0001558370-23-013376 | 10-Q | XBRL Viewer

FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Fair Value Derivative Assets and Liabilities

The following is a summary of the Company’s fair value measurements for its net derivative assets (liabilities) as of June 30, 2023 and December 31, 2022 (in thousands):

As of June 30, 2023


	Fair Value Measurements Using
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		At Fair Value
Cash flow hedges	$	—	$	9,689	$	—	$	9,689
Fair value hedges		—		(43)		—		(43)
Total net derivative asset (liability)	$	—	$	9,646	$	—	$	9,646

As of December 31, 2022


	Fair Value Measurements Using
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		At Fair Value
Cash flow hedges	$	—	$	115	$	—	$	115
Fair value hedges		—		205		—		205
Total net derivative asset (liability)	$	—	$	320	$	—	$	320

Schedule of Fair Value Assets and Liabilities

The following is a summary of the Company’s fair value measurements as of June 30, 2023 and December 31, 2022 (in thousands):

As of June 30, 2023


	Fair Value Measurements Using
	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
Assets
Derivative instruments, net	$	—	$	—	$	—
Deferred compensation plan asset		29,302		—		—
Contingent consideration		—		—		—
Total assets	$	29,302	$	—	$	—

Liabilities
Derivative instruments, net	$	—	$	9,646	$	—
Contingent consideration		—		—		(778)
Total liabilities	$	—	$	9,646	$	(778)

Redeemable noncontrolling interest	$	—	$	—	$	(3,997)

As of December 31, 2022


	Fair Value Measurements Using
	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
Assets
Derivative instruments, net	$	—	$	320	$	—
Deferred compensation plan asset		25,046		—		—
Contingent consideration		—		—		5,724
Total assets	$	25,046	$	320	$	5,724

Liabilities
Derivative instruments, net	$	—	$	—	$	—
Contingent consideration		—		—		(5,916)
Total liabilities	$	—	$	—	$	(5,916)

Redeemable noncontrolling interest	$	—	$	—	$	(55,645)

Schedule of Business Acquisitions by Acquisition Contingent Consideration

A rollforward of the activity in the Company’s fair value of the contingent consideration payable is as follows (in thousands):


							Imputed
	December 31,						Interest /		June 30,
	2022		Acquisitions		Payments		Adjustments		2023

Faneuil	$	(5,916)	$	—	$	7,400	$	(2,262)	$	(778)
Total	$	(5,916)	$	—	$	7,400	$	(2,262)	$	(778)

Faneuil receivable [Member]

Schedule of Business Acquisitions by Acquisition Contingent Consideration

A rollforward of the activity in the Company’s fair value of the contingent consideration receivable is as follows (in thousands):


							Imputed
	December 31,						Interest /		June 30,
	2022		Acquisitions		Payments		Adjustments		2023

Faneuil	$	5,724	$	—	$	(1,343)	$	(4,381)	$	—
Total	$	5,724	$	—	$	(1,343)	$	(4,381)	$	—

DERIVATIVES

6 Months Ended

Jun. 30, 2023

DERIVATIVES [ABSTRACT]

DERIVATIVES

(6)DERIVATIVES

Cash Flow Hedges

The Company enters into foreign exchange related derivatives. Foreign exchange derivatives entered into consist of forward and option contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations that are associated with forecasted revenue earned in foreign locations. Upon proper qualification, these contracts are designated as cash flow hedges. It is the Company’s policy to only enter into derivative contracts with investment grade counterparty financial institutions, and correspondingly, the fair value of derivative assets considers, among other factors, the creditworthiness of these counterparties. Conversely, the fair value of derivative liabilities reflects the Company’s creditworthiness. As of June 30, 2023, the Company has not experienced, nor does it anticipate, any issues related to derivative counterparty defaults. The following table summarizes the aggregate unrealized net gain or loss in Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands and net of tax):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Aggregate unrealized net gain/(loss) at beginning of period	$	6,640	$	589	$	89	$	(40)
Add: Net gain/(loss) from change in fair value of cash flow hedges		(115)		(6,160)		6,052		(5,770)
Less: Net (gain)/loss reclassified to earnings from effective hedges		639		(147)		1,023		92
Aggregate unrealized net gain/(loss) at end of period	$	7,164	$	(5,718)	$	7,164	$	(5,718)

The Company’s foreign exchange cash flow hedging instruments as of June 30, 2023 and December 31, 2022 are summarized as follows (amounts in thousands). All hedging instruments are forward contracts.


	Local
	Currency	U.S. Dollar			% Maturing		Contracts
	Notional	Notional			in the next		Maturing
As of June 30, 2023	Amount	Amount			12 months		Through
Canadian Dollar	6,000	$	4,443		100.0	%	December 2023
Philippine Peso	8,312,000		149,621	⁽¹⁾	56.3	%	April 2026
Mexican Peso	1,011,500		45,270		54.7	%	April 2026
		$	199,334


	Local
	Currency	U.S. Dollar
	Notional	Notional
As of December 31, 2022	Amount	Amount
Canadian Dollar	12,000	$	9,177
Philippine Peso	8,617,000		157,855	⁽¹⁾
Mexican Peso	1,024,500		44,690
		$	211,722

(1)	Includes contracts to purchase Philippine pesos in exchange for New Zealand dollars and Australian dollars, which are translated into equivalent U.S. dollars on June 30, 2023 and December 31, 2022.

Fair Value Hedges

The Company enters into foreign exchange forward contracts to economically hedge against foreign currency exchange gains and losses on certain receivables and payables of the Company’s foreign operations. Changes in the fair value of derivative instruments designated as fair value hedges are recognized in earnings in Other income (expense), net. As of June 30, 2023 and December 31, 2022 the total notional amounts of the Company’s forward contracts used as fair value hedges were $66.3 million and $80.8 million, respectively.

Derivative Valuation and Settlements

The Company’s derivatives as of June 30, 2023 and December 31, 2022 were as follows (in thousands):


	June 30, 2023
	Designated		Not Designated
	as Hedging		as Hedging
Designation:	Instruments		Instruments
	Foreign		Foreign
Derivative contract type:	Exchange		Exchange
Derivative classification:	Cash Flow		Fair Value

Fair value and location of derivative in the Consolidated Balance Sheet:
Prepaids and other current assets	$	8,198	$	86
Other long-term assets		4,588		—
Other current liabilities		(2,700)		(129)
Other long-term liabilities		(397)		—
Total fair value of derivatives, net	$	9,689	$	(43)


	December 31, 2022
	Designated		Not Designated
	as Hedging		as Hedging
Designation:	Instruments		Instruments
	Foreign		Foreign
Derivative contract type:	Exchange		Exchange
Derivative classification:	Cash Flow		Fair Value

Fair value and location of derivative in the Consolidated Balance Sheet:
Prepaids and other current assets	$	4,001	$	281
Other long-term assets		3,019		—
Other current liabilities		(5,157)		(76)
Other long-term liabilities		(1,748)		—
Total fair value of derivatives, net	$	115	$	205

The effects of derivative instruments on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended June 30,
	2023		2022

	Designated as Hedging
Designation:	Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Cash Flow

Amount of gain or (loss) recognized in Other comprehensive income (loss) - effective portion, net of tax	$	639	$	(146)

Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion:
Revenue	$	864	$	(197)


	Three Months Ended June 30,
	2023		2022

Designation:	Not Designated as Hedging Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Fair Value

Amount and location of net gain or (loss) recognized in the Consolidated Statement of Comprehensive Income (Loss):
Other income (expense), net	$	(14)	$	(41)

The effects of derivative instruments on the Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2023 and 2022 were as follows (in thousands):


	Six Months Ended June 30,
	2023		2022

	Designated as Hedging
Designation:	Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Cash Flow

Amount of gain or (loss) recognized in Other comprehensive income (loss) - effective portion, net of tax	$	1,023	$	93

Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion:
Revenue	$	1,383	$	126


	Six Months Ended June 30,
	2023		2022

Designation:	Not Designated as Hedging Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Fair Value

Amount and location of net gain or (loss) recognized in the Consolidated Statement of Comprehensive Income (Loss):
Other income (expense), net	$	1,386	$	259

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 24,674	$ 66,768
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,773	52,944
Amortization of contract acquisition costs	1,158	1,063
Amortization of debt issuance costs	534	500
Imputed interest expense and fair value adjustments to contingent consideration, net	6,762	0
Provision for credit losses	1,704	198
(Gain) loss on disposal of assets	856	1,116
Loss on dissolution of subsidiary	301
Impairment losses	6,959	10,360
Deferred income taxes	(10,390)	(9,161)
Excess tax benefit from equity-based awards	243	(913)
Equity-based compensation expense	9,802	7,882
(Gain) loss on foreign currency derivatives	247	224
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	14,645	(38,271)
Prepaids and other assets	20,324	35,866
Accounts payable and accrued expenses	43,429	21,041
Deferred revenue and other liabilities	(27,072)	(58,345)
Net cash provided by operating activities	144,949	91,272
Cash flows from investing activities
Proceeds from sale of long-live assets	28	102
Purchases of property, plant and equipment	(32,954)	(35,790)
Acquisitions, net of cash acquired for current period and prior period, respectively		(142,420)
Net cash used in investing activities	(32,926)	(178,108)
Cash flows from financing activities
Net proceeds (borrowings) from line of credit	(45,000)	139,000
Payments on other debt	(1,217)	(1,877)
Payments of contingent consideration and hold back payments to acquisitions	(37,676)	(9,600)
Dividends paid to shareholders	(24,572)	(23,518)
Payments to noncontrolling interest	(5,887)	(7,219)
Tax payments related to issuance of restricted stock units	(629)	(3,065)
Net cash (used in) provided by financing activities	(114,981)	93,721
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,275	(12,350)
Increase (decrease) in cash, cash equivalents and restricted cash	(1,683)	(5,465)
Cash, cash equivalents and restricted cash, beginning of period	167,064	180,682
Cash, cash equivalents and restricted cash, end of period	165,381	175,217
Supplemental disclosures
Cash paid for interest	35,794	9,394
Cash paid for income taxes	23,874	19,882
Non-cash investing and financing activities
Acquisition of long lived assets through finance leases	1,560	202
Acquisition of equipment through increase in accounts payable, net	$ 3,507	$ 467

IMPAIRMENT OF ASSETS (NARRATIVE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Impaired Long-Lived Assets Held and Used, Asset Description			Assumptions included the amount and timing of estimated future cash flows and assumed discount rates.
Impaired Long-Lived Assets Held and Used, Method for Determining Fair Value			The amount of impairment recognized is the difference between the carrying value of the asset group and its fair value. To determine fair value, the Company used Level 3 inputs in its discounted cash flows analysis.
Impairment losses	$ 2,652	$ 9,248	$ 6,959	$ 10,360
Leasehold Improvements Internally Developed Software And Right Of Use Lease Asset [Member]
Restructuring impairment losses	$ 2,700		$ 7,000

ACCOUNTS RECEIVABLE (FACTORED TABLE) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
SIGNIFICANT CLIENTS AND OTHER CONCENTRATIONS [Abstract]
Factored Accounts Receivable, net	$ 99,911	$ 99,503
Cash from customers not yet remitted	$ 50,509	$ 13,602

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,211	$ 25,234	$ 19,858	$ 58,638

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (ROLLFORWARD TABLE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	$ 610,838	$ 551,826	$ 578,105	$ 538,025
Ending balance, value	637,542	551,039	637,542	551,039
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value	(110,389)	(97,464)	(126,301)	(98,426)
Other comprehensive income (loss) before reclassifications			34,389	(26,980)
Amounts reclassified from accumulated other comprehensive income (loss)			1,449	(44)
Net current period other comprehensive income (loss)			35,838	(27,024)
Ending balance, value	(90,463)	(125,450)	(90,463)	(125,450)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value			(123,734)	(95,547)
Other comprehensive income (loss) before reclassifications			28,281	(21,700)
Amounts reclassified from accumulated other comprehensive income (loss)			301
Net current period other comprehensive income (loss)			28,582	(21,700)
Ending balance, value	(95,152)	(117,247)	(95,152)	(117,247)
Derivative Valuation, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value			89	(40)
Other comprehensive income (loss) before reclassifications			6,052	(5,770)
Amounts reclassified from accumulated other comprehensive income (loss)			1,024	92
Net current period other comprehensive income (loss)			7,076	(5,678)
Ending balance, value	7,165	(5,718)	7,165	(5,718)
Other, Net of Tax.
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, value			(2,656)	(2,839)
Other comprehensive income (loss) before reclassifications			56	490
Amounts reclassified from accumulated other comprehensive income (loss)			124	(136)
Net current period other comprehensive income (loss)			180	354
Ending balance, value	$ (2,476)	$ (2,485)	$ (2,476)	$ (2,485)

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [ABSTRACT]

Schedule of accumulated other comprehensive income (loss)

The following table presents changes in the accumulated balance for each component of Other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss) (in thousands):


	Foreign
	Currency		Derivative
	Translation		Valuation, Net		Other, Net
	Adjustment		of Tax		of Tax		Totals

Accumulated other comprehensive income (loss) at December 31, 2021	$	(95,547)	$	(40)	$	(2,839)	$	(98,426)

Other comprehensive income (loss) before reclassifications		(21,700)		(5,770)		490		(26,980)
Amounts reclassified from accumulated other comprehensive income (loss)		—		92		(136)		(44)
Net current period other comprehensive income (loss)		(21,700)		(5,678)		354		(27,024)

Accumulated other comprehensive income (loss) at June 30, 2022	$	(117,247)	$	(5,718)	$	(2,485)	$	(125,450)

Accumulated other comprehensive income (loss) at December 31, 2022	$	(123,734)	$	89	$	(2,656)	$	(126,301)

Other comprehensive income (loss) before reclassifications		28,281		6,052		56		34,389
Amounts reclassified from accumulated other comprehensive income (loss)		301		1,024		124		1,449
Net current period other comprehensive income (loss)		28,582		7,076		180		35,838

Accumulated other comprehensive income (loss) at June 30, 2023	$	(95,152)	$	7,165	$	(2,476)	$	(90,463)

Schedule of reclassifications from Accumulated other comprehensive income (loss)

The following table presents the classification and amount of the reclassifications from Accumulated other comprehensive income (loss) to the Statement of Comprehensive Income (Loss) (in thousands):


					Statement of
	For the Three Months Ended June 30,				Comprehensive Income
	2023		2022		(Loss) Classification

Derivative valuation
Gain on foreign currency forward exchange contracts	$	864	$	(197)	Revenue
Tax effect		(225)		50	Provision for income taxes
	$	639	$	(147)	Net income (loss)

Other
Actuarial loss on defined benefit plan	$	(69)	$	(75)	Cost of services
Tax effect		7		8	Provision for income taxes
	$	(62)	$	(67)	Net income (loss)


					Statement of
	For the Six Months Ended June 30,				Comprehensive Income
	2023		2022		(Loss) Classification

Derivative valuation
Gain on foreign currency forward exchange contracts	$	1,383	$	126	Revenue
Tax effect		(359)		(34)	Provision for income taxes
	$	1,024	$	92	Net income (loss)

Other
Actuarial loss on defined benefit plan	$	(138)	$	(151)	Cost of services
Tax effect		14		15	Provision for income taxes
	$	(124)	$	(136)	Net income (loss)

ACQUISITIONS ASSETS ACQUIRED (TABLES) (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Operating lease assets		$ 111,764	$ 92,431
Deferred tax assets.		39,700
Goodwill		808,613	807,845
Operating lease liability - short-term		35,620	35,271
Accrued employee compensation and benefits		149,919	145,096
Operating lease liability - long-term		$ 89,388	$ 69,575
Faneuil
Business Acquisition [Line Items]
Accounts receivable.	$ 704
Prepaid Expenses	8,420
Other assets	2,572
Operating lease assets	17,778
Fixed Assets Acquired	5,622
Goodwill	75,902
Total assets acquired	172,308
Operating lease liability - short-term	3,129
Accrued employee compensation and benefits	202
Accrued expenses	2,763
Operating lease liability - long-term	14,092
Deferred revenue.	811
Other	8,891
Total liabilities assumed	29,888
Total purchase price	142,420
Faneuil \| Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets	$ 61,310

IMPAIRMENT OF ASSETS

6 Months Ended

Jun. 30, 2023

RESTRUCTURING CHARGES AND IMPAIRMENT LOSSES [Abstract]

RESTRUCTURING CHARGES AND IMPAIRMENT LOSSES

(8)IMPAIRMENT OF ASSETS

During each of the periods presented, the Company evaluated the recoverability of its leasehold improvement assets at certain customer engagement centers, building and land assets, as well as all internally developed software projects. An asset group is considered to be impaired when the anticipated undiscounted future cash flows of its asset group is estimated to be less than the asset group’s carrying value. The amount of impairment recognized is the difference between the carrying value of the asset group and its fair value. To determine fair value, the Company used Level 3 inputs in its discounted cash flows analysis. Assumptions included the amount and timing of estimated future cash flows and assumed discount rates. During the three and six months ended June 30, 2023, the Company recognized impairment losses, net related to leasehold improvements assets, right of use lease assets, internally developed software and certain computer equipment of $2.7 million and $7.0 million, respectively, across the TTEC Digital and TTEC Engage segments.

COMMITMENTS AND CONTINGENCIES (NARRATIVE) (Details) - USD ($)			3 Months Ended		6 Months Ended
	Jun. 30, 2023	Nov. 23, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Initiation date of current line of credit agreement		Nov. 23, 2021
Line of Credit Facility, Current Borrowing Capacity	$ 1,500,000,000		$ 1,500,000,000		$ 1,500,000,000
Initial Borrowing Capacity		$ 1,500,000,000
Proceeds from factored receivables	100,000,000		100,000,000		100,000,000
Percentage of receivables factored	25		$ 25		$ 25
Credit facility interest rate			6.60%
Line of Credit Facility, Collateral					Letter of credit fees are one eighth of 1% of the stated amount of the letter of credit on the date of issuance, renewal or amendment, plus an annual fee equal to the borrowing margin for SOFR loans.
Receivables Held-for-sale, Amount	100,000,000		$ 100,000,000		$ 100,000,000
Line of credit	915,000,000		915,000,000		915,000,000	$ 960,000,000
Average daily utilization under credit facility				$ 966,300,000	1,057,700,000
Remaining borrowing capacity under credit facility	265,000,000		265,000,000		265,000,000
Letters Of Credit Issued Outside Line Of Credit Facility	300,000		300,000		300,000
Line Of Credit Facility Letters Of Credit Issued	$ 200,000		200,000		$ 200,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Credit facility interest rate					1.00%
Minimum
Credit facility interest rate	0.00%
Minimum \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Credit facility interest rate					0.50%
Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Credit facility interest rate					1.00%
Maximum
Proceeds from factored receivables	$ 100,000,000		100,000,000		$ 100,000,000
Receivables Held-for-sale, Amount	$ 100,000,000		$ 100,000,000		$ 100,000,000
Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Credit facility interest rate					1.875%
Maximum \| Company's net leverage ratio [Member]
Credit facility interest rate					0.875%

EMPLOYEE COMPENSATION PLANS

6 Months Ended

Jun. 30, 2023

EMPLOYEE COMPENSATION PLANS [Abstract]

EMPLOYEE COMPENSATION PLANS

(14)EQUITY-BASED COMPENSATION PLANS

All equity-based awards to employees are recognized in the Consolidated Statements of Comprehensive Income (Loss) at the fair value of the award on the grant date.

The following tables present the total equity-based compensation expense (stock options and RSUs) for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended June 30,
	2023		2022

Equity-based compensation expense recognized in Cost of services	$	2,536	$	1,613
Equity-based compensation expense recognized in Selling, general and administrative		3,113		2,530
Total equity-based compensation expense	$	5,649	$	4,143


	Six Months Ended June 30,
	2023		2022

Equity-based compensation expense recognized in Cost of services	$	4,398	$	3,235
Equity-based compensation expense recognized in Selling, general and administrative		5,404		4,647
Total equity-based compensation expense	$	9,802	$	7,882

Restricted Stock Unit Grants

During the six months ended June 30, 2023 and 2022, the Company granted 547,254 and 155,897 RSUs, respectively, to new and existing employees, which vest over four to five years. The Company recognized compensation expense related to RSUs of $5.5 million and $9.3 million for the three and six months ended June 30, 2023, respectively. The Company recognized compensation expense related to RSUs of $3.8 million and $7.4 million for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, there was approximately $46.3 million of total unrecognized compensation cost (including the impact of expected forfeitures) related to RSUs granted under the Company’s equity plans.

Performance Based Restricted Stock Unit Grants

During 2020, the Company awarded Performance Restricted Stock Units (“PRSUs“) that are subject to service and performance vesting conditions. If defined minimum targets are met, the annual value of the PRSUs issued will be between $0.2 million and $2.0 million and vest immediately. If the defined minimum targets are not met, then no shares will be issued. The number of shares awarded are based on the Company’s annual revenue and adjusted operating income for the fiscal years 2021 and 2022. Each fiscal year’s revenue and adjusted operating income will determine the award amount. The Company recognized compensation expense related to the 2020 PRSUs of $0.0 million and $0.1 million, respectively, for the three and six months ended June 30, 2023. The Company recognized compensation expense related to the 2020 PRSUs of $0.4 million and $0.5 million, respectively, for the three and six months ended June 30, 2022.

During 2021, the Company awarded PRSUs that are subject to service and performance vesting conditions. If defined minimum targets are met, the annual value of the PRSUs issued will be between $1.2 million and $4.9 million and vest immediately in 2024. If the defined minimum targets are not met, then no shares will be issued. The number of shares that will be awarded will be based on the Company’s annual revenue and adjusted operating income for the fiscal year 2023. The Company recognized compensation expense related to the 2021 PRSUs of $0.2 million and $0.4 million for the three and six months ended June 30, 2023.

During 2022, the Company made awards of two different PRSU programs that are subject to service and performance vesting conditions: ordinary course annual PRSUs and one-time stretch financial goals PRSUs. For the ordinary course annual PRSUs, if defined minimum targets are met, the annual value of the PRSUs issued will be between $0.9 million and $3.5 million and vest immediately in March 2025. If the defined minimum targets are not met, then no shares will be issued. The number of shares that will be awarded will be based on the Company’s annual revenue and adjusted EBITDA for the fiscal year 2024. For the one-time stretch financial goals PRSUs, if defined minimum targets at TTEC Engage and TTEC Digital business segments’ levels are met, the number of shares of PRSUs issued will be between 0.0 million shares and 0.5 million shares and will vest immediately in March 2026. If the defined minimum targets are not met, then no shares will be issued. The number of shares to be awarded will be based on the TTEC Engage and TTEC Digital business segments’ annual revenue and adjusted EBITDA for the fiscal year 2025. Expense for these awards will begin at the start of the requisite service period, beginning January 1, 2024 and January 1, 2025, respectively.

During 2023, the Company awarded PRSUs that are subject to service and performance vesting conditions. If defined minimum targets are met, the annual value of the PRSUs issued will be between zero and $8.9 million and vest immediately. If the defined minimum targets are not met, then no shares will be issued. The number of shares that will be awarded will be based on the Company’s annual revenue and adjusted EBITDA for the fiscal year 2025. Expense for these awards will begin at the start of the requisite service period, beginning January 1, 2025.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2023

SEGMENT INFORMATION [ABSTRACT]

SEGMENT INFORMATION

(3)SEGMENT INFORMATION

The Company reports the following two segments:

TTEC Digital is one of the largest pure-play CX technology service providers with expertise in CX strategy, digitization, analytics, process optimization, systems integration, cloud-based technology solutions, and transformation enabled by the Company’s proprietary CX applications and technology partnerships. TTEC Digital designs, builds, and operates robust digital experiences for clients and their customers through the contextual integration and orchestration of CRM, data, analytics, CXaaS technology, and intelligent automation to ensure high-quality, scalable CX outcomes.

●

Technology Services: The technology services design, build, and operate highly scalable, digital omnichannel technology solutions in the cloud, on premise, or hybrid environment, including journey orchestration, automation and AI, knowledge management, and workforce productivity, among others.

●

Professional Services: The management consulting practices deliver customer experience strategy, analytics, process optimization, and system integration, among others.

TTEC Engage provides the digitally enabled CX managed services to support our clients’ end-to-end customer interaction delivery at scale. The segment delivers omnichannel customer care, technology support, order fulfillment, customer acquisition, growth, and retention services with industry specialization and distinctive CX capabilities for hypergrowth brands. TTEC Engage also delivers digitally enabled back office and industry specific specialty services including AI operations, and fraud management services.

●

Customer Acquisition, Growth, and Retention Services: The customer growth and acquisition services optimize the buying journeys for acquiring new customers by leveraging technology and analytics to deliver personal experiences that we believe increase the quantity and quality of leads and customers.

●

Customer Care, Technology Support, and Order Fulfillment Services: The customer care, technology support, and order fulfillment services provide turnkey contact center solutions, including digital omnichannel technologies, associate recruiting and training, facilities, and operational expertise to create exceptional customer experiences across all touchpoints.

●

Digitally Enabled Back Office and Specialty Services: The digital AI operations and fraud detection and prevention services provide clients with data tagging and annotation capabilities to train and enable AI platforms, community content moderation, and compliance to meet client content standards, and proactive fraud solutions to assist our clients in the detection and prevention of fraud.

The Company allocates to each segment its portion of corporate operating expenses. All intercompany transactions between the reported segments for the periods presented have been eliminated.

The following tables present certain financial data by segment (in thousands):

Three Months Ended June 30, 2023


							Depreciation		Income
	Gross		Intersegment		Net		&		from
	Revenue		Sales		Revenue		Amortization		Operations
TTEC Digital	$	117,585	$	—	$	117,585	$	6,722	$	7,154
TTEC Engage		482,809		—		482,809		18,224		24,144
Total	$	600,394	$	—	$	600,394	$	24,946	$	31,298

Three Months Ended June 30, 2022


							Depreciation		Income
	Gross		Intersegment		Net		&		from
	Revenue		Sales		Revenue		Amortization		Operations
TTEC Digital	$	114,433	$	—	$	114,433	$	7,545	$	10,751
TTEC Engage		489,817		—		489,817		18,769		25,133
Total	$	604,250	$	—	$	604,250	$	26,314	$	35,884

Six months Ended June 30, 2023


							Depreciation		Income
	Gross		Intersegment		Net		&		from
	Revenue		Sales		Revenue		Amortization		Operations
TTEC Digital	$	234,512	$	—	$	234,512	$	13,583	$	7,939
TTEC Engage		999,168		—		999,168		37,190		67,770
Total	$	1,233,680	$	—	$	1,233,680	$	50,773	$	75,709

Six Months Ended June 30, 2022


							Depreciation		Income
	Gross		Intersegment		Net		&		from
	Revenue		Sales		Revenue		Amortization		Operations
TTEC Digital	$	225,847	$	—	$	225,847	$	16,682	$	16,956
TTEC Engage		967,129		—		967,129		36,262		67,238
Total	$	1,192,976	$	—	$	1,192,976	$	52,944	$	84,194


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Capital Expenditures
TTEC Digital	$	2,352	$	2,476	$	4,626	$	3,473
TTEC Engage		16,933		16,623		28,328		32,317
Total	$	19,285	$	19,099	$	32,954	$	35,790


	June 30, 2023		December 31, 2022
Total Assets
TTEC Digital	$	787,492	$	807,247
TTEC Engage		1,383,817		1,346,715
Total	$	2,171,309	$	2,153,962

The following table presents revenue based upon the geographic location where the services are provided (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue
United States / Canada	$	414,854	$	433,495	$	858,890	$	845,747
Philippines / Asia Pacific / India		115,740		108,750		237,779		226,278
Europe / Middle East / Africa		36,023		34,233		70,477		65,797
Latin America		33,777		27,772		66,534		55,154
Total	$	600,394	$	604,250	$	1,233,680	$	1,192,976

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

DERIVATIVES (INCOME STATEMENT CLASSIFICATION) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Sales Revenue Services Net	$ 600,394	$ 604,250	$ 1,233,680	$ 1,192,976
Other nonoperating income expense	(3,574)	6,111	(2,919)	7,371
Designated as Hedging Instruments [Member] \| Foreign Exchange [Member] \| Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain or (loss) recognized in other comprehensive income (loss) - effective portion, net of tax:	639	(146)	1,023	93
Designated as Hedging Instruments [Member] \| Foreign Exchange [Member] \| Cash Flow [Member] \| Reclassification from accumulated other comprehensive income \| Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Sales Revenue Services Net	864	(197)	1,383	126
Not Designated as Hedging Instruments [Member] \| Foreign Exchange [Member] \| Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other nonoperating income expense	$ (14)	$ (41)	$ 1,386	$ 259

EMPLOYEE COMPENSATION PLANS (EQUITY BASED COMPENSATION EXPENSE TABLE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 5,649	$ 4,143	$ 9,802	$ 7,882
Cost of Services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense	2,536	1,613	4,398	3,235
Selling General And Administrative Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense	3,113	2,530	5,404	4,647
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 5,500	$ 3,800	$ 9,300	$ 7,400

DERIVATIVES (OCI ROLLFORWARD) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
DERIVATIVES [ABSTRACT]
Aggregate unrealized net gain/(loss) at beginning of year	$ 6,640	$ 589	$ 89	$ (40)
Add: Net gain/(loss) from change in fair value of cash flow hedges	(115)	(6,160)	6,052	(5,770)
Less: Net (gain)/loss reclassified to earnings from effective hedges	639	(147)	1,023	92
Aggregate unrealized net gain/(loss) at end of period	$ 7,164	$ (5,718)	$ 7,164	$ (5,718)

ACQUISITIONS

6 Months Ended

Jun. 30, 2023

ACQUISITIONS [ABSTRACT]

ACQUISITIONS

(2)ACQUISITIONS AND DIVESTITURES

FCR

Pursuant to the Membership Interest Purchase Agreement of October 26, 2019 between Ortana Holdings, Inc. and TTEC Services Corporation for the acquisition by TTEC of 70% interest in First Call Resolution, LLC (“FCR” and “FCR MIPA”, respectively), Ortana Holdings exercised its put rights in January 2023, which required TTEC to acquire Ortana Holdings’ remaining 30% interest in FCR. The purchase price for the remaining 30% interest was determined based on the express provisions of the FCR MIPA and was based on FCR’s performance during 2022. The buyout agreement was signed on April 4, 2023 and reflected a buyout purchase of $22.4 million.

In connection with the triggering of the option, as of March 31, 2023, the $22.4 million purchase price was reclassified from Redeemable noncontrolling interest to Accrued expenses and the remaining balance of $20.5 million was reclassified to Additional paid in capital. In February 2023, a $9.2 million payment related to excess cash distribution was completed and in April 2023 the final payment of $22.4 million was completed.

Certain Assets of Faneuil

On April 1, 2022, the Company completed an asset acquisition through its subsidiary TTEC Government Solutions LLC, of certain public sector citizen experience contracts in the transportation infrastructure and healthcare exchange industries from Faneuil, Inc., a subsidiary of ALJ Regional Holdings, Inc. (“the Faneuil Transaction”). The acquired business is operated as part of the TTEC Engage segment and was fully consolidated into the financial statements of TTEC. The Faneuil Transaction was recorded as a business combination under ASC 805, Business Combinations, with identifiable assets acquired and liabilities assumed recorded at their estimated fair values as of the acquisition date.

Total cash paid at the time of acquisition was $142.4 million. In addition, Faneuil granted to TTEC Government Solutions LLC a three-year call right and right of first offer to purchase certain other assets of Faneuil in its utilities and commercial healthcare verticals as well as certain proprietary technology. The Faneuil Transaction includes two contingent payments which were anticipated to be paid in early 2024 which are based on the revenue and EBITDA performance of one contract and one potential contract.

The fair value of the two contingent payments was estimated using a Monte Carlo model. The model was based on current expected EBITDA performance for the two specific client programs, a discount rate of 7.6% related to revenue and a discount rate of 19.3% related to EBITDA, a volatility rate of 20%, and an adjusted risk-free rate of 1.7%. The potential payments ranged from a minimum of zero to an unlimited maximum. Based on the model, a combined $8.8 million expected future payment was calculated and recorded as of the acquisition date. During the third quarter of 2022, a $2.4 million net gain was recorded related to fair value adjustments for the estimated contingent payments based on the timing of cash flows and market interest rates which resulted in an updated discount factor for one contract, and a complete reduction for the second contract as it was not awarded to the Company. During the fourth quarter of 2022, a $0.5 million net gain was recorded related to a fair value adjustment for the estimated contingent payment based on changes in estimated EBITDA and the timing of cash flows. During the first quarter of 2023, a $0.6 million net expense was recorded related to a fair value adjustment for the estimated contingent payment based on the timing of cash flows and market interest rate changes. During the second quarter of 2023, an amendment to the agreement was signed which modified the contingent payment for a minimum payment of $7.4 million and a maximum payment of $10.4 million. Based on this modification, an updated estimated EBITDA and the revised timing of cash flows, a $1.7 million expense was recorded as of June 30, 2023. An initial payment of $7.4 million was completed in May 2023. These benefits (expenses) were included in Other income (expense) in the Consolidated Statements of Comprehensive Income (Loss). As of June 30, 2023, the contingent payment is accrued at $0.8 million and is included in Other long-term liabilities in the accompanying Consolidated Balance Sheets.

The Faneuil Transaction included a call option providing the right but not the obligation to purchase additional assets in the utilities and commercial healthcare verticals based on trailing twelve-month revenue plus an additional earn-out payment based on newly added contracts. A second call option provided the right to purchase a software intangible asset and related support functions based on trailing twelve-month revenue. These call options were valued based on information including the call right and the exclusivity period and a $270 thousand asset was recorded as of the acquisition date which is included in Other long-term assets in the accompanying Consolidated Balance Sheets. During the fourth quarter of 2022 and the first quarter of 2023, reductions in fair value of $52 thousand and $140 thousand, respectively, were recorded due to changes in estimated revenue, which were included in Other income (expense) in the Consolidated Statements of Comprehensive Income (Loss). During the second quarter of 2023, an amendment to the agreement was signed which cancelled the option to purchase the additional assets in certain verticals, and thus the remaining $78 thousand accrual was removed and included in Other income. As of June 30, 2023, the fair value is zero.

The Faneuil Transaction included an indemnity escrow which was disbursed as a holdback payment on the acquisition date. The indemnity payments relate to real estate and technology funds that will be spent post-close related to various IT upgrades and real estate expenses, and indemnity related to potential future employee wage increases. The indemnity payments were valued based on a weighted average of several current scenarios and a receivable of $10.4 million was recorded as of the acquisition date. During the third and fourth quarters of 2022 and the first quarter of 2023, reductions in the fair value were calculated and a $4.4 million expense, a $0.2 million expense and a $2.5 million expense, respectively, were recorded related to fair value adjustments for the receivable based on current information reflecting a better outcome with the contract negotiations and lower anticipated IT and facilities spending. During the second quarter of 2023, the payout value related to the IT and Facilities reimbursement was finalized at $1.3 million, and an expense of $1.9 million was recorded. The payment was received by TTEC in May 2023 and as of June 30, 2023, the receivables have been reduced to zero on the Consolidated Balance Sheet. The reductions in fair value related expenses were included in Other income (expense) in the Consolidated Statements of Comprehensive Income (Loss).

A multi-period excess earnings method under the income approach was used to estimate the fair value of the customer relationships intangible assets. The significant assumptions utilized in calculating the fair value of the customer relationships intangible assets were the customer attrition rate, revenue growth rates, forecasted EBITDA, contributory asset charge, and the discount rate.

The following summarizes the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date (in thousands):


	Acquisition Date
	Fair Value
Cash	$	—
Accounts receivable, net		704
Prepaid and other assets		8,420
Net fixed assets		5,622
Right of use lease assets		17,778
Other assets		2,572
Customer relationships		61,310
Goodwill		75,902
	$	172,308

Accrued employee compensation	$	202
Accrued expenses		2,763
Right of use lease liability - current		3,129
Right of use lease liability - non-current		14,092
Deferred income		811
Other liabilities		8,891
	$	29,888

Total purchase price	$	142,420

In the first quarter of 2023, the Company finalized the valuation of Faneuil for the acquisition date assets acquired and liabilities assumed and determined that no material adjustments to any of the balances were required.

The Faneuil customer relationships are being amortized over a useful life of 10 years. The goodwill recognized from the Faneuil acquisition is attributable to, but not limited to, the acquired workforce and expected synergies with the TTEC Engage segment. The tax basis of the acquired intangibles and goodwill will be materially deductible for income tax purposes. The acquired goodwill and intangibles and operating results of Faneuil are reported within the TTEC Engage segment from the date of acquisition.

Financial Impact of Acquired Businesses

The acquired business purchased in 2022 noted above contributed revenues of $46.7 million and net income of $2.8 million to the Company for the three months ended June 30, 2023 and revenues of $92.9 million and net income of $3.9 million to the Company for the six months ended June 30, 2023, respectively.

The unaudited proforma financial results for the three and six months ended June 30, 2022 combines the consolidated results of the Company and Faneuil assuming the acquisition had been completed on January 1, 2021. The reported revenue and net income of $604.3 million and $25.2 million would have been $646.3 million and $28.6 million for the three months ended June 30, 2022, respectively, on an unaudited proforma basis. The reported revenue and net income of $1,193.0 million and $58.6 million would have been $1,235.0 million and $62.0 million for the six months ended June 30, 2022, respectively, on an unaudited proforma basis.

The Company did not have any material, nonrecurring proforma adjustments directly attributable to the business combination included in the reported proforma revenue earnings. These proforma amounts have been calculated after applying the Company’s accounting policies and adjusting the acquired business results to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment, and intangible assets had been applied from the date indicated, with the consequential tax effects.

The unaudited proforma consolidated results are not to be considered indicative of the results if the acquisition occurred in the periods mentioned above, or indicative of future operations or results. Additionally, the proforma consolidated results do not reflect any anticipated synergies expected as a result of the acquisition.

FAIR VALUE (FAIR VALUE ASSETS AND LIABILITIES) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets, Prepaids and other current assets		Other long-term assets, Prepaids and other current assets
Business Combination, Contingent Consideration, Asset			$ 5,724
Liabilities [Abstract]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities, Other liabilities, noncurrent		Other current liabilities, Other liabilities, noncurrent
Contingent consideration payable	$ (778)		$ (5,916)
Redeemable noncontrolling interest	(3,997)	$ (3,936)	(55,645)	$ (55,752)	$ (56,666)	$ (56,316)
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Derivative assets, net	0
Deferred Compensation Plan Assets	29,302		25,046
Business Combination, Contingent Consideration, Asset	0
Total assets	29,302		25,046
Liabilities [Abstract]
Derivative instruments, net	0
Contingent consideration payable	0
Total liabilities	0
Redeemable noncontrolling interest	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Derivative assets, net	0		320
Deferred Compensation Plan Assets	0
Business Combination, Contingent Consideration, Asset	0
Total assets	0		320
Liabilities [Abstract]
Derivative instruments, net	9,646
Contingent consideration payable	0
Total liabilities	9,646
Redeemable noncontrolling interest	0
Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Derivative assets, net	0
Deferred Compensation Plan Assets	0
Business Combination, Contingent Consideration, Asset	0		5,724
Total assets	0		5,724
Liabilities [Abstract]
Derivative instruments, net	0
Contingent consideration payable	(778)		(5,916)
Total liabilities	(778)		(5,916)
Redeemable noncontrolling interest	$ (3,997)		$ (55,645)

GOODWILL (Tables)

6 Months Ended

Jun. 30, 2023

GOODWILL [ABSTRACT]

Schedule of Goodwill Rollforward

Goodwill consisted of the following (in thousands):


							Effect of
	December 31,		Acquisitions /				Foreign		June 30,
	2022		Adjustments		Impairments		Currency		2023

TTEC Digital	$	502,806	$	(2,763)	$	—	$	(55)	$	499,988
TTEC Engage		305,039		2,763		—		823		308,625
Total	$	807,845	$	—	$	—	$	768	$	808,613

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (INCOME STATEMENT CLASSIFICATION TABLE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Presentation of Income Statement Reclassifications [Line Items]
Sales Revenue Services Net	$ 600,394	$ 604,250	$ 1,233,680	$ 1,192,976
Benefit from (provision for) income taxes	(6,102)	(7,274)	(14,024)	(15,308)
Net income	3,757	28,798	24,674	66,768
Accumulated Other Comprehensive Income (Loss)
Presentation of Income Statement Reclassifications [Line Items]
Net Income (Loss) - Other			(1,449)	44
Foreign Currency Translation Adjustment
Presentation of Income Statement Reclassifications [Line Items]
Net Income (Loss) - Other			(301)
Derivative Valuation, Net of Tax
Presentation of Income Statement Reclassifications [Line Items]
Net Income (Loss) - Other			(1,024)	(92)
Reclassification from accumulated other comprehensive income
Presentation of Income Statement Reclassifications [Line Items]
Cost of services	(69)	(75)	(138)	(151)
Net Income (Loss) - Other	(62)	(67)	(124)	(136)
Reclassification from accumulated other comprehensive income \| Tax effect
Presentation of Income Statement Reclassifications [Line Items]
Benefit from (provision for) income taxes	(225)	50	(359)	(34)
Provision for income taxes - Other	7	8	14	15
Reclassification from accumulated other comprehensive income \| Derivative Valuation, Net of Tax
Presentation of Income Statement Reclassifications [Line Items]
Net income	639	(147)	1,024	92
Foreign Exchange Forward \| Reclassification from accumulated other comprehensive income \| Accumulated Other Comprehensive Income (Loss)
Presentation of Income Statement Reclassifications [Line Items]
Sales Revenue Services Net			$ 1,383	$ 126
Foreign Exchange Forward \| Reclassification from accumulated other comprehensive income \| Foreign Currency Translation Adjustment
Presentation of Income Statement Reclassifications [Line Items]
Sales Revenue Services Net	$ 864	$ (197)

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023
Cash flows from investing activities
Cash acquired from acquisition	$ 0	$ 0

Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidated statement of stockholders' equity and mezzanine equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.00	$ 0.00	$ 0.52	$ 0.50

FAIR VALUE (DERIVATIVES TABLE) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash flow hedges	$ 0	$ 0
Fair value hedges	0	0
Total net derivative asset (liability)	0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash flow hedges	9,689	115
Fair value hedges	(43)	205
Total net derivative asset (liability)	9,646	320
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash flow hedges	0	0
Fair value hedges	0	0
Total net derivative asset (liability)	0	0
Fair Value, Measurements, Recurring [Member]
Fair Value Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash flow hedges	9,689	115
Fair value hedges	(43)	205
Total net derivative asset (liability)	$ 9,646	$ 320

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

(10)COMMITMENTS AND CONTINGENCIES

Credit Facility

On November 23, 2021, the Company entered into a Sixth Amendment to the Amended and Restated Credit Agreement (the “Credit Agreement”) originally dated June 3, 2013, (collectively, the “Credit Facility”) to convert the $300 million term loan included in the total Credit Facility commitments, that was previously agreed on March 25, 2021 as part of the Fifth Amendment to the Credit Agreement, into a $1.5 billion senior secured revolving Credit Facility with a syndicate of lenders led by Wells Fargo, National Association, as agent, swingline and fronting lender. The Credit Facility matures on November 23, 2026.

On April 3, 2023, the Company entered into a Seventh Amendment to the Credit Agreement which replaces the use of LIBOR with SOFR as of the date of the amendment, thus will affect the interest rates paid for a portion of the Credit Facility starting in the second quarter of 2023.

The maximum commitment under the Credit Facility is $1.5 billion in the aggregate, if certain conditions are satisfied. The Credit Facility commitment fees are payable to the lenders in an amount equal to the unused portion of the Credit Facility multiplied by a rate per annum as determined by reference to the Company’s net leverage ratio. The Credit Agreement contains customary affirmative, negative, and financial covenants. The Credit Agreement permits accounts receivable factoring up to the greater of $100 million or 25 percent of the average book value of all accounts receivable over the most recent twelve-month period. The Credit Agreement also permits the utilization of up to $100 million of limits within the Credit Facility for letters of credit to be used in the business.

As defined in the Credit Agreement, base rate loans bear interest at a rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 0.50%, or (c) SOFR in effect on such day plus 1.0%. Base rate loans shall be based on the base rate, plus the applicable credit margin which ranges from 0% to 0.875% based on the Company’s net leverage ratio. SOFR loans bear interest at a rate equal to the applicable spread adjusted SOFR plus applicable credit margin which ranges from 1.0% to 1.875% based on the Company’s net leverage ratio. Alternative currency loans (not denominated in U.S. Dollars) bear interest at rates applicable to their respective currencies.

Letter of credit fees are one eighth of 1% of the stated amount of the letter of credit on the date of issuance, renewal or amendment, plus an annual fee equal to the borrowing margin for SOFR loans.

The Company primarily utilizes its Credit Facility to fund working capital, general operations, dividends and other strategic activities, such as the acquisitions described in Note 2. As of June 30, 2023 and December 31, 2022, the Company had borrowings of $915.0 million and $960.0 million, respectively, under its Credit Facility, and its average daily utilization was $1,057.7 million and $966.3 million for the six months ended June 30, 2023 and 2022, respectively. Based on the current level of availability based on the covenant calculations, the Company’s remaining borrowing capacity was approximately $265 million as of June 30, 2023. As of June 30, 2023, the Company was in compliance with all covenants and conditions under its Credit Agreement.

Letters of Credit

As of June 30, 2023, outstanding letters of credit under the Credit Facility totaled $0.2 million and primarily guaranteed workers’ compensation and other insurance related obligations. As of June 30, 2023, letters of credit and contract performance guarantees issued outside of the Credit Agreement totaled $0.3 million.

Guarantees

Indebtedness under the Credit Agreement is guaranteed by certain of the Company’s present and future domestic subsidiaries.

Legal Proceedings

From time to time, the Company has been involved in legal actions, both as plaintiff and defendant, which arise in the ordinary course of business. The Company accrues for exposures associated with such legal actions to the extent that losses are deemed both probable and reasonably estimable. To the extent specific reserves have not been made for certain legal proceedings, their ultimate outcome, and consequently, an estimate of possible loss, if any, cannot reasonably be determined at this time.

Based on currently available information and advice received from counsel, the Company believes that the disposition or ultimate resolution of any current legal proceedings, except as otherwise specifically reserved for in its financial statements, will not have a material adverse effect on the Company’s financial position, cash flows or results of operations.

FAIR VALUE (NARRATIVE) (Details) $ in Thousands	3 Months Ended				6 Months Ended
FAIR VALUE (NARRATIVE) (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Apr. 01, 2022 USD ($)
Business acquisitions, Contingent Consideration [Line Items]
Line of credit	$ 915,000		$ 960,000		$ 915,000
Average interest rate on annual borrowings	6.60%
Business Combination Contingent Consideration Liability	$ 778		5,916		778
Contingent Consideration Receivable Imputed Interest Benefit and Other Adjustments					(4,381)
Increase (decrease) in contingent consideration payable					2,400
Faneuil
Business acquisitions, Contingent Consideration [Line Items]
Business Combination Contingent Consideration Liability	778		5,916		$ 778	$ 8,800
Increase (decrease) in contingent consideration payable	$ (1,700)	$ (600)	500	$ 2,400
Faneuil \| Discount Rate
Business acquisitions, Contingent Consideration [Line Items]
Business combination contingent consideration measurement input	19.3				19.3
Faneuil receivable [Member]
Business acquisitions, Contingent Consideration [Line Items]
Contingent Consideration Receivable Imputed Interest Benefit and Other Adjustments	$ (1,900)	$ (2,500)	$ (200)	$ (4,400)	$ (4,381)

DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS (NARRATIVE) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023
Contract with Customer, Liability, Revenue Recognized	$ 134.8	$ 56.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Amount		$ 326.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		5 years

SEGMENT INFORMATION (REVENUE GEOGRAPHY) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales Revenue Services Net	$ 600,394	$ 604,250	$ 1,233,680	$ 1,192,976
Other long-term assets	84,845		84,845		$ 67,734
United States Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales Revenue Services Net	414,854	433,495	858,890	845,747
Philippines Asia Pacific India [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales Revenue Services Net	115,740	108,750	237,779	226,278
Latin America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales Revenue Services Net	33,777	27,772	66,534	55,154
Europe Middle East Africa [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales Revenue Services Net	$ 36,023	$ 34,233	$ 70,477	$ 65,797

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2023

RELATED PARTY TRANSACTIONS

(15)RELATED PARTY TRANSACTIONS

The Company entered into an agreement under which Avion, LLC (“Avion”) and Airmax LLC (“Airmax”) provide certain aviation flight services as requested by the Company. Such services include the use of an aircraft and flight crew. Kenneth D. Tuchman, Chairman and Chief Executive Officer of the Company, has an indirect 100% beneficial ownership interest in Avion and Airmax. During the six months ended June 30, 2023 and 2022, the Company expensed $0.7 million and $0.3 million, respectively, to Avion and Airmax for services provided to the Company. There was $276 thousand in payments due and outstanding to Avion and Airmax as of June 30, 2023.

Ms. Michelle Swanback, President of the Company, is a member of the board of directors of WTW (NYSE: WTW) (fka “Willis Towers Watson”), that provides compensation consulting and insurance brokerage services to the Company. During the six months ended June 30, 2023 and 2022, the Company expensed $1.8 million and $1.5 million, respectively, for these services.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

SIGNIFICANT CLIENTS AND OTHER CONCENTRATIONS

6 Months Ended

Jun. 30, 2023

SIGNIFICANT CLIENTS AND OTHER CONCENTRATIONS [Abstract]

SIGNIFICANT CLIENTS AND OTHER CONCENTRATIONS

(4)SIGNIFICANT CLIENTS AND OTHER CONCENTRATIONS

The Company had one client that contributed in excess of 10% of total revenue for the six months ended June 30, 2023; this client operates in the automotive industry and is included in the TTEC Engage segment. This client contributed 10.1% and 10.5% of total revenue for the six months ended June 30, 2023 and 2022, respectively. In addition, the Company has other clients with aggregate revenue exceeding $100 million annually and the loss of one or more of these clients could have a material adverse effect on the Company’s business, operating results, or financial condition. To mitigate this risk, the Company’s business arrangements with these larger clients are structured as multiple contracts with different statements of work that are specific to a different line of business or service; each of these contracts have different durations and renewal dates and a revenue opportunity below the $100 million aggregate.

To limit the Company’s credit risk with its clients, management performs periodic credit evaluations, maintains allowances for credit losses and may require pre-payment for services from certain clients whose financial stability or payment practices raise concern. Based on currently available information, management does not believe significant credit risk existed as of June 30, 2023.

Activity in the Company’s Allowance for credit losses consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance, beginning of period	$	5,078	$	5,032	$	3,524	$	5,409
Provision for credit losses		(558)		383		1,704		198
Uncollectible receivables written-off		(2,180)		(6)		(2,889)		(218)
Effect of foreign currency		7		(3)		8		17
Balance, end of period	$	2,347	$	5,406	$	2,347	$	5,406

Accounts Receivable Factoring Agreement

The Company is party to an Uncommitted Receivables Purchase Agreement (“Agreement”) with Bank of the West (“Bank”), whereby from time-to-time the Company may elect to sell, on a revolving basis, U.S. accounts receivables of certain clients at a discount to the Bank for cash on a limited recourse basis. The maximum amount of receivables that the Company may sell to the Bank at any given time shall not exceed $100 million. The sales of accounts receivable in accordance with the Agreement are reflected as a reduction of Accounts Receivable, net on the Consolidated Balance Sheets. The Company has retained no interest in the sold receivables but retains all collection responsibilities on behalf of the Bank. The discount on the accounts receivable sold will be recorded within Other expense, net in the Consolidated Statements of Comprehensive Income (Loss). The cash proceeds from this Agreement are included in the change in accounts receivable within the operating activities section of the Consolidated Statements of Cash Flow.

The balances related to the Agreement are as follows (in thousands):


	June 30, 2023		December 31, 2022
Total accounts receivable factored	$	99,911	$	99,503

Total amounts collected from clients not yet remitted to Bank	$	50,509	$	13,602

The unremitted cash is restricted cash and is included within Prepaid and other current assets with the corresponding liability included in Accrued expenses on the Consolidated Balance Sheet. The Company has not recorded any servicing assets or liabilities as of June 30, 2023 as the fair value of the servicing arrangement as well as the fees earned were not material to the financial statements.

Effective November 1, 2022, the Company amended the arrangement to modify the list of eligible clients whose accounts receivable may be sold pursuant to the Agreement, and to memorialize the transition from LIBOR to SOFR for discount calculation purposes.

On July 21, 2023, BMO Financial Group completed its acquisition of the Bank from PNB Bank Paribas. The Agreement transitioned with the acquisition and TTEC has no reason to believe that the new owner of the Bank would not wish to continue its business arrangements with the Company.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidated Statements of Comprehensive Income
Revenue.	$ 600,394	$ 604,250	$ 1,233,680	$ 1,192,976
Type of Revenue	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Operating expenses
Cost of services (exclusive of depreciation and amortization presented separately below)	$ 464,686	$ 463,510	$ 947,364	$ 910,725
Selling, general and administrative	75,338	66,766	149,348	131,605
Depreciation and amortization	24,946	26,314	50,773	52,944
Restructuring charges, net	1,474	2,528	3,527	3,148
Impairment losses	2,652	9,248	6,959	10,360
Total operating expenses	569,096	568,366	1,157,971	1,108,782
Income from operations	31,298	35,884	75,709	84,194
Other income (expense)
Interest income	1,126	271	2,290	471
Interest expense	(18,991)	(6,194)	(36,382)	(9,960)
Other income (expense), net	(3,574)	6,111	(2,919)	7,371
Total other income (expense)	(21,439)	188	(37,011)	(2,118)
Income before income taxes	9,859	36,072	38,698	82,076
Benefit from (provision for) income taxes	(6,102)	(7,274)	(14,024)	(15,308)
Net income	3,757	28,798	24,674	66,768
Net income attributable to noncontrolling interest	(2,546)	(3,564)	(4,816)	(8,130)
Net income (loss) attributable to TTEC stockholders	1,211	25,234	19,858	58,638
Other comprehensive income (loss)
Foreign currency translation adjustments	19,367	(23,370)	28,765	(23,074)
Derivative valuation, gross	712	(8,515)	9,573	(7,666)
Derivative valuation, tax effect	(187)	2,208	(2,497)	1,988
Other, net of tax	108	313	180	354
Total other comprehensive income (loss)	20,000	(29,364)	36,021	(28,398)
Total comprehensive income (loss)	23,757	(566)	60,695	38,370
Less: Comprehensive income attributable to noncontrolling interest	(2,560)	(2,134)	(4,385)	(5,749)
Comprehensive income (loss) attributable to TTEC stockholders	$ 21,197	$ (2,700)	$ 56,310	$ 32,621
Weighted average shares outstanding
Basic	47,264	47,047	47,249	47,026
Diluted	47,453	47,383	47,417	47,381
Weighted Average Share Counts
Basic	$ 0.03	$ 0.54	$ 0.42	$ 1.25
Diluted	$ 0.03	$ 0.53	$ 0.42	$ 1.24

ACCOUNTS RECEIVABLE (SCHEDULE OF CHANGE IN ALLOWANCE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
ACCOUNTS RECEIVABLE AND SIGNIFICANT CLIENTS [Abstract]
Balance, beginning balance	$ 5,078	$ 5,032	$ 3,524	$ 5,409
Provision for credit losses	(558)	383	1,704	198
Uncollectible receivables written-off	(2,180)	(6)	(2,889)	(218)
Effect of foreign currency	7	(3)	8	17
Balance, ending balance	$ 2,347	$ 5,406	$ 2,347	$ 5,406

OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2023

OVERVIEW AND BASIS OF PRESENTATION [Abstract]

Overview

Summary of Business

TTEC Holdings, Inc. (“TTEC”, “the Company”; pronounced “T-TEC”) is a leading global customer experience (“CX”) as a service (“CXaaS”) partner for many of the world’s most iconic companies, disruptive hypergrowth brands, and large public sector agencies. TTEC designs, builds, orchestrates, and delivers seamless digitally-enabled customer experiences that increase brand value, customer loyalty, revenue and profitability through personalized, outcome-based interactions. The Company helps clients improve their customer satisfaction while lowering their total cost to serve by combining innovative digital solutions with service capabilities that deliver a frictionless CX across numerous real-time digital and live interaction channels and different phases of the customer lifecycle. TTEC’s 63,900 employees serve clients in the automotive, communication, financial services, national/federal and state and local governments, healthcare, logistics, media and entertainment, e-tail/retail, technology, and travel and transportation industries via operations in the United States, Australia, Belgium, Brazil, Bulgaria, Canada, Colombia, Costa Rica, Egypt, Germany, Greece, Honduras, India, Ireland, Mexico, the Netherlands, New Zealand, the Philippines, Poland, Singapore, South Africa, Thailand, and the United Kingdom.

The Company operates and reports its financial results of operation through two business segments: TTEC Digital and TTEC Engage.

●

TTEC Digital is one of the largest pure-play CX technology service providers with expertise in CX strategy, digitization, analytics, process optimization, system integration, cloud-based technology solutions, and transformation enabled by the Company’s proprietary CX applications and technology partnerships. TTEC Digital designs, builds, and operates robust digital experiences for clients and their customers through the contextual integration and orchestration of customer relationship management (“CRM”), data, analytics, CXaaS technology, and intelligent automation to ensure high-quality, scalable CX outcomes.

●

TTEC Digital and TTEC Engage strategically come together under our unified offering, Humanify^® CXaaS, which drives measurable customer results for clients through the delivery of personalized and seamless, omnichannel experiences. Our Humanify^® cloud platform provides a fully integrated ecosystem of CX offerings including messaging, AI, machine learning, robotic process automation, analytics, cybersecurity, CRM, knowledge management, journey orchestration, and traditional voice solutions. Our end-to-end CXaaS platform differentiates us from competitors by combining design, strategic consulting, technology, data analytics, process optimization, system integration, and operational excellence along with our decades of industry know-how. This unified offering is value-oriented, outcome-based and delivered to large enterprises, hypergrowth companies and public sector agencies on a global scale.

Basis Of Presentation

Basis of Presentation

The Consolidated Financial Statements are comprised of the accounts of TTEC, its wholly owned subsidiaries, its 55% equity owned subsidiary Percepta, LLC, its 70% equity owned subsidiary First Call Resolution, LLC through March 31, 2023 and then 100% owned subsequently, and its 70% equity owned subsidiary Serendebyte, Inc. (see Note 2). All intercompany balances and transactions have been eliminated in consolidation.

The unaudited Consolidated Financial Statements do not include all of the disclosures required by accounting principles generally accepted in the U.S. (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited Consolidated Financial Statements reflect all adjustments which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company and the consolidated results of operations and comprehensive income (loss) and the consolidated cash flows of the Company. All such adjustments are of a normal, recurring nature. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

These unaudited Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Reclassifications [Text Block]

Out-of-period Adjustment

The Consolidated Financial Statements for the three months ended June 30, 2023 include an adjustment of $13.8 million to other comprehensive income and deferred tax assets, to correct for an error identified by management during the preparation of the financial statements. This adjustment is to reflect the deferred tax impact of currency translation adjustments, of which $0.5 million relates to the three months ended March 31, 2023, and the remaining $13.3 million relates to prior annual fiscal periods. Management has determined that this error was not material to the historical financial statements in any individual period or in the aggregate and did not result in the previously issued financial statements being materially misstated. The impact to the three and six month periods ended June 30, 2023 is not material. As such, management recorded the correction as an out-of-period adjustment in the three months ended June 30, 2023.

Use of Estimates

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates including those related to derivatives and hedging activities, income taxes including the valuation allowance for deferred tax assets, litigation reserves, restructuring reserves, allowance for credit losses, contingent consideration, redeemable noncontrolling interest, and valuation of goodwill, long-lived and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Concentration of Credit Risk

Concentration of Credit Risk

The Company is exposed to credit risk in the normal course of business, primarily related to accounts receivable and derivative instruments. Historically, the losses related to credit risk have been immaterial. The Company regularly monitors its credit risk to mitigate the possibility of current and future exposures resulting in a loss. The Company evaluates the creditworthiness of its clients prior to entering into an agreement to provide services and as necessary through the life of the client relationship. The Company does not believe it is exposed to more than a nominal amount of credit risk in its derivative hedging activities, as the Company diversifies its activities across eight investment-grade financial institutions.

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

None

Other Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform” (Topic 848), which provides optional expedients and exceptions for contracts, hedging relationships, and other transactions affected by reference rate reform due to the anticipated cessation of the London Interbank Offered Rate (”LIBOR”). The ASU is effective from March 12, 2020, may be applied prospectively and could impact the accounting for LIBOR provisions in the Company’s credit facility agreement. In addition, in January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform – Scope,” which clarified the scope of ASC 848 relating to contract modifications. The Company has adopted the standard effective April 1, 2023 and the adoption of this guidance did not have a material impact on the Company’s financial position, results of operations or cash flows.

DERIVATIVES (NOTIONAL TABLE) (Details) ₱ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)	Jun. 30, 2023 MXN ($)	Jun. 30, 2023 PHP (₱)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 MXN ($)	Dec. 31, 2022 PHP (₱)
Derivative [Line Items]
Notional Amount	$ 66,300				$ 80,800
CAD
Derivative [Line Items]
Contract Maturity Date	Dec. 31, 2023
PHP
Derivative [Line Items]
Contract Maturity Date	Jan. 31, 2026
MXN
Derivative [Line Items]
Contract Maturity Date	Jan. 31, 2026
Foreign Exchange Forward
Derivative [Line Items]
Notional Amount	$ 199,334				211,722
Foreign Exchange Forward \| CAD
Derivative [Line Items]
Notional Amount	$ 4,443	$ 6,000			9,177	$ 12,000
% Maturing in the Next 12 Months	100.00%	100.00%	100.00%	100.00%
Foreign Exchange Forward \| PHP
Derivative [Line Items]
Notional Amount	$ 149,621			₱ 8,312,000	157,855			₱ 8,617,000
% Maturing in the Next 12 Months	56.30%	56.30%	56.30%	56.30%
Foreign Exchange Forward \| MXN
Derivative [Line Items]
Notional Amount	$ 45,270		$ 1,011,500		$ 44,690		$ 1,024,500
% Maturing in the Next 12 Months	54.70%	54.70%	54.70%	54.70%

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACQUISITIONS AND DIVESTITURES (NARRATIVE) (Details)				1 Months Ended		3 Months Ended					6 Months Ended
ACQUISITIONS AND DIVESTITURES (NARRATIVE) (Details)	Jun. 30, 2023 USD ($)	Apr. 01, 2022 USD ($)	Oct. 26, 2019	Apr. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 04, 2023	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Entity Number of Employees	63,900					63,900					63,900
Other liabilities, noncurrent	$ 65,726,000					$ 65,726,000		$ 66,304,000			$ 65,726,000
Redeemable noncontrolling interest	3,997,000					3,997,000	$ 3,936,000	55,645,000		$ 55,752,000	3,997,000	$ 55,752,000		$ 56,666,000	$ 56,316,000
Contingent Consideration, at fair value	$ 778,000					778,000		5,916,000			778,000
Payments Made To Contingent Consideration Receivable During Period											(1,343,000)
Contingent Consideration Receivable Imputed Interest Benefit and Other Adjustments											(4,381,000)
Business Combination, Contingent Consideration, Asset								5,724,000
Increase (decrease) in contingent consideration payable											2,400,000
Temporary noncontrolling interest adjustment due to buyout											20,457,000
Payments of contingent consideration and hold back payments to acquisitions											37,676,000	9,600,000
Revenue of Acquirees since Acquisition Date, Actual											46,700,000
Income (loss) from operations of Acquirees since Acquisition Date, Actual											2,800,000
Sales Revenue Services Net						600,394,000				604,250,000	1,233,680,000	1,192,976,000
Net Income (Loss)						1,211,000				25,234,000	19,858,000	58,638,000
Business Acquisition, Pro Forma Revenue										646,300,000	92,900,000	1,235,000,000.0
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax										28,600,000	3,900,000	62,000,000.0
(Gain) Loss on dissolution of subsidiary											(301,000)
TTEC Digital
Business Acquisition [Line Items]
Sales Revenue Services Net						117,585,000				114,433,000	234,512,000	225,847,000
TTEC Engage
Business Acquisition [Line Items]
Sales Revenue Services Net						$ 482,809,000				$ 489,817,000	$ 999,168,000	$ 967,129,000
Faneuil
Business Acquisition [Line Items]
Payments to Acquire Businesses		$ 142,400,000
FCR
Business Acquisition [Line Items]
ownership percentage	100.00%		70.00%			100.00%	70.00%				100.00%
Faneuil
Business Acquisition [Line Items]
Date of Acquisition		Apr. 01, 2022
Increase Decrease In Fair Value Assets Acquired								(52,000)			$ (140,000)
Total purchase price		$ 142,420,000
Contingent Consideration, at fair value	$ 778,000	$ 8,800,000				$ 778,000		5,916,000			$ 778,000
Number Of Contingent Payments		2
Increase (decrease) in contingent consideration payable						$ (1,700,000)	$ (600,000)	500,000	$ 2,400,000
Faneuil \| Risk Free Interest Rate
Business Acquisition [Line Items]
Business combination contingent consideration measurement input		1.7
Faneuil \| Expected forecast volatility rate [Member]
Business Acquisition [Line Items]
Business combination contingent consideration measurement input		20
Faneuil \| Discount Rate
Business Acquisition [Line Items]
Business combination contingent consideration measurement input	19.3					19.3					19.3
Faneuil \| Measurement Input, EBITDA Multiple [Member]
Business Acquisition [Line Items]
Business combination contingent consideration measurement input		19.3
Faneuil \| Measurement Input, Revenue Multiple [Member]
Business Acquisition [Line Items]
Business combination contingent consideration measurement input		7.6
Faneuil \| Other Current Assets [Member]
Business Acquisition [Line Items]
Business Combination, Acquired Receivable, Fair Value		$ 10,400,000
Faneuil \| Other Noncurrent Assets [Member]
Business Acquisition [Line Items]
Fair Value of Assets Acquired	$ 78,000	$ 270,000
Faneuil \| Other Noncurrent Liabilities [Member]
Business Acquisition [Line Items]
Contingent Consideration, at fair value	800,000					$ 800,000					$ 800,000
Faneuil \| TTEC Engage
Business Acquisition [Line Items]
Description of Acquired Entity		On April 1, 2022, the Company completed an asset acquisition through its subsidiary TTEC Government Solutions LLC, of certain public sector citizen experience contracts in the transportation infrastructure and healthcare exchange industries from Faneuil, Inc., a subsidiary of ALJ Regional Holdings, Inc. (“the Faneuil Transaction”). The acquired business is operated as part of the TTEC Engage segment and was fully consolidated into the financial statements of TTEC. The Faneuil Transaction was recorded as a business combination under ASC 805, Business Combinations, with identifiable assets acquired and liabilities assumed recorded at their estimated fair values as of the acquisition date.
Faneuil \| Customer Relationships [Member]
Business Acquisition [Line Items]
Useful life		10 years
Faneuil receivable [Member]
Business Acquisition [Line Items]
Payments Made To Contingent Consideration Receivable During Period						(1,300,000)					(1,343,000)
Contingent Consideration Receivable Imputed Interest Benefit and Other Adjustments						(1,900,000)	$ (2,500,000)	(200,000)	$ (4,400,000)		(4,381,000)
Business Combination, Contingent Consideration, Asset								$ 5,724,000
FCR
Business Acquisition [Line Items]
Date of Acquisition			Oct. 26, 2019
Total purchase price	$ 22,400,000					$ 22,400,000					22,400,000
Temporary noncontrolling interest adjustment due to buyout											$ 20,500,000
Payments of contingent consideration and hold back payments to acquisitions				$ 22,400,000	$ 9,200,000
FCR \| FCR
Business Acquisition [Line Items]
Percentage of Voting Interests Acquired													30.00%

SEGMENT INFORMATION (SEGMENT FINANCIALS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net Revenue	$ 600,394	$ 604,250	$ 1,233,680	$ 1,192,976
Depreciation and amortization	24,946	26,314	50,773	52,944
Income (Loss) from Operations	31,298	35,884	75,709	84,194
Capital expenditures	19,285	19,099	32,954	35,790
Total Assets	2,171,309		2,171,309		$ 2,153,962
Operating Segments
Segment Reporting Information [Line Items]
Net Revenue	600,394	604,250	1,233,680	1,192,976
TTEC Digital
Segment Reporting Information [Line Items]
Net Revenue	117,585	114,433	234,512	225,847
Depreciation and amortization	6,722	7,545	13,583	16,682
Income (Loss) from Operations	7,154	10,751	7,939	16,956
Capital expenditures	2,352	2,476	4,626	3,473
Total Assets	787,492		787,492		807,247
TTEC Digital \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenue	117,585	114,433	234,512	225,847
TTEC Engage
Segment Reporting Information [Line Items]
Net Revenue	482,809	489,817	999,168	967,129
Depreciation and amortization	18,224	18,769	37,190	36,262
Income (Loss) from Operations	24,144	25,133	67,770	67,238
Capital expenditures	16,933	16,623	28,328	32,317
Total Assets	1,383,817		1,383,817		$ 1,346,715
TTEC Engage \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenue	$ 482,809	$ 489,817	$ 999,168	$ 967,129

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
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DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2023

DERIVATIVES [ABSTRACT]

Schedule of Cash Flow Hedges OCI Rollforward


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022

Aggregate unrealized net gain/(loss) at beginning of period	$	6,640	$	589	$	89	$	(40)
Add: Net gain/(loss) from change in fair value of cash flow hedges		(115)		(6,160)		6,052		(5,770)
Less: Net (gain)/loss reclassified to earnings from effective hedges		639		(147)		1,023		92
Aggregate unrealized net gain/(loss) at end of period	$	7,164	$	(5,718)	$	7,164	$	(5,718)

Schedule of Notional Amounts of Outstanding Cash Flow Hedges


	Local
	Currency	U.S. Dollar			% Maturing		Contracts
	Notional	Notional			in the next		Maturing
As of June 30, 2023	Amount	Amount			12 months		Through
Canadian Dollar	6,000	$	4,443		100.0	%	December 2023
Philippine Peso	8,312,000		149,621	⁽¹⁾	56.3	%	April 2026
Mexican Peso	1,011,500		45,270		54.7	%	April 2026
		$	199,334


	Local
	Currency	U.S. Dollar
	Notional	Notional
As of December 31, 2022	Amount	Amount
Canadian Dollar	12,000	$	9,177
Philippine Peso	8,617,000		157,855	⁽¹⁾
Mexican Peso	1,024,500		44,690
		$	211,722

(1)	Includes contracts to purchase Philippine pesos in exchange for New Zealand dollars and Australian dollars, which are translated into equivalent U.S. dollars on June 30, 2023 and December 31, 2022.

Schedule of Derivatives Instruments on Balance Sheet

The Company’s derivatives as of June 30, 2023 and December 31, 2022 were as follows (in thousands):


	June 30, 2023
	Designated		Not Designated
	as Hedging		as Hedging
Designation:	Instruments		Instruments
	Foreign		Foreign
Derivative contract type:	Exchange		Exchange
Derivative classification:	Cash Flow		Fair Value

Fair value and location of derivative in the Consolidated Balance Sheet:
Prepaids and other current assets	$	8,198	$	86
Other long-term assets		4,588		—
Other current liabilities		(2,700)		(129)
Other long-term liabilities		(397)		—
Total fair value of derivatives, net	$	9,689	$	(43)


	December 31, 2022
	Designated		Not Designated
	as Hedging		as Hedging
Designation:	Instruments		Instruments
	Foreign		Foreign
Derivative contract type:	Exchange		Exchange
Derivative classification:	Cash Flow		Fair Value

Fair value and location of derivative in the Consolidated Balance Sheet:
Prepaids and other current assets	$	4,001	$	281
Other long-term assets		3,019		—
Other current liabilities		(5,157)		(76)
Other long-term liabilities		(1,748)		—
Total fair value of derivatives, net	$	115	$	205

Schedule of cash flow hedge impact on Statement of Comprehensive Income

The effects of derivative instruments on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended June 30,
	2023		2022

	Designated as Hedging
Designation:	Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Cash Flow

Amount of gain or (loss) recognized in Other comprehensive income (loss) - effective portion, net of tax	$	639	$	(146)

Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion:
Revenue	$	864	$	(197)


	Six Months Ended June 30,
	2023		2022

	Designated as Hedging
Designation:	Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Cash Flow

Amount of gain or (loss) recognized in Other comprehensive income (loss) - effective portion, net of tax	$	1,023	$	93

Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion:
Revenue	$	1,383	$	126

Schedule of fair value derivative impact on Statement of Comprehensive Income


	Three Months Ended June 30,
	2023		2022

Designation:	Not Designated as Hedging Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Fair Value

Amount and location of net gain or (loss) recognized in the Consolidated Statement of Comprehensive Income (Loss):
Other income (expense), net	$	(14)	$	(41)


	Six Months Ended June 30,
	2023		2022

Designation:	Not Designated as Hedging Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Fair Value

Amount and location of net gain or (loss) recognized in the Consolidated Statement of Comprehensive Income (Loss):
Other income (expense), net	$	1,386	$	259

WEIGHTED AVERAGE SHARE COUNTS (NARRATIVE) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Units (RSUs) [Member]
Anti-dilutive options to purchase common stock [Line Items]
Anti-dilutive securities	958	281	902	239

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

SEGMENT INFORMATION [ABSTRACT]

Schedule of Segment Selected Financial Data

The following tables present certain financial data by segment (in thousands):

Three Months Ended June 30, 2023


							Depreciation		Income
	Gross		Intersegment		Net		&		from
	Revenue		Sales		Revenue		Amortization		Operations
TTEC Digital	$	117,585	$	—	$	117,585	$	6,722	$	7,154
TTEC Engage		482,809		—		482,809		18,224		24,144
Total	$	600,394	$	—	$	600,394	$	24,946	$	31,298

Three Months Ended June 30, 2022


							Depreciation		Income
	Gross		Intersegment		Net		&		from
	Revenue		Sales		Revenue		Amortization		Operations
TTEC Digital	$	114,433	$	—	$	114,433	$	7,545	$	10,751
TTEC Engage		489,817		—		489,817		18,769		25,133
Total	$	604,250	$	—	$	604,250	$	26,314	$	35,884

Six months Ended June 30, 2023


							Depreciation		Income
	Gross		Intersegment		Net		&		from
	Revenue		Sales		Revenue		Amortization		Operations
TTEC Digital	$	234,512	$	—	$	234,512	$	13,583	$	7,939
TTEC Engage		999,168		—		999,168		37,190		67,770
Total	$	1,233,680	$	—	$	1,233,680	$	50,773	$	75,709

Six Months Ended June 30, 2022


							Depreciation		Income
	Gross		Intersegment		Net		&		from
	Revenue		Sales		Revenue		Amortization		Operations
TTEC Digital	$	225,847	$	—	$	225,847	$	16,682	$	16,956
TTEC Engage		967,129		—		967,129		36,262		67,238
Total	$	1,192,976	$	—	$	1,192,976	$	52,944	$	84,194


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Capital Expenditures
TTEC Digital	$	2,352	$	2,476	$	4,626	$	3,473
TTEC Engage		16,933		16,623		28,328		32,317
Total	$	19,285	$	19,099	$	32,954	$	35,790


	June 30, 2023		December 31, 2022
Total Assets
TTEC Digital	$	787,492	$	807,247
TTEC Engage		1,383,817		1,346,715
Total	$	2,171,309	$	2,153,962

Schedule of Revenue by Geographic Area

The following table presents revenue based upon the geographic location where the services are provided (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue
United States / Canada	$	414,854	$	433,495	$	858,890	$	845,747
Philippines / Asia Pacific / India		115,740		108,750		237,779		226,278
Europe / Middle East / Africa		36,023		34,233		70,477		65,797
Latin America		33,777		27,772		66,534		55,154
Total	$	600,394	$	604,250	$	1,233,680	$	1,192,976

EMPLOYEE COMPENSATION PLANS (Tables)

6 Months Ended

Jun. 30, 2023

EMPLOYEE COMPENSATION PLANS [Abstract]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

The following tables present the total equity-based compensation expense (stock options and RSUs) for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended June 30,
	2023		2022

Equity-based compensation expense recognized in Cost of services	$	2,536	$	1,613
Equity-based compensation expense recognized in Selling, general and administrative		3,113		2,530
Total equity-based compensation expense	$	5,649	$	4,143


	Six Months Ended June 30,
	2023		2022

Equity-based compensation expense recognized in Cost of services	$	4,398	$	3,235
Equity-based compensation expense recognized in Selling, general and administrative		5,404		4,647
Total equity-based compensation expense	$	9,802	$	7,882

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 114,776	$ 153,435
Accounts receivable, net	402,664	417,637
Prepaids and other current assets	152,472	133,365
Income and other tax receivables	51,225	45,533
Total current assets	721,137	749,970
Long-term assets
Property, plant and equipment, net	189,049	183,360
Operating lease assets	111,764	92,431
Goodwill	808,613	807,845
Deferred tax assets, net	39,733	18,713
Other intangible assets, net	216,168	233,909
Other long-term assets	84,845	67,734
Total long-term assets	1,450,172	1,403,992
Total assets	2,171,309	2,153,962
Current liabilities
Accounts payable	84,335	93,937
Accrued employee compensation and benefits	149,919	145,096
Other accrued expenses	73,360	34,451
Income taxes payable	10,952	7,166
Deferred revenue	91,757	87,846
Current operating lease liabilities	35,620	35,271
Other current liabilities	5,295	7,597
Total current liabilities	451,238	411,364
Long-term liabilities
Line of credit	915,000	960,000
Deferred tax liabilities, net	3,451	3,829
Non-current Income Taxes Payable	4,967	9,140
Non-current operating lease liabilities	89,388	69,575
Other long-term liabilities	65,726	66,304
Total long-term liabilities	1,078,532	1,108,848
Total liabilities	1,529,770	1,520,212
Redeemable noncontrolling interest	3,997	55,645
Stockholders' equity
Preferred stock - $0.01 par value: 10,000,000 shares authorized; zero shares outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock - $0.01 par value; 150,000,000 shares authorized; 47,276,039 and 47,224,074 shares outstanding as of June 30, 2023 and December 31, 2022, respectively	473	472
Additional paid-in capital	396,444	367,673
Treasury stock at cost: 34,776,214 and 34,828,179 shares as of June 30, 2023 and December 31, 2022, respectively	(592,306)	(593,164)
Accumulated other comprehensive income (loss)	(90,463)	(126,301)
Retained earnings	906,518	911,233
Noncontrolling interest	16,876	18,192
Total stockholders' equity	637,542	578,105
Total liabilities and stockholders' equity	$ 2,171,309	$ 2,153,962

GOODWILL

6 Months Ended

Jun. 30, 2023

GOODWILL [ABSTRACT]

GOODWILL.

(5)GOODWILL

Goodwill consisted of the following (in thousands):


							Effect of
	December 31,		Acquisitions /				Foreign		June 30,
	2022		Adjustments		Impairments		Currency		2023

TTEC Digital	$	502,806	$	(2,763)	$	—	$	(55)	$	499,988
TTEC Engage		305,039		2,763		—		823		308,625
Total	$	807,845	$	—	$	—	$	768	$	808,613

The Company performs a goodwill impairment assessment on at least an annual basis. The Company conducts its annual goodwill impairment assessment during the fourth quarter, or more frequently, if indicators of impairment exist. During the quarter ended June 30, 2023, the Company assessed whether any such indicators of impairment existed and concluded there were none.

Effective January 1, 2023, the Company completed a small reorganization of the internal reporting structure and one component from the TTEC Digital segment was reclassified and will now be included in the TTEC Engage segment. Given the modification in reporting units, the Company conducted an impairment test before and after the change, and it was concluded that the fair value of the reporting units exceeded the carrying value on both testing dates. With the change in reporting units, the Company performed a relative fair value valuation calculation to allocate a portion of the Company’s historical goodwill to this specific component, which was then reallocated from the TTEC Digital segment to the TTEC Engage segment.

DERIVATIVES (NARRATIVE) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
DERIVATIVES [ABSTRACT]
Notional Amount	$ 66.3	$ 80.8

INCOME TAXES (NARRATIVE) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended					6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Narrative [Line Items]
Net Change in Valuation Allowance	$ 3.1		$ 2.5	$ 0.6	$ (1.3)
Valuation allowance on deferred tax assets	31.0					$ 31.0
Deferred tax assets, net	39.7					39.7
Deferred tax assets, net of valuation allowance and deferred tax liabilities	36.3					36.3
Deferred Tax Liabilities, Net	$ 3.5					$ 3.5
Effective income tax rate	61.90%			20.20%		36.20%	18.70%
Income Tax Holidays Description						The Company has been granted “Tax Holidays” as an incentive to attract foreign investment by the governments of the Philippines and Costa Rica. Generally, a Tax Holiday is an agreement between the Company and a foreign government under which the Company receives certain tax benefits in that country, such as exemption from taxation on profits derived from export-related activities. In the Philippines, the Company has been granted multiple agreements under local laws which result in an overall reduced tax rate. These incentives have varying benefit year over year and expire at various times beginning in 2030.
Aggregate effect on income tax expense for income tax holiday jurisdictions	$ 0.4			$ 0.0		$ 1.1	$ 1.0
Diluted net income per share effect for income tax holiday jurisdictions	$ 0.01			$ 0.00		$ 0.02	$ 0.02
Future period unrecoverable assets [Member]
Income Tax Narrative [Line Items]
Net Change in Valuation Allowance		$ 1.3
United States [Member]
Income Tax Narrative [Line Items]
Income Tax Years under Audit						2017 and 2018
Income Tax Examination, Description						The Company’s U.S. income tax returns filed for the tax years ending December 31, 2017 to present, remain open tax years
Philippines [Member]
Income Tax Narrative [Line Items]
Income Tax Years under Audit						2020
India [Member]
Income Tax Narrative [Line Items]
Income Tax Years under Audit						2017 through 2021
California
Income Tax Narrative [Line Items]
Income Tax Years under Audit						2017 and 2018
ILLINOIS
Income Tax Narrative [Line Items]
Income Tax Years under Audit						2020
Canada [Member]
Income Tax Narrative [Line Items]
Income Tax Years under Audit						2021

RELATED PARTY TRANSACTIONS (NARRATIVE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction Line Items
Accounts payable, current, total	$ 84,335		$ 84,335		$ 93,937
Sales Revenue Services Net	600,394	$ 604,250	1,233,680	$ 1,192,976
Affiliated Entity \| Avion and Airmax [Member]
Related Party Transaction Line Items
Purchases from Related Party		300	700
Accounts payable, current, total	$ 276		276
Affiliated Entity \| Willis Towers Watson [Member]
Related Party Transaction Line Items
Purchases from Related Party		$ 1,500	$ 1,800
Chief Executive Officer \| Avion and Airmax [Member]
Related Party Transaction Line Items
Equity Method Investment, Ownership Percentage	100.00%		100.00%

- Definition

+ References

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [ABSTRACT]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

(12)ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


	Foreign
	Currency		Derivative
	Translation		Valuation, Net		Other, Net
	Adjustment		of Tax		of Tax		Totals

Accumulated other comprehensive income (loss) at December 31, 2021	$	(95,547)	$	(40)	$	(2,839)	$	(98,426)

Other comprehensive income (loss) before reclassifications		(21,700)		(5,770)		490		(26,980)
Amounts reclassified from accumulated other comprehensive income (loss)		—		92		(136)		(44)
Net current period other comprehensive income (loss)		(21,700)		(5,678)		354		(27,024)

Accumulated other comprehensive income (loss) at June 30, 2022	$	(117,247)	$	(5,718)	$	(2,485)	$	(125,450)

Accumulated other comprehensive income (loss) at December 31, 2022	$	(123,734)	$	89	$	(2,656)	$	(126,301)

Other comprehensive income (loss) before reclassifications		28,281		6,052		56		34,389
Amounts reclassified from accumulated other comprehensive income (loss)		301		1,024		124		1,449
Net current period other comprehensive income (loss)		28,582		7,076		180		35,838

Accumulated other comprehensive income (loss) at June 30, 2023	$	(95,152)	$	7,165	$	(2,476)	$	(90,463)

The following table presents the classification and amount of the reclassifications from Accumulated other comprehensive income (loss) to the Statement of Comprehensive Income (Loss) (in thousands):


					Statement of
	For the Three Months Ended June 30,				Comprehensive Income
	2023		2022		(Loss) Classification

Derivative valuation
Gain on foreign currency forward exchange contracts	$	864	$	(197)	Revenue
Tax effect		(225)		50	Provision for income taxes
	$	639	$	(147)	Net income (loss)

Other
Actuarial loss on defined benefit plan	$	(69)	$	(75)	Cost of services
Tax effect		7		8	Provision for income taxes
	$	(62)	$	(67)	Net income (loss)


					Statement of
	For the Six Months Ended June 30,				Comprehensive Income
	2023		2022		(Loss) Classification

Derivative valuation
Gain on foreign currency forward exchange contracts	$	1,383	$	126	Revenue
Tax effect		(359)		(34)	Provision for income taxes
	$	1,024	$	92	Net income (loss)

Other
Actuarial loss on defined benefit plan	$	(138)	$	(151)	Cost of services
Tax effect		14		15	Provision for income taxes
	$	(124)	$	(136)	Net income (loss)

WEIGHTED AVERAGE SHARE COUNTS (DILUTED SHARES TABLE) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Shares used in basic earnings per share calculation	47,264	47,047	47,249	47,026
Effect of dilutive securities:
Restricted stock units	186	336	156	342
Performance-based restricted stock units	3		12	13
Total effects of dilutive securities	189	336	168	355
Shares used in dilutive earnings per share calculation	47,453	47,383	47,417	47,381

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-26

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-48

+ Details

GOODWILL (GOODWILL ROLLFORWARD) (Details) $ in Thousands	6 Months Ended
GOODWILL (GOODWILL ROLLFORWARD) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill [Line Items]
Beginning balance, goodwill	$ 807,845
Effect of Foreign Currency	768
Ending balance, goodwill	808,613
TTEC Digital
Goodwill [Line Items]
Beginning balance, goodwill	502,806
Acquisitions / Adjustments Increase (Decrease)	(2,763)
Effect of Foreign Currency	(55)
Ending balance, goodwill	499,988
TTEC Engage
Goodwill [Line Items]
Beginning balance, goodwill	305,039
Acquisitions / Adjustments Increase (Decrease)	2,763
Effect of Foreign Currency	823
Ending balance, goodwill	$ 308,625

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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+ Details

ACCOUNTS RECEIVABLE AND SIGNIFICANT CLIENTS (Tables)

6 Months Ended

Jun. 30, 2023

ACCOUNTS RECEIVABLE AND SIGNIFICANT CLIENTS [Abstract]

Schedule of Change in Allowance for Doubtful Accounts

Activity in the Company’s Allowance for credit losses consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance, beginning of period	$	5,078	$	5,032	$	3,524	$	5,409
Provision for credit losses		(558)		383		1,704		198
Uncollectible receivables written-off		(2,180)		(6)		(2,889)		(218)
Effect of foreign currency		7		(3)		8		17
Balance, end of period	$	2,347	$	5,406	$	2,347	$	5,406

Schedule Of Receivables Net Current [Table Text Block]

The balances related to the Agreement are as follows (in thousands):


	June 30, 2023		December 31, 2022
Total accounts receivable factored	$	99,911	$	99,503

Total amounts collected from clients not yet remitted to Bank	$	50,509	$	13,602

ACCOUNTS RECEIVABLE AND SIGNIFICANT CLIENTS(NARRATIVE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Entity Wide Revenue Major Customer Line Items
Revenue.	$ 600,394	$ 604,250	$ 1,233,680	$ 1,192,976
Revenue \| Customer Concentration Risk \| Minimum
Entity Wide Revenue Major Customer Line Items
Revenue.			$ 100,000
Revenue \| Customer Concentration Risk \| Automotive Industry Client
Entity Wide Revenue Major Customer Line Items
Concentration Risk, Customer			one
Concentration risk percentage			10.10%	10.50%

- Definition

+ References

+ Details

FAIR VALUE

6 Months Ended

Jun. 30, 2023

FAIR VALUE [Abstract]

FAIR VALUE

(7)FAIR VALUE

The authoritative guidance for fair value measurements establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires that the Company maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The following presents information as of June 30, 2023 and December 31, 2022 for the Company’s assets and liabilities required to be measured at fair value on a recurring basis, as well as the fair value hierarchy used to determine their fair value.

Accounts Receivable and Payable - The amounts recorded in the accompanying balance sheets approximate fair value because of their short-term nature.

Investments – The Company measures investments, including cost and equity method investments, at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include market observable inputs, and discounted cash flow projections. An impairment charge is recorded when the cost of the investment exceeds its fair value and this condition is determined to be other-than-temporary.

Debt - The Company’s debt consists primarily of the Company’s Credit Facility, which permits floating-rate borrowings based upon the current Prime Rate or SOFR plus a credit spread as determined by the Company’s leverage ratio calculation (as defined in the Credit Agreement). As of June 30, 2023 and December 31, 2022, the Company had $915.0 million and $960.0 million, respectively, of borrowings outstanding under the Credit Facility. During the second quarter of 2023 outstanding borrowings accrued interest at an average rate of 6.6% per annum, excluding unused commitment fees. The amounts recorded in the accompanying Balance Sheets approximate fair value due to the variable nature of the debt based on Level 2 inputs.

Derivatives - Net derivative assets (liabilities) are measured at fair value on a recurring basis. The portfolio is valued using models based on market observable inputs, including both forward and spot foreign exchange rates, interest rates, implied volatility, and counterparty credit risk, including the ability of each party to execute its obligations under the contract. As of June 30, 2023, credit risk did not materially change the fair value of the Company’s derivative contracts.

The following is a summary of the Company’s fair value measurements for its net derivative assets (liabilities) as of June 30, 2023 and December 31, 2022 (in thousands):

As of June 30, 2023


	Fair Value Measurements Using
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		At Fair Value
Cash flow hedges	$	—	$	9,689	$	—	$	9,689
Fair value hedges		—		(43)		—		(43)
Total net derivative asset (liability)	$	—	$	9,646	$	—	$	9,646

As of December 31, 2022


	Fair Value Measurements Using
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		At Fair Value
Cash flow hedges	$	—	$	115	$	—	$	115
Fair value hedges		—		205		—		205
Total net derivative asset (liability)	$	—	$	320	$	—	$	320

The following is a summary of the Company’s fair value measurements as of June 30, 2023 and December 31, 2022 (in thousands):

As of June 30, 2023


	Fair Value Measurements Using
	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
Assets
Derivative instruments, net	$	—	$	—	$	—
Deferred compensation plan asset		29,302		—		—
Contingent consideration		—		—		—
Total assets	$	29,302	$	—	$	—

Liabilities
Derivative instruments, net	$	—	$	9,646	$	—
Contingent consideration		—		—		(778)
Total liabilities	$	—	$	9,646	$	(778)

Redeemable noncontrolling interest	$	—	$	—	$	(3,997)

As of December 31, 2022


	Fair Value Measurements Using
	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)
Assets
Derivative instruments, net	$	—	$	320	$	—
Deferred compensation plan asset		25,046		—		—
Contingent consideration		—		—		5,724
Total assets	$	25,046	$	320	$	5,724

Liabilities
Derivative instruments, net	$	—	$	—	$	—
Contingent consideration		—		—		(5,916)
Total liabilities	$	—	$	—	$	(5,916)

Redeemable noncontrolling interest	$	—	$	—	$	(55,645)

Deferred Compensation Plan — The Company maintains a non-qualified deferred compensation plan structured as a Rabbi trust for certain eligible employees. The plan assets are invested in a variety of equity and bond mutual funds. The deferred compensation asset represents the combined fair value of all the funds based on quoted values and market observable inputs.

Contingent Consideration - The Company recorded contingent consideration payable related to the acquisition of Faneuil that closed in 2022. The contingent payables for Faneuil were calculated using a Monte Carlo simulation including a discount rate of 19.3%. The measurements were based on significant inputs not observable in the market. The Company records interest expense each period using the effective interest method until the future value of these contingent payments reaches the expected total future value.

During the third and fourth quarters of 2022, and the first and second quarters of 2023, fair value adjustments of a $2.4 million benefit, a $0.5 million benefit, a $0.6 million expense and $1.7 million expense, respectively, were recorded related to fair value adjustments of the estimated contingent payments associated with the Faneuil acquisition based on updated discount factors, the passage of time, updated EBITDA estimates and a modification to the agreement (see Note 2) for one contract, and a complete reduction for the second contract as it was not awarded to the Company. The fair value adjustment benefits(expenses) were included in Other income (expense) in the Consolidated Statements of Comprehensive Income (Loss).

Contingent Receivables – The Company recorded a contingent receivable related to the Faneuil acquisition. During the third and fourth quarters of 2022, and the first and second quarters of 2023, the Company recorded fair value adjustments for the receivable based on current information which caused the receivable to decrease, and a $4.4 million expense, a $0.2 million expense, a $2.5 million expense, and a $1.9 million expense, respectively, were included in Other income (expense), net in the Consolidated Statements of Comprehensive Income (Loss).

A rollforward of the activity in the Company’s fair value of the contingent consideration payable is as follows (in thousands):


							Imputed
	December 31,						Interest /		June 30,
	2022		Acquisitions		Payments		Adjustments		2023

Faneuil	$	(5,916)	$	—	$	7,400	$	(2,262)	$	(778)
Total	$	(5,916)	$	—	$	7,400	$	(2,262)	$	(778)

A rollforward of the activity in the Company’s fair value of the contingent consideration receivable is as follows (in thousands):


							Imputed
	December 31,						Interest /		June 30,
	2022		Acquisitions		Payments		Adjustments		2023

Faneuil	$	5,724	$	—	$	(1,343)	$	(4,381)	$	—
Total	$	5,724	$	—	$	(1,343)	$	(4,381)	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Receivables Sales Agreement - Additional Information (Narrative) (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Receivables Sales Agreement [Line Items]
Proceeds from factored receivables	$ 100.0
Maximum
Receivables Sales Agreement [Line Items]
Proceeds from factored receivables	$ 100.0

OVERVIEW AND BASIS OF PRESENTATION (NARRATIVE) (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 26, 2019
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of employees	63,900
Prior Period Reclassification Adjustment	$ 13,800,000	$ 500,000	$ 13,300,000
Percepta LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
ownership percentage	55.00%
FCR
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
ownership percentage	100.00%	70.00%		70.00%
Serendebyte
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
ownership percentage	70.00%

OVERVIEW AND BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2023

OVERVIEW AND BASIS OF PRESENTATION [Abstract]

OVERVIEW AND BASIS OF PRESENTATION

(1)OVERVIEW AND BASIS OF PRESENTATION

Summary of Business

The Company operates and reports its financial results of operation through two business segments: TTEC Digital and TTEC Engage.

●

Basis of Presentation

Use of Estimates

Out-of-period Adjustment

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash, primarily held in interest-bearing investments, and liquid short-term investments, which have original maturities of less than 90 days. Restricted cash includes cash whereby the Company’s ability to use the funds at any time is contractually limited or is generally designated for specific purposes arising out of certain contractual or other obligations.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets that sum to the amounts reported in the Consolidated Statement of Cash Flows (in thousands):


	June 30, 2023		December 31, 2022

Cash and cash equivalents	$	114,776	$	153,435
Restricted cash included in "Prepaid and other current assets"		50,605		13,629
Total	$	165,381	$	167,064

Concentration of Credit Risk

Recently Adopted Accounting Pronouncements

None

Other Accounting Pronouncements

WEIGHTED AVERAGE SHARE COUNTS

6 Months Ended

Jun. 30, 2023

Weighted Average Share Counts

NET INCOME PER SHARE

(13)WEIGHTED AVERAGE SHARE COUNTS

The following table sets forth the computation of basic and diluted shares for the periods indicated (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022

Shares used in basic earnings per share calculation	47,264	47,047	47,249	47,026
Effect of dilutive securities:
Restricted stock units	186	336	156	342
Performance-based restricted stock units	3	—	12	13
Total effects of dilutive securities	189	336	168	355
Shares used in dilutive earnings per share calculation	47,453	47,383	47,417	47,381

For the three months ended June 30, 2023 and 2022, there were Restricted Stock Units (“RSUs”) of 958 thousand and 281 thousand, respectively, outstanding which were excluded from the computation of diluted net income per share because the effect would have been anti-dilutive. For the six months ended June 30, 2023 and 2022, there were RSUs of 902 thousand and 239 thousand, respectively, outstanding which were excluded from the computation of diluted net income per share because the effect would have been anti-dilutive.

OVERVIEW AND BASIS OF PRESENTATION (TABLES) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 114,776	$ 153,435
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	165,381	167,064	$ 175,217	$ 180,682
Prepaid Expenses and Other Current Assets [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 50,605	$ 13,629

EQUITY-BASED COMPENSATION PLANS (NARRATIVE) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 5,649,000	$ 4,143,000	$ 9,802,000	$ 7,882,000
2021 PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense			$ 200,000
Share-based Compensation Arrangement by Share-based Payment Award, Description			During 2021, the Company awarded PRSUs that are subject to service and performance vesting conditions. If defined minimum targets are met, the annual value of the PRSUs issued will be between $1.2 million and $4.9 million and vest immediately in 2024. If the defined minimum targets are not met, then no shares will be issued. The number of shares that will be awarded will be based on the Company’s annual revenue and adjusted operating income for the fiscal year 2023. The Company recognized compensation expense related to the 2021 PRSUs of $0.2 million and $0.4 million for the three and six months ended June 30, 2023.
Minimum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Award Vesting Period			4 years
Minimum \| 2021 PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense						$ 1,200,000
Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Award Vesting Period			5 years
Maximum \| 2021 PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense						$ 4,900,000
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense	5,500,000	$ 3,800,000	$ 9,300,000	7,400,000
Unrecognized Compensation Expense	46,300,000		$ 46,300,000
Non-option Equity Awards Granted		155,897	547,254
Performance Shares [Member] \| 2020 PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense			$ 0.0
Share-based Compensation Arrangement by Share-based Payment Award, Description			During 2020, the Company awarded Performance Restricted Stock Units (“PRSUs“) that are subject to service and performance vesting conditions. If defined minimum targets are met, the annual value of the PRSUs issued will be between $0.2 million and $2.0 million and vest immediately. If the defined minimum targets are not met, then no shares will be issued. The number of shares awarded are based on the Company’s annual revenue and adjusted operating income for the fiscal years 2021 and 2022. Each fiscal year’s revenue and adjusted operating income will determine the award amount. The Company recognized compensation expense related to the 2020 PRSUs of $0.0 million and $0.1 million, respectively, for the three and six months ended June 30, 2023. The Company recognized compensation expense related to the 2020 PRSUs of $0.4 million and $0.5 million, respectively, for the three and six months ended June 30, 2022.
Performance Shares [Member] \| 2022 PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Description			For the ordinary course annual PRSUs, if defined minimum targets are met, the annual value of the PRSUs issued will be between $0.9 million and $3.5 million and vest immediately in March 2025. If the defined minimum targets are not met, then no shares will be issued. The number of shares that will be awarded will be based on the Company’s annual revenue and adjusted EBITDA for the fiscal year 2024. For the one-time stretch financial goals PRSUs, if defined minimum targets at TTEC Engage and TTEC Digital business segments’ levels are met, the number of shares of PRSUs issued will be between 0.0 million shares and 0.5 million shares and will vest immediately in March 2026. If the defined minimum targets are not met, then no shares will be issued. The number of shares to be awarded will be based on the TTEC Engage and TTEC Digital business segments’ annual revenue and adjusted EBITDA for the fiscal year 2025.
Performance Shares [Member] \| 2022 VCP PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Description			F
Performance Shares [Member] \| Minimum \| 2020 PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense							$ 200,000
Performance Shares [Member] \| Minimum \| 2022 PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense					$ 900,000
Performance Shares [Member] \| Minimum \| 2022 VCP PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-option Equity Awards Granted			0.0
Performance Shares [Member] \| Minimum \| PRSUs 2023 [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense			$ 0
Performance Shares [Member] \| Maximum \| 2020 PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense							$ 2,000,000.0
Performance Shares [Member] \| Maximum \| 2022 PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense					$ 3,500,000
Performance Shares [Member] \| Maximum \| 2022 VCP PRSUs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-option Equity Awards Granted			500,000
Performance Shares [Member] \| Maximum \| PRSUs 2023 [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense			$ 8,900,000
Cost of Services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense	2,536,000	$ 1,613,000	4,398,000	3,235,000
Selling General And Administrative Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Equity-based compensation expense	$ 3,113,000	$ 2,530,000	$ 5,404,000	$ 4,647,000

DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

(11)DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Revenue recognized for the six months ended June 30, 2023 from amounts included in deferred revenue as of December 31, 2022 was $56.1 million. Revenue recognized for the six months ended June 30, 2022 from amounts included in deferred revenue as of December 31, 2021 was $134.8 million.

Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with these arrangements, and certain time and materials contracts that are billed in arrears.

As of June 30, 2023, the Company’s RPO was $326.5 million, which will be delivered and recognized within the next five years. However, the amount and timing of revenue recognition are generally driven by customer consumption, which can extend beyond the original contract term in cases where customers are permitted to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2023

Faneuil

Schedule of Assets Acquired and Liabilities Assumed

The following summarizes the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date (in thousands):


	Acquisition Date
	Fair Value
Cash	$	—
Accounts receivable, net		704
Prepaid and other assets		8,420
Net fixed assets		5,622
Right of use lease assets		17,778
Other assets		2,572
Customer relationships		61,310
Goodwill		75,902
	$	172,308

Accrued employee compensation	$	202
Accrued expenses		2,763
Right of use lease liability - current		3,129
Right of use lease liability - non-current		14,092
Deferred income		811
Other liabilities		8,891
	$	29,888

Total purchase price	$	142,420

Consolidated Statement of Stockholders' Equity and Mezzanine Equity - USD ($) $ in Thousands	Stockholders' Equity of the Company Common Stock [Member]	Stockholders' Equity of the Company Treasury Stock [Member]	Stockholders' Equity of the Company Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss)	Stockholders' Equity of the Company Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Common stock beginning balance, share at Dec. 31, 2021	46,990,000
Beginning balance, value at Dec. 31, 2021	$ 470	$ (597,031)	$ 361,135	$ (98,426)	$ 856,065	$ 15,812	$ 538,025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					58,638	7,123	65,761
Dividends to shareholders					(23,518)		(23,518)
Dividends distributed to noncontrolling interest						(5,648)	(5,648)
Foreign currency translation adjustments				(21,700)		(1,374)	(23,074)
Derivatives valuation, net of tax				(5,678)			(5,678)
Vesting of restricted stock units, share	103,000
Vesting of restricted stock units, value	$ 1	1,700	(4,766)				(3,065)
Equity-based compensation expense			7,882				7,882
Other, net of tax.				354			354
Common stock ending balance, share at Jun. 30, 2022	47,093,000
Ending balance, value at Jun. 30, 2022	$ 471	(595,331)	364,251	(125,450)	891,185	15,913	551,039
Temporary Equity, Beginning Balance at Dec. 31, 2021							56,316
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity, Net Income							1,006
Temporary equity distributions.							(1,570)
Temporary Equity, Ending Balance at Jun. 30, 2022							55,752
Common stock beginning balance, share at Mar. 31, 2022	47,036,000
Beginning balance, value at Mar. 31, 2022	$ 470	(596,279)	362,601	(97,464)	865,951	16,547	551,826
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					25,234	3,512	28,746
Dividends distributed to noncontrolling interest						(2,768)	(2,768)
Foreign currency translation adjustments				(21,992)		(1,378)	(23,370)
Derivatives valuation, net of tax				(6,307)			(6,307)
Vesting of restricted stock units, share	57,000
Vesting of restricted stock units, value	$ 1	948	(2,493)				(1,544)
Equity-based compensation expense			4,143				4,143
Other, net of tax.				313			313
Common stock ending balance, share at Jun. 30, 2022	47,093,000
Ending balance, value at Jun. 30, 2022	$ 471	(595,331)	364,251	(125,450)	891,185	15,913	551,039
Temporary Equity, Beginning Balance at Mar. 31, 2022							56,666
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity, Net Income							51
Temporary equity distributions.							(965)
Temporary Equity, Ending Balance at Jun. 30, 2022							$ 55,752
Preferred stock beginning balance, share at Dec. 31, 2022							0
Common stock beginning balance, share at Dec. 31, 2022	47,224,000						47,224,074
Beginning balance, value at Dec. 31, 2022	$ 472	(593,164)	367,673	(126,301)	911,233	18,192	$ 578,105
Beginning balance at Dec. 31, 2022							(593,164)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interest adjustment due to buyout			20,457				20,457
Net income (loss)					19,857	4,202	24,059
Dividends to shareholders					(24,572)		(24,572)
Dividends distributed to noncontrolling interest						(5,701)	(5,701)
Foreign currency translation adjustments				28,582		183	28,765
Derivatives valuation, net of tax				7,076			7,076
Vesting of restricted stock units, share	52,000
Vesting of restricted stock units, value	$ 1	858	(1,488)				(629)
Equity-based compensation expense			9,802				9,802
Other, net of tax.				180			$ 180
Preferred stock ending balance, share at Jun. 30, 2023							0
Ending balance at Jun. 30, 2023							$ (592,306)
Common stock ending balance, share at Jun. 30, 2023	47,276,000						47,276,039
Ending balance, value at Jun. 30, 2023	$ 473	(592,306)	396,444	(90,463)	906,518	16,876	$ 637,542
Temporary Equity, Beginning Balance at Dec. 31, 2022							55,645
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary noncontrolling interest adjustment due to buyout							(20,457)
Temporary Equity, Net Income							614
Temporary equity buyout of noncontrolling interest							(31,619)
Temporary equity distributions.							(186)
Temporary Equity, Ending Balance at Jun. 30, 2023							3,997
Common stock beginning balance, share at Mar. 31, 2023	47,252,000
Beginning balance, value at Mar. 31, 2023	$ 473	(592,685)	391,294	(110,389)	905,309	16,836	610,838
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					1,209	2,486	3,695
Dividends distributed to noncontrolling interest						(2,520)	(2,520)
Foreign currency translation adjustments				19,293		74	19,367
Derivatives valuation, net of tax				525			525
Vesting of restricted stock units, share	24,000
Vesting of restricted stock units, value		379	(498)				(119)
Equity-based compensation expense			5,648				5,648
Other, net of tax.				108			$ 108
Preferred stock ending balance, share at Jun. 30, 2023							0
Ending balance at Jun. 30, 2023							$ (592,306)
Common stock ending balance, share at Jun. 30, 2023	47,276,000						47,276,039
Ending balance, value at Jun. 30, 2023	$ 473	$ (592,306)	$ 396,444	$ (90,463)	$ 906,518	$ 16,876	$ 637,542
Temporary Equity, Beginning Balance at Mar. 31, 2023							3,936
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity, Net Income							61
Temporary Equity, Ending Balance at Jun. 30, 2023							$ 3,997

OVERVIEW AND BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2023

OVERVIEW AND BASIS OF PRESENTATION [Abstract]

Restrictions on Cash and Cash Equivalents [Table Text Block]


	June 30, 2023		December 31, 2022

Cash and cash equivalents	$	114,776	$	153,435
Restricted cash included in "Prepaid and other current assets"		50,605		13,629
Total	$	165,381	$	167,064

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 31, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-11919
Entity Registrant Name	TTEC Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1291044
Entity Address, Address Line One	6312 South Fiddlers Green Circle, Suite 100N
Entity Address, City or Town	Greenwood Village
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111
City Area Code	303
Local Phone Number	397-8100
Title of 12(b) Security	Common stock of TTEC Holdings, Inc., $0.01 par value per share
Trading Symbol	TTEC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,417,560
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001013880
Amendment Flag	false

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Stockholders' equity
Accounts Receivable, Allowance for Credit Loss, Current	$ 2,347	$ 3,524
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares outstanding	47,276,039	47,224,074
Treasury stock, shares	34,776,214	34,828,179

WEIGHTED AVERAGE SHARE COUNTS (Tables)

6 Months Ended

Jun. 30, 2023

Weighted Average Share Counts

Schedule of Diluted Shares Calculation

The following table sets forth the computation of basic and diluted shares for the periods indicated (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022

Shares used in basic earnings per share calculation	47,264	47,047	47,249	47,026
Effect of dilutive securities:
Restricted stock units	186	336	156	342
Performance-based restricted stock units	3	—	12	13
Total effects of dilutive securities	189	336	168	355
Shares used in dilutive earnings per share calculation	47,453	47,383	47,417	47,381

DERIVATIVES (BALANCE SHEET CLASSIFICATION) (Details) - Foreign Exchange [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Designated as Hedging Instruments [Member] \| Cash Flow [Member]
Derivatives, Fair Value [Line Items]
Total net derivative asset (liability)	$ 9,689	$ 115
Designated as Hedging Instruments [Member] \| Cash Flow [Member] \| Prepaids And Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Total net derivative asset (liability)	8,198	4,001
Designated as Hedging Instruments [Member] \| Cash Flow [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Total net derivative asset (liability)	4,588	3,019
Designated as Hedging Instruments [Member] \| Cash Flow [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Total net derivative asset (liability)	(2,700)	(5,157)
Designated as Hedging Instruments [Member] \| Cash Flow [Member] \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Total net derivative asset (liability)	(397)	(1,748)
Not Designated as Hedging Instruments [Member] \| Fair Value [Member]
Derivatives, Fair Value [Line Items]
Total net derivative asset (liability)	(43)	205
Not Designated as Hedging Instruments [Member] \| Fair Value [Member] \| Prepaids And Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Total net derivative asset (liability)	86	281
Not Designated as Hedging Instruments [Member] \| Fair Value [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Total net derivative asset (liability)	$ (129)	$ (76)

FAIR VALUE (CONTINGENT CONSIDERATION TABLE) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2023
Business acquisitions, Contingent Consideration [Line Items]
Beginning balance, contingent consideration payable		$ (5,916)			$ (5,916)
Acquisitions					0
Payments					7,400
Contingent Consideration Payable Imputed Interest Expense and Other Adjustments					(2,262)
Ending balance, contingent consideration payable	$ (778)		$ (5,916)		(778)
Beginning Balance Business Combination Contingent Consideration Asset		5,724			5,724
Payments Made To Contingent Consideration Receivable During Period					(1,343)
Contingent Consideration Receivable Imputed Interest Benefit and Other Adjustments					(4,381)
Ending balance, contingent consideration asset			5,724
Faneuil
Business acquisitions, Contingent Consideration [Line Items]
Beginning balance, contingent consideration payable		(5,916)			(5,916)
Acquisitions					0
Payments					7,400
Contingent Consideration Payable Imputed Interest Expense and Other Adjustments					(2,262)
Ending balance, contingent consideration payable	(778)		(5,916)		(778)
Faneuil receivable [Member]
Business acquisitions, Contingent Consideration [Line Items]
Beginning Balance Business Combination Contingent Consideration Asset		5,724			5,724
Payments Made To Contingent Consideration Receivable During Period	(1,300)				(1,343)
Contingent Consideration Receivable Imputed Interest Benefit and Other Adjustments	$ (1,900)	$ (2,500)	(200)	$ (4,400)	$ (4,381)
Ending balance, contingent consideration asset			$ 5,724

INCOME TAXES

6 Months Ended

Jun. 30, 2023

INCOME TAXES [ABSTRACT]

INCOME TAXES

(9)INCOME TAXES

The Company accounts for income taxes in accordance with the accounting literature for income taxes, which requires recognition of deferred tax assets and liabilities for the expected future income tax consequences of transactions that have been included in the Consolidated Financial Statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using tax rates in effect for the year in which the differences are expected to reverse. Quarterly, the Company assesses the likelihood that its net deferred tax assets will be recovered. Based on the weight of all available evidence, both positive and negative, the Company records a valuation allowance against deferred tax assets when it is more-likely-than-not that a future tax benefit will not be realized. The Company’s selection of an accounting policy with respect to both the global intangible low taxed foreign income (“GILTI”) and base erosion and anti-abuse tax (“BEAT”) rules is to compute the related taxes in the period the entity becomes subject to either GILTI or BEAT.

As of June 30, 2023, the Company had $39.7 million of net deferred tax assets (after a $31.0 million valuation allowance) and a net deferred tax asset of $36.3 million (after deferred tax liabilities of $3.5 million) related to the United States and international tax jurisdictions whose recoverability is dependent upon future profitability.

The effective tax rate for the three and six months ended June 30, 2023 was 61.9% and 36.2%, respectively. The effective tax rate for the three and six months ended June 30, 2022 was 20.2% and 18.7%, respectively.

The Company’s U.S. income tax returns filed for the tax years ending December 31, 2017 to present, remain open tax years. The Company has been notified of the intent to audit or is currently under audit of income taxes for the United States for tax year 2017 and 2018, the Philippines for tax year 2020, the state of California in the United States for tax years 2017 and 2018, the State of Illinois in the United States for tax year 2020, Canada for tax year 2021, and India for tax years 2017 through 2021. Although the outcome of examinations by taxing authorities are always uncertain, it is the opinion of management that the resolution of these audits will not have a material effect on the Company’s Consolidated Financial Statements.

When there is a change in judgment concerning the recovery of deferred tax assets in future periods, a valuation allowance is recorded into earnings during the quarter in which the change in judgment occurred. In the first, second and third quarters of 2022, $1.3 million, $0.6 million and $2.5 million, respectively, were released from the valuation allowance for assets that are expected to be recognized in the future. During the first and second quarters of 2023, a $1.3 million and a $3.1 million valuation allowance were recorded, respectively, for assets that are not expected to be recovered in future periods.

The Company has been granted “Tax Holidays” as an incentive to attract foreign investment by the governments of the Philippines and Costa Rica. Generally, a Tax Holiday is an agreement between the Company and a foreign government under which the Company receives certain tax benefits in that country, such as exemption from taxation on profits derived from export-related activities. In the Philippines, the Company has been granted multiple agreements under local laws which result in an overall reduced tax rate. These incentives have varying benefit year over year and expire at various times beginning in 2030. The aggregate benefit to income tax expense for the three months ended June 30, 2023 and 2022 was approximately $0.4 million and $0.0 million, respectively, which had an impact on diluted net income per share of $0.01 and $0.00, respectively. The aggregate benefit to income tax expense for the six months ended June 30, 2023 and 2022 was approximately $1.1 million and $1.0 million, respectively, which had an impact on diluted net income per share of $0.02 and $0.02, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details