TTEC Holdings, Inc. reported a revenue of $2.208 billion for the fiscal year ending December 31, 2024, reflecting a 10.4% decrease from the previous year. The decline was primarily driven by a significant drop in revenue from its TTEC Engage segment, which fell by 11.5% to $1.749 billion, and a 5.7% decrease in the TTEC Digital segment, which generated $459 million. The company's operating income also saw a substantial decline, moving from a profit of $118 million in 2023 to a loss of $173.5 million in 2024, largely due to goodwill impairments and restructuring charges.
In terms of operational metrics, TTEC's customer engagement centers, which span 22 countries, reported a seat utilization rate of 70%, down from 76% the previous year. The company served over 715 clients, with its top five clients accounting for 32% of total revenue. Notably, TTEC's revenue retention rate for its Engage segment dropped to 82% from 95% in 2023, attributed to a major client exiting a line of business that TTEC supported.
Strategically, TTEC has been focusing on enhancing its service offerings, particularly in artificial intelligence and cloud-based solutions, to adapt to evolving market demands. The company has also established a special committee to evaluate a proposal from its founder and CEO, Kenneth Tuchman, to take the company private at a price of $6.85 per share. This proposal is contingent upon various factors, including financing and approval from the board and shareholders.
Looking ahead, TTEC aims to strengthen its market position by investing in technology-driven innovations and expanding its geographic footprint. However, the company faces challenges, including high employee turnover, inflationary pressures on labor costs, and the need to maintain compliance with various regulatory requirements across its international operations. The outlook remains cautious as TTEC navigates these complexities while striving to improve its financial performance and operational efficiency.
About TTEC Holdings, Inc.
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