Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 28, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001031029 | |
Entity Registrant Name | StarTek, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-12793 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1370538 | |
Entity Address, Address Line One | 4610 South Ulster Street | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 262-4500 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | SRT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,296,021 |
Consolidated Statement of Incom
Consolidated Statement of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 167,317 | $ 163,495 |
Warrant adjustment | 0 | (425) |
Net revenue | 167,317 | 163,070 |
Cost of services | (146,260) | (138,383) |
Gross profit | 21,057 | 24,687 |
Selling, general and administrative expenses | (15,881) | (14,171) |
Impairment losses and restructuring/exit cost | (1,407) | (1,898) |
Operating income | 3,769 | 8,618 |
Share of loss of equity-accounted investees | (8) | (14) |
Interest expense, net and other income | (974) | (13,769) |
Foreign exchange gains (losses), net | (408) | 212 |
Income (loss) before tax expense | 2,379 | (4,953) |
Tax expenses | (2,093) | (4,902) |
Net income (loss) | 286 | (9,855) |
Net income (loss) | ||
Net income attributable to noncontrolling interests | 1,529 | 2,300 |
Net loss attributable to Startek shareholders | $ (1,243) | $ (12,155) |
Basic net loss attributable to Startek shareholders (in dollars per share) | $ (0.03) | $ (0.30) |
Diluted net loss attributable to Startek shareholders (in dollars per share) | $ (0.03) | $ (0.30) |
Basic (in shares) | 40,338 | 40,592 |
Diluted (in shares) | 40,338 | 40,592 |
Consolidated Statement of Other
Consolidated Statement of Other Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income (loss) | $ 286 | $ (9,855) |
Net income attributable to noncontrolling interests | 1,529 | 2,300 |
Net loss attributable to Startek shareholders | (1,243) | (12,155) |
Other comprehensive income (loss), net of taxes: | ||
Foreign currency translation adjustments | 548 | (1,092) |
Change in fair value of derivative instruments | 0 | 8 |
Pension amortization | (1,137) | (384) |
Other comprehensive loss | (589) | (1,468) |
Other comprehensive loss attributable to non-controlling interests | (655) | (69) |
Other comprehensive income (loss) attributable to Startek shareholders | 66 | (1,399) |
Comprehensive income (loss) | ||
Comprehensive income attributable to non-controlling interests | 874 | 2,231 |
Comprehensive loss attributable to Startek shareholders | (1,177) | (13,554) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ (303) | $ (11,323) |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 43,302 | $ 47,940 |
Restricted cash | 8,946 | 7,456 |
Trade accounts receivables, net | 85,542 | 106,937 |
Unbilled revenue | 67,266 | 50,074 |
Prepaid and other current assets | 17,720 | 12,611 |
Total current assets | 222,776 | 225,018 |
Non-current assets | ||
Property, plant and equipment, net | 32,332 | 34,168 |
Operating lease right-of-use assets | 59,299 | 63,012 |
Intangible assets, net | 87,531 | 90,092 |
Goodwill | 183,397 | 183,397 |
Carrying amount of individually immaterial investment in equity-accounted investee | 31,680 | 31,688 |
Deferred tax assets, net | 4,731 | 3,664 |
Prepaid expenses and other non-current assets | 10,805 | 11,436 |
Total non-current assets | 409,775 | 417,457 |
Total assets | 632,551 | 642,475 |
Current liabilities | ||
Trade accounts payables | 8,169 | 11,916 |
Accrued expenses | 53,706 | 53,203 |
Short term debt | 3,535 | 3,611 |
Current maturity of long term loan | 10,216 | 6,241 |
Current maturity of operating lease liabilities | 24,052 | 24,393 |
Other current liabilities | 44,236 | 48,265 |
Total current liabilities | 143,914 | 147,629 |
Non-current liabilities | ||
Long term debt | 155,771 | 160,175 |
Operating lease liabilities - Non-current | 40,745 | 44,263 |
Other non-current liabilities | 21,563 | 19,562 |
Deferred tax liabilities, net | 18,244 | 17,526 |
Total non-current liabilities | 236,323 | 241,526 |
Total liabilities | 380,237 | 389,155 |
Stockholders’ equity: | ||
Common stock, 60,000,000 non-convertible shares, $0.01 par value, authorized; 40,953,221 and 40,893,396 shares issued as of March 31, 2022, and December 31, 2021, respectively | 410 | 409 |
Additional paid-in capital | 292,104 | 291,537 |
Accumulated deficit | (85,286) | (84,043) |
Treasury stock, 672,176 and 412,769 shares as of March 31, 2022, and December 31, 2021, respectively, at cost | (3,183) | (1,912) |
Accumulated other comprehensive loss | (10,621) | (10,687) |
Equity attributable to Startek shareholders | 193,424 | 195,304 |
Non-controlling interests | 58,890 | 58,016 |
Total stockholders’ equity | 252,314 | 253,320 |
Total liabilities and stockholders’ equity | $ 632,551 | $ 642,475 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 40,953,221 | 40,893,396 |
Treasury stock, shares (in shares) | 672,176 | 412,769 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Operating Activities | |||
Net income (loss) | $ 286 | $ (9,855) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 7,588 | 6,803 | |
Profit on sale of property, plant and equipment | (31) | (53) | |
Provision for doubtful accounts | (66) | 63 | |
Amortization of debt issuance costs (including loss on extinguishment of debt) | 146 | 11,241 | |
Amortisation of call option premium | 360 | 120 | |
Warrant contra revenue | 0 | 425 | |
Share-based compensation expense | 428 | 280 | |
Deferred income taxes | (306) | 558 | |
Share of loss of equity-accounted investees | 8 | 14 | |
Changes in operating assets and liabilities: | |||
Trade accounts receivables | 21,603 | 12,848 | |
Prepaid expenses and other assets | (21,398) | (5,964) | |
Trade accounts payables | (3,717) | (5,447) | |
Income taxes, net | 130 | 2,727 | |
Accrued expenses and other liabilities | (4,467) | 4,908 | |
Net cash generated from operating activities | 564 | 18,668 | |
Investing Activities | |||
Purchase of property, plant and equipment | (1,902) | (2,922) | |
Investment in equity-accounted investees | 0 | (25,000) | |
Payments for call option premium | 0 | (3,000) | |
Net cash used in investing activities | (1,902) | (30,922) | |
Financing Activities | |||
Proceeds from the issuance of common stock | 140 | 1,244 | |
Proceeds from long term debt (net of debt issuance cost paid to lenders) | 0 | 156,525 | |
Payments on long term debt | 0 | (117,600) | |
Payments for loan fees related to long term debt | 0 | (2,794) | |
(Payments on) proceeds from other borrowings, net | (643) | (10,609) | |
Common stock repurchase | (1,271) | 0 | |
Net cash generated from/ (used in) financing activities | (1,774) | 26,766 | |
Net increase (decarese) in cash and cash equivalents | (3,112) | 14,512 | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (36) | (425) | |
Cash and cash equivalents and restricted cash at beginning of period | 55,396 | 50,559 | $ 50,559 |
Cash and cash equivalents and restricted cash at end of period | 52,248 | 64,646 | 55,396 |
Components of cash and cash equivalents and restricted cash | |||
Balance with banks | 43,302 | 57,665 | $ 47,940 |
Restricted cash | 8,946 | 6,981 | |
Total cash and cash equivalents and restricted cash | 52,248 | 64,646 | |
Non-cash warrant contra revenue | 0 | 425 | |
Non-cash share-based compensation expenses | 428 | 280 | |
Supplemental disclosure of cash flow information | |||
Cash paid for interest and other finance costs | 2,131 | 14,443 | |
Cash paid for income taxes | $ 2,170 | $ 1,652 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 40,453,462 | 0 | ||||||||
Balance at Dec. 31, 2020 | $ 405 | $ 0 | $ 288,700 | $ (85,543) | $ (4,529) | $ (8) | $ (2,749) | $ 196,276 | $ 50,606 | $ 246,882 |
Issuance of common stock (in shares) | 328,342 | 0 | ||||||||
Issuance of common stock | $ 3 | $ 0 | 1,241 | 0 | 0 | 0 | 0 | 1,244 | 0 | 1,244 |
Share-based compensation expenses | 0 | 0 | 280 | 0 | 0 | 0 | 0 | 280 | 0 | 280 |
Net income (loss) | 0 | 0 | 0 | (12,155) | 0 | 0 | 0 | (12,155) | 2,300 | (9,855) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (1,092) | 8 | (315) | (1,399) | (69) | (1,468) |
Warrant expenses | $ 0 | $ 0 | 425 | 0 | 0 | 0 | 0 | 425 | 0 | 425 |
Balance (in shares) at Mar. 31, 2021 | 40,781,804 | 0 | ||||||||
Balance at Mar. 31, 2021 | $ 408 | $ 0 | 290,646 | (97,698) | (5,621) | 0 | (3,064) | 184,671 | 52,837 | 237,508 |
Balance (in shares) at Dec. 31, 2020 | 40,453,462 | 0 | ||||||||
Balance at Dec. 31, 2020 | $ 405 | $ 0 | 288,700 | (85,543) | (4,529) | (8) | (2,749) | 196,276 | 50,606 | 246,882 |
Balance (in shares) at Dec. 31, 2021 | 40,893,396 | 412,769 | ||||||||
Balance at Dec. 31, 2021 | $ 409 | $ (1,912) | 291,537 | (84,043) | (6,816) | 0 | (3,871) | 195,304 | 58,016 | 253,320 |
Issuance of common stock (in shares) | 59,825 | 0 | ||||||||
Issuance of common stock | $ 1 | $ 0 | 139 | 0 | 0 | 0 | 0 | 140 | 0 | 140 |
Share-based compensation expenses | 0 | 0 | 428 | 0 | 0 | 0 | 0 | 428 | 0 | 428 |
Net income (loss) | 0 | 0 | 0 | (1,243) | 0 | 0 | 0 | (1,243) | 1,529 | 286 |
Other comprehensive income (loss) | $ 0 | $ 0 | 0 | 0 | 548 | 0 | (482) | 66 | (655) | $ (589) |
Total Number of Shares Purchased (in shares) | 0 | 259,407 | 259,407 | |||||||
Repurchase of common stock | $ 0 | $ (1,271) | 0 | 0 | 0 | 0 | 0 | (1,271) | 0 | $ (1,271) |
Balance (in shares) at Mar. 31, 2022 | 40,953,221 | 672,176 | ||||||||
Balance at Mar. 31, 2022 | $ 410 | $ (3,183) | $ 292,104 | $ (85,286) | $ (6,268) | $ 0 | $ (4,353) | $ 193,424 | $ 58,890 | $ 252,314 |
Note 1 - Overview and Basis of
Note 1 - Overview and Basis of Preparation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Unless otherwise noted in this report, any description of "us," "we," or "our," refers to Startek, Inc. and its subsidiaries (the "Company"). Financial information in this report is presented in U.S. dollars. Business Startek is a leading global provider of technology-enabled business process management solutions. The Company provides omni-channel customer experience, digital transformation, and technology services to some of the finest brands globally. Startek is committed to impacting clients’ business outcomes by focusing on enhancing customer experience and digital enablement across all touchpoints and channels. Startek has more than 43,000 38 13 190 The Company offers a repository of digital and omnichannel solutions based on decades of experience in driving growth by putting the customer at the center of our business. Because no one Basis of preparation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and instructions to Form 10 10 X. not These consolidated financial statements reflect all adjustments (consisting only of normal recurring entries, except as noted) which, in the opinion of management, are necessary for fair presentation. The results of operations for interim periods are not The consolidated financial statements include the accounts of Startek, Inc and its all subsidiaries over which the Company exerts control. When the Company does not 100%, As of December 31, 2021, not 10 10 December 31, 2021 The figures for the corresponding previous year have been regrouped/reclassified wherever necessary, to make them comparable. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangibles, impairment of goodwill, valuation allowances for deferred tax assets, leases, provision for doubtful debts and restructuring costs. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s consolidated financial statements. Revenue The Company utilizes a five 606, 4 Leases We determine if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current maturity of operating lease liabilities, and operating lease liabilities in our consolidated balance sheet. Finance leases are included in property plant and equipment, long-term debt, accrued expenses, and other current liabilities in our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the balance lease term. As most of our leases do not may ASC 842 360 The Company elected the practical expedient permitted under the transition guidance under Topic 842, not 12 not not not 13, We have lease agreements with lease and non-lease components, which are generally accounted for separately. Goodwill and Intangible Assets Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not December 31, not not not 3 Foreign Currency Matters The Company has operations in Argentina and its functional currency has historically been the Argentine Peso. The Company monitors inflation rates in countries where it operates as required by U.S. GAAP. Under ASC 830 10 45 12, three 100%. July 1, 2018. 830, not Investment in equity-accounted investees Investment in equity accounted investee is an entity over which the Company has significant influence and which is neither a subsidiary nor a joint arrangement. Significant influence is the power to participate in financial and operating policy decisions of the investee but is not Investment in equity accounted investees are accounted for using equity method of accounting. Under the equity method, the investment in equity accounted investee is initially recognized at cost and adjusted thereafter for the post acquisition changes in the Company’s share of net assets of the equity accounted investees. Goodwill relating to investment in equity accounted investees, if any, is included in the carrying amount of the investment and is neither amortized nor individually tested for impairment. In case of Limited Partnerships Investments, there is a specific SEC staff guidance which is included in ASC 323 30 S99 1 970 323 25 6. may no 14, Stock-Based Compensation We recognize expenses related to all share-based payments to employees, including grants of employee stock options, based on the grant-date fair values amortized straight-line over the period during which the employees are required to provide services in exchange for the equity instruments. We include an estimate of forfeitures when calculating compensation expenses. We use the Black-Scholes method for valuing stock-based awards. See Note 10, Common Stock Warrant Accounting We account for common stock warrants as equity instruments, based on the specific terms of our warrant agreement. For more information refer to Note 10, Consolidated Cash Flow Statement The Company has aligned the cash flow for comparable period for rectifications made in the previous year to presentation of certain transactions arising from the debt re-financing and payment of call option premium. In Q2 2021 Q1 2021. Q4 2021, The effect of both the above reclassifications is an increase in cash flows from operating activities by $11.5 million and a corresponding decline in cash flows from investing activities and in cash flows from financing activities by $3 million and $8.5 million, respectively. The Company has evaluated and concluded that the above corrections were not not December 31, 2021. not Restructuring Charges On an ongoing basis, management assesses the profitability and utilization of our facilities and in some cases, management has chosen to close facilities. Severance payments that occur from reductions in the workforce are in accordance with our post-employment policy and/or statutory requirements that are communicated to all employees; therefore, severance liabilities are recognized when termination of employment is communicated to the employee(s). Other liabilities for costs associated with an exit or disposal activity are recognized when the liability is incurred, instead of upon commitment to an exit plan. A significant assumption used in determining the amount of the estimated liability for closing a facility is the estimated liability for future lease payments on vacant facilities. We determine our estimate of sublease payments based on our ability to successfully negotiate early termination agreements with landlords, a third may 6, Reserves/Contingencies for Litigation and Other Matters We are involved in few claims and legal actions, such as wage and hour, wrongful termination, and other employment-related claims, that arise in the ordinary course of business, some of which may not not one Recent Accounting Pronouncements In June 2016, 2016 13, 326 2016 13" December 15, 2022, In March 2020, No. 2020 04, not not December 31, 2022. not In November 2021, 2021 10, 832 December 15, 2021 2021 10 10 2022. |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill The carrying value of goodwill is allocated to reporting units as follows: Reporting Units March 31, 2022 December 31, 2021 Americas 64,315 64,315 India 12,554 12,554 Malaysia 47,543 47,543 Saudi Arabia 54,840 54,840 Australia 4,145 4,145 Total $ 183,397 $ 183,397 We perform a goodwill impairment analysis at least annually (in the fourth five may As of March 31, 2022 December 31, 2021, The following table presents the changes in goodwill during the three March 31, 2022 December 31, 2021: March 31, 2022 December 31, 2021 Opening balance 183,397 183,397 Impairment - - Ending balance $ 183,397 $ 183,397 Intangible Assets The following table presents our intangible assets: As of March 31, 2022 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships 66,220 23,273 42,947 6.5 Brand 49,500 15,978 33,522 7.1 Trademarks 13,210 3,256 9,954 7.5 Other intangibles 2,130 1,022 1,108 4.9 $ 131,060 $ 43,529 $ 87,531 As of December 31, 2021 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships 66,220 21,887 44,333 6.5 Brand 49,500 15,074 34,426 7.1 Trademarks 13,210 3,036 10,174 7.5 Other intangibles 2,130 971 1,159 4.9 $ 131,060 $ 40,968 $ 90,092 As of March 31, 2022, Expected future amortization of intangible as of March 31, 2022 Years ending December 31, Amount Remainder of 2022 7,762 2023 10,306 2024 10,252 2025 10,252 2026 9,490 Thereafter 39,469 |
Note 4 - Revenue
Note 4 - Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. The Company follows a five 606, Contracts with Customers All of the Company's revenues are derived generally from written contracts with our customers. Our contracts document our customers' agreement to utilize our services and the relevant terms and conditions under which our services will be provided. Our contracts generally do not may ninety Our contracts give us the right to bill for services rendered during the period, which for most of our customers is a calendar month, with a few customers specifying a fiscal month. Our payment terms vary by client and generally range from due upon receipt to 60 90 Performance Obligations We have identified one Our stand-ready obligation involves outsourcing of the entire customer care life cycle, including: • 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 These activities are all considered an integral part of the production activities required in the service of standing ready to accept calls as and when they are directed to us by our clients. Revenue Recognition Methods Because our customers receive and consume the benefit of our services as they are performed and we have the contractual right to invoice for services performed to date, we have concluded that our performance obligation is satisfied over time. Accordingly, we recognize revenue for our services in the month they are performed. We are entitled to invoice for our services on a monthly basis. We invoice according to the hourly and/or per-transaction rates stated in each contract for the various activities we perform. Some contracts include opportunities to earn bonuses or include parameters under which we will incur penalties related to performance in any given month. Bonus or penalty amounts are based on the current month’s performance. Formulas are included in the contracts for the calculation of any bonus or penalty. There is no not Practical expedients and exemptions Because the Company’s contracts are essentially month-to-month, we have elected the following practical expedients: • ASC 606 10 50 14 one • ASC 340 40 25 4 one • ASC 606 10 32 2A • ASC 606 10 55 18 may Disaggregated Revenue Revenues by our clients' industry verticals for the three March 31, 2022 2021 Three Months Ended March 31, Vertical: 2022 2021 Telecom 56,051 51,674 E-commerce & Consumer 20,526 26,102 Media & Cable 16,942 25,794 Financial & Business Services 16,695 15,450 Travel & Hospitality 13,515 10,497 Healthcare & Education 11,463 17,687 Technology, IT & Related Services 5,345 5,081 Other verticals 26,780 11,210 Gross revenue 167,317 163,495 Less: Warrant contra revenue - (425 ) Net revenue $ 167,317 $ 163,070 |
Note 5 - Net Income (Loss) Per
Note 5 - Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Basic earnings per common share are computed based on our weighted average number of common shares outstanding. Diluted earnings per share are computed based on our weighted average number of common shares outstanding plus the effect of dilutive stock options, non-vested restricted stock, and deferred stock units, using the treasury stock method. When a net loss is reported, potentially issuable common shares are excluded from the computation of diluted earnings per share as their effect would be anti-dilutive. For three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Shares used in basic earnings per share calculation 40,338 40,592 Effect of dilutive securities: Stock options - - Restricted stock/Deferred stock units - - Total effects of dilutive securities - - Shares used in dilutive earnings per share calculation 40,338 40,592 The Company always maintained Startek's 2008 10, Three Months Ended March 31, 2022 2021 Anti-dilutive securities: Stock options 3,030 2,099 |
Note 6 - Impairment Losses & Re
Note 6 - Impairment Losses & Restructuring/Exit Cost | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 6. Impairment Loss As of March 31, 2022, Restructuring / Exit Cost The table below summarizes the balance of accrued restructuring cost, voluntary/involuntary termination costs, and other exit-related costs, which are included in other accrued liabilities in our consolidated balance sheet. The changes during the three March 31, 2022 December 31, 2021 Employee related Facilities related Total Balance as of December 31, 2021 480 155 635 Accruals/(reversals) 1,232 175 1,407 Payments (1,160 ) (266 ) (1,426 ) Balance as of March 31, 2022 $ 552 $ 64 $ 616 Employee related Facilities related Total Balance at December 31, 2020 - 25 25 Accruals/(reversals) 3,519 193 3,712 Payments (3,039 ) (63 ) (3,102 ) Balance at December 31, 2021 $ 480 $ 155 $ 635 Employee related In 2022, fourth 2022. Facility related In 2022, second 2022. |
Note 7 - Derivative Instruments
Note 7 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Cash flow hedges Our locations in Canada and the Philippines primarily serve US-based clients. The revenues from these clients are billed and collected in US Dollars, but the expenses related to these revenues are paid in Canadian Dollars and Philippine Pesos. We had entered into derivative contracts, in the form of forward contracts and range forward contracts (a transaction where both a call option is purchased and a put option is sold) to mitigate this foreign currency exchange risk. The contracts covered periods commensurate with expected exposure, generally three twelve As of March 31,2022 2021, no Gain (Loss) Recognized in AOCI, net of tax Gain (Loss) Recognized in AOCI, net of tax Gain (loss) reclassified from AOCI into Income Gain (loss) reclassified from AOCI into Income Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Cash flow hedges: Foreign exchange contracts $ - $ - $ - $ 8 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy requires that the Company maximize the use of observable inputs and minimize the use of unobservable inputs. The levels of the fair value hierarchy are described below: Level 1 Level 2 not Level 3 Derivative Instruments The values of our derivative instruments are derived from pricing models using inputs based upon market information, including contractual terms, market prices, and yield curves. The inputs to the valuation pricing models are observable in the market, and as such the derivatives are classified as Level 2 As of March 31, 2022 December 31, 2021, no |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. The below table presents details of the Company's debt: March 31, 2022 December 31, 2021 Short term debt Working capital facilities 3,535 3,611 Current portion of long term debt Current maturity of long term loan 8,250 4,125 Current maturity of equipment loan 1,667 1,682 Current maturity of finance lease obligations 299 434 Total $ 13,751 9,852 Long term debt Term loan, net of debt issuance costs 154,564 $ 158,543 Equipment loan 1,207 1,632 Total $ 155,771 $ 160,175 Working capital facilities The Company has a number of working capital facilities in various countries in which it operates. These facilities provide for a combined borrowing capacity of approximately $30 million for a number of working capital products. These facilities bear interest at benchmark rate plus margins between 3.0% and 4.5% and are due on demand. These facilities are collateralized by various Company assets and have a total outstanding balance of $3.5 million as of March 31, 2022. Term loan On February 18, 2021, The term loan facility amortizes 2.5% on the date that is 21, 24 27, 30, 33, 36 39, 42, 45, 48 51 54 57 On February 22, 2021, October 27, 2017. Principal payments due on the term loan are as follows: Years Amount Remainder of 2022 4,125 2023 22,688 2024 30,937 2025 57,750 2026 49,500 Total $ 165,000 The Term loan has a floating interest rate of USD LIBOR plus 4.5% annually for the first In 2021, 470, third March 31, 2022, The Term loan is subject to certain covenants, whereby the Company is required to meet certain financial ratios and obligations on a quarterly basis. As of March 31, 2022, Following table presents the changes in debt issuance cost during the three March 31, 2022 December 31, 2022 March 31, 2022 December 31, 2021 Opening balance 2,332 2,670 Add: Debt issuance cost (refinancing of term loan) - 11,269 Less: Expensed out (ASC 470 - extinguishment or modification) - (10,937 ) Less: Amortization of debt issuance cost (146 ) (670 ) Closing balance 2,186 2,332 Non-recourse factoring We have entered into factoring agreements with financial institutions to sell certain of our accounts receivable under non-recourse agreements. Under the arrangement, the Company sells the trade receivables on a non-recourse basis and accounts for the transactions as sales of receivables. The applicable receivables are removed from the Company's consolidated balance sheet when the Company receives the cash proceeds. We do not March 31, 2022 December 31, 2021, BMO Equipment Loan On December 27, 2018, January 2019. March 31, 2022 Equipment Loan On November 2, 2020, first March 31, 2022 Finance lease obligations From time to time and when management believes it to be advantageous, we may |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. Amazon Warrant On January 23, 2018, no 2021 not not 606. Share-based compensation Our share-based compensation arrangements include grants of stock options, restricted stock units and deferred stock units under the Startek, Inc. 2008 three March 31, 2022, March 31, 2022, |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Accumulated other comprehensive loss consists of the following items: Foreign Currency Translation Adjustment Defined Benefit Plan Equity attributable to Startek shareholders Non-controlling interests Total Balance at December 31, 2021 (6,816 ) (3,871 ) (10,687 ) (3,887 ) (14,574 ) Foreign currency translation 548 - 548 - 548 Reclassification to operations - - - - - Pension remeasurement - (482 ) (482 ) (655 ) (1,137 ) Balance at March 31, 2022 $ (6,268 ) $ (4,353 ) $ (10,621 ) $ (4,542 ) $ (15,163 ) |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. The Company provides business process outsourcing services (“BPO”) to clients in various industries and geographical locations. Our approach is focused on providing our clients with the best possible combination of services and delivery locations to meet our clients' needs in the best and most efficient manner. Our Global Chief Executive Officer (CEO) who has been identified as the Chief Operating Decision Maker ("CODM"), reviews financial information mainly on a geographical basis. Our operating business model is focused on the geographies in which we operate. Our CODM reviews the performance and makes resource allocation geography-wise, hence the geographical level represents the operating segments of Startek Inc. We report our results of operations in six reportable segments, as follows: Three Months Ended March 31, 2022 2021 Revenue: Americas 45,415 63,925 India & Sri Lanka 27,961 21,482 Malaysia 11,280 14,965 Middle East 58,687 43,240 Argentina & Peru 8,305 8,159 Rest of World 15,669 11,299 Total $ 167,317 $ 163,070 Three Months Ended March 31, 2022 2021 Operating income (loss): Americas (2,319 ) 1,895 India & Sri Lanka 3,467 (1,228 ) Malaysia 2,026 4,414 Middle East 4,300 5,741 Argentina & Peru (2,320 ) (43 ) Rest of World 1,676 399 Segment operating income 6,830 11,178 Startek consolidation adjustments Private offer transaction cost (500 ) - Intangible amortization (2,561 ) (2,560 ) Total operating income $ 3,769 $ 8,618 A single client accounted for 18% and 19% of the consolidated total net revenue during the three March 31, 2022 2021, Property, plant and equipment, net by geography based on the location of the assets are presented below: As of As of March 31, 2022 December 31, 2021 Property, plant and equipment, net: Americas 10,275 11,335 India & Sri Lanka 9,132 8,712 Malaysia 2,799 2,818 Middle East 6,246 7,461 Argentina & Peru 1,292 1,453 Rest of World 2,588 2,389 Total $ 32,332 $ 34,168 |
Note 13 - Leases
Note 13 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 13. We have operating and finance leases for service centers, corporate offices, and certain equipment. Our leases have remaining lease terms of 1 year to 10 years, some of which include options to extend the leases for up to 3-5 years, and some of which include options to terminate the leases within 1 year. The components of lease expense were as follows: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating lease cost $ 5,863 $ 6,809 Finance lease cost: Amortization of right-of-use assets 143 185 Interest on lease liabilities 60 17 Total finance lease cost $ 203 $ 202 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 5,979 6,782 Operating cash flow from finance leases 60 17 Financing cash flows from finance leases 135 203 Right-of-use assets obtained in exchange for lease obligations: Operating leases 1,491 2,003 Finance leases - - Supplemental balance sheet information related to leases was as follows: As of March 31, 2022 As of December 31, 2021 Operating leases Operating lease right-of-use assets $ 59,299 $ 63,012 Operating lease liabilities - Current 24,052 24,393 Operating lease liabilities - Non-current 40,745 44,263 Total operating lease liabilities $ 64,797 $ 68,656 Finance Leases Property and equipment, at cost 4,124 4,128 Accumulated depreciation (3,725 ) (3,641 ) Property and equipment, at net $ 399 $ 487 Finance lease liabilities - Current 299 434 Finance lease liabilities - Non-current - - Total finance lease liabilities $ 299 $ 434 Weighted average remaining lease term As of March 31, 2022 As of December 31, 2021 Operating leases (in years) 3.42 years 3.58 years Finance leases (in years) 0.00 years 0.00 years Weighted average discount rate Operating leases 6.9 % 6.8 % Finance leases 0.0 % 0.0 % The following table reconciles the undiscounted cash flows for the Company’s finance and operating leases as of March 31, 2022, Operating Leases Finance Leases Year ending December 31, Remainder of 2022 19,266 304 2023 21,390 - 2024 17,274 - 2025 9,546 - 2026 2,846 - Thereafter 2,101 - Total lease payments 72,423 304 Less imputed interest (7,626 ) (5 ) Total $ 64,797 $ 299 |
Note 14 - Investment in Equity-
Note 14 - Investment in Equity-accounted Investees | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 14. Following are the entity wise details of equity-accounted investees: % of ownership interest Carrying amount Name of entity March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 a) CSS Corp LP 61.35 % 61.35 % 31,680 31,688 b) Immaterial associates - - Carrying amount of investment in equity-accounted investees 31,680 31,688 Three months ended March 31, 2022 Three months ended March 31, 2021 Aggregate amounts of the group’s share of profit/ (loss) of equity-accounted investees (8 ) (14 ) a) CSS Corp LP On February 25, 2021, The Company and CSP Alpha Holdings Pte. Ltd., a subsidiary of the Company, participated in this transaction by (i) contributing $25 million to acquire approximately 62.5%* August 19, 2022, April 19, 2023, not *Subsequently reduced to 61.35% The Company has assessed CSS Corp LP to be a variable interest entity (‘VIE’) and per ASC 810 10 25 44 not not 323 30 S99 1. Summarised financial position March 31, 2022 December 31, 2021 Current assets 42 42 Non-current assets 51,690 51,690 Current and non-current liabilities (93) (80) Net assets 51,639 51,652 Company share in % 61.35% 61.35% Company share 31,680 31,688 Carrying amount of investment in equity-accounted investee 31,680 31,688 Reconciliation to carrying amounts March 31, 2022 December 31, 2021 Opening net assets 31,688 - Acquired during the year - 25,000 Share of profit (loss) of equity-accounted investees (8) 6,688 Other comprehensive income - - 31,680 31,688 Summarized statement of comprehensive income Three months ended March 31, 2022 Three months ended March 31, 2021 Revenue - - Other income - - Expenses (13) (20) Net income (13) (20) Other comprehensive income - - Total comprehensive income for the period (13) (20) Aggregate amounts of the Company share of loss of equity-accounted investee (8) (12) b) Individually immaterial associates The Company had individually immaterial investments in equity-accounted investee in Australia. It has 33.33% interest in Queensland Partnership Group Pty. Ltd and 16.67% interest in Services Queensland Partnership in Australia. The Company's share of profit/loss of equity-accounted investee, is accounted under the “equity method” as per which the share of profit of equity-accounted investee had been added to the cost. In 2021 March 31, 2022 December 31, 2021 Carrying amount of individually immaterial investment in equity-accounted investee - - Three months ended March 31, 2022 Three months ended March 31, 2021 Aggregate amounts of share of: Loss of equity-accounted investee - (2 ) Other comprehensive income - - - (2 ) |
Note 15 - Common Stock
Note 15 - Common Stock | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. Share Repurchase Plan In the year 2004, 10b5 1 August 26, 2021, 2004 December 14, 2021 Our stock repurchase programs are intended to programmatically offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic and programmatic repurchases of our common stock to reduce our outstanding share count. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. Our stock repurchase plan may During the three March 31, 2022, Stock repurchase activity during the three March 31, 2022 Period Ended Total number of shares purchased Average price paid per share (1) ($) Total number of shares purchased as part of publicly announced program Maximum dollar value that may yet to be purchased under program ($) January 31, 2022 130,803 5.08 130,803 1,432,822 February 28, 2022 75,865 4.90 75,865 1,061,426 March 31, 2022 52,739 4.36 52,739 831,229 Total 259,407 259,407 1. |
Note 16 - Private Offer Transac
Note 16 - Private Offer Transaction Cost | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Private Offer Transaction Cost [Text Block] | 16. On January 17, 2022, December 20, 2021, not March 31, 2022 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangibles, impairment of goodwill, valuation allowances for deferred tax assets, leases, provision for doubtful debts and restructuring costs. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s consolidated financial statements. |
Revenue from Contract with Customer [Policy Text Block] | Revenue The Company utilizes a five 606, 4 |
Lessee, Leases [Policy Text Block] | Leases We determine if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current maturity of operating lease liabilities, and operating lease liabilities in our consolidated balance sheet. Finance leases are included in property plant and equipment, long-term debt, accrued expenses, and other current liabilities in our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the balance lease term. As most of our leases do not may ASC 842 360 The Company elected the practical expedient permitted under the transition guidance under Topic 842, not 12 not not not 13, We have lease agreements with lease and non-lease components, which are generally accounted for separately. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not December 31, not not not 3 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Matters The Company has operations in Argentina and its functional currency has historically been the Argentine Peso. The Company monitors inflation rates in countries where it operates as required by U.S. GAAP. Under ASC 830 10 45 12, three 100%. July 1, 2018. 830, not |
Equity Method Investments [Policy Text Block] | Investment in equity-accounted investees Investment in equity accounted investee is an entity over which the Company has significant influence and which is neither a subsidiary nor a joint arrangement. Significant influence is the power to participate in financial and operating policy decisions of the investee but is not Investment in equity accounted investees are accounted for using equity method of accounting. Under the equity method, the investment in equity accounted investee is initially recognized at cost and adjusted thereafter for the post acquisition changes in the Company’s share of net assets of the equity accounted investees. Goodwill relating to investment in equity accounted investees, if any, is included in the carrying amount of the investment and is neither amortized nor individually tested for impairment. In case of Limited Partnerships Investments, there is a specific SEC staff guidance which is included in ASC 323 30 S99 1 970 323 25 6. may no 14, |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We recognize expenses related to all share-based payments to employees, including grants of employee stock options, based on the grant-date fair values amortized straight-line over the period during which the employees are required to provide services in exchange for the equity instruments. We include an estimate of forfeitures when calculating compensation expenses. We use the Black-Scholes method for valuing stock-based awards. See Note 10, |
Common Stock Warrant Accounting, Policy [Policy Text Block] | Common Stock Warrant Accounting We account for common stock warrants as equity instruments, based on the specific terms of our warrant agreement. For more information refer to Note 10, |
Reclassification, Comparability Adjustment [Policy Text Block] | Consolidated Cash Flow Statement The Company has aligned the cash flow for comparable period for rectifications made in the previous year to presentation of certain transactions arising from the debt re-financing and payment of call option premium. In Q2 2021 Q1 2021. Q4 2021, The effect of both the above reclassifications is an increase in cash flows from operating activities by $11.5 million and a corresponding decline in cash flows from investing activities and in cash flows from financing activities by $3 million and $8.5 million, respectively. The Company has evaluated and concluded that the above corrections were not not December 31, 2021. not |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Charges On an ongoing basis, management assesses the profitability and utilization of our facilities and in some cases, management has chosen to close facilities. Severance payments that occur from reductions in the workforce are in accordance with our post-employment policy and/or statutory requirements that are communicated to all employees; therefore, severance liabilities are recognized when termination of employment is communicated to the employee(s). Other liabilities for costs associated with an exit or disposal activity are recognized when the liability is incurred, instead of upon commitment to an exit plan. A significant assumption used in determining the amount of the estimated liability for closing a facility is the estimated liability for future lease payments on vacant facilities. We determine our estimate of sublease payments based on our ability to successfully negotiate early termination agreements with landlords, a third may 6, |
Legal Costs, Policy [Policy Text Block] | Reserves/Contingencies for Litigation and Other Matters We are involved in few claims and legal actions, such as wage and hour, wrongful termination, and other employment-related claims, that arise in the ordinary course of business, some of which may not not one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, 326 2016 13" December 15, 2022, In March 2020, No. 2020 04, not not December 31, 2022. not In November 2021, 2021 10, 832 December 15, 2021 2021 10 10 2022. |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Reporting Units March 31, 2022 December 31, 2021 Americas 64,315 64,315 India 12,554 12,554 Malaysia 47,543 47,543 Saudi Arabia 54,840 54,840 Australia 4,145 4,145 Total $ 183,397 $ 183,397 March 31, 2022 December 31, 2021 Opening balance 183,397 183,397 Impairment - - Ending balance $ 183,397 $ 183,397 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of March 31, 2022 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships 66,220 23,273 42,947 6.5 Brand 49,500 15,978 33,522 7.1 Trademarks 13,210 3,256 9,954 7.5 Other intangibles 2,130 1,022 1,108 4.9 $ 131,060 $ 43,529 $ 87,531 As of December 31, 2021 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships 66,220 21,887 44,333 6.5 Brand 49,500 15,074 34,426 7.1 Trademarks 13,210 3,036 10,174 7.5 Other intangibles 2,130 971 1,159 4.9 $ 131,060 $ 40,968 $ 90,092 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31, Amount Remainder of 2022 7,762 2023 10,306 2024 10,252 2025 10,252 2026 9,490 Thereafter 39,469 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, Vertical: 2022 2021 Telecom 56,051 51,674 E-commerce & Consumer 20,526 26,102 Media & Cable 16,942 25,794 Financial & Business Services 16,695 15,450 Travel & Hospitality 13,515 10,497 Healthcare & Education 11,463 17,687 Technology, IT & Related Services 5,345 5,081 Other verticals 26,780 11,210 Gross revenue 167,317 163,495 Less: Warrant contra revenue - (425 ) Net revenue $ 167,317 $ 163,070 |
Note 5 - Net Income (Loss) Pe_2
Note 5 - Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Shares used in basic earnings per share calculation 40,338 40,592 Effect of dilutive securities: Stock options - - Restricted stock/Deferred stock units - - Total effects of dilutive securities - - Shares used in dilutive earnings per share calculation 40,338 40,592 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2022 2021 Anti-dilutive securities: Stock options 3,030 2,099 |
Note 6 - Impairment Losses & _2
Note 6 - Impairment Losses & Restructuring/Exit Cost (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Employee related Facilities related Total Balance as of December 31, 2021 480 155 635 Accruals/(reversals) 1,232 175 1,407 Payments (1,160 ) (266 ) (1,426 ) Balance as of March 31, 2022 $ 552 $ 64 $ 616 Employee related Facilities related Total Balance at December 31, 2020 - 25 25 Accruals/(reversals) 3,519 193 3,712 Payments (3,039 ) (63 ) (3,102 ) Balance at December 31, 2021 $ 480 $ 155 $ 635 |
Note 7 - Derivative Instrumen_2
Note 7 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Gain (Loss) Recognized in AOCI, net of tax Gain (Loss) Recognized in AOCI, net of tax Gain (loss) reclassified from AOCI into Income Gain (loss) reclassified from AOCI into Income Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Cash flow hedges: Foreign exchange contracts $ - $ - $ - $ 8 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2022 December 31, 2021 Short term debt Working capital facilities 3,535 3,611 Current portion of long term debt Current maturity of long term loan 8,250 4,125 Current maturity of equipment loan 1,667 1,682 Current maturity of finance lease obligations 299 434 Total $ 13,751 9,852 Long term debt Term loan, net of debt issuance costs 154,564 $ 158,543 Equipment loan 1,207 1,632 Total $ 155,771 $ 160,175 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Years Amount Remainder of 2022 4,125 2023 22,688 2024 30,937 2025 57,750 2026 49,500 Total $ 165,000 |
Schedule of Debt Issuance Cost [Table Text Block] | March 31, 2022 December 31, 2021 Opening balance 2,332 2,670 Add: Debt issuance cost (refinancing of term loan) - 11,269 Less: Expensed out (ASC 470 - extinguishment or modification) - (10,937 ) Less: Amortization of debt issuance cost (146 ) (670 ) Closing balance 2,186 2,332 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustment Defined Benefit Plan Equity attributable to Startek shareholders Non-controlling interests Total Balance at December 31, 2021 (6,816 ) (3,871 ) (10,687 ) (3,887 ) (14,574 ) Foreign currency translation 548 - 548 - 548 Reclassification to operations - - - - - Pension remeasurement - (482 ) (482 ) (655 ) (1,137 ) Balance at March 31, 2022 $ (6,268 ) $ (4,353 ) $ (10,621 ) $ (4,542 ) $ (15,163 ) |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 2021 Revenue: Americas 45,415 63,925 India & Sri Lanka 27,961 21,482 Malaysia 11,280 14,965 Middle East 58,687 43,240 Argentina & Peru 8,305 8,159 Rest of World 15,669 11,299 Total $ 167,317 $ 163,070 Three Months Ended March 31, 2022 2021 Operating income (loss): Americas (2,319 ) 1,895 India & Sri Lanka 3,467 (1,228 ) Malaysia 2,026 4,414 Middle East 4,300 5,741 Argentina & Peru (2,320 ) (43 ) Rest of World 1,676 399 Segment operating income 6,830 11,178 Startek consolidation adjustments Private offer transaction cost (500 ) - Intangible amortization (2,561 ) (2,560 ) Total operating income $ 3,769 $ 8,618 As of As of March 31, 2022 December 31, 2021 Property, plant and equipment, net: Americas 10,275 11,335 India & Sri Lanka 9,132 8,712 Malaysia 2,799 2,818 Middle East 6,246 7,461 Argentina & Peru 1,292 1,453 Rest of World 2,588 2,389 Total $ 32,332 $ 34,168 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating lease cost $ 5,863 $ 6,809 Finance lease cost: Amortization of right-of-use assets 143 185 Interest on lease liabilities 60 17 Total finance lease cost $ 203 $ 202 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 5,979 6,782 Operating cash flow from finance leases 60 17 Financing cash flows from finance leases 135 203 Right-of-use assets obtained in exchange for lease obligations: Operating leases 1,491 2,003 Finance leases - - |
Assets And Liabilities, Lessee [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Operating leases Operating lease right-of-use assets $ 59,299 $ 63,012 Operating lease liabilities - Current 24,052 24,393 Operating lease liabilities - Non-current 40,745 44,263 Total operating lease liabilities $ 64,797 $ 68,656 Finance Leases Property and equipment, at cost 4,124 4,128 Accumulated depreciation (3,725 ) (3,641 ) Property and equipment, at net $ 399 $ 487 Finance lease liabilities - Current 299 434 Finance lease liabilities - Non-current - - Total finance lease liabilities $ 299 $ 434 Weighted average remaining lease term As of March 31, 2022 As of December 31, 2021 Operating leases (in years) 3.42 years 3.58 years Finance leases (in years) 0.00 years 0.00 years Weighted average discount rate Operating leases 6.9 % 6.8 % Finance leases 0.0 % 0.0 % |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | Operating Leases Finance Leases Year ending December 31, Remainder of 2022 19,266 304 2023 21,390 - 2024 17,274 - 2025 9,546 - 2026 2,846 - Thereafter 2,101 - Total lease payments 72,423 304 Less imputed interest (7,626 ) (5 ) Total $ 64,797 $ 299 |
Note 14 - Investment in Equit_2
Note 14 - Investment in Equity-accounted Investees (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | % of ownership interest Carrying amount Name of entity March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 a) CSS Corp LP 61.35 % 61.35 % 31,680 31,688 b) Immaterial associates - - Carrying amount of investment in equity-accounted investees 31,680 31,688 Three months ended March 31, 2022 Three months ended March 31, 2021 Aggregate amounts of the group’s share of profit/ (loss) of equity-accounted investees (8 ) (14 ) Summarised financial position March 31, 2022 December 31, 2021 Current assets 42 42 Non-current assets 51,690 51,690 Current and non-current liabilities (93) (80) Net assets 51,639 51,652 Company share in % 61.35% 61.35% Company share 31,680 31,688 Carrying amount of investment in equity-accounted investee 31,680 31,688 Reconciliation to carrying amounts March 31, 2022 December 31, 2021 Opening net assets 31,688 - Acquired during the year - 25,000 Share of profit (loss) of equity-accounted investees (8) 6,688 Other comprehensive income - - 31,680 31,688 Summarized statement of comprehensive income Three months ended March 31, 2022 Three months ended March 31, 2021 Revenue - - Other income - - Expenses (13) (20) Net income (13) (20) Other comprehensive income - - Total comprehensive income for the period (13) (20) Aggregate amounts of the Company share of loss of equity-accounted investee (8) (12) March 31, 2022 December 31, 2021 Carrying amount of individually immaterial investment in equity-accounted investee - - Three months ended March 31, 2022 Three months ended March 31, 2021 Aggregate amounts of share of: Loss of equity-accounted investee - (2 ) Other comprehensive income - - - (2 ) |
Note 15 - Common Stock (Tables)
Note 15 - Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Period Ended Total number of shares purchased Average price paid per share (1) ($) Total number of shares purchased as part of publicly announced program Maximum dollar value that may yet to be purchased under program ($) January 31, 2022 130,803 5.08 130,803 1,432,822 February 28, 2022 75,865 4.90 75,865 1,061,426 March 31, 2022 52,739 4.36 52,739 831,229 Total 259,407 259,407 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | |
Net Cash Provided by (Used in) Operating Activities, Total | $ 564 | $ 18,668 | |||
Net Cash Provided by (Used in) Investing Activities, Total | (1,902) | (30,922) | |||
Amortization of Debt Issuance Costs | 146 | 11,241 | |||
Net Cash Provided by (Used in) Financing Activities, Total | $ (1,774) | $ 26,766 | |||
Revision of Prior Period, Adjustment [Member] | Change in Payment of Call Option to Acquire Controlling Stake to Investing Activities From Operating Activities [Member] | |||||
Net Cash Provided by (Used in) Operating Activities, Total | $ 3,000 | ||||
Net Cash Provided by (Used in) Investing Activities, Total | $ (3,000) | ||||
Revision of Prior Period, Adjustment [Member] | Correction to Debt Issuance Costs From Income to Cash Flow Statements [Member] | |||||
Net Cash Provided by (Used in) Operating Activities, Total | $ 8,500 | ||||
Amortization of Debt Issuance Costs | 8,500 | ||||
Net Cash Provided by (Used in) Financing Activities, Total | $ (8,500) | ||||
Revision of Prior Period, Adjustment [Member] | Aggregate Change From Reclassifications [Member] | |||||
Net Cash Provided by (Used in) Operating Activities, Total | $ 11,500 | ||||
Net Cash Provided by (Used in) Investing Activities, Total | (3,000) | ||||
Net Cash Provided by (Used in) Financing Activities, Total | $ (8,500) |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill Impairment Analysis, Period for Which Revenue, Operating Margins and Cash Flows Are Projected (Year) | 5 years | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Impairment of Intangible Assets, Finite-lived | $ 0 |
Note 3 - Goodwill and Intangi_4
Note 3 - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill | $ 183,397 | $ 183,397 |
Opening balance | 183,397 | 183,397 |
Impairment | 0 | 0 |
Americas [Member] | ||
Goodwill | 64,315 | 64,315 |
Opening balance | 64,315 | |
INDIA | ||
Goodwill | 12,554 | 12,554 |
Opening balance | 12,554 | |
Malaysia 1 [Member] | ||
Goodwill | 47,543 | 47,543 |
Opening balance | 47,543 | |
SAUDI ARABIA | ||
Goodwill | 54,840 | 54,840 |
Opening balance | 54,840 | |
AUSTRALIA | ||
Goodwill | 4,145 | $ 4,145 |
Opening balance | $ 4,145 |
Note 3 - Goodwill and Intangi_5
Note 3 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Gross Intangibles | $ 131,060 | $ 131,060 |
Accumulated Amortization | 43,529 | 40,968 |
Net Intangibles | 87,531 | 90,092 |
Customer Relationships [Member] | ||
Gross Intangibles | 66,220 | 66,220 |
Accumulated Amortization | 23,273 | 21,887 |
Net Intangibles | $ 42,947 | $ 44,333 |
Weighted Average Amortization Period (Year) | 6 years 6 months | 6 years 6 months |
Brand [Member] | ||
Gross Intangibles | $ 49,500 | $ 49,500 |
Accumulated Amortization | 15,978 | 15,074 |
Net Intangibles | $ 33,522 | $ 34,426 |
Weighted Average Amortization Period (Year) | 7 years 1 month 6 days | 7 years 1 month 6 days |
Trademarks [Member] | ||
Gross Intangibles | $ 13,210 | $ 13,210 |
Accumulated Amortization | 3,256 | 3,036 |
Net Intangibles | $ 9,954 | $ 10,174 |
Weighted Average Amortization Period (Year) | 7 years 6 months | 7 years 6 months |
Other Intangible Assets [Member] | ||
Gross Intangibles | $ 2,130 | $ 2,130 |
Accumulated Amortization | 1,022 | 971 |
Net Intangibles | $ 1,108 | $ 1,159 |
Weighted Average Amortization Period (Year) | 4 years 10 months 24 days | 4 years 10 months 24 days |
Note 3 - Goodwill and Intangi_6
Note 3 - Goodwill and Intangible Assets - Expected Future Amortization of Intangible Assets (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Remainder of 2022 | $ 7,762 |
2023 | 10,306 |
2024 | 10,252 |
2025 | 10,252 |
2026 | 9,490 |
Thereafter | $ 39,469 |
Note 4 - Revenue - Disaggregate
Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 167,317 | $ 163,495 |
Revenue | 167,317 | 163,495 |
Warrant adjustment | 0 | (425) |
Net revenue | 167,317 | 163,070 |
Communications [Member] | ||
Revenue | 56,051 | 51,674 |
Revenue | 56,051 | 51,674 |
E-Commerce and Consumer [Member] | ||
Revenue | 20,526 | 26,102 |
Revenue | 20,526 | 26,102 |
Media [Member] | ||
Revenue | 16,942 | 25,794 |
Revenue | 16,942 | 25,794 |
Financial and Business Service [Member] | ||
Revenue | 16,695 | 15,450 |
Revenue | 16,695 | 15,450 |
Travel and Hospitality [Member] | ||
Revenue | 13,515 | 10,497 |
Revenue | 13,515 | 10,497 |
Health Care and Education [Member] | ||
Revenue | 11,463 | 17,687 |
Revenue | 11,463 | 17,687 |
Technology, IT and Related Service [Member] | ||
Revenue | 5,345 | 5,081 |
Revenue | 5,345 | 5,081 |
Other Sector [Member] | ||
Revenue | 26,780 | 11,210 |
Revenue | $ 26,780 | $ 11,210 |
Note 5 - Net Income (Loss) Pe_3
Note 5 - Net Income (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic (in shares) | 40,338 | 40,592 |
Total effects of dilutive securities (in shares) | 0 | 0 |
Shares used in dilutive earnings per share calculation (in shares) | 40,338 | 40,592 |
Share-Based Payment Arrangement, Option [Member] | ||
Effect of dilutive securities (in shares) | 0 | 0 |
Restricted Stock/Deferred Stock Units [Member] | ||
Effect of dilutive securities (in shares) | 0 | 0 |
Note 5 - Net Income (Loss) Pe_4
Note 5 - Net Income (Loss) Per Share - Summary of Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock Options and Warrants [Member] | ||
Stock options (in shares) | 3,030 | 2,099 |
Note 6 - Impairment Losses & _3
Note 6 - Impairment Losses & Restructuring/Exit Cost (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | ||
Payments for Restructuring | 1,426 | 3,102 | ||
Employee Severance [Member] | ||||
Payments for Restructuring | 1,160 | 3,039 | ||
Facility Closing [Member] | ||||
Payments for Restructuring | $ 266 | $ 63 | ||
Forecast [Member] | Employee Severance [Member] | ||||
Payments for Restructuring | $ 552 | |||
Forecast [Member] | Facility Closing [Member] | ||||
Payments for Restructuring | $ 64 |
Note 6 - Impairment Losses & _4
Note 6 - Impairment Losses & Restructuring Exit Cost - Restructuring and Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 635 | $ 25 |
Accruals/(reversals) | 1,407 | 3,712 |
Payments | (1,426) | (3,102) |
Ending balance | 616 | 635 |
Employee Severance [Member] | ||
Balance | 480 | 0 |
Accruals/(reversals) | 1,232 | 3,519 |
Payments | (1,160) | (3,039) |
Ending balance | 552 | 480 |
Facility Closing [Member] | ||
Balance | 155 | 25 |
Accruals/(reversals) | 175 | 193 |
Payments | (266) | (63) |
Ending balance | $ 64 | $ 155 |
Note 7 - Derivative Instrumen_3
Note 7 - Derivative Instruments (Details Textual) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - Foreign Exchange Contract [Member] | 3 Months Ended |
Mar. 31, 2022 | |
Minimum [Member] | |
Derivative, Term of Contract (Month) | 3 months |
Maximum [Member] | |
Derivative, Term of Contract (Month) | 12 months |
Note 7 - Derivative Instrumen_4
Note 7 - Derivative Instruments - Effect of Derivative Instruments Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Gain (Loss) Recognized in AOCI, net of tax | $ 0 | $ 0 |
Gain/ (Loss) Reclassified from AOCI into Income | $ 0 | $ 8 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | Feb. 18, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 02, 2020 | Dec. 27, 2018 |
Short-Term Debt, Total | $ 3,535 | $ 3,611 | ||||
Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Senior Debt Facility [Member] | ||||||
Debt Instrument, Face Amount | $ 185,000 | |||||
Debt Issuance Costs, Net, Total | $ 2,186 | 2,332 | $ 2,670 | |||
Senior Debt Facility [Member] | At 21 and 24 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 2.50% | |||||
Senior Debt Facility [Member] | At 27, 30, 33, and 36 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 3.75% | |||||
Senior Debt Facility [Member] | At 39, 42, 45, 48, and 51 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 5.00% | |||||
Senior Debt Facility [Member] | At 54 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 10.00% | |||||
Senior Debt Facility [Member] | At 57 Months From Closing [Member] | ||||||
Debt Instrument, Amortization, Percent | 15.00% | |||||
Senior Debt Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Senior Debt Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||||
Senior Debt Facility [Member] | Loans Payable [Member] | ||||||
Debt Instrument, Face Amount | 165,000 | |||||
Debt Issuance Costs, Net, Total | 11,300 | |||||
Interest Expense, Debt, Total | 8,500 | |||||
Senior Term Agreement [Member] | Loans Payable [Member] | ||||||
Debt Issuance Costs, Net, Total | 2,800 | 2,200 | ||||
Interest Expense, Debt, Total | $ 2,500 | |||||
Non-recourse Factoring [Member] | ||||||
Long-Term Debt, Gross | 17,800 | $ 21,600 | ||||
BMO Equipment Loan [Member] | Secured Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 2,060 | |||||
Long-Term Debt, Gross | 25 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.57% | |||||
Long-term Debt, Term (Year) | 2 years 6 months | |||||
Equipment Loan [Member] | Secured Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 4,000 | |||||
Long-Term Debt, Gross | $ 2,800 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.27% | |||||
Long-term Debt, Term (Year) | 34 months | |||||
Minimum [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||||
Maximum [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Line of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||||
Short-Term Debt, Total | $ 3,500 | |||||
Line of Credit [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Line of Credit [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% |
Note 9 - Debt - Summary of Debt
Note 9 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt, Total | $ 3,535 | $ 3,611 |
Current maturity of long term loan | 10,216 | 6,241 |
Current maturity of equipment loan | 10,216 | 6,241 |
Total current debt | 13,751 | 9,852 |
Long term debt | 155,771 | 160,175 |
Loans Payable [Member] | ||
Current maturity of long term loan | 8,250 | 4,125 |
Current maturity of equipment loan | 8,250 | 4,125 |
Long term debt | 154,564 | 158,543 |
Secured Debt [Member] | ||
Current maturity of long term loan | 1,667 | 1,682 |
Current maturity of equipment loan | 1,667 | 1,682 |
Long term debt | 1,207 | 1,632 |
Finance Lease Obligations [Member] | ||
Current maturity of long term loan | 299 | 434 |
Current maturity of equipment loan | 299 | 434 |
Working Capital Facilities [Member] | ||
Short-Term Debt, Total | $ 3,535 | $ 3,611 |
Note 9 - Debt - Principal Payme
Note 9 - Debt - Principal Payments Due on Term Loan (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Remainder of 2022 | $ 4,125 |
Total | 165,000 |
Loans Payable [Member] | |
2023 | 22,688 |
2024 | 30,937 |
2025 | 57,750 |
2026 | $ 49,500 |
Note 9 - Debt - Debt Issuance C
Note 9 - Debt - Debt Issuance Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Less: Amortization of debt issuance cost | $ (146) | $ (11,241) | |
Senior Debt Facility [Member] | |||
Opening balance | 2,332 | $ 2,670 | $ 2,670 |
Add: Debt issuance cost (refinancing of term loan) | 0 | 11,269 | |
Less: Expensed out (ASC 470 - extinguishment or modification) | 0 | (10,937) | |
Less: Amortization of debt issuance cost | (146) | (670) | |
Closing balance | $ 2,186 | $ 2,332 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Jan. 23, 2018 | |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 3,590 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |
Selling, General and Administrative Expenses [Member] | ||
Share-Based Payment Arrangement, Expense | $ 428 | |
Amazon Transaction Agreement [Member] | ||
Class of Warrant or Right, Outstanding (in shares) | 4,000,000 |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | $ (6,816) |
Foreign currency translation | 548 |
Reclassification to operations | 0 |
Pension remeasurement | 0 |
Balance | (6,268) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |
Balance | (3,871) |
Foreign currency translation | 0 |
Reclassification to operations | 0 |
Pension remeasurement | (482) |
Balance | (4,353) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |
Balance | (10,687) |
Foreign currency translation | 548 |
Reclassification to operations | 0 |
Pension remeasurement | (482) |
Balance | (10,621) |
AOCI Attributable to Noncontrolling Interest [Member] | |
Balance | (3,887) |
Foreign currency translation | 0 |
Reclassification to operations | 0 |
Pension remeasurement | (655) |
Balance | (4,542) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |
Balance | (14,574) |
Foreign currency translation | 548 |
Reclassification to operations | 0 |
Pension remeasurement | (1,137) |
Balance | $ (15,163) |
Note 12 - Segment Reporting (De
Note 12 - Segment Reporting (Details Textual) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Number of Reportable Segments | 6 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 18.00% | 19.00% |
Note 12 - Segment Reporting - S
Note 12 - Segment Reporting - Summary of Segment Reporting Information, By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue | $ 167,317 | $ 163,070 | |
Net income | 3,769 | 8,618 | |
Private offer transaction cost | (500) | 0 | |
Property, plant and equipment, net | 32,332 | $ 34,168 | |
Operating Segments [Member] | |||
Net income | 6,830 | 11,178 | |
Segment Reconciling Items [Member] | |||
Intangible amortization | (2,561) | (2,560) | |
Americas [Member] | |||
Property, plant and equipment, net | 10,275 | 11,335 | |
Americas [Member] | Operating Segments [Member] | |||
Revenue | 45,415 | 63,925 | |
Net income | (2,319) | 1,895 | |
India and Sri Lanka [Member] | |||
Property, plant and equipment, net | 9,132 | 8,712 | |
India and Sri Lanka [Member] | Operating Segments [Member] | |||
Revenue | 27,961 | 21,482 | |
Net income | 3,467 | (1,228) | |
Malaysia 1 [Member] | |||
Property, plant and equipment, net | 2,799 | 2,818 | |
Malaysia 1 [Member] | Operating Segments [Member] | |||
Revenue | 11,280 | 14,965 | |
Net income | 2,026 | 4,414 | |
Middle East [Member] | |||
Property, plant and equipment, net | 6,246 | 7,461 | |
Middle East [Member] | Operating Segments [Member] | |||
Revenue | 58,687 | 43,240 | |
Net income | 4,300 | 5,741 | |
Argentina and Peru [Member] | |||
Property, plant and equipment, net | 1,292 | 1,453 | |
Argentina and Peru [Member] | Operating Segments [Member] | |||
Revenue | 8,305 | 8,159 | |
Net income | (2,320) | (43) | |
Rest of World [Member] | |||
Property, plant and equipment, net | 2,588 | $ 2,389 | |
Rest of World [Member] | Operating Segments [Member] | |||
Revenue | 15,669 | 11,299 | |
Net income | $ 1,676 | $ 399 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Lessee, Lease, Termination Period (Year) | 1 year |
Minimum [Member] | |
Lease, Remaining Lease Term (Year) | 1 year |
Lessee, Lease, Renewal Term (Year) | 3 years |
Maximum [Member] | |
Lease, Remaining Lease Term (Year) | 10 years |
Lessee, Lease, Renewal Term (Year) | 5 years |
Note 13 - Leases - Components o
Note 13 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating lease cost | $ 5,863 | $ 6,809 |
Amortization of right-of-use assets | 143 | 185 |
Interest on lease liabilities | 60 | 17 |
Total finance lease cost | 203 | 202 |
Operating cash flows from operating leases | 5,979 | 6,782 |
Operating cash flow from finance leases | 60 | 17 |
Financing cash flows from finance leases | 135 | 203 |
Operating leases | 1,491 | 2,003 |
Finance leases | $ 0 | $ 0 |
Note 13 - Leases - Supplemental
Note 13 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets | $ 59,299 | $ 63,012 |
Operating lease liabilities - Current | 24,052 | 24,393 |
Operating lease liabilities - Non-current | 40,745 | 44,263 |
Total operating lease liabilities | 64,797 | 68,656 |
Finance lease liabilities - Non-current | 0 | $ 0 |
Total finance lease liabilities | $ 299 | |
Operating leases (Year) | 3 years 5 months 1 day | 3 years 6 months 29 days |
Finance leases (Year) | 0 years | 0 years |
Operating leases | 6.90% | 6.80% |
Finance leases | 0.00% | 0.00% |
Property, Plant and Equipment, Net [Member] | ||
Property and equipment, at cost | $ 4,124 | $ 4,128 |
Accumulated depreciation | (3,725) | (3,641) |
Property and equipment, at net | 399 | 487 |
Current Maturities of Long-term Debt [Member] | ||
Finance lease liabilities - Current | 299 | 434 |
Total finance lease liabilities | $ 299 | $ 434 |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Remainder of 2022, Operating leases | $ 19,266 | |
Remainder of 2022, Finance leases | 304 | |
2023, Operating leases | 21,390 | |
2023, Finance leases | 0 | |
2024, Operating leases | 17,274 | |
2024, Finance leases | 0 | |
2025, Operating leases | 9,546 | |
2025, Finance leases | 0 | |
2026, Operating leases | 2,846 | |
2026, Finance leases | 0 | |
Thereafter, Operating leases | 2,101 | |
Thereafter, Finance leases | 0 | |
Total lease payments, Operating leases | 72,423 | |
Total lease payments, Finance leases | 304 | |
Less imputed interest, Operating leases | (7,626) | |
Less imputed interest, Finance leases | (5) | |
Total, Operating leases | 64,797 | $ 68,656 |
Total, Finance leases | $ 299 |
Note 14 - Investment in Equit_3
Note 14 - Investment in Equity-accounted Investees (Details Textual) - USD ($) $ in Thousands | Feb. 25, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Payments to Acquire Equity Method Investments | $ 0 | $ 25,000 | ||
CSP Management Limited [Member] | ||||
Payments to Acquire Call Options | $ 5,000 | |||
CSS Corp. [Member] | ||||
Payments to Acquire Equity Method Investments | $ 25,000 | |||
Equity Method Investment, Ownership Percentage | 26.00% | |||
CSS Corp LP [Member] | ||||
Payments to Acquire Equity Method Investments | $ 25,000 | |||
Equity Method Investment, Ownership Percentage | 62.50% | 61.35% | 61.35% | |
Queensland Partnership Group Pty. Ltd. [Member] | ||||
Equity Method Investment, Ownership Percentage | 33.33% | |||
Services Queensland Partnership [Member] | ||||
Equity Method Investment, Ownership Percentage | 16.67% |
Note 14 - Investment in Equit_4
Note 14 - Investment in Equity-accounted Investees - Equity-accounted Investees (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 30, 2021 | Feb. 25, 2021 | |
Carrying amount of investment in equity-accounted investees | $ 31,680 | $ 31,688 | |||
Aggregate amounts of the group’s share of profit/ (loss) of equity-accounted investees | (8) | $ (14) | |||
Current assets | 222,776 | 225,018 | |||
Non-current assets | 409,775 | 417,457 | |||
Current and non-current liabilities | (380,237) | (389,155) | |||
Share of profit (loss) of equity-accounted investees | 286 | (9,855) | |||
Net income | 3,769 | 8,618 | |||
Total comprehensive income for the period | (303) | (11,323) | |||
Carrying amount of individually immaterial investment in equity-accounted investee | 31,680 | 31,688 | |||
Loss of equity-accounted investee | (8) | (14) | |||
Other comprehensive income | (589) | (1,468) | |||
Equity Method Investment, Aggregate Income (Loss) | (8) | (14) | |||
CSS Corp LP [Member] | |||||
Aggregate amounts of the group’s share of profit/ (loss) of equity-accounted investees | (8) | (12) | |||
Net assets | 31,680 | 31,688 | $ 31,688 | ||
Net assets | 31,688 | ||||
Acquired during the year | 25,000 | ||||
Share of profit (loss) of equity-accounted investees | (8) | 6,688 | |||
Net assets | 31,680 | $ 31,688 | |||
Expenses | (13) | (20) | |||
Net income | (13) | (20) | |||
Total comprehensive income for the period | (13) | (20) | |||
Equity Method Investment, Aggregate Income (Loss) | $ (8) | (12) | |||
CSS Corp LP [Member] | |||||
% of ownership interest | 61.35% | 61.35% | 62.50% | ||
Carrying amount of investment in equity-accounted investees | $ 31,680 | $ 31,688 | |||
Current assets | 42 | 42 | |||
Non-current assets | 51,690 | 51,690 | |||
Current and non-current liabilities | (93) | (80) | |||
Net assets | 51,639 | 51,652 | |||
Net assets | 51,652 | ||||
Net assets | 51,639 | 51,652 | |||
Carrying amount of individually immaterial investment in equity-accounted investee | 31,680 | 31,688 | |||
Immaterial Associates [Member] | |||||
Carrying amount of investment in equity-accounted investees | 0 | 0 | |||
Aggregate amounts of the group’s share of profit/ (loss) of equity-accounted investees | 0 | (2) | |||
Carrying amount of individually immaterial investment in equity-accounted investee | 0 | $ 0 | |||
Loss of equity-accounted investee | 0 | (2) | |||
Other comprehensive income | 0 | 0 | |||
Equity Method Investment, Aggregate Income (Loss) | $ 0 | $ (2) |
Note 15 - Common Stock (Details
Note 15 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Mar. 31, 2022 | Dec. 14, 2021 | Aug. 26, 2021 | Dec. 31, 2004 | ||
Treasury Stock, Shares, Acquired (in shares) | 52,739 | 75,865 | 130,803 | 259,407 | |||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 4.36 | [1] | $ 4.90 | $ 5.08 | [1] | ||||
Repurchase Plan [Member] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 2 | $ 2 | $ 25 | ||||||
Treasury Stock, Shares, Acquired (in shares) | 52,739 | 75,865 | 130,803 | 259,407 | |||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 4.88 | ||||||||
[1] | Excludes broker commission. |
Note 15 - Common Stock - Stock
Note 15 - Common Stock - Stock Repurchase Activity (Details) - USD ($) | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Mar. 31, 2022 | ||
Total Number of Shares Purchased (in shares) | 52,739 | 75,865 | 130,803 | 259,407 | ||
Average Price Paid per Share (in dollars per share) | $ 4.36 | [1] | $ 4.90 | $ 5.08 | [1] | |
Repurchase Plan [Member] | ||||||
Total Number of Shares Purchased (in shares) | 52,739 | 75,865 | 130,803 | 259,407 | ||
Average Price Paid per Share (in dollars per share) | $ 4.88 | |||||
Maximum Dollar Value that May Yet be Purchased Under the Programs | $ 831,229 | $ 1,061,426 | $ 1,432,822 | $ 831,229 | ||
[1] | Excludes broker commission. |
Note 16 - Private Offer Trans_2
Note 16 - Private Offer Transaction Cost (Details Textual) - USD ($) $ / shares in Units, $ in Billions | 3 Months Ended | |
Mar. 31, 2022 | Jan. 17, 2022 | |
Share Price (in dollars per share) | $ 5.40 | |
Selling, General and Administrative Expenses [Member] | ||
Private Offer Transaction Costs | $ 0.5 | |
CSP Management Limited [Member] | StarTek [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 56.00% |