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Hello, and welcome to the Teleperformance third quarter review conference. My name is Lydia, and I will be your coordinator for today's event. Please note, this conference is being recorded. [Operator Instructions] I will now hand you over to your host, Olivier Rigaudy, Deputy Chief Executive Officer and Group Chief Financial Officer, to begin today's event. Thank you.
Thank you. Good evening, everyone, and thank you all for your presence tonight. I'm very happy to be with you through this call to comment on our figures for the third quarter that we just released. I'm hosting this call from Paris with the IR team, Quy Nguyen, Head Investor Relations, has preliminary comment to make before starting the presentation.
Thank you, Olivier, and good evening, everybody. Welcome to this call. Financial press release related to the first 9 months and the third quarter of 2020 revenue has been released today after the closing of the market. 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 tonight by dialing numbers mentioned in the invitation to the presentation. Today's call contains looking forward -- forward-looking statements, sorry, that address our expected future performance and that, by their nature, address matters that are uncertain. These expectations are subject to a number 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 2019 universal registration document available on Teleperformance website. Now I'll give the floor to Olivier.
Thank you, Quy. Before going in-depth into Q3 figures and the first 9 months figure, with some slides, I would like to highlight key message from this release. So I invite you to go to Slide 3 about the highlight. First of all, we are very happy with the strong growth recorded during the Q3. At 12.3% like-for-like year-on-year, our quarterly performance is excellent, beyond our expectation and marked an acceleration against plus 5% in the first half. Over 9 months, our organic growth has came out plus 7.4%. This dynamic reflects the rapid upgradation of our group to the unprecedented situation of health crisis we are going through. This agility allowed Tele group to a robust growth in June, led by faster expansion of the digital economy and the strong group sales momentum. Performance in Ibero-LATAM and CEMEA, in particular, were outstanding during the quarter, but I will come back later with some detail by activities in region. Second, this agility has also allowed through this period to protect the health of our employee and their jobs, which has been our priority while we ensure the continuity and the quality of our service to our new and existing clients. At the end of September, more than 200,000 active employees were working from home compared to less than 10,000 before the health crisis. This to the first shows the strong performance commitment to its employee remains strong. It has been illustrated by numerous Best Employer certification won and reviewed in 23 countries year-to-date, like in U.K., Spain and Peru among the latest in tough context, as you know. Long-term transformation of our delivery model is in good progress with the current rapid deployment of TP Cloud Campus as an integrated cloud-based solution that will create a comprehensive virtual ecosystem for the efficient sustainable management of a remote work-from-home teams. We already recorded excellent achievement in Portugal, in India, in Mexico and in Colombia. And third, based on the solid momentum, we raised our annual guidance from the current year. We also reaffirmed our confidence in the group's growth outlook in 2022, both organically and show external growth. And in respect with the 5 key value, we do what we say so far. We announced last week an agreement signed to acquire Health Advocate. Also there was recently a call held with presentation, I'd be also happy to address any follow-up question on this hot topic today during the Q&A session. So now let's go to the 9 months and Q3 performance in more details through slides. I'm on Page 4. As you can see, the growth is 5.6% on the reported base on the Q3, but 12.3% on a like-for-like basis, which give us a full figure for the like-for-like basis of 7.4% for the first 9 months and 4.4% in reported terms. If we move on Page 5 on the -- you will find the detail of what has been happening. Of course, we have on Page 5 unfavorable currency effect which are mainly decline against the euro and the main is Latin American currency, which is essentially Brazilian Real, Colombian pesos, Argentinian pesos and Mexican pesos and to a certain extent, also the Indian rupee to a lower importance -- to a lower amount. The like-for-like growth is EUR 283 million for the 9 months. Let's move to the quarterly information by region on Page 6. I like this sheet because it's plenty of figures, but it gives some information. The first thing is to see that core service and D.I.B.S. are achieving a 9.9% like-for-like growth in 9 months. But what is interesting with an acceleration in Q3 to 14.9% like-for-like growth, particularly in Ibero-LATAM and CEMEA region. I will come back later on to show that also India and Middle East is going on the path to -- on a better path, growing back -- growing again following the last -- the first half year, which was more mixed. Secondly, specialized service is, of course, still declining given the difficulties that TLS is encountering with the absence of transportation across the world. But the like-for-like growth is improving with a good momentum, minus 4.6% like-for-like growth in Q3, due to a fantastic growth in LanguageLine Solutions despite what I just mentioned about the virtual shutdown of TLScontact. So you have like-for-like growth in core service and D.I.B.S., which is massive, 9.9% -- close to 10% like-for-like in 9 months, accelerating in Q3. And the growth that is back on -- back on track in specialized service, mainly with LanguageLine Solutions. So let's move to the different sector and go to region EWAP on Page 7. The like-for-like growth for the first 9 months is 3.2% and 0 in Q3. Where does it come from? It comes from 2 or 3 things. First of all, I'm sure you'll remember for those who are there at that time that we added a comparison basis that was very high last year. It was probably the most important achievement that we did in EWAP for years.And this is, of course, difficult to beat. Secondly, we're still facing some difficulties, some operational difficulty in Philippines meaning that ability to transport people across Manila or Cebu is still complex. And as a consequence, some people decided to move their business from Philippine to Colombia or to Mexico. That's something that happened all along this Q3. But in the meantime, there is a strong growth in Asia, notably in China or in Malaysia. And a quick expansion back in U.K., driven by a solid sales momentum and notably with the ongoing development of COVID-19 support service for the U.K. government. If we move now to the next region, Ibero-LATAM, I would say we achieved a revenue growth of 34% -- close to 35% growth, which is amazing, in Q3, meaning 24% growth in 9 months. Despite the good level we had over last year and all this quarter, we have been able to wrap new contracts, notably in the digital economy. So the growth is strong in Colombia, in near-shore activities in Mexico, in Portugal and in Spain. So we are delivering good figure in all these countries. As I mentioned, we are building up some activity previously served from Philippines. And we have solid gain in financial service, e-tailing and online entertainment as well as rapid growth in automotive. So a good -- very good quarter for – Ibero-LATAM. If we move to Europe, we have also the same approach, meaning a growth of 23% on the like-for-like growth in the third quarter, confirming the return to the fast growth that began in June. On the 9 months, we are up 13.2% growth. What is interesting, we had growth in Greece, multilingual hubs, as you know, but also in the German-speaking markets, specifically offshore activity, Eastern European countries, Turkey and Egypt. And to a certain extent, also in Netherlands as we are developing COVID-19 support service for government. So most dynamic verticals are entertainment, e-tailing and consumer electronics. If we move to India, we are back on growth. You remember that we have done all through the first half given the fact that we decided to reduce our exposure to some domestic business. So we are back -- right back on track. Of course, easing of India's drastic lockdown measures had helped. But also, we have been able to return to certain growth in offshore activity in the e-tailing and online entertainment segment, and we are quite at the end of the termination of the less profitable domestic contract that started last year, end of Q3, early Q4. If we move to specialized service, here, we are in different situation. Of course, the global situation is better because the like-for-like is down 4.6% versus 8% on the 9 months, which was significantly lower at H1. We have a LanguageLine Solution that is maintaining a strong growth and even increased growth that resumed in June, thanks to surge in demand. A steep decline of TLScontact in Q3 as travel restrictions, border closures remained in effect, and we don't see that will not -- that will change in Q4, and we have a satisfactory growth in debt collection revenue in North America, which is a small part. So as a whole, the things are going better in this region, in this part, thanks to the fantastic growth of TLS -- of LLS, sorry. So those are the figures. As far as outlook is concerned, I'm on Page 12, we are going to -- we have increased -- we increased Annual like-for-like revenue growth guidance from around 6% to around 8%. And we confirmed our targeted EBITDA of at least 12.5%. We also confirm our 2022 financial objective of EUR 7 billion by 2022, including acquisition and the last one that we have announced last week, notably in added-value service. The average like-for-like growth should be at 6% over these 2 years and EBITDA margin around 14.5% in 2022. So that are the figures that we have announced. And I'm, of course, at your disposal to answer your questions that you can ask through this con call. Thank you.
[Operator Instructions] Our first question comes from Edward Stanley of Morgan Stanley.
Olivier, I've got 3, please. I'll take them one by one, if that's all right with you. On nearshoring, this EWAP to a very LatAm shift. I think it's happened before in 2017, was somewhere around that. But can you give an idea of what proportion of your growth in Ibero-LATAM this quarter came from reshoring directly? And how long we should expect that shift to last? And if you can, whether that's that Colombia work? Is it a slightly lower margin than the Philippines work?
I believe it's difficult to tell, of course, because -- but I believe between 3%, 4%, something like that.
3 or 4 percentage points over there in LatAm?
Yes. Something like that. So maybe 5 maximum, but that means that EWAP without that should have been much more closer to 5 or something like that, something -- it's a round figure.
Okay. And how long it should last for this transition?
You never know. What I do -- remember that also EWAP had in the Q3 last year, which was significantly higher than ever because they achieved, if I'm not mistaken, they were growing last year at 12% in the Q3. So following a 4.4% growth in first half. So they were also very, very concentrated in Q3. So that explains the part of the story, too. I do believe it is going to last at least I think some 6-month minimum. We'll see what happens. But it's difficult to tell, but it's going to last. It doesn't mean that EWAP is not going to grow anymore after.
Sure. The second question, you mentioned social media as one of the growth drivers, particularly in Malaysia. Can you give us a feeling of whether that's with existing customers or whether you've had any particular ramp up [indiscernible]
In existing customer.
Okay. And finally, on working from home, you haven't really mentioned it in the release. Longer term, presumably, it's not high up on the agenda if you're growing without needing to send people back to sites. But we've also heard some issues in India with power cuts and things, making it difficult to work from home. So what are your latest thoughts on working from home longer term?
First of all, we are happy not to have sent back people to site, first point, which is on the longer term, it's difficult to tell. I do believe we still do believe that roughly, especially with this TP Cloud Campus, new initiatives, we should be around I don't know, something in the range of 50% of people working at home. Of course, this is a bulk figure, made up of very, very different situation, mostly Europe, mostly U.S., to a certain extent, also South America are easy to go to work at home, a little more complex for India, a little more complex for Philippine and some other countries in South Europe and South Africa. So I do believe we rather change our views. But what we are doing now, we are trying to be -- to define a professional way for TP Campus to be able to deliver a sustainable, durable solution to our clients working at home.
Our next question comes from Sylvia Barker of JPMorgan London.
My first question is, just if you can quantify the benefit from new contracts in Q3 organic growth. And then as we think about Q4, just your thought is that's implied at around 10% from your full year guidance. Just thoughts about the moving parts from Q3 into Q4? And then I had a question at a Concentrix event yesterday, there was a question raised around Amazon Connect. And it seems that your key supplier is basically offering some white label solutions there. Could you maybe comment on what you're seeing from Amazon Connect? And to what extent is that kind of a relevant alternative solution in the market?
On Q3, Q4, so it's clear that this year, we had a lot of sales. It's a specific year because its a classical year for us, is to have an average of 50% of new customers -- 50% of hunting and 50% of farming. Clearly, this year, we are probably much more -- not probably, we have much more new clients that came online. So this is going to probably continue in Q4. You have to understand what happened. In fact, you have some sectors that were down, significantly down, of course, all leisure or transportation, accommodation, all that is down versus last year. For example old clients, if I may say, in this work, have declined, while we have been able to sell more to new clients. So this year, we will have much more new clients clearly than last year. So I'm not going to quantify precisely this impact. But clearly, we are much more in the range of 70-30 than 50-50 in the past. So about Q4, it's too early to tell. What we say that we should be at around 8% for the full year, knowing that Q4 clearly, October should be okay. We are still waiting for November and December, of course, and it's too early to tell. And you know that specifically in U.S., you have enrollment of health care at that time, so it's difficult to predict.There are new products that are not coming on stream. So it's difficult to predict, but what we do believe that we should be able to deliver a good last quarter for the year. About the Concentrix and the provider from Amazon I'm not sure to understand precisely your question, what was it? Whether we have the same access to that provider. Is that correct? That was the question?
Well, just interested, I guess, I don't really know that offering very well. So is it a competitor? Is it something that you got to work with as well? Or how should we think about that offering? I presume they're more focused around smaller customers.
Yes. Yes, I believe -- I'm not perfectly aware of this stuff. I'm not sure it's massive for us, clearly. That's what I can tell you, but I'm going to dig that a little more.
Moving on to our next caller, we have David Roux of Bank of America.
So 3 questions from my side. In terms of the new and recently awarded contracts that are ramping up, could you give us an understanding of the contract mix between voice and nonvoice solutions? Then my second is just on TLScontact and LanguageLine. Could you perhaps share the revenue and growth numbers for those 2 businesses? And then just lastly, what was the exit rate for the group during the quarter?
Ramping up versus voice and nonvoice for Q3, I'm not sure this is very, very different than what we have, we are still roughly the same clients that we have in the full year. So I cannot answer precisely to your question, but it should be roughly in the same approach. About TLS and LLS, of course, TLS is down to make it simple, 75%, something like that. 75% of the TLS disappeared, and that's clear. LLS has increased significantly higher than it increased -- in increase, sorry, in H1. We are significantly above 15%. On the exit -- for September, we had a good -- the figure for September is good, is higher than the average.
[Operator Instructions] Moving on to our next caller, we have Patrick Jousseaume of Societe Generale.
Can you hear me?
Yes. Yes, Patrick.
Question on LLS. So could you give us some color about this very strong growth and the drivers behind this growth? Second question, so we have currently a wave of lockdowns in Europe. Would you say that compared to what happened in spring, Q4 will be business as usual or do you anticipate any impact from this lockdown? And finally, in the new business that you are doing, do you see the sort of wave of outsourcing? Meaning company which were outsourcing a bit, which are outsourcing far more, or company which were not outsourcing, which are now starting to outsource?
Okay. About LLS, there are 2 things that are happening. I do believe that the first one is, of course, video part that is growing dramatically. And you remember, we mentioned that earlier on. And the second step is that the volumes, the volume of the demand and the ability to sell across the country in U.S., I'm speaking of U.S., of course, has been good. And we are facing more and more demand, and we have achieved in this quarter the highest level of minutes sold that LLS ever achieved. Whether it's business as usual with lockdown, I wouldn't say that. I think even if most of the switch has been already made, of course, premium, most of the people have moved home. So I think we are in a position to absorb this new lockdown that are coming in France that would probably come in U.K. and in other countries, in Europe. And I think we are going to swallow that, I wouldn't say easily, but quite -- we are ready to do that. So there is no major change for us because all the people who are already working at home. Of course, there are some consequences with some of our clients, but we are ready for that. And we have no, let's put it this way, dramatic here for that. About newbies and outsourcing, clearly, yes, clearly. Yes. What's happening in this world? This world is more and more digital and people who decided -- as to move on decided to accelerate their outsourcing approach. And somewhere, they need tools to have that. So I think this is somewhere accelerating. There are 2 things that are to accelerate, the digitalization of the economy, and we are speaking of Amazon a minute ago. But of course and also for the others that were not digital, to move quicker and quicker in outsourcing because that solution is no more working or not perfectly working at all.
Moving on to our next caller, we have Antonin Baudry of HSBC.
Three quick questions. The first one, is it possible to know the proportion of e-clients in the mix in Q3, and the dynamic of this particular type of clients? My second question is, is it possible to quantify the size of your business related to COVID-19 support in the growth delivered in Q3? We can expect this starts to fade in 2021. So what is the proportion in your growth? My last question is about content moderation in social media. We speak more and more about content moderation, how this business evolved for you and what is the opportunity in the long term?
I'm not going to answer precisely. On all your questions, I will be probably better to answer that at the end of the year. But clearly, the part of the e-clients that were roughly 24% on the full year, is increasing in this Q3 figure. I don't have the right precise figure to answer you, but it should be probably around 26%, 27%, but it's too early to tell, something like that. About the impact on the -- the nonrecurring business with the COVID, let's assume that it's going to be done in 2021 or in 2022, I don't know. Again, it is too early to tell you. We have 2 countries where we are doing that, frankly, today. One is U.K., where we have a significant part of our business traditionally to work with the U.K. government that outsources significant part of the stuff and also in Netherlands, as we mentioned it. But this is not -- I cannot answer precisely to a figure, but it should not be huge. Of course, it has an impact. But I would be in a better position at the end of the year to give you precise figure. About the content moderation, of course, it's increasing. And you have seen the figures in Asia, and we are going probably to see more on that, notably in Latin America and maybe also in English world, strictly starting early 2021.
Maybe a quick last question about M&A. You announced last week a big M&A move. Do you work on further M&A in the next, let's say, 6 to 9 months to next year, let's say? Or would you wait to integrate this one before to work on the new one?
So I wouldn't say it's a big M&A because the company is relatively sizable, but not so big. So integration is going to be probably classical. This is going to be part of the specialized service division. And I do believe this is going to be led by -- I know it's going to be led by the President of the Specialist division, Scott Klein. And I'm really convinced it's going to be done, I wouldn't say quickly, but quite quickly. So we already started to work on that. Even if the closing is not done and could not be done probably before early 2021. It doesn't mean that we are going to -- we are hungry for other acquisitions. But as you can imagine, we have -- we received some file from lot of people, and we are looking through them on a regular basis, and we are looking to them. But so far, the idea is much more to control on the net debt and there is no urgency to make another acquisition. But you have understood that to achieve our 2022 figure we might target, sorry, we might make other acquisition, of course.
Moving on to our next caller. We have David Cerdan of Kepler.
A few questions for you. First, I would like to come back MLS -- LLS, sorry. So you said that volumes are up. But can you maybe explain in detail what does -- what was the impact of -- what was the reasons for this volume increase? Second question is related to the U.S. election. What could be the impact of Trump or Biden as the new President of the U.S. So -- and my third question is regarding TLS. How have you adapted your cost structure to the new business?
Okay. LLS volume is due to the fact that the team in charge has been able to sell to new clients or speaker, new governments to enlarge the use of the business. That is what has been done. There is a fantastic team here, really organized, really covering the full country from North to South and from East to West and that's it. And the quality of the delivery, the ability to -- in this business to deliver very quickly, the ability to speak to an interpreter in less than one second makes a difference. And the system is working very well in LLS. Not only the system, the IT system, but also the people that are beyond the -- behind the call or behind the video that are able to answer quickly to the demands that are the reasons why we have been chosen by so many clients and new clients in 2020. That is the main reason. About the U.S. selection, frankly, I don't know -- I don't want to make politics, of course, on that. I'm not sure it's going to change dramatically. Clearly, you know what's going on with Mr. Biden, what's going on with Mr. Trump. I do not believe it will have a big impact on our business. Of course, there will be more healthcare in a case, more tax in another or less support. But I do believe that as the world is not going to change dramatically the condition and the way this business is organized in the U.S. That is our core belief, but we have to wait, of course. As far as TLS is concerned, what has been done is that roughly a third -- or the SG&A has been cut dramatically and all the direct costs have been cut dramatically. So -- but finally, people have been going -- so there is no more volume, so we get some job. We get some localization, some site. We reduce every, of course, no travel, no SG&A increase. Of course, so there is a significant decrease that has been made on the cost. But clearly, it's not sufficient to avoid those money in Teles. This is not possible given the size of the business and given the margin. So we have reduced the size of the loss over the quarter, each month, but we are still losing money in TLS, and we hope to be in a better shape in 2021, yes.
Moving on to our next caller. We have Laurent Gelebart of Exane.
I will come back on Health Advocate acquisition that you announced last week. So you mentioned that you expect the organic -- the market to grow 7% to 10%. I would like to know if you want to be there already in 2021 so in this bracket? And if you have quantified the level of top line synergies you may extract and maybe also cost-cutting synergies you may have if you decide to streamline support functions at Health Advocate or if it is too early?
It's clearly too early. First of all, we already started to work on that. I do not expect huge saving cost on the organization of Health Advocate, maybe some, but I don't expect it's going to be massive.What makes probably the change is the ability to sell more, to use the same methodology that we use in LLS with the same people, with the same method to develop Health Advocate across the U.S. territory. That is clear because we are selling not exactly to some people because we are going to sell to corporates that are going to offer this service to their clients, to their employee. But the idea is to follow the same pattern. So clearly, it's too early. I'm not sure we are going to be able to deliver 10% growth in 2021. Let's assume we get the deal down early in January. Just put -- of course, we are going to work in this quarter in advance. But to make it happen, it's going to -- at least to need 4 or 5 months to launch the system. And of course, we don't know what will be the first half. It's too early to tell. But we are reasonably confident that over the years, we are going to achieve such growth.
Okay. And I have a last question, if I may. Do you have an idea of the potential PPA you are going to recognize with this?
Yes. No, no, no. So we are going to work on that. Frankly, PPA, it's always -- there is a brand that will be probably amortized to what level, I don't know. There are some other stuff that -- so we are going to work on that. But clearly, there is a part that will be in goodwill, of significance, of course. But frankly, let us close the deal before making the PPA. We have some other questions, we have 2 other people that want to ask questions. Let's take them.
Of course. Our next caller is Steven Goulden of Deutsche Bank.
Yes, I just wanted to just ask about the 2022 financial objectives. So just -- obviously, just on 12% and your '16 to '19, you were doing around 9.5% average like-for-like, I believe. Why only 6% over the next couple of years, given the fact that you delivered so well in such a challenging environment. That's my first question.
I understand your question. And frankly, we set an objective early this year at the time we're making Investor Day in the U.S. or last year, maybe -- I'm sorry, I don't know if you were there. But we haven't changed it. We have just adjusted the 2020 fee guidance and marginally adjusted the figure for 2022 for the margin. But we'll see later on what's going on. So -- and I remember, we are at least at these levels. And I don't know if you start to know us, but we are careful guys. Frankly, nobody thought at the beginning of 2020 that we were going to face such a situation, a global situation. So we prefer to stay careful, to deliver what we said, and we will adjust on time, the 2022 objective if needed.
Just one follow-up, if that's okay. So obviously, you won a number of new contracts, and they've been rolling out over back end of Q2 and over Q3. Can you just give us a bit of a feel for -- to what extent -- how competitive those contracts are? How you are versus your main competitors? To what extent maybe digital is a bit of a differentiator? Essentially, what do tendering processes look right now? And what's your win rate? And so just kind of feel for that, that would be really helpful.
Okay. I understand, the win rate is quite high. It's difficult to just stay on the point. When you get or you lose a contract it's made of differencing. Of course, you have price. Of course, you have security. Of course, you have the ability to ramp up. Of course, you have the ability to follow whatever the language is. And of course, you need a fit to the team and you have the right size and the like. So it's a mix of that. So it's not only price. I know that specifically in U.K., people are very interested in price. But it's not only price. We are for a global solution, including the people, including -- because you can be cheaper. But if you are living with an attrition that is too high and you have hard time to find the people, you are going to ruin your contract. So it doesn't mean that we are the cheapest as always, as I told you, but the ability to gather all these solutions together makes the difference. And that's probably one of the reasons that we have been successful over the last months. We have the last question from Portzamparc, I don't know who exactly it is, but let's take the last question, except if you have thousands of other questions.
Our last question is from Yann de Peyrelongue of BNP Paribas.
Just a follow-up on content moderation. Can you remind us how much does it -- how does it weigh on your -- what does it represent on your revenue? And then maybe can you elaborate on seasonality given U.S. election, where does it focus? Is it only on U.S. content, this moderation or...
It's mainly in U.S. content, but it's lower compared to the group, I believe it's less than 1% of the total sales or maybe 1.5%, maybe 2%. But keep in mind that content moderation is not only political or hate message or -- it's plenty because everybody has in mind that content moderation it's either political or either hate message. There are plenty of businesses that this -- that are trying to be scammed by others, copied by other. And the content moderation is also working on that. So I cannot say this is hampered by the U.S. election. And our business is -- could be not only in English, it could be for other countries, the newest -- even if the client is a U.S. company, it could be done in other language, notably in Asia or in South America. Ladies and gentlemen, I think we are clear. If there is no more question, I would like to thank you all for your participation to the call and your interest in Teleperformance. Quy is going to give you some logistic information over the next step of the next information that we are going to release in the future.
Yes, thanks. Few key information and dates, 2020 annual results are planned to be released on February 25, 2021. Again, replay and presentation related to our Q3 publication and our recent acquisition project are available online on Teleperformance website. Of course, Teleperformance will continue to participate by the end of the year in numerous virtual conferences organized by brokers, and we'd be happy to continue to interact with you there. So thank you all.
Okay. Thank you. So goodbye, everyone. And as ever, we'll be able to answer any questions you may have and stay safe, all of you. Thank you. Bye-bye.
Thank you for joining today's conference. You may now disconnect your lines.