DENVER, July 22, 2024 /PRNewswire/ -- TTEC Holdings, Inc. (NASDAQ:TTEC), a leading global CX (customer experience) technology and services innovator for AI-enabled CX solutions, announced today that TTEC will release its earnings results after market close on Thursday, August 8, 2024, when a press release will be issued. The Company will host a live webcast and conference call at 8:30 a.m. ET on Friday, August 9, 2024. You are invited to join a live webcast of the conference call by visiting the "Investors ...

The results underscore TTEC's exceptional delivery of trust and safety solutions DENVER, June 6, 2024 /PRNewswire/ -- TTEC Holdings, Inc. (NASDAQ: TTEC), a leading global CX (customer experience) technology and services innovator for AI-enhanced CX with solutions from TTEC Engage and TTEC Digital, is proud to announce its recognition as both a Major Contender and a Star Performer in Everest Group's Trust and Safety Services PEAK Matrix® Assessment 2024. This prestigious acknowledgment underscores TTEC's ded ...

Financial Data and Key Metrics Changes - The company's revenue for Q1 2024 was $577 million, a decrease of 8.9% compared to $633 million in the prior year [101] - Adjusted EBITDA was $55 million, representing 9.5% of revenue, down from $83 million or 13.1% in the previous year [101] - Operating income decreased to $38 million or 6.6% of revenue from $61 million or 9.6% [101] - The net debt-to-EBITDA ratio was reported at 3.6, compliant with credit facility requirements [7] Business Line Data and Key Metrics Changes - The digital segment's revenue was $112 million, a decrease of 4.2% year-over-year, while managed services grew approximately 5% [5] - The Engage segment's revenue decreased by 10% to $465 million compared to the prior year [18] - The Engage backlog for the next 12 months is $1.76 billion, representing 96.5% of the 2024 revenue guidance midpoint, compared to 97% in the prior year [6] Market Data and Key Metrics Changes - The demand environment remains fluid, with client conservatism impacting budgeting and volume awards [8] - The company is experiencing variability and downward pressure in the telco vertical [2] - The digital segment's backlog increased to $399 million, or 80% of the 2024 revenue guidance midpoint, up from 75% in the prior year [18] Company Strategy and Development Direction - The company is focused on integrating technology and AI into operations to improve productivity and customer satisfaction [48] - New work types such as content moderation and data annotation are seen as growth opportunities [46] - The company aims to return to sustainable long-term organic growth and improve cash flow and balance sheet strength [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the attractiveness of the CX market and the company's differentiated technology capabilities [105] - The company anticipates a strong healthcare season in the latter half of the year, supporting its reiterated guidance [81] - Management believes that the industry is misunderstood and that new opportunities are emerging despite challenges [108] Other Important Information - Capital expenditures for Q1 2024 were $13 million, or 2.3% of revenue, compared to $14 million or 2.2% in the prior year [19] - The normalized tax rate increased to 32.7% from 26% in the prior year, primarily due to lower pre-tax income [19] Q&A Session Summary Question: How does the company view guidance amidst market conditions? - Management believes that Wall Street tends to overreact and maintains confidence in their guidance despite market challenges [108] Question: What is the status of anticipated headwinds? - Headwinds are as expected, with some clients beginning to change their cautious outlook for the better [80] Question: Is there a shift in onshore versus offshore demand? - The company reports strong demand for offshore capabilities, particularly in new geographies like South Africa, without cannibalizing onshore work [115][39]

Exhibit 99.1 TTEC Announces First Quarter 2024 Financial Results First Quarter 2024 Revenue was $576.6 Million, down 8.9 Percent Operating Income was $22.7 Million or 3.9 Percent of Revenue ($37.9 Million or 6.6 Percent of Revenue Non-GAAP) Net Income was $0.5 Million or 0.1 Percent of Revenue ($12.6 Million or 2.2 Percent of Revenue Non-GAAP) Adjusted EBITDA was $54.9 Million or 9.5 Percent of Revenue Fully Diluted EPS was $0.01 ($0.27 Non-GAAP) Reiterates Outlook for Full Year 2024 DENVER, May 8, 2024 – T ...

Revenue Performance - TTEC's revenue for Q1 2024 was $576.6 million, a decrease of $56.7 million, or 8.9%, compared to Q1 2023, with TTEC Digital contributing $112.0 million (19.0%) and TTEC Engage contributing $464.6 million (81.0%) [151] - TTEC Digital segment revenue decreased by $4.9 million, or 4.2%, while TTEC Engage segment revenue decreased by $51.8 million, or 10.0% [156] - The five largest clients accounted for 35.7% of consolidated revenue in Q1 2024, compared to 34.6% in Q1 2023 [190] Operating Income and Margins - Operating income for Q1 2024 was $22.7 million, a decrease of $21.7 million, or 48.9%, with an operating margin of 3.9% compared to 7.0% in Q1 2023 [157] - TTEC Engage's operating income decreased by $24.2 million, or 55.5%, with an operating margin of 4.2% in Q1 2024, down from 8.4% in the prior year [168] Cash Flow and Liquidity - TTEC generated negative operating cash flows of $15.6 million in Q1 2024, a decrease from positive cash flows of $49.1 million in Q1 2023 [181] - Free cash flow decreased to ($29.1) million for the three months ended March 31, 2024, compared to $35.4 million for the same period in 2023 [184] - Net cash used in operating activities was ($15.6) million for the three months ended March 31, 2024, a decrease of $64.7 million from $49.1 million in 2023 [181] - Cash and cash equivalents totaled $91.5 million as of March 31, 2024, down from $172.7 million at the end of 2023 [179] - Cash and cash equivalents decreased to $91.5 million as of March 31, 2024, down from $172.7 million as of December 31, 2023 [179] Expenses and Taxation - Interest expense increased to $21.1 million in Q1 2024 from $17.4 million in Q1 2023 due to higher average utilization of the line of credit and rising interest rates [169] - The effective tax rate for Q1 2024 was 82.3%, significantly higher than 27.5% in Q1 2023, influenced by various factors including international earnings and stock-based compensation [174] Capital Expenditures and Financing - Total capital expenditures in 2024 are expected to be between 2.7% and 2.9% of revenue, with 55% allocated for business growth and 45% for maintenance of existing assets [188] - Capital expenditures for the three months ended March 31, 2024, were $13.4 million, slightly down from $13.6 million in 2023 [182] - Net cash flows provided by financing activities increased to $46.5 million in Q1 2024 from $43.6 million in Q1 2023 [183] - The company may need to raise additional capital through debt or equity financing due to potential increases in working capital and capital expenditure requirements [189] Strategic Initiatives - TTEC plans to selectively retain and grow capacity while expanding into new offshore markets, managing foreign currency risks through a multi-currency hedging program [161] - The company continues to invest in innovation and service offerings to enhance its competitive position and broaden its product capabilities [152] - The company has long-term relationships with its top five clients, with contracts ranging from 18 to 24 years [190] - There were no material changes to the company's contractual obligations and future capital requirements since the last filing [187]

Revenue Performance - Full Year 2023 revenue was $2.463 billion, an increase of 0.8% compared to $2.444 billion in the prior year[10] - Fourth Quarter 2023 revenue decreased by 4.9% to $626.2 million from $658.3 million in the prior year[10] - Total revenue for the year 2023 was $2.46 billion, slightly up from $2.44 billion in 2022, representing a growth of 0.6%[29] - Q4 2023 revenue was $626.2 million, a decrease of 4.9% from $658.3 million in Q4 2022[29] Income and Profitability - Full Year 2023 GAAP net income was $18.3 million, or 0.7% of revenue, compared to $103.2 million, or 4.2% of revenue Non-GAAP[2] - Fourth Quarter 2023 GAAP net income was ($8.2) million, or (1.3)% of revenue, compared to $17.5 million, or 2.8% of revenue Non-GAAP[2] - Net loss attributable to TTEC stockholders for Q4 2023 was $9.9 million, compared to a net income of $22.4 million in Q4 2022[29] - Net income for the twelve months ended December 31, 2023, was $18,264, a significant decrease from $117,333 in 2022[35] Adjusted EBITDA - Full Year 2023 Non-GAAP Adjusted EBITDA was $271.5 million, or 11.0% of revenue, down from $320.1 million, or 13.1% of revenue in the prior year[8] - Fourth Quarter 2023 Non-GAAP Adjusted EBITDA was $57.5 million, or 9.2% of revenue, compared to $86.5 million, or 13.1% of revenue in the prior year[12] - Adjusted EBITDA for the twelve months ended December 31, 2023, was $271,509, down from $320,062 in 2022, indicating a decline of 15.1%[37] Cash Flow and Capital Expenditures - Free cash flow for the twelve months ended December 31, 2023, was $76,926, an increase from $53,036 in 2022, representing a growth of 45.0%[38] - Cash flows from operating activities for the twelve months ended December 31, 2023, were $144,765, compared to $137,048 in 2022, showing an increase of 5.0%[35] - Total cash capital expenditures for the twelve months ended December 31, 2023, were $67,839, a decrease from $84,012 in 2022, reflecting a reduction of 19.3%[38] Balance Sheet and Equity - Cash and cash equivalents increased to $172.7 million as of December 31, 2023, compared to $153.4 million a year earlier[33] - Total assets as of December 31, 2023, were $2.19 billion, up from $2.15 billion in 2022[33] - TTEC's total equity increased to $615.5 million as of December 31, 2023, from $578.1 million in 2022[33] Future Outlook - The company anticipates challenges in 2024 due to client budget constraints and the elimination of a line of business by a long-tenured client[5] - For Full Year 2024, the company projects revenue guidance of $2.275 billion to $2.365 billion[19] Segment Performance - TTEC Digital achieved record bookings in the fourth quarter, driven by demand for cloud migrations and AI solutions[6] - TTEC Digital revenue for Q4 2023 was $119.1 million, a decrease of 2.6% from $121.7 million in Q4 2022[31] - TTEC Engage revenue for Q4 2023 was $507.1 million, down 5.5% from $536.6 million in Q4 2022[31] Other Financial Metrics - The effective tax rate for 2023 was 55.2%, compared to 18.8% in 2022[29] - The company paid dividends totaling $49,232 to shareholders during the twelve months ended December 31, 2023, compared to $48,072 in 2022[35] - The diluted shares outstanding increased slightly to 47,503 for the three months ended December 31, 2023, compared to 47,299 in the previous year[38] Restructuring and Impairment - Restructuring charges for TTEC Engage in Q4 2023 were $1,823 million, compared to $1,130 million in Q4 2022, an increase of 61.4%[40] - The company incurred impairment losses of $700 million in Q4 2023, significantly higher than $24 million in Q4 2022, marking a substantial increase[40] Foreign Exchange and Compensation - TTEC reported a foreign exchange loss of $1,271 million in Q4 2023, compared to a loss of $1,606 million in Q4 2022, indicating a decrease of 20.8%[40] - Equity-based compensation expenses for TTEC Engage increased to $3,658 million in Q4 2023 from $2,659 million in Q4 2022, an increase of 37.5%[40]

Financial Data and Key Metrics Changes - For the full year 2023, revenue was $2.46 billion, adjusted EBITDA was $272 million (11% of revenue), and adjusted EPS was $2.18 per share, reflecting a slight increase in revenue compared to $2.44 billion in 2022 [8][34] - In Q4 2023, revenue decreased to $626 million from $658 million in the prior year, a decline of 4.9%, with adjusted EBITDA at $58 million (9.2% of revenue) compared to $87 million (13.1%) in the prior year [34][35] - The full year 2023 operating income was $200 million (8.1% of revenue), down from $249 million (10.2%) in the prior year, and EPS decreased to $2.18 from $3.59 [34][38] Business Line Data and Key Metrics Changes - The Digital segment's Q4 revenue was $119 million, down 2.1% year-over-year, but excluding Cisco practice, it grew 7.1%. Full year revenue increased by 5% to $487 million [35][36] - The Engage segment's Q4 revenue decreased by 5.5% to $507 million, with operating income at $24 million (4.8% of revenue), down from $52 million (9.7%) in the prior year [37][38] - Engage's full year revenue was $1.98 billion, relatively unchanged from the prior year, with operating income at $138 million (7% of revenue), down from $184 million (9.3%) [38][39] Market Data and Key Metrics Changes - The Engage backlog for the next 12 months is $1.71 billion, representing 94% of 2024 revenue guidance, while the offshore pipeline has grown more than 35% year-over-year [39][24] - Over a third of the sales pipeline consists of deals with annual contract values over $10 million, indicating strong demand for larger contracts [24] Company Strategy and Development Direction - The company is focusing on margin optimization and diversification across clients, geographies, and solutions, with a strong emphasis on AI integration to enhance operational efficiency [12][31] - TTEC aims to leverage its partnerships with leading CX technology players to drive growth in the Digital segment, expecting double-digit growth in 2025 and beyond [15][30] - The capital deployment strategy has shifted towards prioritizing debt reduction and sustainable growth initiatives, reflecting a cautious approach in the current economic environment [17][40] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in the 2024 outlook due to conservative client behavior and budget constraints, anticipating challenges in revenue and margins [19][20] - The macroeconomic environment remains fluid, with over a third of the global economy in recession, impacting client decision-making and revenue visibility [9][10] - Despite short-term challenges, management remains optimistic about long-term growth prospects, particularly in the Digital segment driven by cloud migration and AI adoption [10][28] Other Important Information - The company announced a reduction in its semi-annual dividend to $0.06 per share, reflecting a strategic shift to prioritize capital for growth and debt reduction [40] - Cash as of December 31, 2023, was $173 million, with total debt at $999 million, indicating a slight increase in net debt year-over-year [41] Q&A Session Summary Question: Can you provide insight into the macro view and its impact on guidance? - Management noted that clients are operating conservatively, leading to lower growth expectations and elongated sales cycles, but expressed hope for recovery in 2025 [49][56] Question: What is the status of AI programs and their impact? - Management highlighted 50 client programs involving AI, with significant productivity improvements noted, and emphasized the importance of agent augmentation in enhancing client relationships [58][60] Question: Are there any signs of improvement in client engagement? - Management reported strong booking momentum in the Digital segment, with over 50% of opportunities coming from existing clients, indicating potential for faster sales cycles [63][64] Question: How does AI affect the Engage business? - Management views AI as a positive opportunity, emphasizing that while some low-end transactions may be automated, the focus remains on enhancing customer relationships through quality service [71][72]

Part I [Business](index=11&type=section&id=Item%201.%20Business) The company is a global customer experience partner operating through TTEC Digital and TTEC Engage segments **Fiscal Year 2023 Revenue Breakdown** | Segment | Revenue (billions) | Percentage of Total | | :--- | :--- | :--- | | TTEC Digital | $0.487 | 20% | | TTEC Engage | $1.976 | 80% | | **Total** | **$2.463** | **100%** | - As of December 31, 2023, TTEC served **over 750 clients** across various industries with a global team of over 60,000 employees[32](index=32&type=chunk)[35](index=35&type=chunk) - The company's growth strategy focuses on deepening client relationships, strategic acquisitions, and investing in tech-driven innovation[37](index=37&type=chunk)[44](index=44&type=chunk) **Client Concentration and Retention (2023)** | Client Group | % of Total Revenue | TTEC Engage Revenue Retention Rate | | :--- | :--- | :--- | | Top 5 Clients | 36% | 95% | | Top 10 Clients | 50% | 95% | - As of December 31, 2023, TTEC had over 60,000 employees, with **49% in Asia-Pacific**, 38% in North America, and 61% working remotely[74](index=74&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from client concentration, technology evolution, debt, and a controlling shareholder - A large portion of TTEC Engage revenue comes from a few clients, with the **top five representing 36% of total revenue in 2023**[95](index=95&type=chunk)[97](index=97&type=chunk) - The business is highly competitive and failure to adapt to rapid technological changes like **AI could harm its competitive position**[88](index=88&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) - The remote work model introduces risks such as fraud, compliance challenges, and potential disruptions from residential-grade utilities[102](index=102&type=chunk)[104](index=104&type=chunk)[106](index=106&type=chunk) - The company experienced **two significant cybersecurity incidents in 2021**, and future incidents remain a significant risk[128](index=128&type=chunk) - As of December 31, 2023, the company had **$995.0 million of borrowings outstanding**, with a recent credit facility amendment to provide more flexibility[139](index=139&type=chunk)[140](index=140&type=chunk) - The Chairman and CEO beneficially owns approximately **59% of the company's common stock**, giving him significant control[192](index=192&type=chunk) [Unresolved Staff Comments](index=53&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not applicable[196](index=196&type=chunk) [Cybersecurity](index=53&type=section&id=Item%201C.%20Cybersecurity) Cybersecurity risk is managed through an ERM program overseen by the Board's Security & Technology Committee - The company has a formal cybersecurity program focused on risk assessment, mitigation, incident response, and employee training[199](index=199&type=chunk)[200](index=200&type=chunk) - Governance is managed by the Board's Security & Technology Committee, which receives regular reports from the CSO and CIO[207](index=207&type=chunk) - The company has previously experienced significant cybersecurity incidents but states they have **not materially affected the company to date**[213](index=213&type=chunk) [Properties](index=56&type=section&id=Item%202.%20Properties) The company operates 70 customer engagement centers globally, with the largest concentrations in the US and the Philippines **Customer Engagement Centers by Country (as of Dec 31, 2023)** | Country | Total Centers | | :--- | :--- | | United States of America | 30 | | Philippines | 15 | | United Kingdom | 4 | | Australia | 2 | | Brazil | 1 | | Bulgaria | 2 | | Canada | 2 | | Colombia | 2 | | Egypt | 1 | | Greece | 1 | | Germany | 1 | | Honduras | 1 | | India | 2 | | Mexico | 2 | | Poland | 1 | | South Africa | 2 | | Thailand | 1 | | **Total** | **70** | - The centers are classified as Multi-Client, Dedicated, or Managed, based on leasing and operational structure[217](index=217&type=chunk) [Legal Proceedings](index=58&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal actions and accrues for losses deemed probable and estimable - The company accrues for legal exposures when losses are probable and estimable[220](index=220&type=chunk) - Management does not expect current legal proceedings to have a **material adverse effect** on the company's financial condition[221](index=221&type=chunk) [Mine Safety Disclosures](index=58&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[223](index=223&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=58&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on NASDAQ, with a history of dividends and an underperforming five-year total return - In 2023, the company paid two semi-annual dividends of $0.52 per share; for 2024, a **dividend of $0.06 per share** was authorized[225](index=225&type=chunk)[226](index=226&type=chunk) - Approximately **$26.6 million remains authorized** under the stock repurchase program, but no shares were purchased in 2022 or 2023[227](index=227&type=chunk) **5-Year Cumulative Total Return Comparison** | Year | TTEC Holdings, Inc. | NASDAQ Composite | Russell 2000 | Peer Group | | :--- | :--- | :--- | :--- | :--- | | 2018 | $100 | $100 | $100 | $100 | | 2019 | $141 | $137 | $126 | $138 | | 2020 | $278 | $198 | $151 | $178 | | 2021 | $349 | $242 | $173 | $268 | | 2022 | $173 | $163 | $138 | $173 | | 2023 | $88 | $236 | $161 | $218 | [<Reserved>](index=60&type=section&id=Item%206.%20%3CReserved%3E) This item is reserved - This item is reserved and contains no information[232](index=232&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=61&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue grew slightly in 2023, but operating income declined significantly due to investments and higher costs **Consolidated Financial Results (2023 vs. 2022)** | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | $2,462.8M | $2,443.7M | +0.8% | | Income from Operations | $118.0M | $168.5M | -30.0% | | Operating Margin | 4.8% | 6.9% | -2.1 pts | - TTEC Digital's operating income **decreased by 14.5%** to $29.8 million due to investments in leadership, sales, and engineering[287](index=287&type=chunk)[288](index=288&type=chunk) - TTEC Engage's operating income **decreased by 34.0%** to $88.2 million, driven by investments, higher healthcare costs, and restructuring[289](index=289&type=chunk)[290](index=290&type=chunk) - Interest expense **increased significantly to $78.3 million** in 2023 from $36.1 million in 2022 due to higher interest rates[291](index=291&type=chunk) - The company generated **$144.8 million in cash from operations** and $76.9 million in free cash flow in 2023[305](index=305&type=chunk)[308](index=308&type=chunk) - As of Dec 31, 2023, the company had **$995.0 million in borrowings** and amended its credit facility in Feb 2024 for more flexibility[300](index=300&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=79&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rate changes on its debt and foreign currency fluctuations - The company has significant interest rate risk due to its **$995.0 million in variable-rate borrowings**[332](index=332&type=chunk) - The company faces foreign currency risk as revenue is often in USD while operating costs are in local currencies[333](index=333&type=chunk) **Cash Flow Hedging Program (as of Dec 31, 2023)** | Currency Pair | Notional Amount (USD Equivalent) | | :--- | :--- | | Canadian Dollar | $1.7M | | Philippine Peso | $165.8M | | Mexican Peso | $44.2M | | **Total** | **$211.7M** | [Financial Statements and Supplementary Data](index=83&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section references the location of the company's consolidated financial statements and supplementary data - The financial statements required by this item are located beginning on page F-1 of this report[344](index=344&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=85&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable to the company - Not applicable[345](index=345&type=chunk) [Controls and Procedures](index=85&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and the independent auditor concluded that disclosure controls and internal controls were effective - Based on an evaluation as of December 31, 2023, the CEO and CFO concluded that the company's **disclosure controls and procedures were effective**[349](index=349&type=chunk) - Management concluded that the company's **internal control over financial reporting was effective** as of December 31, 2023[353](index=353&type=chunk) - The effectiveness of internal control over financial reporting has been audited by PricewaterhouseCoopers LLP, which issued an **unqualified opinion**[354](index=354&type=chunk)[386](index=386&type=chunk) [Other Information](index=87&type=section&id=Item%209B.%20Other%20Information) The company amended its Credit Facility in February 2024 to increase financial flexibility - On February 26, 2024, the company amended its credit agreement to **increase the net leverage ratio covenant** for Q1 2024 through Q1 2025[358](index=358&type=chunk) - As part of the amendment, the total lenders' commitment under the credit facility was **reduced from $1.5 billion to $1.3 billion**[358](index=358&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=87&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[359](index=359&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=87&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information is incorporated by reference from the company's 2024 Definitive Proxy Statement - The information required for this item is **incorporated by reference** from the registrant's 2024 annual meeting proxy statement[8](index=8&type=chunk)[361](index=361&type=chunk) [Executive Compensation](index=89&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2024 Definitive Proxy Statement - The information required for this item is **incorporated by reference** from the registrant's 2024 annual meeting proxy statement[8](index=8&type=chunk)[365](index=365&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=89&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the 2024 Definitive Proxy Statement - The information required for this item is **incorporated by reference** from the registrant's 2024 annual meeting proxy statement[8](index=8&type=chunk)[366](index=366&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=89&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on related transactions is incorporated by reference from the 2024 Definitive Proxy Statement - The information required for this item is **incorporated by reference** from the registrant's 2024 annual meeting proxy statement[8](index=8&type=chunk)[367](index=367&type=chunk) [Principal Accountants Fees and Services](index=89&type=section&id=Item%2014.%20Principal%20Accountants%20Fees%20and%20Services) Information on accountant fees is incorporated by reference from the 2024 Definitive Proxy Statement - The information required for this item is **incorporated by reference** from the registrant's 2024 annual meeting proxy statement[8](index=8&type=chunk)[368](index=368&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=89&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the report, including financial statements and exhibits - This section contains the index to the Consolidated Financial Statements (located at F-1) and the Exhibit Index[370](index=370&type=chunk)[371](index=371&type=chunk) [Form 10-K Summary](index=95&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary - None[379](index=379&type=chunk) Financial Statements and Notes [Report of Independent Registered Public Accounting Firm](index=98&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The auditor issued an unqualified opinion on financial statements and internal controls, citing two Critical Audit Matters - The auditor, PricewaterhouseCoopers LLP, issued an **unqualified (clean) opinion** on both the financial statements and internal controls[386](index=386&type=chunk) - The audit identified two **Critical Audit Matters (CAMs)**: Revenue Recognition and the Goodwill Impairment Assessment for TTEC Engage[392](index=392&type=chunk)[394](index=394&type=chunk)[397](index=397&type=chunk) [Consolidated Financial Statements](index=101&type=section&id=Consolidated%20Financial%20Statements) Financials show flat revenue, a sharp decline in net income, and an increase in total liabilities for 2023 **Consolidated Balance Sheet Highlights (in thousands)** | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | $681,203 | $749,970 | | Goodwill | $808,988 | $807,845 | | **Total Assets** | **$2,185,598** | **$2,153,962** | | Total Current Liabilities | $403,027 | $411,364 | | Line of Credit (Long-term) | $995,000 | $960,000 | | **Total Liabilities** | **$1,570,056** | **$1,520,212** | | **Total Stockholders' Equity** | **$615,542** | **$578,105** | **Consolidated Income Statement Highlights (in thousands, except per share)** | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Revenue | $2,462,817 | $2,443,707 | $2,273,062 | | Income from Operations | $118,021 | $168,543 | $217,192 | | Net Income Attributable to TTEC | $8,428 | $103,240 | $140,970 | | Diluted EPS | $0.18 | $2.18 | $2.97 | **Consolidated Cash Flow Highlights (in thousands)** | Cash Flow | 2023 | 2022 | | :--- | :--- | :--- | | From Operating Activities | $144,765 | $137,048 | | From Investing Activities | $(67,578) | $(226,203) | | From Financing Activities | $(68,234) | $89,036 | [Notes to the Consolidated Financial Statements](index=105&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail segment performance, goodwill risk, debt structure, and a significantly higher effective tax rate - In April 2023, TTEC finalized the buyout of the remaining 30% interest in First Call Resolution, LLC (FCR) for **$22.4 million**[464](index=464&type=chunk)[465](index=465&type=chunk) - The TTEC Engage reporting unit's fair value exceeded its carrying value by **13.0%**, indicating a risk of future goodwill impairment[518](index=518&type=chunk) - The company's effective tax rate was **55.2% in 2023**, compared to 18.8% in 2022, due to changes in valuation allowances[554](index=554&type=chunk) - As of December 31, 2023, the company had **$995.0 million in borrowings** under its credit facility[576](index=576&type=chunk) - Related party transactions in 2023 included **$1.0 million for aviation services** from companies owned by the CEO[619](index=619&type=chunk)[621](index=621&type=chunk)

TTEC Holdings, Inc. (NASDAQ:TTEC) Q3 2023 Earnings Conference Call November 9, 2023 8:30 AM ET Company Participants Paul Miller - SVP, Treasurer and IR Kenneth Tuchman - Chairman and CEO Shelly Swanback - President and CEO, TTEC Engage Francois Bourret - Interim CFO, TTEC Conference Call Participants Margaret Nolan - William Blair Michael Latimore - Northland Capital Markets George Sutton - Craig-Hallum Capital Group Jared Levine - TD Cowen Vincent Colicchio - Barrington Research Cassie Chan - Bank of Am ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-11919 TTEC Holdings, Inc. (Exact name of registrant as sp ...