Hello, and welcome to Teleperformance 2022 third quarter revenue presentation. Please note this conference is being recorded and for the duration of the call your line is to be in listen-only mode. However, you'll have the opportunity to ask questions. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you'll be connected to an operator. I'll now hand the call over to your host, Mr. Daniel Julien, Group Chairman and CEO, to begin today's conference. Thank you. As you can see on the slide on your screen. The very first point that is extremely important is that, at the end of September for the third quarter, yes, we had a revenue of more than EUR 2 billion for the Q3, and in nine months we are already at EUR 6 billion. Which mean that more or less we are at EUR 2 billion per quarter. The like-for-like growth, including the comparison with the one-time COVID business is at +7%. If you exclude the one-time COVID business, the like-for-like growth is in the Q3 at +13.8%, and in the nine months around +13%, 13.2% exactly. It's a solid growth. It comes from a very diversified client portfolio, from our optimized solutions for outsourcing, thanks to the digital transformation. Thanks to our global expertise by activity vertical, activity sector. I have to say that we had in 2022, and we have a strong momentum in travel, healthcare, specifically in the U.S. of course, financial service sector, as well as in the digital economy in general. Finally, at the end of the third quarter, we have a pretty flexible organization, and we are more or less 50% brick-and-mortar and 50% work from home. Next, please. On top, we just acquired a week ago a company called PSG Global Solutions, and it's a specialist in recruitment process outsourcing and specifically with proprietary intellectual property. It's a digital platform that supports the recruiting or defines a range of services for its client in full cycle of RPO. This is a very profitable company, fast-growing and very, very, needed, in our times where it has been so difficult for so many companies to staff. Next, please. Another point, just a few weeks ago, again, we have been awarded, being, in the top 25 best company to work for in the world. We have 97% of our employees that are in the country where we have certified best employees. We have been ranked. In fact, we progressed significantly because we have been ranked, the top 11 company for all its consistent process, versus, 10,000 other companies. Next, please. What explain our solid growth and also our resilience, whatever is the environment, is what we call the TP Cube strategy. Which is made of being present all around the world with 88 countries and more than 400,000 people. Second, to be very specialized by vertical with professional of the verticals. It's not just general customer experience outsourcing, it's also the ability to design value-added solutions related to the vertical. Finally, the diversity of our service offering that goes from the customer and citizen experience services, the back-office services and also the knowledge services. All that with a systematic focus on omnichannel digital and integrated business services. Next, please. How do we feel versus our long-term objectives? I think that we first maintain and we expand our global leadership as number one in outsourced customer and citizen experience management. Yes, we maintain our long-term objective. Long-term, not so long-term, because for 2025 we think that the revenue of the group will be above EUR 10 billion. That on top of that, and this is a constant scope of consolidation. On top of that, we probably are going to make external acquisition for more or less EUR 1 billion-2 billion. We are committed to come to a group that is going to deliver an EBITA margin of 16%. Thank you very much. Now, Olivier, if you want to give the details of the results. Thank you, Daniel. I'm going to cover for you the precise figure that has been explained by Daniel a minute ago. As you see, you find there the nine-month figure and the Q3 figure. I just wanted to highlight that in both cases, we are growing at 15% or 17% on a reported figure, I would say, which is significantly significant. On top of that, these figures are also very good in like-for-like, whether it's for nine months or for Q2 or for Q3 months for the last quarter. I'm going to dig much more in detail in the figure to understand what happened in Q3. This is interesting as always, just as you start to bridge a figure of 2021 to the figure of 2022. If you start by 2021, we were at EUR 5.2 billion. We have of course a currency effect of close to EUR 286 million that comes up to EUR 5.5 billion, close to EUR 5.5 billion at constant exchange rate. I'm just stopping here a minute because we are following this approach from the very beginning. You will notice with me that we are not putting 2021 at, 2022 at 2021 figure, but 2022 at, 2021 and 2022 rates. It doesn't help all the computation of our like-for-like growth. If you start to look with that, we start with EUR 5.5 billion and 472 million, of which you have a decrease of close to EUR 400 million linked to the de. Of course, the impact of the COVID support contract evolution, which is not a surprise, but it has been significant. We have been able to surpass that with EUR 721 million coming from other business that is going to swallow this decrease, which is massive in fact. On top of that, you have the change in scope with EUR 200 million, which are coming from [inaudible] for the first half and, for the full year, Accenture, which has been bought last year in December. As you can imagine, the big impact of the currency effect is the dollar, close to $200 million. In Q3 is roughly 100 or close to 130 million. I just wanted to stop a minute there just to show that we have been able to swallow this EUR 400 million loss, decrease of sales, which are going to continue to be higher in 2024 for the full year. The group is able to, I would say overcome this hurdle and this roadblock, I wouldn't say easily, but have been done, significantly. If we move now to understand how the growth is happening. As a result, I'm showing this slide for now close to one year to show the like-for-like growth in blue, which has been published, and the, like-for-like excluding COVID in red or in pink, over the two years, excluding COVID. You see classically the like-for-like growth, which is declining, of course, following the disappearance or the reduction as expected of the support contract of COVID. While the pink, I would say, or red, I would say curve is roughly flat around 15% or 14% in the last two quarters. We have a resilient trend, which is a good growth over the recurring business is there. This is of course supported by the point that Daniel made about the structural digital transformation and our ability to address the right verticals. Let's go now in detail to the different figure. I know it's long plenty of figures, but what has to be understood there is that not only we showed the Q3 and the nine months like-for-like figures, as it is, but of course reported, but without COVID. What is interesting is to see that of course the two regions that have been impacted by the disruption of the COVID are of course EMEA and EWAP. Here you see the figures that have been delivered there. Thirteen percent growth in the Core Services, while the Specialized Services is close to 19% growth. Of course, you have an improvement again of the TLScontact business and a continued steady development of LanguageLine Solutions that support the Specialized Services growth, which is close to 20%. Let's go now in detail by region. EWAP, of course, on the like-for-like basis, it's roughly down, slightly down in Q3. Of course, given the sharp decline of the revenue contribution of COVID support contract in UK, but close to 8.5% in like-for-like if you exclude this impact, and close to 11% in nine months. As mentioned a minute ago, the North American market revenue has been supported by social media, online entertainment, travel and financial service. The offshore activity in Philippines also enjoys strong demand. Let's move to IberoLatam. I would say little to say. 17% growth in Q3, 17% growth in nine months. Strong and steady performance along the region. We mentioned here the top performer, Argentina, Peru, Dominican Republic and Mexico. I should say that even in Colombia and in Mexico and in other countries, we are doing very well everywhere, and we have no specific things to say that things are doing well. Of course, I mention here the Multilingual hubs in Spain and Portugal that are also enjoying further rapid expansion. As a whole, I would say little to say, except it's very good figure and this is steady and this is going to continue. Let's move to Europe. Of course, Europe, you have an impact, a significant impact of the COVID, of the COVID line again. If you exclude them, it's 11.5% in Q3, which is even accelerating versus the nine months, because the nine months we are at 7.7%. That shows that the growth is there. The same kind of business that was mentioned earlier, meaning travel, automotive, financial services and online entertainment sectors that are growing fast. Let's finish for Core Services in India. Again, close to 25% growth in Q3. Everywhere, very good growth all along the year and the ability to offshore activities that are very interesting for some northern countries. Let's finish by the Specialized Services. As I mentioned, again, 19% growth, whether it's Q3 or nine months. Again, strong recovery in TLScontact volume that continued in Q3. Again, growth of LanguageLine Solutions accelerate in Q3. Of course, we had from starting first of the H2 to 2021, Health Advocate that are coming in our figures today. Those are the figures. I'm going to leave the outlook to Daniel Julien to give you much more precise information about our outlook for the full year. Thank you. Thank you very much. The first point is, as you see, the first nine months have been solid. Of course, it's reasonable to be relatively cautious, specifically, in the economic and political environment today. When the initial guidance that we gave was +10%. Of course, the initial target of the like-for-like growth, including COVID and everything that we gave was +5%, and it will be exceeded. The EBITDA margin for the group for the year 2022 should be above 21%, and the EBITA margin will be around 15.5%, which is 40 basis point increase versus 2021, and it's 10 basis point versus the initial target that we shared within the investment community. This is our situation. Thank you very much, and I think that we are ready for questions. Thank you very much, sir. Ladies and gentlemen, as a reminder, if you wish to ask any questions, please press star one on your telephone keypad. If your question has been answered, you can remove yourself from the queue by pressing star two. Today's first question is coming from Mr. Simon Fletcher calling from Stifel. Please go ahead, sir. Yes, good evening or good afternoon. Three questions, please. First of all, the obvious one, if you could give us an update on the case with TikTok and on the independent audit, but also the discussions with the U.S. senators. Secondly, what is the FX impact that you expect on your margin for 2022, and in which extent the slightly higher margin guidance reflects the strength of FX? Lastly, on 2023, basically your mid-term target points to sort of high single-digit annual revenue growth. Are you confident at this stage on maintaining this level of growth for next year? Thank you. Okay, thank you very much. I'm going to answer the first, Olivier the second, and I'm going to answer the third. Your question about trust and safety content moderation regarding a client is very much appreciated because it gives me the opportunity to clarify, and I hope once and for all what is the situation. First, let's be clear. Content moderation is an essential first responder service that protects the public against the bad actors on social media. It's very essential. Second, it's not at all what you have seen in the articles. AI eliminates 97% of the egregious content, but leaving 3% that is questionable. For contextualization issues, it has to be reviewed by a human moderator. Third, the content moderators of course are first responder, you know, like police, like a first responder ambulance and so on. We take a special care of them. Higher salaries, much more break in the shifts, and constant psychological support. Now, the egregious, the highly egregious content in the case that was mentioned, and here listen very carefully, is more or less around one per 1 million reviewed content. One per 1 million. It has nothing to do with what you have read in the press. Now, the reality check. We conducted two reviews. One. Two in-depth reviews. One internal audit and one in-depth assessment by a U.S. nationally recognized third party. Both conclusions were that of course there were minor elements that could be improved, and always happen when you make an audit, but I can tell you that the allegations in the press are really misleading. Finally, and I'm going to finish on that, there is a very interesting indicator on the addition of the content moderators to what they are doing. They are proud of what they do because they maintain the social media clean for you, for your kids, and for everybody. Guess what? Typically, and I really check that again, in the case that is mentioned, the attrition of the content moderator is 3x less than the average attrition of the commonly customer experience service people. If these people were not happy, I don't think we would have that. Thank you. Olivier, please. The effects impact on the margin. Again, this is a question which is difficult to answer. As you know, there are two issues. One is transaction, one is translation. Let's start with translation, which is easier, easiest when you translate in euro higher margin figure from U.S., which is the case from LanguageLine Solutions, it helps. It's not dramatic. At the size of the group, it's giving two, three basis points globally. After you have the transaction effect. Transaction effect is because you have cost in a currency and you have in the meantime I would say revenue in another currency, mostly dollar or euro. Of course, this is positive. This is positive but delayed, because most of the hedging, the coverage, sorry, the hedge is done one year or between six months and one year before. Meaning that the increase of the US dollar will be much more impacting 2023 than 2022 for the transaction effect. That's the first one. The second one is that it's difficult to, I would say, to take out the pure FX effect without taking into account inflation effect in the country where you have cost. Meaning in some countries like different countries, you are obliged to increase the wages. I'm not sure of the FX impact in 2022. I can tell you the transaction effect is limited. It will be probably higher in 2023 should the inflation stay where it is in this country, which is not clear today. You have the translation effect, as I told you. It's between 2 and 2 basis points on 2022. Okay. Now to finish on 2023, of course, you will get our guidance 2023 when we are going to give you the full results of 2022. Let's just finish 2022, if you don't mind. Our perspective today is that if nobody send a nuclear bomb, if the world doesn't fall into hyperinflation, if the current world order is not totally disrupted, the performance should continue to grow strongly, and that's why we absolutely maintain the guidance 2025. Thank you very much. Thank you, sir. The next question is coming from Anvesh Agrawal. Please go ahead. Hi. Good evening, and thanks for the clarity on content moderation and the outlook. That's really helpful. Few follow-ups from me. First, if I just look at the growth for EWAP, it looks like there's a bit of a slowdown in the run rate in Q3 versus sort of first half. Just wondering what's driving that? That's ex COVID anyways, what was driving that? Secondly, in the LLS business, is there any benefit from the Hurricane Ian in the US in September and that sort of driven the growth? Then finally, just coming back on the margin guidance, is the upgrade really because of the PSG acquisition and integration you're gonna get two months in for this year? Or it's ex PSG, you still expect the margin to be better than where you were expecting before? Thank you very much. Again, in the details on the EWAP, Olivier is going to answer because I don't have myself the answer precisely. Regarding LLS, you know what? I live in the US, and when you live in the US every single year, and particularly with the global warming, you have hurricanes, disasters, and you have FEMA, and you have some of what should be exceptional activity that at the end of the day is a recurring activity. But it's not going to be major in the LLS English language solution profile as a first. The second point, our revising of the guidance for 2022 doesn't integrate at all PSG. Coming to your question about EWAP, I must confess that we have no specific reason to highlight in this potential reduction of the growth, which is roughly 2%. We are speaking of less than EUR 15 million on three months, so it's not, this is not significant. I wouldn't say there is a specific point for me to be made on that potential reduction of the growth in Q3 versus Q2. Cool. That's very clear. Thank you. Thank you very much, sir. Now to go to Karl Green calling from RBC. Please go ahead, sir. Yeah. Thank you very much. Just two questions from my end. The first one, just thinking about some of the developments across your end market sectors. Can you make a comment about how the new economy sectors have developed through the quarter? Just obviously people are cognizant of the fact that we've seen the collapse at Meta. Twitter are halving their workforce. Apple are cutting back on production volumes. Any comments you can make about any changes you might be seeing in new economy revenues and particularly thinking about the outlook going forward, any conversations you're having with those kind of customers? The second question, unrelatedly, one of your biggest competitors has referenced increasing numbers of first time outsourcing conversations. Just wondered if that's something that you're experiencing as well. If so, can you put any kind of numbers around that, please? Thank you. First, you know, the economy is made of such a patchwork of activities that you always have some activities that go down, some activities that goes up. For us, what is important is to take the right wave at the right time. The right wave at the right time are not always the same in terms of activity sectors or even in terms of line of services. I'm not going to be too specific because I'm not here to give clues to my competitors. For us, it's pretty clear that we are going to push more some elements in 2023 and less than before. It's always to be agile. I mean, the world is in transformation, and you have always to be agile to be sure that you catch the right trade. Clearly, the new economy, I think that I would split. I would really split the new economy between two subcategories. One is the new economy that is extremely profitable and tend to continue to grow. Maybe doesn't grow as fast as much as when people were confined. These are not companies that are deeply in trouble. These are companies that have to readjust their strategy. In the readjustment of their strategy, there may be some services that we provide that are going to be reduced and some services that we provide that are going to be increased. There are the companies of the new economy that still do not have a profitable business model and that have a cash burn rate. Those companies, of course, become extraordinarily careful, and they are right. For us, typically, it translates into geo-strategy. They are open to moving the business that we do for them from one geography to another in which you are going to have a positive cost factor for them. For us, it's not just labor arbitrage, it's also to integrate more of a robotic process automation for non-value-added interaction. The whole service can be delivered, but we can do the same with less or more with the same. What was the other question? First outsourcer. You know what? The first outsourcers is always complicated because you see that after the fact rather than before the fact. Rationally, each time companies are facing a contraction in their margin, they have to reduce their overhead, and typically they consider outsourcing. You always should see jump in outsourcing. That's rationally. Practically, in the real life, it takes more time. It's not just an immediate adjustment. Yes, we expect several companies to consider outsourcing and we are ready or we are working on rebadging some businesses that are right now in-house and that could be outsourced, for example, in the BPS area. That's very clear. Thank you. Thank you very much, sir. The next question is coming from, Mr. Patrick Jousseaume, calling from Société Générale. Please go ahead, sir. Can you hear me? Yeah, your line is open, sir. Good evening. Three questions on my side. What was the exit rate for the organic growth in at the end of Q3, please? September compared to July, August. Second, is it fair to say that in the last quarter last year, you had something around maybe a bit north of EUR 100 million of revenue of COVID contracts, and this year, should we expect something close to zero? Third question, could you comment a bit on the hunting season, meaning that I think that starting in July, you started to prepare 2023. Could you comment a bit on that in the commercial side? Thank you, Mr. Jousseaume. As I see, you continue to have super specific questions. You know that, as a public company, we do not release our numbers month- to- month. The activity is what it should be, and there is no specific disturbing element, either positive or negative. There are no surprises. Second, you spoke about the hiring season for 2023. Second, you spoke about the closing fourth quarter of COVID, what it was last year, what it was this year. You probably know the numbers better than I do. Yes, clearly there is going to be significantly less COVID business in the fourth quarter this year versus last year. You are right. I don't have the exact numbers, and I don't know if Olivier has it or wants to give me. Just to finish, the ending season for 2023, like you say, I would say the development season. I don't like so much these terms of ranking, because at the end of the day, we are not there to kill birds, but partner with our clients. Is looking solid. We're all over the world, in fact, we have been beefing up our teams quantitatively and qualitatively. We are going to continue to do that. Yes, we are extremely dynamic. We are not self-complacent with ourselves, but the things look solid. For the COVID figure, Patrick, we are roughly in the same magnitude than what we have lived in Q3. Thank you. Thank you, sir. Next question is coming from Oscar Val, calling from JPMorgan. Please go ahead. Yes. Good evening, Daniel and Olivier. I have two questions. The first one is on the cost base and your employees. Could you talk about the magnitude of wage inflation you're seeing, and as well, could you talk about employee churn? Has it become easier to hire over the course of the year than you expect that to ease in Q4? That's the first question. Then the second question is, you talk about Health Advocate in your slides. Could you make a comment on Health Advocate and Accenture? How are those acquisitions doing? Are they growing in line with the group, above the group? Thank you. Yeah, clearly, there are inflation trends everywhere. The fact is that for the business that we do domestic, we have renegotiated with all our clients to integrate a cost of labor adjustment clause. In fact, we are finding back the reflex and the management reflex that we had maybe 20 years ago. In the vast majority, everybody understand that we are in an inflationary situation. In the offshore, nearshore, there has been a significant raise of the employees, and I don't have exactly the number, but because it changed very much from one geography to another, from one currency to another, and so on. Typically, as these currencies have also weakened versus the dollar or the euro, which are the two main currency for what we do, offshore in this shore business, it has no significant impact on our margin. Olivier, is that correct? It's absolutely correct, sir. Okay. The other point is, the business of Health Advocate and Accenture. It has been, for both company, an integration year. They could have been stronger in development, but we have been very satisfied with the profile of the profitability of these companies. It is difficult at the time you are making integration of people, culture, system, that at the same time the company are going to give their best in terms of growth. It's going to be much more for next year, to my point. Thank you. Thank you very much. We'll go now to Nicole Manion calling from UBS. Please go ahead. Hi. Thanks, everybody. Sorry to pressure on this point, but if we can go back to the content moderation piece, I think there's a lot of sympathy, obviously, around the idea and the concept behind the work, but it's also a new-ish area and by nature can be difficult, challenging work, clearly. So on that, just to clarify two points. Firstly, will you publish any detail around the internal audit and third-party assessment beyond the comments you've made today? It isn't referenced, I don't think, in the press release, but it has been touched on, briefly on the call. So just wanted to ask if that would be kind of formalized at all. Secondly, and relatedly, is there a plan to educate the market a little bit more, perhaps, around this business and your offering? You know, it's clearly a new and fast growing area, but it is, you know, getting a lot of attention and scrutiny for various reasons. On that, could you maybe give us a rough indication of how big the business is and what kind of growth you are seeing in it? That would be very helpful if you could. Thank you. Clearly, we are not going to transform an incident like it happened every day to any kind of companies into a global polemic. No, we are not going to publish the report of the internal audit or the external audit. We communicate them to the adequate parties that need to know it. That's for the first point. The second point is, yes, this is a new world. Right now I really have the feeling that the media have not understood how much content moderation is critical for the day-to-day life of the public and of the general population. It's a protection. The responsible companies, the large social media who are very responsible companies, have understood that very well. If I remember well, several years ago, the CEO of one large social media made a strong commitment to the U.S. Senate to do that, and this is what is done. I think that the whole topic is clearly not perceived as it is. It's exactly like if we would say, "Oh, my God, look at how disgusting is the work of a nurse. The poor girl, I mean, she has to see blood from time to time. She can." Come on. Yes, we are serious people. We take care of the people, but it may be time to open the eyes. Now, to answer your question. Yes. For Teleperformance in itself, we are going to try to have a much better education. All the different constituents, all the different stakeholders, so as not to be perceived as bad people when we do good things. By the way, if there is a job that we are very proud to do, it's this one, because this is a very critical service, essential service for the society. Now, also, if you want to put in perspective, it's a good. It's a growing business. By the way, I had numbers here somewhere. It seems that according to Everest Group, this trust and safety business should continue to grow in the near term by more or less 30% per year. This is not Teleperformance, this is market analysis from Everest. First point. Right now, let's also come back to reality. This business, which is significant, represents 7% of the total revenue of Teleperformance Group. Please, let's not make the Teleperformance presentation of its results focus on media who do not understand the critical positive aspect of an activity. Okay, great. Thank you. Thank you very much, ma'am. We'll now go to Mr. Laurent Gélébart from BNP Exane. Please go ahead, sir. Good evening, Daniel, and good evening, Olivier. I have two questions. On the first one, I will come back on this content moderation stuff. When you sent to the adequate parties your internal and external conclusion, what was their answer to what you sent to them? The first question. The second one, it seems you have a very bullish roadmap in India, as you want to double the workforce within three years. Is India going to be the highest growth area next year? What are you going to develop there to double from 90K to 180K workers? It's very simple. The answer that we gave to the relevant parties in that case are exactly identical to what I'm explaining today with the specifics. That's point number one. Point number two, India. Yes, but. We are very bullish on India. Daniel, did they answer to what you sent to them? By the way, if you look at the macroeconomic and the geopolitics, everybody with two cents of wisdom should be bullish on India. 1.5 billion, a growing middle class with the potential to replace China for many activities that is going to accelerate the growth in India itself and a very highly educated workforce with a strong commitment to contribute. For me, India ticks all the boxes for a company in which we want to have a major strategic development. We already have a lot of people in India. We have, at the end of the year, something like 90,000 people in India. We serve both the domestic market, which is a very interesting enterprise, because all the price points, the costs are extremely low, as you know, and we need to be extremely smart to make a viable business in this geography. In terms of size, I can tell you that one of our domestic Indian clients has the same size in terms of number of people than our number one client in the group. That has not the same size of value by the way. In India, besides the fact that we are going to develop more and more India digital transformation center of excellence, we are also going to probably concentrate a significant amount of shared services, internal shared services in India. We are also going to use our extraordinarily strong India footprint as a base for education of our growing managers worldwide. Maybe, last question. Your line is open, sir. My line is open. Hello? Your last question, please. Yeah. I think we are going to conclude. Mr. Gélébart, your line is still open, sir. Do you want to ask a question or should we move on? Yes. I just wanted to be clear again on this content moderation stuff, Daniel. Did the adequate parties provide you an answer to your answer? I mean, is the item clear for them, and did they understand perfectly what has been happening here? You know, we will see in the future, frankly speaking, as right now it is becoming the new topic to discuss. Probably we are going to see back and forth until people calm down and understand really what is at stake. Okay. Thank you. Thank you very much, sir. Next question is coming from David Cerdan from Kepler. Please go ahead. Yeah, good evening, gentlemen. Just two questions. First, regarding your EBITDA margin improvement in 2022 by around 40 basis points, how do you expect this 40 basis points to be per region? Second question is regarding the TikTok. You have read certainly some press article in which we have some details about the salary of the employees, the pressure, et cetera. What can you tell us about that? Secondly, have you investigated internally to check that the situation of the employees was not so bad as indicated in some press article? Have you some discussion with the local unions in Colombia to take care of this issue? We do what we have to do. I can tell you, I can give you an example. I told you that what was in the article, and I don't know why, but I mean, clearly the people did not do a proper job, was strongly misleading, and we have the proof of that. Now, regarding whatever, typically, in the content moderation business, the employees are paid between 50%-100% over the minimum wage in every single country. They have 20% break time, and they have 3x less attrition. I will not say more because you are really, really misunderstanding Teleperformance if you focus on that. The rest, we manage properly. We are a decent company. On the margin, David, I would say two things. Of course, you have understood that India is growing and delivering good margin. The English world is back on track after one year, which was difficult. In the meantime, you have also TLScontact that is growing fast. All that not only deliver good margin, but was able to swallow the reduction of the sales from COVID business that are significant. That is the reason. That's the main reason of the increase of the margin. If I may, I would like just to rebound on your answer. You say something, some people say some other things. At the end, what are the reasons of this campaign against Teleperformance? Do you think that it's a campaign of destabilization? What are your relations with UNI on which you were in a dispute in the past? How do you expect to fix this kind of issue, if I could say that? You know what? At first, today, we speak about Teleperformance. Few months ago, it was another content moderation. Many of them are also publicly listed. Because if you read the international press, you could have read in the U.S. newspaper or in British newspaper, topics more or less of the same flavor regarding other kind of companies. I would say this come from a very, very bad understanding of what is at stake. There is an educational job to be done. It's not going to be transformed in one day, but it's going to happen. The rest, we are managing. Fortunately, we have mature clients, and they continue to grow with us as we continue to grow with them. Obviously, our doors and our books are open to any legal investigation as we speak, extremely clear. Thank you. Thank you, Daniel. Thank you, Olivier. Thank you. It was a pleasure. I hope that you will remember that Teleperformance is not just about people who try to make polemics. Thank you. Ladies and gentlemen, we have no further questions at this time. I'll turn the call back over to your host for any additional or closing remarks. Thank you. I just have to thank everybody for being here and for having interest in the activity of our modest company. Have a great day. Thank you, gentlemen. Ladies and gentlemen, that will conclude this conference. Thank you for your attendance, you may disconnect.