TeleTech Announces Fourth Quarter And Full Year 2016 Financial Results
"2016 was an eventful year for us. Faced with sales execution challenges in the first half of 2016, we quickly implemented a set of strategic initiatives to optimize our sales performance and accelerate our profitability and cash flow," commented
Tuchman continued, "Customer engagement is at the forefront of every business strategy. The market demand for customer experience know-how is unquestionable. Our solutions uniquely combine strategy, analytics, technology and operations to provide our clients with everything they need to achieve customer success with every touchpoint. We are also pleased with the Board of Director's recent decision to declare another increase in the semi-annual dividend to
FULL YEAR 2016 FINANCIAL HIGHLIGHTS
Revenue
-
Full year 2016 GAAP revenue was
$1.275 billion compared to$1.287 billion in 2015. -
On a non-GAAP constant currency basis, 2016 revenue grew 0.7 percent over the prior year to
$1.295 billion . Organic revenue growth was a negative 0.1 percent.
Income from Operations
-
Full year 2016 GAAP income from operations was
$52.8 million or 4.1 percent of revenue compared to$90.2 million or 7.0 percent of revenue in 2015. -
2016 income from operations on a non-GAAP constant currency basis, adjusted for
$36.4 million in restructuring charges and asset impairments, was$83.3 million , representing 6.4 percent of adjusted revenue versus 7.8 percent the prior year.
Earnings Per Share
-
Full year 2016 GAAP fully diluted earnings per share attributable to
TeleTech shareholders was$0.71 compared to$1.26 in 2015. -
Non-GAAP fully diluted earnings per share was
$1.32 compared to$1.48 in the prior year.
Bookings
During the full year 2016,
FOURTH QUARTER 2016 FINANCIAL HIGHLIGHTS
Revenue
-
Fourth quarter 2016 GAAP revenue increased 0.9 percent to
$344.9 million compared to$341 .8 million in the prior year period. -
Non-GAAP constant currency revenue increased 1.3 percent to
$346.4 million over the prior year period. Organic revenue growth was a negative 1.6 percent.
Income from Operations
-
Fourth quarter 2016 GAAP income from operations was
$6.2 million , or 1.8 percent of revenue, compared to$25.1 million , or 7.3 percent of revenue in the fourth quarter 2015. -
Non-GAAP constant currency income from operations was
$29.7 million or 8.6 percent of adjusted revenue versus 8.9 percent the prior year.
Restructuring and Impairment
-
Fourth quarter 2016 GAAP results include
$0.5 million of restructuring charges and$26.4 million of impairment charges.
Earnings Per Share
-
Fourth quarter 2016 GAAP fully diluted loss per share attributable to
TeleTech shareholders ofone cent compared to income of35 cents in the same period last year. -
Non-GAAP fully diluted earnings per share was
42 cents down from47 cents in the prior year.
Bookings
-
During the fourth quarter 2016,
TeleTech signed an estimated $122 million in annualized contract value revenue from new and expanded client relationships. The fourth quarter bookings mix was diversified across all verticals with 90 percent from existing clients, 46 percent from emerging businesses, and 28 percent from outside ofthe United States .
STRONG BALANCE SHEET CONTINUES TO FUND OPERATIONS, SHARE REPURCHASES, DIVIDENDS, AND INVESTMENTS
-
As of
December 31, 2016 ,TeleTech had cash and cash equivalents of$55.3 million and$229 .6 million of total debt, resulting in a net debt position of$174.3 million . -
As of
December 31, 2016 ,TeleTech had approximately$370 million of additional borrowing capacity available under its revolving credit facility. -
Cash flow from operations in the fourth quarter 2016 was
$0.7 million compared to$17 .6 million in the fourth quarter 2015. -
Capital expenditures in the fourth quarter 2016 were
$12.0 million compared to$17.4 million in the fourth quarter 2015. -
The Company paid a
$0.20 per share semi-annual dividend, an increase of eight percent, toTeleTech shareholders in the fourth quarter, or$9.3 million . The dividend was paid on October 14, 2016 to shareholders of record onOctober 3, 2016 . -
During the fourth quarter 2016,
TeleTech repurchased approximately 607 thousand shares of common stock for a total cost of$17.4 million . For full year 2016,TeleTech repurchased nearly 2.7 million shares of common stock for a total cost of$74.7 million . As ofDecember 31, 2016 ,$19 .9 million was authorized for future share repurchases. As ofMarch 7, 2017 ,TeleTech had approximately$37.6 million authorized for future share repurchases, which reflects an additional$25 million authorized by the Board of Directors onFebruary 23, 2017 .
SEGMENT REPORTING & COMMENTARY
Customer Management Services (CMS) – Customer Experience Delivery Solutions
-
CMS fourth quarter 2016 revenue increased 9.1 percent to
$259.9 million compared to$238.3 million in the year ago quarter. Organic revenue grew 4.9 percent year-over-year. Income from operations was$14.4 million or 5.5 percent of revenue compared to$14.1 million or 5.9 percent of revenue in the prior year. Organic operating margin was 5.9 percent. -
Non-GAAP constant currency revenue grew 9.5 percent over the year ago period and income from operations was
$23.6 million or 9.1 percent of adjusted revenue. This compares to$16.4 million or 6.9 percent of revenue in the prior year. Non-GAAP organic constant currency revenue grew 5.3 percent and non-GAAP organic constant currency operating margin was 9.6 percent.
Customer Growth Services (CGS) – Digitally-Enabled Revenue Growth Solutions
-
CGS fourth quarter 2016 revenue declined 8.7 percent to
$35.3 million compared to$38.6 million in the year ago quarter. Income from operations was$2.8 million or 8.0 percent of revenue, compared to$1.2 million , or 3.1 percent of revenue in the prior year. -
Non-GAAP constant currency revenue declined 8.7 percent over the year ago period and income from operations was
$2 .8 million or 8.0 percent of adjusted revenue. This compares to$4.1 million or 10.6 percent of revenue in the prior year.
Customer Technology Services (CTS) – Hosted and Managed Technology Solutions
-
CTS fourth quarter 2016 revenue declined 23.1 percent to
$32.1 million compared to$41.7 million in the year ago quarter. Loss from operations was$9.0 million or negative 28.1 percent of revenue compared to income from operations of$4.3 million or 10.3 percent of revenue in the prior year. -
Non-GAAP constant currency revenue declined 23.0 percent over the year ago period and income from operations was
$2.3 million or 7.2 percent of adjusted revenue. This compares to$4.3 million or 10.3 percent of revenue in the prior year.
Customer Strategy Services (CSS) – Customer Experience Strategy and Data Analytics Solutions
-
CSS fourth quarter 2016 revenue declined 24.0 percent to
$17.7 million from$23.2 million in the year ago quarter. Loss from operations was$1.9 million or negative 11.0 percent of revenue compared to income from operations of$5.5 million or 23.8 percent of revenue in the prior year. -
Non-GAAP constant currency revenue declined 22.1 percent over the year ago period and income from operations was
$0.9 million or 5.1 percent of adjusted revenue. This compares to$5.5 million or 23.8 percent of revenue in the prior year.
BUSINESS OUTLOOK
"Our challenges in 2016 were not related to the relevancy of our strategy or market demand, nor our solution portfolio or operational delivery. They were related to our sales execution," mentioned
On a GAAP basis, we anticipate
-
Revenue – GAAP revenue estimated to increase six to seven percent between
$1.315 and $1 .325 billion, reflecting an approximate 150 basis point adverse impact from foreign exchange rate movements. - Operating Income Margin – GAAP operating income margin estimated to a range between 8.1 and 8.3 percent, reflecting no adverse impact from foreign exchange movements.
- Capital Expenditures – We are maintaining our capital expenditure guidance at 4.2 percent of revenue, of which approximately 65 percent is growth oriented.
SEC FILINGS
The Company plans to file its Annual Report on Form 10-K for the period ending
The Company's filings with the
CONFERENCE CALL
A conference call and webcast with management will be held on
NON-GAAP FINANCIAL MEASURES
To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP) in
ABOUT
FORWARD-LOOKING STATEMENTS
Statements in this press release contain "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, relating to our operations, expected financial position, results of operation, continuation of client relationships, and other business matters that are based on our current expectations, assumptions, and projections with respect to the future, and are not a guarantee of performance. 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.
We caution you not to rely unduly on any forward-looking statements. Actual results may differ materially from what is 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 but are not limited to factors discussed in the sections entitled "Risk Factors" included in
Investor Contact |
Media Contact |
Paul Miller |
Olivia Griner |
303.397.8641 |
303.397.8999 |
TeleTech HOLDINGS, INC. AND SUBSIDIARIES |
|||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||
(In thousands, except per share data) |
|||||||||
Three months ended |
Twelve months ended |
||||||||
December 31, |
December 31, |
||||||||
2016 |
2015 |
2016 |
2015 |
||||||
Revenue |
$344,947 |
$341,816 |
$1,275,258 |
$1,286,755 |
|||||
Operating Expenses: |
|||||||||
Cost of services |
249,943 |
245,668 |
941,592 |
928,247 |
|||||
Selling, general and administrative |
44,895 |
48,575 |
175,797 |
194,606 |
|||||
Depreciation and amortization |
16,914 |
17,279 |
68,675 |
63,808 |
|||||
Restructuring charges, net |
502 |
185 |
4,392 |
1,814 |
|||||
Impairment losses |
26,448 |
5,034 |
32,050 |
8,100 |
|||||
Total operating expenses |
338,702 |
316,741 |
1,222,506 |
1,196,575 |
|||||
Income From Operations |
6,245 |
25,075 |
52,752 |
90,180 |
|||||
Other income (expense) |
290 |
(590) |
(2,454) |
(4,291) |
|||||
Income Before Income Taxes |
6,535 |
24,485 |
50,298 |
85,889 |
|||||
Provision for income taxes |
(6,196) |
(6,566) |
(12,863) |
(20,004) |
|||||
Net Income |
339 |
17,919 |
37,435 |
65,885 |
|||||
Net income attributable to noncontrolling interest |
(953) |
(916) |
(3,757) |
(4,219) |
|||||
Net (Loss) Income Attributable to TeleTech Stockholders |
$ (614) |
$ 17,003 |
$ 33,678 |
$ 61,666 |
|||||
Net (Loss) Income Per Share Attributable to TeleTech Stockholders |
|||||||||
Basic |
$ (0.01) |
$ 0.35 |
$ 0.71 |
$ 1.27 |
|||||
Diluted |
$ (0.01) |
$ 0.35 |
$ 0.71 |
$ 1.26 |
|||||
Income From Operations Margin |
1.8% |
7.3% |
4.1% |
7.0% |
|||||
Net (Loss) Income Attributable to TeleTech Stockholders Margin |
(0.2)% |
5.0% |
2.6% |
4.8% |
|||||
Effective Tax Rate |
94.8% |
26.8% |
25.6% |
23.3% |
|||||
Weighted Average Shares Outstanding |
|||||||||
Basic |
46,386 |
48,439 |
47,423 |
48,370 |
|||||
Diluted |
46,677 |
48,853 |
47,736 |
49,011 |
TeleTech HOLDINGS, INC. AND SUBSIDIARIES |
||||||||
SEGMENT INFORMATION |
||||||||
(In thousands) |
||||||||
Three months ended |
Twelve months ended |
|||||||
December 31, |
December 31, |
|||||||
2016 |
2015 |
2016 |
2015 |
|||||
Revenue: |
||||||||
Customer Management Services |
$259,933 |
$238,257 |
$ 924,325 |
$ 913,272 |
||||
Customer Growth Services |
35,292 |
38,642 |
141,005 |
129,021 |
||||
Customer Technology Services |
32,056 |
41,671 |
141,254 |
157,606 |
||||
Customer Strategy Services |
17,666 |
23,246 |
68,674 |
86,856 |
||||
Total |
$344,947 |
$341,816 |
$1,275,258 |
$1,286,755 |
||||
Income (Loss) From Operations: |
||||||||
Customer Management Services |
$ 14,352 |
$ 14,062 |
$ 50,541 |
$ 58,018 |
||||
Customer Growth Services |
2,831 |
1,186 |
6,969 |
3,077 |
||||
Customer Technology Services |
(8,999) |
4,306 |
933 |
13,339 |
||||
Customer Strategy Services |
(1,939) |
5,521 |
(5,691) |
15,746 |
||||
Total |
$ 6,245 |
$ 25,075 |
$ 52,752 |
$ 90,180 |
TeleTech HOLDINGS, INC. AND SUBSIDIARIES |
||||
CONSOLIDATED BALANCE SHEETS |
||||
(In thousands) |
||||
December 31, |
December 31, |
|||
2016 |
2015 |
|||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 55,264 |
$ 60,304 |
||
Accounts receivable, net |
300,808 |
283,474 |
||
Other current assets |
66,940 |
71,294 |
||
Assets held for sale |
10,715 |
- |
||
Total current assets |
433,727 |
415,072 |
||
Property and equipment, net |
151,037 |
168,289 |
||
Other assets |
261,540 |
259,966 |
||
Total assets |
$ 846,304 |
$ 843,327 |
||
LIABILITIES AND EQUITY |
||||
Total current liabilities |
$ 178,672 |
$ 206,906 |
||
Liabilities held for sale |
1,357 |
- |
||
Other long-term liabilities |
304,380 |
191,473 |
||
Mandatorily redeemable noncontrolling interest |
- |
4,131 |
||
Total equity |
361,895 |
440,817 |
||
Total liabilities and equity |
$ 846,304 |
$ 843,327 |
TeleTech 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, |
|||||||
2016 |
2015 |
2016 |
2015 |
|||||
Reconciliation of Revenue: |
||||||||
Revenue |
$344,947 |
$341,816 |
$1,275,258 |
$1,286,755 |
||||
Changes due to foreign currency fluctuations 1 |
1,452 |
20,210 |
||||||
Non-GAAP Revenue |
$346,399 |
$341,816 |
$1,295,468 |
$1,286,755 |
||||
Reconciliation of EBIT & EBITDA: |
||||||||
Net Income Attributable to TeleTech stockholders |
$ (614) |
$ 17,003 |
$ 33,678 |
$ 61,666 |
||||
Interest income |
(408) |
(213) |
(1,234) |
(1,090) |
||||
Interest expense |
2,185 |
1,827 |
7,943 |
7,538 |
||||
Provision for income taxes |
6,196 |
6,566 |
12,863 |
20,004 |
||||
EBIT |
$ 7,359 |
$ 25,183 |
$ 53,250 |
$ 88,118 |
||||
Depreciation and amortization |
16,914 |
17,279 |
68,675 |
63,808 |
||||
EBITDA |
$ 24,273 |
$ 42,462 |
$ 121,925 |
$ 151,926 |
||||
Reconciliation of Free Cash Flow: |
||||||||
Cash Flow From Operating Activities: |
||||||||
Net income |
$ 339 |
$ 17,919 |
$ 37,435 |
$ 65,885 |
||||
Adjustments to reconcile net income to net cash |
||||||||
provided by operating activities: |
||||||||
Depreciation and amortization |
16,914 |
17,279 |
68,675 |
63,808 |
||||
Other |
(16,504) |
(17,612) |
1,785 |
4,057 |
||||
Net cash provided by operating activities |
749 |
17,586 |
107,895 |
133,750 |
||||
Less - Total Capital Expenditures |
11,969 |
17,411 |
50,832 |
66,595 |
||||
Free Cash Flow |
$ (11,220) |
$ 175 |
$ 57,063 |
$ 67,155 |
||||
Reconciliation of Non-GAAP Income from Operations: |
||||||||
Income from Operations |
$ 6,245 |
$ 25,075 |
$ 52,752 |
$ 90,180 |
||||
Restructuring charges, net |
502 |
185 |
4,392 |
1,814 |
||||
Impairment losses |
26,448 |
5,034 |
32,050 |
8,100 |
||||
Non-GAAP Income from Operations |
$ 33,195 |
$ 30,294 |
$ 89,194 |
$ 100,094 |
||||
Non-GAAP Income from Operations Margin |
9.6% |
8.9% |
7.0% |
7.8% |
||||
Reconciliation of Non-GAAP EPS: |
||||||||
Net Income Attributable to TeleTech stockholders |
$ (614) |
$ 17,003 |
$ 33,678 |
$ 61,666 |
||||
Add: Asset impairment and restructuring charges, net of related taxes |
18,479 |
3,828 |
26,190 |
6,629 |
||||
Add: Changes in acquisition contingent consideration, net of related taxes |
(118) |
208 |
(4,553) |
313 |
||||
Add: Estimated loss on assets held for sale, net of related taxes |
- |
- |
4,208 |
- |
||||
Add: Changes in valuation allowance and returns to provision adjustments |
1,720 |
2,110 |
3,623 |
3,868 |
||||
Non-GAAP Net Income Attributable to TeleTech stockholders |
$ 19,467 |
$ 23,149 |
$ 63,146 |
$ 72,476 |
||||
Diluted shares outstanding |
46,677 |
48,853 |
47,736 |
49,011 |
||||
Non-GAAP EPS Attributable to TeleTech stockholders |
$0.42 |
$0.47 |
$1.32 |
$1.48 |
||||
Reconciliation of Non-GAAP EBITDA: |
||||||||
Net Income Attributable to TeleTech stockholders |
$ (614) |
$ 17,003 |
$ 33,678 |
$ 61,666 |
||||
Interest income |
(408) |
(213) |
(1,234) |
(1,090) |
||||
Interest expense |
2,185 |
1,827 |
7,943 |
7,538 |
||||
Provision for income taxes |
6,196 |
6,566 |
12,863 |
20,004 |
||||
Depreciation and amortization |
16,914 |
17,279 |
68,675 |
63,808 |
||||
Asset impairment and restructuring charges |
26,950 |
5,219 |
36,442 |
9,914 |
||||
Changes in acquisition contingent consideration |
(199) |
(278) |
(4,766) |
26 |
||||
Estimated loss of assets held for sale |
- |
- |
5,300 |
- |
||||
Equity-based compensation expenses |
2,495 |
2,735 |
9,773 |
11,304 |
||||
Non-GAAP EBITDA |
$ 53,519 |
$ 50,138 |
$ 168,674 |
$ 173,170 |
||||
1 Foreign currency fluctuations are calculated on a constant currency basis by translating the current year reported amounts using the prior year foreign exchange rates for each underlying currency. |
TeleTech HOLDINGS, INC. |
||||||
Foreign Exchange Impact - Non-GAAP Reconciliation & Year-over-Year (YoY) Growth Rate Comparison |
||||||
U.S. Dollars in Thousands |
||||||
FOURTH QUARTER |
||||||
(three months end, Dec 31, 2016) |
||||||
Revenue |
||||||
GAAP Revenue |
Non-GAAP |
Non-GAAP |
Foreign Exchange |
Non-GAAP Constant |
||
CMS |
$ 259,933 |
$ - |
$ 259,933 |
$ 991 |
$ 260,924 |
|
YoY Growth Rate: |
9.1% |
9.1% |
9.5% |
|||
CGS |
$ 35,292 |
$ - |
$ 35,292 |
$ 3 |
$ 35,295 |
|
YoY Growth Rate: |
-8.7% |
-8.7% |
-8.7% |
|||
CTS |
$ 32,056 |
$ - |
$ 32,056 |
$ 16 |
$ 32,072 |
|
YoY Growth Rate: |
-23.1% |
-23.1% |
-23.0% |
|||
CSS |
$ 17,666 |
$ - |
$ 17,666 |
$ 442 |
$ 18,108 |
|
YoY Growth Rate: |
-24.0% |
-24.0% |
-22.1% |
|||
Emerging Businesses |
$ 85,014 |
$ - |
$ 85,014 |
$ 461 |
$ 85,475 |
|
YoY Growth Rate: |
-17.9% |
-17.9% |
-17.5% |
|||
Company (Consolidated) |
$ 344,947 |
$ - |
$ 344,947 |
$ 1,452 |
$ 346,399 |
|
YoY Growth Rate: |
0.9% |
0.9% |
1.3% |
|||
Operating Income |
||||||
GAAP Operating |
Non-GAAP |
Non-GAAP |
Foreign Exchange |
Non-GAAP Constant |
||
CMS |
$ 14,352 |
$ 12,598 |
$ 26,950 |
$ (3,327) |
$ 23,623 |
|
Operating Margin: |
5.5% |
10.4% |
9.1% |
|||
CGS |
$ 2,831 |
$ 39 |
$ 2,870 |
$ (39) |
$ 2,831 |
|
Operating Margin: |
8.0% |
8.1% |
8.0% |
|||
CTS |
$ (8,999) |
$ 11,338 |
$ 2,339 |
$ (28) |
$ 2,311 |
|
Operating Margin: |
-28.1% |
7.3% |
7.2% |
|||
CSS |
$ (1,939) |
$ 2,975 |
$ 1,036 |
$ (110) |
$ 926 |
|
Operating Margin: |
-11.0% |
5.9% |
5.1% |
|||
Emerging Businesses |
$ (8,107) |
$ 14,352 |
$ 6,245 |
$ (177) |
$ 6,068 |
|
Operating Margin: |
-9.5% |
7.3% |
7.1% |
|||
Company |
$ 6,245 |
$ 26,950 |
$ 33,195 |
$ (3,504) |
$ 29,691 |
|
Operating Margin: |
1.8% |
9.6% |
8.6% |
Segments Defined: |
CMS (Customer Management Services), |
||||||
CGS (Customer Growth Services), |
|||||||
CTS (Customer Technology Services), |
|||||||
CSS (Customer Strategy Services) |
|||||||
Emerging Business: CGS, CTS, and CSS |
|||||||
Currency-Neutral Methodology: |
Constant currency adjustments translate the current period reported amounts using the prior year FX rates, which in turn shows the underlying financial performance of the company as if foreign exchange rates did not change.This methodology also provides greater transparency to the information actually used by management in its financial and operational decision making. |
||||||
Non-GAAP Operating Income: |
Adjusted for restructuring and impairment costs |
TeleTech HOLDINGS, INC. |
||||||
Foreign Exchange Impact - Non-GAAP Reconciliation & Year-over-Year (YoY) Growth Rate Comparison |
||||||
U.S. Dollars in Thousands |
||||||
YTD FY16 |
||||||
(twelve months end, Dec 31, 2016) |
||||||
Revenue |
||||||
GAAP Revenue |
Non-GAAP Adjustments |
Non-GAAP Revenue |
Foreign Exchange |
Non-GAAP Constant |
||
CMS |
$ 924,325 |
$ - |
$ 924,325 |
$ 17,674 |
$ 941,999 |
|
YoY Growth Rate: |
1.2% |
1.2% |
3.1% |
|||
CGS |
$ 141,005 |
$ - |
$ 141,005 |
$ 1,306 |
$ 142,311 |
|
YoY Growth Rate: |
9.3% |
9.3% |
10.3% |
|||
CTS |
$ 141,254 |
$ - |
$ 141,254 |
$ 41 |
$ 141,295 |
|
YoY Growth Rate: |
-10.4% |
-10.4% |
-10.4% |
|||
CSS |
$ 68,674 |
$ - |
$ 68,674 |
$ 1,189 |
$ 69,863 |
|
YoY Growth Rate: |
-20.9% |
-20.9% |
-19.6% |
|||
Emerging Businesses |
$ 350,933 |
$ - |
$ 350,933 |
$ 2,536 |
$ 353,469 |
|
YoY Growth Rate: |
-6.0% |
-6.0% |
-5.4% |
|||
Company (Consolidated) |
$ 1,275,258 |
$ - |
$ 1,275,258 |
$ 20,210 |
$ 1,295,468 |
|
YoY Growth Rate: |
-0.9% |
-0.9% |
0.7% |
|||
Operating Income |
||||||
GAAP Operating |
Non-GAAP |
Non-GAAP Operating |
Foreign Exchange |
Non-GAAP Constant |
||
CMS |
$ 50,541 |
$ 16,273 |
$ 66,814 |
$ (5,770) |
$ 61,044 |
|
Operating Margin: |
5.5% |
7.2% |
6.5% |
|||
CGS |
$ 6,969 |
$ 147 |
$ 7,116 |
$ 282 |
$ 7,398 |
|
Operating Margin: |
4.9% |
5.0% |
5.2% |
|||
CTS |
$ 933 |
$ 12,425 |
$ 13,358 |
$ (170) |
$ 13,188 |
|
Operating Margin: |
0.7% |
9.5% |
9.3% |
|||
CSS |
$ (5,691) |
$ 7,597 |
$ 1,906 |
$ (194) |
$ 1,712 |
|
Operating Margin: |
-8.3% |
2.8% |
2.4% |
|||
Emerging Businesses |
$ 2,211 |
$ 20,169 |
$ 22,380 |
$ (82) |
$ 22,298 |
|
Operating Margin: |
0.6% |
6.4% |
6.3% |
|||
Company |
$ 52,752 |
$ 36,442 |
$ 89,194 |
$ (5,852) |
$ 83,342 |
|
Operating Margin: |
4.1% |
7.0% |
6.4% |
Segments Defined: |
CMS (Customer Management Services), |
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CGS (Customer Growth Services), |
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CTS (Customer Technology Services), |
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CSS (Customer Strategy Services) |
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Emerging Business: CGS, CTS, and CSS |
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Currency-Neutral Methodology: |
Constant currency adjustments translate the current period reported amounts using the prior year FX rates, which in turn shows the underlying financial performance of the company as if foreign exchange rates did not change.This methodology also provides greater transparency to the information actually used by management in its financial and operational decision making. |
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Non-GAAP Operating Income: |
Adjusted for restructuring and impairment costs |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/TeleTech-announces-fourth-quarter-and-full-year-2016-financial-results-300420717.html
SOURCE