliation of Gross Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
286,268
|
|
|
$
|
304,235
|
|
|
$
|
867,720
|
|
|
$
|
878,850
|
|
Cost of services
|
|
|
201,766
|
|
|
|
220,795
|
|
|
|
622,782
|
|
|
|
630,274
|
|
Gross margin
|
|
$
|
84,502
|
|
|
$
|
83,440
|
|
|
$
|
244,938
|
|
|
$
|
248,576
|
|
|
|
|
|
|
|
|
|
|
Gross margin percentage
|
|
|
29.5
|
%
|
|
|
27.4
|
%
|
|
|
28.2
|
%
|
|
|
28.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBIT & EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to TeleTech Stockholders
|
|
$
|
28,429
|
|
|
$
|
25,371
|
|
|
$
|
49,633
|
|
|
$
|
58,061
|
|
Interest income
|
|
|
(780
|
)
|
|
|
(896
|
)
|
|
|
(2,235
|
)
|
|
|
(2,282
|
)
|
Interest expense
|
|
|
2,129
|
|
|
|
1,143
|
|
|
|
4,810
|
|
|
|
3,814
|
|
(Benefit) Provision for income taxes
|
|
|
(3,611
|
)
|
|
|
(496
|
)
|
|
|
(3,030
|
)
|
|
|
9,482
|
|
EBIT
|
|
$
|
26,167
|
|
|
$
|
25,122
|
|
|
$
|
49,178
|
|
|
$
|
69,075
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
10,695
|
|
|
|
11,807
|
|
|
|
31,040
|
|
|
|
34,828
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
36,862
|
|
|
$
|
36,929
|
|
|
$
|
80,218
|
|
|
$
|
103,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From Operating Activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
29,720
|
|
|
$
|
26,435
|
|
|
$
|
52,785
|
|
|
$
|
61,030
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
10,695
|
|
|
|
11,807
|
|
|
|
31,040
|
|
|
|
34,828
|
|
Other
|
|
|
(25,661
|
)
|
|
|
(46,721
|
)
|
|
|
(20,414
|
)
|
|
|
(56,356
|
)
|
Net cash provided by operating activities
|
|
|
14,754
|
|
|
|
(8,479
|
)
|
|
|
63,411
|
|
|
|
39,502
|
|
|
|
|
|
|
|
|
|
|
Less - Total Capital Expenditures
|
|
|
15,781
|
|
|
|
8,804
|
|
|
|
33,149
|
|
|
|
21,166
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
|
|
$
|
(1,027
|
)
|
|
$
|
(17,283
|
)
|
|
$
|
30,262
|
|
|
$
|
18,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Income from Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations
|
|
$
|
27,361
|
|
|
$
|
26,572
|
|
|
$
|
52,557
|
|
|
$
|
72,691
|
|
Restructuring charges, net
|
|
|
2,440
|
|
|
|
1,616
|
|
|
|
20,694
|
|
|
|
2,298
|
|
Impairment losses
|
|
|
161
|
|
|
|
-
|
|
|
|
2,958
|
|
|
|
230
|
|
Acquisition-related expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
159
|
|
|
|
1,066
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income from Operations
|
|
$
|
29,962
|
|
|
$
|
28,188
|
|
|
$
|
76,368
|
|
|
$
|
76,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to TeleTech Stockholders
|
|
$
|
28,429
|
|
|
$
|
25,371
|
|
|
$
|
49,633
|
|
|
$
|
58,061
|
|
Add: Asset impairment and restructuring charges, net of related taxes
|
|
|
1,835
|
|
|
|
1,136
|
|
|
|
15,097
|
|
|
|
1,777
|
|
Add: Acquisition-related expenses, net of related taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
95
|
|
|
|
640
|
|
Add: Changes in judgement for uncertain tax positions recorded in
prior periods
|
|
|
(8,904
|
)
|
|
|
(6,568
|
)
|
|
|
(9,441
|
)
|
|
|
(6,405
|
)
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income Attributable to TeleTech Stockholders
|
|
$
|
21,360
|
|
|
$
|
19,939
|
|
|
$
|
55,384
|
|
|
$
|
54,073
|
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding
|
|
|
54,905
|
|
|
|
57,748
|
|
|
|
55,991
|
|
|
|
58,173
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP EPS Attributable to TeleTech Stockholders
|
|
$
|
0.39
|
|
|
$
|
0.35
|
|
|
$
|
0.99
|
|
|
$
|
0.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to TeleTech Stockholders
|
|
$
|
28,429
|
|
|
$
|
25,371
|
|
|
$
|
49,633
|
|
|
$
|
58,061
|
|
Interest income
|
|
|
(780
|
)
|
|
|
(896
|
)
|
|
|
(2,235
|
)
|
|
|
(2,282
|
)
|
Interest expense
|
|
|
2,129
|
|
|
|
1,143
|
|
|
|
4,810
|
|
|
|
3,814
|
|
(Benefit) Provision for income taxes
|
|
|
(3,611
|
)
|
|
|
(496
|
)
|
|
|
(3,030
|
)
|
|
|
9,482
|
|
Depreciation and amortization
|
|
|
10,695
|
|
|
|
11,807
|
|
|
|
31,040
|
|
|
|
34,828
|
|
Asset impairment and restructuring charges
|
|
|
2,601
|
|
|
|
1,616
|
|
|
|
23,652
|
|
|
|
2,528
|
|
Acquisition-related expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
159
|
|
|
|
1,066
|
|
Equity-based compensation expenses
|
|
|
3,465
|
|
|
|
3,848
|
|
|
|
10,310
|
|
|
|
11,563
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP EBITDA
|
|
$
|
42,928
|
|
|
$
|
42,393
|
|
|
$
|
114,339
|
|
|
$
|
119,060
|
|
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|