UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 6, 2017
Sykes Enterprises, Incorporated
(Exact name of registrant as specified in its charter) |
Florida | 0-28274 | 56-1383460 | ||||||
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(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
400 N. Ashley Drive, Suite 2800, Tampa, Florida | 33602 | |||
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(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (813) 274-1000
(Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 6, 2017, Sykes Enterprises, Incorporated issued a press release announcing its financial results for the three and nine months ended September 30, 2017. The press release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) | The following exhibit is included with this Report: |
Exhibit 99.1 Press release, dated November 6, 2017, announcing the financial results for the three and nine months ended September 30, 2017.
(Remainder of page intentionally left blank.)
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SYKES ENTERPRISES, INCORPORATED | ||||||
By: | /s/ John Chapman | |||||
John Chapman Executive Vice President and | ||||||
Chief Financial Officer | ||||||
Date: November 6, 2017 |
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Exhibit 99.1
news release
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Sykes Enterprises, Incorporated
Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Exhibit 1
Three Months Ended | ||||||||||||
September 30, | September 30, | June 30, | ||||||||||
2017 | 2016 | 2017 | ||||||||||
Revenues |
$ | 407,309 | $ | 385,743 | $ | 375,438 | ||||||
Direct salaries and related costs |
(267,516 | ) | (249,859 | ) | (248,643 | ) | ||||||
General and administrative |
(93,364 | ) | (87,955 | ) | (92,246 | ) | ||||||
Depreciation, net |
(14,227 | ) | (13,004 | ) | (13,820 | ) | ||||||
Amortization of intangibles |
(5,293 | ) | (5,254 | ) | (5,250 | ) | ||||||
Impairment of long-lived assets |
(680 | ) | - | (4,189 | ) | |||||||
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Income from operations |
26,229 | 29,671 | 11,290 | |||||||||
Total other income (expense), net |
(1,788 | ) | (462 | ) | (890 | ) | ||||||
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Income before income taxes |
24,441 | 29,209 | 10,400 | |||||||||
Income taxes |
(2,746 | ) | (7,939 | ) | (1,555 | ) | ||||||
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Net income |
$ | 21,695 | $ | 21,270 | $ | 8,845 | ||||||
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Net income per common share: |
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Basic |
$ | 0.52 | $ | 0.51 | $ | 0.21 | ||||||
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Diluted |
$ | 0.52 | $ | 0.50 | $ | 0.21 | ||||||
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Weighted average common shares outstanding: |
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Basic |
41,879 | 41,938 | 41,854 | |||||||||
Diluted |
42,033 | 42,224 | 41,934 |
8
Sykes Enterprises, Incorporated
Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Exhibit 2
Nine Months Ended | ||||||||
September 30, | September 30, | |||||||
2017 | 2016 | |||||||
Revenues |
$ | 1,166,761 | $ | 1,070,891 | ||||
Direct salaries and related costs |
(763,324 | ) | (694,856 | ) | ||||
General and administrative |
(277,664 | ) | (262,800 | ) | ||||
Depreciation, net |
(41,395 | ) | (35,748 | ) | ||||
Amortization of intangibles |
(15,774 | ) | (14,144 | ) | ||||
Impairment of long-lived assets |
(5,071 | ) | - | |||||
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Income from operations |
63,533 | 63,343 | ||||||
Total other income (expense), net |
(3,370 | ) | (937 | ) | ||||
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Income before income taxes |
60,163 | 62,406 | ||||||
Income taxes |
(10,911 | ) | (18,044 | ) | ||||
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Net income |
$ | 49,252 | $ | 44,362 | ||||
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Net income per common share: |
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Basic |
$ | 1.18 | $ | 1.06 | ||||
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Diluted |
$ | 1.17 | $ | 1.05 | ||||
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Weighted average common shares outstanding: |
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Basic |
41,800 | 41,873 | ||||||
Diluted |
42,006 | 42,233 |
9
Sykes Enterprises, Incorporated
Segment Results
(in thousands, except per share data)
(Unaudited)
Exhibit 3
Three Months Ended | ||||||||||||
September 30, | September 30, | June 30, | ||||||||||
2017 | 2016 | 2017 | ||||||||||
Revenues: |
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Americas |
$ | 341,334 | $ | 326,013 | $ | 314,871 | ||||||
EMEA |
65,957 | 59,711 | 60,540 | |||||||||
Other |
18 | 19 | 27 | |||||||||
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Total |
$ | 407,309 | $ | 385,743 | $ | 375,438 | ||||||
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Operating Income: |
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Americas |
$ | 35,896 | $ | 36,946 | $ | 26,089 | ||||||
EMEA |
4,523 | 7,391 | 2,163 | |||||||||
Other |
(14,190 | ) | (14,666 | ) | (16,962 | ) | ||||||
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Income from operations |
26,229 | 29,671 | 11,290 | |||||||||
Total other income (expense), net |
(1,788 | ) | (462 | ) | (890 | ) | ||||||
Income taxes |
(2,746 | ) | (7,939 | ) | (1,555 | ) | ||||||
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Net income |
$ | 21,695 | $ | 21,270 | $ | 8,845 | ||||||
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Nine Months Ended | ||||||||
September 30, | September 30, | |||||||
2017 | 2016 | |||||||
Revenues: |
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Americas |
$ | 977,136 | $ | 893,300 | ||||
EMEA |
189,564 | 177,488 | ||||||
Other |
61 | 103 | ||||||
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Total |
$ | 1,166,761 | $ | 1,070,891 | ||||
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Operating Income: |
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Americas |
$ | 99,918 | $ | 100,658 | ||||
EMEA |
12,266 | 13,697 | ||||||
Other |
(48,651 | ) | (51,012 | ) | ||||
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Income from operations |
63,533 | 63,343 | ||||||
Total other income (expense), net |
(3,370 | ) | (937 | ) | ||||
Income taxes |
(10,911 | ) | (18,044 | ) | ||||
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Net income |
$ | 49,252 | $ | 44,362 | ||||
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Sykes Enterprises, Incorporated
Consolidated Balance Sheets
(in thousands, except seat data)
(Unaudited)
Exhibit 4
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Assets: |
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Current assets |
$ | 708,584 | $ | 623,236 | ||||
Property and equipment, net |
159,959 | 156,214 | ||||||
Goodwill & intangibles, net |
414,571 | 418,459 | ||||||
Other noncurrent assets |
29,566 | 38,494 | ||||||
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Total assets |
$ | 1,312,680 | $ | 1,236,403 | ||||
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Liabilities & Shareholders Equity: |
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Current liabilities |
$ | 215,444 | $ | 202,857 | ||||
Noncurrent liabilities |
294,783 | 309,024 | ||||||
Shareholders equity |
802,453 | 724,522 | ||||||
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Total liabilities and shareholders equity |
$ | 1,312,680 | $ | 1,236,403 | ||||
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Sykes Enterprises, Incorporated
Supplementary Data
Q3 2017 | Q3 2016 | |||||||
Geographic Mix (% of Total Revenues): |
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Americas (1) |
84% | 85% | ||||||
Europe, Middle East & Africa (EMEA) |
16% | 15% | ||||||
Other |
0% | 0% | ||||||
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Total |
100% | 100% | ||||||
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(1) Includes the United States, Canada, Latin America, South Asia and the Asia Pacific (APAC) Region. Latin America, South Asia and APAC are included in the Americas due to the nature of the business and client profile, which is primarily made up of U.S. based clients.
Q3 2017 | Q3 2016 | |||||||
Vertical Industry Mix (% of Total Revenues): |
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Communications |
33% | 39% | ||||||
Financial Services |
29% | 22% | ||||||
Technology / Consumer |
17% | 17% | ||||||
Transportation & Leisure |
7% | 7% | ||||||
Healthcare |
3% | 4% | ||||||
Other |
11% | 11% | ||||||
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Total |
100% | 100% | ||||||
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Seat Capacity (2) | ||||||||||||
Q3 2017 | Q3 2016 | Q2 2017 | ||||||||||
Americas |
45,200 | 40,900 | 44,400 | |||||||||
EMEA |
7,200 | 6,500 | 7,000 | |||||||||
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Total |
52,400 | 47,400 | 51,400 | |||||||||
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Capacity Utilization | ||||||||||||
Q3 2017 | Q3 2016 | Q2 2017 | ||||||||||
Americas |
70% | 75% | 71% | |||||||||
EMEA |
80% | 78% | 80% | |||||||||
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Total |
71% | 75% | 72% | |||||||||
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(2) The seat capacity and capacity utilization data are related to the Companys brick-and-mortar call centers. At the end of the second quarter 2017, the Company had approximately 2,900 agent FTEs working virtually from home. There are no seats associated with Qelp.
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Sykes Enterprises, Incorporated
Cash Flow from Operations
(in thousands)
(Unaudited)
Exhibit 5
Three Months Ended | ||||||||
September 30, | September 30, | |||||||
2017 | 2016 | |||||||
Cash Flow From Operating Activities: |
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Net income |
$ | 21,695 | $ | 21,270 | ||||
Depreciation |
14,355 | 13,149 | ||||||
Amortization of intangibles |
5,293 | 5,254 | ||||||
Amortization of deferred grants |
(176 | ) | (215 | ) | ||||
Changes in assets and liabilities and other |
5,638 | (767 | ) | |||||
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Net cash provided by operating activities |
$ | 46,805 | $ | 38,691 | ||||
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Capital expenditures |
$ | 12,571 | $ | 24,939 | ||||
Cash paid during period for interest |
$ | 1,786 | $ | 1,183 | ||||
Cash paid during period for income taxes |
$ | 4,137 | $ | 2,821 | ||||
Nine Months Ended | ||||||||
September 30, | September 30, | |||||||
2017 | 2016 | |||||||
Cash Flow From Operating Activities: |
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Net income |
$ | 49,252 | $ | 44,362 | ||||
Depreciation |
41,778 | 36,208 | ||||||
Amortization of intangibles |
15,774 | 14,144 | ||||||
Amortization of deferred grants |
(550 | ) | (659 | ) | ||||
Changes in assets and liabilities and other |
12,120 | 11,314 | ||||||
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Net cash provided by operating activities |
$ | 118,374 | $ | 105,369 | ||||
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Capital expenditures |
$ | 48,430 | $ | 59,348 | ||||
Cash paid during period for interest |
$ | 4,852 | $ | 2,680 | ||||
Cash paid during period for income taxes |
$ | 21,169 | $ | 14,050 |
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Sykes Enterprises, Incorporated
Reconciliation of Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
Exhibit 6
Three Months Ended | ||||||||||||
September 30, | September 30, | June 30, | ||||||||||
2017 | 2016 | 2017 | ||||||||||
GAAP income from operations |
$ | 26,229 | $ | 29,671 | $ | 11,290 | ||||||
Adjustments: |
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Acquisition-related severance |
- | 162 | - | |||||||||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
5,897 | 5,862 | 5,839 | |||||||||
Merger & integration costs |
270 | 39 | 388 | |||||||||
(Gain) loss on contingent consideration |
96 | (2,798 | ) | (268 | ) | |||||||
Other |
987 | - | 4,411 | |||||||||
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Non-GAAP income from operations |
$ | 33,479 | $ | 32,936 | $ | 21,660 | ||||||
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Three Months Ended | ||||||||||||
September 30, | September 30, | June 30, | ||||||||||
2017 | 2016 | 2017 | ||||||||||
GAAP net income |
$ | 21,695 | $ | 21,270 | $ | 8,845 | ||||||
Adjustments: |
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Acquisition-related severance |
- | 162 | - | |||||||||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
5,897 | 5,862 | 5,839 | |||||||||
Merger & integration costs |
270 | 39 | 388 | |||||||||
(Gain) loss on contingent consideration |
96 | (2,798 | ) | (268 | ) | |||||||
Other |
763 | 207 | 4,445 | |||||||||
Tax effect of the adjustments |
(2,548 | ) | (1,594 | ) | (3,849 | ) | ||||||
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Non-GAAP net income |
$ | 26,173 | $ | 23,148 | $ | 15,400 | ||||||
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Three Months Ended | ||||||||||||
September 30, | September 30, | June 30, | ||||||||||
2017 | 2016 | 2017 | ||||||||||
GAAP net income, per diluted share |
$ | 0.52 | $ | 0.50 | $ | 0.21 | ||||||
Adjustments: |
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Acquisition-related severance |
- | - | - | |||||||||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
0.14 | 0.14 | 0.14 | |||||||||
Merger & integration costs |
- | - | 0.01 | |||||||||
(Gain) loss on contingent consideration |
- | (0.07 | ) | (0.01 | ) | |||||||
Other |
0.02 | - | 0.11 | |||||||||
Tax effect of the adjustments |
(0.06 | ) | (0.02 | ) | (0.09 | ) | ||||||
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Non-GAAP net income, per diluted share |
$ | 0.62 | $ | 0.55 | $ | 0.37 | ||||||
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Sykes Enterprises, Incorporated
Reconciliation of Non-GAAP Financial Information By Segment
(in thousands)
(Unaudited)
Exhibit 7
Americas | EMEA | Other (1) | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
GAAP income (loss) from operations |
$ | 35,896 | $ | 36,946 | $ | 4,523 | $ | 7,391 | $ | (14,190 | ) | $ | (14,666 | ) | ||||||||||
Adjustments: |
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Acquisition-related severance |
- | 162 | - | - | - | - | ||||||||||||||||||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
5,592 | 5,509 | 305 | 353 | - | - | ||||||||||||||||||
Merger & integration costs |
144 | - | - | - | 126 | 39 | ||||||||||||||||||
(Gain) loss on contingent consideration |
96 | (208 | ) | - | (2,590 | ) | - | - | ||||||||||||||||
Other |
680 | - | (654 | ) | - | 961 | - | |||||||||||||||||
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Non-GAAP income (loss) from operations |
$ | 42,408 | $ | 42,409 | $ | 4,174 | $ | 5,154 | $ | (13,103) | $ | (14,627) | ||||||||||||
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Americas | EMEA | Other (1) | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
September 30, | June 30, | September 30, | June 30, | September 30, | June 30, | |||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2017 | 2017 | |||||||||||||||||||
GAAP income (loss) from operations |
$ | 35,896 | $ | 26,089 | $ | 4,523 | $ | 2,163 | $ | (14,190 | ) | $ | (16,962 | ) | ||||||||||
Adjustments: |
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Acquisition-related severance |
- | - | - | - | - | - | ||||||||||||||||||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
5,592 | 5,492 | 305 | 347 | - | - | ||||||||||||||||||
Merger & integration costs |
144 | - | - | - | 126 | 388 | ||||||||||||||||||
(Gain) loss on contingent consideration |
96 | (268 | ) | - | - | - | - | |||||||||||||||||
Other |
680 | 4,189 | (654 | ) | 222 | 961 | - | |||||||||||||||||
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Non-GAAP income (loss) from operations |
$ | 42,408 | $ | 35,502 | $ | 4,174 | $ | 2,732 | $ | (13,103 | ) | $ | (16,574 | ) | ||||||||||
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(1) Other includes corporate and other costs.
14
Sykes Enterprises, Incorporated
Reconciliation of Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
Exhibit 8
Nine Months Ended | ||||||||
September 30, | September 30, | |||||||
2017 | 2016 | |||||||
GAAP income from operations |
$ | 63,533 | $ | 63,343 | ||||
Adjustments: |
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Acquisition-related severance |
- | 162 | ||||||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
17,566 | 15,454 | ||||||
Merger & integration costs |
658 | 4,444 | ||||||
(Gain) loss on contingent consideration |
(605 | ) | (2,798 | ) | ||||
Other |
5,815 | - | ||||||
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Non-GAAP income from operations |
$ | 86,967 | $ | 80,605 | ||||
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Nine Months Ended | ||||||||
September 30, | September 30, | |||||||
2017 | 2016 | |||||||
GAAP net income |
$ | 49,252 | $ | 44,362 | ||||
Adjustments: |
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Acquisition-related severance |
- | 162 | ||||||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
17,566 | 15,454 | ||||||
Merger & integration costs |
658 | 4,444 | ||||||
(Gain) loss on contingent consideration |
(605 | ) | (2,798 | ) | ||||
Other |
5,658 | 719 | ||||||
Tax effect of the adjustments |
(8,494 | ) | (6,794 | ) | ||||
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Non-GAAP net income |
$ | 64,035 | $ | 55,549 | ||||
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Nine Months Ended | ||||||||
September 30, | September 30, | |||||||
2017 | 2016 | |||||||
GAAP net income, per diluted share |
$ | 1.17 | $ | 1.05 | ||||
Adjustments: |
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Acquisition-related severance |
- | - | ||||||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
0.42 | 0.37 | ||||||
Merger & integration costs |
0.02 | 0.11 | ||||||
(Gain) loss on contingent consideration |
(0.01 | ) | (0.07 | ) | ||||
Other |
0.13 | 0.02 | ||||||
Tax effect of the adjustments |
(0.20 | ) | (0.18 | ) | ||||
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Non-GAAP net income, per diluted share |
$ | 1.53 | $ | 1.30 | ||||
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15
Sykes Enterprises, Incorporated
Reconciliation of Non-GAAP Financial Information By Segment
(in thousands)
(Unaudited)
Exhibit 9
Americas | EMEA | Other (1) | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
GAAP income (loss) from operations |
$ | 99,918 | $ | 100,658 | $ | 12,266 | $ | 13,697 | $ | (48,651 | ) | $ | (51,012 | ) | ||||||||||
Adjustments: |
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Acquisition-related severance |
- | 162 | - | - | - | - | ||||||||||||||||||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
16,577 | 14,399 | 989 | 1,055 | - | - | ||||||||||||||||||
Merger & integration costs |
144 | 29 | - | - | 514 | 4,415 | ||||||||||||||||||
(Gain) loss on contingent consideration |
(605 | ) | (208 | ) | - | (2,590 | ) | - | - | |||||||||||||||
Other |
5,071 | - | (217 | ) | - | 961 | - | |||||||||||||||||
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Non-GAAP income (loss) from operations |
$ | 121,105 | $ | 115,040 | $ | 13,038 | $ | 12,162 | $ | (47,176) | $ | (46,597) | ||||||||||||
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(1) Other includes corporate and other costs.
16
Sykes Enterprises, Incorporated
Reconciliation of Non-GAAP Financial Information
(Unaudited)
Exhibit 10
Business Outlook | ||||
Fourth Quarter | ||||
2017 | ||||
GAAP net income, per diluted share |
$0.30 - $0.32 | |||
Adjustments: |
||||
Acquisition-related severance |
- | |||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
0.14 | |||
Merger & integration costs |
- | |||
(Gain) loss on contingent consideration |
- | |||
Other |
- | |||
Tax effect of the adjustments |
(0.05 | ) | ||
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Non-GAAP net income, per diluted share |
$0.39 - $0.41 | |||
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Business Outlook | ||||
Full Year | ||||
2017 | ||||
GAAP net income, per diluted share |
$1.46 - $1.49 | |||
Adjustments: |
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Acquisition-related severance |
- | |||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
0.56 | |||
Merger & integration costs |
0.02 | |||
(Gain) loss on contingent consideration |
(0.01 | ) | ||
Other |
0.14 | |||
Tax effect of the adjustments |
(0.26 | ) | ||
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Non-GAAP net income, per diluted share |
$1.91 - $1.94 | |||
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17
Sykes Enterprises, Incorporated
Reconciliation of Non-GAAP Financial Information
(Unaudited)
Exhibit 11
Three Months Ended | ||||
September 30, | September 30, | |||
2017 | 2016 | |||
GAAP tax rate |
11% | 27% | ||
Adjustments: |
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Acquisition-related severance |
0% | 0% | ||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
5% | 2% | ||
Merger & integration costs |
0% | 0% | ||
(Gain) loss on contingent consideration |
0% | 0% | ||
Other |
1% | 0% | ||
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Non-GAAP tax rate |
17% | 29% | ||
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Three Months Ended |
Year Ended | |||
December 31, | December 31, | |||
2017 | 2017 | |||
GAAP tax rate |
29% | 20% | ||
Adjustments: |
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Acquisition-related severance |
0% | 0% | ||
Acquisition-related depreciation and amortization of property and equipment and purchased intangibles |
2% | 4% | ||
Merger & integration costs |
0% | 0% | ||
(Gain) loss on contingent consideration |
0% | 0% | ||
Other |
0% | 1% | ||
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Non-GAAP tax rate |
31% | 25% | ||
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18
Sykes Enterprises, Incorporated
Reconciliation of Non-GAAP Financial Information By Segment
(in thousands)
(Unaudited)
Exhibit 12
Three Months
Ended September 30, 2017 vs. September 30, 2016 (2) | ||||||||||||||||
Americas | EMEA | Other (3) | Consolidated | |||||||||||||
GAAP revenue growth |
4.7% | 10.5% | -5.3% | 5.6% | ||||||||||||
Adjustments: |
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Foreign currency impact (1) |
0.0% | -2.8% | 0.0% | -0.4% | ||||||||||||
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Non-GAAP constant currency organic revenue growth |
4.7% | 7.7% | -5.3% | 5.2% |
Three Months Ended September 30, 2017 vs. June 30, 2017 (2) | ||||||||||||
Americas | EMEA | Other (3) | ||||||||||
GAAP revenue growth |
8.4% | 8.9% | -33.3% | |||||||||
Adjustments: |
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Foreign currency impact (1) |
-0.8% | -6.4% | 0.0% | |||||||||
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Non-GAAP constant currency organic revenue growth |
7.6% | 2.5% | -33.3% |
(1) Foreign exchange fluctuations are calculated on a constant currency basis by translating the current period reported amounts using the prior period foreign exchange rate for each underlying currency.
(2) Represents the period-over-period growth rate.
(3) Other includes corporate and other costs.
19