Teleperformance Group Overview - Including Q1 2020 Quarterly Information May 2020 - Teleperformance Investor ...
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Disclaimer All forward-looking statements reflect Teleperformance management’s present expectations of future events and 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 Factors” section of our Registration Document, available at www.teleperformance.com. Teleperformance undertakes no obligation to publicly update or revise any of these forward-looking statements 2
Alternative Performance Measures Change in like-for-like revenue: Change in revenue at constant exchange rates and scope of consolidation = (current-year revenue - last-year revenue at current-year rates - revenue from acquisitions at current-year rates) / last-year revenue at current-year rates. EBITDA before non-recurring items (Earnings before Interest, Taxes, Depreciation and Amortization): Operating profit before depreciation and amortization, amortization of intangible assets acquired as part of a business combination, goodwill impairment charges and non-recurring items. EBITA before non-recurring items (Earnings before Interest, Taxes and Amortization): Operating profit before amortization of intangible assets acquired as part of a business combination, goodwill impairment charges and non-recurring items. Non-recurring items: Principally comprises restructuring costs, incentive share award plan expense, costs of closure of subsidiary companies, transaction costs for the acquisition of companies, and all other expenses that are unusual by reason of their nature or amount. Net free cash flow: Cash flow generated by the business - acquisitions of intangible assets and property, plant and equipment net of disposals - financial income/expenses. Net debt: Current and non-current financial liabilities - cash and cash equivalents. Diluted earnings per share (net profit attributable to shareholders divided by the number of diluted shares and adjusted): Diluted earnings per share is determined by adjusting the net profit attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding by the effects of all potentially diluting ordinary shares. These include convertible bonds, stock options and incentive share awards granted to employees when the required performance conditions have been met at the end of the financial year. 3
Detailed contents Teleperformance at a glance p. 5-12 Teleperformance at a glance p. 6-9 Strategy & high-tech, high-touch approach p. 10-11 Q1 2020 revenue and actions taken in response to Covid-19 p. 13-22 Revenue analysis p. 14-16 Details by activity p. 18-22 FY 2020 outlook p. 23-24 FY 2020 outlook p. 24 Appendices p. 25-48 Digital Integrated Business Services (D.I.B.S.) – Group overview – Additional information p. 28-34 p. 40-43 Additional information Corporate social responsibility, governance & Market & competitive environment p. 35-39 p. 44-48 shareholding 4
Contents 1. Teleperformance at a glance 2. Q1 2020 revenue and actions taken in response to Covid-19 3. FY 2020 outlook 4. Appendices 5
Teleperformance at a glance A leading global group in digitally integrated business services • #1 global leader in • 330k+ employees • 460 facilities outsourced CX* management • Present in 80 countries • Serving 1,000+** clients in 170+ markets • Providing services in 265+ languages and dialects Countries where TP operates * Customer Experience ** 31,000 including LanguageLine Solutions (businesses, government agencies and individuals) 6
Teleperformance at a glance Becoming a leading global group in the digitally integrated business services market Customer experience ▪ Customer care & Three-dimensionnal expertise technical support CX business Core Services & D.I.B.S ▪ Sales services to ▪ Customer care & ▪ Accounts receivable One-Office solution technical support corporates and ▪ Interpretation and Translation High value-added ▪ Sales government ▪ Back-office services Digitally Integrated agencies Middle/back-office optimization services Business Services ▪ Customer care & ▪ Content moderation to “the Disrupted technical support Specialized Services ▪ Industry specific business ▪ Sales process services and the Disruptors” ▪ Interpretation and translation ▪ Back-office services ▪ Visa & consular services ▪ Visa & consular services ▪ Accounts receivable ▪ Accounts receivable Knowledge services ▪ Consulting services ▪ Advanced analytics ▪ Intelligent automation 7
Teleperformance at a glance Geographic diversification Group revenue breakdown Core Services & D.I.B.S.* (FY 2019) revenue breakdown (FY 2019) India & Middle East o.w D.I.B.S. 11% 19% Core EWAP Services & 37% D.I.B.S.* 87% CEMEA 23% Specialized Services 13% Ibero-LATAM 29% * Core Services & D.I.B.S. split by linguistic region: - EWAP English-speaking market and Asia-Pacific (the US, Canada, the UK, the Philippines, China, etc.) - Ibero-LATAM Latin American countries (Brazil, Mexico, Colombia, etc.), Portugal and Spain - CEMEA Continental Europe, Middle East & Africa - India & Middle East India and ex-Intelenet activities in the Middle East 8
Teleperformance at a glance Ongoing diversification Expertise in many industries % Revenue by vertical – details 2019 vs. 2013 47% • Increasingly diverse client base, now 1,000 clients+* First entry in the Top 9 sectors in 2019 • Average tenure of client relationship is 13 years 17% 16% 14% 14% 14% (Top 50) 9% 11% 7% 6% 6% 5% 10% 5% 4% 4% 4% 3% 2% 2% • Increased contribution of business with e-player clients • Global accounts** represent nearly 50% of total Group revenue • Lower concentration caused notably by diversification 2013 2019 in new verticals, with recent large accounts won, particularly in the e-Economy Multi-year trend of lower client concentration* % Revenue – details 2019 vs. 2013 Top 50 56% 68% Top 10 26% 34% Top 1 6% * Excluding LanguageLine Solutions (30,000 clients including individuals); Top 100 in 2019: 68% 7% ** Accounts served in more than 2 markets 9 2019 2013
Teleperformance at a glance Strategy: succeeding in transformation ▪ Becoming a leading global group in digitally integrated business services ▪ A unique selling proposition to clients: Simpler, Faster, Safer, Better and More Vision cost effective ▪ High-tech, high-touch position and strategy ▪ Sustainable business model creating value for all stakeholders ▪ Ongoing booming digitized disruption: disruptors and disrupted companies Challenges and ▪ End-to-end and more complex demand from global clients opportunities ▪ Enlarged addressable market: the worldwide business process management market ▪ Strengthening the business model M&A ▪ Specialized services ▪ US markets 10
Teleperformance at a glance Succeeding in transformation: a unique high-tech, high-touch strategy • Robust and • Hire the right people: reliable IT psychographic assessments, architecture HIGH-TECH HIGH-TOUCH predictive recruitment • Omnichannel models • Automation • Coaching lab and A.I • Managing with a purpose • Data security • Global ecosystem: GPTW, multicultural, • “Solution local Architects team” Lean Six Sigma • Excellence, discipline and Discipline culture of continuous improvement and innovation 11
Teleperformance at a glance Succeeding in transformation: an agile and international organization Daniel Julien Chairman and CEO Olivier Rigaudy • TAPs Deputy CEO and CFO Bhupender Singh • R&D • Marketing Leigh Ryan President of • Lean Six Sigma Global Chief Legal Transformation • IT & CISO Officer Eric Dupuy Jeff Balagna Scott Klein Agustin Grisanti President of President of Global Business Development Global co-COO’s - Operations Specialized Services • EWAP (EW/APAC) Miranda Collard, • CEMEA • LanguageLine Solutions Stéphanie Wilson, • IBERO-LATAM Gustavo Mir González • TLScontact • D.I.B.S Chief Client Officers • ARM Chief Administration Officer/HR/Compliance/Training Alan Winters 8 executive committee members 21 global management committee members A Crisis Transformation Committee (CTC) bringing together the top 100 key Group managers < 45 12
Contents 1. Teleperformance at a glance 2. Q1 2020 revenue and actions taken in response to Covid-19 3. FY 2020 outlook 4. Appendices 13
Q1 2020 revenue Key facts and figures ▪ Measures taken to overcome the global health crisis with three priorities • Protecting employees: 100% compliance with all hygiene standards in the Group‘s 80 countries and +155,000 employees working from home, i.e. 66% of the operational workforce, vs c.5,000 at end-2019 • Protecting jobs by supporting brands and governments in ensuring business continuity: 90% of clients served by home-working employees • Protecting the Group and strengthening liquidity: launch of a cost reduction annual program of around €250 million, over €1.5 billion in liquidity, including additional lines of credit secured for €655 million, and BBB- rating with a stable outlook confirmed by S&P in April ▪ Sustained growth in Q1 2020: +6.2% LFL growth in revenue, despite the effect of Covid-19 on operations • Rapid growth in January and February • Flat performance in March due to first Covid-19 impact 14
Q1 2020 revenue Sustained growth in revenue despite Covid-19 ▪ Revenue growth in the first quarter remained strong: up +6.2% LFL • Sustained growth above +7% like-for-like in January & February • Stable performance in March due to the impact of the health crisis on the second half of the month € millions Change Q1 2020 Q1 2019 Like-for-like Reported €/$ exchange rate (12-months average) €1 = US$1.10 €1 = US$1.14 Revenue 1,352 1,271 +6.2% +6.4% 15
Q1 2020 revenue Revenue growth analysis +6.2% lfl +79 1,352 • Revenue growth: +6.4% as reported 1,271 +2 1,273 and +6.2% like-for-like • Slightly favorable currency effect: gains in the US dollar mainly offset by declines in the Brazilian real, the Colombian peso and the Argentine peso against the euro Q1 2019 Currency effect Q1 2019 at Like-for-like Q1 2020 constant growth exchange rates 16
Q1 2020 revenue Revenue by activity Revenue (€ m) Q1 2020 Q1 2019 Change (%) Core Services & D.I.B.S. LFL growth: +6.8%: Like-for-like* Reported • Sustained improvement in business in Core Services & D.I.B.S. 1,179 1,105 +6.8% +6.6% January & February - EWAP 431 400 +4.8% +7.8% • Revenue growth remained positive in - Ibero-LATAM 356 316 +18.1% +12.5% March, although limited and uneven across regions - CEMEA 274 263 +3.9% +4.2% - India & Middle East 118 126 -7.0% -6.6% Specialized Services lfl growth: +2.2%: Specialized Services 173 166 +2.2% +4.9% • Significant decline in March due mainly to the impact on TLScontact of travel bans and Total 1,352 1,271 +6.2% +6.4% border shutdowns * At constant exchange rates and scope of consolidation 17
Q1 2020 revenue Core Services & D.I.B.S. – English-speaking market & Asia-Pacific (EWAP) • Satisfactory revenue growth in the first two Q1 2020 vs. Q1 2019 (€m) months of the year • Very slight growth in March, despite the initial 431 impacts of Covid-19 in North America, where most segments were impacted, except for 400 +4.8% lfl healthcare, the Internet services and automotive industries. In the US, 90% of employees currently work at home • Operations in APAC progressed at a good pace: very strong growth in Malaysia along Q1 and return to solid revenue growth in March in China Q1 2019 Q1 2020 • Revenue still down in the UK, despite good growth in March due to the implementation of Covid-19 hotline services for the government 18
Q1 2020 revenue Core Services & D.I.B.S. – Ibero-LATAM • Double-digit lfl growth in March, despite a Covid-19 related slowdown compared with the Q1 2020 vs. Q1 2019 (€m) first two months 356 • Colombia, Brazil, and nearshore business in 316 Mexico and Spain were the main growth +18.1% lfl drivers • Financial services, e-tailing and the Internet services industry expanded at a good pace • Quick implementation of work-at-home solutions: the best penetration rate (nearly 80%), compared with other Group regions and Q1 2019 Q1 2020 close to 100% in Portugal 19
Q1 2020 revenue Core Services & D.I.B.S. – Continental Europe & MEA (CEMEA) • Sluggish growth in March: less harsh impact of Q1 2020 vs. Q1 2019 (€m) Covid-19 than in other regions, though highly contrasted situations from one country, or one industry, to another 274 263 • Business contracted sharply in March in the +3.9% lfl countries with the strictest lockdown policies, such as Italy and Tunisia • Steady increases in revenue in others countries: multilingual hubs in Greece, Scandinavia as well as Turkey, Egypt and Russia, where the Group recently opened new sites Q1 2019 Q1 2020 20
Q1 2020 revenue Core Services & D.I.B.S. – India & Middle East • Activities in March contracted sharply, due Q1 2020 vs. Q1 2019 (€m) to the drastic lockdown measures in India, with a number of site closures during the month • Rapid expansion of work-at-home solutions 126 118 to meet client demand has helped minimize -7.0% lfl this impact. To date, nearly 60% of the agents in India work at home. • International offshore contracts have been prioritized Q1 2019 Q1 2020 • Terminations of the less profitable domestic contracts have accelerated in March 21
Q1 2020 revenue Specialized Services • LanguageLine Solutions business was the Q1 2020 vs. Q1 2019 (€m) main growth driver: a double digit growth in Q1 supported by its solid interpreters working from home delivery model 173 • Sharp decline in revenue of TLScontact, 166 +2.2% lfl notably in March, when operations were reduced by half Q1 2019 Q1 2020 22
Contents 1. Teleperformance at a glance 2. Q1 2020 revenue and actions taken in response to Covid-19 3. FY 2020 outlook 4. Appendices 23
FY 2020 outlook ▪ Margin will be negatively impacted in H1, especially in Q2 ▪ Ongoing positive commercial momentum ▪ No annual financial guidance provided at this stage ▪ Tackling H2 2020 with confidence based on: • measures taken to weather the storm and prepare the after crisis period • resumption of existing client and supporting new clients acquired during the crisis 24
Contents 1. Teleperformance at a glance 2. Q1 2020 revenue 3. FY 2020 outlook 4. Appendices 25
Appendices Agenda • Group overview – Additional information • Market and competitive environment • Digital Integrated Business Services (D.I.B.S.) – Additional information • Corporate social responsibility, governance & shareholding 26
APPENDICES Group overview – Additional information 27
Group overview – Additional information A proven financial track record – 2012-2019 14.3% 700 8 000 +9.9% +10.6% 600 13.3% 13.6% 15% +7.9% +7.5% +9.0% +9.0% 10% 500 11.2% +6.9% +7.4% 5,355 10.3% 6 000 8% 400 9.1% 9.3% 9.7% 4,180 4,441 300 10% 4 000 3,398 3,649 6% 200 2,758 2,347 2,433 4% 100 2 000 0 5% 2% 2012 2013 2014 2015 2016 2017 2018 2019 0 0% 2012 2013 2014 2015 2016 2017 2018 2019 Current EBITA Net profit – gr. share Revenue Group LfL growth Current EBITA margin 400 3800 2.6x 2.6x 3,0x 9% 1.9x 2.1x 300 2800 2,0x 5.7% 5.0% 4.7% 1.1x 4.6% 5.2% 5.2% 4.4% 6% 0.8x 200 3.5% 1800 1,0x 100 3% 800 -0.4x -0.3x 0,0x 0 0% -200 -1,0x 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 PF* PF** Net capex Net Free cash flow Net capex/revenue Net debt Net debt/EBITDA * LanguageLineSolutions consolidated on a 12-month basis ** Intelenet consolidated on a 12-month basis 28
Group overview – Additional information Over 40 years at the forefront of customer experience and business services outsourcing Digitally Integrated Business Services Digital Customer Experience Customer Experience 330k+ employees 2012 Full control 2018 of Acquisition of 2008 TLSContact Intelenet and launch 1998-2002 Acquisition of (UK) of Digital Integrated Started operations The Answer in Latin America: Business Services Group (US) 2014 acquisitions in Acquisition of Argentina and Aegis USA 1996 Brazil Started (1998) and Mexico 1993 operations, (2002) Started including the 2010 1986 operations Philippines Acquisition of 2016 1978 First listed on BeCogent (UK) in the US Acquisition of Founded in the Paris stock 2007 and Teledatos France, with 12 LanguageLine market Acquisition of (Colombia) Solutions employees in Alliance One telemarketing 1978 1990 2000 2010 2020 29
Group overview – Additional information Go-to-Market strategy with three-dimensional expertise Digital platforms • Omnichannel contact center • Automation • Analytics Lines of Business Subject matter experts Specific client activity • Banking • Customer Experience • Travel Hospitality • Back-office Services • Retail • Knowledge Services • Healthcare • Public sector • E-services Line of Business Based on Delivery Models: Omnichannel | Smart shoring | Work-at-home | Multilingual hubs 30
Group overview – Additional information Smart shoring: a unique offering of worldwide broad sourcing mix • Network of 33 offshore/nearshore locations around the world Increasing share of • The only industry player able to offer worldwide integrated nearshore & offshore* domestic, nearshore & offshore solutions 54% 65% + 11 ppt 46% 35% 2010 2019 % of nearshore & offshore revenue % of domestic revenue * in Core Services & D.I.B.S. activities 31
Group overview – Additional information Smart shoring: rapid deployment of work-at-home agents in 6 weeks in response to Covid-19 180000 155,000+ WAHA* on April 27th 160000 140000 120000 100000 80000 60000 40000 c.5,000 WAHA* at YE19 20000 0 31/12/2019 … 18/03/2020 22/03/2020 24/03/2020 01/04/2020 06/04/2020 12/04/2020 19/04/2020 27/04/2020 * Work-at-Home Agent 32
Group overview – Additional information Smart shoring: multilingual hubs in Europe and Asia • Solutions adapted to each market’s needs • Strong support to gain market share in CEMEA, with promising development in Asia • Gathering native speakers from different Spain Greece locations in one hub to deliver the best service for Pan-European and Asian mid-size programs Portugal • Serving 140 countries from main 5 centralized locations in more than 40 Malaysia languages • Latest premium multilingual hub opened in Malaysia in May 2017, offering services in 25 languages Egypt 33
Group overview – Additional information Security: a reference in the industry Examples of key certifications • The BCR (Binding Corporate Rules) is a legal received by Teleperformance document outlining the Group’s compliance, privacy and security program • Teleperformance received notification from the CNIL* that its BCRs were approved in February 2018 • Teleperformance is the only BPO** company that has gained approval for BCRs • The BCR approval was a factor in Teleperformance becoming GDPR (General Data Protection Regulation) compliant in May 2018 • Launch of the Eagle Project in 2019, a new program of investments in cybersecurity * French data protection authority ** BPO: Business Process Outsourcing 34
APPENDICES Market and competitive environment 35
Market and competitive environment #1 WW in a changing CX core market still poorly outsourced but highly disrupted CX Outsourcing rate in 2018 (%) VERTICAL DISRUPTED DISRUPTORS 25% Retail Bricks & Mortar E-commerce Entertainment & Pay TV Cable & Satellite Streaming 75% Banking, financial services and insurance Banks Fintechs Transportation Taxi Sharing economy platforms In-house Outsourced Source: Everest (2019) Accommodation Hotels Sharing economy platforms Teleperformance revenue generation with e-clients (%) 95% 79% • Helping disrupted companies to navigate the digital transformation 21% • Being the natural partner of the disruptors to help them 5% deal with the “frictions” of the real world 2013 2019 E-clients Other 36
Market and competitive environment Teleperformance’s transformation is leading to a broader competitive environment (1/2) • Worldwide leader in the outsourced CX market ($60-86B in 2018*) with a unique global diversified positioning • Group’s transformation leads to: • Significant outperformance vs. CX peers • Enlarged addressable market: the worldwide business process management market Main competitors in the customer Average growth in revenue p.a. EBIT margin evolution over experience management market over the 2011-2018 period*** the 2011-2018 period*** (Revenue in US$m – FY 2018) +11% +510 bps 6000 5000 4000 3000 2000 +2% 1000 -110 bps 0 * Main 4 competitors Teleperformance Main 4 competitors Teleperformance average average Source: HSF (2019) Source: Companies annual reports Source: Companies annual reports * Source: Everest, HFS (2019) ** Merged with Convergys within the Synnex Group; 2018 revenue of *** Sample includes: Atento, Convergys, Sykes and Teletech; data covers the 2011-2017 Concentrix includes the contribution from Convergys as of Q4 2018 period for Convergys, before it was merged with Concentrix into the Synnex Group 37
Market and competitive environment Teleperformance’s transformation is leading to a broader competitive environment (2/2) • Enlarged competitive environment reflects growing complexity and increasingly integrated demand from the clients Direct competitors (CCO)* ITO/BPO companies** Consulting Firms Atento Cognizant Accenture Concentrix/Convergys** Enlarged and growing EXL Cap Gemini business process Sykes Genpact management market: 4 to Teletech 6 times larger than the Infosys Webhelp customer experience Tata Consulting Services market Wipro WNS * Contact Center Outsourcing * IT Outsourcing/Business Process Outsourcing * *Merged with Convergys within the Synnex Group; 2018 revenue of Concentrix includes the contribution from Convergys as of Q4 2018 38
Market and competitive environment Leveraging an ecosystem of technology players and partners Not exhaustive Automation Omnichannel Contact Center Analytics and AI 39
APPENDICES Digital Integrated Business Services (D.I.B.S.) – Additional information 40
Digital Integrated Business Services Leveraging technical, process and industry know-how and expertise Technology, Analytics and Process (T.A.P.) – Knowledge Services team1 Knowledge Consulting experience in digital transformation, analytics and automation engagements Services Team 400+ digital transformation experts Digital Center of Excellence Technology, Analytics and Process (T.A.P.) Digital Digital regional teams1 Transformation Transformation Team (EW and Regional teams with expertise in technology, Team (CEMEA) APAC) automation, analytics and process optimization 200+ digital transformation experts Digital Transformation Team (ILATAM) Continuous improvement: all at Teleperformance All operations and support functions are trained in the lean six sigma method, to continuously improve performance 1 – Includes senior IT/RPA professionals, developers, data analysts, data scientists and process engineers 41
Digital Integrated Business Services Digital solutions available to clients Not exhaustive Omnichannel contact center tools Analytics and AI tools Social Media Solutions Analytics for Interactive Speech analytics Recommends Recommends Omnichannel and Real-time floor Real-time SW for quick, Platform for unstructured data, analytics with next best next best workflow mgmt management and dashboard with accurate, effective reward and sentiment analysis advanced alternative alternative tool security key business knowledge gamification on visualization products or products or monitoring metrics transfer operations floor options services services All industries All industries All industries All industries All industries All industries All industries All industries All industries All industries Automation tools Industry specific solutions TP Automation TP chat bot Optimization Automated Automates Workflow for an Automate manual Unify several RPA/RDA projects conversational AI calculating F&A process end process of applications on with TP projects refunds and to end medical coding one screen with methodology change charges management CPT/ICD RPA All industries All industries Travel (airlines) Financial Healthcare Banking 42
Digital Integrated Business Services Aggressively developing bots 8 000 c. 7,000 7 000 total bots deployed* 6 000 5 000 4 000 3 000 2 000 1 000 1,450 0 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 * Measured as 1 attended bot counts 1x; 1 unattended bot count 8x 43
APPENDICES Corporate Social Responsibility (CSR), governance & shareholding structure 44
Corporate Social Responsability Three commitments for one objective 1 2 Become the leading global reference in the 3 Preferred employer on the Group’s market market for an effective • Employee engagement & well-being and sustainable value • Health & Safety • Human Rights creation model for all stakeholders Force of Good • Impact on local employment • COTW*: Sustain local communities TP DNA • COTP**: Promote a sustainable use A trusted partner to all Group’s stakeholders of natural resources Each Interaction Matters Human Touch Diversity & Inclusion Shareholders Clients Customers • Long-term value • Strategic partner • Customer Experience • Transparency • Innovation • Data security * COTW: Citizen of the World • Business ethics ** COTP: Citizen of the Planet (1) More details in the Teleperformance 2019 Integrated Report - https://www.teleperformanceinvestorrelations.com/media/5468921/teleperformance-2019-integrated-report.pdf 45
Corporate Social Responsibility Key 2019 figures Be a preferred employer • 25,000 net jobs created in 2019 • 22 Best Employer certifications covering 70% of the workforce • 99.3% of TP’s employees have a base salary higher than the living wage (excluding bonus) • 69% of non-agent positions filled internally Diversity & inclusion • 50% women in the Group and 24% in the Group’s Management Committee Be a Force of Good • €1.0 of direct added value generated by Teleperformance in a country => €2.4 of total added value for the country • €4.9m raised for charities and 82,000 volunteer hours • -4.2% decrease yoy carbon footprint per employee 46
Governance structure An experienced and independent board of directors to set the strategic orientations • 64% independent directors • 43% woman • 6 nationalities • Average age of 67 47
Shareholding structure International capital ownership* • Listed on the NYSE Euronext Paris market – free float ~100% • An international shareholding structure reflecting the Group’s global footprint United Kingdom 14% ** Other includes % capital North America 34% • Daniel Julien 2% Institutional Continental Other** 12% investors Europe • Retail investors, 88% (excl. France) incl. TP’s 8% 23% Asia employees 4% • Brokers 2% France 25% * As of March 2020 48
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