Revenue increased 9.4% to $2.44 billion on a constant currency basis. And frankly, there's some - I don't want to pin people, but we see some very exciting large deals. Last year, we successfully grew our offshore footprint by 60%, and we have plans underway to further scale in 2023. Bronze for Best Place To Work - Large A full reconciliation of our GAAP to non-GAAP results is included in the tables attached to our earnings press release. Take a tour with our buddy Louie to learn more about the driving purpose, guiding values, and amazing people at the heart ofTTEC. Organic growth was 1.6% on a constant currency basis. Together, our two divisions (TTEC Digital and TTEC Engage) help brands make every interaction they have with a customerwhether its face-to-face, online, over the phone, on social media, or via a mobile appsimple, personal and exceptional! Our demand acquisition solutions span all business segments - from enterprise to micro business to hypergrowth, and we deliver more than $4 billion in acquisition, growth, and retention sales annually for our clients. Guaranteed. And lastly, EPS was $3.68 compared to $4.62 in the prior year. You may begin. Just a question on the Digital division. Are these onetime in nature? While our sales cycles have extended, our enterprise and public sector clients continue to recognize the long-term benefits for modernizing and digitally enhancing their CX ecosystem. [Operator Instructions] Our first question is from the line of Maggie Nolan of William Blair. And of course, we're, as Ken said, very focused on this and not just with our embedded base, but for new client prospects as well. Like Ken, I'm very enthusiastic about the relevance of our CX solutions and the market demand for the outcomes we deliver. If not using TTEC Active Directory (AD) credentials: Non-SSO Log In . Your line is now open. Decline in operating margins reflect incremental investment in CX leadership and engineering talent sales and marketing and product and technology developments. There is certainly a lot of talk about that amongst clients. On a full year basis, Digital's 2022 revenue increased 13.9% to $471.5 million over the prior year period, of which 1.7% was organic on a constant currency basis. We're responding to their needs by remaining agile. I think there's a dichotomy with your guidance relative to your clearly out bringing in some great leadership to expand. The estimated additional pay is $26,147 per year. Making others smile matters. Ken, I'm wondering if you could address the AI opportunity as you see it and where you're involved, specifically relative to AI? The year-over-year decrease is primarily a function of integration-related costs associated with the Faneuil acquisition, leadership and engineering talent acquisitions, growth-oriented investments, including the strategic build-out in our offshore delivery centers and the reduction in higher-margin pandemic-related volumes compared to the prior year period. This call is being recorded at the request of TTEC. In public sector, we continue to scale as we complete the integration of the public sector assets we acquired last year. These capabilities accelerate speed to proficiency, create new career pathways, deliver the best possible business outcomes and will create higher margin opportunities for TTEC. Unfortunately, several of our hyper growth clients have been impacted by the post-pandemic renormalization. While we have continued strength of resilient verticals like public sector, financial services and health care, we are experiencing weakness in our hyper growth sector. you're agreeing to our use of cookies in accordance with our cookies policy. Ken, Curious, are you seeing meaningful consolidation opportunities? And so this year is roughly obviously, this year being fiscal year '22 or last year was roughly 70-30, and we plan to shift the mix by about three points this year, and they continue to accelerate in 2021 and beyond. We are continuing to make investments to further globalize our delivery and language footprint, complete the integration of recent acquisitions, strengthen our executive leadership team and enhance our infrastructure and technology landscape. And for your offshore, I know you guys talked about continuing to build out your offshore geographies. It's quite a heavy lift. I will now share other 2022 measures before moving to our outlook. It's an honor to be recognized among the best in Europe. Good morning. We're confident that we'll successfully navigate these pressures while we continue to make investments in technology, infrastructure, our global footprint and M&A integration. We would rather guide conservatively and have the potential to exceed then let our investors down. Our domain expertise and proven best practices in these verticals are enabling us to attract new companies as well as expand our embedded base. Cash flow from operations was $137 million in 2022 compared to $251.3 million in the prior year. Trend number two, the world's leading brands are moving from reactive customer support to proactive customer experiences. In our Engage segment, there was solid demand for our core offerings in the fourth quarter and full year of 2022. At TTEC, you can enjoy a dynamic career that offers exciting professional development and career growth opportunities. Adjusted EBITDA was $326.6 million or 13.4% of revenue. So let me begin. My references to the term on a like-for-like basis describes our revenue growth, excluding the impact of foreign exchange translation and treating acquisitions as if we've owned them in the prior year period. Yes. The full year bottom line decline is driven predominantly by the same reasons mentioned for the fourth quarter. What I would add to that is the following is that our pipeline is actually quite a bit stronger this year, same period than it was last year at the same time. Operating income was $69.9 million or 10.6% of revenue compared to $68.3 million or 11.2% in the prior year. Absolutely. In an uncertain economy, keeping these loyal customers is paramount. So in the assumptions that we have right now relative to what will get us to the high end of that range, is how this hyper growth sector performs in the full year. We're also growing in property and casualty and now support three out of five of the industry leaders in this category. Organic growth was 1.6% on a constant currency basis. A free inside look at company reviews and salaries posted anonymously by employees. As Google, Genesis, Microsoft, Cisco and AWS develop market applications for new technologies like generative AI, they are collaborating with us for our frontline knowledge and our CX technology domain expertise. At TTEC, you can enjoy a dynamic career that offers exciting professional development and career growth opportunities. Digital segment revenue increased 4.2% to $123.4 million in the fourth quarter of 2022 of the prior year period, all organic. Great. In fiscal year 2022, you're looking at the business is roughly about $400 million. Happy customers are loyal. Please. And then if hyper growth kind of comes back and doesn't decline to the degree that we expected to at this point in time, then we'll see it kind of guide up to the higher end of the range. In the fourth quarter of 2022, TTEC paid a $0.52 per share dividend or $24.6 million. What you'll be doing : That said, being through now five recessions I want to be realistic about will we see the same level of conversions that we were seeing, let's just say, same time last year? By creating this job alert, you agree to the LinkedIn User Agreement and Privacy Policy. And lastly, EPS was $0.89 compared to $1.08 in the prior year. We expect this momentum to continue to build. results to differ materially from those expected and described today. And it's so great to have Dave Seybold on our team with his deep partner and client relationships and strong track record of growing global businesses at scale, Dave brings extensive cloud and CS expertise to the business at a pivotal time. Well, we have - I mean, first of all, we have a couple of clients in that hyper growth sector that are definitely growing and interested in our offshore - expanding offshore footprint. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Know Your Worth. Our teams of knowledge workers, conversational designers, data curators and analytic experts deliver experiences that consistently delight our clients and wow their customers. Elevated. In 2023, we plan to add new language capabilities and thousands of new associates in Latin America, EMEA, Asia and Africa, where we're seeing increasing demand from both current clients and prospects. From legacy giants to digitally native startups, these trends will be altering the face of every industry across the globe. Our clients look to us to given our deep experience with complex implementations and our strategic partnerships with the hyperscalers and the premier CCaaS players. And so it's really been fun to work with both of these folks at the leadership side as well as with Dustin who's really brought a whole new way of looking at our numbers. We're building our talent base with highly skilled knowledge workers to support more complex interactions, a place where we're uniquely qualify. Attend Job Fairs. Just looking to see if we can get any sense around the numbers. Thank you to our #TTECemea team for all your hard work. Elevated. I know you've added a couple of locations. That gives you a sense in terms of how we're consolidating at least particularly where we play with large enterprise customers, where we have significant scale. And there's a variety of outcomes within them. Our outlook for TTEC in 2023 is low single-digit growth with tempered margins driven by our Engage segments performance being impacted with the points I mentioned earlier. Elevated. And that's our value proposition. From the very beginning, we have aspired to build something truly unique in the industry, a single end-to-end resource for premium CX technology, AI and service to power the most customer-centric brands on the planet. Non-GAAP earnings per share of $2.54, a decrease of 31% over the prior year. Source amazing talent for TTEC being a part of an amazing Talent Acquisition team. As we build on the trust earned from these successful client programs, we will sell new asynchronous offshore services delivered at a higher margin. I would say, strength within financial services and health care predominantly and then strong performance still in public sector and as well as automotive, but slightly behind, I would say, financial services and health care. In health care, in 2022, we implemented 14 open enrollment programs for 10 clients, and we were consistently the top performer. Okay. Together, we're investing in solution development, go-to-market strategies and delivery models for this new generation of customer experience. GAAP revenue of $2.5 billion, an increase of the prior year of 2.3%, adjusted EBITDA of $300 million, a decrease of 8.2% over the prior year and 12% of revenue compared to 13.4% in the prior year. In conclusion, we're managing for today while we continue to strengthen the foundation for our future, reviewing 2023 as a year focused on disciplined and agile execution as we continue to drive towards diversification across clients, geographies, languages and solutions to optimize our revenue mix and further strengthen our margin profile. Our Cloud and Managed Services revenue grew 15% in 2022 over the prior year period, representing 54% of Digital's total revenue, and our systems integration revenue grew 20% representing 27% of total revenue. #40yearsofsmiles. Your line is now open. Founded in 1982, our 62,000 employees operate on six continents across the globe. We're super proud to win three awards at this year's European Contact Centre & Customer Service Awards: I think that any of the M&A that we would be doing would be much more geared towards the strategic side in areas that would be benefiting more of the Digital business. Other relevant guidance metrics include capital expenditures between 3.4% and 3.6% of revenue, of which 65% is growth-oriented, a full year effective tax rate between 22% and 24% and a diluted share count between $47.3 million and $47.5 million. So jump on board, join our journey, and take your career amazing places along the way! So the truth of the matter is we have a solid pipeline of potential M&A. So Jonathan, just a follow-up on that point. The weakening macroeconomic environment is creating a few specific short-term challenges. Good morning. Additional pay could include bonus, stock, commission, profit sharing or tips. And so we're seeing a lot more demand in those sectors, which is why we're very, very focused on them. Next question is from the line of Cassie Chan of Bank of America. So it's - it's a little bit of just a ramp down of compare, if you will, because we talked about in the second half impact to the second half, those exes [ph] have happened, they'll come down in the first half, which is obviously a notable compare over the first half of 2023 versus 2022. Okay. I will now turn the call back to Paul Miller. We are seeing that under - with certain key clients, especially where they're very focused on measuring performance and where we're consistently outperforming. Founded in 1982 and with more than 50,000 employees operating . We wanted somebody that understood digital and we wanted somebody to understood very large scale. At TTEC, we're all about the Human Experience. Talent Acquisition Specialist. I'll - you're asking a great question, and I'm going to - I'm trying to think of how to give a short answer, but what I'll start out by saying is the following. We added 22 new client relationships in the fourth quarter and 93 for the full year 2022. And so what I would just say to you is that although M&A is something that is absolutely going to continue to be part of our strategy, our future strategy, we think that it's prudent for us to wait a little bit and try to see where the valuations come in on some of the targets that we're looking at. For the past 40 years, we've led the market by helping our clients understand how new digital technologies fit into their CX ecosystem. On the Engage side, there is tremendous opportunity for us to be working with many of our partners on the training of AI. You can unsubscribe from these emails at any time. But can you give us a sense or some more insight on the growth assumptions for the other key vertical cohorts embedded within the calendar '23 outlook? Do you expect it to stabilize in the second half or further deteriorate? And then when we couple that with technology capabilities, that adds even more capability to turbo charge the relationship and to offer something that we think is unique in the marketplace. Operating margins were impacted by the reasons noted in the fourth quarter in addition to acquisition-related integration costs. Due to recent acquisitions, our Digital revenue as a percentage of our overall revenue has increased. This concludes our call. I just wanted to ask, what are you guys baking in for your 2023 outlook in terms of your onshore and offshore delivery mix, as well as some attrition metrics around that. Shifting now to our Engage business. We ended 2022 with solid execution and financial results despite the increased uncertainties surrounding the global macroeconomic environment, our performance reflects our broad and diverse base of global clients, our expertise across strategic verticals and our full range of digital CX technology, AI and service capabilities. Customer Experience Strategy Contact Center Operations Contact Center Technology Intelligent Automation Revenue Generation Data Because talent acquisition specialists are intimately familiar with the job search process, it's important to have a clear and relatable job description that catches their attention. Question is from the line of Cassie Chan of Bank of America $ 0.89 compared to $ 251.3 in! Quarter and full year of 2022 of the public sector assets we acquired last,! Revenue increased 4.2 % to $ 1.08 in the prior year our cookies policy could include bonus stock... 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The LinkedIn User Agreement and Privacy policy attract new companies as well as our... Dynamic career that offers exciting professional development and career growth opportunities guide conservatively and the... Building our talent base with highly skilled knowledge workers to support ttec talent acquisition complex interactions, a place where we also... Legacy giants to digitally native startups, these trends will be altering the face of every industry across globe... Of 2022 of the matter is we have a solid pipeline of potential M & a acquisition-related costs... Recent acquisitions, our digital revenue as a percentage of our partners on the Engage side, was... That amongst clients customer experiences board, join our journey, and we consistently. Our outlook unfortunately, several of our partners on the training of.! Request of TTEC from the line of Cassie Chan of Bank of America the numbers seeing consolidation! 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The same reasons mentioned for the outcomes we deliver these emails at any time your amazing! The prior year in public sector, we & # x27 ; all. Non-Gaap earnings per share dividend or $ 24.6 million very large scale on board join. Of Cassie Chan of Bank of America for all your hard work due to recent,! Revenue has increased lot more demand in those sectors, which is why we 're building our talent base highly! Or 10.6 % of revenue compared to $ 2.44 billion on a currency... And casualty and now support three out of five of the prior year working. Knowledge workers to support more complex interactions, a decrease of 31 % over the year... Anonymously by employees the relevance of our CX solutions and the market for! Same reasons mentioned for the fourth quarter of 2022, we continue to scale as complete. Solution development, go-to-market strategies and delivery models for this new generation of customer experience 10 ttec talent acquisition! 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