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, and for the duration of the call, your lines will be on listen only. However, there will be an opportunity to ask questions. This may be done by pressing star one on your telephone keypad. You may register your question at any time. 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, which has just been released. I'm hosting this call from Paris with the IR team. Quy Nguyen , our Head of Investor Relations, has preliminary comments to make before starting the presentation.
Thank you, Olivier. Good evening, everybody. Welcome to this call. Financial press release related to the first nine months and the third quarter 2020 revenue has been released today after the closing of the market. Dedicated slides are available on the 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 forward-looking statements 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 statement.
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. I let the floor to Olivier.
Thank you, Quy. Before going in -depth into the Q3 figures and the first -time figure with some slides, I would like to highlight key message from this release. I invite you to go to slide three, 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, our quarterly performance is excellent, beyond our expectation, and marks an acceleration against the plus 5% in the third quarter. Over nine months, our organic growth has 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 strong group sales momentum.
Performance in Ibero-LATAM and EMEA, in particular, were outstanding during the quarter. I will come back later with some details by activity and region. Second, this agility is 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 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 crisis. This tour de force shows that strong performance commitment to its employee remains strong globally. It has been illustrated by numerous best employer certification, won and renewed in 23 country 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, an integrated cloud-based solution that recreates 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. Third, based on the solid momentum, we raise our annual guidance from the current year. We also reaffirm our confidence in the group's growth outlook through 2022, both organically and through external growth. In respect with our five key value, we do what we say so far. We announced last week an agreement signed to acquire Health Advocate . There were recently a call held to present the version. I will be also happy to address any follow-up questions on this hot topic today during the Q&A session.
Now let's go to the nine-month and Q3 performance in more details through slide. I'm on page four. As you can see, the growth is 5.6% on the reported base on the Q3, but 12.3% on the like-for-like basis, which gives us a full figure for the like-for-like basis of 7.4% for the first nine months and 4.4% in reported term. If we move on page five, you will find the details of what has been happening. Of course, we have on page five an unfavorable currency effect, which are mainly decline against the EUR and the main 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 amount. Like-for-like growth is EUR 283 million for the nine months. Let's move to the quarterly information by region on page six.
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 nine months. What is interesting with an acceleration in Q3 to 14.9% like-for-like growth, particularly in the Ibero-LATAM and region. I will come back later on to show that also the India and Middle East is going on a better path, growing back, growing again, following the first half year, which was more mixed. Secondly, Specialized Services is, of course, still declining given the difficulties that TLS is encountering with the absence of transportation across the world. The like-for-like growth is improving with a good momentum, -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.
You have a like-for-like growth in core service and D.I.B.S., which is massive, 9.9% close to 10% like-for-like in nine months, accelerating in Q3, and a growth that is back on track in Specialized Services, mainly, with LanguageLine Solutions. Let's move to the different sector and go to region EWAP on page seven. The like-for-like growth of the first nine months is 3.2% and zero in Q3. Where does it come from? It come from two or three things. First of all, I'm sure you remember, for those who were there at that time, that we had a comparison basis that was very high last year. It was probably the most important achievement that we did in EWAP for years. This is, of course, difficult to beat.
Secondly, we're still facing some operational difficulty in Philippines, meaning that ability to transport people across Manila or Cebu is still complex. As a consequence, some people decided to move their business from Philippines to Colombia or to Mexico. That's something that happened all along this Q3. 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, I'm thinking of Ibero-LATAM. I would say we achieved a revenue growth of 30.4%, close to 35% growth, which is amazing, in Q3, meaning 24% growth in nine months.
Despite the good level we had over last year and overall this quarter, we have been able to wrap new contracts, notably in the digital economy. The growth is strong in Colombia, in nearshore activities in Mexico, in Portugal, and in Spain. We are delivering good figures in all these countries. As I mentioned, we are booting up some activity previously served from Philippines, and we are selling again in financial services, e-tailing, and online entertainment, as well as rapid growth in automotive. A 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 high growth that began in June. On the nine months, we have 13.2% growth.
What is interesting, we have growth in Greece, which didn't go up, as you know, but also in the German-speaking market, specifically offshore activity, Eastern European country, Turkey, and Egypt. To a certain extent, also, in Netherlands, as we are developing a COVID-19 support service for the government. Most dynamic verticals are entertainment, e-tailing, 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 that we decided to reduce our exposure to some domestic business. We are back on track. Of course easing of India's drastic lockdown measure have helped. Also, we have been able to return to system growth in offshore activity in the e-tailing and online entertainment segment.
We are quite at the end of the diminution of the less profitable domestic contract that started last year, end of Q3, early Q4. If we move to specialized areas, here we are seeing different situations. Of course, the global situation is better because the like-for-like is down 4.6% versus 8% on the nine months, but which was significantly lower at H1. We have LanguageLine Solutions that is maintaining a strong growth and even increased growth that resume in June, thanks to surging demand. A steep decline of TLScontact in Q3 as travel restriction are border closed remain in effect, and we don't see that will change in Q4. We have a satisfactory growth in debt collection revenue in North America, which is a small part. As a whole, the things are going better in this part, thanks to the fantastic growth of TLS.
Of LLS, sorry. That are the figure. As far as outlook is concerned, and I'm on page 12, we increase overall like-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 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 add value service. The average like-for-like growth should be at 6% over these two years, and EBITDA margin around 14.5% in 2022. 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 call. Thank you.
A reminder, everyone, if you would like to ask a question, please press star one on your telephone keypad, and I will prompt you for your turn. Again, that is star one, if you would like to ask a live question on today's call. 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, Olivier. I've got three, please. I'll take them one by one, if that's all right with you.
That's good.
On nearshoring, this EWAP to Ibero-LATAM shift, I think it's happened before in 2017 or somewhere around there. Can you give an idea of what proportion of your growth in Ibero-LATAM this quarter came from reshoring directly? How long we should expect that shift to last? If you can, whether that Colombia work is at a slightly lower margin than the Philippines work.
I believe it's difficult to tell, of course, but I believe between 3% and 4%, something like that.
Three or four percentage points of Ibero-LATAM?
Yeah. Something like that.
Okay.
Maybe five maximum, but that means that EWAP without that should have been much more closer to five or something like that. It is wrong figure.
Okay, how long it should last for, this transition?
You never know. Remember that also EWAP had 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. Following a 4.4% growth in the first half. They were also very concentrated in Q3. That explains a part of the story, too. I do believe it is going to last at least some six months minimum. We'll see what happens. It's difficult to tell, but it's going to last.
Okay. Thank you.
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?
Yeah. Existing customer.
Okay. 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. We've also heard some issues in India with power cuts and things making it difficult to work from home. What are your latest thoughts on working from home longer term?
First of all, we are happy not to have send back people to site, first point. On the longer term, it's difficult to tell. We still do believe that roughly, especially with this Teleperformance Cloud Campus new initiative, we should be around, I don't know, something in the range of 50% of our people working at home. Of course, this is a bulk figure made of very different situation. Mostly Europe, mostly U.S., to a certain extent also South America are easy to go to work at home. Little more complex for India, a little more complex for Philippines and some other country in South Europe and South Africa, too. I do believe we have not changed our views.
What we are doing now, we are trying to define a professional way through Teleperformance Cloud Campus to be able to deliver a sustainable, durable solution to our client working at home.
Very well. Thank you. I'll hand it on.
Thank you.
Our next question comes from Sylvia Barker of JP Morgan, London. Sylvia, when you're ready, please go ahead.
Hi, good afternoon. My first question is, just if you can quantify the benefit from new contracts in Q3 organic growth. As we think about Q4, just your thoughts, as that implies around 10% from your full-year guidance. Just thoughts about the moving parts from Q3 into Q4. I had a question. At a Concentrix event yesterday, t here was a question raised around Amazon Connect, and it seems that you appear a 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? Thank you.
On Q3, Q4. It's clear that this year, we had a lot of sales. It's a specific year. It's a specific year because the classical year for Teleperformance is to have an average of 60% of new customers, and 50% of hunting, and 50% of farming. Clearly, this year, we have much more new clients that came online. 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, all transportation, accommodation, all that is down versus last year. The farming part, the old clients, if I may say this word, have declined while we have been able to sell more to new clients. This year we will have much more new clients, clearly, than last year.
I'm not going to quantify precisely this impact. Clearly, we are much more in the range of 70/30 than 60/50 in the past. 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 November and December, of course, and it's too early to tell. You know that specifically in U.S., you have enrollment of healthcare at that time. It's difficult to predict. There are new products that are not coming on stream. It's difficult to predict. What we do believe that we should be able to deliver a good last quarter for the year. About Concentrix and the provider from Amazon, I'm not sure to understand precisely your question. Whether we have the same access to their provider. Is that correct?
That was the question.
Well, just interested, I guess. I don't really know that offering very well. Is it a competitor? Is it something that you got to work with as well? How should we think about that offering? I presume they're more focused around smaller customers.
Yeah. I believe so. 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. I'm going to dig that a little more.
Okay. All right. Thank you for the answers.
Moving on to our next caller, we have David Roux of Bank of America. David, when you're ready, please go ahead.
Good evening, gentlemen. Two 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 non-voice solutions? My second is just on TLScontact contracts and LanguageLine. Could you perhaps share the revenue and growth numbers for those two businesses? Just lastly, what was the exit rate for the group during the quarter? Thank you.
Ramping up versus voice and non-voice. For Q3, I'm not sure this is very different than what we have. We are still roughly the same stuff that we have in the full year. 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 sellers disappear. That's clear. LLS have increased significantly higher than it increased in H1. We are significantly above 15%. For September, we had The figure September is good; it is higher than the average.
Okay. Thank you.
Another reminder, if you would like to ask a question on today's call, please press star one on your telephone keypad, and you'll be prompted for your turn. Moving on to our next caller, we have Patrick Jousseaume of Societe Generale. Patrick, when you're ready, please go ahead.
Yes. Good evening. Can you hear me?
Yeah. Hi, Patrick.
Good. Perfect. Hi. Question on LLS. Could you give us some colors about this very strong growth and the driver behind this growth? Second question. 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? 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 two things that are happening. I do believe that the first one is, of course, the video part that is growing dramatically. You remember we mentioned that earlier on. The second stuff is that 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. We are facing a more and more demand, and we have achieved in this quarter the highest level of minutes sold that LLS has ever achieved. Whether it's business as usual with lockdown, I wouldn't say that.
I see.
Even if most of the switch has been already made, of course, at premium, most of the people have moved home. I think we are in a position to absorb this new lockdown that are coming in France, that will probably come in U.K. and in other countries in Europe. I think we are going to swallow that, I wouldn't say easily, but quite, we are ready to do that. There is no major change for us because all the people were 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 fear for that. About new business and outsourcing, clearly yes. What's happening in this world? This world is more and more digital.
People who decided to ask to move on, decided to accelerate their outsourcing approach. Somewhere, they need to have that. I think this is somewhere accelerating. There are two things that have 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 their solution is no more working or not perfectly working at all.
Thank you for the response.
Thank you, Patrick. Next time, please HSBC.
Okay. Moving on to our next caller, we have Antonin Baudry of HSBC. When you are ready, please go ahead.
Yes. Good evening, Olivier, thank you to take my question. Three quick questions. The first one, is it possible to know the proportion of e-clients in the mix in Q3 on the dynamic of this particular type of clients? My second question is, will it possible to quantify the size of your business related to COVID-19 support in the growth delivered in Q3? We can expect this start to fade in 2021. 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, on what is the opportunity in the long term. Thank you, Olivier.
Oh, 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. Clearly, the part of the 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 non-recurring business with the COVID-19, let's assume that it's going to be done in 2021 or in 2022; I don't know. Again, it's too early to tell you. We have two 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 a significant part of the stuff, and also in Netherlands, as we mentioned it. I cannot answer precisely to your figure, but it should not be huge. Of course, it has an impact, but I will be in a better position at the end of the year to give you precise figure. The content moderation, of course, it's increasing. You have seen the figures in India, 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&A. You announced last week a big M&A move. Do you work on further M&A in the next, let's say, six to nine months to next year, let's say, or would you wait to integrate this one before to work on the new one?
I wouldn't say it's a big M&A, because the company is relatively sizable but not so big. Integration is going to be probably classical. This is going to be part of the Specialized Services 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 Specialized Services division, Scott Klein, and I'm really convinced it's going to be done, I wouldn't say quickly, but quite quickly. 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 hungry for other acquisitions, but as you can imagine, we receive some files from a lot of people, and we are looking to them on a regular basis, and we are looking to them.
So far, the idea is much more to control on a net debt base, and there is no urgency to make another acquisition. You have understood that to achieve our 2022 figure, we might make other acquisitions, of course.
Thank you. Thank you, Olivier.
Moving on to our next caller. We have David Cerdan of Kepler. David, when you're ready, please go ahead.
Yeah, good evening, gentlemen. A few questions for you. First, I would like to come back on NLS. LLS, sorry. You said that volumes are up, but can you maybe explain in detail 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 in the U.S.? My first question is regarding TLScontact. 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 hospital, 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. That's it. 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 make a difference. The system is working very well in LLS. Not only the system, the IT system, but also the people that are behind the call or behind the video, that are able to answer quickly to the demand.
That is 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 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. I do believe that as a world, it's not going to change dramatically the 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 TLS is concerned, what has been done is that roughly a third, all the G&A, has been cut dramatically, and all the direct costs have been cut dramatically. Finally, people have been going. There is no more volume; we cut some jobs, we cut some localization, some sites. We reduce every, of course, no travel, no G&A increase, of course. There is a significant decrease that has been made on the cost. Clearly, it's not sufficient to avoid, to lose money in TLS. This is not possible given the size of the business and given the margin. 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.
Thank you.
Moving on to our next caller. We have Laurent Gélébart of Exane. Laurent, when you're ready, please go ahead.
Good evening, Olivier. Thank you for taking my questions. I will came back on Health Advocate acquisition you announced last week. You mentioned that you expect the organic, the market to grow 7%-10%. I would like to know if you want to be there already in 2021, in this bracket. 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 costs on the organization of Health Advocate. Maybe some. I don't expect it is going to be massive. What makes probably the challenge 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 the same people, because we are going to sell to corporates that are going to offer this service to their employees. The idea is to follow the same pattern. 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 done early January.
Of course, we are going to work in this quarter in advance. To make it happen, it's going to at least need four or five months to launch the system. Of course, we don't know what will be the first half, it's too early to tell. We are reasonably confident that over the years we are going to achieve such growth.
Okay. I have a last question, if I may. Do you have an idea of the potential PPA you are going to recognize?
No. 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. We are going to work on that. Clearly, there is a part that will be in goodwill, significant, of course. Frankly, let us close first the deal before making the PPA.
Okay. No problem. Thanks, Olivier. Have a good evening.
We have some other questions. We have two other people that want to ask questions. Let's take them.
Of course. Our next caller is Steven Goulden of Deutsche Bank. Steven, when you're ready, please go ahead.
Thanks. Hi there. Thanks for taking my question. I just wanted to just ask about the 2022 financial objectives. Obviously, you just did 12%, and your 2016 to 2019, you were doing around nine and a half average like-for-like, I believe. Why only 6% over the next couple of years, given the fact that you've delivered so well in such a challenging environment?
Welcome to the webinar. Please stand by.
I understand your question. Frankly, we set an objective early this year at the time of making Investor Day in U.S. or last year, maybe. I'm sure. I don't know if you were there. We haven't changed it. We have just adjust the 2020 fee guidance and marginally adjust the figure for 2022 for the margin. We'll see later on what's going on. I remember we are at least at this level. I don't know if you start to know us, but we are a careful guy. Frankly, nobody thought at the beginning of 2020 that we were going to face such a situation, global situation. 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. 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? If you could just get a feel for that'd be really helpful.
Okay. I understand. The win rate is quite high. It's difficult to just stay on a point. When you get or you lose a contract made of different things. Of course, you have a 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. Of course, you need a fit to the team, and you have the right size. It's a mix of that. 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 offer a global solution, including the people. You can be cheaper, but if you are living with an attrition that is too high and you have had time to find the people, you are going to renew your contract.
It does not mean that we are the cheapest as always, as I told you. The ability to gather all these solutions together makes a difference. That's probably one of the reasons that we have been good over the last month.
Great. Thanks a lot.
We have a last question from BNP Paribas . I don't know who exactly it is, but let's take the last question, except if you have thousands of other questions.
Certainly. Our last question is from Yann de Peyrelongue of BNP Paribas. Yann, when you're ready, please go ahead.
Good evening. Thanks for taking my question. Just a follow-up on content moderation. Can you remind us, what does it represent on your revenue? Maybe can we elaborate on seasonality, given U.S. election, or where does it focus? Is it only on U.S. content, this moderation, or?
It's mainly on U.S. content, but it's low when compared to the group. I believe it's less than 1% of the total sales or maybe 1.5. Maybe two. Keep in mind that content moderation is not only political or hate messages. It's plenty because everybody has in mind that content moderation, it's either political or either hate messages. There are plenty of businesses that are trying to be scammed by others, copied by other, and the content moderation is also working on that. I cannot say this is hampered by the U.S. election. Our business could be not in English, could be for other countries than U.S. Even if the client is a U.S. company, it could be done in other languages and probably in Asia or in South America.
Okay. Clear. Thanks.
Ladies and gentlemen, I think we are clear. If there is no more questions, 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 about the next step of 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. Replays and presentations related to our Q3 publication and our recent acquisition project are available online on Teleperformance website. Teleperformance 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. Thank you all.
Okay, thank you. 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.
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