TTEC Announces Fourth Quarter and Full Year 2024 Financial Results

Fourth Quarter 2024Revenue was $567.4 Million, down 9.4 PercentNet Income was $4.6 Million or 0.8 Percent of Revenue($9.0 Million or 1.6 Percent of Revenue Non-GAAP)Adjusted EBITDA was $50.9 Million or 9.0 Percent of Revenue Full Year 2024Revenue was $2.208 Billion, down 10.4 PercentNet Loss of $310.6 Million or negative 14.1 Percent of Revenue(Net Income of $33.6 Million or 1.5 Percent of Revenue Non-GAAP)Adjusted EBITDA was $202.3 Million or 9.2 Percent of Revenue Provides Outlook for Full Year 2025 , /PRNewswire/ -- TTEC Holdings, Inc. (NASDAQ: TTEC), a leading global CX (customer experience) technology and services innovator for AI-enabled CX with solutions from TTEC Engage and TTEC Digital, announced today financial results for the fourth quarter and full year ended December 31, 2024. "2024 was a challenging transitional year for TTEC. However, we continued to advance our three top priorities, including enhancing our diversification strategy with an expanded geographic delivery footprint and client portfolio, broadening our end-to-end digital CX value proposition with differentiated, technology-enabled solutions, and achieving our goal of meeting or exceeding our historical growth and margin targets," commented Ken Tuchman, chairman and chief executive officer of TTEC. "With our strengthened leadership alongside the actions we have taken in the second half of the year, we are on our way to healthier financial performance in 2025 and beyond," Tuchman continued. FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS Revenue Fourth quarter 2024 GAAP revenue was $567.4 million, a 9.4 percent decrease compared to $626.2 million in the prior year. Foreign exchange had a $2.1 million negative impact on revenue in the fourth quarter of 2024. Income from Operations Fourth quarter 2024 GAAP income from operations was $15.3 million, or 2.7 percent of revenue, compared to $16.9 million, or 2.7 percent of revenue in the prior year. Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $34.9 million, or 6.2 percent of revenue, compared to $41.8 million, or 6.7 percent of revenue in the prior year. Foreign exchange had a $4.4 million positive impact on Non-GAAP income from operations in the fourth quarter 2024. Adjusted EBITDA Fourth quarter 2024 Non-GAAP Adjusted EBITDA was $50.9 million, or 9.0 percent of revenue, compared to $57.5 million, or 9.2 percent of revenue in the prior year. Net Income (Loss) Per Share Fourth quarter 2024 GAAP fully diluted net income per share was $0.10 compared to a fully diluted net loss per share of $0.17 in the prior year. Non-GAAP fully diluted net income per share was $0.19 compared to $0.37 in the prior year. FULL YEAR 2024 FINANCIAL HIGHLIGHTS Revenue Full year 2024 GAAP revenue was $2.208 billion, a 10.4 percent decrease compared to $2.463 billion in the prior year. Foreign exchange had a $2.6 million negative impact on revenue for the full year 2024. Income (Loss) from Operations Full year 2024 GAAP loss from operations was $173.5 million, or negative 7.9 percent of revenue, compared to income from operations of $118.0 million, or 4.8 percent of revenue in the prior year. The significant decrease in operating income was primarily the result of a second quarter 2024 one-time non-cash pre-tax $196 million impairment charge related to the fair value of the TTEC Engage reporting unit, in addition to other factors. Non-GAAP income from operations, excluding restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, and other items, was $136.5 million, or 6.2 percent of revenue, compared to $200.4 million, or 8.1 percent in the prior year. Foreign exchange had a $7.2 million positive impact on Non-GAAP income from operations for the full year 2024. Adjusted EBITDA Full year 2024 Non-GAAP Adjusted EBITDA was $202.3 million, or 9.2 percent of revenue, compared to $271.5 million, or 11.0 percent of revenue in the prior year. Net Income (Loss) Per Share Full year 2024 GAAP fully diluted net loss per share was $6.52 compared to net income per share of $0.39 in the prior year. Non-GAAP fully diluted net income per share was $0.71 compared to $2.18 in the prior year. CASH FLOW AND BALANCE SHEET Cash flow from operations in the fourth quarter of 2024 was a negative $1.1 million compared to a positive $31.5 million for the fourth quarter 2023. For the full year 2024, cash flow from operations was a negative $58.8 million compared to a positive $144.8 million for the same period 2023. The decline in 2024 cash flow from operations was primarily related to the discontinuation of the accounts receivable factoring facility in the third quarter, negatively impacting our cash flow by $101.2 million. Excluding the factoring facility impact, 2024 cash flow from operations was a positive $42.4 million. Free cash flow in the fourth quarter of 2024 was a negative $9.8 million compared to a positive $18.4 million for the fourth quarter 2023. For the full year 2024, free cash flow was a negative $104.0 million compared to a positive $76.9 million for the same period in 2023. Excluding the factoring facility discontinuation impact of $101.2 million and including the proceeds from the sale of real estate of $45.5 million, 2024 free cash flow was a positive $42.7 million. Capital expenditures in the fourth quarter 2024 were $8.7 million compared to $13.1 million for the fourth quarter 2023. For the full year 2024, capital expenditures were $45.2 million compared to $67.8 million for the same period 2023. As of December 31, 2024, TTEC had cash and cash equivalents of $85.0 million and debt of $978.0 million, resulting in a net debt position of $893.0 million. This compares to a net debt position of $826.5 million for the same period 2023. As of December 31, 2024, TTEC's remaining borrowing capacity under its revolving credit facility was approximately $225 million compared to $90 million for the same period 2023. On November 4, 2024, TTEC's Board of Directors suspended the company's semi-annual cash dividend as part of its ongoing shift to prioritize debt reduction. The cash dividend will continue to be suspended until further notice, as TTEC continues to focus on debt reduction and the Special Committee of the company's Board of Directors is considering a potential take-private transaction proposed by TTEC's founder and CEO. SALE OF REAL ESTATE ASSET NOT USED IN OPERATIONS On November 5, 2024, the company closed a sale of real estate asset in Englewood, Colorado for $45.5 million dollars, subject to customary adjustments. Prior to the COVID pandemic, the building was used as TTEC's principal place of business. The company used the proceeds from the sale to reduce its outstanding balance under its revolving credit facility. NEW PRINCIPAL PLACE OF BUSINESS As part of our strategic review of our business priorities, we decided to designate our office in Austin, Texas as our new principal place of business. Texas has been an important part of TTEC's operations for decades, and this move provides us with access to a business-friendly environment, a strong economy, a skilled workforce, and a dynamic technology and innovation hub. This change does not impact our 70+ other global locations, including our Denver Center for Experience and Innovation in Greenwood Village, Colorado. It also does not impact the jobs of those who are currently working in Colorado. SEGMENT REPORTING & COMMENTARY TTEC reports financial results for TTEC Digital and TTEC Engage business segments. Financial highlights for the two business segments are provided below. TTEC Digital – Design, build and operate tech-enabled, insight-driven CX solutions Fourth quarter 2024 GAAP revenue for TTEC Digital was $115.0 million, a decrease of 3.5 percent compared to $119.1 million in the year ago period. Income from operations was $6.9 million or 6.0 percent of revenue compared to an operating income of $10.0 million or 8.4 percent of revenue in the prior year. Non-GAAP income from operations was $12.7 million, or 11.0 percent of revenue compared to operating income of $17.7 million or 14.8 percent of revenue in the prior year. TTEC Engage – Technology-enabled customer care, acquisition, and fraud mitigation services Fourth quarter 2024 GAAP revenue for TTEC Engage was $452.5 million, a 10.8 percent decrease from $507.1 million for the year ago period. Income from operations was $8.4 million or 1.9 percent of revenue compared to operating income of $6.9 million, or 1.4 percent of revenue in the prior year. Non-GAAP income from operations was $22.3 million, or 4.9 percent of revenue, compared to operating income of $24.1 million, or 4.8 percent of revenue in the prior year. Foreign exchange had a $2.0 million negative impact on revenue and a $4.4 million positive impact on income from operations. BUSINESS OUTLOOK "At the company level, our fourth quarter financial performance was in line with the most recent guidance expectations communicated last quarter, and we are particularly pleased with our Engage segment's profitability improvement in the second half of the year," commented Kenny Wagers, chief financial officer of TTEC. Wagers continued, "During 2024, we implemented several profit optimization initiatives within Engage and are confident our Digital segment will return to growth through our expanded suite of CX technology offerings, laying the foundation for margin improvements in 2025." TTEC Full Year 2025 Outlook Full Year 2025Guidance Full Year 2025Mid-Point Revenue $2,014M — $2,064M $2,039M Non-GAAP adjusted EBITDA $215M — $235M $225M Non-GAAP adjusted EBITDA margins 10.7% — 11.4% 11.0 % Non-GAAP operating income $154M — $174M $164M Non-GAAP operating income margins 7.6% — 8.4% 8.0 % Interest expense, net ($75M) — ($79M) ($77M) Non-GAAP adjusted tax rate 38% — 42% 40 % Diluted share count 48.2M — 48.6M 48.4M Non-GAAP earnings per a share $0.95 — $1.20 $1.08 Engage Full Year 2025 Outlook Full Year 2025Guidance Full Year 2025Mid-Point Revenue $1,556M — $1,586M $1,571M Non-GAAP adjusted EBITDA $151M — $163M $157M Non-GAAP adjusted EBITDA margins 9.7% — 10.3% 10.0 % Non-GAAP operating income $101M — $113M $107M Non-GAAP operating income margins 6.5% — 7.1% 6.8 % Digital Full Year 2025 Outlook Full Year 2025Guidance Full Year 2025Mid-Point Revenue $458M — $478M $468M Non-GAAP adjusted EBITDA $64M — $72M $68M Non-GAAP adjusted EBITDA margins 13.9% — 15.0% 14.5 % Non-GAAP operating income $53M — $61M $57M Non-GAAP operating income margins 11.5% — 12.7% 12.1 % The company has not quantitatively reconciled its guidance for Non-GAAP operating income, Non-GAAP operating income margins, Non-GAAP adjusted EBITDA, Non-GAAP adjusted EBITDA margins, Non-GAAP adjusted tax rate, or Non-GAAP earnings per share to their respective most comparable GAAP measures because certain of the reconciling items that impact these metrics, including restructuring and impairment charges, equity-based compensation expense, changes in acquisition contingent consideration, depreciation and amortization expense, and provision for income taxes are dependent on the timing of future events outside of the Company's control or cannot be reliably predicted. Accordingly, the Company is unable to provide reconciliations to GAAP operating income, operating income margins, EBITDA margins, and diluted earnings per share without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company's 2025 financial results as reported under GAAP. NON-GAAP FINANCIAL MEASURES This press release contains a discussion of certain Non-GAAP financial measures that the company includes to allow investors and analysts to measure, analyze and compare its financial condition and results of operations in a meaningful and consistent manner. A reconciliation of these Non-GAAP financial measures can be found in the tables accompanying this press release. GAAP metrics are presented in accordance with Generally Accepted Accounting Principles. Non-GAAP - As reflected in the attached reconciliation table, the definition of Non-GAAP may exclude from operating income, EBITDA, net income and earnings per share restructuring and impairment charges, equity-based compensation expenses, amortization of purchased intangibles, among other items. EARNINGS WEBCAST/CONFERENCE CALL TTEC will host a live webcast and conference call at 8:30 a.m. ET on Friday, February 28, 2025. You are invited to join a live webcast of the conference call by visiting the "Investors Relations" section of the TTEC website at www.ttec.com. If you are unable to participate during the live webcast, a replay will be available on the TTEC website. ABOUT TTEC TTEC (pronounced T-TEC) Holdings, Inc. (NASDAQ:TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled digital CX solutions. Serving iconic and disruptive brands, TTEC's outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey. Leveraging next-gen digital technology, the Company's TTEC Digital business designs, builds, and operates omnichannel contact center technology, CRM, AI and analytics solutions. The company's TTEC Engage business delivers AI-enabled customer engagement, customer acquisition and growth, tech support, back office, and fraud prevention services. Founded in 1982, the company's singular obsession with CX excellence has earned it leading client, customer, and employee satisfaction scores across the globe. The company's employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results. To learn more visit us at https://www.ttec.com. FORWARD-LOOKING STATEMENTS This Earnings Press Release and related oral statements contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to our operations, expected financial position, results of operation, effective tax rate, cash flow, leverage, liquidity, business strategy, profit improvement actions, competitive position, demand for our services in international operations, acquisition opportunities and impact of acquisitions, capital allocation and dividends, growth opportunities, spending, capital expenditures and investments, competition and market forecasts, industry trends, our human capital resources, and other business, operational and financial matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance. In this Release when we use words such as "may," "believe," "plan," "will," "anticipate," "estimate," "expect," "intend," "project," "would," "could," "target," or similar expressions, or when we discuss our strategy, plans, goals, initiatives, or objectives, we are making forward-looking statements. Unless otherwise indicated or except where the context otherwise requires, the terms "TTEC," "the Company," "we," "us" and "our" and other similar terms in this report refer to TTEC Holdings, Inc. and its subsidiaries. We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from those expressed in the forward-looking statements, and you should review and consider carefully the risks, uncertainties, and other factors that affect our business and may cause such differences as outlined in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent filings with the U.S. Securities and Exchange Commission (the "SEC") which are available on TTEC's website www.ttec.com, and on the SEC's public website at www.sec.gov. Our forward-looking statements speak only as of the date that this release is issued. We undertake no obligation to update them, except as may be required by applicable law. Although we believe that our forward-looking statements are reasonable, they depend on many factors outside of our control and we can provide no assurance that they will prove to be correct. TTEC HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three months ended Twelve months ended December 31, December 31, 2024 2023 2024 2023 Revenue $ 567,437 $ 626,181 $ 2,207,587 $ 2,462,817 Operating Expenses: Cost of services 448,931 505,814 1,735,865 1,932,877 Selling, general and administrative 73,161 74,744 293,042 290,873 Depreciation and amortization 23,697 24,904 97,955 101,272 Restructuring charges, net 3,806 3,145 10,152 8,041 Impairment losses 2,549 650 244,093 11,733 Total operating expenses 552,144 609,257 2,381,107 2,344,796 Income / (Loss) From Operations 15,293 16,924 (173,520) 118,021 Other income (expense), net (2,424) (21,988) (62,997) (77,297) Income / (Loss) Before Income Taxes 12,869 (5,064) (236,517) 40,724 Provision for income taxes (8,250) (3,142) (74,100) (22,460) Net Income / (Loss) 4,619 (8,206) (310,617) 18,264 Net income / (loss) attributable to noncontrolling interest (2,618) (1,694) (10,348) (9,836) Net Income / (Loss) Attributable to TTEC Stockholders $ 2,001 $ (9,900) $ (320,965) $ 8,428 Net Income / (Loss) Per Share Basic $ 0.10 $ (0.17) $ (6.52) $ 0.39 Diluted $ 0.10 $ (0.17) $ (6.52) $ 0.39 Net Income / (Loss) Per Share Attributable to TTEC Stockholders Basic $ 0.04 $ (0.21) $ (6.74) $ 0.18 Diluted $ 0.04 $ (0.21) $ (6.74) $ 0.18 Income / (Loss) From Operations Margin 2.7 % 2.7 % (7.9) % 4.8 % Net Income / (Loss) Income Margin 0.8 % -1.3 % (14.1) % 0.7 % Net Income / (Loss) Attributable to TTEC Stockholders Margin 0.4 % (1.6) % (14.5) % 0.3 % Effective Tax Rate 64.1 % (62.0) % (31.3) % 55.2 % Weighted Average Shares Outstanding Basic 47,736 47,425 47,614 47,335 Diluted 48,150 47,425 47,614 47,419 TTEC HOLDINGS, INC. AND SUBSIDIARIES SEGMENT INFORMATION (In thousands) Three months ended Twelve months ended December 31, December 31, 2024 2023 2024 2023 Revenue: TTEC Digital $ 114,950 $ 119,118 $ 459,018 $ 486,882 TTEC Engage 452,487 507,063 1,748,569 1,975,935 Total $ 567,437 $ 626,181 $ 2,207,587 $ 2,462,817 Income / (Loss) From Operations TTEC Digital $ 6,921 $ 9,982 $ 23,691 $ 29,846 TTEC Engage 8,372 6,942 (197,211) 88,175 Total $ 15,293 $ 16,924 $ (173,520) $ 118,021 TTEC HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) December 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 84,991 $ 172,747 Accounts receivable, net 452,573 394,868 Prepaids and other current assets 92,947 95,064 Income and other tax receivables 21,785 18,524 Total current assets 652,296 681,203 Property and equipment, net 132,051 191,003 Operating lease assets 91,263 121,574 Goodwill 571,197 808,988 Other intangibles assets, net 164,808 198,433 Income and other tax receivables, long-term 31,781 44,673 Other assets 109,984 139,724 Total assets $ 1,753,380 $ 2,185,598 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 84,180 $ 96,577 Accrued employee compensation and benefits 137,636 146,184 Deferred revenue 64,752 81,171 Current operating lease liabilities 33,358 38,271 Other current liabilities 34,010 40,824 Total current liabilities 353,936 403,027 Long-term liabilities: Line of credit 975,000 995,000 Non-current operating lease liabilities 71,008 96,809 Other long-term liabilities 85,317 75,220 Total long-term liabilities 1,131,325 1,167,029 Equity: Common stock 477 474 Additional paid in capital 420,181 407,415 Treasury stock (584,900) (589,807) Accumulated other comprehensive income (loss) (132,121) (89,876) Retained earnings 546,617 870,429 Noncontrolling interest 17,865 16,907 Total equity 268,119 615,542 Total liabilities and equity $ 1,753,380 $ 2,185,598 TTEC HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Twelve months ended Twelve months ended December 31, December 31, 2024 2023 Cash flows from operating activities: Net (loss) income $ (310,617) $ 18,264 Adjustment to reconcile net (loss) income to net cash provided by operating activities : Depreciation and amortization 97,955 101,272 Amortization of contract acquisition costs 1,995 2,288 Amortization of debt issuance costs 2,020 1,067 Imputed interest expense and fair value adjustments to contingent consideration (1,496) 7,579 Provision for credit losses 3,596 2,009 Loss on disposal of assets (13,281) 2,219 Impairment losses 244,093 11,733 Loss on dissolution of subsidiary 301 Deferred income taxes 58,530 (7,528) Excess tax benefit from equity-based awards 4,352 1,705 Equity-based compensation expense 18,690 22,071 Loss / (gain) on foreign currency derivatives 384 (3) Changes in assets and liabilities, net of acquisitions: Accounts receivable (66,329) 22,359 Prepaids and other assets (17,120) 8,570 Accounts payable and accrued expenses (43,220) 9,518 Deferred revenue and other liabilities (38,370) (58,659) Net cash provided by operating activities (58,818) 144,765 Cash flows from investing activities: Proceeds from sale of property, plant and equipment 45,650 261 Purchases of property, plant and equipment (45,173) (67,839) Net cash used in investing activities 477 (67,578) Cash flows from financing activities: Net proceeds from / (repayments of) line of credit (20,000) 35,000 Payments on other debt (2,405) (2,317) Payments of contingent consideration and hold back payments to acquisitions (37,676) Dividends paid to shareholders (2,847) (49,232) Payments to noncontrolling interest (9,226) (10,972) Tax payments related to the issuance of restricted stock units (1,014) (3,037) Payments of debt issuance costs (2,804) - Net cash used in financing activities (38,296) (68,234) Effect of exchange rate changes on cash and cash equivalents and restricted cash 7,723 (2,112) (Decrease) in cash, cash equivalents and restricted cash (88,914) 6,841 Cash, cash equivalents and restricted cash, beginning of period 173,905 167,064 Cash, cash equivalents and restricted cash, end of period $ 84,991 $ 173,905 TTEC HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (In thousands, except per share data) Three months ended Twelve months ended December 31, December 31, 2024 2023 2024 2023 Revenue $ 567,437 $ 626,181 $ 2,207,587 $ 2,462,817 Reconciliation of Non-GAAP Income from Operations and EBITDA: Net (Loss) / Income from Operations $ 15,293 $ 16,924 $ (173,520) $ 118,021 Restructuring charges, net 3,806 3,145 10,152 8,041 Impairment losses 2,549 650 244,093 11,733 Cybersecurity incident related impact, net of insurance recovery - - - (3,210) Grant income for pandemic relief - - - 40 Property costs not related to operations (96) 757 2,233 1,501 Change in acquisition related obligation - - - 483 Liability related to notifications triggered by labor scheme (1) - 6,000 (187) 6,000 Fees related to non-binding offer 1,956 - 1,956 - Equity-based compensation expenses 3,441 5,661 18,690 22,071 Amortization of purchased intangibles 7,986 8,676 33,039 35,759 Non-GAAP Income from Operations $ 34,935 $ 41,813 $ 136,456 $ 200,439 Non-GAAP Income from Operations Margin 6.2 % 6.7 % 6.2 % 8.1 % Depreciation and amortization 15,711 15,894 63,863 64,840 Changes in acquisition contingent consideration - 616 (1,496) 7,480 Change in escrow balance related to acquisition - - - 625 Loss on dissolution of subsidiary - - - 301 Gain on property sale (15,453) - (15,453) - Foreign SS Tax Recovery - - (853) - Foreign VAT receivable write-off - - 770 - Foreign exchange loss / (gain), net (1,961) 1,112 420 1,950 Other Income (expense), net 17,633 (1,894) 18,586 (4,126) Adjusted EBITDA $ 50,865 $ 57,541 $ 202,293 $ 271,509 Adjusted EBITDA Margin 9.0 % 9.2 % 9.2 % 11.0 % Reconciliation of Non-GAAP EPS: Net (Loss) Income $ 4,619 $ (8,206) $ (310,617) $ 18,264 Add: Asset impairment and restructuring charges 6,355 3,795 254,245 19,774 Add: Equity-based compensation expenses 3,441 5,661 18,690 22,071 Add: Amortization of purchased intangibles 7,986 8,676 33,039 35,759 Add: Cybersecurity incident related impact, net of insurance recovery - - - (3,210) Add: Grant income for pandemic relief - - - 40 Add: Change in acquisition related obligation - - - 483 Add: Property costs not related to operations (96) 757 2,233 1,501 Add: Fees related to non-binding offer 1,956 - 1,956 - Add: Gain on sale of property (15,453) - (15,453) - Add: Liability related to notifications triggered by labor scheme - 6,000 (187) 6,000 Add: Foreign SS Tax Recovery - - (853) - Add: Foreign VAT receivable write-off - - 770 - Add: Changes in acquisition contingent consideration - 616 (1,496) 7,480 Add: Changes in escrow balance related to acquisition - - - 625 Add: Loss on dissolution of subsidiary - - - 301 Add: Foreign exchange loss / (gain), net (1,961) 1,112 420 1,950 Less: Changes in valuation allowance, return to provision adjustments andother, and tax effects of items separately disclosed above 2,108 (885) 50,860 (7,859) Non-GAAP Net Income $ 8,955 $ 17,526 $ 33,607 $ 103,179 Diluted shares outstanding 48,150 47,425 47,614 47,419 Non-GAAP EPS $0.19 $0.37 $0.71 $2.18 Reconciliation of Free Cash Flow: Cash Flow From Operating Activities: Net (loss) / income $ 4,619 $ (8,206) $ (310,617) $ 18,264 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 23,697 24,904 97,955 101,272 Other (29,402) 14,836 153,844 25,229 Net cash provided by operating activities (1,086) 31,534 (58,818) 144,765 Less - Total Cash Capital Expenditures 8,708 13,117 45,173 67,839 Free Cash Flow $ (9,794) $ 18,417 $ (103,991) $ 76,926 (1) - For further information, please see discussion in the Risk Factors section of the 2023 Form 10-K filed on February 29, 2024. Reconciliation of Non-GAAP Income from Operations and Adjusted EBITDA by Segment : TTEC Engage TTEC Digital TTEC Engage TTEC Digital Q4 24 Q4 23 Q4 24 Q4 23 YTD 24 YTD 23 YTD 24 YTD 23 Income / (Loss) from Operations $ 8,372 $ 6,942 $ 6,921 $ 9,982 $ (197,213) $ 88,175 $ 23,692 $ 29,846 Restructuring charges, net 3,394 1,823 412 1,322 9,091 4,250 1,062 3,791 Impairment losses 2,549 700 - (50) 241,149 8,929 2,944 2,804 Cybersecurity incident related impact, net of insurance recovery - - - - - (3,210) - - Grant income for pandemic relief - - - - - 40 - - Property costs not related to operations (96) 757 - - 2,233 1,501 - - Fees related to non-binding offer 1,956 - - - 1,956 - Change in acquisition related obligation - - - - - - - 483 Liability related to notifications triggered by labor scheme - 6,000 - - (187) 6,000 - - Equity-based compensation expenses 2,006 3,658 1,435 2,003 11,754 14,257 6,936 7,814 Amortization of purchased intangibles 4,088 4,264 3,898 4,412 16,394 18,215 16,645 17,544 Non-GAAP Income from Operations $ 22,269 $ 24,144 $ 12,666 $ 17,669 $ 85,177 $ 138,157 $ 51,279 $ 62,282 Depreciation and amortization 12,780 13,458 2,931 2,436 52,629 55,153 11,234 9,688 Changes in acquisition contingent consideration - 616 - (1,496) 7,480 - - Change in escrow balance related to acquisition - - - - 625 - - Loss on dissolution of subsidiary - - - - 301 - - Foreign VAT receivable write-off - - - 770 - - Foreign SS Tax Recovery - - - (853) - - Gain on property sale (15,453) (15,453) Foreign exchange loss / (gain), net (1,724) 1,271 (237) (159) 794 2,085 (375) (135) Other Income (expense), net 17,478 (1,728) 155 (166) 18,311 (4,060) 276 (67) Adjusted EBITDA $ 35,350 $ 37,761 $ 15,515 $ 19,780 $ 139,879 $ 199,741 $ 62,414 $ 71,768 SOURCE TTEC Holdings, Inc. 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TTEC Announces Fourth Quarter and Full Year 2024 Financial Results

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