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Teleperformance : 2020 Universal registration document

Mar 5, 2021

03/05/2021 | 03:53pm EST Message : Chief Executive Officer 4 A value creative business model 8 Composition of the Management Committee and the Board of Directors 10 Group and Risk Presentation Declaration of extra-financial performance 2.3 An employer of choice 76 2.4 A trusted partner 89 2.5 A major social commitment 94 2.6 Promoting Teleperformance's environmental 2.8 Methodology 109 on the consolidated non financial statement 111 Corporate Governance and results 208 and results 214 Consolidated financial statements 5.2 Consolidated statement of income 219 5.3 Consolidated statement of comprehensive income 219 5.5 Consolidated statement of changes in equity 221 5.6 Notes to the consolidated financial statements 222 5.7 Statutory auditors' report on the consolidated financial statements 259 and liabilities 264 statements 266 on the financial statements 285 6.7 Five-year financial information schedule 288 Information on the Company 7.2 Share capital 292 7.5 Dividends 303 Registration Document 308 Registration Document 308 report (and other information included) 311 8.5 Cross-reference table to the management report 311 governance report 313 of non-financial performance 314 Incorporation by reference: In application of Article 19 of Regulation (EU) No. 2017/1129, the following documents are incorporated by reference in this universal registration document: 1. Regarding the financial year ended December 31st, 2019: The management report, the consolidated financial statements, the Company financial statements and the corresponding statutory auditors' reports contained in the universal registration document filed with the AMF on March 2nd, 2020 under number D.20-0091 ( -universal-registration-document.pdf). 2. Regarding the financial year ended December 31st, 2018: The management report, the consolidated financial statements, the Company financial statements and the corresponding statutory auditors' reports contained in the Registration Document filed with the AMF on March 4th, 2019 under number D.19-0093 ( ). The annual financial report included in the Universal Registration Document is a translation of the official version of the annual financial report which has been prepared in French, in format ESEF (European Single Electronic Format) and is available on the issuer's website. The universal registration document has been filed on February 26th, 2021 with the French financial markets authority (AMF) as the competent authority pursuant to Regulation (EU) No. 2017/1129, without prior approval in accordance with Article 9 of the Regulation. The universal registration document may be used for the purposes of an offer of financial securities to the public or the admission of financial securities to trading on a regulated market if it is accompanied by a securities note and if applicable, a summary and all amendments to the universal registration document. The entire documentation then constituted is approved by the AMF in accordance with Regulation (EU) No. 2017/1129. Teleperformance serves businesses and government agencies to help them solve the problems their clients' and citizens' face on a daily basis. The Group operates in an increasingly complex environment with regard to interaction channels, security, and disruptive technologies. ACTIVITIES Founded in 1978 by Daniel Julien, Teleperformance is a leading global Group in digitally integrated business services. It is the preferred high-tech, high-touch partner of market leading global companies undergoing rapid expansion, as well as government agencies. The Group implements digital strategies to optimize and transform their customer experience and other business processes to make interactions simpler, faster, safer. Simpler. Faster. Safer. SOLUTIONS Teleperformance offers clients a comprehensive and integrated range of "One-Office" solutions broken down into three high value-added services: Customer Experience In 2020, Teleperformance set new growth records and demonstrated THE RESILIENCE AND THE STRENGTH OF ITS BUSINESS MODEL as well as the agility of its organization in 83 countries, in the unique and uncertain context of global health crisis. Like-for-like growth of nearly +12% for the year after a sharp acceleration in the fourth quarter to +23%, more than 250,000 people now working from home and the record number of countries certified as Best Employer, covering 87% of our global workforce, all attest that we've achieved our objectives and successfully tackled challenges to overcome the Covid-19 crisis. In short, we have protected our employees' health, developed business with our clients and maintained the Group's financial strength. We have also pursued our acquisitions-led growth strategy in high-value services, announcing the acquisition of Health Advocate, a US-based healthcare cost management company. With revenue close to €6 billion for the year, we consolidated our global leadership in outsourced omnichannel customer experience management in an increasingly digital environment. The digital transformation and the constant quest for excellence in high-tech, high-touch strategy continue to underpin our value creation model. We're rapidly deploying TP Cloud Campus, our integrated solution for managing the customer experience remotely. And we're continuing to invest in priority areas such as cybersecurity and employee health, as illustrated by our recent commitment to supporting Group employees worldwide with their Covid-19 vaccinations. Delivering an enhanced, more personalized customer experience that is 'simpler, safer, faster' is central to our vision. Maintaining our status as a Top Employer and taking action to support diversity and environmental responsibility are among our priorities. New, ambitious and results-oriented targets have therefore been set this year. In 2021, we remain committed to our strategy of growth and progress for all our stakeholders. Thanks to Teleperformance's dynamic business development and accelerated transformation, we expect to continue growing our revenue by at least +9.0% like-for-like, while also widening our margins, creating jobs and deepening our commitment to corporate social responsibility. We're also maintaining our financial targets for 2022, confident in our ability to continue delivering effective solutions to meet our clients' ever-changing needs and our employees' aspirations. Their many messages of gratitude for our assistance in overcoming Cosmos | Integrity the crisis are the best reward and the ultimateincentive to continue achieving our goals." Cosmos | Integrity I do what I say I say what I do, I do what I say Earth | Respect The five Teleperformance values underpin our corporate Cosmos | Integrity I say what I do, I do what I say Earth | Respect kindness and empathy Fire | Commitment I am passionate and engaged The global health crisis linked to Covid-19 led many countries to implement country-wide lockdowns and travel bans. This context brought the global economy into a phase of systemic crisis. The Group took all possible decisions to ensure, above all, the safety of its employees, jobs protection, and the continuity of business for its clients, following the recommendations of world health organizations and local authorities, as well as its financial strength. THE MEASURES TAKEN TO OVERCOME THE CRISIS A dedicated and efficient organization The Teleperformance Global Business Continuity Model was quickly implemented worldwide. A dedicated internal organization led by Teleperformance's Chairman and Chief Executive Officer and its Executive Committee, in close collaboration with its Board of Directors, has been set up to monitor the course of the epidemic and its impact on the Group's operations as well as the implementation of operational measures designed to weather the crisis. The organization comprised a new global task force known as the Crisis Transformation Committee (CTC), bringing together a hundred key Group managers. This new ecosystem has also enabled regular and efficient communication during the crisis with all Group employees as well as external stakeholders, notably employee representatives, clients and shareholders. Health and safety of employees on-site The Group has implemented a strict safety and hygiene policy throughout the world, overseen daily by a dedicated central team to guarantee in particular: • adherence to guidelines and recommendations from the World Health Organization (WHO) and close collaboration with local governments; • social distancing policies, frequent and reinforced cleaning of facilities with disinfection products as well as adequate availability for employees of sanitary supplies; • the implementation of a strict "no travel" policy. OTHER HIGHLIGHTS • Teleperformance entered the CAC 40, the primary index of the Paris Stock Exchange, on June 19, 2020. • Teleperformance announced on Octobre 27, 2020 it has entered into a definitive agreement to acquire Health Advocate, a leading US‑based company specialized in integrated digital solutions in the field of consumer health management. All the sites of the Group are 100% compliant with all hygiene standards. It also committed to support vaccinations for its employees worldwide in 2021. Quick deployment of work-from-home Teleperformance has implemented many emergency measures, such as work at home activations to guarantee business continuity for its clients, in compliance with the specific security standards and certification requirements in force. Teleperformance achieved a tour de force by deploying more than 200,000 agents on a work-from-home model in just two months at the height of the crisis. Through the rapid development of work-from-home, the Group was also committed to protecting employment. Today, Teleperformance employs more than 250,000 people working-from-home and is quickly deploying digitally integrated solutions dedicated to remote management of customer experience (TP Cloud Campus). A key role for economies worldwide in crisis period Around the world, Teleperformance employees are on the front lines, providing critical customer-facing and back-office services to many essential businesses in industries such as healthcare, logistics, energy and public sector. At the heart of the crisis and still today, Teleperformance is responsible for numerous emergency numbers and essential services set up by governments around the world (16 countries today) to fight against Covid-19. Reinforced financial liquidity At the height of the crisis, the Group had more than €1.5 billion, including cash and cash equivalents, to cope with crisis contingencies. On April 14, 2020, the Group's financial strength has been acknowledged by the S&P rating agency, which affirmed Teleperformance's BBB- Investment Grade credit rating with a stable outlook. A FEAT RECOGNIZED BY THE EMPLOYEES, THE CLIENTS AND THE PARTNERS OF THE GROUP CLIENTS Teleperformance's efforts to ensure business continuity are unanimously applauded by its clients, thanks to stickiness. 90% of Group's clients have adopted work-from-home solutions. I want to say thank you and well done for all the hard work carried out in the last two weeks to set up the teams to work from home. It's been really impressive to see how proactive you have all been. Teleperformance's support through these times, and its adaptability, confirms that we have chosen the right strategic partner. PHOTOBOX ALBANIA DESPEGAR LATIN AMERICA Your team is doing a phenomenal job working with us right now. TP clearly stands out as the responsiveness has been off-the-charts amazing - virtually around the clock. I want to say thank you for the support you've given, and for aligning us with the best leaders and support model possible. SIRIUSXM 1978-1995: Building Teleperformance's European leadership 1978 Teleperformance was founded in Paris by Daniel Julien, currently Group Chairman and Chief Executive Officer. Initially, the Company's principal activity consisted of providing telemarketing services to French clients operating mainly in the media, financial services and insurance industries. 1986 The Company became French market leader and began to expand globally by opening subsidiaries in Belgium and Italy. 1988 The Company continued to expand in Europe, with new subsidiaries opened in Spain, Germany, Sweden and the UK. 1989 Daniel Julien and Jacques Berrebi joined forces at the head of Rochefortaise de Communication, parent company of Teleperformance International listed on the Paris Bourse. Ten years later, Rochefortaise Communication and Teleperformance International merged to form SR Teleperformance. This company was renamed Teleperformance in 2006. 1990 Teleperformance set up its first outsourced customer service centers and carried out its first customer satisfaction surveys. 1993 1995 Teleperformance became European market leader and continued to strengthen its market share over the following years with new subsidiaries in Switzerland, Norway, Greece, Finland, the Netherlands and Denmark. 1996-2007: Building Teleperformance's world leadership 1996 Teleperformance gained a foothold in Asia with the opening of contact centers in the Philippines, followed by Singapore. 1998 Teleperformance began operations in Latin America by acquiring companies in Brazil and Argentina. Four years later, Teleperformance continued its growth through the acquisition of a company in Mexico. 2003 The Group shifted its operations focus back on contact centers, gradually selling off its marketing services and health communication operations. In the same year, Teleperformance became the No. 2 global customer experience management provider. 2004 The Group continued to expand by moving into Eastern Europe: Poland, Czech Republic and Slovakia, and two years later, Russia. 2007 The Group became the world leader in outsourced customer experience management thanks to the rapid growth of its international operations, both organically and through acquisitions. 2007-2015: Consolidating world leadership 2008 Teleperformance acquired The Answer Group, a big US technical support provider in the telecommunications, Internet access, cable TV, specialized retail and original equipment manufacturer (OEM) markets. 2009 2010 Teleperformance significantly bolstered its UK presence by acquiring beCogent, primarily operating in the retail, financial services, telecoms and ISP markets. Meanwhile, Teleperformance pursued expansion in Latin America: after acquiring Colombia-based Teledatos in 2009, a subsidiary was set up in Costa Rica. 2011 Teleperformance adopted a Board of Directors structure; Daniel Julien became Chairman and CEO. A year later, co-founder Jacques Berrebi resigned from his position as Board advisor and stepped down from his operating duties. 2013 The Board of Directors separated the roles of Chairman and Chief Executive Officer, appointing Daniel Julien as Chairman and Paulo César Salles Vasques as CEO. 2014 Teleperformance shored up its North American market share by acquiring Aegis USA Inc., a leading manager of US outsourced contact centers. TLScontact, a Teleperformance outsourced services management subsidiary working for governments, started a contract with the UK government's Visas and Immigration Department (UKVI). Teleperformance ramped up its value-enhancing operations across the world by establishing visa application centers in 15 new countries. 2015 In addition, the Group consolidated its global leadership by adopting the legal form of a European company and the name Teleperformance SE. Since 2016: Development of Specialized Services and stepping up Teleperformance's transformation into a leading global business services and integrated digital solutions provider. 2016 Teleperformance launched a new Specialized Services range provided by LanguageLine Solutions LLC, a US-based over-the-phone and video interpretation solutions leader, which it acquired in 2016 together with the TLScontact visa application and accounts receivable management (AllianceOne) business. 2017 The Group received its first public long-term credit rating, "BBB-" investment grade, the best financial rating of the sector, from Standard & Poor's (S&P). It successfully performed a €600 million seven-year bond issue. This issue helped fund the LanguageLine Solutions LLC acquisition. In October, following the resignation of Paulo César Salles Vasques as Group Chief Executive Officer, the Board of Directors decided to combine the duties of Chairman and Chief Executive Officer, and appointed Daniel Julien as Group Chairman and Chief Executive Officer. He therefore assumed responsibility for the successful completion of the five-year plan announced during the year. 2018 Teleperformance created a new range of solutions: Teleperformance D.I.B.S. (Digital Integrated Business Services), which primarily covers the operations of Intelenet, a major value-enhancing and digital transformation services provider, which it acquired on October 4th, 2018, and the Praxidia advisory business launched in April 2018. The Intelenet acquisition was funded by a €750 million bond placement. Teleperformance launched its new visual identity and 'TP' logo symbolizing its transformation and its new market focus on high value- added digital transformation integrated services. 2019 Teleperformance stepped up its transformation into a leading global group in digitally integrated business services. The Group's managerial organization was strengthened. The position of President of Transformation was created in September 2019 and entrusted to Bhupender Singh, ex-CEO of Intelenet. Ibero-LATAM region President and Chief Operating Officer Agustin Grisanti also took on the role of CEMEA region Chief Operating Officer. The Group inaugurated the Teleperformance Innovation Experience Center (T.I.E.C.) in Santa Clara, California. Reflecting the Group's transformation, this new showroom presents the Group's global expertise and innovative digital solutions, which form the core of its new digital ecosystem for clients and partners. 2020 In response to the Covid-19 global health crisis that emerged at the beginning of the year, Teleperformance took measures all possible measures to ensure, above all, the safety of its employees and the continuity of business for its clients, following the orders of the authorities in each of the countries where it is present. The Group also took steps to shore up its financial strength: ● implementation of a crisis management system including the creation of agile committees and a dedicated monitoring and communication system; ● ● compliance with hygiene and social distancing standards issued by local authorities as well as World Health Organization (WHO) guidelines and recommendations at all Group facilities; work-from-home solutions set up in record time at the height of the crisis, with more than 200,000 remote jobs created in two months; ● ● strengthened financial liquidity. The Group's management structure continues to be strengthened in order to step up its transformation. Agustin Grisanti has been appointed Group Chief Operation Officer. He is a member of the Executive Committee. On October 27th, 2020, Teleperformance announced the signing of an agreement for the acquisition of Health Advocate, a US company specializing in consumer health management business services and digital solutions integration,. This acquisition will enable Teleperformance to significantly strengthen its strong added-value Specialized Services business portfolio. On June 19th, 2020, Teleperformance joined the CAC 40, the primary index of the Paris Stock Exchange. 1.1.2 Introduction: a leading global group in digitally integrated business services Founded in 1978 by Daniel Julien, Teleperformance is a leading global group in digitally integrated business services. It is the preferred partner of market leading multinationals undergoing rapid expansion, as well as government agencies for the implementation of digital strategies to optimize and transform their customer experience and business processes. The Group has over 380,000 employees in 83 countries, and manages programs in over 265 languages and dialects in over 170 markets spanning numerous business sectors. Its operating capacities include 242,000 workstations at some 450 locations. Teleperformance operations comprise two main businesses: ● Core Services & D.I.B.S. (Digital Integrated Business Services): • customer care; • accounts receivable management. The service offering includes many D.I.B.S. solutions (Digital Integrated Business Services), development of which has been stepped up since the acquisition of Intelenet on October 4th, 2018(1). This segment notably includes the former Intelenet businesses, comprising digital solutions, high value-added BPO (Business Process Outsourcing) services, as well as the Group's consulting activities. This range of solutions was fully integrated and deployed across all of the Group's Core Services, giving rise to the Core Services & D.I.B.S. business on January 1st, 2019. The majority of the D.I.B.S. solutions cover integrated services and dedicated support services. By combining experience and know-how in business-critical processing services, D.I.B.S. comprise a range of integrated digital transformation solutions spanning the entire customer experience value chain. Teleperformance defines itself as a high-touch, high-tech business, reflecting the two pillars of its value-enhancing business model: a human touch and technology. The Group offers companies around the world its know-how in human resource management, management of dedicated customer experience infrastructures, and high-performance technology ensuring quality, security and reliability. Specialized Services include niche, high value-added businesses. These will be significantly strengthened in 2021 thanks to the acquisition of Health Advocate announced on October 27th, 2020, set to be closed during the second quarter 2021. This US-based company provides integrated digital solutions in the United States consumer health management market. ● India & Middle East, including the ex-Intelenet operations acquired in October 2018. Core Services & D.I.B.S. provides an omnichannel offering including management of all channels used by consumers or people to contact firms and government agencies, whether by voice (i.e. phone, video and face-to-face) or non-voice (i.e. chat/messaging, email and social media) services. These integrated services are backed by global quality standards and state-of-the-art IT systems. A large portion of the Group's Core Services & D.I.B.S. revenues are generated by handling incoming calls from consumers or information seekers. In the long-term, downward trend of this revenue stream is due to growing digitalization of interactions. This was confirmed in 2020: 75% share of revenues, down from 78% in 2019. (1) Description of the operation in the 2018 Registration Document. Total headcount at Dec. 31st, 2020 369,793 All sectors All sectors All sectors All sectors Following the October 2018 Intelenet acquisition and amid the continued digitalization of the environment, which was boosted by the health crisis (general lockdowns) in 2020, the contribution of non-voice services (such as BPO, operational advisory services, messaging and email solutions) increased in 2020 to 17% of Core Services & D.I.B.S. revenues, up from 14% in 2019. Outbound call handling, a small Group business, was flat at 6% of revenues largely comprising customer acquisition (sales) services. The Group draws on its global network to serve a larger number of markets from domestic, multilingual, nearshore or offshore operating centers. Due to the health crisis, in 2020 the Group extended its operational offering to include work-from-home solutions, catering for over 250,000 Group employees at the end of the year. TP Cloud Campus (TPCC), an integrated cloud work-from-home and management solution, is deployed Group-wide in 32 countries, with the support of 13 management centers (TPCC hubs) tasked with the training, coordination and supervision of agents and teams. • Breakdown of Core Services & D.I.B.S. revenue (2020) By linguistic region Telecommunications Founded in 1982 and acquired by Teleperformance in September 2016, LanguageLine Solutions is the leading provider of over-the-phone and video interpreting solutions in North America, serving a range of companies and institutions in the healthcare, insurance, financial services, telecommunications and public sectors. Based in Monterey (California - United States), LLS posted US$388 million revenues in 2016, prior to being acquired by Teleperformance. The LLS acquisition has consolidated the Group's global leadership in the high value-added services sector while boosting revenues and earnings. LLS provides essential services to a wide range of clients in sectors where Teleperformance already has a strong foothold via its Core Services & D.I.B.S. business. In 2020, LLS delivered services in over 240 languages to 30,000 clients in the United States, Canada and the UK, backed by an efficient, top-class network of 13,700 employed and freelance interpreters. Description of services and solutions • Breakdown of LanguageLine Solutions revenue by language service type (2020) 11% A global network of interpreters working from home In 2011, LanguageLine Solutions made a major change to the management of its interpreter organization, by switching from a contact center system to a work-at-home (WAH) system. The 13,700 LLS interpreters are currently spread across 28 countries. 6,661 are LLS employees and the rest are subcontracted or freelance workers under contract with the company. The expanding pool of WAH interpreters is a key strategic advantage enabling LLS to provide a constant supply of interpreters perfectly tailored to demand. While already representing 80% of the company's interpreters in 2019, 100% of the pool worked from home in 2020 in the health crisis context. LanguageLine Solutions interpreters can deliver top quality of service thanks notably to the ERP Olympus cloud platform system. Synergies with other Teleperformance Group business activities: development of offshore The first synergies between Teleperformance's Core Services & D.I.B.S. and LanguageLine Solutions were developed in the hiring process from 2017. In 2020, close to 2,600 interpreters, i.e. almost doublecompared to 2019, were hired by Teleperformance to serve the North American market offshore. This "shoring" model was rapidly developed over the last three years. It is currently provided mainly in Arabic, Spanish, Italian, Portuguese, Russian and since recently in Chinese and Hindi. For LanguageLine Solutions, these interpreters have external provider or "affiliate" status. This development can be explained by Teleperformance's significant presence in Egypt, Colombia, Albania, Portugal, Lithuania, Dubai, India and Malaysia. These synergies have a positive impact on LanguageLine Solutions' business growth and earnings. Teleperformance aims to progressively develop the LLS business on all its markets and generate synergies between Teleperformance and its other businesses. TLScontact TLScontact is a major player in the global outsourced visa application management and consulate services market. Its business involves assisting government clients in processing visa applications submitted by persons wishing to travel to a country requiring such a document as securely, efficiently and quickly as possible. • Description of the visa issuance procedure The company opened its first visa application center in Beijing in 2007, on behalf of the French embassy. It joined Teleperformance's global network in 2010 in order to step up its expansion. Revenues have multiplied by nearly 50 in 10 years since its creation in 2009. Its success is driven by cutting-edge technology, which is primarily based on: ● ● its ability to meet the standards and certificates required on its markets, such as ISO/IEC 27001 certification obtained in 2009; and ● strong demand from governments for solutions that meet their obligations in terms of budget cuts and help promote tourism in their countries. The company operates from nearly 140 locations (welcome desk and mobile staff) throughout Europe, Asia and Africa, handling close to 4 million visa applications a year (pre-Covid-19), for 11 countries: ● ● in Commonwealth countries: UK; and other countries with specific needs: Israel, Cyprus and Morocco. TLScontact expects to add the United States to its list of government clients in 2021. In partnership with PAE, a global leader in delivering smart solutions to the U.S. government, TLScontact has been awarded a place on a global U.S. State Department contract with a potential value of up to US$3.3 billion over 10 years. The U.S. State Department's Global Support Strategy 2.0 Indefinite Delivery, Indefinite Quantity (IDIQ) contract vehicle covers the provision of support services for U.S. consular operations around the world. At the end of the tender process, TLScontact will be awarded some of the 18 task orders (regional contracts) to provide extraterritorial consular assistance services throughout 120 countries. TLScontact has a robust and unique business model. While it enters into long-term contracts with governments, it is usually individual applicants who pay for TLScontact services in addition to visa costs and so they expect top quality application handling service. As a "one-stop shop" for visa applicants, TLScontact is able to offer them a range of high value-added products and services (travel insurance policies, VIP or fast track processing, etc.). The outsourcing market continues to evolve with new governments signing up, won over by the value-added solution, and TLScontact in particular in view of the strong productivity gains that the company offers. Over the long term, after the health crisis that should still weight on TLScontact's activity in 2021, the company's growth trajectory is positive. It is based on the continued development of tourism from Asia, as well as the company's ability to leverage its visa application business expertise, its client portfolio and its global network integrated with that of the Teleperformance Group. TLScontact is therefore well-placed to expand into other markets relating to the issuance of secure identity documents, such as residence permits and driving licenses. The upcoming arrival of TLScontact on the North American visa management market reflects its core business expertise and ability to identify opportunities in terms of new services to the US authorities. Changes in the geo-political and geo-economic landscape in certain regions (e.g. Brexit, Middle East conflicts, etc.) also offers many new business opportunities for TLScontact, given the influx of people to accommodate and process. Deployment of the outsourcing processes is still lengthy, and largely depends on the effective coordination of governments in setting up coherent and structured accommodation policies. AllianceOne Receivables Management AllianceOne Receivables Management ("AllianceOne") is a major player in the North American outsourced accounts receivable management market. The firm offers a comprehensive range of debt collection services and contact center solutions designed to meet the needs of clients, primarily in the North American market. The company employs nearly 5,400 people at 15 sites in the United States, Canada and in countries where it conducts its nearshore and offshore activities (Jamaica, Costa Rica, Mexico, El Salvador, the Philippines and India). The offshore offering was significantly strengthened in 2020 to support the subsidiary's business recovery. 78% of AllianceOne's revenues were generated in the debt collection segment for debts less than 90 days overdue. The company therefore acts on behalf of its clients. When AllianceOne is mandated by its clients to collect receivables 90 days or more overdue (22% of its revenues), the company acts in its own name. • Breakdown of revenue by type of receivable to be recovered (2020) 22% AllianceOne primarily operates in the following client sectors: telecommunications, financial services (credit cards, bank loans), retail (consumer credit cards) and the public sector (taxes, customs duties, healthcare). • Breakdown of revenue by client business sector (2020) Telecommunications Financial services Core Services & D.I.B.S. markets The step-up in the Group's digital transformation since 2018, including the creation of new Teleperformance D.I.B.S. solutions, has helped significantly expand Teleperformance's market. In addition to outsourced customer experience management, this covers BPO (Business Process Outsourcing) and knowledge services, primarily in Human Resources, finance and accounting, and industry-specific solutions. The total market for business services (or BPO) with high technological content (automation and artificial intelligence) covered by Teleperformance is worth four to six times more than the Group's core market, where it is still the worldwide leader. The total business services market declined slightly in 2020, mainly due to supply disruptions at the beginning of the health crisis, while demand remained relatively high, despite varying from one client sector to another. It is expected to return to solid growth from 2021. Customer experience management market In 2019, the global customer experience management market was worth around US$330-360 billion, up by an annual average of +2% from US$280-300 billion in 2010. Market growth was driven by an ongoing increase in the volume of omnichannel consumer and brand interactions, mainly due to: ● rapid adoption of mobile devices such as smartphones and tablets, allowing consumers/users to instantly connect with brands and get immediate answers; ● a surge in non-voice contact channels (email, SMS, social media, messaging and chat) which generate double-digit annual growth. Phone calls remain the main channel by far, albeit with slower growth; ● ongoing expansion of new online services designed to assist consumers and citizens in their daily lives, such as IoT and cloud services, which are creating new needs in a variety of client sectors such as retail and leisure. The market mainly comprises customer care, technical support and customer acquisition (sales). • Customer experience management global market size and trends (2010-2019) (in billions of US dollars) Source: Everest (2020). Source: Frost & Sullivan (2020) for the low estimates and Everest (2020) for the high estimates. In 2020, the outsourced market was impacted by the health crisis: it is estimated to be down -2% by Frost & Sullivan and -3% by Everest versus 2019. This change is mainly due to the disruption in market player supply, which occurred in spring 2020 following the announcement of lockdown measures in many countries. The ensuing rapid deployment of home-from-work solutions helped the market regain momentum. Demand remained high overall, despite varying from one client sector to another. The ability of specialized outsourcing companies to improve the customer experience explains the steady increase in the outsourcing rate. The solutions developed by these companies meet the increasingly complex needs of customers in an omnichannel, digital, automated and uncertain environment in terms of individual safety and data and systems security. The health crisis has challenged the in-house model (non-outsourced). The challenges faced by customer relationship management in this new disruptive context and the weakened cost structures of many companies have boosted the development of outsourced solutions. • Change in customer experience management world market outsourcing rate (2010-2019) 22% and artificial intelligence ** Compound annual growth rate ** Compound Annual Growth Rate. The proportion of voice interactions in the outsourced customer experience management market is still predominant but continues to decline. • Breakdown of outsourced customer experience management market by communication channel (2019) Social networks Chat/messaging Development of the work-from-home model The outsourced market is also benefiting from increasing integration of the work-from-home model within customer experience management programs. The operational challenges include hiring, training and employee commitment. This trend accelerated following the Covid-19 health crisis and is expected to continue with the strengthening of client business continuity plans. Over the long term, Nelson Hall expects the work-from-home model to represent between 25% and 30% of the total market from 2021 onwards, compared to a very low adoption rate before the health crisis hit. Over the long term, Teleperformance is aiming for an employee work-from-home rate of 50%. • Breakdown of on-site and WAH agents on the outsourced customer experience management market (2021E) 70-75% 25-30% The BPO (or "business services") market In order to fully meet client demand for more integrated and complex services, the Teleperformance Group is expanding into new markets. With the acceleration of the Group's digital transformation first launched in 2018, Teleperformance has extended its scope of activities and development market to include Business Process Outsourcing. The market's complexity and expansion is the result of its digitalization, with the emergence of two categories of clients: the disruptors and the disrupted companies. The first are "digital" companies that develop online activities, such as FAANG (Facebook, Amazon, Apple, Netflix, and Google), often multinationals, which require support from companies with expertise in omnichannel integrated customer experience management worldwide. They aim at reducing the "frictions" of the real world. The second category belongs to the traditional economic environment ("legacy" clients) seeking to minimize their operating costs by implementing automated, end-to-end solutions. Digitalization of the environment According to Nelson Hall, the BPO global market (or "business services market"), corresponding to Teleperformance's Core Services & D.I.B.S. business, was worth US$405 billion in 2019. It covers industry-specific integrated BPO services (healthcare, banks, travel agencies) and support functions (customer experience, Human Resources, finance and accounting, etc.). Email Voice Hence, the BPO market is worth four to six times more than the outsourced customer experience management market. • Size and evolution of business services* market (2019E-2024E) (in billions of US dollars) 467 **** CCoompounnddaannunaul aglrogwrtohwrathterate. The total business services market declined slightly in 2020, mainly due to supply shortages at the beginning of the health crisis, while demand remained relatively high, despite varying from one client sector to another. This market is expected to return to steady growth in 2021. Nelson Hall estimates annual growth in value at approximately +4% over 2020E-2024E. This growth will mainly be driven by new requirements of businesses and governments. Government agencies in particular have considerable process automation needs and their demand for global end-to-end digital transformation solutions is growing every day. This market offers major growth opportunities for any business services company capable of innovating and investing to identify new sources of value. This trend is underpinned by the current boom in customer interactions (see above) as well as the Covid-19 health crisis: improving quality, offering flexible solutions (work-from-home) and enhancing business process efficiency are increasingly important considerations. Industry-specific BPO services (banking, tourism, etc.) are the largest source of market demand and account for 48% of volumes. • Breakdown of the BPO market by business (2019E) 26% Source: Internal estimates and companies ** MajorelOther Using the average of Everest and Frost & Sullivan's 2019 estimates for the global market the size of the global market. using the average of Everest and Frost & Sullivan's 2019 estimates for the size of ** Teleperformance Core Services & D.I.B.S. business ** Teleperformance Core Services & D.I.B.S. business. The customer experience management market is characterized by an often global demand (covering several markets) from large multinational groups but managed according to a local approach linked to the specifics of each market. It is also omnichannel and increasingly digital and complex, especially in terms of data security and automation. It is also marked by the emergence of alternative solutions from "Tech" newcomers, offering disruptive technologies such as artificial intelligence and automation. In this fast-changing, demanding environment, the sector's ongoing trend towards consolidation is expected to continue over the coming years, with: ● acquiring companies seeking both critical mass and new expertise, technologies and business lines, so they can develop global Digital Integrated Business Services offering the highest potential for profitable growth; ● financially distressed companies and/or those lacking a robust strategy, which have been hard hit by the economic impact of the health crisis and lack the resources to compete or grow without support from an operational or financial partner. • 2019-2020 main M&A transactions in the customer experience management market Date Source: Group and corporate estimates. Competition extended to consulting and IT service companies in the BPO market Given the growing complexity of the outsourced customer experience management markets and the changing needs of increasingly integrated customers (digital and automated end-to-end solutions), Teleperformance's competitive environment is broadening and diversifying. The boundaries of this competitive environment are becoming increasingly blurred (see above - Group markets). New firms are • An expanding competitive environment: examples emerging in the customer experience management market, including technology service companies and information technology outsourcers (ITO), Business Process Outsourcing consulting firms and back-office service specialists (BPO). Multidisciplinary players are positioning themselves as global business services partners. These new competitors stand out from most traditional customer experience management players backed by a strong focus on high value-enhancing services rather than labor cost arbitrage. Main direct competitors (CCO) * Information Technology Outsourcing/Business Process Outsourcing. Teleperformance is the market leader in Business Process Outsourcing for the customer experience, including solutions for automating customer experience management, artificial intelligence to improve the customer experience, and process optimization consulting. This overlapping of the various BPO markets is reflected in Everest consulting firm's analysis of customer experience management companies in its PEAK Matrix 2020®. • PEAK Matrix 2020® assessment of customer experience management companies Source: Everest (2020). Everest regularly assesses the strategic positioning of companies operating in the outsourced customer experience management market. Teleperformance was recognized in 2020 as a Top Leader and Star Performer in the PEAK Matrix 2020®, acknowledging the success of its digital transformation, strong organic growth, and investments in promoting its global expertise and innovative, digital solutions. Providers of integrated technological solutions (Software as a Service/ Cloud as a Service/workflow management/CRM, etc.) in omnichanneland automated systems, and using artificial intelligence generally do not compete with Teleperformance. They more often take on roles as expert partners, involved in the development of integrated global digital, omnichannel, multilingual and multi-market offerings. Teleperformance takes a pragmatic approach to its partnerships based either on Group initiative, where suitable proprietary solutions are not available, or on client specifications. • New ecosystem of high-tech expert partners Online interpreting services The language services market includes translation and localization services (written) and interpreting (spoken). Recent studies estimate this market at over US$50 billion in 2020, with translation accounting for 60% and on-site and online interpreting services nearly 13%. The market is estimated to grow to nearly US$56 billion in 2022, representing expected growth of more than +4% per year between 2020 and 2022. • Size and evolution of language services market (2020E-2022E) (in billions of US dollars) CAGR* 2020-2022: > +4% Source : US Census Bureau - National Population Projections and LLS estimates There are also 10 million deaf or hard of hearing people in the country, who also need support when communicating with government agencies and major brands. Primarily operating in North America, LanguageLine Solutions is the leading provider of telephone and video online interpreting solutions, serving a range of companies and institutions in the healthcare, insurance, financial services, telecommunications and public sectors. In the global on-demand interpreting market, LanguageLine's revenues are four times higher than its closest competitor and higher than the next 10 competitors combined, according to the 2019 Nimdzi Interpreting Index. Visa application management services The visa application service market in which TLScontact operates was significantly impacted by the 2020 Covid-19 pandemic which severely curtailed international travel. TLScontact primarily serves governments in the Schengen area and the United Kingdom (UKVI). Before the health crisis, the Schengen area and the English-speaking countries in the FCC (Five Countries Conference), including Australia, Canada, New Zealand, UK and USA, represented a market of around 41 million visa applications per year, i.e. a value of over €1 billion. Growth outlook in the outsourced visa application management market is difficult to predict in view of the current health crisis. Data published by leading world organizations, including the World Tourism Organization (UNWTO), the World Economic Forum and the International Air Travel Association (IATA), suggests that international travel will return to growth of around +3% per year in 2022. An upturn in the number of visa applications is expected during 2021. Its pace will depend on when travel restrictions are lifted and the effectiveness of the global roll-out of vaccination campaigns. Based on IATA conservative estimates, the outsourced visa application management market is not expected to return to pre-crisis levels until 2024. • 2013-2022E change in number of visa applications for the Schengen zone and English-speaking countries (in millions of applications) GDIT Other Source: Group and corporate estimates The market for ancillary services related to visa applications is expected to remain strong, including services to enhance travelers' safety and protection against infection. Digital innovations are also expected to streamline visa application management procedures and increase user satisfaction over the coming years. Governments, which have always been slow to adopt digital processes and innovate in terms of biometric technology, have seen the impacts of this lack of action during the health crisis. They are now seeking to protect themselves further against the risk of visa application center closures, by deploying more automated and digitized services. Thanks to the Teleperformance Group's expertise in digital transformation, TLScontact is well positioned to take advantage of these opportunities. Accounts receivable management services in the United States Kaulkin & Ginsberg estimated the US outsourced accounts receivable management market at US$18.5 billion in 2019. The compound annual growth rate (CAGR) is expected to exceed +3% between 2018 and 2022. • US outsourced accounts receivable management market trends (2018-2022E) (in billions of US dollars) 21.0 Transformation Over the last few years, Teleperformance has successfully transformed itself. Today, by anticipating and adapting to major changes in the global business services market, the Group has stepped up its transformation via the Intelenet acquisition and late 2018 launch of D.I.B.S. (Digital Integrated Business Services), enabling it to expand its services offering. It has also diversified its activities and revenue streams from high value-added services, which combine strong organic growth with improved profit margins. • 2000-2020 milestones in the evolution of the global business services* market Late 1990s - Early 2000sEarly 2000s - 2015 Since 2015 • Largely labor cost arbitrage based value proposition • Simple transactional activities such as basic customer Service and transctional sales • Access to client systems via Citrix • Rapid growth of 3rd party IT-enabled service providers • Use of Lean Six Sigma to drive operational efficiencies • Data Analytics and Insights based value addition • Increasing complexity of outsourced services - slivers of vertical and horizontal back office services • Emergence of cloud and mobile technologies • Era of Digital Transformation, with Digital disruption driving accelerated pace of change • Graduation to Integrated Business Services outsourcing • Emergence of new service lines to support the digital companies • Flexible asset-light models like WAHA • Modular, collaborative, secure and scalable technology architecture *Business Process Outsourcing (BPO). Digital IntegratedBusiness Services 2020 The acquisition of Intelenet which have been integrated in the Core Services & D.I.B.S. business of Teleperformance in late 2018, made it possible to step up Group's transformation into a leading global group in digitally integrated business services, thereby taking advantage of the Group's changing market environment. Founded in 2000 and headquartered in Mumbai India, Intelenet was a key player in the provision of high-end services encompassing omnichannel customer experience management, back-office, HR management as well as financial and administrative management. At the time of its acquisition, Intelenet had over 110 blue-chip clients, mainly in English-speaking countries, India and the Middle East. Intelenet clients operated mainly in banking, insurance, travel, tourism, e-commerce and healthcare. Thanks to integrated solutions, Intelenet helped clients boost revenue, enhance quality and reduce operating costs while improving customer satisfaction: ● the company delivers proprietary solutions designed by multi-skilled consultants including highly qualified engineers and expert business and procedure consultants; ● ● best-in-class operations with nearly 60,000 employees in over 40 centers mainly in India, the Philippines, the United Arab Emirates, Poland and Guatemala. The Intelenet acquisition was strategic for Teleperformance for three reasons: ● ● ● its expertise in a wide range of sectors has enabled the Group to continue diversifying its global client base. This acquisition was a major step towards the successful implementation of Teleperformance's medium-term strategic plan, with the launch of D.I.B.S. (Digital Integrated Business Services). Continuing its strategy to expand its portfolio of solutions, on October 27th, 2020, Teleperformance announced the signing of an agreement for the acquisition of Health Advocate. The acquisition of this US company specializing in digital integrated business solutions and services for consumer health management will enable Teleperformance to significantly strengthen its value-enhancing Specialized Services activities. Medium-term strategic plan and objectives: step up value-enhancing transformation Driving forward the transformation strategy in the medium-term This strategy is designed to create value through robust, sustainable and profitable growth in the Group's operations based on organic growth and targeted acquisitions. A favorable environment Teleperformance's transformation underpins its medium-term strategic plan to seize opportunities on a high-growth market tapping into four decades of experience. It is also based on the trust and reputation built up among a broad range of blue-chip multinational companies. ● Expansion of the Group's target market - a BPO global market worth four to six times more than the outsourced customer experience management market, which is Teleperformance's core business. ● The customer experience management market still offers major outsourcing potential - 74% of services still managed in-house by companies and government agencies (according to a 2020 Everest survey). ● The digital revolution has led to an increase in both transactions and new business sectors (e.g. content moderation, online sales, messaging, sales and services). The digitalization of the environment was stepped up in 2020 during the health crisis. ● Teleperformance is well positioned with its high-tech, high- touch global integrated offering, alongside market newcomers primarily focusing on high-tech, and traditional customer experience management competitors, some of whom lack sufficient expertise or resources to strengthen their offering and pursue growth. ● In the wake of the health crisis in 2020, the Group stepped up the global deployment of its cloud-based remote employee management solution, TP Cloud Campus, a genuine competitive advantage in a new environment marked by changes in working methods and risks of disruption to operational capabilities. The Group responded quickly to the health crisis during the year by developing a WAH-based operating model on a global scale, thereby protecting its employees and their jobs while continuing to support clients' business activities. A strategy founded on sustained organic growth The outsourced market continues to offer attractive growth opportunities in many parts of the world and presents definite consolidation potential. This positive trend is bolstered by an increasingly complex and digitalized environment, with steady growth in customer interactions. Since 2019, the Group has endeavored to accelerate the global deployment of its digital solutions (omnichannel offering, T.A.P.™ solutions, predictive models, automation and procedures), backed by a team of over 700 dedicated engineers today, a key driver of the Group's transformation and differentiation from its competitors: The Group has optimized its organizational structure to ensure the success of this transformation and make things simpler, faster, safer and more efficient for its clients: ● Go-To-Market strategy founded on a three-pronged "service offering/client sector/digital solutions" approach to boost revenues with existing clients ("farming") and develop the client portfolio ("hunting"); this involves a coordinated sales approach at the international level ("pack" approach) between the various regional sales teams alongside expert operational, technology (T.A.P.™), and sector teams; ● ongoing expansion to new regions around the world that offer strong potential for serving clients and winning new ones, notably in Asia over the next two years; ● as part of the high-tech, high-touch strategy, continuing to invest in key areas such as information systems security (cybersecurity), training with the deployment of the "Lean Six Sigma" management method among all Group managers, and the protection of employees in the fight against Covid-19, as well as support for the vaccination campaigns announced in early 2021; ● bolstering the management team to manage the health crisis and accelerate the Group's transformation: creation of a Crisis Transformation Committee at the beginning of the year, which later became the Company Transformation Committee (CTC), comprising hundreds of top managers with high potential, as well as new appointments to the Executive Committee, such as Agustin Grisanti, who is now in charge of the Group's global operations. A strategy including targeted acquisitions The Group's acquisitions strategy primarily targets medium-sized companies offering a robust business and financial model and synergies with the Group's client base, operations and business activity. The Group specifically keeps an eye out for all opportunities in high- value services that would shore up its business, revenue and earnings. The acquisition of LanguageLine Solutions in September 2016 reflected the Group's strategic decision to develop high value-added Specialized Services. With the acquisition of Intelenet in October 2018, Teleperformance has stepped up the digital transformation of its Core Services and D.I.B.S. business. (see below). The October 2020 announcement of the acquisition of Health Advocate, a US-based healthcare plans management specialist, will significantly strengthen the Group's Specialized Services business, alongside LanguageLine Solutions, TLScontact and AllianceOne. Via targeted acquisitions, Teleperformance is gradually positioning itself as a global leader in multilingual, high-end, digital, automated and integrated business services with global reach. Medium-term objectives Backed by its global sales approach, a market positioning increasingly centered on digital transformation solutions, and a bolstered management team, in the medium term Teleperformance plans to grow its revenues faster than the market growing in average by +4 to +5% per year. The Group is targeting revenue of around €7 billion in 2022, including the impact of acquisitions. As part of its development strategy to upgrade its service offering, the Group will continue to acquire companies offering high value-added services. Ramping up Teleperformance's transformation into a leading global group in digitally integrated business services, while keeping tight control of costs and pursuing a dynamic yet selective new client strategy, gives the Group confidence in targeting an EBITA margin of around 14.5% in 2022. The Group also plans to continue generating a strong level of net free cash flow. 40+ years managing the customer experience: global and multicultural leadership A broad geographical and linguistic scope Teleperformance is a partner of choice on the major multinationals market and a highly reputed global employer. With operations in 83 countries, the Group covers over 170 markets in over 265 languages and dialects on behalf of 1,000 clients, mainly major multinationals operating in various sectors. This global presence and these capabilities are a real asset for multinational groups seeking the same standards of quality, safety and efficiency in the rapid roll-out of complex, integrated, global solutions worldwide, whatever the market. These global accounts represent around 50% of the Group's Core Services & D.I.B.S. revenues. The Group has a stable and buoyant corporate client base around the world. The revenue breakdown per region and the Group's total workforce in Core Services & D.I.B.S. reflect its world market leadership in its core business. The breakdown of operating countries is presented in section Operational organization chart. • Breakdown of revenue by business and linguistic region (2020) 8% ● ● Consolidated data management, standardized and consistent omnichannel and multilingual processes involving multiple markets Nimble HR practices during start-up phase and in an emergency Agents native to countries where they work ensuring effective communication with end-users ● The Cross Border Cloud Campus solution Following the health crisis, the Group adapted and continued to develop its multilingual offering. By capitalizing on the success of multilingual hubs, the Group launched the Cross Border Cloud Campus solution during the year, a multilingual cloud solution. It appears as a natural evolution of the Multilingual Hub. Principle • A hub campus located in a specific country (Hub Country) is responsible for the overall management of the service and the relationship with the client; to deliver part of this service, it relies on operational resources located in other countries (Delivery countries). • The delivery country is responsible for recruiting and managing employees, mainly agents, supervisors and quality audit expertson behalf of the hub campus. The organization thus put in place must best meet the needs of each client. • The "hub" campus can also be called a supervision center ("Command Center"), because it centralizes operational management and support functions (audit quality, management of activity flows, reporting, IT & security, customer account management). Benefits for Teleperformance • The hub Country is located in an environment benefiting from a framework and high performance standards, a strong client proximity, a good reputation in terms of excellence and multilingual know-how. This solid base makes it possible to leverage the operational capacity of delivery countries. • The model is efficient for the Group in terms of cost. Benefits for the client • A powerful and efficient multilingual solution, combining centralized, integrated and standardized management, and use of best practices from delivery countries. • It also offers additional recruitment flexibility thanks to a connected network offering access to an expanded talent pool. Work-from-home Prior to the health crisis, a promising but underdeveloped operational model Teleperformance's WAHA (Work At Home Agents) solution combines the services of highly qualified and effective agents, a flexible organizational structure, cutting-edge communications technology and the strictest security standards in the market. This delivery model enables all types of candidates to access agent functions. Solution features: ● ● ● Before the health crisis, nearly 10,000 of Teleperformance employees were working remotely. Protecting employees during the pandemic Remote work was one of the primary solutions adopted by Teleperformance to overcome the global Covid-19 crisis. This crisis significantly disrupted economic activity worldwide and prompted governments to impose strict health requirements in order to protect the population, including compliance with hygiene standards, social distancing and lockdowns. Under these circumstances, businesses were forced to rapidly rethink the way they operated. Work-from-homearrangements were initially rolled out by the Group a few weeks after the first lockdowns, particularly in China, in compliance with safety standards and certifications. The Group's agile handling of this unprecedented crisis included deploying over 200,000 home workstations in less than two months at the height of the crisis. This transformation not only protected employees and their jobs, but also strengthened the Group's development model by ensuring business continuity for new and existing clients. 90% of clients accepted this new operating model, which was set up in record time. Work-from-home as a sustainable and value-creating business model: global deployment of TP Cloud Campus (TPCC) The Teleperformance Cloud Campus (TPCC) solution should be seen as an upgrade of legacy work-from-home arrangements. Its deployment started in 2019, i.e. before the health crisis, in a range of business sectors such as e-commerce, utilities, telecommunications and healthcare. Its features include: "virtual" hiring, training, development, coaching, team-building, customer interaction, quality control, management and an environment that promotes employee wellbeing and social interaction. This gamified solution also provides employees with entertainment, learning and networking opportunities as part of the new Teleperformance "campus life". This value-enhancing offering for client is based on high quality support to ensure business continuity, improved agent performance, enhanced data security, unparalleled global flexibility and the ability to interact at any time with Teleperformance's dedicated teams. Above all, TPCC provides a standard for ensuring that all of the Group's remote operations are the same every where in the world. There are four main benefits of the solution over traditional work-from- home arrangements: ● Proximity; real time; centralization Identical for all teams Online access TP sentinel, additional levels of control Use of agents' personal equipment TP observer, monitoring tools By the end of 2020, the TPCC solution had already been implemented in 32 countries via the launch of 13 dedicated "cross-border" hubs in eight countries to manage, train and coordinate the agent network via this solution. T

AllianceOne Frequently Asked Questions (FAQ)

  • When was AllianceOne founded?

    AllianceOne was founded in 1999.

  • Where is AllianceOne's headquarters?

    AllianceOne's headquarters is located at 4850 East Street Road, Trevose.

  • What is AllianceOne's latest funding round?

    AllianceOne's latest funding round is Acquired.

  • Who are the investors of AllianceOne?

    Investors of AllianceOne include Teleperformance and Charterhouse Group.

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