What TTEC Holdings, Inc. told the SEC could break it.

TTEC derives a substantial portion of revenue from few clients — its five and ten largest were 30.6% and 46.8% of 2025 revenue, with one automotive client over 10% — and the top five clients' contracts expire between 2026 and 2029, creating renewal/concentration risk.

“Our five and ten largest clients, collectively, represented 30.6% and 46.8% of our revenue in 2025, respectively, with one client representing over 10% of our revenue.”

TTEC's delivery model is heavily offshore — its offshore CX centers span 13 countries with 22,200 workstations representing 83% of its total, and ~36% of TTEC Engage revenue comes from outside the U.S. — concentrating operations in places like the Philippines, India and Mexico exposed to geopolitical and disaster risk.

“Our offshore customer experience centers spanning 13 countries serve clients based in the U.S. and in other countries with 22,200 workstations representing 83% of o”

Adverse changes in laws/regulations — including those governing TTEC's use of offshore resources, labor rules, data, immigration and tariffs (with China/Philippines, India/Pakistan and Canada/Mexico/South Africa tensions cited) — could slow growth or force changes to how it delivers services.

“Adverse changes in laws or regulations that impact our business may negatively affect the sale of our services, slow the growth of our operations, or mandate changes to how we deliver our services, including our ability to use and how we use offshore resources.”