Teleperformance Ord

Good morning ladies and gentlemen and thank you for being here for our presentation of our 2023 annual results. But before to start the formal presentation, I would like to address the elephant in the room. And the elephant in the room is, is AI and new-gen AI an answer for the human employees who do a job, or is it the beginning of the great replacement? And what I can tell you over the business that we are doing is that it's mostly an answer. More accuracy, more productivity, and it gives us the ability to manage end-to-end more complex solutions. So that's why we embrace it. In few cases, but in the minority of the cases, It replaces the human employee, and this is typically for more simple, transactional, factual interaction. Let's not forget that we are hired to help companies to reduce the friction that they have with their customers and to maintain the loyalty to the brand. And when a customer contacts us, in most of the cases, it's because there is a friction. There is a frustration. And of course, we need to give the accurate answer. And of course, the AI and the Gen AI are of great help. And even... adding more possibilities to address more complex situations. But at the end of the day, there is a need for contextualization, common sense, and decision. has a lot of qualities. And by the way, I use it absolutely every day, and I think it's fantastic. But when it comes to common sense, decision, And empathy, this is the realm of the human being people. By the way, for you, if suddenly a genii try to show you empathy, the natural attitude of the people is just to cut here. Empathy is human and uniquely human. Having said that, Teleperformance over the decades has always surfed the different technology waves. We have been a transformer ever. a transformer of the customer experience and teleperformance transformed itself. And this is what we are doing right now. We are going to give you as many tangible examples as we can. And now, except if I forget something... So now I just would like to tell you also, without breaching any confidentiality agreement, that out of our top 10 clients and long-term clients in the world, eight of them are large digital companies either from Silicon Valley or from China. So, which means that it doesn't seem that this company who are big leaders in AI promotion think that AI is going to replace us. Finally, I hope that you are going to have a different perception at the end of this presentation of what does teleperformance, what is the future. And yes, I know that the stock price of teleperformance has been very much impacted. For us, we work on the long term. We build teleperformance. We have built and we continue to build a company that leads the market. It's a strong company generating a strong cash flow and there is some kind of mismatch between the current situation in the stock exchange and the reality of the company. Now please let me start with a more formal presentation. And I think that Now I still need to be manual. So, yes, 2021-2022 were great years of tailwinds. There was the Covid. People were confined and they had nothing to do but to be with their computer and to play with their screen, either on the social media or with the e-commerce. And it was a timing of great optimism, even in Silicon Valley. 2023, end of the confinement period. What did you all... I go out, we go to the restaurant, we take the plane and so on. What does it mean? You result the time of interaction with the brands because you are not bored and you have something else to do, another priority. And clearly, there has been for many of our clients who have not lost share of volumes or shares of market, market shares, there has been less interaction in 23 than in 22, 21. There has been a peak there. Then this new situation created a slowdown in the growth of the digital commerce. You will remember a very famous boss of Silicon Valley that said that 2023 was a year of efficiency, which has been somehow a scale back in the launch of new product, new service, new investment, and also a strict, disciplined management of budgets. So basically it has been a year of maximum efficiency where our clients were looking for the best possible labor arbitrage combined with the best possible automation. And I will come back to that later. Of course, there has been the Gen AI release that has created a hype in the media. It has a clear importance, and by the way, we have many products, TP proprietary products, that integrate Gen AI, and you will see that with Bupender later. But it has not significantly impacted our growth dynamic. What has significantly our growth dynamic has been much more the shortcut from servicing a market from a domestic delivery place to servicing a market to offshore. Usually you would go through domestic, then near shore, then eventually offshore when you need to really, really squeeze your cost. Here, our business in India in 2023 grew by plus 17%. And of course, when our business in India grows by plus 17%, it means that in other more expensive geographies, our business doesn't grow the same way. So on the top line, it has a kind of deflation effect to the growth. because the price per unit is not the same. But on the bottom line, there is more room for margin, and by the way, we maintained or even improved our operating margin. Then, Clearly, the rest is obvious, except that we all live also right now with huge investment and a huge focus on data security because the fraud is growing exponentially. All the governments of the world would say that, whether it's our U.S. government or the EU government. And by the way, this creates additional opportunities for teleperformance services. The numbers, you all saw the PR. I'm not going to be long on that. I know it was disappointing versus our first expectation when we had the tailwinds. But at the end of the day, like for like, we had a growth of 5 plus 1% in revenue, except the COVID, one-time business, I mean 2021, 22. We increased our operating margin by 40 business points. We increased our free cash flow to 812 million. This company is in great shape. and we increased our cash conversion from 40% to 46%. I don't think that we should be ashamed of these numbers. Then in 2023, we made the acquisition of Majorelle that was not always very well understood because we always said we want to make acquisition in specialized niche business, high value, and we always want to do that. We do not find them every morning, the good one. Why did we buy Majorelle? For really two simple reasons. During difficult times, the large clients are consolidating their numbers of vendors. And to have the number one position on the global market is a clear competitive advantage. Number two. It's always a topic of the shoemaker who always has the worst shoes. Teleperformance was weak. in the french market sorry and teleperformance was a small actor on the german market in both markets majorelle was a leader so suddenly the market number three in the world for outsourcing and the market number four in the world in outsourcing we did not have any more gap. This strengthened our position. And I will give a little bit more explanation later. But what is our starting point for 2024? We are now more than 10 billion pro forma euro company, more than 2 billion EBITDA, more than 1.5 billion EBITDA. Yes, Majorelle standalone had EBITDA margin lower than the one of Teleperformance, but the result of the process of the synergy in two years is going to give back The gap, to fill the gap. That was the rationale for the Majorelle acquisition. I'm not going to spend too much time. Yes, there was also some very good compliments. We tend to be very present in the banking and the fintech in the US and in LATAM, not in Europe. They were present there. It's a great booster for us. Insurance. Majorelle has... well-oiled end-to-end claim management process. And I can tell you a claim management process, whether it's in auto or in habitation, is not exactly something that is solved by Gen AI. Gen AI can come in the process to optimize, but you have multiple interlocutors, you have timing to solve, you have multiple points of contact. We love it, and they serve some of the largest insurance companies of the world, and of course we are going to expand that in the other geographies. And I could continue. Now, this is what I was telling you about the synergies. If you look at 2024, it seems to be a wash-up. We are going to get 50 million in making our synergy work, but it's going to cost us 50 million. It's not a wash-up because it cost us 50 million one year. But the green 50 million are here for multi-years. And then in 2025, it should cost us 50 million also, and the full synergy should be at 150 million and here again. This comes repeatedly. So for the next 10 years, it should make $1.5 billion. Now I want to tell you why I'm so confident in teleperformance future. First, We have our strategy that we started in the mid 2010 of developing niche high value services that grow double digit, top line and bottom line. And in 2023, it was also the case. And in 2024, it will also be the case. What are these specialized services? Oh, I love to speak about this one. Language line solution. When we acquired it in 2016, many people told us that. What is the sense to buy an online interpretation company when there is, excuse me to mention a brand, when there is Google Translate? It's totally different. And why is it totally different? In the U.S., where language learning is mostly present, there is a regulation. And this regulation wants every critical service, whether it's finance, health care, police, justice, to be able to speak to the individual in its native language. And I can tell you that language-line solutions continue to grow. beautifully well while integrating, of course, the support of the AI. There is TLS Contact that got a big drop during COVID. That was the only company that got a drop in the group during the COVID. But now, who is? Who took advantage of that time to refine its process, and it's now... growing double-digit and very profitable health advocate to help the employees of the large U.S. companies to have an additional benefit, which is a help to navigate and to advocate on their behalf within the very complex healthcare system in the US. You have to be American to understand what I mean. PSG, Alliance One, I will let Scott Klein, who is the president of the specialized service and the very talented president of the specialized services, to present in detail this line of business. But Scott Klein, if you could show yourself that you exist. Thank you, Scott. Oh, that's just an example. What does it mean? Yes, it's a growth curve of language line solution that had no future in 2016, from 2016 to 2024, plus 13% CAGR. Now, the other strong basis for teleperformance future, and believe me, we love AI, we embrace AI, and it's the AI augmented human. And again, and I know that there is a permanent debate between will AI enhance teleperformance the humanity, or are we going to the theory of the great replacement? We know the strike on Hollywood. We know so many things. How do we address that? First, we decided to have a general architect. to manage our effort. It's Joe Cardoso, who is part of Teleperformance for 23 years. He's an engineer in computer science and with a specialization in formal language and in AI. And he is taking the leadership of all what we do in AI over the world. By the way, this individual, has contributed a lot to the value of Teleperformance in the past because he was the architect behind Teleperformance Cloud Campus who helped us to convert Teleperformance from brick and mortar to work from home and virtually hiring, virtually training, virtually coaching virtually and so and so at the time of the COVID in 2020, when from end of March to early July, April, May, sorry, two months, we made the conversion of more than 220,000 people. We have 600 solution architects who are analysts and developers in our Center of Excellence for AI, of course in India, where you have a lot of talented resources. Bhupinder Singh, who is my co-CEO, will explain that. He knows pretty well India. He graduated from the indian institute of technology and the indian institute of management and he knows few things about deep learning In Europe, we had a team already in the Netherlands that had developed many solutions integrating AI. And by the way, there is a product that was present in the press a few days ago that created a kind of drama in the stock exchange to our big surprise because it's a product that we use for years. But I'm going to show you that later. We have a little bit more than 7,000 IT people for the network, management, the help desk, and many support. That would make already a nice IT company. We have 60 AI proprietary solutions for the core service. We have 600 clients out of the 1,500. who today have at least one element of TPAI solution. And I'm going to show you what. And guess what? For the replacement, for the simple replacement, transactional interaction, of course, we deploy the bots. And we have 25,000 bots that more or less are an equivalent of 150,000 people. That's a replacement. Simple, factual, transactional. No need for empathy. What is the level of my account? How much do I owe you? But I paid two weeks ago and you continue to relaunch me or whatever. Just factual. For us, of course, AI is, in the vast majority of our business, human augmentation. Human augmentation in accuracy. We have instantaneous access to multiple sources of data and a synthesis of that, which is very, very efficient. So we gain in productivity. With the online analytics, we have some kind of predictability, which helps us to make better proposals and so to enhance our results. AI can help in some kind of personalization by indicating moods and giving some clues to the human and, of course, in a world that becomes more virtual every day and where the fraud becomes a daily issue, not only for the companies but for the government and for everything, We use a lot of AI in data security to reduce the fraud, which is something super important for our clients. I think that the real future of the business process outsourcing is the level of data security we are able to provide. That's a real topic. Here, because a lot of people speak about AI and do not give any details, I don't want to make marketings with all the names of the AI we have. We put some of them, we say exactly what they do, and you have exactly the details in this slide, which is the slide number... 15, thank you very much. I need to change my glasses. You will see there a product that is called TP product in data security. It's a patented solution. And it gives us signals on what's happening in the flow Each time, on the process adherence, and each time there is some kind of outliers, it gives warning. And then it helps us to anticipate and manage. This product, the base of this product was from Israel, by the way. We started it more than 10 years ago. Of course, we are at the iteration XXX with integrating more and more of the possibilities. Bupender is going to explain that much more. Now, another strong basis for our future is we decided to start to commercialize our group's unique expertise, because nobody has the expertise we have in customer experience management, to the in-house market. That remains a large, large part of the business. By creating TP Infinity, where we have right now, we start modestly with 650 consultants. I hope in a few years from now, there will be a few thousand with consultants in strategy, technology, creative design, analytics, and selling our best practice as a service, like a cloud as a service and best practice. whether it's workforce management, whether it's a QA, it means quality assistance, and so on. Another strong basis for teleperformance future is India. We do more or less 50% of our business in the beautiful English language. And in India, Difficult times. Let's not forget that the next two, three years are going to be difficult at the macroeconomic level. If you look at the forecast of the World Bank or of the IMF, you see that 2024 should be even more difficult than 2023. And 2025 is not going to be so great. If I'm not mistaken, of course, we have delivery service all over the world, but the main markets that we serve are the rich markets, the U.S. and Europe. And when the U.S. should continue to grow by something like 1.5% in GDP, Europe is probably going to grow by 0.8%. And if I add UK, it can even lower a little bit this number. So in those difficult times, people go directly for the max efficiency versus the bell and whistles. And so to be strong in India is important. Today we have 90,000 people in India. We plan in a few years from now to pass to 150,000. And here is where we were in India. We were at 374 in 2020. We are close to 600 in 2023. And we hope to be above 1 billion by 2027, continuing our CAGR of plus 17%. And, of course, we make all the investment for that. We are present in I don't know how many cities. Bupender knows the details much better than I know. And finally, because even if personally I would prefer to live 800 years, And there is an AI guru, Ray Kurzweil, who explained to us that we are going to live way beyond 100 by 2040. Age is age. And so it's important to prepare, first, the succession planning, and second, to answer to some demand of our shareholders and of the market. We are going to, when we will be ready, to split the function of chairman and CEO. We want to do that smoothly, methodically, and in such a way that it's going to be totally flawless. So Bupender and I are working together. We speak exactly English. even if he lives in London and if I live somewhere else. I never know where I live. We speak exactly every day. We review everything that happened within the company, what is important, how we consider it, what decision we should take. You see here the XCOM, and the XCOM, we added Joao, that I mentioned, and the chief marketing officer. So the XCOM today has 30% women in representation, which is a little bit better than before. And that's it for me. Thank you very much.

Good morning to all. I'm going to present you the figure for 2023. I'm not going to come back on what Daniel said about the macroeconomic context that we lived in 2023. I just wanted to point out one thing, which was the exceptional ethics volatility that happened this year, last year, sorry. If I may say, we are used to live in an exceptional economy. an expected volatility of FX, but the pattern has been dramatically different from what we lived in the past, meaning that not only the dollar was going down and up, but we had also some currency in which we are significantly present, country significantly present. I'm thinking to Colombia, I'm thinking to Mexico, where the currency climbs up, and where in other country where we are also significantly present. meaning Turkey, Egypt, or Tunisia, or Argentina, where the money slipped dramatically. I will come back to that in a minute. What was the answer of TP to continue to grow and to create value? Of course, scalability, diversification, and credibility were key to secure growth. We'll see that in a minute. But what we decided very, very early in the year was to tighten the belt. So we have tightened the belt on the cost. We made some streamlining on people and some site optimization very early in the year, even if it has an impact which is deferred in the year. It drives us towards the best EBITDA margin that we would ever achieve. And secondly, we start to be very, very careful on cash because we believe that cash is absolutely key, whether it's capex, DSO, or other tax issue. So at the end of the day, we are happy to report the best free cash flow that we ever reported. So let's move now to the figure precisely. Here you have the figures that are presented. You have the full year 2023, which include, as you can remember, two months of Majorelle. Of course, we put on the side to compare 2022 figures. which was published last year. I thought it was interesting to isolate Tipi by himself without the Majorelle figure for the full year of 2023. So you have on the right side of the slide Tipi standalone with no impact of Majorelle in his book. So you see that Finally, two things. The 5.1% growth that I just mentioned by Daniel, on which I will come back in a minute. The margin that we were able to deliver, which is 15.5 for the published reported figure, including two months of Majorelle. But if you take TP standalone, it's 15.8, and even 15.9 if you take in account the 13 million that we spend to streamline the organization all along the year with Bupi to prepare the future. So to a certain extent, we have been able to improve dramatically our marge in 2023 versus 2022 at a pace that was never achieved at TP group level. I just wanted to remind you that the growth of Majorelle, because you are going to ask me the question, has been for 2023 5.5%, so close to TP. And the margin has been different. As you have seen, we have presented to you through Daniel's presentation, the full year of Majorelle, where the margin is significantly below the margin of TP. Let's move now to the evolution of the cells. Probably it's one of the years that has been the most difficult that we've ever lived. Daniel touched a bit about, I would say, headwind. You see the headwind there. In sales, we had 600 million of headwinds, of which 350 to currency effect, 32 million of inflation, and of course, 223 from COVID contract. I'll come back on the inflation in a minute. So we add 600 million, we start the year by losing 600 million in sales versus last year. Of course, this currency effect came from the dollar, from the Argentinian pesos, Indian rupee, the Egyptian lira and the Turkish lira. But the impaired inflation has an impact which was huge in Q4 as we started to fill it sufficiently in advance. Just to give you an idea, the inflation in Argentina was 211% all along the year, while the FX decline was 388%. So this difference leads us to a 32 million impact on our sales that has been post in Q4. This disconnection between inflation and FX shows that the monetary devaluation do not compensate the FX decrease. So beyond that, you have a growth of 388, which is a 5.1% growth, which is, and again, I don't know whether it's appropriate to make it clear again in this global environment I have today, but it's probably the best performance that the market and the big competitor achieve all along the year in 2023. And of course, you have the scope perimeter effect, which is 400 million, mostly Majorelle, 343, but also PSG that was bought last year in November. I'm sure you remember that. Where we lead to 8.3 billion that are the published figure of today. Let's have a look to the source of growth. Not surprisingly, the growth is distributed differently across the sector. In fact, if you take the U.S. market, which is made of North American impact and to a large extent LATAM, you have a U.S. market which is flat. which is not surprising. I'm not even speaking about the, I would say, the deflation that was mentioned by Daniel about the fact that people are going to India, but the world market was flat while in Europe we have been able to drive a growth of 200 million and of course the growth from specialized service of 180 million. Probably I just wanted to stay a minute there because what makes the difference from TP from the competition is that it's given of, I would say, distribution in terms of countries in vertical who are able to capture the growth that is still happening. Of course, people who are totally focused on U.S., totally focused on a contract, totally focused on a client have time to get growth. While TP, okay, it's not you. not immune to the macroeconomic environment, but is able to swallow much more the potential slowdown of the growth in every country or in every market. This is true, of course, by vertical. And you see that... The distribution of our cell by vertical, but also by region. We know that probably APAC is going to push also much more the growth in the future. Specialized service will do also in the future, so we'll come back to that later. And being largely, I would say, split across the world and across the sector, help us to swallow the ups and downs. Let's move the EBITDA by activity. Again, figures are complex to read. Starting by the total excluding Majorelle, you'll find the 15.8 that I just mentioned, 15.9 if you take out the cost of streamlining that we have done all along the year, versus the 15.5 of last year. Just a point I wanted to make. Global figures are the same, 1261 versus 1262. It's because of the FX impact. you have an ethics impact in 2023 versus 2023 that is massive. 50 million of the profit would have disappeared in 2022 with the 2023 rates because we have some business in Egypt, in India, and in Turkey. But we have been able to improve the margin in terms of percentage versus last year. We put aside Majorelle, the two months of Majorelle, which are not different reporting lines. This is just for two months. And next year, it will be, of course, I would say, sprit. around all the region. But these two months were not really fantastic, as you can see, 8.5%. This is due to some decisions that have been taken, some costs that have been taken out from the business, especially for some restructuring part and for some, I would say, cost of the deal. Clearly, what is said is also that you will see that we have been able to maintain at least the margin in all the regions, while specialized services have significantly improved, notably in the second part of the year. You remember that the first part of the year was hit by some specific impact, and now we are back to normal. Quick word about the other stuff. A few things to tell. Just to tell that the amortization of intangible assets and performance share plan are non-cash, I would say, accounting charges that are going to impact us. And the others are mainly of the cost linked to the deal of Majorelle, which is €24 million, that is going to vanish next year. Just a point on the earning performance, with no surprise the financial result is less good than last year, not surprised too. Most of it is coming from the net financial charge between 50 and 60 million, which is made of two things. One is, of course, the level of the debt that has increased, specifically with the 2 billion that came on the balance sheet starting early November. And of course, an impact on the rate, which hit a viable part of debt all along the year, despite what has been decided to cover it. Just wanted to highlight the income tax. Not only it went down in terms of value, but also in terms of rate. It's not by chance. It's a mix of work that has been done all along the year and to reduce the income tax for the group. I do believe this is the most important step of what we have done this year. We have been able to dramatically improve the cash flow all along the year. We knew that we had to work on that. We have been able to improve our working cap dramatically by putting a strict attention to client cycle, whether it's DSO or unbilled, and we will continue to do so all along the year. We did the same from the CAPEX. We have been very, very picky in the CAPEX decision and we will continue to do that because we do believe this is absolutely key for us to continue on that road. And Daniel mentioned the 46 cash conversion rate. I just wanted to finish on this figure. For a company that is absolutely in disarray, we have been able to show the improvement of the capex over the last year, of the cash flow of the last year. Of course, there are ups and downs, but there are much more ups and downs, as you can see. And we do believe that we are going to continue this trend for the next year. But that's at least, it gives a trend of what is making this company special versus the other. Where we are in terms of debt, 4.3 billion, including 832 million of lease. Of course, debt has increased of 2.16 billion by the acquisition of Majorelle and its minority interest that we brought back from Majorelle subsidiary in 2023. And we send back to the shareholder close to 600 million made of, sorry, made of, of course, dividend. And Shabai Baikal will come back in a minute to that. What we are absolutely convinced of is to continue to control our debt. We have a net debt to EBITDA ratio, which is 2.18 on a pro forma basis. And we are absolutely convinced that this is going to be the name of the game in the coming year. Not going to be very long on the balance sheet, but where we are in terms of debt, because I know that there are plenty of people that are interested by the debt and how we manage the debt. Our financial debt, excluding the lease, is 3.7 billion. The cost of this debt is below 3.5, and the average maturity is 3.75 euros. We are mostly fixed. And what is more important for us, for you to understand, is that this debt is absolutely secure. We have 880 million cash at the end of the year on balance sheet. I just wanted to mention it again. And what is clear, and there are some bankers in the room, but we have access to liquidity. We have a dramatic access to liquidity and no issue whether it's a bond, whether it's a commercial paper, or whether it's a bank. We have 1.5 billion un-drawn credit line that are available at any time to cover the business. Lastly, dividend and share buyback. Okay, we maintain the dividend. We propose to maintain the dividend, but what we did is we send back to the shareholder close to 600 million versus a cash flow of 812, just to give you some meaning of figures that we are speaking of. So not a bad figure at all. I just wanted to finish my presentation with the capital allocation strategies that we are going to follow in the next years. The first thing is to finance development. We are going to continue to be picky on capex, probably below 3% capex, below 3% in the range of what we have done this year. M&A, still on the possibility, but still clearly not the first one. We are going, as mentioned by Daniel, for a specialized service in priority, mid-sized company, if it happens probably in the second part of the year, and if it happens with very, very clear pricing discipline. There is one message which is simple. We want to maintain our investment grade rating. And I'm sorry to take this word, but we will do whatever it takes to make it happen. So we will be below two times in 2024. This is clear. And we will continue to have this rating. No doubt on that. And once that's done, we'll return shareholder to shareholder. We believe that it will be through dividend and also share buyback, and we believe that the return to shareholder should be up to two-thirds of the net free cash flow of 2024. That is the message I wanted to do, and I leave the floor to Bupina.

Thank you, Olivier. I'll start with the topic of AI because possibly that's the only topic that everyone wants to hear about today. At Teleperformance for the past few years, we've had a fairly holistic approach to AI. And we've been embedding AI in our products, in our processes that we use in our daily life. And these are across three categories. One, we've been using AI to improve the operational outcomes for our clients. So to reduce costs, 15% to 30% efficiencies, and to improve outcomes. The outcomes could be quality improvement, accuracy improvement, improvement in the sales conversions. And wherever we have deployed it, we've seen 10% to 25% improvement. The second category where we have been deploying AI is to improve our operational support functions. So things like operational supervision, workforce management, QAs. And again, we've seen improvement of 10 to 25 percent in quality and 15 to 30 percent reduction in costs. And finally, for reducing the cost and improving the outcomes of our internal support functions, be it HR, IT, finance. So as we mentioned before also, we've been investing dozens of millions of euros for the past few years in our transformative TAP capabilities. And today, we've got over 600 experts working on AI projects. Yeah, this is a typo here. It should be 600 experts working on AI projects. And within those projects, about 250 are in Gen AI, and another 150 are in the pipeline. And the kind of companies that we do these Gen AI projects for, some of those are mentioned in the right side. So one of the largest entertainment companies in the world. It is US headquartered, but it is a global company. for a large US e-commerce platform company, a big hospitality company from Scandinavia, one of the biggest card companies in America, Western European National Airline, another airline which is a subsidiary of one of the largest aviation groups in Europe, a large tobacco company, and one of the largest telecom company, again, headquartered in the U.S. So just wanted to give a sense that these Gen AI projects are not only for some small companies, but it is for some of the largest companies that we are supporting in. Apart from that, what we are doing is we are also embedding AI in some of our core processes. So we've got two process standards which are industry-leading. TOPS, which stands for Teleperformance Operational Performance Standards, and BEST, which stands for Baseline Enterprise Standards of Teleperformance. So we're incorporating AI in those. We're also embedding AI and now upgrading those to Gen AI in some of our products. Daniel touched upon a few of those and I'll come to the top five later on. And then apart from building our own products, we are getting into partnerships with leading companies like Microsoft, ServiceNow, Genesis, and there are a few more in the works where we are using their products both for our own purposes and also as integrator for our clients. Coming to some of our core products, we've got more than 60 AI-enabled products. The top five are mentioned here. So we've got TP Client, which is our proprietary CRM platform, which is deployed in currently 228 clients. TP Protect, which is our compliance and security product, which detects and then sends triggers for any abnormal behaviors, that's deployed in 669 clients. We've got Storify, which is a real-time interpretation which can handle up to 100 languages, which is deployed in 78 clients. TP Recommender is a Genia-enabled prescriptive analytics product, which is largely used in sales and collections setup. And that's deployed in 59 clients. And TP Interact is another Genia-enabled analytics product, which is used for three different things. One, for analytics. automation of quality interactions. Historically in our industry, typically, quality was monitored manually for about sample size of 2% to 5% of interactions. With TP-Interact, we can monitor 100% of the interactions. Second, it is used for giving near real-time coaching and feedback to our agents. Immediately after interaction ends, it summarizes what the agent did well and what he or she could have done better. And with Genia enablement, it also now can track customer sentiment and it gives cues to our agents as to how to modify their tone, their verbiage, their offer to be able to service the customer better. Apart from our own products, we also, again, partnering with other platforms. So I've just mentioned two here, but there are others that we have already, and there are some more that are in the works. So Twilio is a CX automation platform, which can look at an interaction and can divert it into a self-serve or an auto-fulfillment channel depending upon the complexity of that interaction. That's deployed in 144 clients today and Centrical is a productivity enhancement and gamification platform that's deployed in 60 clients today. Moving on to the topic of financials and Like any industry, there are multiple factors that impact the profitability and the top-line growth dynamics of an industry. I've listed down four interdependent factors that have been impacting the profitability and growth dynamics in our industry over the past 15 years or so. So I'll first explain this conceptually, and then I'll put some numbers behind these. So the first and foremost is the macroeconomic environment. In more stable periods where there is high GDP growth rate, where the cost of capital is low and the inflation is moderate, obviously our clients are looking for growth and they're expanding in new products, new markets, new geographies. And that creates high volume of activities for the industry. which also in turn means there is less pricing competition. Unfortunately, the reverse is true. In tougher times, what happens is companies start scaling back to conserve cash, which means lower volume of activities and hence more pricing pressure. If you look at the second factor around – on that point also, I do want to highlight that while TP is somewhat more resilient because of its diversification across lines of business, across geographies, across verticals, across clients, but we live in the same world and so we are not totally immune from it. The second factor, it is interrelated to the macroeconomic environment, is offshoring and nearshoring. And it is interrelated because during tougher times, clients are looking for more expense takeout, and hence, they prefer offshore and nearshore than to onshore. Thirdly, technology, automation, AI, that also has similar effect as offshoring in the near term because technology typically drives productivity. And because in our industry, most of the commercials are still input based, in the near term, it is deflationary on the top line. But it does drive profitability for the companies that are able to enable their products with the right technology, and also in the medium term, it creates more business opportunities. And the new services could be at two levels. It could be at an industry level. So the classic example is trust and safety. The industry did not exist until about a decade back, and today it's in the $7 billion to $8 billion range. Or it could be at a company level where those services existed, but a particular company may not have had enough share in that line of business. And I'll mention a couple of examples of that later on for teleperformance. Now let's look at some numbers around that. So this chart shows the growth rate and profitability for teleperformance over the last 15 years. And it's divided in three periods. The first period is 2008 to 2012, which is, as you would remember, the global financial crisis and then the gradual recovery, and our numbers somewhat tracked that trend. It is important to point out here that during this period, TP was not as large and as resilient that it is today. It was much smaller and more concentrated on the CX business. Then from 2012 till about 2018, the world saw a fairly steady 2.5% to 3% GDP growth rate in the developed market. The cost of capital was low. The inflation, again, was moderate in the developing countries. And during that period, if you look at it, we grew by 7% to 9% like for like. This is also the period where we had the RPA hype starting in about 2013 and reaching its peak around 2015, 2016. Despite that, we grew by 7% to 9%. Now, the 7% to 9% actually is a combination of two numbers. Our actual gross growth rate during this period, gross growth rate meaning new business coming from either totally new clients or coming from existing clients in new lines of businesses or new markets. So the gross growth rate was around 14% to 15%. But then we had a churn of 5% to 7% on account of increased offshoring and automation. And hence, you get the 7% to 9%. Then 2018 onwards, a few things happened. One, we had an explosion in the number of interactions, mainly driven by the digital commerce companies because they were expanding rapidly and they were driving interactions. And then obviously with COVID, there was a further boost to that. And we also had increased AI adoption. There was a company-level thing also during this period that TP aggressively got into additional lines of business, whether it was trust and safety, more specialized services, more sales activities. So because of combination of all those sectors, during this period, our gross growth rate moved up from the earlier 14, 15 to more like 16, 17%. And during this period, the churn, again driven by automation and offshoring, was in the range of about 7%, 8%. And hence, you see the like-for-like growth rate in the range of 9% to 12% during this period. And this entire period, if you look at it since 2012, our EBITDA margins have been going up. And again, what is important to point out here is the margins have been going up despite our average unit price not tracking the inflation rate. So our margins went up, but the average price that we were charging to our clients did not grow by the inflation rate. In fact, they grew at almost, what, 60% of the inflation rate. So that's the value that we have been adding to our clients. We have been helping them to manage their cost structure below the inflation rate. And that's why this industry has been growing fundamentally over the last decades. Come to 2023, what happened? Now, obviously, both Olivier and Daniel have touched upon it significantly, so I won't kind of go through all the factors once more. But even in 2023, the gross new business that we had was 13%, just over 13%. We did add a billion euros of new business in our business last year. But then we also had the churn, the same churn that we've been talking about around 8% or so from offshoring and automation. And before the question is asked, and I know it is counterintuitive, it actually was more driven by offshoring than automation. Yes, there was automation, but we did not see a significant uptake in automation rate versus what we had seen in the previous five years. But yes, we did see a significant uptake in offshoring during last year, and hence that 13% growth, 8% churn, net of about 5% growth rate. That was past. What about future? And if you look at the forecast for the next few years, The forecast in the developing economies is not as strong as what it was in the previous five years. 24 is expected to be only 1.4% in the advanced economies, so further drop from what had happened in last year. And then it does pick up afterwards, 25 onwards, as for the forecast, but it is still not going back to the 22 and 21 levels. So what we are doing is we are adjusting our strategies and the financial forecast accordingly. So in terms of the priorities for us, we continue to build out our new teleperformance organization, taking the best of talent from us while measuring as well TP and then adding specially in digital capabilities, vertical capabilities and new lines of business from outside. Second, we will continue to accelerate our AI deployment. We actually see this as an offensive move rather than a defensive move because it does create new business opportunities for us. And also, it creates a ground for us to capture higher share. We'll continue to focus on the alternate lines of business, so specialized services, sales, back office. And I won't touch upon all, but I will touch upon sales because For some reason, people misinterpret this as telemarketing. Yes, there is a bit of that. But what we are referring to sales here is actually B2B account and relationship management. So for example, ad sales relates to helping small and medium businesses, restaurants, independent hotels, or let's say neighborhood saloons and other things, to onboard digital and media platforms, all the big media, social media platforms or digital commerce companies, onboard them, and then spend money on them tracking the ROI. So that's what we do for many of the almost the biggest platforms in the world. We do that for them. The consumer goods supply chain management also is again virtual relationship management. Historically, the consumer goods companies have been managing their vast hundreds and thousands of retailers through either wholesalers or through armies of their own sales officers. The pandemic taught us that these could also be managed remotely. So what we are now doing is actually working with a number of consumer goods companies to manage their end retailers. Some of the bigger retailers, like let's say supermarkets, the Tesco's, the Sainsbury's, the Waitrose's, et cetera, companies can manage directly. But when you're talking about thousands of retailers, the small grocery stores, et cetera, they require management. Typically, historically, it was either wholesaler, where you ended up sharing 10% to 12% of your margin pool, or you had your own army, which was a fixed cost. By doing it with us, it's both more efficient, and also you have consistency in service with the recording of every interaction that gets done with them. TP Infinity, we touched upon it earlier. Historically, this was more as a capability for us to help us deliver and sell our core business. Now we are carving it out as a separate business line. And we'll continue to optimize expenses, leveraging shared services and technologies to make sure that we maintain high margins and also create headroom for further investments. And finally, the guidance for 24. So in this environment, we've taken a conservative approach, and we are giving a like-for-like revenue growth on a pro forma basis, which means assuming full 12 months of measure L in 23, 2% to 4%. And here, I would like to peel one more layer. Standalone TP, which is excluding measure L, even in 24, The growth rate is north of 5%, very similar to the like-for-like growth rate that we saw in 23. This is because while there is an overall slowdown in business and services kind of sector, you've seen the guidance from almost every company, whether they are direct competitors or indirect competitors, there is a slowdown. But TP, because of its diversified geographies, lines of businesses, verticals, and clients, is much more resilient, and hence is able to still grow by that rate. Unlike TP, many mid- and smaller-sized companies in our sector who are exposed to either some particular vertical or client or geography are not able to actually deliver that kind of growth. And hence, you would have seen from the guidance of many of the companies that have come out in the last couple of weeks, it's a much slower growth rate or actually deceleration kind of in the year. Measuril... like many of these smaller and medium-sized companies related to TP, also had a greater concentration of global internet accounts. And as we know, this is a sector where we have seen the biggest budget cuts, and hence, they have seen a significant deceleration in their growth rate in the second half of last year, and that is continuing in this year, too. Having said that, it is still a good acquisition for TP for the long term because it reinforces the leadership portion of teleperformance in a consolidating market. It establishes fairly strong and profitable position in Germany and France markets, which are number three and number four outsourcing markets. It doubles the footprint in Asia-Pac, which is the fastest growing outsourcing market. It does add some niche capabilities in claims management, in document management, in luxury goods marketing. And so from a long-term perspective, it does work well. There's other factor that is also there in Measurel. Their account management and operational management team is excellent. But it did not have that established new business engine. So, it will take us somewhere around 12 to 18 months to expand our new business engine so that the combined growth rate can go back to five percent plus levels. Talking about profitability, we'll continue to improve that. This year also, we are targeting 10 to 20 basis point improvement on a performer basis, and this is excluding the cost of integration and synergies. With improved profitability, we will see an increase in net free cash flow. And with a more controlled and disciplined capital allocation, this free cash flow will also result in a stronger balance sheet, where by the year end, we should have debt levels below 2x EBITDA. With that, thank you.