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EMPLOYEE COMPENSATION PLANS | 6 Months Ended
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Jun. 30, 2024
EMPLOYEE COMPENSATION PLANS [Abstract] |
EMPLOYEE COMPENSATION PLANS | (14)EQUITY-BASED COMPENSATION PLANS All equity-based awards to employees are recognized in the Consolidated Statements of Comprehensive Income (Loss) at the fair value of the award on the grant date. The following tables present the total equity-based compensation expense for the three and six months ended June 30, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, |
​ | ​ | 2024 | ​ | 2023 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity-based compensation expense recognized in Cost of services | ​ | $ | 1,991 | ​ | $ | 2,536 | ​
Equity-based compensation expense recognized in Selling, general and administrative | ​ | ​ | 3,113 | ​ | ​ | 3,113 | ​
Total equity-based compensation expense | ​ | $ | 5,104 | ​ | $ | 5,649 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, |
​ | ​ | 2024 | ​ | 2023 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity-based compensation expense recognized in Cost of services | ​ | $ | 4,235 | ​ | $ | 4,398 | ​
Equity-based compensation expense recognized in Selling, general and administrative | ​ | ​ | 6,681 | ​ | ​ | 5,404 | ​
Total equity-based compensation expense | ​ | $ | 10,916 | ​ | $ | 9,802 | ​
​ Restricted Stock Unit Grants During the six months ended June 30, 2024 and 2023, the Company granted 3,106,297 and 547,254 RSUs, respectively, to new and existing employees, which vest over four to five years. The Company recognized compensation expense related to RSUs of $5.1 million and $10.9 million for the three and six months ended June 30, 2024, respectively. The Company recognized compensation expense related to RSUs of $5.5 million and $9.3 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, there was approximately $41.8 million of total unrecognized compensation cost (including the impact of expected forfeitures) related to RSUs granted under the Company’s equity plans. Performance Based Restricted Stock Unit Grants During 2021, the Company awarded Performance Restricted Stock Units (“PRSUs”) subject to service and performance vesting conditions. If defined minimum targets were met, the annual value of the PRSUs issued would be between $1.2 million and $4.9 million and vest in 2024. If the defined minimum targets were not met, then no PRSUs will be issued. The award amounts were based on the Company’s annual revenue and adjusted operating income for fiscal year 2023. The Company recognized compensation expense related to the 2021 PRSUs of $0.0 million and $0.0 million for the three and six months ended June 30, 2024, respectively. The Company recognized compensation expense related to the 2021 PRSUs of $0.2 million and $0.4 million for the three and six months ended June 30, 2023, respectively. During 2022, the Company made awards of two different PRSU programs that are subject to service and performance vesting conditions: ordinary course annual PRSUs and one-time stretch financial goals PRSUs. For the ordinary course annual PRSUs, if defined minimum targets are met, the annual value of the PRSUs issued will be between $0.9 million and $3.5 million and vest in March 2025. If the defined minimum targets are not met, then no shares will be issued. The number of shares awarded will be based on the Company’s annual revenue and adjusted EBITDA for fiscal year 2024. For the one-time stretch financial goals PRSUs, if defined minimum targets at TTEC Engage and TTEC Digital business segments’ levels are met, the Company will issue between 0.0 million and 0.5 million PRSUs that will vest immediately in March 2026. If the defined minimum targets are not met, then no shares will be issued. The number of shares awarded will be based on the TTEC Engage and TTEC Digital business segments’ annual revenue and adjusted EBITDA for fiscal year 2025. For the ordinary course annual PRSUs, no expense was recognized for the six months ended June 30, 2024. Expense for the one-time stretch financial goals PRSUs will begin at the start of the requisite service period, beginning January 1, 2025. During 2023, the Company awarded PRSUs that are subject to service and performance vesting conditions. If defined minimum targets are met, the Company will issue PRSUs with an annual value between zero and $8.9 million that will vest in 2026. If the defined minimum targets are not met, then no PRSUs will be issued. The number of PRSUs awarded will be based on the Company’s annual revenue and adjusted EBITDA for fiscal year 2025. Expense for these awards will begin at the start of the requisite service period, beginning January 1, 2025. During the second quarter of 2024, the Company awarded PRSUs to one senior executive that are subject to service and performance vesting conditions. If defined minimum targets are met, the Company will issue PRSUs with an annual value between zero and $2.9 million that vest in 2025. If the defined minimum targets are not met, then no PRSUs will be issued. The number of PRSUs awarded will be based on the Company’s Europe, Middle East and Africa region of TTEC Digital’s annual revenue and adjusted EBITDA for fiscal year 2025. Expense for these awards will begin at the start of the requisite service period, beginning January 1, 2025. Additional PRSUs may be issued to other Company executives before the end of the fiscal year 2024 based on performance targets in the measurement period of fiscal year 2026, which PRSUs will vest in 2027; the terms and conditions for these additional PRSUs have not yet been determined.

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