TTEC Holdings (NASDAQ: TTEC) reported Q1 EPS of $0.64, $0.16 better than the analyst estimate of $0.48. Revenue for the quarter came in at $432.2 million versus the consensus estimate of $414.69 million.

FIRST QUARTER 2020 FINANCIAL HIGHLIGHTS

Revenue

• First quarter 2020 GAAP revenue increased 9.6 percent to $432.2 million compared to $394.4 million in the prior year period.
• Foreign exchange had a $1.4 million negative impact on revenue in the first quarter 2020.

Income from Operations

• First quarter 2020 GAAP income from operations was $40.7 million, or 9.4 percent of revenue, compared to $32.1 million, or 8.1 percent of revenue in the prior year period.
• First quarter 2020 Non-GAAP income from operations, excluding $1.2 million in restructuring charges, was $41.9 million or 9.7 percent of revenue versus 8.8 percent for the prior year period.
• Foreign exchange had a $0.2 million negative impact on income from operations in the first quarter 2020.

Adjusted EBITDA

• First quarter 2020 Non-GAAP Adjusted EBITDA was $63.6 million, or 14.7 percent of revenue, compared to $55.0 million, or 13.9 percent of revenue in the prior year period.

Earnings Per Share

• First quarter 2020 GAAP fully diluted earnings per share was $0.46 compared to $0.41 for the same period last year.
• First quarter 2020 Non-GAAP fully diluted earnings per share was $0.64 compared to $0.51 in the prior year period.

Bookings

• During the first quarter 2020, TTEC signed an estimated $87 million in annualized contract value. Bookings mix was diversified across segments, verticals, and geographies.

"We outperformed in the first quarter on both the top and bottom line. We continue to execute on our strategic priorities which include converting market demand for the adoption of cloud, omni-channel, intelligent automation and digitization technologies," commented Ken Tuchman, chairman and chief executive officer of TTEC. "As we navigate the uncertainty of COVID-19, we are intensely focused on the health and safety of our employees, ensuring business continuity for our clients, and steadfastly supporting the communities in which we operate."

Tuchman continued, "The sudden onset of the global COVID-19 pandemic has brought with it a new set of challenges and client opportunities in several verticals, and we're leveraging our CX technology platform and overall organizational agility to support this current reality. We spent over a decade building this end-to-end platform to meet the unique demands of a virtual economy. Our team has been working tirelessly to respond swiftly to support surging engagement volumes with expertise in implementing a range of market leading Digital customer experience technology and automation. We are well positioned to win a disproportionate share of new pipeline opportunities for essential service providers. Successfully pivoting to these engagements keeps us on a compelling growth trajectory for the time being and will help us to bridge back to a more normalized recovery environment."

BUSINESS OUTLOOK

"The inherent value of our diverse portfolio of marquee clients, the resiliency and agility of our business model, and strength of our balance sheet, liquidity and cash flow carry even greater importance during uncertain times," commented Regina Paolillo, chief financial and administrative officer. "We are confident that we have the necessary resources to support our existing business as well as new business opportunities associated with the pandemic."

Paolillo continued, "While it is too early to fully understand the net impact of COVID-19 on our financial performance, we continue to see net top and bottom line growth in 2020. We estimate the combination of a healthy revenue backlog, COVID-19 related surge work, and the increased volumes from recent acquisitions to more than offset the economic headwinds of this crisis."

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