Teleperformance: Quarterly Revenue for the Three Months Ended March 31, 2020 and Actions Taken in Response to Covid-19

  • Revenue growth in the first quarter remained strong, up +6.2% like-for-like*, with rapid growth in the first two months of the year and a stable performance in March due to the impact of the health crisis on the second half of the month.
  • Measures were taken to overcome the global health crisis with a focus on three priorities: protecting employees and jobs, supporting clients in ensuring business continuity, and enhancing the Group's financial strength.
  • The results are remarkable: 100%compliance with all hygiene standards in the 80 countries where the Group is present, nearly 7 million masks for employees, over 155,000 employees working from home, 90% of clients served by home-working employees around the world and more than €1.5 billion in available cash.
  • As the global leader in its core business, Teleperformance remains solid in an uncertain environment amid the ongoing crisis and is anticipating a more headwind in the second quarter.
  • The Group is well prepared to tackle the second half of the year with confidence, support the resumption of its existing clients’ businesses and new clients acquired during the crisis.

PARIS--()--Regulatory News:

Teleperformance (Paris: TEP), a leading global group in digitally integrated business services, today released its revenue for the first quarter of 2020 (period from January 1 to March 31, 2020) and has provided an update on the impact on its business of the Covid-19 global health crisis.

Key figures

  • Revenue: €1,352 million, up +6.4% on a reported basis versus first-quarter 2019 and up +6.2% like-for-like*
  • Over 155,000 employees currently working at home, i.e., 66% of the Group’s operational workforce in its core business, versus c.5,000 employees at end-2019
  • 100% compliance with hygiene standards and social distancing policies introduced by governments in the Group's 80 host countries
  • 90% of the Group’s clients served by home-working employees in compliance with safety and service quality standards
  • More than €1.5 billion+ in liquidity including new sources of financing for €655 million
  • An investment-grade credit rating of BBB- with a stable outlook confirmed by S&P on April 14
  • A cost adaptation program of around €250 million to adjust to the new business environment and the suspension of development investment, and acquisition projects

* At constant exchange rates and scope of consolidation

Commenting on this performance, Teleperformance Chairman and Chief Executive Officer Daniel Julien said: Our performance for the quarter was solid, driven by like-for-like growth in our businesses of more than +6%, despite the effect of Covid-19 on our operations and its intensification from mid-March. The gradual implementation of strict lockdowns around the world has made it extremely difficult for us to serve our clients as sites have closed or scaled back operations.
The Group has responded quickly to this unprecedented crisis by addressing three priorities: protecting employees and jobs, supporting clients’ businesses through this testing time and guaranteeing the Group’s long-term financial strength.
The challenge has been tackled successfully under difficult circumstances, with notably the creation of around 150,000 work-at-home positions within a six-week period and jobs thereby maintained, 100% compliance with hygiene and social distancing standards and policies in force across all sites in the 80 countries where we operate, as well as nearly seven million masks for the entire on-site workforce.
This energetic response is also part of a broader commitment to help people deal with the current crisis on a daily basis, particularly with the management of essential services, including Covid-19 hotlines set up in 13 countries across all continents and a large number of online services that are proving vital during the lockdown, from healthcare, banking and insurance to e-tailing, home delivery and communications.
Many clients have applauded these developments and the Group’s expertise, notably in the fast and agile deployment of work-at-home solutions worldwide.
With a liquidity position that has now more than doubled and a credit rating of BBB- confirmed by S&P, the Group’s financial strength is guaranteed and our ability to finance our operations over the next 18 months is assured. Although the second quarter is expected to be more challenging in light of the current situation, the Group is well prepared to tackle the second half of the year with confidence, to help its existing clients’ resume their activities and to support new clients acquired during the crisis.
We would like to thank our employees, clients and partners for their involvement and support in the fight against Covid-19 from which the Group will ultimately emerge stronger.”

I. Covid-19: measures taken to weather the global health crisis, and outcomes

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 comprises a new global task force known as the Crisis Transformation Committee (CTC), bringing together key Group managers below the age of 45. This new ecosystem also enables regular and efficient communication during the crisis with all Group employees as well as external stakeholders, notably employee representatives, clients and shareholders.

  • Measures to protect employees

For large employers around the world, Covid-19 is an extreme challenge. The Group has demonstrated its commitment since the beginning of the pandemic. A strict hygiene protocol has been implemented across the Group since February, in addition to social distancing rules.

The rapid, large-scale development of work-at-home capabilities, now being used by over 155,000 employees, i.e., 66% of the operational workforce, was one of the main initiatives taken by the Group to protect its employees. This was done in order to significantly increase space between employees remaining on site and thereby comply with social distancing standards.

Regular disinfection of equipment, body temperature screening for everyone entering Teleperformance sites and the provision of hand sanitizer in large quantities are some of the efficient ways in which the Group has safeguarded on-site health and safety since the crisis began. In addition to these measures, nearly seven million masks are being made available to the workforce.

In a press release dated April 1, 2020, Teleperformance’s European Works Council, which brings together trade union representatives from 22 countries, applauded the measures taken by the Group and gave positive feedback on its commitment to hygiene standards and employee protection at the Group’s European sites; among these are important workforce contributors such as Greece, Portugal, Spain and France.

The Group is a leading global reference for work environments. Teleperformance operations are currently recognized as top employers in 20 countries by third party evaluators including: Albania, Argentina, Brazil, China, Colombia, Costa Rica, Dominican Republic, El Salvador, Germany, India, Kosovo, Madagascar, Malaysia, Mexico, Morocco, Philippines, Portugal, Saudi Arabia, Tunisia and United Arab Emirates. In April, the “Great Place to Work” award received by Teleperformance in India was the Group's 10th employer recognition award since the start of the year. In total, 70% of the Group’s employees now work at a subsidiary certified as a “Great Place to Work”.

  • Measures to protect jobs

Through the rapid development of home working, the Group has demonstrated its commitment to protecting jobs, particularly in countries that do not have a strong social protection system. This strategy has made it possible to significantly reduce the negative effects of site closures on employment, such as in India and Tunisia, further to lockdown.

  • Measures to support clients’ operations, businesses and governments during the current crisis, often through essential services

Teleperformance has deployed work-at-home arrangements to not only guarantee that its sites comply with social distancing policies, but also to ensure business continuity for its clients, in accordance with data security standards and certifications.

Resulting from its closeness to clients, this strategy has been a success, as 90% of clients are now served through work-at-home solutions.

Teleperformance’s operations have continued without any lasting or significant interruption during the pandemic because the Group is well-practiced in managing essential services.

The Group thus supplies critical back-office services in essential businesses such as healthcare, finance and banking, e-tailing, communications, transportation and logistics, information technology, energy and public services. A certain number of countries, notably the United Kingdom, the United States, Colombia, Malaysia and Italy, consider the contact center business to be an essential activity.

During the crisis, Teleperformance is also ensuring that Covid-19 hotline services are available in 13 countries around the world.

  • Measures to protect the Group and bolster liquidity

The Group has launched a cost reduction program of around €250 million and suspended its investment program until further notice.

In addition, Teleperformance secured additional lines of credit on April 15, 2020 for €655 million. This fresh liquidity supplements currently available undrawn lines of credit totaling €500 million. The Group now has more than €1.5 billion in available cash, including cash reserves, to cope with crisis contingencies.

Lastly, on April 14, 2020, S&P confirmed Teleperformance’s BBB- rating - Investment Grade - with a stable outlook, thus recognizing its financial strength and enabling the Group to retain its capacity to diversify its sources of financing under attractive conditions.

II. Consolidated revenue

€ millions






% change





Average exchange rate


€1 = US$1.10


€1 = US$1.14





First quarter









In the first two months of the first quarter, the Group’s activities saw sustained growth above +7% like-for-like, in line with the full-year financial targets announced with the release of the 2019 annual results on February 20, 2020, whose suspension was announced in a press release at the end of March. The Covid-19 crisis gave rise to market disruption starting mid-March, the extent of which has varied depending on the country and client segment. Operations were therefore stable overall in March compared to the prior-year period.

Consolidated revenue came in at €1,352 million for the first quarter of 2020, representing a year-on-year increase of +6.2% at constant exchange rates and scope of consolidation (like-for-like) and +6.4% as reported. The gap between reported and like-for-like figures was attributable to a slightly favorable +€2 million currency effect, with gains in the US dollar mainly offset by declines in the Brazilian real, the Colombian peso and the Argentine peso against the euro.

III. Revenue by activity


Q1 2020

Q1 2019

% change

€ millions










English World & Asia-Pacific (EWAP)










Continental Europe & MEA (CEMEA)





India & Middle East**















*Digital Integrated Business services (D.I.B.S.)
**Ex-Intelenet activities in the Middle East

  • Core Services & Digital Integrated Business Services (D.I.B.S.)

Core Services & D.I.B.S. revenue amounted to €1,179 million in first-quarter 2020, a year-on-year increase of +6.8% like-for-like. As reported, revenue was up +6.6%. Like-for-like growth took a sharp downturn in March in every operating region due to the Covid-19 pandemic, while the first two months saw a sustained improvement in business. Revenue growth nevertheless remained positive in March as a whole, although limited compared with the prior-year period. It was uneven across regions: the best performances were achieved in the Ibero-LATAM region, while business in the India & Middle East region contracted significantly, particularly after sites were shut down due to lockdown.

  • English World & Asia-Pacific (EWAP)

In first-quarter 2020, revenue for the region came to €431 million, up +4.8% like-for-like and +7.8% as reported, due to a favorable currency effect stemming from the US dollar’s rise against the euro.

The region reported satisfactory revenue growth in the first two months of the year. Revenue continued to grow very slightly in March, despite the initial impacts of Covid-19 on operations in North America.

In North America, the health crisis weighed on most segments in March, except for the healthcare, Internet services and automotive industries, which benefited from the rapid ramp-up of recently awarded contracts. In the United States, 90% of employees currently work at home.

Operations in Asia progressed at a satisfactory pace. In Malaysia, a country where the contact center industry is not affected by lockdown, growth was very strong throughout the quarter. China returned to solid revenue growth in March as the gradual return to normalcy began with the lifting of the strictest of health measures.

While revenue from operations in the United Kingdom declined this quarter in an uncertain economic environment due to Brexit, they grew in March as they were supported by the implementation of Covid-19 hotline services for the government.

  • Ibero-LATAM

First-quarter 2020 revenue for the Ibero-LATAM region amounted to €356 million, a year-on-year increase of +18.1% like-for-like. On a reported basis, growth came out at +12.5%, primarily reflecting the decline in the Brazilian real, the Colombian peso and the Argentine peso against the euro.

March was impacted by Covid-19, with a slowdown in growth compared with the first two months in the year. Organic growth remained in the double digits during the month, the main contributors being Colombia, Brazil, and nearshore business in Mexico and Spain. In terms of business segments, financial services, e-tailing and the Internet services industry expanded at a good pace.

The Group quickly implemented work-at-home solutions in order to meet its clients’ needs. Business in the region is currently seeing the best penetration rate for home working (nearly 80%) compared with other Group regions. Portugal’s rate is close to 100%.

  • Continental Europe & MEA (CEMEA)

In the CEMEA region, revenue rose by +3.9% like-for-like to €274 million, or by +4.2% as reported.

In March, growth was sluggish in the CEMEA region although the impact of Covid-19 was less harsh than in other Group regions. This reflects highly contrasting situations from one country, or one industry, to another. In the countries with the strictest lockdown policies, such as Italy and Tunisia, business contracted sharply during the month.

In other countries, the Group’s activities saw steady increases based on a satisfactory sales performance with multinational clients, particularly in the online entertainment and e-tailing segments. This was the case of multilingual hubs in Greece and operations in Scandinavia (Sweden and Denmark) as well as in Turkey, Egypt and Russia, where the Group recently opened new sites.

  • India & Middle East

In the first quarter of 2020, operations in the India & Middle East region generated €118 million in revenue, down -7.0% like-for-like, and -6.6% as reported, from the prior-year period.

Activities in March contracted sharply. This decline is mainly due to the drastic lockdown measures introduced in India, with a number of site closures during the month impacting the financial services and transportation segments in particular. The rapid expansion of work-at-home solutions to meet client demand has helped minimize this impact. To date, nearly 60% of the agents in India work at home.

The number of terminations of less profitable domestic contracts in India that began at the end of 2019 has increased due to the pandemic. International offshore contracts have been prioritized in the gradual implementation of work-at-home solutions.

  • Specialized Services

In the first quarter of 2020, revenue rose +4.9% as reported from the prior-year period to €173 million, or +2.2% like-for-like. Favorable currency effect isdue to the rise in the US dollar against the euro.

The month of March saw a significant decline due mainly to the abrupt fall of the TLScontact's visa application management business in light of travel bans and border shutdowns, and to a lesser extent, the slowdown in growth for LanguageLine Solutions.

The LanguageLine Solutions business was the main contributor and growth driver in Specialized Services during the quarter. This business mobilizes a network of 11,000 interpreters working from home to ensure business continuity without interruption of service. From January 1 to mid-March, the company reported high levels of growth that exceeded expectations. Growth slowed down in March due to the impact of Covid-19 on the healthcare sector. Many medical procedures (non-emergency surgery, follow up appointments, etc.) and anything else non critical were postponed as a result of social distancing and lockdown.

TLScontact’s visa application management services reported a sharp decline in revenue for the quarter, notably in March, when operations were reduced by half.

Revenue from the Group's debt collection operations in North America were down year-on-year in the first quarter of 2020.

IV. Outlook

The Covid-19 environment remains an exceptional and highly uncertain one and the expectation is that business will decrease in the second quarter. The costs associated with the rapid ramp-up of work-at-home solutions and the impact of site shutdowns will weigh on the Group’s margin in the first half of the year, despite the activation of a cost reduction annual program of around €250 million.

Teleperformance is nevertheless fully organized to overcome the crisis and is well prepared to manage its aftermath, having succeeded in adapting its portfolio of delivery solutions at the global level.

As the global leader in its core business, the Group is continuing its sales drive despite the current context by increasing its market share through adapted, global solutions in a market in troubles.

The Group confirms the decision taken at the end of March not to announce financial targets for 2020 at this time. The Group is however looking to the second half of the year with confidence to help its existing clients resume operations and support new clients acquired during the crisis.


All forward-looking statements are based on Teleperformance management’s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed description of these factors and uncertainties, please refer to the “Risk Factors” section of our Registration Document, available at Teleperformance undertakes no obligation to publicly update or revise any of these forward-looking statements.

Conference call with analysts and investors

Tuesday, April 28, 2020 at 6:15 PM CET
A replay of the conference call will be available for subsequent listening on Teleperformance’s website, along with the relevant documentation, in the Investor Relations section under Quarterly Information (, and by clicking on the following link:

Provisional investor calendar

Annual General Meeting: June 26, 2020
First-half 2020 results: July 29, 2020
Third-quarter 2020 revenue: November 3, 2020

À propos du groupe Teleperformance

Teleperformance (TEP - ISIN: FR0000051807 - Reuters: TEPRF.PA - Bloomberg: TEP FP), un leader mondial des services aux entreprises en solutions digitales intégrées, est le partenaire stratégique des plus grandes entreprises du monde dans de nombreux secteurs. Le groupe propose une offre de services One-Office composée de trois grandes familles de solutions à forte valeur ajoutée : la gestion de l’expérience client, les services de back-office et le conseil en processus métiers (knowledge services). Ces solutions digitales intégrées garantissent des interactions clients réussies et des processus métiers optimisés reposant sur une approche intégrée High Tech-High Touch unique. Les 331 000 collaborateurs du groupe, répartis dans 80 pays, prennent en charge des milliards de connexions en plus de 265 langues et sur plus de 170 marchés dans une démarche d’excellence Simpler, Faster, Safer*. Cette mission s’appuie sur l’utilisation de solutions technologiques fiables, flexibles et intelligentes, des normes de sécurité et de qualité les plus élevées du secteur, dans une approche de Responsabilité sociétale des entreprises (RSE) d’excellence.

En 2019, Teleperformance a réalisé un chiffre d'affaires consolidé de 5 355 millions d'euros (6 milliards de dollars US, sur la base d’un taux de change de 1 euro = 1,12 dollar US) et un résultat net de 400 millions d’euros.

Les actions Teleperformance, cotées sur Euronext Paris, compartiment A, sont éligibles au service de règlement différé et appartiennent aux indices : CAC Large 60, CAC Next 20, CAC Support Services, STOXX 600, SBF 120, S&P Europe 350, MSCI Global Standard. L’action Teleperformance fait également partie de l’indice Euronext Vigeo Eurozone 120 depuis décembre 2015 et de l’indice FTSE4Good depuis juin 2018, dans les domaines de la Responsabilité sociétale des entreprises.

* Plus simple, plus rapide, plus sûr.

Pour plus d’informations :
Pour suivre Teleperformance sur Twitter : @teleperformance

N.B.: the Alternative Performance Measures (APMs) are defined in the Appendix


Glossary - Alternative Performance Measures

Change in like-for-like revenue:
Change in revenue at constant exchange rates and scope of consolidation = [current year revenue - last year revenue at current year rates - revenue from acquisitions at current year rates] / last year revenue at current year rates.

EBITDA before non‑recurring items or current EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization):
Operating profit before depreciation & amortization, amortization of intangible assets acquired as part of a business combination, goodwill impairment charges and non-recurring items.

EBITA before non‑recurring items or current EBITA (Earnings before Interest, Taxes and Amortization):
Operating profit before amortization of intangible assets acquired as part of a business combination, goodwill impairment charges and non-recurring items.

Non‑recurring items:
Principally comprises restructuring costs, incentive share award plan expense, costs of closure of subsidiary companies, transaction costs for the acquisition of companies, and all other expenses that are unusual by reason of their nature or amount.

Net free cash flow:
Cash flow generated by the business - acquisitions of intangible assets and property, plant and equipment net of disposals - financial income/expenses.

Net debt:
Current and non-current financial liabilities - cash and cash equivalents

Diluted earnings per share (net profit attributable to shareholders divided by the number of diluted shares and adjusted):
Diluted earnings per share is determined by adjusting the net profit attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding by the effects of all potentially diluting ordinary shares. These include convertible bonds, stock options and incentive share awards granted to employees when the required performance conditions have been met at the end of the financial year.


Relations investisseurs et communication financière
Tél : +33 1 53 83 59 15

Laurent Poinsot – Karine Allouis
Tél : +33 1 53 70 74 70

Amérique et Asie-Pacifique
Mark Pfeiffer
Tél : + 1 801-257-5811


Relations investisseurs et communication financière
Tél : +33 1 53 83 59 15

Laurent Poinsot – Karine Allouis
Tél : +33 1 53 70 74 70

Amérique et Asie-Pacifique
Mark Pfeiffer
Tél : + 1 801-257-5811