TTEC Holdings, Inc 10-Q for FY2026 Q1

TTEC Holdings, Inc. (TTEC)

10-Q 2026-05-07 For: 2026-03-31

Added on May 07, 2026

About this 10-Q

TTEC Holdings, Inc filed this 10-Q on May 7, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $496.18M; down 7.1% from $534.23M a year earlier
Net loss: $7.61M; compared with net income of $1.38M a year earlier
Diluted EPS: -$0.16; compared with $0.03 a year earlier

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Delaware		84-1291044
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)


Title of each Class	Trading Symbol(s)	Name of each exchange on which registered
Common stock of TTEC Holdings, Inc., $0.01 par value per share	TTEC	NASDAQ


Large Accelerated Filer ☐	Accelerated Filer ☑	Non-accelerated Filer ☐	Smaller Reporting Company ☑
			Emerging Growth Company ☐


		Page No.

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (unaudited)	1

	Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025 (unaudited)	2

	Consolidated Statements of Stockholders’ Equity as of and for the three months ended March 31, 2026 and 2025 (unaudited)	3

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	4

	Notes to the Consolidated Financial Statements (unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	32

Item 4.	Controls and Procedures	34

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	34

Item 1A.	Risk Factors	34

Item 5.	Other Information	35

Item 6.	Exhibits	35

SIGNATURES		36


		March 31,			December 31,
		2026			2025
ASSETS
Current assets
Cash and cash equivalents		$	88,747		$	82,901
Accounts receivable, net of allowance of $2,333 and $4,908, respectively			429,447			455,829
Prepaids and other current assets			95,068			124,006
Income and other tax receivables			8,772			10,615
Total current assets			622,034			673,351

Long-term assets
Property, plant and equipment, net			104,478			111,778
Operating lease assets			75,760			86,064
Goodwill			368,185			368,678
Deferred tax assets, net			6,530			6,581
Other intangible assets, net			125,665			133,688
Income and other tax receivables, long-term			8,536			8,595
Other long-term assets			101,427			110,347
Total long-term assets			790,581			825,731
Total assets		$	1,412,615		$	1,499,082

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	65,753		$	72,637
Accrued employee compensation and benefits			113,039			155,400
Other accrued expenses			17,395			19,674
Income tax payable			15,959			11,959
Deferred revenue			60,211			58,828
Current operating lease liabilities			32,044			34,188
Other current liabilities			4,599			3,266
Total current liabilities			309,000			355,952

Long-term liabilities
Line of credit			889,000			905,000
Deferred tax liabilities, net			1,173			1,225
Non-current operating lease liabilities			52,324			61,170
Other long-term liabilities			59,360			62,832
Total long-term liabilities			1,001,857			1,030,227
Total liabilities			1,310,857			1,386,179

Commitments and contingencies (Note 9)

Stockholders’ equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized; zero shares outstanding as of March 31, 2026 and December 31, 2025			—			—
Common stock; $0.01 par value; 150,000,000 shares authorized; 48,611,167 and 48,560,973 shares outstanding as of March 31, 2026 and December 31, 2025, respectively			487			486
Additional paid-in capital			435,047			432,268
Treasury stock at cost: 34,328,112 and 34,328,112 shares as of March 31, 2026 and December 31, 2025, respectively			(584,900)			(584,900)
Accumulated other comprehensive income (loss)			(113,657)			(106,938)
Retained earnings			346,542			354,151
Noncontrolling interest			18,239			17,836
Total stockholders’ equity			101,758			112,903
Total liabilities and stockholders’ equity		$	1,412,615		$	1,499,082


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three months ended March 31,
	2026		2025
Revenue	$	496,175	$	534,228

Operating expenses
Cost of services (exclusive of depreciation and amortization presented separately below)		387,866		414,547
Selling, general and administrative		66,539		70,037
Depreciation and amortization		21,305		22,698
Restructuring charges, net		1,450		1,996
Impairment losses		520		761
Total operating expenses		477,680		510,039

Income from operations		18,495		24,189

Other income (expense)
Interest income		451		4,580
Interest expense		(16,984)		(19,797)
Other income (expense), net		658		3,589
Total other income (expense)		(15,875)		(11,628)

Income (loss) before income taxes		2,620		12,561

Provision for income taxes		(7,797)		(9,315)

Net (loss) income		(5,177)		3,246

Net (loss) income attributable to noncontrolling interest		(2,432)		(1,862)

Net (loss) income attributable to TTEC stockholders	$	(7,609)	$	1,384

Other comprehensive income (loss)
Net (loss) income	$	(5,177)	$	3,246
Foreign currency translation adjustments		(5,255)		6,638
Derivative valuation, gross		(1,756)		2,468
Other, net of tax		63		58
Total other comprehensive (loss) income		(6,948)		9,164
Total comprehensive (loss) income		(12,125)		12,410

Less: Comprehensive income attributable to noncontrolling interest		(2,203)		(1,878)

Comprehensive (loss) income attributable to TTEC stockholders	$	(14,328)	$	10,532

Weighted average shares outstanding
Basic		48,580		47,771
Diluted		48,580		48,225

Net (loss) income per share attributable to TTEC stockholders
Basic	$	(0.16)	$	0.03
Diluted	$	(0.16)	$	0.03


		Stockholders’ Equity of the Company
													Accumulated
													Other
		Common Stock					Treasury			Additional			Comprehensive			Retained			Noncontrolling
		Shares		Amount			Stock			Paid-in Capital			Income (Loss)			Earnings			interest			Total Equity
Balance as of December 31, 2024		47,749		$	477		$	(584,900)		$	420,181		$	(132,121)		$	546,617		$	17,865		$	268,119
Net income		—			—			—			—			—			1,384			1,862			3,246
Payments distributed to noncontrolling interest		—			—			—			—			—			—			(2,211)			(2,211)
Foreign currency translation adjustments		—			—			—			—			6,622			—			16			6,638
Derivatives valuation, net of tax		—			—			—			—			2,468			—			—			2,468
Vesting of restricted stock units		55			1			—			(63)			—			—			—			(62)
Equity-based compensation expense		—			—			—			3,250			—			—			—			3,250
Other, net of tax		—			—			—			—			58			—			—			58
Balance as of March 31, 2025		47,804		$	478		$	(584,900)		$	423,368		$	(122,973)		$	548,001		$	17,532		$	281,506


	TTEC Engage		TTEC Digital		Total
Revenue	$	394,310	$	101,865	$	496,175
Cost of services (exclusive of depreciation and amortization presented separately below) ⁽¹⁾		316,204		71,662		387,866
Selling, general and administrative		44,435		22,104		66,539
Depreciation and amortization		14,980		6,325		21,305
Other segment items⁽²⁾		1,555		415		1,970
Income from operations		17,136		1,359		18,495
Interest income						451
Interest expense						(16,984)
Other income (expense), net						658
Income before income taxes						2,620


	Three Months Ended
	March 31,
	2026			2025
Capital Expenditures
TTEC Digital	$	2,358		$	2,106
TTEC Engage		4,042			3,300
Total	$	6,400		$	5,406


	March 31, 2026			December 31, 2025
Total Assets
TTEC Digital	$	551,495		$	566,057
TTEC Engage		861,120			933,025
Total	$	1,412,615		$	1,499,082


		March 31, 2026
		Designated			Not Designated
		as Hedging			as Hedging
Designation:		Instruments			Instruments
		Foreign			Foreign
Derivative contract type:		Exchange			Exchange
Derivative classification:		Cash Flow			Fair Value

Prepaids and other current assets		$	1,320		$	25
Other long-term assets			—			—
Other current liabilities			(2,734)			(137)
Other long-term liabilities			—			—
Total fair value of derivatives, net		$	(1,414)		$	(112)


		Local
		Currency		U.S. Dollar
		Notional		Notional
As of March 31, 2026 ⁽²⁾		Amount		Amount
Australian Dollar		3,200		$	2,200
Canadian Dollar		4,250			3,072
Euro		7,650			8,819
British Pound		8,150			10,828
Mexican Peso		109,000			6,029
New Zealand Dollar		1,200			690
Polish Zloty		13,000			3,521
				$	35,159


		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		$	—		$	(1,414)		$	—		$	(1,414)
Fair value hedges			—			(112)			—			(112)
Total net derivative asset (liability)		$	—		$	(1,526)		$	—		$	(1,526)


		Three Months Ended March 31,
		2026			2025
Cash flows from operating activities
Net (loss) income		$	(5,177)		$	3,246
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			21,305			22,698
Amortization of contract acquisition costs			292			494
Amortization of debt issuance costs			733			510
Provision for credit losses			184			251
(Gain) loss on disposal of assets			54			316
Impairment losses			520			761
Loss on dissolution of subsidiary			102			—
Deferred income taxes			—			1,913
Excess tax benefit from equity-based awards			205			236
Equity-based compensation expense			2,826			3,250
Loss (gain) on foreign currency derivatives			165			(68)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable			24,915			14,189
Prepaids and other current assets			29,466			(7,921)
Operating lease assets			8,342			9,715
Other noncurrent assets			5,494			(3,514)
Accrued employee compensation and benefits			(41,600)			(21,758)
Accounts payable and other current liabilities			(11,609)			3,868
Deferred revenue and customer advances			1,473			5,543
Operating lease liabilities			(7,538)			(9,297)
Other noncurrent liabilities			(2,617)			(2,840)
Net cash provided by operating activities			27,535			21,592

Cash flows from investing activities
Proceeds from sale of long-lived assets			1,460			127
Purchases of property, plant and equipment, net of acquisitions			(6,400)			(5,406)
Net cash used in investing activities			(4,940)			(5,279)

Cash flows from financing activities
Proceeds from/(repayments of) line of credit, net			(16,000)			(11,000)
Payments on other debt			(372)			(462)
Payments of debt issuance costs			(134)			—
Payments to noncontrolling interest			(1,800)			(2,211)
Tax payments related to issuance of restricted stock units			(46)			(62)



		Three Months Ended March 31,
		2026		2025
Revenue
United States / Canada		$	309,965	$	369,029
Philippines / Asia Pacific / India			101,860		91,254
Europe / Middle East / Africa			56,045		47,549
Latin America			28,305		26,396
Total		$	496,175	$	534,228


		Three Months Ended March 31,
		2026			2025
Balance, beginning of period		$	4,908		$	5,244
Provision for credit losses			184			251
Uncollectible receivables written-off			(2,759)			(725)
Balance, end of period		$	2,333		$	4,770



		For the Three Months Ended						Statement of
		March 31,						Comprehensive Income
		2026			2025			(Loss) Classification
Derivative valuation
Gain on foreign currency forward exchange contracts		$	109		$	(173)		Revenue
Tax effect			(28)			45		Provision for income taxes
		$	81		$	(128)		Net income (loss)

Other
Actuarial loss on defined benefit plan		$	(63)		$	(58)		Cost of services
Gain on liquidation			—			—		Other income (expense), net
Tax effect			6			6		Provision for income taxes
		$	(57)		$	(52)		Net income (loss)


					Maturing in the
		March 31, 2026			Next 12 Months
Philippine Peso			(2,654)			(2,654)
Mexican Peso			1,104			1,104
Colombian Peso			136			136
		$	(1,414)		$	(1,414)


Exhibit			Incorporated Herein by Reference
No.		Exhibit Description	Form	Exhibit	Filing Date

31.1*		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)

32.1*		Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

32.2*		Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

101.INS		XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH		Inline XBRL Taxonomy Extension Schema

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase

104		The cover page from TTEC Holdings, Inc’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL (included in Exhibit 101)


	*	Filed or furnished herewith.


		TTEC HOLDINGS, INC.
		(Registrant)

Date: May 7, 2026	By:	/s/ Kenneth D. Tuchman
		Kenneth D. Tuchman
		Chairman and Chief Executive Officer

Date: May 7, 2026	By:	/s/ Kenneth R. Wagers, III
		Kenneth R. Wagers, III
		Chief Financial Officer


1.	I have reviewed this quarterly report on Form 10-Q of TTEC Holdings, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.