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QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 31, 2019
QUARTERLY FINANCIAL DATA (UNAUDITED) [ABSTRACT] |
QUARTERLY FINANCIAL DATA (UNAUDITED) | (23)QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables present certain quarterly financial data for the year ended December 31, 2019 (in thousands except per share amounts).
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
Revenue |  | $ | 394,356 |  | $ | 392,515 |  | $ | 395,507 |  | $ | 461,326 |
Cost of services |  |  | 293,334 |  |  | 299,237 |  |  | 304,622 |  |  | 345,694 |
Selling, general and administrative |  |  | 49,720 |  |  | 50,864 |  |  | 48,062 |  |  | 53,894 |
Depreciation and amortization |  |  | 16,743 |  |  | 17,050 |  |  | 16,659 |  |  | 18,634 |
Restructuring and integration charges, net |  |  | 961 |  |  | 428 |  |  | 183 |  |  | 175 |
Impairment losses |  |  | 1,506 |  |  | 2,063 |  |  | — |  |  | 166 |
Income from operations |  |  | 32,092 |  |  | 22,873 |  |  | 25,981 |  |  | 42,763 |
Other income (expense) |  |  | (4,150) |  |  | (1,914) |  |  | (806) |  |  | (6,428) |
Provision for income taxes |  |  | (7,466) |  |  | (7,345) |  |  | (5,196) |  |  | (5,670) |
Non-controlling interest |  |  | (1,474) |  |  | (1,816) |  |  | (1,878) |  |  | (2,402) |
Net income attributable to TTEC stockholders |  | $ | 19,002 |  | $ | 11,798 |  | $ | 18,101 |  | $ | 28,263 |
Weighted average shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 46,203 |  |  | 46,318 |  |  | 46,481 |  |  | 46,487 |
Diluted |  |  | 46,590 |  |  | 46,684 |  |  | 46,768 |  |  | 46,831 |
Net income per share attributable to TTEC stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.41 |  | $ | 0.25 |  | $ | 0.39 |  | $ | 0.61 |
Diluted |  | $ | 0.41 |  | $ | 0.25 |  | $ | 0.39 |  | $ | 0.60 |
Included in Other income (expense) in the second quarter is a $2.4 million benefit related to the fair value adjustment of contingent consideration for an acquisition. Included in Other income (expense) in the third quarter is a $1.4 million benefit on recovery of receivables in connection with the consulting business that is being wound down and a $0.7 million benefit on the sale of trademarks. Included in Other Income (expense) for each of the quarters is an interest expense charge related to the future purchase for the remaining 30% of the Motif acquisition - $1.3 million, $0.5 million, $0.8 million and $2.1 million in the first, second, third and fourth quarters, respectively. Included in the Provision for Income Taxes is: a $0.2 million expense in the fourth quarter, a $0.2 million expense in the third quarter, a $0.1 million expense in the second quarter, and a $0.2 million expense in the first quarter related to changes in tax contingent liabilities; a $1.6 million benefit in the fourth quarter, a $0.2 million benefit in the third quarter, a $0.1 million benefit in the second quarter and a $0.1 million expense in the first quarter related to return to provision adjustments; a $2.8 million benefit in the fourth quarter related to tax rate changes; a $2.2 million expense in the fourth quarter, and a $2.3 million expense in the second quarter related to changes in valuation allowances; a $0.2 million benefit in the second quarter and a $0.7 million benefit in the first quarter related to restructuring charges; and a $0.1 million benefit in the fourth quarter, a $0.2 million expense in the third quarter, a $0.1 million expense in the second quarter, and a $0.1 million expense in the first quarter of other items. Without these items our effective tax rate for the year ended December 31, 2019 would have been 22.9%. The following tables present certain quarterly financial data for the year ended December 31, 2018 (in thousands except per share amounts).
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
Revenue |  | $ | 375,249 |  | $ | 349,853 |  | $ | 364,936 |  | $ | 419,133 |
Cost of services |  |  | 283,370 |  |  | 274,260 |  |  | 286,925 |  |  | 313,372 |
Selling, general and administrative |  |  | 47,045 |  |  | 44,245 |  |  | 43,321 |  |  | 47,817 |
Depreciation and amortization |  |  | 17,924 |  |  | 16,811 |  |  | 17,317 |  |  | 17,127 |
Restructuring and integration charges, net |  |  | 849 |  |  | 1,034 |  |  | 2,716 |  |  | 1,532 |
Impairment losses |  |  | 1,120 |  |  | — |  |  | — |  |  | 332 |
Income from operations |  |  | 24,941 |  |  | 13,503 |  |  | 14,657 |  |  | 38,953 |
Other income (expense) |  |  | (16,907) |  |  | (6,553) |  |  | (6,020) |  |  | (6,336) |
Provision for income taxes |  |  | (2,102) |  |  | (653) |  |  | (1,893) |  |  | (11,835) |
Non-controlling interest |  |  | (1,341) |  |  | (779) |  |  | (1,369) |  |  | (449) |
Net income (loss) attributable to TTEC stockholders |  | $ | 4,591 |  | $ | 5,518 |  | $ | 5,375 |  | $ | 20,333 |
Weighted average shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 45,871 |  |  | 46,016 |  |  | 46,172 |  |  | 46,193 |
Diluted |  |  | 46,452 |  |  | 46,401 |  |  | 46,316 |  |  | 46,390 |
Net income per share attributable to TTEC stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.10 |  | $ | 0.12 |  | $ | 0.12 |  | $ | 0.44 |
Diluted |  | $ | 0.10 |  | $ | 0.12 |  | $ | 0.12 |  | $ | 0.44 |
Included in Other income (expense) in the first quarter is a $15.6 million expense related to the impairment of the full value of an equity investment and related bridge loan. Also included is a $0.7 million gain on the purchase of an acquisition. Included in Other income (expense) in the second quarter and fourth quarter was a $2.0 million loss and a $0.4 million gain, respectively, related to a business unit which was classified as assets held for sale but subsequently reclassified to assets held and used. Included in Other Income (expense) for each of the quarters is an interest expense charge related to the future purchase for the remaining 30% of the Motif acquisition - $1.9 million, $3.1 million, $3.0 million and $1.9 million in the first, second, third and fourth quarters, respectively. Included in the Provision for Income Taxes is a $3.6 million expense in the fourth quarter, a $1.1 million benefit in the third quarter, a $1.0 million benefit in the second quarter related to changes in tax contingent liabilities, a $3.0 million benefit in the fourth quarter, a $0.2 million expense in the third quarter, a $0.5 million benefit in the second quarter related to return to provision adjustments, a $4.2 million benefit in the first quarter related to impairment of an equity investment, a $0.2 million expense in the first quarter, $0.1 million of expense in the second quarter, $0.1 million of expense in the third quarter and $0.1 million of expense in the fourth quarter related to the disposition of assets, a $1.5 million expense in the fourth quarter related to changes in valuation allowances, a $0.1 million benefit in the first quarter, a $0.2 million benefit in the second quarter and a $0.4 million benefit in the third quarter related to excess taxes on equity compensation, a $0.5 million benefit in the fourth quarter, a $0.7 million benefit in the third quarter, a $0.2 million benefit in the second quarter, a $0.6 million benefit in the first quarter related to restructuring charges, a $0.9 million benefit in the fourth quarter, $0.1 million of expense in the third quarter and a $0.2 million expense in the first quarter of other items. Without these items our effective tax rate for the year ended December 31, 2018 would have been 25.6%.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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