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

TTEC HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

    

2018

    

2017

    

Cash flows from operating activities

 

 

 

 

 

 

 

Net income

 

$

18,973

 

$

51,536

 

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

 

 

 

 

 

 

 

Depreciation and amortization

 

 

52,052

 

 

47,273

 

Amortization of contract acquisition costs

 

 

1,183

 

 

1,273

 

Amortization of debt issuance costs

 

 

744

 

 

521

 

Imputed interest expense and fair value adjustments to contingent consideration

 

 

8,204

 

 

39

 

Provision for doubtful accounts

 

 

483

 

 

380

 

(Gain) loss on disposal of assets

 

 

25

 

 

85

 

Gain on sale of business and dissolution of entity

 

 

 —

 

 

(3,323)

 

Impairment losses

 

 

1,120

 

 

 —

 

Impairment on equity investment

 

 

15,632

 

 

 —

 

Gain (adjustment) on bargain purchase of a business

 

 

(685)

 

 

 —

 

Non-cash loss on held for sale assets

 

 

2,000

 

 

3,178

 

Deferred income taxes

 

 

(5,276)

 

 

8,155

 

Excess tax benefit from equity-based awards

 

 

(708)

 

 

(1,970)

 

Equity-based compensation expense

 

 

9,292

 

 

8,358

 

(Gain) loss on foreign currency derivatives

 

 

659

 

 

829

 

Changes in assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

Accounts receivable

 

 

77,186

 

 

13,460

 

Prepaids and other assets

 

 

(39,752)

 

 

(26,814)

 

Accounts payable and accrued expenses

 

 

14,777

 

 

32,597

 

Deferred revenue and other liabilities

 

 

10,200

 

 

14,066

 

Net cash provided by operating activities

 

 

166,109

 

 

149,643

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Proceeds from sale of long-lived assets

 

 

21

 

 

31

 

Purchases of property, plant and equipment, net of acquisitions

 

 

(31,841)

 

 

(43,932)

 

Proceeds from sale of business

 

 

 —

 

 

391

 

Investments in non-marketable equity investments

 

 

(2,119)

 

 

(1,384)

 

Acquisitions, net of cash acquired of $4.5 million and zero, respectively

 

 

(2,027)

 

 

(81,360)

 

Net cash used in investing activities

 

 

(35,966)

 

 

(126,254)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from line of credit

 

 

1,573,500

 

 

1,571,837

 

Payments on line of credit

 

 

(1,645,000)

 

 

(1,534,137)

 

Payments on other debt

 

 

(4,613)

 

 

(4,501)

 

Payments of contingent consideration and hold back payments to acquisitions

 

 

(785)

 

 

(674)

 

Dividends paid to shareholders

 

 

(12,414)

 

 

(10,069)

 

Payments to noncontrolling interest

 

 

(2,025)

 

 

(2,745)

 

Proceeds from exercise of stock options

 

 

208

 

 

2,150

 

Tax payments related to issuance of restricted stock units

 

 

(4,618)

 

 

(4,937)

 

Payments of debt issuance costs

 

 

(35)

 

 

(38)

 

Purchase of treasury stock

 

 

 —

 

 

(18,328)

 

Net cash used in financing activities

 

 

(95,782)

 

 

(1,442)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(14,919)

 

 

1,631

 

 

 

 

 

 

 

 

 

Increase in cash and cash equivalents

 

 

19,442

 

 

23,578

 

Cash and cash equivalents, beginning of period

 

 

74,437

 

 

55,264

 

Cash and cash equivalents, end of period

 

$

93,879

 

$

78,842

 

 

 

 

 

 

 

 

 

Supplemental disclosures

 

 

 

 

 

 

 

Cash paid for interest

 

$

13,677

 

$

8,138

 

Cash paid for income taxes

 

$

30,088

 

$

11,357

 

Non-cash, investing and financing activities

 

 

 

 

 

 

 

Acquisition of long-lived assets through capital leases

 

$

11,482

 

$

931

 

Acquisition of equipment through increase in accounts payable, net

 

$

1,056

 

$

405

 

Dividend declared but not paid

 

$

12,932

 

$

11,462

 

 

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

 

 

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