10-Q
TTEC HOLDINGS, INC. filed this Form 10-Q on 11/07/2018
Entire Document
 

TTEC HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

(Amounts in thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended
 September 30,

 

Nine months ended 

September 30,

 

 

    

2018

    

2017

    

2018

    

2017

 

Revenue

 

$

364,936

 

$

359,036

 

$

1,090,038

 

$

1,050,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services (exclusive of depreciation and amortization presented separately below)

 

 

286,925

 

 

275,548

 

 

844,555

 

 

797,450

 

Selling, general and administrative

 

 

43,321

 

 

45,167

 

 

134,611

 

 

132,372

 

Depreciation and amortization

 

 

17,317

 

 

16,515

 

 

52,052

 

 

47,273

 

Restructuring and integration charges, net

 

 

2,716

 

 

6,006

 

 

4,599

 

 

9,768

 

Impairment losses

 

 

 —

 

 

 —

 

 

1,120

 

 

 —

 

Total operating expenses

 

 

350,279

 

 

343,236

 

 

1,036,937

 

 

986,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

14,657

 

 

15,800

 

 

53,101

 

 

63,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,401

 

 

899

 

 

3,940

 

 

2,020

 

Interest expense

 

 

(8,410)

 

 

(3,469)

 

 

(22,634)

 

 

(8,699)

 

Other income (expense), net

 

 

989

 

 

4,416

 

 

(8,786)

 

 

6,573

 

Loss on assets held for sale

 

 

 —

 

 

 —

 

 

(2,000)

 

 

(3,178)

 

Total other income (expense)

 

 

(6,020)

 

 

1,846

 

 

(29,480)

 

 

(3,284)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

8,637

 

 

17,646

 

 

23,621

 

 

60,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

(1,893)

 

 

(2,071)

 

 

(4,648)

 

 

(9,059)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

6,744

 

 

15,575

 

 

18,973

 

 

51,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interest

 

 

(1,369)

 

 

(806)

 

 

(3,489)

 

 

(2,828)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to TTEC stockholders

 

$

5,375

 

$

14,769

 

$

15,484

 

$

48,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

6,744

 

$

15,575

 

$

18,973

 

$

51,536

 

Foreign currency translation adjustments

 

 

(2,255)

 

 

(1,153)

 

 

(28,139)

 

 

8,414

 

Derivative valuation, gross

 

 

7,463

 

 

3,221

 

 

6,679

 

 

24,713

 

Derivative valuation, tax effect

 

 

(2,015)

 

 

(1,288)

 

 

(2,744)

 

 

(10,117)

 

Other, net of tax

 

 

103

 

 

127

 

 

317

 

 

386

 

Total other comprehensive income (loss)

 

 

3,296

 

 

907

 

 

(23,887)

 

 

23,396

 

Total comprehensive income (loss)

 

 

10,040

 

 

16,482

 

 

(4,914)

 

 

74,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Comprehensive income attributable to noncontrolling interest

 

 

(1,313)

 

 

(899)

 

 

(3,271)

 

 

(3,153)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to TTEC stockholders

 

$

8,727

 

$

15,583

 

$

(8,185)

 

$

71,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

46,172

 

 

45,838

 

 

46,021

 

 

45,816

 

Diluted

 

 

46,316

 

 

46,367

 

 

46,390

 

 

46,348

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to TTEC stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.12

 

$

0.32

 

$

0.34

 

$

1.06

 

Diluted

 

$

0.12

 

$

0.32

 

$

0.33

 

$

1.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share outstanding

 

$

0.28

 

$

0.25

 

$

0.55

 

$

0.47

 

 

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

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