Earnings Call: Q3 2020

Nov 3, 2020

Hello, and welcome to the Teleperformance Third Quarter Review Conference. My name is Lydia, and I'll be your coordinator for today's event. Please note this conference is being recorded. And for the duration of the call, your lines will be on listen only. However, there will be an opportunity to ask questions I will now hand you over to your host, Olivia Rudazi, 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 come onto more figures for the first quarter, which have done this release. I'm hosting this call from Paris with the IR team, Queen Graham, Oreal Investor Relations as primary command to make before starting the presentation. Thank you, Olivier, and good evening, everybody. Welcome to this call. Financial press release related to the 1st 9 months 3rd quarter 2020 revenue has been released today after the closing of the market. The 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 And A session. A replay of the conference call may 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 documents available on Twitter Performance websites. Now, I'd like to floor to Olivier. Thank you, Queen. Before going in-depth into 3 figures and the first time figure first time and figure with some slide, I would like to highlight key message from this release. So I invite you to go to Slide 3 about the highlights. First of all, we are very happy with the strong growth recording during the Q3. At 12.3% like for like year on year, quarterly performance is excellent beyond our expectation and marks an acceleration against plus 5% in the first half. Over 9 months, our organic growth came out plus 7.4%. This dynamic reflects the rapid adaptation of our group to the unprecedented situation of health crisis we are going through. This agility allowed a return of group to a robust growth in June, led by faster expansion of the digital economy and the growth and the strong group sales momentum. Perf amounts in Ibero LatAm and CMEA in particular were outstanding during the quarter, I will come back later with some detail with activity by activities and region. 2nd, this agility is also allowed to do this period protects 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 in client. At the end of September, more than 200,000 active employees were working from home compared to less than 10,000 before the health prices. This, towards the 4th, shows that strong performance commitment to its employee remains strong globally. It has been listed by numerous best employer certification won and reviewed in 23 country, year to date, like in UK, Spain and Peru among the latest in tough context, as you know. Long term transformation of a delivery model is in good progress, with a current rapid deployment of TP cloud Campus as an integrated cloud based solution that creates comprehensive virtual ecosystem for the efficient sustainable management of a remote work from home teams. We already recorded excellent achievements 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 reaffirm our confidence in the group group growth outlook through 2022, both organically and through external growth. In respect with our 5 key value, we do what we say we do what we say so far. We announced last week an agreement signed to acquire as allocate. Also there were recently called L2presentation, I would be also happy to address any follow-up question on this upcoming today during the Q And A session. So now let's go to the 9 months and Q3 performance in more details through slide. I'm on page 4. As you can see, the growth is 5.6% on the reported base on the Q3 3% but 12.3% on a like for like basis, which give us a full figure of our like for like basis of 7.4% for the 1st 9 months and 4.4% in reported term. 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 effects. Which are mainly declined against the euro on the main Latin American currency, which we move on to Brazilian real, Brazilian real sorry, Colombian pesos, Argentinean pesos and Mexican pesos and to a certain extent also, Zindian rupee to a lower style. Lowest importance to lower amounts. Life for like growth is $283,000,000 for the 9 months. Let's move to the quarterly information by region homepage. I like this sheet because it's plenty of figure, but it gives some information. The first thing is to see that cross service and dips achieving a 9.9% of like for like growth in 9 months. That's what is interesting with an acceleration in Q3 to 14.9% like for like growth, particularly in DVO LatAm and region. I will come back later on to show that also the Indian 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 GLS is encountering with the absence 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 solution despite what I just mentioned about the virtual shutdown of TLS contact. So you have a line for like growth in core service and dips, which is massive, 9.9 close to 10% like for like 9 months accelerating in Q3 and the growth that is back on back on track in specialized service, mainly with language line solutions. So let's move to the different sector and go to region EVAP on page 7. The like for like growth of the line first line is 3.2% and 0 in Q3. Where does it come from? It come from 2 or 3 things. First of all, I'm sure you remember for those who are there at the time that we added a comparison basis that was very high last year. It was probably the most important achievement that we did in EWA for years. And this is, of course, difficult to beat Secondly, we're still facing some difficulties, some operational difficulty in Philippine, meaning that ability to transport people across Manila of Seibu is still complex. And as a consequence, some people deciding to move their business from Philippines to Colombia or to Mexico. That's something that's 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 UK, driven by a solid sales momentum and notably with the ongoing development of COVID-nineteen support service for the UK government. If we move now to the next region of Ibero LATAM, I would say we achieved a revenue growth of close to 35 percent of growth, which is amazing. In Q3, meaning 24% growth in 9 months. Despite a good level, we had over last year. And it was this all this quarter. We have been able to ramp new contracts, notably in the digital economy. So the growth is strong in Colombia, in nearshore activities in Mexico, in Portugal and in Spain. So we are delivering good figure in all this country. As I mentioned, we are lifting up some activity previously set from Philippines. And we have certain gain in financial service, detailing and online investment as well as rapid growth in Automotive. So a good very good quarter for Ebero LATAM. If we move to Europe, we have also the same approach, meaning a growth of 20 3% on like for like growth in the 3rd quarter, confirming the return to the 5 growth that began in June. On the 9 months, we are up 13.2% growth. What is interesting, we had growth in Greece, which will allow us to you know, but also in the German speaking market, specifically, offshore activity, Eastern European Country, Turkey, and Egypt. And to a certain extent also in Netherlands as we are developing a COVID-nineteen support service for government. So most demanding vertical are entertainment, detailing, and consumer electronics. If we move to India, We are back on growth. You remember that we were down all the first half, given the fact we decided to reduce our exposure to some domestic business. So we are back on track, right back on track, of course, easing of India drastic lockdown measure have helped, but also we have been able to return to system growth in offshore activity the Italy and online and 10 month segment. And we are quite at the end of the determination of the less profitable domestic contract that started last year end of Q3, early Q4. If we move to specialized service, here we are seeing different situation. Of course, the global situation is better because the like for like down is down 4.6%. There's 8% under 9 months, but which was significantly lower at H1. We have a language line solution that is maintaining a strong growth and even increased growth at Resume in June, thanks to surging demand. A steep decline of TLS contact in Q3 as travel disruption, our border close remain in effect and we don't see that will not that will change in Q4. And we have a statutory 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, in this part thing. To the fantastic growth of GLF. So that is the figure. As far as outlook is concerned, and I'm on page 12, we are going to we have increased we increase overall for like revenue growth guidance from around 6 to around 8. And we confirm our target of EBITDA of at least 12.5 We also confirmed our 2022 financial objective of $7,000,000,000 by 2022, including acquisition, and the last one that we have announced last week, notably in add value, add value service. The average like for like growth should be at 6% over the 2 years and EBITDA margin around 14.5 percent in 2022. So that is the figure that we have, as and I'm, of course, at your disposal to answer your questions that, you can ask through this conference call. Thank you. Okay. And I will We have some callers in our queue already. Our first question comes from Edward Stanley of Morgan Stanley. Edward, when you're ready, please go ahead. Evening, Olivia. I've got 3, please. I'll take them 1 by 1, if that's alright with you. On the assuring, this this, I worked to a very LatAm shift. I think it's happened before in 2017. You know, it was somewhere around there, but Can you can you give an idea of what proportion of your growth in Ibera Latam this quarter came from reassuring directly and and how long we should expect that shift to last. And if you can, whether that's that Columbia work, is it a slightly lower margin than the Philippines work? I believe it was difficult to tell, of course, because, that I believe between 3%, 4% something like that. 3 or 4 percentage points of Ivera LATAM? Yes, something like that. Maybe 5 maximum, but that means that EWAAP without that should have been much more closer to 5 or something like that, something it's wrong figure. Okay. And how long it should last four digit transition? You never know. What I do remember that also Iwap had the Q3 last year, which was significantly higher than ever because they achieved if I'm not if I'm not they were growing last year at 12% in the Qs in the Q3. So, following a 4.4 some of the growth in first half. So there were also very, very concentrated in Q3. So, that explain a part of the story too. I do believe it's going to last at least, at least some 6 months minimum. We'll see what happened. It's difficult to tell, but it's going to allow. Okay. And the thing is that EVAP is not going to grow anymore after Sure. The second question, you you mentioned social media as 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? Yes, existing customer. Okay. And finally, on working from home, you haven't really mentioned it in the release, longer 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 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 a send back people to site first point, which is a, which is the longer term, it's difficult to tell. I do believe we still do believe that roughly, especially with this TP cloud campus new initiative, 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 a very, very different situation. Mostly U. S. To a certain extent also in South America are easy to go to our capital. Little more complex for India, a little more complex for, Philippines and some of the countries across Europe and some Africa too. So I do believe we have another change of our views. But what we are doing now, we are trying to be to define a professional way through typical Campos to be able to, deliver a sustainable durable solution to our clients and working at home. Thank you. I'll hand it on. Thank you. Our next question comes from Sylvia Barker of JP Morgan, London. Silvio when you're ready. Please go ahead. Hi, good afternoon. My first question is, just if you can quantify the, the benefit from new contracts in Q3 organic growth. And then as we think about Q4, just your thoughts, was that 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, it's a concentric event yesterday, there was a question raised around Amazon Connect and it seems that your PRA supplier, 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, you know, it's clear that this year, this year, we had a lot of sales. It's a specific year. It's a specific year because the classical year for our selected family is to have an average of 50% of new customer and 50% of our team and 50% of our farming. Clearly, this year, we are probably much more, not probably, we have much more new clients but 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 we have done, significantly done, of course, all leisure or transportation accommodation, all that is done versus last year. So the some inbound that it hold clients, if I may say in this word, have declined while we have been able to sell more into 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 this impact, but clearly, we are much more in the 170,000,000 dollars, $30,000,000 $5050,000,000 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 the Q4, clearly October should be, should be okay. We are still waiting November December, of course. And it's too early to tell. And you know that specifically in you have enrollment of health care at the time, it's difficult to predict. There are new products that are not coming on stream. So it's difficult to predict what we do believe that we should be able to deliver a good last quarter for the year. About the Concentrix and the provider for Amazon, I'm not sure to understand precisely your question, whether we had the same access to the 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 gotta work with as well, or how should we think about that? Offering. I presume they're more focused around smaller customers, but Yes, yes. I believe I'm not perfectly aware of this stuff. Not sure it's messy for us clearly. That's what I can tell you, but I'm going to dig that a little bit more. Moving on to our next caller. We have David Roo of Bank of America David. When you're ready, please go ahead. Good evening, gentlemen. So three questions from my side. In terms of the the new and recently awarded contracts that are ramping up. Could you give us an understanding of the contract mix between voice and non voice solutions. Then my second is just on TLScon contact and language line. Could you perhaps share the revenue and gross numbers for those 2 businesses? And then just lastly, What was the exit rate for the group during the quarter? Thank you. Ramping up versus voice and on voice. I'm not sure this is the is very, very different than what we have. We are still roughly We're actually the same setup that we have the full year. So I cannot answer precisely to your question, but it should be roughly in the same in the same approach. About TLS and LLS, of course, TLS is done to make it simple. 75%, something like that. 75% of the sale is at PFS. And that's clear. LLS have increased significantly, significantly higher than it increased an increase sorry in H1. We are significantly above 15%. On the exit for September, we had a good the figure September is good. Is higher than the average. Is for your turn. Moving on to our next caller. We have Patrick Dossim of Societe Generale. Patrick, when you're ready, please go ahead. Yes, good evening. Can you hear me? Yes, yes. Hi, Patrick. Good perfect. Hi. Question on LLS. So could you give us some colors 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 a company which we're outsourcing a bit, which are outsourcing far more company which we are not outsourcing, which are now starting to outsource. Okay. About LLS are two things that are happening. I do believe that the first one is, of course, the video part that is growing dramatically. And you remember, we mentioned that earlier on, the second, second survey that the volume is the volume of the demand and the ability to sell across the country in U. S, I'm speaking, in U. S, of course, has been good. And we are facing more and more demand and we have achieved in this quarter. So Ios level of minutes solve that analysts achieve ever achieve. Whether it's businesses are always locked down. I wouldn't say that. Even if most of the switch has been already made, of course, at premium, most of the people have moved home. So think we are in a position in a position to absorb this new lockdowns that are coming in France that would probably coming UK 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 So there is no major chance for us because all the people who are already working at home, of course, there are some consequence with some of our clients, but we are ready for that. And we have no let's put it this way, dramatically for that. About newbies and I also think clearly, yes. Clearly, yes. What's happening in this world? This world is more and more digital. And people who decided to ask to move on decided to accelerate their the outsourcing approach. And somewhere, they need to, they need to have that. So I think, this is somewhere accelerating there are two things that are to accelerate the digitalization of the economy and we are speaking with Amazon a minute ago. Of course, and also for the other that we are not digital to move quicker and quicker in outsourcing because usually no more working or not perfectly working at the wall. Thank you for Thank you, Patrick. Next time, Felicia's meeting. Moving on to our next caller. We have Anthony Boggi of HSBC. When you're ready, please go ahead. Yes. Good evening, Olivier, and thank you to take my question. Three quick questions. The first one, is it possible to know the proportion of eclients in the mix in Q3? On the dynamic of this particular type of clients? My second question is, will possible to quantify the size of your business related to COVID-nineteen support in the growth delivered in Q3. We can expect this stuff to fade in 2021. So what is the proportion in your growth? My last question is about contents moderation in social media. We speak more and more about, content moderation. How this business evolved for you on what is the opportunity in the long term? Thank you, William. I'm not going to answer precisely on all your question. I will be probably better transferred that at the end of the year. But clearly, it is a part of the clients that were roughly 24% on the full year is increasing in this in this excuse three figure. I don't have the right precise figure to answer you, but it should be probably around 26, 20 7, but it's too early to tell something like that. About the impact on the COVID is a non recurring business with the COVID. Let's assume that going to be done in 2021 or in 2022. I don't know. Again, this is too early to tell you we have 2 countries where we are doing that frankly today. 1 is UK, where we have a significant part of our business traditionally to work with the UK government that outsourced significant part of the stuff and also in Netherlands as we mentioned it. But this is not I cannot unsupercisely to your vehicle, but it should not be a huge, of course, it has an impact, but I would be better in a better position at the end of the year to give you precise figure. But the content moderation, of course, it's increasing. You have seen our figures in Asia. And we are going probably to see more on that. Notably in Latin America and maybe also in English world, specifically starting early 2021. Thank you. Maybe a quick last question about M and A. You announced last week a big M and A move. Do you work on further M and 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 and A. Because the company is relatively sizable, but not so big. So integration is going to be probably classical. It's a this is going to be part of the Specialized Service Division. And I do believe this is going to be to be led by I know it's going to be led by the president of the Specialist Division Scott Plant, and I'm really convinced it's going to be done I wouldn't say quickly, but quite, quite quickly. So we already started to work on 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 hunger for other acquisition. But as you can imagine, we have, we received some lot of people and we are looking to 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 debt base. 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 up the acquisition, of course. Moving on to our next caller. We have David Sigam of Kepler. David, when you're ready, please go ahead. Good evening gentlemen. A few questions for you. First, I would like to come back on NLS, 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? 2nd question is related to the U. S. Election. What could be the impact of Trump or be done as the news president in the U. S. So and my first question is regarding TLS. How have you adapted your cost structure to the new business? Okay. And this volume, it's is due to the fact that the team in charge has been able to sell to a new client or spitol, new government, new 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 to speak to an interpreter in less than one second makes a difference. And the system is working very well in NLS. Not only the systems the ITC statement, also the people that are beyond the other behind the call are behind the videos and they are able to answer quickly to the demand. That are the reason why we have been chosen by so many clients and new clients in 2020. That is the main reason about the U. S. Election, frankly, I don't know, I don't want to make a politics course, on that. I'm not sure it's going to change dramatically. Clearly, you know, what 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 would be more health care in case, more tax in another or less support. But I do believe that as a word, it's not going to change dramatically condition and the way this business is organized in the U. S. That is our belief, but we have to wait, of course. As far as TELUS is concerned, what has been done is that roughly a third all the SG and A has been cured dramatically and all the direct costs have been cured dramatically. So but finally, people have been going, so there is no more volume. So we get some job, we get some localization, some sites we reduce every, of course, new travel, new SG and A increase course, so there is a significant decrease that has been made on the cost. But clearly, it's not sufficient to avoid to 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 each month, but we are still losing money in TELUS. We hope to be in a better shape in 2021. You. Moving on to our next caller. We have Laurent Galvarra of Exane. Laurent, when you're ready, please go ahead. I would come back on El Salvador acquisition you announced last week. So you mentioned that you expect the organic in the market to grow 7% to 10%. I would like to know if you want to be there already in 2021 for 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 super functions at health and botate 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 a I said, okay, maybe some, but I don't expect it's going to be a massive. What makes problem is 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 elsewhere case across the U. S. Territory. That is clear because we are selling not exactly some people because we are going to sell to, to corporate that are going to offer this service to their client, 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 we get the deal done early January. Just put the, 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 lunch 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 achieve such growth. Okay. And I have a last question, if I may. Do you have an idea of potential PPA you are going to recognize? No, no, no, no. So we are going to work on that. Frankly, PPA, it's always there is a brand, there is a brand that we 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 path that will be in goodwill with certificates, of course. But frankly, let us close first the deal before making the PPA. Okay. No problem. And thanks for that. You have a good evening. We have some other question. We have 2 other people that want to ask Let's take a look. Of course. Our next caller is Steven Goulden of Deutsche Bank. Steven, when you're ready, please go ahead. Hi there. Thanks for taking my questions. Yes, I just wanted to just ask about the 2022 financial objectives. So just, obviously, you're just on 12% and your, 16% to 19%, you were doing around 9.5% average like for like believe. You know, why only why only 6% over the next couple of years, you know, given the fact that you've you've delivered so well in such a such a challenging environment Welcome to the webinar. Please stand by. I understand your question. We set an objective early in this year at the time we'll be making an Investor Day in the U. S. Or last year. Maybe I'm sure I don't know if you were there. But we haven't changed this. We have just adjusted the 2020 fee guidance and marginally adjust 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 this level. And I don't know if start to know us, but we are a careful guide. Frankly, nobody thought at the beginning of 2020 that we are going to face such 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. Thanks. Just one follow-up if that's okay. So obviously, you know, you 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, you know, maybe, digital is a bit of a differentiator. Essentially, what what do, tendering processes look right now? And what's your win rate? And if you're just going to feel for that, that'd be really helpful. Okay. I understand. Win rate is quite high. It's difficult to just stay on a point. When you get or include a contract made of differences. 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 right size. So it's a mix of that. So it's not only price. I know that, specifically UK people are very interested in is selling in price, but it's not only price. We are offering a global solution, including the people, including because it can be cheaper, but if you are living with an attrition that is too high and you have time to find the people, you are going to renew your contract. It doesn't mean that we are the cheapest as always, as I told you. But the ability to gather all this solution together, making different. And that's probably one of the reasons that we have been to do over the last Great. Thanks a lot. We have a last question from Bergland Bank. I don't know if the activities that let's take the last question, except if you are a salesman of other question. Certainly. Our last question is from Jande Perling of BNP Paribas. Jan, when you're ready, please go ahead. Just a follow-up on compound moderation. Can you remind us how much does how does it wait on your what does it represent on your revenue? And then, maybe can we elaborate on seasonality, given U. S. Selection, or where does it focus? Is it only on U. S. Content? This moderation? Or It's mainly in the U. S. Contained, but it's slow when compared to the group believe it's less than 1% of the total sales or maybe 1.5%. Maybe 2, 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 contract moderation, it's either political or either 8 message. There are plenty of business that is, that are trying to be scammed by other, copied by other. And the concept moderation is also working on that. So I cannot say, I cannot say this is, hampered by the U. S. Election. And our business is, could be not in English, could be for other countries than the newest, even if the client is U. S. US company, it could be done in other language, notably in Asia and 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 Telet Performance. Quell is going to give you some logistic information about the next step the next information that we are going to release in the future. Yes, thanks. A few key information and dates 2020 annual results are planned to be released on 25th February 2021. Again, pre place and presentation related to our 2 free publications and our recent acquisition projects are available online in paper from our website. Of course, State Performance will continue to participate by the end of the year to 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, so good bye, 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. Host, please stay connected.