|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
|
|
84-1370538
|
(State or other jurisdiction of
|
|
(I.R.S. employer
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
8200 E. Maplewood Ave., Suite 100
|
|
|
Greenwood Village, Colorado
|
|
80111
|
(Address of principal executive offices)
|
|
(Zip code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value
|
SRT
|
New York Stock Exchange, Inc.
|
Large accelerated filer
o
|
|
Accelerated filer
x
|
Non-accelerated filer
o
|
|
Smaller reporting company
x
|
|
|
Emerging growth company
o
|
|
•
|
certain statements, including possible or assumed future results of operations, in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”;
|
•
|
any statements regarding the prospects for our business or any of our services;
|
•
|
any statements preceded by, followed by or that include the words “may,” “will,” “should,” “seeks,” “believes,” “expects,” “anticipates,” “intends,” “continue,” “estimate,” “plans,” “future,” “targets,” “predicts,” “budgeted,” “projections,” “outlooks,” “attempts,” “is scheduled,” or similar expressions; and
|
•
|
other statements regarding matters that are not historical facts.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Revenue
|
$
|
161,142
|
|
|
$
|
115,095
|
|
Cost of services
|
133,928
|
|
|
93,938
|
|
||
Gross profit
|
27,214
|
|
|
21,157
|
|
||
Selling, general and administrative expenses
|
24,079
|
|
|
14,405
|
|
||
Restructuring and other merger related cost
|
1,093
|
|
|
6,257
|
|
||
Operating income
|
2,042
|
|
|
495
|
|
||
Share of profit of affiliates
|
342
|
|
|
64
|
|
||
Interest expense, net
|
(4,465
|
)
|
|
(4,129
|
)
|
||
Exchange losses, net
|
(691
|
)
|
|
(1,278
|
)
|
||
Loss before income taxes
|
(2,772
|
)
|
|
(4,848
|
)
|
||
Income tax expense
|
385
|
|
|
332
|
|
||
Net loss
|
$
|
(3,157
|
)
|
|
$
|
(5,180
|
)
|
Net income attributable to non-controlling interests
|
189
|
|
|
972
|
|
||
Net loss attributable to Startek shareholders
|
(3,346
|
)
|
|
(6,152
|
)
|
||
|
|
|
|
||||
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Foreign currency translation adjustments
|
567
|
|
|
(961
|
)
|
||
Change in fair value of derivative instruments
|
(65
|
)
|
|
—
|
|
||
Pension amortization
|
176
|
|
|
(297
|
)
|
||
Comprehensive loss
|
$
|
(2,479
|
)
|
|
$
|
(6,438
|
)
|
Comprehensive income attributable to non-controlling interests
|
276
|
|
|
833
|
|
||
Comprehensive loss attributable to Startek shareholders
|
(2,755
|
)
|
|
(7,271
|
)
|
||
|
|
|
|
||||
|
|
|
|
||||
Net loss per common share - basic and diluted
|
$
|
(0.09
|
)
|
|
$
|
(0.30
|
)
|
Weighted average common shares outstanding - basic and diluted
|
37,522
|
|
|
20,600
|
|
|
As of March 31,
|
|
As of December 31,
|
||||
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
14,595
|
|
|
$
|
16,617
|
|
Restricted cash
|
11,093
|
|
|
7,952
|
|
||
Trade accounts receivable, net
|
102,548
|
|
|
107,836
|
|
||
Unbilled Revenue
|
50,499
|
|
|
42,135
|
|
||
Prepaid and other current assets
|
17,454
|
|
|
18,850
|
|
||
Total current assets
|
$
|
196,189
|
|
|
$
|
193,390
|
|
Property, plant and equipment, net
|
41,638
|
|
|
42,242
|
|
||
Right-of-use assets
|
76,983
|
|
|
—
|
|
||
Intangible assets, net
|
118,726
|
|
|
121,336
|
|
||
Goodwill
|
226,505
|
|
|
225,450
|
|
||
Investment in affiliates
|
2,440
|
|
|
2,097
|
|
||
Deferred tax assets, net
|
4,075
|
|
|
5,048
|
|
||
Prepaid expenses and other non-current assets
|
17,562
|
|
|
15,076
|
|
||
Total assets
|
$
|
684,118
|
|
|
$
|
604,639
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
26,757
|
|
|
$
|
26,886
|
|
Accrued expenses and other current liabilities
|
82,796
|
|
|
84,881
|
|
||
Short term debt
|
26,522
|
|
|
21,975
|
|
||
Current maturity of long term debt
|
12,600
|
|
|
9,800
|
|
||
Current maturity of operating lease liabilities
|
23,204
|
|
|
—
|
|
||
Current maturity of capital lease liabilities
|
1,394
|
|
|
1,816
|
|
||
Total current liabilities
|
$
|
173,273
|
|
|
$
|
145,358
|
|
Long term debt
|
149,582
|
|
|
152,100
|
|
||
Operating lease liabilities
|
55,016
|
|
|
—
|
|
||
Other non-current liabilities
|
14,286
|
|
|
11,907
|
|
||
Deferred tax liabilities, net
|
17,127
|
|
|
18,901
|
|
||
Total liabilities
|
$
|
409,284
|
|
|
$
|
328,266
|
|
Commitments and contingencies
|
—
|
|
|
—
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Common stock, 60,000,000 non-convertible shares, $0.01 par value, authorized; 37,561,744 and 37,446,323 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively
|
$
|
375
|
|
|
$
|
374
|
|
Additional paid-in capital
|
268,256
|
|
|
267,317
|
|
||
Accumulated other comprehensive loss
|
(4,955
|
)
|
|
(5,547
|
)
|
||
Accumulated deficit
|
(34,473
|
)
|
|
(31,127
|
)
|
||
Equity attributable to Startek shareholders
|
$
|
229,203
|
|
|
$
|
231,017
|
|
Non-controlling interest
|
45,631
|
|
|
45,356
|
|
||
Total stockholders’ equity
|
$
|
274,834
|
|
|
$
|
276,373
|
|
Total liabilities and stockholders’ equity
|
$
|
684,118
|
|
|
$
|
604,639
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating Activities
|
|
|
|
|
|
||
Net loss
|
$
|
(3,157
|
)
|
|
$
|
(5,180
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
7,304
|
|
|
6,025
|
|
||
Profit on sale of property, plant and equipment
|
(251
|
)
|
|
—
|
|
||
Provision for doubtful accounts
|
630
|
|
|
374
|
|
||
Share-based compensation expense
|
425
|
|
|
—
|
|
||
Deferred income taxes
|
(659
|
)
|
|
(918
|
)
|
||
Share of profit of affiliates
|
(342
|
)
|
|
(64
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Trade accounts receivable
|
4,384
|
|
|
4,992
|
|
||
Prepaid expenses and other assets
|
(8,789
|
)
|
|
8,801
|
|
||
Accounts payable
|
(79
|
)
|
|
1,486
|
|
||
Income taxes, net
|
(948
|
)
|
|
(1,735
|
)
|
||
Accrued and other liabilities
|
1,105
|
|
|
(10,023
|
)
|
||
Net cash (used in) provided by operating activities
|
$
|
(377
|
)
|
|
$
|
3,758
|
|
|
|
|
|
||||
Investing Activities
|
|
|
|
|
|
||
Purchases of property, plant and equipment
|
(3,495
|
)
|
|
(2,919
|
)
|
||
Distributions received from affiliates
|
—
|
|
|
22
|
|
||
Net cash used in investing activities
|
$
|
(3,495
|
)
|
|
$
|
(2,897
|
)
|
|
|
|
|
||||
Financing Activities
|
|
|
|
|
|
||
Proceeds from the issuance of common stock
|
515
|
|
|
—
|
|
||
Payments on long term debt
|
(1,400
|
)
|
|
—
|
|
||
Proceeds from other debts, net
|
6,102
|
|
|
488
|
|
||
Net cash provided by financing activities
|
$
|
5,217
|
|
|
$
|
488
|
|
Net (decrease) increase in cash and cash equivalents
|
1,345
|
|
|
1,349
|
|
||
Effect of exchange rate changes on cash and cash equivalents and restricted cash
|
(226
|
)
|
|
(31
|
)
|
||
Cash and cash equivalents and restricted cash at beginning of period
|
24,569
|
|
|
21,601
|
|
||
Cash and cash equivalents and restricted cash at end of period
|
$
|
25,688
|
|
|
$
|
22,919
|
|
|
|
|
|
||||
Components of cash and cash equivalents and restricted cash
|
|
|
|
||||
Balances with banks
|
14,595
|
|
|
17,693
|
|
||
Restricted cash
|
11,093
|
|
|
5,226
|
|
||
Total cash and cash equivalents and restricted cash
|
$
|
25,688
|
|
|
$
|
22,919
|
|
|
|
Common Stock
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive loss
|
|
Accumulated deficit
|
|
Equity attributable to Startek shareholders
|
|
Non-controlling interest
|
|
Total stockholders' equity
|
|||||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance, December 31, 2018
|
|
37,446,323
|
|
|
$
|
374
|
|
|
$
|
267,317
|
|
|
$
|
(5,547
|
)
|
|
$
|
(31,127
|
)
|
|
$
|
231,017
|
|
|
$
|
45,356
|
|
|
$
|
276,373
|
|
Common stock issued
|
|
115,421
|
|
|
1
|
|
|
514
|
|
|
—
|
|
|
—
|
|
|
515
|
|
|
—
|
|
|
515
|
|
|||||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
425
|
|
|
—
|
|
|
—
|
|
|
425
|
|
|
—
|
|
|
425
|
|
|||||||
Changes to other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
592
|
|
|
—
|
|
|
592
|
|
|
86
|
|
|
678
|
|
|||||||
Net (loss) income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,346
|
)
|
|
(3,346
|
)
|
|
189
|
|
|
(3,157
|
)
|
|||||||
Balance, March 31, 2019
|
|
37,561,744
|
|
|
$
|
375
|
|
|
$
|
268,256
|
|
|
$
|
(4,955
|
)
|
|
$
|
(34,473
|
)
|
|
$
|
229,203
|
|
|
$
|
45,631
|
|
|
$
|
274,834
|
|
Reporting Units
|
|
Amount
|
||
Aegis
|
|
162,168
|
|
|
StarTek
|
|
64,337
|
|
|
Ending balance, March 31, 2019
|
|
$
|
226,505
|
|
|
|
Amount
|
||
Opening balance, December 31, 2018
|
|
$
|
225,450
|
|
Measurement period adjustments
|
|
1,055
|
|
|
Ending balance, March 31, 2019
|
|
$
|
226,505
|
|
|
|
Gross Intangibles
|
|
Accumulated Amortization
|
|
Net Intangibles
|
|
Weighted Average Amortization Period (years)
|
||||||
Customer relationships
|
|
$
|
65,050
|
|
|
$
|
6,367
|
|
|
$
|
58,683
|
|
|
6.5
|
Brand
|
|
49,500
|
|
|
4,971
|
|
|
44,529
|
|
|
7.2
|
|||
Trademarks
|
|
14,410
|
|
|
670
|
|
|
13,740
|
|
|
7.6
|
|||
Other intangibles
|
|
2,100
|
|
|
326
|
|
|
1,774
|
|
|
4.9
|
|||
|
|
$
|
131,060
|
|
|
$
|
12,334
|
|
|
$
|
118,726
|
|
|
|
Years Ending December 31,
|
|
Amount
|
||
Remainder of 2019
|
|
$
|
7,816
|
|
2020
|
|
10,277
|
|
|
2021
|
|
10,277
|
|
|
2022
|
|
10,277
|
|
|
2023
|
|
10,236
|
|
|
Thereafter
|
|
69,843
|
|
•
|
The identification, operation, management and maintenance of facilities, IT equipment, and IT and telecommunications infrastructure
|
•
|
Management of the entire human resources function, including recruiting, hiring, training, supervising, evaluating, coaching, retaining, compensating, providing employee benefits programs, and disciplinary activities
|
•
|
ASC 606-10-50-14 exempts companies from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less
|
•
|
ASC 340-40-25-4 allows companies to to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less.
|
•
|
ASC 606-10-32-2A allows an entity to make an accounting policy election to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer (for example, sales, use, value added, and some excise taxes)
|
•
|
ASC 606-10-55-18 allows an entity that has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the entity may recognize revenue in the amount to which the entity has a right to invoice.
|
|
|
Three Months Ended March 31,
|
|||||
Vertical:
|
|
2019
|
2018
|
||||
Telecom
|
|
65,824
|
|
66,323
|
|
||
E-commerce & Consumer
|
|
24,344
|
|
8,113
|
|
||
Financial & Business Services
|
|
13,320
|
|
15,264
|
|
||
Media & Cable
|
|
21,757
|
|
3,317
|
|
||
Travel & Hospitality
|
|
16,514
|
|
13,641
|
|
||
Healthcare & Education
|
|
10,529
|
|
2,630
|
|
||
Energy, Power & utility
|
|
2,485
|
|
3,016
|
|
||
All other segments
|
|
6,369
|
|
2,791
|
|
||
Total
|
|
$
|
161,142
|
|
$
|
115,095
|
|
|
|
Three Months Ended March 31, 2019
|
Three Months Ended March 31, 2018
|
||
Anti-dilutive securities:
|
|
|
|
||
Stock options
|
|
2,782
|
|
—
|
|
|
Employee related
|
Facilities related
|
Total
|
||||||
Balance as of December 31, 2018
|
$
|
760
|
|
$
|
2,356
|
|
$
|
3,116
|
|
Accruals/(reversals)
|
1,362
|
|
(269
|
)
|
1,093
|
|
|||
Payments
|
(735
|
)
|
(614
|
)
|
(1,349
|
)
|
|||
Balance as of March 31, 2019
|
$
|
1,387
|
|
$
|
1,473
|
|
$
|
2,860
|
|
|
Local Currency Notional Amount
|
|
U.S. Dollar Notional Amount
|
|||
Canadian Dollar
|
1,600
|
|
|
$
|
1,254
|
|
Philippine Peso
|
2,736,000
|
|
|
51,642
|
|
|
|
|
|
$
|
52,896
|
|
Derivatives not designated under ASC 815
|
For the Three Months Ended March 31, 2019
|
||
Foreign currency forward contracts
|
$
|
26
|
|
Interest rate swap
|
$
|
228
|
|
|
As of March 31, 2019
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
$
|
—
|
|
|
$
|
1,311
|
|
|
$
|
—
|
|
|
$
|
1,311
|
|
Total fair value of assets measured on a recurring basis
|
$
|
—
|
|
|
$
|
1,311
|
|
|
$
|
—
|
|
|
$
|
1,311
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap
|
$
|
—
|
|
|
$
|
259
|
|
|
$
|
—
|
|
|
$
|
259
|
|
Foreign exchange contracts
|
$
|
—
|
|
|
$
|
292
|
|
|
$
|
—
|
|
|
$
|
292
|
|
Total fair value of liabilities measured on a recurring basis
|
$
|
—
|
|
|
$
|
551
|
|
|
$
|
—
|
|
|
$
|
551
|
|
|
As of December 31, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
$
|
—
|
|
|
$
|
1,388
|
|
|
$
|
—
|
|
|
$
|
1,388
|
|
Total fair value of assets measured on a recurring basis
|
$
|
—
|
|
|
$
|
1,388
|
|
|
$
|
—
|
|
|
$
|
1,388
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
Foreign exchange contracts
|
$
|
—
|
|
|
$
|
276
|
|
|
$
|
—
|
|
|
$
|
276
|
|
Total fair value of liabilities measured on a recurring basis
|
$
|
—
|
|
|
$
|
307
|
|
|
$
|
—
|
|
|
$
|
307
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Short term debt and current portion of long term debt
|
|
|
|
|
||||
Working capital facilities
|
|
$
|
26,522
|
|
|
$
|
21,975
|
|
Term loan
|
|
12,600
|
|
|
9,800
|
|
||
Capital lease obligations
|
|
1,394
|
|
|
1,816
|
|
||
Total
|
|
$
|
40,516
|
|
|
$
|
33,591
|
|
|
|
|
|
|
||||
Long term debt
|
|
|
|
|
||||
Term loan, net of debt issuance costs
|
|
$
|
116,631
|
|
|
$
|
120,462
|
|
Equipment loan
|
|
1,551
|
|
|
—
|
|
||
Secured revolving credit facility
|
|
31,215
|
|
|
31,152
|
|
||
Capital lease obligations
|
|
185
|
|
|
486
|
|
||
Total
|
|
$
|
149,582
|
|
|
$
|
152,100
|
|
Years
|
Amount
|
|
|
2019
|
8,400
|
|
|
2020
|
16,800
|
|
|
2021
|
21,000
|
|
|
2022
|
88,200
|
|
|
|
$
|
134,400
|
|
|
Foreign Currency Translation Adjustment
|
|
Derivatives Accounted for as Cash Flow Hedges
|
|
Defined Benefit Plan
|
|
Equity attributable to Startek shareholders
|
|
Non-controlling interests
|
|
Total
|
||||||||||||
Balance at December 31, 2018
|
$
|
(3,989
|
)
|
|
$
|
(15
|
)
|
|
$
|
(1,543
|
)
|
|
$
|
(5,547
|
)
|
|
$
|
(1,243
|
)
|
|
$
|
(6,790
|
)
|
Foreign currency translation
|
567
|
|
|
—
|
|
|
—
|
|
|
567
|
|
|
—
|
|
|
567
|
|
||||||
Unrealized losses
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
(65
|
)
|
||||||
Pension remeasurement
|
—
|
|
|
—
|
|
|
90
|
|
|
90
|
|
|
86
|
|
|
176
|
|
||||||
Balance at March 31, 2019
|
$
|
(3,422
|
)
|
|
$
|
(80
|
)
|
|
$
|
(1,453
|
)
|
|
$
|
(4,955
|
)
|
|
$
|
(1,157
|
)
|
|
$
|
(6,112
|
)
|
|
As on March 31, 2019
|
|
As on December 31, 2018
|
||||
Property, plant and equipment, net:
|
|
|
|
||||
India
|
12,442
|
|
|
13,287
|
|
||
Middle East
|
5,983
|
|
|
6,507
|
|
||
Malaysia
|
5,093
|
|
|
5,058
|
|
||
Argentina
|
1,277
|
|
|
1,341
|
|
||
United States
|
5,341
|
|
|
5,349
|
|
||
Australia
|
311
|
|
|
345
|
|
||
Philippines
|
2,376
|
|
|
2,835
|
|
||
Rest of World
|
8,815
|
|
|
7,520
|
|
||
Total
|
$
|
41,638
|
|
|
$
|
42,242
|
|
|
Three months ended March 31, 2019
|
||
|
|
||
Operating lease cost
|
$
|
7,540
|
|
|
|
||
Finance lease cost:
|
|
||
Amortization of right-of-use assets
|
484
|
|
|
Interest on lease liabilities
|
28
|
|
|
Total finance lease cost
|
$
|
512
|
|
|
Three months ended March 31, 2019
|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
Operating cash flows from operating leases
|
7,563
|
|
Operating cash flow from finance leases
|
28
|
|
Financing cash flows from finance leases
|
653
|
|
|
|
|
Right-of-use assets obtained in exchange for lease obligations:
|
|
|
Operating leases
|
76,983
|
|
Finance lease
|
—
|
|
|
As of March 31, 2019
|
||
Operating Leases
|
|
||
Operating lease right-of-use assets
|
$
|
76,983
|
|
Other current liabilities
|
23,204
|
|
|
Operating lease liabilities
|
55,016
|
|
|
Total operating lease liabilities
|
$
|
78,220
|
|
|
|
||
Finance Leases
|
|
||
Property and equipment, at cost
|
10,899
|
|
|
Accumulated depreciation
|
(8,679
|
)
|
|
Property and equipment, at net
|
$
|
2,220
|
|
Other current liabilities
|
1,394
|
|
|
Other long-term liabilities
|
184
|
|
|
Total finance lease liabilities
|
$
|
1,578
|
|
|
As of March 31, 2019
|
|
Weighted average remaining lease term
|
|
|
Operating leases
|
5 years
|
|
Finance leases
|
1 year
|
|
|
|
|
Weighted average discount rate
|
|
|
Operating leases
|
7.48
|
%
|
Finance leases
|
4.38
|
%
|
|
Operating leases
|
Finance leases
|
||||
Year ending December, 31
|
|
|
||||
Remaining of 2019
|
$
|
28,054
|
|
$
|
1,295
|
|
2020
|
20,525
|
|
312
|
|
||
2021
|
13,316
|
|
14
|
|
||
2022
|
10,132
|
|
—
|
|
||
2023
|
6,636
|
|
—
|
|
||
Thereafter
|
13,202
|
|
—
|
|
||
Total lease payments
|
$
|
91,865
|
|
$
|
1,621
|
|
Less imputed interest
|
(13,645
|
)
|
(43
|
)
|
||
Total
|
$
|
78,220
|
|
$
|
1,578
|
|
|
For Three Months Ended March 31, 2019
|
Pro Forma For Three Months Ended
March 31, 2018 |
||||
Revenues
|
$
|
161,142
|
|
$
|
184,209
|
|
Warrant Contra Revenue
|
—
|
|
(2,500
|
)
|
||
Net Revenue
|
161,142
|
|
181,709
|
|
|
For Three Months Ended
March 31, 2019 |
Pro Forma For Three Months Ended March 31, 2018
|
||||
Verticals:
|
|
|
||||
Telecom
|
$
|
65,824
|
|
$
|
96,862
|
|
E-commerce & Consumer
|
24,344
|
|
16,370
|
|
||
Financial & Business Services
|
13,320
|
|
17,078
|
|
||
Media & Cable
|
21,757
|
|
17,630
|
|
||
Travel & Hospitality
|
16,514
|
|
14,015
|
|
||
Healthcare & Education
|
10,529
|
|
8,489
|
|
||
Energy, Power & utility
|
2,485
|
|
3,225
|
|
||
All other segments
|
6,369
|
|
8,041
|
|
||
Total
|
$
|
161,142
|
|
$
|
181,709
|
|
|
Three Months Ended March 31,
|
As percentage of Revenue
|
||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||
Wages and benefits
|
$
|
100,865
|
|
$
|
71,230
|
|
62.6
|
%
|
61.9
|
%
|
Rent expense
|
7,798
|
|
4,399
|
|
4.8
|
%
|
3.8
|
%
|
||
Depreciation and amortization
|
5,430
|
|
5,521
|
|
3.4
|
%
|
4.8
|
%
|
||
Other
|
19,835
|
|
12,788
|
|
12.3
|
%
|
11.1
|
%
|
||
Total
|
$
|
133,928
|
|
$
|
93,938
|
|
83.1
|
%
|
81.6
|
%
|
1.
|
Election of Directors
|
Name
|
Number of Shares Voted For
|
Number of Shares Voted Against
|
Abstain
|
Aparup Sengupta
|
27,285,082
|
2,156,425
|
1,547
|
Sanjay Chakrabarty
|
27,306,748
|
2,134,766
|
1,540
|
Mukesh Sharda
|
27,285,082
|
2,156,425
|
1,547
|
Bharat Rao
|
27,909,237
|
1,532,270
|
1,547
|
Lance Rosenzweig
|
27,917,405
|
1,524,448
|
1,201
|
Albert Aboody
|
29,316,010
|
125,497
|
1,547
|
Julie Schoenfeld
|
29,313,302
|
128,544
|
1,208
|
Jerry Schafer
|
29,317,656
|
124,197
|
1,201
|
2.
|
Ratification of Appointment Independent Registered Public Accounting Firm
|
Number of Shares Voted For
|
Number of Shares Voted Against
|
Abstain
|
34,773,350
|
25,868
|
2,923
|
3.
|
Approval by Non-binding Vote, the Compensation of our Named Executive Officers
|
Number of Shares Voted For
|
Number of Shares Voted Against
|
Abstain
|
29,356,204
|
45,285
|
41,565
|
4.
|
Approval of the Amendment of our 2008 Equity Incentive Plan
|
Number of Shares Voted For
|
Number of Shares Voted Against
|
Abstain
|
29,290,434
|
104,527
|
48,093
|
5.
|
Approval of the Amendment of our Employee Stock Purchase Plan
|
Number of Shares Voted For
|
Number of Shares Voted Against
|
Abstain
|
29,371,691
|
23,157
|
48,206
|
Exhibit
|
|
|
|
Incorporated Herein by Reference
|
||||
No.
|
|
Exhibit Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
31.1*
|
|
|
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
|
|
|
101*
|
|
The following materials are formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended March 31, 2019 and 2018 (Unaudited), (ii) Consolidated Balance Sheets as of March 31, 2019 (Unaudited) and March 31, 2018, (iii) Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018 (Unaudited) and (iv) Notes to Consolidated Financial Statements
|
|
|
|
|
|
|
*
|
|
Filed with this Form 10-Q.
|
STARTEK, INC.
|
|
|
|
|
|
|
|
|
By:
|
/s/ Lance Rosenzweig
|
Date: May 9, 2019
|
|
Lance Rosenzweig
|
|
|
President and Global CEO
|
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
By:
|
/s/ Ramesh Kamath
|
Date: May 9, 2019
|
|
Ramesh Kamath
|
|
|
Chief Financial Officer
|
|
|
(principal financial and accounting officer)
|
|
|
|
Date: May 9, 2019
|
/s/ Lance Rosenzweig
|
|
Lance Rosenzweig
|
|
President and Global CEO
|
|
|
Date: May 9, 2019
|
/s/ Ramesh Kamath
|
|
Ramesh Kamath
|
|
Chief Financial Officer
|
|
|
Date: May 9, 2019
|
/s/ Lance Rosenzweig
|
|
Lance Rosenzweig
|
|
President and Chief Executive Officer
|
|
|
Date: May 9, 2019
|
/s/ Ramesh Kamath
|
|
Ramesh Kamath
|
|
Chief Financial Officer
|