UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 4, 2005

TeleTech Holdings, Inc.

9197 S. Peoria Street, Englewood, Colorado 80112
(Address of principal executive offices, including Zip Code)

Telephone Number: (303) 397-8100

Item 7.01. Results of Operation and Financial Condition

On May 4, 2005, Registrant issued a press release setting forth Registrant’s financial and operating results for the quarter ended March 31, 2005. On May 5, 2005, the Registrant held a conference call, which was open to the public, to discuss these results. A copy of this press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits

SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TeleTech Holdings, Inc.
By: /s/ Kenneth D. Tuchman

KENNETH D. TUCHMAN
Chief Executive Officer

Dated: May 6, 2005

EXHIBIT INDEX

Exhibit 99.1

TeleTech Reports First Quarter

Denver, Colo., May 4, 2005 – TeleTech Holdings, Inc. (Nasdaq: TTEC), a global provider of customer management and business process outsourcing (BPO) services, today announced first quarter 2005 financial results. The Company also filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission for the quarter ended March 31, 2005.

*See reconciliation of Non-GAAP financial measures below.

CEO COMMENTARY
Ken Tuchman, said, “The strategy we undertook almost two years ago to grow and retain clients in a profitable manner through innovative new services, along with the decision to globalize and centrally manage our business units, is generating profits and free cash flow. Our plan to centrally manage our business has been fully implemented in North America and will be completed globally during the third quarter of this year. Newgen, our database marketing subsidiary, was scheduled to be the last segment fully integrated into this centralized model. As previously announced, Newgen entered into the largest new product implementation in its history and the launch is taking longer than anticipated resulting in this segment reporting an operating loss of approximately $3 million, or 4 cents per diluted share for the first quarter. We are accelerating the integration of Newgen’s operational, technological, and financial responsibilities under our North American and corporate leadership teams and expect to complete this during the third quarter and have dedicated the necessary resources to make the launch successful.

“I am confident that under this centralized model, Newgen will return to profitability later this year. I would like to add that due to key client renewals along with continued pricing discipline and cost improvement efforts, TeleTech, on a consolidated basis, will continue to be profitable throughout 2005.”

REVENUE
First quarter 2005 revenue was $254.3 million, compared to $268.0 million during the year ago quarter. The first quarter 2005 benefited from approximately $3.0 million of currency translation gains, while the prior year quarter benefited from $3.4 million of minimum commitments from a large client.

As part of TeleTech’s strategic plan, the Company invested in a dedicated account management team more than a year ago to focus on growing and retaining existing client relationships. As a

result of this initiative and high client satisfaction levels, TeleTech has successfully renewed a majority of its key client relationships and has obtained new global business from existing clients that is expected to ramp in the second half of 2005.

OPERATING INCOME
Income from operations of $4.1 million was $2.0 million less than the year ago quarter. The decrease is primarily due to a $3.8 million decline in Newgen’s operating results and, as previously disclosed, a $3.4 million reduction in minimum commitments from a large client. Partially offsetting these declines was nearly $5.0 million in operational improvements from TeleTech’s ongoing profit improvement initiatives. Additional information regarding comparability to the prior year is included in the Company’s March 2005 Quarterly Report on Form 10-Q.

INTEREST EXPENSE
Interest expense in the first quarter 2005 was $2.4 million lower than the first quarter of 2004 as a result of de-leveraging the Company and repaying more than $120 million in bank debt.

BALANCE SHEET
TeleTech ended the first quarter 2005 in a strong financial position with $68.2 million in cash and cash equivalents and net cash of $59.8 million after $8.4 million in total debt. DSOs were 55 days at the end of March and within the Company’s targeted DSO range of 50 to 60 days.

Capital expenditures for the first quarter 2005 were $4.4 million, a decrease of $7.5 million from $11.9 million during the year ago quarter.

LIQUIDITY AND FREE CASH FLOW
TeleTech generated $10.7 million of free cash flow during the 2005 first quarter, which was less than the year ago quarter due in part to higher DSOs and the timing of payroll-related liabilities.

During the first quarter 2005, TeleTech repurchased 1.5 million shares for $16.3 million, leaving approximately $27 million authorized to be repurchased under the Company’s buy-back program.

SECOND QUARTER 2005 OUTLOOK
TeleTech is currently in advanced discussions on several new, global business opportunities. Should the Company be successful in winning some or all of these opportunities, they would contribute to TeleTech’s financial results during subsequent quarters.

As a result of the above and the migration of certain client programs to international locations, along with Newgen taking longer than expected to ramp a large new client program, TeleTech believes second quarter revenue will be comparable to the first quarter revenue.

Newgen’s operating loss is expected to be approximately half the first quarter loss, with further improvement expected in the latter half of 2005 as a result of ramping future new business, the integration of its recently completed acquisition, and ongoing cost improvement initiatives.

NON-GAAP FINANCIAL MEASURES
Pursuant to Regulation G as issued by the Securities and Exchange Commission, the tables below provide a reconciliation of the differences between the Non-GAAP financial measures as discussed above including “Net cash” and “Free cash flow”, and TeleTech’s closest comparable financial measures in each case calculated in accordance with GAAP.

These Non-GAAP financial measures should be used in addition to, but not as a substitute for, the Company’s comparable GAAP measures. They are presented because TeleTech’s management uses this information when evaluating current results of operations, and believes this information provides the users of the financial statements with a useful comparison of TeleTech’s current results of operations with past and future periods.

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

ABOUT TELETECH

FORWARD-LOOKING STATEMENTS

the estimated revenue associated with new or renewed client agreements; the possibility of the Company’s Database Marketing and Consulting segment not returning to historic levels of profitability; the possibility of lower revenue or price pressure from client’s experiencing a downturn in their business; the ability of the Company to fund its future growth initiatives; greater than anticipated competition in the customer care market, causing adverse pricing and more stringent contractual terms; risks associated with losing or not renewing significant client relationships, or early termination of a client agreement; the Company’s ability to close new business and fill excess capacity; consumers’ concerns or adverse publicity regarding the products of the Company’s clients; higher than anticipated start-up costs or lead times associated with new ventures or business in new markets; execution risks associated with performance-based pricing metrics in certain client agreements; execution risks associated with achieving targeted annualized cost reductions; the Company’s 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-related events; risks associated with attracting and retaining cost-effective labor at the Company’s customer management centers; the possibility of additional asset impairments and restructuring charges; risks associated with changes in foreign currency exchange rates; economic or political changes affecting the countries in which the Company operates; changes in accounting policies and practices promulgated by standard setting bodies; and, new legislation or government regulation that impacts the customer care industry.

Please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2004 and Quarterly Report on Form 10-Q for the three months ended March 31, 2005, for a detailed discussion of factors discussed above and other important factors that may impact the Company’s business, results of operations, financial condition, and cash flows. The Company assumes no obligation to update its forward-looking statements to reflect actual results or changes in factors affecting such forward-looking statements.

TELETECH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

Notes:

TELETECH HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT DISCLOSURES
(In thousands)
(Unaudited)

TELETECH HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

TELETECH HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF CASH FLOWS
(In thousands)
(Unaudited)