UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

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 3, 2011

TeleTech Holdings, Inc.

(Exact Name of Registrant as Specified in Its Charter)

(303) 397-8100

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b))

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On May 3, 2011, TeleTech Holdings, Inc. issued a press release announcing financial results for the quarter ended March 31, 2011.

A copy of the May 3, 2011 press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.

In accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 2.02 and attached Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.

Item 9.01.              Financial Statements and Exhibits.

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SIGNATURES

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.

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TELETECH HOLDINGS, INC.

EXHIBIT INDEX

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Exhibit 99.1

TELETECH ANNOUNCES FIRST QUARTER 2011 FINANCIAL RESULTS

Achieves First Quarter 2011 Revenue of $281 Million;

Signs $100 Million of New Business in First Quarter;

Generates $21 Million in Free Cash Flow and Repurchases $34 Million in Stock;

Reaffirms 2011 and Longer-Term Revenue and Operating Margin Outlook

ENGLEWOOD, Colo., May 3, 2011 — TeleTech Holdings, Inc. (NASDAQ: TTEC), one of the largest global providers of strategic consulting and technology-enabled business process outsourcing solutions that drive commerce and lifetime customer value, today announced financial results for the first quarter ended March 31, 2011.  The Company also filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission for the quarter ended March 31, 2011.

“We are pleased with our financial performance in the first quarter,” said Ken Tuchman, chairman and chief executive officer. “Our year-over-year revenue growth, improved operating performance and new business wins of $100 million in the first quarter reflect the value of our strategic investments in revenue diversification, innovation, and sales and marketing.

“Well run companies are increasingly recognizing the critical importance of placing the customer at the center of their business strategy,” continued Tuchman. “Our ability to serve as both a strategic advisor and implementation partner enables us to design and execute transformative, technology-focused, customer-centric strategies that deliver the highest value outcome for our clients and their customers.”

FIRST QUARTER 2011 FINANCIAL HIGHLIGHTS

TeleTech’s first quarter 2011 revenue was $281.0 million compared to $271.5 million in the year-ago period.  Revenue from TeleTech’s offshore locations in the first quarter accounted for $132.4 million or 47 percent of total revenue.

TeleTech’s first quarter 2011 income from operations was $21.5 million, or 7.6 percent of revenue, compared to $19.3 million, or 7.1 percent of revenue in the year-ago quarter.  Income from operations for the first quarter 2011 and 2010 included $1.0 million and $1.5 million, respectively, of unusual charges related to restructuring and asset impairments.

Excluding the unusual charges for both periods mentioned above, TeleTech’s first quarter 2011 non-GAAP income from operations was $22.5 million, or 8.0 percent of revenue, as compared to 7.7 percent in the year-ago quarter.

First quarter 2011 fully diluted earnings per share attributable to TeleTech shareholders was 18 cents compared to first quarter 2010 fully diluted earnings per share of 21 cents.   First quarter 2011 net income

included a net increase to tax expense of $5.9 million related to changes in judgment for uncertain tax positions.

Excluding unusual charges for both periods, TeleTech’s first quarter 2011 non-GAAP fully diluted earnings per share attributable to TeleTech shareholders was 29 cents compared to 22 cents in the year-ago quarter.

OTHER BUSINESS HIGHLIGHTS

New Business

During the first quarter 2011 TeleTech signed an estimated $100 million in annualized revenue from both new and existing clients.

Strong Balance Sheet Continues to Fund Operations and Share Repurchases

·                  As of March 31, 2011, TeleTech had cash and cash equivalents of $189.7 million, $79.5 million of borrowings on its credit facility and total other debt of $3.9 million, resulting in a net positive cash position of $106.3 million.

·                  Free cash flow for the first quarter 2011 was $20.7 million compared to $44.8 million in the year-ago quarter.

·                  Capital expenditures for the first quarter 2011 were $3.9 million, down from $6.6 million in the first quarter 2010.

·                  TeleTech repurchased approximately 1.6 million shares of common stock during the first quarter 2011 for a total cost of approximately $34 million.  As of March 31, 2011, there was approximately $62 million authorized for future share repurchases.

2011 BUSINESS OUTLOOK

As outlined earlier this year, TeleTech estimates 2011 revenue will grow approximately 5 to 6 percent over 2010 revenue, and full year 2011 operating margin will range between 8.5 and 9.5 percent, excluding unusual charges, if any.

LONGER-TERM FINANCIAL GOALS

As TeleTech continues to expand its delivery of higher value, fully integrated solutions that span the entire customer experience continuum, TeleTech reiterates its expectation that revenue will increase from 2010 to 2014 at a compounded annual growth rate between 9 and 10 percent. Furthermore, it expects revenue from consultative and technology-based solutions to increase to approximately 25 percent of total 2014 revenue and expects operating margin to range between 11 and 12 percent by 2014.

CONFERENCE CALL

A conference call and webcast with management will be held on Wednesday, May 4, 2011 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 Wednesday, May 18, 2011.

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. The presentation of 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.

ABOUT TELETECH

For nearly 30 years, TeleTech and its subsidiaries have helped the world’s largest companies achieve their most ambitious goals.  As the go-to partner for the Global 1000, the TeleTech group of companies delivers technology-based solutions that maximize revenue, transform customer experiences and optimize business processes.  From strategic consulting to operational execution, TeleTech’s approximately 44,000 employees drive success for clients in the communications and media, financial services, government, healthcare, technology, transportation and retail industries. Our companies deliver award-winning integrated solutions in support of professional services, revenue generation, customer innovation, enterprise innovation, hosted technology and learning innovation. 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; achieving profit improvement in our International BPO operations; 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 BPO services market, 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; the risk of integrating strategic acquisitions; 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 BPO and 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, 2010.  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 May 3, 2011. 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)

TELETECH HOLDINGS, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(In thousands)

TELETECH HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

TELETECH HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(In thousands, except per share data)

TELETECH HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(In thousands, except per share data)