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TECHNOLOGY: Teleperformance Q3 Revenues Soft; FY Guidance Confirmed

TECHNOLOGY

RCFFP 

  • Q3 revenue +3% LFL (vs. BBG cons +3.65%) for 9M23 +2.1%
  • Core Services +1.6% YoY (vs. c.+2.2%; ~85% of the business) with Americas +0.3% and Europe +2.8% (roughly half of core services each). Specialized services +11.6% (vs. c.+10.4%; remaining 15%).
  • Majorel integration proceeding as planned; update to come at FY24
  • FY guidance of 2-4% LFL growth confirmed.
  • “We do believe that we have a very robust balance sheet with leverage, which will be less than 2x EBITDA.” (from 2.11x at H1)

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