Business
TTEC Announces Second Quarter 2024 Financial Results
Second Quarter 2024 Revenue was $534.1 Million, down 11.0 PercentOperating Loss of $224.4 Million or negative 42.0 Percent of Revenue, due to $233.5
About this update from Ttec Holdings, Inc.
[{"type":"text","content":"Second Quarter 2024\nRevenue was $534.1 Million, down 11.0 PercentOperating Loss of $224.4 Million or negative 42.0 Percent of Revenue, due to $233.5 MillionNon-cash Goodwill Impairments and Related Tax Adjustments(Operating Income of $29.5 Million or 5.5 Percent of Revenue Non-GAAP)Net Loss of $296.8 Million or negative 55.6 Percent of Revenue(Net Income of $6.6 Million or 1.2 Percent of Revenue Non-GAAP)Adjusted EBITDA was $46.2 Million or 8.7 Percent of RevenueFully Diluted Net Loss Per Share of $6.23 (Net Income Per Share of $0.14 Non-GAAP)\nUpdated Outlook for Full Year 2024\nDENVER, Aug. 8, 2024 /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 second quarter ended June 30, 2024.\n\"Our results this quarter are impacted by non-cash goodwill impairment charges and related tax adjustments. We continue to operate in a dynamic macroeconomic environment where clients are facing softer demand and budget constraints putting pressure on our top line in the Engage business, while our Digital business had a solid quarter,\" commented Ken Tuchman, chairman and chief executive officer of TTEC.\nTuchman continued, \"We have continued to implement material cost optimization and transformation initiatives to improve the profitability of our Engage segment. In addition, we are making meaningful progress on our diversification strategy expanding our geographic footprint, attracting new enterprise clients, launching new solutions and deepening our partnerships. With these initiatives, we are confident in our ability to return the company to sustainable long-term growth and increased profitability.\"\nSECOND QUARTER 2024 FINANCIAL HIGHLIGHTS \nRevenue \nSecond quarter 2024 GAAP revenue decreased 11.0 percent to $534.1 million compared to $600.4 million in the prior year.Foreign exchange had a $1.8 million negative impact on revenue in the second quarter of 2024.Income (Loss) from Operations\nSecond quarter 2024 GAAP loss from operations was $224.4 million, or negative 42.0 percent of revenue, compared to income from operations of $31.3 million, or 5.2 percent of revenue in the prior year. The significant decrease in operating income was primarily the result ...