2021 revenue up 7.9% on recurring basis,
with balanced contribution from Telefónica and Multisector
Annual Recurring EBITDA growth of 23.7%,
with Recurring EBITDA margin of 12.9% and 15.5% in fourth
quarter
Cyberattack has non-recurring revenue
impact of $34.8 million in fourth
quarter, following three quarters of solid revenue and EBITDA
growth
Total Annual Value of sales of new business
rises 20% to record $215
million
US annual revenue up 34% to $114.8 million, with US and EMEA representing 26%
of recurring 2021 EBITDA
Reinforced presence in key growth sectors
such as tech, healthcare and fintech, which accounted for 54%, 16%
and 11% of new wins in 2021 and represented 37% of
sales
Secured and extended key agreements with
Telefónica, while expanding share of wallet
Latin
America's higher inflation, interest rates and currency
fluctuations increased financing costs, and impacting 2021
shareholder equity and free cash flow
NEW
YORK, March 30, 2022 /PRNewswire/ -- Atento S.A.
(NYSE: ATTO) ("Atento" or the "Company"), one of the five largest
providers of Customer Relationship Management and Business Process
Outsourcing (CRM / BPO) services worldwide and sector leader in
Latin America, announced today its
fourth quarter and full year operating and financial results for
the period ending December 31, 2021.
All comparisons in this announcement are year-over-year (YoY) and
in constant-currency (CCY), unless otherwise noted.
Total Annual Value of Sales (TAV) rise to record
- TAV increased 20% to $215
million, growing 59% in US
- New In-Year revenue for new business rose 21%, increasing 69%
in the US
- Cyberattack disruption on Brazil operations resulted in $34.8 million in lost revenue
- Annual revenue grew 5.3% to $1.45
billion, up 7.9% on a recurring basis (excluding impact of
cyberattack)
- Annual Multisector sales rose 5.4%, increasing 11.7% and 8.4%
in the Americas and EMEA, respectively, while declining 3.1% in
Brazil; Recurring Brazil
Multisector sales grew 1.1%
- Telefónica (TEF) sales grew 5.3% in 2021, or 9.1% on a
recurring basis, as share of wallet continued to grow
- Key service agreements with TEF were secured and extended
- Atento won 61 new clients in 2021, with sales in fast-growing
tech, healthcare and fintech sectors accounting for 54%, 16% and
11% of new wins, respectively, and representing 37% of total annual
sales in 2021
- US revenues increased 34.1% to $114.8
million in 2021
- Hard-currency revenues expand 220 bps to 24% of 2021 revenue
and 26% of EBITDA
Strong recurring and hard currency EBITDA
- 2021 Recurring EBITDA rose 23.7% to $191.9 million and with corresponding margin
expanding 150 bps to 12.9%, mainly on 240 bps increase in
Brazil. 2021 EBITDA declined 7.1%
to $149.8 million
- 4Q Recurring EBITDA down slightly to $50.8 million and with margin expanding 110 bps
to 15.5%. 4Q EBITDA decreased 84.2% to $8.7
million, mainly due to the $34.8
million in lost revenue in Brazil and $7.3
million in costs related to the cyberattack
- US EBITDA of $4.7 million in Q4
and $22.1 million in 2021, up 60.3%
and representing 14.7% of consolidated EBITDA, with EBITDA Margin
at 10.9% in Q4 and 14.1% for the year, 320 bps higher than in
2020
- Hard currency EBITDA represented 26% of total EBITDA at
year-end, up 600 bps, mainly due to US expansion
- Recurring Net Loss of $1.6
million in Q4 and net loss of $48.2
million in 2021
- Reported EPS of -$3.11 in Q4 and
-$6.42 in 2021, mainly due to
$42.1 million impact of cyberattack
and $45.7 million of net financial
expense
Debt leverage and maturity profile remain healthy
- At year-end 2021, net debt-to-EBITDA was 3.9x, or 2.9x when
excluding EBITDA impact of cyberattack
- Solid cash position of $129
million, including $56 million
drawdown in revolving credit facilities
- At December 31, 2021,
shareholders' equity was -$10.2
million, partly impacted by $85.1
million in non-cash items consisting of -$42.8 million of balance sheet and P&L
conversion as well as -$42.3 million
change in fair value of derivatives instruments
Solid improvements in ESG performance
- Scope 1 carbon emissions decreased 16% in 2021
- Approximately 60% of Company's energy comes from renewable
resources
- New record for client satisfaction, which increased 280 bps
versus 2020
- Improved gender equality, with women comprising approximately
50% of management team
Update on Cybersecurity measures
- Reinforced cybersecurity protection, detection, and remediation
measures
- Closed partnership agreements with best-in-class cyber security
providers such as CrowdStrike and Microsoft, providing additional
security for Company and customers
- Establishing best practices and working closely with defense
groups and agencies to improve early warning and threat
preparedness
Summarized Consolidated Financials
($ in millions
except EPS)
|
Q4
2021
|
Q4 2020
|
CCY
Growth (1)
|
2021
|
2020
|
CCY
Growth (1)
|
Income Statement
(6)
|
|
|
|
|
|
|
Revenue
|
327.2
|
369.6
|
-7.4%
|
1,449.2
|
1412.3
|
5.3%
|
Recurring EBITDA
(2)
|
50.8
|
53.5
|
-0.6%
|
191.9
|
161.2
|
23.7%
|
Recurring EBITDA
Margin
|
15.5%
|
14.5%
|
1.1
p.p
|
12.9%
|
11.4%
|
1.5
p.p
|
Recurring Net
Income/Loss (2)
|
(1.6)
|
4.8
|
N.M.
|
(48.2)
|
(9.9)
|
N.M.
|
|
|
|
|
|
|
|
EBITDA
(2)
|
8.7
|
53.5
|
-83.0%
|
149.8
|
161.2
|
-3.5%
|
EBITDA
Margin
|
2.7%
|
14.5%
|
-11.8
p.p.
|
10.3%
|
11.4%
|
-1.1 p.p.
|
Net Loss
(3)
|
(43.7)
|
(8.0)
|
N.M.
|
(90.3)
|
(46.9)
|
94.3%
|
Earnings Per Share on
the reverse split basis (2) (3) (5)
|
($3.11))
|
($0.57)
|
N.M.
|
($6.42)
|
($3.33)
|
92.9%
|
Recurring EPS on the
reverse split basis (2) (5)
|
($2.43)
|
$0.34
|
N.M.
|
($1.01)
|
($0.71)
|
-62.9%
|
Cash Flow, Debt and
Leverage
|
|
|
|
|
|
|
Net Cash Used in
Operating Activities
|
1.1
|
58.8
|
|
42.3
|
127.0
|
|
Cash and Cash
Equivalents
|
128.8
|
209.0
|
|
|
|
|
Net Debt
(4)
|
589.6
|
518.8
|
|
|
|
|
Net Leverage
(4)
|
3.9x
|
3.2x
|
|
|
|
|
|
(1) Unless otherwise
noted, all results are for Q4; all revenue growth rates are on a
constant currency basis, year-over-year; (2) Recurring EBITDA,
Recurring Net Income/Recurring Earnings per Share (EPS) are
Non-GAAP measures adjusted only for the cyberattack impact; (3)
Reported Net Income and Earnings per Share (EPS) include the impact
of non-cash foreign exchange gains/losses on intercompany balances;
(4) Includes IFRS 16 impact in Net Debt and Leverage; (5) Earnings
per share and Recurring Earnings per share in the reverse split
basis is calculated with weighted average number of ordinary shares
outstanding. (6) The following selected financial information are
unaudited.
|
Message from CEO and CFO
Like so many companies in the current era, including some of the
world's technology leaders, we were struck by a cyberattack, which
impacted our fourth quarter results. This impact proved to be far
greater than we initially expected, due the complexities of these
events and how the aftershocks manifest themselves.
Nevertheless, the fundamentals of our business remain strong, as
our recurring results demonstrate, and we remain focused on our
growth strategy, which has proven to be highly effective over the
last two and a half years. We will overcome what we consider to be
a temporary setback to our business, as we are an agile and
resilient company. Throughout the pandemic, we consistently
demonstrated these valuable traits.
Last year, we delivered three quarters of outperformance prior
to the cyberattack and also outperformed on every key metric. We
expanded in higher-growth, higher margin verticals in LatAm and the
US, while generating higher levels of hard currency revenues. At
the same time, we delivered a greater proportion of higher value
next-generation services to Telefónica, while expanding volumes and
renewing agreements with this key client. During the year, we also
continued to strengthen operationally, enhance our digital
capabilities, and drive innovation to broaden our portfolio of CX
and BPO services.
We expect to regain momentum in the second half of the year,
although we have lowered slightly the ranges of our margin and
leverage targets that we set under our Three Horizon Plan. We have
ramped up our much-improved sales organization and expect to
replenish and grow volumes during the year, volumes that also carry
higher margins, consistent with our strategy. Additionally, we are
accelerating ongoing efficiency initiatives to further reduce our
cost structure as well as improve our effectiveness as an
organization, in terms of methodologies, best practices and
technologies. We are also moving aggressively to reduce our cost of
debt capital.
In summary, Atento remains a far more agile company and is
better positioned in the Americas' growing CX market than when we
launched our growth plan. We expect to perform at an even higher
level this year than last, resuming the same profitable growth
trajectory that we achieved and maintained most of last year.
Carlos López-Abadía
José Azevedo
Chief Executive Officer
Chief Financial Officer
Fourth Quarter and Full Year Consolidated Financial
Results
Atento's fourth quarter revenue decreased 7.4% to $327.2 million, mainly due to disruptions caused
by the previously announced cyberattack that affected the Company's
Brazil operations. This resulted
in $34.8 million in lost
revenue, with Multisector and TEF sales decreasing 6.0% and 10.4%,
respectively, led by declines in Brazil. The consolidated revenue decrease was
partially offset by a 7.5% increase in Americas revenue, with
Multisector and TEF revenues increasing 7.3% and 8.0%,
respectively, in this market. When excluding the non-recurring
cyber event, total fourth quarter revenue would have increased 2.5%
to $362.0 million, with Multisector
sales increasing 1.7% and TEF revenue increasing 4.2%.
The Company's annual revenue increased 5.3% to $1.45 billion, with Multisector sales increasing
5.4% and TEF sales rising 5.3%. Revenue growth was led by the
Americas, which increased 11.7%, with Multisector and TEF revenue
increasing 14.1% and 7.1%, respectively. When excluding the impact
of the cyberattack, annual revenue increased 7.9%, with Multisector
sales rising 7.3% and TEF sales increasing 9.1%.
Total Annual Value of Sales of new business increased 20% to
$215 million, growing 59% in US,
while New In-Year revenue rose 21%, increasing 69% in the US.
US revenues increased 34.1% to $114.8
million, with sales growth in EMEA also contributing to a
220 bps expansion in hard currency revenues, which represented
24% of Atento's 2021 revenue on a recurring basis.
Atento won a total of 61 new clients in 2021, with fast-growing
tech, healthcare and fintech clients accounting for 54% 16% and 11%
of new wins, respectively, and representing 37% of total annual
sales at December 31, 2021.
Atento's fourth quarter consolidated EBITDA decreased 84.2% to
$8.7 million, with the margin
decreasing 118 bps to 2.7%, mainly due to the aforementioned
cyberattack that impacted the Company's operations in Brazil and resulted in $34.8 million in lost revenue and $7.1 million in related protection, detection and
remediation costs. Full-year EBITDA decreased 7.1% to $149.8 million, mainly due to a 31.0% decrease in
Brazil, while Americas and EMEA
EBITDA increased 15.5% and 72.7%, respectively. For the year, the
EBITDA margin decreased 110 bps to 10.3%.
In the Americas, EBITDA decreased 8.7% to $14.3 million in the quarter, due to higher
variable operating costs related to increased absentee rates in
Argentina and Peru. For the year, Americas EBITDA rose 15.5%
to $59.5 million, representing 39.7%
of consolidated EBITDA at year-end. Atento's hard currency EBITDA
represented 26% of total Recurring EBITDA at year-end, up 600 bps,
mainly due to sales growth in the US market.
On a recurring basis, fourth quarter EBITDA decreased 0.6% to
$50.8 million, with Brazil EBITDA
increasing 8.4% and Americas EBITDA decreasing 5.4%, due to the
aforementioned absentee rates. The comparable EBITDA margin would
have been 15.5%, up 110 bps, with the Brazil margin rising 90 bps to 19.6% and the
Americas margin decreasing 100 bps to 9.1%. Comparable full-year
EBITDA increased 23.7%, due to increases in Brazil, Americas and EMEA, which rose 26.2%,
5.5% and 72.7%, respectively. On the same recurring basis, the 2021
EBITDA margin expanded 150 bps to 12.9%, mainly due to margin
expansion of 240 bps to 15.4% in Brazil, where the revenue mix continued to
improve with a greater proportion of higher-value services
delivered to TEF.
The Company reported a recurring Net Loss of -$1.6 million in the fourth quarter and
-$48.3 million in 2021. Fourth
quarter reported EPS was -$3.11,
bringing full-year EPS to -$6.42,
mainly due to the $42.1 million
impact of cyberattack and to net financial expenses of $2.60 million and $45.7
million, respectively.
2021 free cash flow was negative $55.6
million, primarily due to cyberattack impact of $25.1 million, one-time refinance costs of
$21 million and $20 million taxes postponed under 2020 Covid
relief programs. When excluding these items, free cash flow was
$10.5 million for the year, compared
to $39.9 million in 2020.
On December 31, 2021, Atento held
$129 million in cash, including
$56 million in existing credit
revolvers, with net debt totaling $589
million. Net debt-to-EBITDA was 3.9x, or 2.9x when excluding
one-time EBITDA impact of the cyberattack.
On December 31, 2021,
shareholders' equity was negative $10.2
million, mainly due to $134
million in financial items and $42.8
million of balance sheet and P&L conversion. Of note,
$85.1 million that impacted
shareholders' equity was non-cash items consisting of -$42.8 million of balance sheet and P&L
conversion and -$42.3 million change
in fair value of derivatives instruments.
Segment Reporting
Brazil
($ in
millions)
|
Q4
2021
|
Q4 2020
|
CCY
growth
|
2021
|
2020
|
CCY
Growth
|
Brazil
Region
|
|
|
|
|
|
|
Revenue
|
111.5
|
148.5
|
-22.2%
|
568.8
|
600.9
|
-0.2%
|
Recurring1 EBITDA
|
28.7
|
27.8
|
8.4%
|
92.8
|
78.2
|
26.2%
|
Recurring1
EBITDA Margin
|
19.6%
|
18.7%
|
0.9 p.p.
|
15.4%
|
13.0%
|
2.4 p.p.
|
|
|
|
|
|
|
|
EBITDA
|
(13.4)
|
27.8
|
-148.2%
|
50.7
|
78.2
|
-31%
|
EBITDA
Margin
|
-12.0%
|
18.7%
|
-30.8 p.p.
|
8.9%
|
13.0%
|
-4.1 p.p.
|
Profit/(loss) for the
period
|
(31.6)
|
(0.3)
|
N.M.
|
(37.1)
|
(21.7)
|
80.8%
|
|
1 Excludes
$42.1 million impact of cyberattack
|
Fourth quarter revenue in Brazil decreased 22.2% to $111.5 million, due to the cyberattacks
disruption of the Company's operations in the country. Multisector
and TEF sales declined 17.5% and 39.0%, respectively. When
excluding the $34.8 million impact of
the cyberattack, revenue increased 2.0% to $146.3 million, with Multisector sales decreasing
0.7% and TEF sales increasing 11.5%.
The Brazil operation's EBITDA
decreased 148.2% to -$13.4 million in
the fourth quarter, with the corresponding margin decreasing 308
bps to 12.0%, mainly due to $34.8
million in lost revenue and $7.3
million in costs related to the cyberattack. These costs
included fees related to protection, detection and remediation
measures. When excluding the impact of the cyberattack, EBITDA
increased 8.4% to $28.7 million, with
the margin expanding 90 bps to 19.6%.
Annual revenue totaled $568.8
million in Brazil, down
0.2% compared to 2020. EBITDA decreased 31.0% to $50.7 million in 2021, with the margin
contracting 410 bps to 8.9%. When excluding the impact of the
cyberattack, 2021 revenue and EBITDA increased 5.9% and 26.2% to
$603.6 million and $92.8 million, respectively, with the
corresponding margin expanding 240 bps to 15.4%.
Americas Region
($ in
millions)
|
Q4
2021
|
Q4 2020
|
CCY
growth
|
2021
|
2020
|
CCY
Growth
|
Americas
Region
|
|
|
|
|
|
|
Revenue
|
157.7
|
155.3
|
7.5%
|
633.9
|
580.5
|
11.7%
|
EBITDA
|
14.3
|
15.7
|
-5.4%
|
59.5
|
52.6
|
15.5%
|
EBITDA Margin
|
9.1%
|
10.1%
|
-1.0 p.p.
|
9.4%
|
9.1%
|
0.3 p.p.
|
Profit/(loss) for
the period
|
(5.3)
|
(2.0)
|
N.M.
|
(4.7)
|
(9.9)
|
-51.2%
|
In the Americas, Atento's fourth quarter revenue increased 7.5%
to $157.7 million, with full year
revenue increasing 11.7% to $633.9
million. During the quarter, Multisector and TEF sales
increased 7.3% and 8.0%, respectively. US sales increased 20.4% to
$31.0 million in the quarter and rose
34.1% to $114.8 million in 2021. For
the year, Multisector and TEF sales increased 14.1% and 7.1%,
respectively.
Fourth quarter EBITDA decreased 5.4% to $14.3 million, due to the aforementioned increase
in absentee rates in Argentina and
Peru, with the margin decreasing
100 bps to 9.1%. For the year, the Americas margin expanded 30 bps
to 9.4%.
EMEA Region
($ in
millions)
|
Q4
2021
|
Q4 2020
|
CCY
growth
|
2021
|
2020
|
CCY
Growth
|
EMEA
Region
|
|
|
|
|
|
|
Revenue
|
57.9
|
66.2
|
-8.8%
|
250.1
|
234.7
|
3.1%
|
EBITDA
|
7.7
|
7.5
|
2.9%
|
26.6
|
15.3
|
72.7%
|
EBITDA Margin
|
13.3%
|
11.3%
|
2.0 p.p.
|
10.6%
|
6.5%
|
4.1 p.p.
|
Profit/(loss) for the
period
|
1.0
|
6.5
|
-83.6%
|
2.2
|
5.2
|
-50.9%
|
During the fourth quarter, EMEA revenue decreased 8.8% to
$57.9 million, bringing full year
revenue to $250.1 million, up 3.1%
compared to 2020. During the year, Multisector sales increased
8.4%, while TEF sales decreased 2.0%.
Fourth quarter EBITDA increased 2.9% to $7.7 million, with the margin expanding 200 bps
to 13.3%. For the year, EBITDA increased 72.7% to $26.6 million, with the margin increasing 410 bps
to 10.6%, due to effective cost cutting and improved sales
margins.
Cash Flow
Cash Flow Statement
($ in millions)
|
Q4
2021
|
Q4
2020
|
2021
|
2020
|
Cash and cash
equivalents at beginning of period
|
145.7
|
196.6
|
209.0
|
124.7
|
Net Cash from Operating
activities
|
1.1
|
58.8
|
42.3
|
127.0
|
Net Cash used in
Investing activities
|
(14.7)
|
(10.9)
|
(50.5)
|
(38.2)
|
Net Cash (used in)/
provided by Financing activities
|
(0.2)
|
(35.2)
|
(58.2)
|
1.0
|
Net
(increase/decrease) in cash and cash equivalents
|
(13.7)
|
12.7
|
(66.4)
|
89.8
|
Effect of changes in
exchanges rates
|
(3.2)
|
(0.4)
|
(13.8)
|
(5.5)
|
Cash and cash
equivalents at end of period
|
128.8
|
209.0
|
128.8
|
209.0
|
Free cash flow decreased during the fourth quarter to negative
$25.2 million, mainly due to negative
operating cash flow stemming from a $25.1
million impact of the cyberattack, to higher Capex that was
postponed in 2020, and to changes in working capital.
2021 free cash flow was negative $55.6
million, primarily due to cyberattack impact of $25.1 million, one-time refinance costs of
$21 million and $20 million taxes postponed under 2020 Covid
relief programs.
When excluding one-off tax expenses, costs related to the
Company's debt refinancing in February, and impact of cyberattack,
free cash flow was $10.5 million for
the year, compared to $39.9 million
in 2020.
Indebtedness & Capital Structure
US$MM
|
Maturity
|
Interest
Rate
|
Outstanding
Balance Q4 2021
|
SSN (1)
(USD)
|
2026
|
8.0%
|
503.9
|
Super Senior Credit
Facility
|
2021
|
4.5%
|
25.0
|
Other Borrowings and
Leases
|
2025
|
Variable
|
32.9
|
BNDES (BRL)
|
2022
|
TJLP + 2.0%
|
0.6
|
Debt with Third
Parties
|
562.5
|
Leasing (IFRS
16)
|
155.8
|
Gross Debt (Debt
with Third Parties + IFRS 16)
|
718.3
|
Cash and Cash
Equivalents
|
128.8
|
Net
Debt
|
589.5
|
(1)
|
Notes are protected by
certain hedging instruments, with the coupons hedged through
maturity, while the principal is
hedged for a period of 3 years. The instruments consist mainly of
cross-currency swaps in BRL, PEN and Euro.
|
At December 31, 2021, Gross debt
totaled $718.3 million, or
$562.5 million when excluding lease
obligations under IFRS 16. With cash and cash equivalents of
$128.8 million, net debt was
$589.5 million at year-end.
Approximately $79 million in
revolving credit facilities were available at the end of 2021, of
which $56 million was drawn down.
At the end of 2021, net debt-to-EBITDA was 3.9x, or 2.9x when
excluding one-time EBITDA impact of the cyberattack. The Company
finished the year with a comfortable maturity profile going out to
2026.
Fiscal 2021 and 2022 Guidance
|
|
2021
Guidance
|
2021
Reported
|
2021
Recurring
|
2022
Guidance
|
Revenue growth (in
constant currency)
|
Mid-single
digit
|
5.3%
|
7.9%
|
Mid-single
digit
|
EBITDA
margin
|
12.5%-13.5%
|
10.6%
|
12.9%
|
13%-14%
|
Leverage (x)
|
2.5x-3.0x
|
3.9x
|
2.9x
|
2.7x-3.0x
|
Management is lowering 2022 EBITDA margin guidance to 13%-14%
from 14%-15% and net debt-to-EBITDA to 2.7x-3.0x from 2.0x-2.5x,
due to potential residual revenue and cost impacts of the
cyberattack against the Company's Brazil operations,
Share Repurchase Program
During the fourth quarter, Atento did not repurchase shares,
bringing total buybacks to 43,708 shares in 2021, for a total cost
of $878,000. During the year, the
Company vested a total of 202,024 shares issued using treasury
shares in relation to management compensation programs. At the end
of December 2021, the Company held
850,808 Atento shares in treasury.
Conference Call
The Company will host a conference call and webcast on
Thursday, March 31, 2022 at
10:00 am ET to discuss its financial
results. The conference call can be accessed by dialing:
USA: +1 (866) 807-9684; UK: (+44)
20 3514 3188; Brazil: (+55) 11
4933-0682; Spain: (+34) 91 414
9260; or International: (+1) 412 317 5415. No passcode is
required. Individuals who dial in will be asked to identify
themselves and their affiliations The live webcast of the
conference call will be available on Atento's Investor Relations
website at investors.atento.com (Click here). A web-based archive
of the conference call will also be available at the website.
About Atento
Atento is one of the five largest global providers for client
relationship management and business process outsourcing services
nearshoring for companies that carry out their activities in
the United States. Since 1999, the
company has developed its business model in 13 countries with a
workforce of 150,000 employees. Atento has over 400 clients for
which it provides a wide range of CRM/BPO services through multiple
channels. Its clients are leading multinational companies in the
technology, digital, telecommunications, finance, health, consumer
and public administration sectors, amongst others. Atento trades
under ATTO on the New York Stock Exchange. In 2019 Atento was
recognized by Great Place to Work® as one of the 25 World's Best
Multinational Workplaces and as one of the Best Places to Work in
Latin America. For more
information www.atento.com
Media Relations
press@atento.com
Investor and analyst inquiries
Hernan van Waveren
+1 979-633-9539
hernan.vanwaveren@atento.com
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as "may," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts," "intends," "continue" or
similar terminology. These statements reflect only Atento's current
expectations and are not guarantees of future performance or
results. These statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
contained in the forward-looking statements. In particular, the
COVID-19 pandemic, and governments' extraordinary measures to limit
the spread of the virus, are disrupting the global economy and
Atento's industry, and consequently adversely affecting the
Company's business, results of operation and cash flows and, as
conditions are recent, uncertain and changing rapidly, it is
difficult to predict the full extent of the impact that the
pandemic will have. Risks and uncertainties include, but are not
limited to, competition in Atento's highly competitive industries;
increases in the cost of voice and data services or significant
interruptions in these services; Atento's ability to keep pace with
its clients' needs for rapid technological change and systems
availability; the continued deployment and adoption of emerging
technologies; the loss, financial difficulties or bankruptcy of any
key clients; the effects of global economic trends on the
businesses of Atento's clients; the non-exclusive nature of
Atento's client contracts and the absence of revenue commitments;
security and privacy breaches of the systems Atento uses to protect
personal data; the cost of pending and future litigation; the cost
of defending Atento against intellectual property infringement
claims; extensive regulation affecting many of Atento's businesses;
Atento's ability to protect its proprietary information or
technology; service interruptions to Atento's data and operation
centers; Atento's ability to retain key personnel and attract a
sufficient number of qualified employees; increases in labor costs
and turnover rates; the political, economic and other conditions in
the countries where Atento operates; changes in foreign exchange
rates; Atento's ability to complete future acquisitions and
integrate or achieve the objectives of its recent and future
acquisitions; future impairments of our substantial goodwill,
intangible assets, or other long-lived assets; and Atento's ability
to recover consumer receivables on behalf of its clients. In
addition, Atento is subject to risks related to its level of
indebtedness. Such risks include Atento's ability to generate
sufficient cash to service its indebtedness and fund its other
liquidity needs; Atento's ability to comply with covenants
contained in its debt instruments; the ability to obtain additional
financing; the incurrence of significant additional indebtedness by
Atento and its subsidiaries; and the ability of Atento's lenders to
fulfill their lending commitments. Atento is also subject to other
risk factors described in documents filed by the comp any with the
United States Securities and Exchange Commission.
These forward-looking statements speak only as of the date on
which the statements were made. Atento undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
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SOURCE Atento S.A.