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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended June 30, 2020

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from ____________ to ____________

 

Commission File No.          0-28274

 

 

 

Sykes Enterprises, Incorporated

 

(Exact name of Registrant as specified in its charter)

 

Florida

 

56-1383460

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

400 North Ashley Drive, Suite 2800, Tampa, FL     33602

(Address of principal executive offices)    (Zip Code)

 

Registrant’s telephone number, including area code:  (813) 274-1000

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value

 

SYKE

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

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.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No

 

As of July 16, 2020, there were 40,055,088 outstanding shares of common stock.

 

 

 


Sykes Enterprises, Incorporated and Subsidiaries

 

Form 10-Q

 

INDEX

 

PART I.  FINANCIAL INFORMATION

 

3

 

 

 

Item 1.

 

Financial Statements

 

3

 

 

Condensed Consolidated Balance Sheets – June 30, 2020 and December 31, 2019 (Unaudited)

 

3

 

 

Condensed Consolidated Statements of Operations – Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

 

4

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) – Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

 

5

 

 

Condensed Consolidated Statements of Changes in Shareholders’ Equity – Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

 

6

 

 

Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 2020 and 2019 (Unaudited)

 

7

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

8

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

39

Item 4.

 

Controls and Procedures

 

40

 

 

 

Part II.  OTHER INFORMATION

 

41

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

41

Item 1A.

 

Risk Factors

 

41

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

41

Item 3.

 

Defaults Upon Senior Securities

 

41

Item 4.

 

Mine Safety Disclosures

 

41

Item 5.

 

Other Information

 

42

Item 6.

 

Exhibits

 

42

 

 

SIGNATURE

 

43

 

 

 

2


 

PART I.  FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

Sykes Enterprises, Incorporated and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

 

(in thousands, except per share data)

June 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

129,050

 

 

$

127,246

 

Receivables, net of allowance of $4.2 million and $3.5 million, respectively

 

383,512

 

 

 

390,147

 

Prepaid expenses

 

20,891

 

 

 

20,868

 

Other current assets

 

18,626

 

 

 

20,525

 

Total current assets

 

552,079

 

 

 

558,786

 

Property and equipment, net

 

119,412

 

 

 

125,990

 

Operating lease right-of-use assets

 

188,676

 

 

 

205,112

 

Goodwill, net

 

306,712

 

 

 

311,247

 

Intangibles, net

 

148,573

 

 

 

158,420

 

Deferred charges and other assets

 

54,381

 

 

 

55,945

 

 

$

1,369,833

 

 

$

1,415,500

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

27,532

 

 

$

33,591

 

Accrued employee compensation and benefits

 

116,726

 

 

 

109,591

 

Income taxes payable

 

7,737

 

 

 

3,637

 

Deferred revenue and customer liabilities

 

24,294

 

 

 

26,621

 

Operating lease liabilities

 

54,948

 

 

 

50,863

 

Other accrued expenses and current liabilities

 

28,770

 

 

 

29,330

 

Total current liabilities

 

260,007

 

 

 

253,633

 

Long-term debt

 

49,000

 

 

 

73,000

 

Long-term income tax liabilities

 

20,469

 

 

 

22,286

 

Long-term operating lease liabilities

 

147,312

 

 

 

166,810

 

Other long-term liabilities

 

30,260

 

 

 

25,296

 

Total liabilities

 

507,048

 

 

 

541,025

 

 

 

 

 

 

 

 

 

Commitments and loss contingencies (Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

Preferred stock, $0.01 par value per share, 10,000 shares authorized;

   no shares issued and outstanding

 

 

 

 

 

Common stock, $0.01 par value per share, 200,000 shares authorized;

   40,055 and 41,549 shares issued, respectively

 

401

 

 

 

416

 

Additional paid-in capital

 

291,814

 

 

 

288,935

 

Retained earnings

 

634,943

 

 

 

634,668

 

Accumulated other comprehensive income (loss)

 

(61,680

)

 

 

(47,001

)

Treasury stock at cost: 133 and 128 shares, respectively

 

(2,693

)

 

 

(2,543

)

Total shareholders' equity

 

862,785

 

 

 

874,475

 

 

$

1,369,833

 

 

$

1,415,500

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

3


 

Sykes Enterprises, Incorporated and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands, except per share data)

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

$

416,833

 

 

$

389,006

 

 

$

827,999

 

 

$

791,931

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct salaries and related costs

 

268,433

 

 

 

252,161

 

 

 

535,378

 

 

 

513,889

 

General and administrative

 

102,664

 

 

 

104,282

 

 

 

205,911

 

 

 

208,962

 

Depreciation, net

 

12,630

 

 

 

13,052

 

 

 

25,091

 

 

 

26,949

 

Amortization of intangibles

 

4,093

 

 

 

4,127

 

 

 

8,212

 

 

 

8,413

 

Impairment of long-lived assets

 

1,800

 

 

 

129

 

 

 

1,800

 

 

 

1,711

 

Total operating expenses

 

389,620

 

 

 

373,751

 

 

 

776,392

 

 

 

759,924

 

Income from operations

 

27,213

 

 

 

15,255

 

 

 

51,607

 

 

 

32,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

165

 

 

 

192

 

 

 

428

 

 

 

377

 

Interest (expense)

 

(560

)

 

 

(1,179

)

 

 

(1,280

)

 

 

(2,357

)

Other income (expense), net

 

1,797

 

 

 

(533

)

 

 

(2,996

)

 

 

77

 

Total other income (expense), net

 

1,402

 

 

 

(1,520

)

 

 

(3,848

)

 

 

(1,903

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

28,615

 

 

 

13,735

 

 

 

47,759

 

 

 

30,104

 

Income taxes

 

6,385

 

 

 

2,466

 

 

 

11,611

 

 

 

7,148

 

Net income

$

22,230

 

 

$

11,269

 

 

$

36,148

 

 

$

22,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.55

 

 

$

0.27

 

 

$

0.89

 

 

$

0.55

 

Diluted

$

0.55

 

 

$

0.27

 

 

$

0.88

 

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

40,318

 

 

 

42,038

 

 

 

40,726

 

 

 

42,107

 

Diluted

 

40,380

 

 

 

42,094

 

 

 

40,857

 

 

 

42,200

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

4


 

Sykes Enterprises, Incorporated and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

$

22,230

 

 

$

11,269

 

 

$

36,148

 

 

$

22,956

 

Other comprehensive income (loss), net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

8,311

 

 

 

2,339

 

 

 

(13,039

)

 

 

3,701

 

Unrealized gain (loss) on cash flow hedging

   instruments, net of taxes

 

(253

)

 

 

2,828

 

 

 

(1,595

)

 

 

4,500

 

Unrealized actuarial gain (loss) related to pension

   liability, net of taxes

 

16

 

 

 

35

 

 

 

(1

)

 

 

20

 

Unrealized gain (loss) on postretirement obligation,

   net of taxes

 

(22

)

 

 

(5

)

 

 

(44

)

 

 

(10

)

Other comprehensive income (loss),

   net of taxes

 

8,052

 

 

 

5,197

 

 

 

(14,679

)

 

 

8,211

 

Comprehensive income (loss)

$

30,282

 

 

$

16,466

 

 

$

21,469

 

 

$

31,167

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

5


 

Sykes Enterprises, Incorporated and Subsidiaries

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

(in thousands)

Shares

Issued

 

 

Amount

 

 

Paid-in

Capital

 

 

Retained

Earnings

 

 

Comprehensive

Income (Loss)

 

 

Treasury

Stock

 

 

Total

 

Balance at December 31, 2019

 

41,549

 

 

$

416

 

 

$

288,935

 

 

$

634,668

 

 

$

(47,001

)

 

$

(2,543

)

 

$

874,475

 

Stock-based compensation expense

 

 

 

 

 

 

 

1,860

 

 

 

 

 

 

 

 

 

 

 

 

1,860

 

Issuance of common stock under equity

   award plans, net of forfeitures

 

(146

)

 

 

(2

)

 

 

69

 

 

 

 

 

 

 

 

 

(67

)

 

 

 

Shares repurchased for tax withholding on

   equity awards

 

(39

)

 

 

 

 

 

(1,009

)

 

 

 

 

 

 

 

 

 

 

 

(1,009

)

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,909

)

 

 

(22,909

)

Retirement of treasury stock

 

(860

)

 

 

(9

)

 

 

(26

)

 

 

(22,874

)

 

 

 

 

 

22,909

 

 

 

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

13,918

 

 

 

(22,731

)

 

 

 

 

 

(8,813

)

Balance at March 31, 2020

 

40,504

 

 

 

405

 

 

 

289,829

 

 

 

625,712

 

 

 

(69,732

)

 

 

(2,610

)

 

 

843,604

 

Stock-based compensation expense

 

 

 

 

 

 

 

2,042

 

 

 

 

 

 

 

 

 

 

 

 

2,042

 

Issuance of common stock under equity

   award plans, net of forfeitures

 

57

 

 

 

1

 

 

 

82

 

 

 

 

 

 

 

 

 

(83

)

 

 

 

Shares repurchased for tax withholding on

   equity awards

 

(6

)

 

 

 

 

 

(124

)

 

 

 

 

 

 

 

 

 

 

 

(124

)

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,019

)

 

 

(13,019

)

Retirement of treasury stock

 

(500

)

 

 

(5

)

 

 

(15

)

 

 

(12,999

)

 

 

 

 

 

13,019

 

 

 

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

22,230

 

 

 

8,052

 

 

 

 

 

 

30,282

 

Balance at June 30, 2020

 

40,055

 

 

$

401

 

 

$

291,814

 

 

$

634,943

 

 

$

(61,680

)

 

$

(2,693

)

 

$

862,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

(in thousands)

Shares

Issued