On this page of StockholderLetter.com we present the latest annual shareholder letter from TTEC Holdings, Inc. — ticker symbol TTEC. Reading current and past TTEC letters to shareholders can bring important insights into the investment thesis.

2024 Financial Highlights ($ in millions, except per share data) Revenue Operating Income / (Loss) $2,463 $2,444 Net Income / (Loss) per Diluted Share $168.5 $2.18 $2,208 $118.0 $0.18 ($6.74) ($173.5) 2022 2023 2024 2022 2023 2024 2022 2022 2023 2023 2024 2024 Revenue 2,443.7 2,462.8 2,207.6 Operating Income 168.5 118.0 (173.5) 6.9% Operating Margin 4.8% (7.9%) Adjusted EBITDA 320.1 271.5 202.3 Net Income 117.3 18.3 (310.6) Net Income attributable to TTEC stockholders 103.2 8.4 (321.0) 47.3 Average diluted shares outstanding 47.4 47.6 Net Income attributable to TTEC stockholders per diluted share 2.18 0.18 (6.74) Cash and cash equivalents 153.4 172.7 85.0 Debt 963.6 999.3 978.0 Capital expenditures 84.0 67.8 45.2 2024 Revenue by Geography 5% 4% 21% 2024 Revenue by Segment 16% 68% North America 15% Philippines 8% EMEA 5% Latin America 70% 4% Asia Pacific 79% TTEC Engage 21% TTEC Digital 84%
To our shareholders, 2024 was a transitional year for TTEC. Across the company, we continued to advance on our key priorities while always staying focused on exceptional delivery for our clients and their customers. In 2024, we advanced our diversification strategy with a broadened geographic delivery footprint and client portfolio, we expanded our digital CX value proposition with differentiated, technology-enabled solutions, and we remained committed to returning to our historical growth and run rate margins in the near term. With a disciplined focus on these priorities, we made progress on many fronts. In 2024: We continued our success winning new clients. These deals are diversified across our solutions and core industries of financial services and healthcare as well as emerging verticals including retail, travel, and streaming services. We established and strengthened additional relationships with over a dozen CX technology partners through collaborative product development, joint engineering efforts, and shared go-to-market strategies. At this pivotal time in the market, we are helping clients create experiences that feel seamless and intuitive, even if they are being delivered by a combination of human interaction and modern technology. We advanced AI adoption internally for our own associates and with our embedded base clients in both business segments. In addition, we have accelerated the infusion of AI capabilities into every new sales opportunity. For the second consecutive year, we were recognized as a Great Place to Work in 15 geographies where we operate. CX and AI continue to converge The AI revolution is creating exciting opportunities for us. Innovative technologies are flooding the market with entirely new ways to advance the customer journey and the associate experience. In this environment, the needs of clients Chief Operating Officers and Chief Information Officers are converging. They are working together to find approaches that go far beyond labor augmentation and point solutions. They are looking for the integration of CX technology and services that seamlessly work together, end-to-end, to increase operating efficiencies, improve customer experiences, and strengthen the top and bottom line. This capability is right in our sweet spot and remains a differentiator for TTEC. With our heritage of digital innovation woven into everything we do, we are uniquely prepared to take advantage of this moment. It took us many years to build the capabilities and perfect the solutions that are resonating with clients today. We believe these capabilities and solutions are highly differentiated relative to what our competitors claim to have. We have done the hard work to complete thousands of technology implementations for leading brands across the globe, develop collaborative partnerships with all the dominant CX technology leaders, and build a deep and enviable bench of full stack CX technologists, data scientists, and customer journey strategists.
As the Digital Customer Experience Transformation Company, clients are looking to us as they navigate the complex CX ecosystem. Across our two business segments, TTEC Engage and TTEC Digital, we offer the breadth and depth of CX expertise unmatched in the industry. At this pivotal time in the market, we are helping clients create experiences that feel seamless and intuitive, even if they are being delivered by a combination of human interaction and modern technology. Fortifying TTEC Engage Over the past six months we have strengthened our TTEC Engage management team with several strategic hires to capitalize on the numerous opportunities in the market. We ve brought in experienced, client-focused professionals worldwide, including our new president, three vertical industry executives, and operational leaders in the Americas and EMEA. Each of these leaders blends strategic thinking with a focus on performance, and they are accelerating our momentum while also delivering measurable client value. In TTEC Engage, our sales momentum is beginning to improve. In 2024, with 15 new enterprise clients wins, our go-tomarket engine exceeded its new client acquisition goal. Though many of these new relationships start with a single line of business, they offer significant potential for future expansion with new solutions and additional business units. Increasingly these deals are being delivered offshore as evidenced by growth in our new geographies year over year. Welcome to Generation AI To help the market understand practical applications for AI in the contact center, we created a dedicated microsite called Generation AI. With instructional videos and demos, this digital hub helps clients and prospects match solutions to the needs of associates, team leads, CXOs, trainers, and more. ttec.com/generation-ai Over 40 years ago, we set out to be the undisputed leader in the future of CX where human expertise integrates seamlessly with advanced technologies. We are confident that our current priorities will drive our vision forward and position the company for success in 2025 and beyond. We continue to leverage technology at scale in TTEC Engage to amplify the skills and talent of our frontline teams. Internally, we are using AI-enabled solutions and data-driven insight across the entire associate lifecycle to recruit, train, engage, and empower our people. In addition, we are implementing solutions that directly improve the customer journey including self-service knowledge management, accent neutralization capabilities, and our proprietary voice translation applications. While it is still early days, we are encouraged by the potential of these technologies to increase quality, efficiencies, and customer satisfaction. Several wins this year underline the value of our digital-first expertise. For example, a recent success with a popular travel platform stemmed from their dissatisfaction with their CX partner s lack of innovation. They chose us for our proven ability to enhance quality and operational efficiency through human-enabled, AI-powered solutions. This new program will utilize the full extent of our operating model, including learning, knowledge optimization, voice translation, and conversational analytics.
d Continued advances with TTEC Digital This year, we closed 55 new clients, including many larger, enterprise-sized companies that provide significant runway for future expansion. As clients technology needs shift from cloud migration services to more complex enterprise-wide digital transformation, we are dramatically expanding our total addressable market. These multifaceted engagements typically start with shorter cycle professional services and grow into longer-term recurring managed services engagements. TTEC around the world Our growing footprint is made up of talent in North America, Latin America, EMEA, and APAC. Check out this video for how they deliver exceptional CX across the globe and some pretty nifty dance moves. ttec.com/about-us/global-locations For example, we started our relationship with a regional healthcare provider by implementing their new CRM system. During the project, we recognized the need for a customized modern CCaaS platform. By utilizing our proprietary software, we connected the two systems and now provide ongoing, holistic support through our Surround CX managed services methodology. We ve streamlined various systems to enhance connectivity for our client s patients and caregivers. Throughout this process, we ve established a long-term, trusted partnership that will continue to grow. In another healthcare example, we are partnering with a Fortune 10 global healthcare solutions company to modernize their infrastructure for enhanced voice and digital interactions. Our collaboration began nearly a decade ago with a Cisco deployment. Following a major acquisition in 2024, they recognized the need to centralize and modernize their critical CX interactions. Together, we developed a robust technology roadmap that will transition them from a rigid legacy IVR system to an intuitive conversational AI platform, simplifying interactions, streamlining routing, reducing costs, while improving health outcomes across their network. Our goal remains the same Over 40 years ago, we set out to be the undisputed leader in the future of CX where human expertise integrates seamlessly with advanced technologies. As the Digital Customer Experience Transformation Company, we will continue to deliver an end-to-end portfolio of outcome-based CX technology and services. As we move into 2025, we remain focused on: Growing our business by diversifing our client base, solutions, and geographic footprint; Improving our operating leverage and profitability; and Continuing to strengthen the intensity of our performance-based culture. We are confident that our priorities will drive our vision forward and position the company for success in 2025 and beyond. On behalf of our global team, board of directors, and leadership, thank you for your continued support. Kenneth D. Tuchman Founder, Chairman and Chief Executive Officer
 • shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/27/2023 TTEC Stockholder Letter
 • stockholder letter icon 4/11/2024 TTEC Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon TTEC Benford's Law Stock Score = 91


TTEC Shareholder/Stockholder Letter Transcript:


2024 Financial Highlights
($ in millions, except per share data)
Revenue
Operating Income / (Loss)
$2,463
$2,444
Net Income / (Loss)
per Diluted Share
$168.5
$2.18
$2,208
$118.0
$0.18
($6.74)
($173.5)
2022
2023
2024
2022
2023
2024
2022
2022
2023
2023
2024
2024
Revenue

2,443.7

2,462.8

2,207.6
Operating Income

168.5

118.0

(173.5)
6.9%
Operating Margin
4.8%
(7.9%)
Adjusted EBITDA

320.1

271.5

202.3
Net Income

117.3

18.3

(310.6)
Net Income attributable to
TTEC stockholders

103.2

8.4

(321.0)
47.3
Average diluted shares outstanding
47.4
47.6
Net Income attributable to TTEC
stockholders per diluted share

2.18

0.18

(6.74)
Cash and cash equivalents

153.4

172.7

85.0
Debt

963.6

999.3

978.0
Capital expenditures

84.0

67.8

45.2
2024 Revenue by Geography
5% 4%
21%
2024 Revenue by Segment
16%
68% North America
15% Philippines
8% EMEA
5% Latin America
70%
4% Asia Pacific
79% TTEC Engage
21% TTEC Digital
84%

To our shareholders,
2024 was a transitional year for TTEC. Across the company, we continued
to advance on our key priorities while always staying focused on exceptional
delivery for our clients and their customers.
In 2024, we advanced our diversification strategy with a broadened
geographic delivery footprint and client portfolio, we expanded our digital
CX value proposition with differentiated, technology-enabled solutions, and
we remained committed to returning to our historical growth and run rate
margins in the near term.
With a disciplined focus on these priorities, we made progress on many
fronts. In 2024:
    We continued our success winning new clients. These deals are
diversified across our solutions and core industries of financial services
and healthcare as well as emerging verticals including retail, travel, and
streaming services.
    We established and strengthened additional relationships with
over a dozen CX technology partners through collaborative
product development, joint engineering efforts, and shared
go-to-market strategies.
At this pivotal time
in the market, we
are helping clients
create experiences
that feel seamless and
intuitive, even if they
are being delivered
by a combination of
human interaction and
modern technology.   
    We advanced AI adoption internally for our own associates and with our
embedded base clients in both business segments. In addition, we have
accelerated the infusion of AI capabilities into every new sales opportunity.
    For the second consecutive year, we were recognized as a Great Place to Work
in 15 geographies where we operate.
CX and AI continue to converge
The AI revolution is creating exciting opportunities for us. Innovative technologies are flooding
the market with entirely new ways to advance the customer journey and the associate
experience. In this environment, the needs of clients    Chief Operating Officers and Chief
Information Officers are converging. They are working together to find approaches that go
far beyond labor augmentation and point solutions. They are looking for the integration of CX
technology and services that seamlessly work together, end-to-end, to increase operating
efficiencies, improve customer experiences, and strengthen the top and bottom line. This
capability is right in our sweet spot and remains a differentiator for TTEC.
With our heritage of digital innovation woven into everything we do, we are uniquely prepared
to take advantage of this moment. It took us many years to build the capabilities and perfect the
solutions that are resonating with clients today. We believe these capabilities and solutions are
highly differentiated relative to what our competitors claim to have. We have done the hard work
to complete thousands of technology implementations for leading brands across the globe,
develop collaborative partnerships with all the dominant CX technology leaders, and
build a deep and enviable bench of full stack CX technologists, data scientists, and customer
journey strategists.

As the Digital Customer Experience Transformation Company,
clients are looking to us as they navigate the complex CX
ecosystem. Across our two business segments, TTEC Engage
and TTEC Digital, we offer the breadth and depth of CX expertise
unmatched in the industry. At this pivotal time in the market, we
are helping clients create experiences that feel seamless and
intuitive, even if they are being delivered by a combination of
human interaction and modern technology.
Fortifying TTEC Engage
Over the past six months we have strengthened our TTEC
Engage management team with several strategic hires to
capitalize on the numerous opportunities in the market. We   ve
brought in experienced, client-focused professionals worldwide,
including our new president, three vertical industry executives,
and operational leaders in the Americas and EMEA. Each of these
leaders blends strategic thinking with a focus on performance,
and they are accelerating our momentum while also delivering
measurable client value.
In TTEC Engage, our sales momentum is
beginning to improve. In 2024, with 15
new enterprise clients wins, our go-tomarket engine exceeded its new client
acquisition goal. Though many of these
new relationships start with a single line of
business, they offer significant potential
for future expansion with new solutions
and additional business units. Increasingly
these deals are being delivered offshore
as evidenced by growth in our new
geographies year over year.
Welcome to
Generation AI
To help the market
understand practical
applications for AI in the
contact center, we created
a dedicated microsite
called Generation AI. With
instructional videos and demos,
this digital hub helps clients and
prospects match solutions to the
needs of associates, team leads, CXOs,
trainers, and more.
ttec.com/generation-ai
Over 40 years ago, we set out to be the
undisputed leader in the future of CX where
human expertise integrates seamlessly with
advanced technologies. We are confident that
our current priorities will drive our vision forward
and position the company for success in 2025
and beyond.   
We continue to leverage technology at
scale in TTEC Engage to amplify the skills
and talent of our frontline teams. Internally,
we are using AI-enabled solutions and
data-driven insight across the entire
associate lifecycle to recruit, train, engage,
and empower our people. In addition, we are implementing solutions that directly improve the customer
journey including self-service knowledge management, accent neutralization capabilities, and our
proprietary voice translation applications. While it is still early days, we are encouraged by the potential
of these technologies to increase quality, efficiencies, and customer satisfaction.
Several wins this year underline the value of our digital-first expertise. For example, a recent success
with a popular travel platform stemmed from their dissatisfaction with their CX partner   s lack of
innovation. They chose us for our proven ability to enhance quality and operational efficiency through
human-enabled, AI-powered solutions. This new program will utilize the full extent of our operating
model, including learning, knowledge optimization, voice translation, and conversational analytics.

d
Continued advances with TTEC Digital
This year, we closed 55 new clients, including many larger,
enterprise-sized companies that provide significant runway
for future expansion. As clients    technology needs shift from
cloud migration services to more complex enterprise-wide
digital transformation, we are dramatically expanding our total
addressable market. These multifaceted engagements typically
start with shorter cycle professional services and grow into
longer-term recurring managed services engagements.
TTEC
around
the world
Our growing footprint is made up of
talent in North America, Latin America,
EMEA, and APAC. Check out this video
for how they deliver exceptional CX
across the globe and some pretty nifty
dance moves.
ttec.com/about-us/global-locations
For example, we started our relationship with a regional
healthcare provider by implementing their new CRM system.
During the project, we recognized the need for a customized
modern CCaaS platform. By utilizing our proprietary software,
we connected the two systems and now provide ongoing,
holistic support through our Surround CX managed services
methodology. We   ve streamlined various systems to
enhance connectivity for our client   s patients and caregivers. Throughout this process, we   ve
established a long-term, trusted partnership that will continue to grow.
In another healthcare example, we are partnering with a Fortune 10 global healthcare solutions
company to modernize their infrastructure for enhanced voice and digital interactions.
Our collaboration began nearly a decade ago with a Cisco deployment. Following a major
acquisition in 2024, they recognized the need to centralize and modernize their critical
CX interactions. Together, we developed a robust technology roadmap that will transition
them from a rigid legacy IVR system to an intuitive conversational AI platform, simplifying
interactions, streamlining routing, reducing costs, while improving health outcomes across
their network.
Our goal remains the same
Over 40 years ago, we set out to be the undisputed leader in the future of CX where human
expertise integrates seamlessly with advanced technologies. As the Digital Customer
Experience Transformation Company, we will continue to deliver an end-to-end portfolio of
outcome-based CX technology and services.
As we move into 2025, we remain focused on:
    Growing our business by diversifing our client base, solutions, and geographic footprint;
    Improving our operating leverage and profitability; and
    Continuing to strengthen the intensity of our performance-based culture.
We are confident that our priorities will drive our vision forward and position the
company for success in 2025 and beyond. On behalf of our global team, board
of directors, and leadership, thank you for your continued support.
Kenneth D. Tuchman
Founder, Chairman and Chief Executive Officer



shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 

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