TTEC Holdings, Inc. (formerly named TeleTech), is an American customer experience technology and services company with its primary place of business in Austin, Texas. Kenneth D. Tuchman is the founder, chairman and CEO.3Wikipedia text CC BY-SA 4.0
TTEC Holdings, Inc. (formerly named TeleTech), is an American customer experience technology and services company with its primary place of business in Austin, Texas.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$2.1B in 2025+30% since 2019Operating income1112131410-$117.1M in 2025Net income1112131410-$192.5M in 2025
Revenue1516$455.5M in Q2 FY2026−8% since Q1 FY2026Operating income1516$11.0M in Q2 FY2026−40% since Q1 FY2026Net income1516-$15.4M in Q2 FY2026+102% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue.
$2.1B
$2.2B
$2.5B
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization
$1.7B
$1.7B
$1.9B
Selling, General and Administrative Expense
$280.3M
$293.0M
$290.9M
Depreciation, Depletion and Amortization, Nonproduction
$89.8M
$98.0M
$101.3M
Restructuring Charges
$5.9M
$10.2M
$8.0M
Asset Impairment Charges
$207.4M
$244.1M
$11.7M
Total operating expenses
$2.3B
$2.4B
$2.3B
Income from operations
-$117.1M
-$173.5M
$118.0M
Investment Income, Interest
$9.4M
$2.7M
$5.2M
Interest expense
-$71.7M
-$84.3M
-$78.3M
Other income (expense), net
$9.2M
$18.6M
-$4.1M
Total other income (expense)
-$53.1M
-$63.0M
-$77.3M
Income before income taxes
-$170.2M
-$236.5M
$40.7M
Benefit from (provision for) income taxes
-$14.8M
-$74.1M
-$22.5M
Net income
-$185.1M
-$310.6M
$18.3M
Net income attributable to noncontrolling interest
-$7.4M
-$10.3M
-$9.8M
Net income (loss) attributable to TTEC stockholders
-$192.5M
-$321.0M
$8.4M
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax
$22.3M
-$30.8M
$30.8M
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax
$3.7M
-$11.9M
$8.4M
Derivative valuation, tax effect
-$2.2M
Other, net of tax
-$72.0K
$330.0K
-$391.0K
Total other comprehensive income (loss)
$26.0M
-$42.4M
$36.6M
Total comprehensive income (loss)
-$159.1M
-$353.0M
$54.9M
Less: Comprehensive income attributable to noncontrolling interest
-$8.2M
-$10.2M
-$9.5M
Comprehensive income (loss) attributable to TTEC stockholders
-$167.3M
-$363.2M
$45.4M
Weighted Average Number of Shares Outstanding, Basic
48.2M shares
47.6M shares
47.3M shares
Weighted Average Number of Shares Outstanding, Diluted
48.2M shares
47.6M shares
47.4M shares
Basic
-$3.99
-$6.74
$0.18
Diluted
-$3.99
-$6.74
$0.18
No quarter-by-quarter statement was filed.
Total assets1112131410$1.5B in 2025+9% since 2019Total liabilities171112131410$1.4B in 2025+55% since 2019Shareholders’ equity12131410$112.9M in 2025−74% since 2019Cash1112131410$82.9M in 2025+1% since 2019
Total assets1516$1.4B in Q2 FY2026−8% since Q1 FY2025Total liabilities1516$1.3B in Q2 FY2026−7% since Q1 FY2025Shareholders’ equity1516$90.8M in Q2 FY2026−20% since Q1 FY2025Cash1516$93.9M in Q2 FY2026+13% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and Cash Equivalents, at Carrying Value
$82.9M
$85.0M
$172.7M
Accounts Receivable, after Allowance for Credit Loss, Current
$455.8M
$452.6M
Prepaid Expense and Other Assets, Current
$124.0M
$92.9M
Income Taxes Receivable, Current
$10.6M
$21.8M
Total current assets
$673.4M
$652.3M
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
$111.8M
$132.1M
Operating lease assets
$86.1M
$91.3M
Goodwill
$368.7M
$571.2M
$809.0M
Deferred tax assets, net
$6.6M
$8.5M
Other intangible assets, net
$133.7M
$164.8M
Income Taxes Receivable, Noncurrent
$8.6M
$31.8M
Other long-term assets
$110.3M
$101.5M
Total long-term assets
$825.7M
$1.1B
Total assets
$1.5B
$1.8B
Accounts payable
$72.6M
$84.2M
Employee-related Liabilities, Current
$155.4M
$137.6M
Other accrued expenses
$19.7M
$22.6M
Accrued Income Taxes, Current
$12.0M
$3.0M
Deferred revenue
$58.8M
$64.8M
Current operating lease liabilities
$34.2M
$33.4M
Other Liabilities, Current
$3.3M
$8.4M
Total current liabilities
$356.0M
$353.9M
Long-Term Line of Credit, Noncurrent
$905.0M
$975.0M
Deferred tax liabilities, net
$1.2M
$17.5M
Accrued Income Taxes, Noncurrent
$0
$0
Non-current operating lease liabilities
$61.2M
$71.0M
Other long-term liabilities
$62.8M
$67.9M
Total long-term liabilities
$1.0B
$1.1B
Total liabilities
$1.4B
$1.5B
Preferred Stock, Value, Issued
$0
$0
Common Stock, Value, Outstanding
$486.0K
$477.0K
Additional Paid in Capital
$432.3M
$420.2M
Treasury stock at cost: 34,328,112 and 34,328,112 shares as of December 31, 2025 and December 31, 2024, respectively
-$584.9M
-$584.9M
Accumulated other comprehensive income (loss)
-$106.9M
-$132.1M
Retained Earnings (Accumulated Deficit)
$354.2M
$546.6M
Noncontrolling interest
$17.8M
$17.9M
Total stockholders' equity
$112.9M
$268.1M
$615.5M
$578.1M
Total liabilities and stockholders' equity and mezzanine equity
$1.5B
$1.8B
Accounts Receivable, Allowance for Credit Loss, Current
$4.9M
$5.2M
$2.2M
$3.5M
Preferred Stock, Par or Stated Value Per Share
$0.01
$0.01
Preferred Stock, Shares Authorized
10.0M shares
10.0M shares
Preferred Stock, Shares Outstanding
0 shares
0 shares
Common Stock, Par or Stated Value Per Share
$0.01
$0.01
Common Stock, Shares Authorized
150.0M shares
150.0M shares
Common Stock, Shares, Outstanding
48.6M shares
47.7M shares
Treasury stock, shares
34.3M shares
34.3M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and Cash Equivalents, at Carrying Value
$82.9M
$85.0M
$172.7M
Accounts Receivable, after Allowance for Credit Loss, Current
$455.8M
$452.6M
Prepaid Expense and Other Assets, Current
$124.0M
$92.9M
Income Taxes Receivable, Current
$10.6M
$21.8M
Total current assets
$673.4M
$652.3M
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
$111.8M
$132.1M
Operating lease assets
$86.1M
$91.3M
Goodwill
$368.7M
$571.2M
$809.0M
Deferred tax assets, net
$6.6M
$8.5M
Other intangible assets, net
$133.7M
$164.8M
Income Taxes Receivable, Noncurrent
$8.6M
$31.8M
Other long-term assets
$110.3M
$101.5M
Total long-term assets
$825.7M
$1.1B
Total assets
$1.5B
$1.8B
Accounts payable
$72.6M
$84.2M
Employee-related Liabilities, Current
$155.4M
$137.6M
Other accrued expenses
$19.7M
$22.6M
Accrued Income Taxes, Current
$12.0M
$3.0M
Deferred revenue
$58.8M
$64.8M
Current operating lease liabilities
$34.2M
$33.4M
Other Liabilities, Current
$3.3M
$8.4M
Total current liabilities
$356.0M
$353.9M
Long-Term Line of Credit, Noncurrent
$905.0M
$975.0M
Deferred tax liabilities, net
$1.2M
$17.5M
Accrued Income Taxes, Noncurrent
$0
$0
Non-current operating lease liabilities
$61.2M
$71.0M
Other long-term liabilities
$62.8M
$67.9M
Total long-term liabilities
$1.0B
$1.1B
Total liabilities
$1.4B
$1.5B
Preferred Stock, Value, Issued
$0
$0
Common Stock, Value, Outstanding
$486.0K
$477.0K
Additional Paid in Capital
$432.3M
$420.2M
Treasury stock at cost: 34,328,112 and 34,328,112 shares as of December 31, 2025 and December 31, 2024, respectively
-$584.9M
-$584.9M
Accumulated other comprehensive income (loss)
-$106.9M
-$132.1M
Retained Earnings (Accumulated Deficit)
$354.2M
$546.6M
Noncontrolling interest
$17.8M
$17.9M
Total stockholders' equity
$112.9M
$268.1M
$615.5M
$578.1M
Total liabilities and stockholders' equity and mezzanine equity
$1.5B
$1.8B
Accounts Receivable, Allowance for Credit Loss, Current
$4.9M
$5.2M
$2.2M
$3.5M
Preferred Stock, Par or Stated Value Per Share
$0.01
$0.01
Preferred Stock, Shares Authorized
10.0M shares
10.0M shares
Preferred Stock, Shares Outstanding
0 shares
0 shares
Common Stock, Par or Stated Value Per Share
$0.01
$0.01
Common Stock, Shares Authorized
150.0M shares
150.0M shares
Common Stock, Shares, Outstanding
48.6M shares
47.7M shares
Treasury stock, shares
34.3M shares
34.3M shares
Cash from operations1112131410$121.1M in 2025−49% since 2019Capital spending1112131410$38.1M in 2025−37% since 2019Free cash flow1112131410$83.0M in 2025−53% since 2019Dividends paid1112131410$0 in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
-$185.1M
-$310.6M
$18.3M
Depreciation, Depletion and Amortization, Nonproduction
$89.8M
$98.0M
$101.3M
Amortization of contract acquisition costs
$1.3M
$2.0M
$2.3M
Amortization of Debt Issuance Costs
$2.3M
$2.0M
$1.1M
Imputed interest expense and fair value adjustments to contingent consideration
$0
-$1.5M
$7.6M
Accounts Receivable, Credit Loss Expense (Reversal)
$980.0K
$3.6M
$2.0M
(Gain) loss on disposal of assets
$1.2M
-$13.3M
$2.2M
Asset Impairment Charges
$207.4M
$244.1M
$11.7M
Loss on dissolution of subsidiary
$517.0K
$0
$301.0K
Deferred Income Tax Expense (Benefit)
-$17.2M
$58.5M
-$7.5M
Excess tax benefit from equity-based awards
$2.2M
$4.4M
$1.7M
Share-Based Payment Arrangement, Noncash Expense
$13.4M
$18.7M
$22.1M
(Gain) loss on foreign currency derivatives
-$230.0K
$384.0K
-$3.0K
Accounts receivable
$1.6M
-$66.3M
$22.4M
Prepaids and other assets
$36.7M
-$17.1M
$8.6M
Increase (Decrease) in Accounts Payable and Accrued Liabilities
$25.1M
-$43.2M
$9.5M
Deferred revenue and other liabilities
-$58.9M
-$38.4M
-$58.7M
Net cash (used in) provided by operating activities
$121.1M
-$58.8M
$144.8M
Proceeds from Sale of Productive Assets
$4.5M
$45.6M
$261.0K
Purchases of property, plant and equipment
-$38.1M
-$45.2M
-$67.8M
Net cash used in investing activities
-$33.6M
$477.0K
-$67.6M
Proceeds from (Repayments of) Lines of Credit
-$70.0M
-$20.0M
$35.0M
Payments on other debt
-$2.3M
-$2.4M
-$2.3M
Payments of contingent consideration and hold back payments to acquisitions
$0
$0
-$37.7M
Dividends paid to shareholders
$0
-$2.8M
-$49.2M
Payments to noncontrolling interest
-$8.2M
-$9.2M
-$11.0M
Tax payments related to issuance of restricted stock units
-$1.3M
-$1.0M
-$3.0M
Payments of debt issuance costs
-$1.4M
-$2.8M
$0
Net cash (used in) provided by financing activities
-$83.3M
-$38.3M
-$68.2M
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-$6.2M
$7.7M
-$2.1M
Increase (decrease) in cash, cash equivalents and restricted cash
TTEC sits at the top of its group. 29 entities, 17 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
TTEC CX Solutions Malaysia SDN. BHD Subsidiary · Malaysia
TTEC CX Solutions Mexico, S.A. de C.V. Subsidiary · Mexico
TTEC Digital Analytics India LLP Subsidiary · India
TTEC Digital Canada, Inc. Subsidiary · Canada
TTEC Digital, LLC Subsidiary · Texas, United States
TTEC Eastern Europe EAD Subsidiary · Bulgaria
TTEC Egypt LLC Subsidiary · Egypt
TTEC Europe B.V. Subsidiary · Netherlands
TTEC Europe B.V. Spolka z Organiczona Odpowiedzialnoscia Oddzial w Polsce Subsidiary · Poland
TTEC Financial Services Management, LLC Subsidiary · Delaware, United States
TTEC Government Solutions, LLC Subsidiary · Colorado, United States
TTEC Healthcare Solutions, Inc. Subsidiary · Delaware, United States
TTEC INDIA CUSTOMER SOLUTIONS PRIVATE LIMITED Subsidiary · Ahmedabad, India
TTEC International Pty Ltd. Subsidiary · Australia
and 3 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What TTEC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our principal place of business is located in Austin, Texas. In addition to our customer engagement centers used by our TTEC Engage segment discussed below, we also maintain sales and consulting offices in several countries around the world which serve our TTEC Digital segment.
On November 5, 2024, TTEC, through its wholly owned subsidiary, TTEC Services Corporation, entered into a definitive agreement to sell and subsequently closed the sale of our headquarters building in Englewood, Colorado to Catholic Health Initiatives Colorado, a not-for-profit organization. On February 27, 2025, the Company announced that it is moving its principal place of business to Austin, Texas, and that given its decentralized operations and management, it is moving away from a traditional headquarter style of operations.
The rest of Item 2
As of December 31, 2025, we operated 54 customer engagement centers that are classified as follows:
● · Multi-Client Center — We lease space for these centers and serve multiple clients in each facility;
● · Dedicated Center — We lease space for these centers and dedicate the entire facility to one client; and
● · Managed Center — These facilities are leased or owned by our clients and we staff and manage these sites on behalf of our clients in accordance with facility management contracts.
As of December 31, 2025, our customer engagement centers were located in the following countries:
Total
Number of
Multi-Client · Dedicated · Managed · Delivery
Centers · Centers · Centers · Centers
Australia · — · — · 2 · 2
Brazil · 1 · — · — · 1
Bulgaria · 2 · — · — · 2
Colombia · 1 · — · 1 · 2
Egypt · 1 · — · — · 1
Germany · — · — · 1 · 1
Greece · 1 · — · — · 1
India · 3 · — · — · 3
Malaysia · 1 · — · — · 1
Mexico · 2 · — · — · 2
Philippines · 12 · — · — · 12
Poland · 1 · 1 · — · 2
South Africa · 1 · 1 · 1 · 3
Thailand · — · — · 1 · 1
United Kingdom · 1 · — · 3 · 4
United States of America · 6 · 8 · 2 · 16
Total · 33 · 10 · 11 · 54
The leases for our customer engagement centers have remaining terms ranging from one to eight years and generally contain renewal options. We believe that our existing customer engagement centers are suitable and adequate for our current operations, and we have plans to build additional centers to accommodate future business.
The company was founded in 1982 by Kenneth D. Tuchman under the name TeleTech Holdings, Inc. In 1986, the company moved to Sherman Oaks, California.
By 1995, it had added call centers in other states. In 1996, it completed its IPO.
International growth and recent development (since 1997)
After the completion of its IPO, global operations begin. In 1998, the company expanded to Scotland, Canada, Argentina and Brazil. Three years later, the expansion continued and centers were opened in the Philippines. In 2006, TeleTech acquired Direct Alliance.
In 2010, TeleTech acquired an 80 percent stake in the management consulting firm Peppers & Rogers Group. The same year, the company expanded into the Middle East. Four years later, it grew its presence in Europe by starting operations in Sofia, Bulgaria.
In 2024, the company sold its headquarters in Englewood, Colorado, designating Austin, Texas, as its new head office in 2025.
In 2026 the company decided to slash 401k retirement benefits for its employees and redirect those funds towards AI initiatives. The move was widely criticized by employees as cold and demoralizing.
TTEC is organized into two primary business segments: TTEC Digital and TTEC Engage.
In 2022, TTEC provided services in 21 countries: the United States of America, Australia, Belgium, Brazil, Bulgaria, Canada, Colombia, Costa Rica, Germany, Greece, India, Ireland, Mexico, the Netherlands, New Zealand, the Philippines, Poland, Singapore, South Africa, Thailand, and the United Kingdom.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
214 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 50 major events, 111 insider forms, 12 large holders, 21 other. The latest 20:
BlackRockSC 13G/A, 4 filings Feb 1, 2022 to Jul 8, 202490
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 83. Change is in shares since the quarter before.
Common stock of TTEC Holdings, Inc., $0.01 par value per share
TTEC
NASDAQ
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks TTEC names in Item 1A of its 10-K filed Feb 26, 2026: 46 risks under these headings, as written.19
Risks Related to Our Strategy and Our Financial Condition
Failure to successfully execute our business strategy could adversely affect our financial results
Our market is highly competitive, and we may not be able to compete effectively
Our clients' rapid adoption of Artificial Intelligence (AI) solutions could reduce demand for our services and adversely affect our business, results of operations, and financial condition if we cannot adapt and offer differentiated AI-enabled service offerings
Our leverage and debt service obligations, and the terms of our credit facility, may adversely affect our business and financial condition
We are subject to financial and operating restrictions built into our credit agreement.
If our client service demand, level of effort and capacity forecasts are not accurate, our ability to serve our clients profitably could be materially impacted
Our cost containment efforts may constrain investments necessary for growth and business opportunities, while failure to manage costs effectively could adversely impact our profitability and ability to service debt
The current outsourcing trend may not continue, and the prices that clients are willing to pay for the services may diminish, adversely affecting our business
We have incurred, and may in the future incur, impairments to goodwill, long-lived assets or strategic investments, which would impact our financial results of operations
We routinely consider strategic transactions and may enter into such transactions at any time; such transactions could negatively impact our business and create unanticipated risks
Risks Related to Our Business Operations and Our Industry
The other 36 risks
A large portion of TTEC Engage revenue is generated from approximately 150 clients, and the loss of one or more of these clients or a significant reduction in their business volumes with us could adversely affect our business
A large portion of TTEC Digital’s revenue is generated from technology partners whose continued partnership with us, risk sharing practices, and product reliability may adversely impact our business
As TTEC Digital clients transition from on premises information technology solutions to public cloud and SaaS services, our business may be impacted
Our public sector business represents unique risks that can negatively impact our results of operations
The trend of clients seeking to transfer to service providers growing risks related to cybersecurity, data privacy and emerging technologies could significantly impact our operations and profitability
Our remote service delivery model exposes us to identity verification, compliance, cybersecurity, and operational risks that could harm our business
If we cannot recruit and retain qualified employees to respond to client demands at the right price point, our business will be adversely affected
Employee misconduct may result in liability, reputational harm, and loss of business
Long sales cycles in certain parts of our business can lead to long lead times before we receive revenue
If we are unable to maintain a geographically diverse footprint, our profitability may be adversely affected
Our business can be disproportionately adversely impacted by events outside of our control that impact our clients, such as economic conditions, geopolitical tensions, and outbreaks of infectious diseases
The cost and availability of labor, telecommunication services, energy, and other operational necessities could adversely affect our results of operations
Contract terms typical in our industry can lead to volatility in our revenue and profitability
Risks Related to Our Use of Technology and Third-Party Services
A disruption to our information technology systems could adversely affect our business and reputation
Cyberattacks, cyber fraud, and unauthorized data access could harm us or our clients and result in liability, and could adversely affect our business and results of operations
Significant interruptions in communication and utility services provided to us by third-party vendors could adversely impact our business
Use of AI technology in our client offerings could result in liability and harm to our reputation and may adversely impact our results of operations
Use of AI in operations introduces risks that could materially affect our business and reputation
Our growing reliance on third parties for data, software, cloud and SaaS services could adversely impact our business
Risks Related to Legal and Regulatory Environment
Our financial results may be affected by changes in laws and regulations that impact our business and by our failure to comply with such requirements
Uncertainty and inconsistency in privacy and data protection laws relevant to our business, the high cost of compliance with such laws, and the failure to comply with related contractual obligations may impact our ability to deliver services profitably
Wage and hour, ADA, and ERISA fiduciary class action lawsuits can expose us to costly litigation and damage our reputation
Evolving and fragmented AI regulations may increase compliance costs, limit our offerings, and harm our reputation
Challenges in protecting our intellectual property and its infringement by others may adversely impact our ability to innovate and compete
Increases in income tax rates, changes in income tax laws, or disagreements with tax authorities could adversely affect our business.
Our inability to timely secure or maintain licensing required to perform certain of our regulated services may significantly impact our results of operations
If our transfer pricing arrangements are ineffective, our tax liability may increase
Risks Related to Our Operations Outside of the United States
We face special risks associated with international operations
Our delivery model involves geographic concentration outside of the United States, exposing us to significant operational risks
Risks Related to Ownership of Our Common Stock
The price and trading volumes of our common stock may fluctuate significantly due to many factors, some of which we cannot control
There can be no assurance that we will resume paying dividends or repurchasing our shares or the cadence or levels of these activities
The exclusive forum provision for dispute resolution in our bylaws could limit our stockholders’ ability to obtain a favorable judicial forum for their disputes
Delaware law and provisions in our certificate of incorporation and bylaws might discourage, delay or prevent a change in control of our Company, potentially depressing the price of our common stock
We may change our state of incorporation from Delaware to another jurisdiction, which could affect our stockholders' rights and the market perception of our common stock
Our Chairman and Chief Executive Officer holds majority voting control, and his interests may conflict with those of other stockholders
Our status as a “controlled company” could make our common stock less attractive to investors or otherwise harm our stock price
Legal proceedings
From time to time, the Company has been involved in legal actions, both as plaintiff and defendant, which arise in the ordinary course of business. The Company accrues for exposures associated with such legal actions to the extent that losses are deemed both probable and reasonably estimable. To the extent specific reserves have not been made for certain legal proceedings, their ultimate outcome, and consequently, an estimate of possible loss, if any, cannot reasonably be determined at this time.
Based on currently available information and advice received from counsel, the Company believes that the disposition or ultimate resolution of any current legal proceedings, except as otherwise specifically reserved for in its financial statements, will not have a material adverse effect on the Company’s financial position, cash flows or results of operations.
