Teleperformance SE

PAR:TEP

Earnings Call Transcript 2021-Q1

[Operator]

Hello, and welcome to today's Teleperformance First Quarter 2021 Revenue call. My name is Rosie, and I'll be your coordinator for today's event. Please note, this call is being recorded. [Operator Instructions] I will now hand you over to your host, Olivier Rigaudy Deputy CEO and Group CFO, to begin today's conference. Thank you.

[Olivier Rigaudy, Deputy CEO & Group CFO]

Thank you, Rosie. Good morning, everyone, and thank you for your presence today. I'm very happy to be with you this morning to comment on our figures for '20 -- for the first quarter of the full year. We saw that given the figures that we were -- knowing that we are going to publish, it was interesting to publish as quick as we can to give you the right information and not to wait end of this month as it was scheduled early. I'm hosting this call from France with the Investor Relations team. Quy Nguyen, our Head of Investor Relations, has primary comments to make before we start the presentation.

[Quy Nguyen-Ngoc]

Yes. Thank you, Olivier. Good morning, everybody. Financial press release related to the first quarter 2021 revenue has been published today at 7 a.m. CET. Dedicated slides are available on Teleperformance website in the Quarterly Information page of the Investor Relations section. As usual, Olivier's presentation will be followed by a Q&A session. A replay of the conference call will be available today later by dialing numbers mentioned in invitation to the presentation. Today's call contains forward-looking statements that address our expected future performance and that, by their nature, address matters that are uncertain. These expectations are subject to numbers of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed description of these factors and uncertainties, please refer to the risk and control section in our 2020 universal registration document available on Teleperformance's website. Now I'll leave the floor to Olivier. Thank you, Olivier.

[Olivier Rigaudy, Deputy CEO & Group CFO]

Thank you, Quy. So let's move on Page 3 of this presentation, and I just wanted to tell 2 or 3 words before we take it in detail. So we have posted a strong first quarter 2021 revenue at EUR 1,712 million, up 26.6% as reported and up 30.9% like-for-like versus last year. This is definitely a record like-for-like growth, and the rationale are solid. There are, in fact, 3 drivers. The first one is, of course, the strong sales momentum supported by faster digitalization of the client environment and the development of high-value solutions. This is exactly what we have believed that we start to see for the first time in Q4 last year. So this is accelerating, this is increasing and this is developing. In addition, we have also some easy comps for the second part of March, which was easier to beat. This is going to last, of course, until early June, but this is where we are. You remember that last year, we have described this where the sales go down, and we benefited from that in 2021 versus 2020. And on top of that, also, we had a strong growth in support services for government vaccination campaign in continental Europe, mainly Netherlands, but also in the U.K. Those are the 3 steps on which the group take advantage this quarter. What I can say is that the driver of this growth are strong over time beyond the impact of the sanitary crisis. And if you take out what we call the support for government line and negative effect from lower activity, the growth of the group is significantly above 20%, probably in the range of 25%, 26% on like-for-like growth without this negative and non-permanent effect. Finally, it's key to remind that this dynamic is driven by the effort of more than 250,000 people working from home and the rapid deployment of our TP Cloud Campus solution, which is the group's digitally integrated solution for managing the customer experience remotely. That's why I just wanted. Let's move to the following page, please. Page 4, it gives you the revenue growth analysis. So you have a currency effect of EUR 93 million, mainly due to 3 currency. Of course, dollar is close to half of it, a part coming from also the Indian rupee and from Brazilian dollar -- Brazilian real, sorry. That is the main impact that we suffered from in Q1. But as you see, the growth from Q1 at constant exchange rate to Q1 of 2021 is still negative because we are speaking of more than EUR 450 million for this quarter. Let's move to the following slide, please. We have the precise figure countries -- region by region. I will say that everything has grown and we'll come back here, sorry, later on, on that in much more detail. But what is interesting is that the Core Services business grew by close to 40%, and I'll come back in a minute. But also the Specialized Service grew by 10% despite the still -- the difficulty that is still continuing in TLScontact because of the health crisis. Because until mid-March, TLS was doing well last year, and we are still down, significantly down, in TLS this first quarter versus last year. So if we move to detail, so you see that everything is growing. Not exactly at the same level, not exactly at the same pace. But every part of the group, except TLS, is growing dramatically. Let's move to the next slide, which is the English-speaking world. So the growth is 26%, 26.6%. What we see is to see. Of course, U.S. is probably -- North America is probably the most part that is much more hit by the crisis, notably because travel and tourism are still important in this part of this world. And has been, of course, that is very, very depressed. But we had a growth coming back on online entertainment, automotive and consumer electronics. We have 2 issues, very, very 2 note issues, 2 very significant growth. One in U.K., of course, of the support COVID line, COVID support services, but also in -- generally in the e-commerce that is growing fast in U.K. And we are back on track with a high growth in China and in Malaysia, too. So finally, this part of the world is growing by, growth, 26%. If we move to Ibero-LATAM. Here, it's 37.4% growth with no support government for the crisis. We have, of course, numerous contracts signed with e-clients across the world. We have sharp gain in Colombia and in the nearshore region, which is made of Mexico, Dominican Republic and El Salvador, partially coming from the U.S. but not only. And we have also a solid revenue growth in Portugal and Spain. That is satisfactory, too, 37.4% growth in this Q1. If we move to Europe, here, it's probably the most outstanding figure, 73% like-for-like growth. Of course, there is a rapid ramp-up of support service for the government, notably in Netherlands and, to a lesser extent, in France and Germany. But despite that, we had a very, very dynamic -- or not despite but close to that, we have very, very dynamic sales performance with multinational clients, not only in Greece or multilingual, but also Germany, Netherlands, Italy, Turkey and Egypt and, to a lesser extent, in Russia, too. That is not mentioned here. So here, we are seeing fantastic growth in Europe, which is growing far beyond the COVID support. India and Middle East, lower growth, 7%, mainly in offshore operations, which were given priority, as you know, for the deployment of the work-of-home solution and with a high-value solution. We are here trying to improve dramatically the performance in terms of margin, but it's significantly growing fast, and we are very happy of this result for India and Middle East. Again, e-tailing, consumer electronics and food service are the most dynamic segments. If we move now to Specialized Service. Okay, as I told you, TLS remained sharply down, around 75%, something like that. And of course, with travel restriction and border closure, we hope that it will be -- we are going to -- I'll come back in a minute, but what's going on it's starting now, we have a comparison basis, which is easing. And we hope that in second part of the year, we'll see, again, travel again and a better situation for TLS. LanguageLine Solutions continued at a brisk pace, very, very high. Delivering very, very good figures. Growing very, very fast. And also, we have a solid growth in the debt collection business in North America. So based on that, we do believe that we have to increase our target, which will be a like-for-like growth at least 12%. We stay today on the margin EBITDA figure of more than 14%. And we do believe that we are going to integrate Health Advocate quickly, hopefully, next month, but in 2020 -- in Q2 2021. That's what I wanted to leave you and to give you as information before the market opens. And I'm, of course, ready to take with the team all the questions that you will have or may have.

[Operator]

[Operator Instructions] And the first question comes from the line of Patrick Jousseaume from Societe Generale.

[Patrick Jousseaume, Head of Mid and Small caps Europe Research]

Olivier, can you hear me?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Yes, yes. Of course.

[Patrick Jousseaume, Head of Mid and Small caps Europe Research]

Okay. Congratulations for this good figure. I have three questions. The first one, you upgraded your like-for-like revenue guidance but not your EBITDA margin guidance. So could you elaborate a bit on that? And second, what I understand from your details on organic growth is that you have EUR 180 million of additional revenue coming from COVID-related business. Could you tell us what is the size of the business currently, I mean in Q1? And should we expect more ramp-up in Q2? And the third question is more on housekeeping question. You have moved the EUR 10 million revenue from India, Middle East to CEMEA for the quarter. Could you tell us how much you should move for the full year, please?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Okay. I'm going to start with that. The idea was simple on this Indian stuff and Middle East stuff. You remember that when we bought Intelenet at that time, there was India and Middle East. So there was a business that we have made in Saudi Arabia, Jordania, Dubai mainly that was run by single entity. So we decided to put up all this business under the CEMEA business where you still already -- you had already Dubai and the [ AGI ] business, which is a big one, to put that together. So as a whole, we are speaking of a business -- so we are speaking of a business between EUR 40 million, EUR 45 million. And we do believe it was a sense to have our unique management for the region and to be under the same management, and we do believe that we are going not only to make some savings, but to increase dramatically of a commercial approach. That is the first point. Second point about the COVID lines. I don't know if it's COVID line because it's support to government. You're right. This is roughly the figure. It should take the figure -- we're something around 190 something like that. We have no visibility on what could be. Clearly, it might continue -- it will probably continue in Q2. To what level, it's too early to tell, but. This is difficult to see because it's linked to a mix of vaccination, mix of information, mix of follow-up of people. So it's difficult to tell what will be the decision of the government, mainly Netherlands, one; U.K.; and to a lesser extent, France and Germany. So we have no visibility on that. What is interesting is that when you take the growth of Teleperformance that has been published, which is 36%, if you strip down this part and if you have what has been meet by TLS and all the open industry, you have a net impact of roughly 10%, meaning that the group will be at 26% growth without the COVID line. So that is what I need to explain. But -- so whether these COVID lines or this support agreement will continue or not, I don't know. Frankly, how long -- of course, it will continue in Q2. But how long, I don't know. What is clear is that this is something that show to the government and not only to the one we are used to work with U.K. that we are able to support them in different areas, and this is something that is very good for the future. But as a world, that's what I can tell you. Your second question was linked to -- I forget, Patrick, was...

[Patrick Jousseaume, Head of Mid and Small caps Europe Research]

To the EBIT margin...

[Olivier Rigaudy, Deputy CEO & Group CFO]

Yes, EBIT margin. So what is the stuff? Of course, of course, we are reporting there a sales figure, so it's difficult to start to speak about margin. By nature, it has -- it would be difficult to tell you that it's going to be a negative. Of course, it helps. So this is something that we will come back with later on, probably in Q2. But this is, of course, as you can imagine, something that is going to help us to achieve our growth.

[Operator]

Our next question comes from the line of Edward Stanley from Morgan Stanley.

[Edward Stanley, Equity Analyst]

I've got a couple as well. And the first one, you haven't given your monthly like-for-like chart anymore. So I was just wondering whether you could comment on the exit rate? And the second question, assuming TLS is still very difficult, which you've said, and LLS is growing very strongly, have you raised prices in LLS? Or is that all volume-led with contracts like the one with FEMA, which I think you've signed or expanded? And then finally, your cash performance must be increasingly strong this year. Do you have your eye on any acquisition targets? Or are you waiting until Health Advocate is fully integrated before you acquire anything else?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Okay. Coming to our exit rate, of course, we are not going to publish every time. I'm sure you would be delighted with that -- the monthly figure. What I can tell you is that, of course, margin has been good. Of course, there is a part which is linked to the COVID line, so support to the government. So clearly, we have a good March. What I can tell you that we have a good March. So we -- what is going to happen, it's clear for everybody that the second quarter, at least until early June, is going to be strong, of course, because we have a recurrence basis that is low. So no doubt on that. Second -- last question was on acquisition, but second question was on -- sorry.

[Edward Stanley, Equity Analyst]

LLS.

[Quy Nguyen-Ngoc]

LLS.

[Olivier Rigaudy, Deputy CEO & Group CFO]

LLS, okay. We have not increased price. So there is no -- most of the story in LLS is boring. It's the fact that people are referring to -- are using LLS as quick as much as they can because I do believe, and I don't want to be arrogant, but I do believe that we are taking market share in this business because of the quality of the service where people are in contact very quickly with the interpreter or helps to drive the growth. And as people are staying, I would say, home or we start to define a new way by which people think to LLS, to LDM -- for their [indiscernible] business. So this is mainly volume. Not true, but volume, new contracts and also in farming with contracts that we were already working way. So this is clear. In terms of cash, of course, the story is good, as you can imagine. It's difficult to predict where we are going to land for the full year, depending on, of course, of the working cap. But clearly, this is positive. We are not waiting that Health Advocate will be close to look towards our targets. Frankly, as a case, we are ready to integrate it. All the work is ongoing as we speak for all the team, notably for commercial, but we talk only for that, and now the job is to see. We are -- there is no change. We are still looking for, how can I say that, meaningful acquisition.

[Operator]

The next question comes from the line of David Roux from Bank of America.

[David Roux, Associate]

Just 3 questions from my side, please. Just going back to the COVID-19 support contracts. Could you perhaps just give us a sense of whether these are coming in at above group margin or below? And then my second question is relating to contracts outside of the government support contracts, so with your normal clients. How does the value of new contract wins in Q1 compared to what we've been seeing in the last few quarters? And then my last question relates to your U.S. operations. Given the strength of the recovery in the U.S. economy so far, are you seeing or are you anticipating any wage inflation pressures for your U.S.-based agents in the near term?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Coming to your first question, which was the value of the margin of this contract, depending -- there are different cases. In certain cases, it's good with very high, high margin. Or other, it's less important. So as a whole, this is in line with what the group is delivering. Just to make it simple. The second stuff about the wage inflation, of course, this is not new. We are living with that for now months and months in a row, and the difficulty was much more and is told by all people is to find people, trying to run people. We are -- and to make sure that people will continue to work with us. So today, in the part of the country where we are based in U.S., we are able to make it happen. So we are not seeing a huge impact. But of course, this is something that was happening for months. We continue to lead that on a regular basis, and we don't see why we should not be able to continue to do that. The other question will be at a certain point of time, a discussion if it's a matter dramatically. The other question will be a discussion with the client, and I'm sure we will be in a good position to take advantage of it. After -- if you come to the sales pipeline because that is the question that you have, we are not so different from last year. It is different from region to other, but we are roughly same pattern. That's what we are leaving before. So there is a sustained -- I would say sustainable significant growth, and we are very good with that. So we are on the same trend than last year in terms of business as we speak today in terms of pipeline. It's not done exactly the same way region by region and country by country. But as a whole, we do believe that we are going to also continue to take advantage of this digitalization of this world. But clearly, the size of the group make it more difficult. But despite that, we are able to deliver very good growth and, of course, in the right country that helps to deliver a good margin.

[Operator]

The next question comes from the line of Nicolas Tabor from Stifel.

[Nicolas Tabor, Analyst]

Can you hear me well?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Yes, yes.

[Nicolas Tabor, Analyst]

Great. Congratulations for the results. The first question would be on the government contracts. Could you tell us if there were more, let's say, back-end loaded towards the month of March in Q1 and how we should think of their impact across the quarter in Q1 to expect upcoming impact into Q2? And then coming back to the commercial pipeline, how much of the growth for Q1 was already something that you had locked in, in H2 or in Q4 last year and you had good visibility? And how much of that was maybe incremental demand that came on top of your initial expectations from the discussion with clients?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Okay. That is a tough question. This one is a tough question because it's a moving target. As you can imagine, this is not always easy to detect. If we come back to the government business, what's happening? The government business, because there are different government, the government business is large. They are large, they are different business. They are different from a country to another. There are different place at that time, a different timing also. So it might continue -- probably, it will continue in Q2. That's the way I'm seeing. At what level, I don't know. This is difficult to tell. This is going to continue at least until early June, probably mid-June. This is -- and maybe later on, but that's too early to tell. And as you know, most of these government, notably in Europe, don't know when they will get the vaccine. So we are not done to predict the volumes that they are going to be able to deliver to us for. So that is the first point. The second point is that my view or our view is it's probably going to continue a certain point of -- at least continuing to continue probably during the summer. At what level, difficult to predict. But clearly, we'll be able to give much more detail on that once the Q2 will be over. But at least, that's what we see. But what is -- is there an acceleration? I do believe there is an acceleration versus what we need in Q4. If you remember, we are 22%, 23%, I remember properly, in Q4. There was already a small part coming from the government. But now we are beyond that, significantly beyond that. As a whole, we are 36% versus 22% or 23%. While, of course, both legs have grown. Of course, we have the COVID lines that grew significantly, but all the other legs grew also significantly. So this is where we are, and I do believe it's going to help us for the year. What is difficult for us to tell today is what -- how we look at the second part of the year, not only in Q4. I'm sure you remember that we have this fantastic growth in Q4. So we are not done to predict that will be the Q4 today. But as a whole, we are not really worried about that as a whole, as you can imagine.

[Nicolas Tabor, Analyst]

Right. And if I could follow up on -- I mean could you try and explain us how you were able to capture such strong growth, both in government support services and also in the digitization versus some of your key competitors? I mean how are you able to deliver such strong capture pipeline? So that means maybe some of the growth in the market is rather captured by you than the competitors. And what made the difference again this year in the value proposition?

[Olivier Rigaudy, Deputy CEO & Group CFO]

First of all, we decided very early to pick the government, very early. We started to do that in Q3, end of Q3 last year. Sometimes, success, sometimes with no success. And of course, it's different from a country to another. You have to go from Germany, different states. In France, it's different. Also IRS, we saw it. In the U.K., it's more centralized, in Netherlands. So there are plenty of situations, which are different from a country to another and from an organization measures. Of course, bid sanitary organization are different from countries to countries. That is clear. That is clear. As far as the rest is concerned, I would say there is no major change with what we have already done in H2 last year. Of course, we are here investing the job that has been -- the work that has been done in Q3, Q4. As we speak, if I may say, we start to enter 2022 for the hunting season. Not yet, but in 2 months -- 2 months from now, we will be in 2022 season. So the job is much more now to work for next year, even if we have plenty of work to deliver that has been sold in 2021 or end of 2020, plus the farming job that needs to be achieved, too.

[Operator]

The next question comes from the line of Suhasini Varanasi from Goldman Sachs.

[Suhasini Varanasi, Equity Analyst]

Just one from me, please. I think it's very clear that your commercial sales momentum has been very strong. I just wanted to get some color on -- are there -- is the scope for new contracts to continue to ramp up in Q2? I mean, just sequentially, should we expect further acceleration in revenues? Maybe it's contracts that you signed through the quarter that need to ramp up in Q2? Or is it now going to be sequentially stable and just better, easier comps in Q2 that we should be looking at?

[Olivier Rigaudy, Deputy CEO & Group CFO]

I do believe there will be some ramp-up in Q2. Hard to tell, it's hard to tell. But classically, the ramp-up is much more Q2, Q3, Q4, much more than Q1, classically. But the thing that little change with is pandemic. But classically, yes, that's the way it should work. But of course, this is not written today in detail.

[Operator]

Our next question comes from the line of Sylvia Barker from Goldman Sachs.

[Sylvia Pavlova Barker, Analyst]

It's Sylvia Barker from JPMorgan actually. I'll ask three, hopefully not too long. On the COVID work, so I think you mentioned EUR 200 million of COVID-related work in full year 2020. Just understand, what is the...

[Olivier Rigaudy, Deputy CEO & Group CFO]

What is that? In 2020?

[Sylvia Pavlova Barker, Analyst]

What's included in the 12% growth guidance for 2021 in terms of the COVID work if we compare the '21 versus '20 figure? And then maybe I'll take the other 2 in...

[Olivier Rigaudy, Deputy CEO & Group CFO]

To be honest, to be very clear, we made some assumptions, some conservative assumption because we don't know. Even the government don't know. So I can tell you it's difficult for us to predict something. So we know what has been done in Q1. We had still growth in Q2, but we are not freely, how can I say that, very aggressive on H2. Let's put it this way.

[Sylvia Pavlova Barker, Analyst]

But you assume nothing in H2?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Nothing I don't know, but something low. This is nondramatic, let's put it this way. It's difficult to predict, really difficult to predict.

[Sylvia Pavlova Barker, Analyst]

Okay. And then the other 2 on the COVID work, just some color on how it's delivered. Have you have to hire new people to deliver these government contracts? Are there any limitations because there are government contracts on the use of offshore? Do you have to use onshore? And then finally, my third question is just on e-clients. I can -- I work out the e-clients contributed about 7% of your full year '20 growth. But presumably, that was running much faster at the moment. So should we think about e-clients growing at, I don't know, 10%, 15% year-on-year at the moment? Or is it not quite?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Coming back to your question, of course most -- not most, all of the people that we had from this business are onshore, no doubt. There is no -- this is not offshore business. This is done onshore in all these countries. So it doesn't change dramatically the margin. We have good margin depending where. But we have, in some case, very good margins, some other lower. But as a whole, we have a good margin on this job. The growth of e-clients is, of course, higher. In fact, you have 2 effects. You have the effect that the growth of this business as itself, without taking in account TP in a minute, is growing dramatically more than the rest. I should take all these people coming from -- in the economy, they are growing faster than the other. So we took advantage of that, and we continue to take advantage of that. This is going to continue. Second thing, second thing is that even the brick-and-mortar business have to move to digital if they want to survive. I'm exaggerating, but they have to move, they have to change. And this is just generally leading to opportunities that we are not -- that was existing before, but now there are -- there is no wait -- there is no time to wait. Let's put it this way. And that, of course, we are growing faster in this business and the other. Clearly, we still have a telco business that is not growing at the same pace and then the direct, of course, yes.

[Operator]

[Operator Instructions] And our next question comes from the line of David Cerdan from Kepler Cheuvreux.

[David Cerdan, Equity Research Analyst]

Congratulations for strong start to the year. I have some question relating COVID. You have gained some contract in a few countries, but what about the U.S.? Can you explain why you have not true gain from contract in the U.S. related to COVID?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Maybe we are working on it. Not maybe. We are working on it. It's not done. Situation is different in U. S. because it's by state, as you know. This is now -- it could be global, it could be federal, but it's also by state. So the situation is a little more complex. We are working on it as we speak. That's what I can tell you today.

[David Cerdan, Equity Research Analyst]

But regarding the U.S. and the U.S. states, do you think that some contracts are already in place with some other subcontractors?

[Olivier Rigaudy, Deputy CEO & Group CFO]

I'm less informed in detail of that. The story is different from country to -- from state to state, but I do believe there are some stuff that are listing today, yes.

[David Cerdan, Equity Research Analyst]

And do you think that some other countries, Brazil or...

[Olivier Rigaudy, Deputy CEO & Group CFO]

Brazil, I won't base a lot on Brazil, to be honest. But there are probably other countries, yes. Yes, of course. Of course.

[David Cerdan, Equity Research Analyst]

But in the U.S., Brazil, et cetera, is it managed by some public...

[Olivier Rigaudy, Deputy CEO & Group CFO]

Depending on the region. In Brazil, I'm not sure it's really managed at all, but it's also done by local state. [indiscernible], from Brasilia. So it's a different approach. But clearly, we are working on that as we speak.

[David Cerdan, Equity Research Analyst]

Okay. And regarding -- I'm just surprised by the size, the scale of this kind of contract, close to EUR 200 million over the quarter. So if we take just the example of Netherlands, which seems to be maybe the largest contract for you related to COVID, how many cost -- or can you give us some volumetry on this kind of contract?

[Olivier Rigaudy, Deputy CEO & Group CFO]

We are speaking of more than 10,000 people.

[David Cerdan, Equity Research Analyst]

Hello?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Yes, you hear me?

[David Cerdan, Equity Research Analyst]

Yes, yes. More than 10,000 people.

[Operator]

Okay. So we have no further questions coming through. Olivier, I'll hand back to you to complete.

[Olivier Rigaudy, Deputy CEO & Group CFO]

We are going to finish with his last question if there is a last because there are plenty.

[Quy Nguyen-Ngoc]

It was the last question.

[Olivier Rigaudy, Deputy CEO & Group CFO]

It was the last question? Okay. Thank you to all. Thank you for being able to join so quickly and, of course, for your information. The key is easy to answer. Quy is going to give you some details, and we are here to -- ready to answer your remaining question.

[Quy Nguyen-Ngoc]

Yes. Thank you, Olivier. A few key information and updates on our IR agenda. The next investor meeting is data from our shareholders general meeting on 22 April. To have all the documentation and the agenda of the event, please go to our website. It's IR, shareholders, general in this section. And of course, please reach out data from our staff any question on this. Regarding the communication and financials, Teleperformance first half results will be released on 28th of July with a webcast planned that day. Of course, Teleperformance will continue to participate in the coming months through numerous digital conferences organized by brokers. In parallel, don't hesitate to contact us if any interest in digital meetings with Teleperformance or follow-up questions. We would be happy to address your request. Thank you. Olivier?

[Olivier Rigaudy, Deputy CEO & Group CFO]

Thank you. Bye-bye. Have a good day. And of course, let's continue.

[Quy Nguyen-Ngoc]

Thank you. Bye-bye.

[Olivier Rigaudy, Deputy CEO & Group CFO]

Thank you. Bye-bye.

[Operator]

Thank you, everyone, for joining today's conference. You may now disconnect your lines. Hosts, please wait to be disconnected.

[Olivier Rigaudy, Deputy CEO & Group CFO]

Thank you.

[Operator]

And await further instructions. Thank you.