NEW YORK, Aug. 5, 2020 /PRNewswire/ -- Atento S.A.
(NYSE: ATTO) ("Atento" or the "Company"), the largest provider of
customer-relationship management and business-process outsourcing
services in Latin America, and
among the top five providers globally, today announced its second
quarter operating and financial results for the period ending
June 30, 2020. All comparisons in
this announcement are year-over-year (YoY) and in constant-currency
(CCY), unless noted otherwise, and may differ from the
corresponding 6-K filing due to certain intra-group
eliminations.
Q2 2020 highlights
Rapid Covid-19
response continues protecting stakeholders and improves delivery
capacity to 97.5%
- 60% of agents working from home, with call
centers operating safely at full operating capacity
- Approximately 80% of agents are now
recruited, onboarded and initially trained online
- Company continues helping assure continuity
of essential services, through remote and secure customer
services
Strong Recovery
Intra-Quarter with Three Horizon Plan delivering growth via
targeted fast-growing verticals
- Higher sales to Born-Digital, Tech and Media
& Entertainment companies; 20 new clients, including US
companies
- Multisector sales up 5.2% YoY and 7.7% YTD,
twice the rate of the market, with mix increasing 540 bps to 68.2%
of total revenue in 6M 2020
- Run-rate EBITDA increases 31.9% YoY and 35.8%
YTD, with corresponding margin expanding 330 bps to 14.7% in Q2 and
360 bps to 14.3% YTD
Cash position
rises to $207.2 million, strengthening financial
liquidity
- Cash position increases 9.0% (ex revolvers)
vs June 30, 2019 on working capital improvements
- Free Cash Flow of $44.1 million, with $51.0
million in Operating Cash Flow
- Leverage under control, even under adverse
operating and FX scenarios, with Net Debt-to-EBITDA at 4.0x
Operational
improvements accelerated under New Cost Savings
program
- New program targets $80 million in annual
savings, with $47 million already implemented
- Further reduction of cost structure through
right-sizing of operations, as well as implementation of shared
services, ZBB and WAHA model
New
shareholders fully incorporated into Atento team
- Significant support of Three Horizon
Plan
- Near-term priorities are reducing cost
structure, refinancing debt and improving capital structure to
unlock value for equity holders
|
Summarized Financials
($ in millions
except EPS)
|
Q2
2020
|
Q2 2019
|
CCY
Growth (1)
|
YTD
2020
|
YTD 2019
|
CCY
Growth (1)
|
Income
Statement
|
|
|
|
|
|
|
Revenue
|
314.5
|
441.1
|
-12.1%
|
689.9
|
877.8
|
-7.3%
|
EBITDA
(2)
|
22.2
|
42.6
|
-33.0%
|
63.0
|
84.5
|
-10.2%
|
EBITDA
Margin
|
7.1%
|
9.6%
|
-2.6
p.p.
|
9.1%
|
9.6%
|
-0.5
p.p.
|
Net Income
(3)
|
(18.3)
|
(6.8)
|
N.M
|
(25.8)
|
(52.2)
|
48.5%
|
Recurring Net Income
(2)
|
(10.2)
|
(7.0)
|
N.M
|
(13.4)
|
(12.5)
|
40.6%
|
Earnings Per Share
(EPS) ((2) (3)
|
($0.26)
|
($0.09)
|
N.M
|
($0.36)
|
($0.71)
|
47.7%
|
Recurring Earnings Per
Share (2)
|
($0.14)
|
($0.09)
|
N.M
|
($0.19)
|
($0.16)
|
45.6%
|
Earnings Per Share in
the reverse split basis ((2) (3) (5))
|
($1.30)
|
($0.47)
|
N.M
|
($1.82)
|
($3.58)
|
47.7%
|
Recurring EPS in the
reverse split basis (2) (5)
|
($0.72)
|
($0.47)
|
N.M
|
($0.95)
|
($0.81)
|
45.6%
|
Cash flow, Debt
and Leverage
|
|
|
|
|
|
|
Net Cash Used In
Operating Activities
|
53.4
|
26.5
|
|
57.7
|
(13.3)
|
|
Cash and Cash
Equivalents
|
207.2
|
116.6
|
|
|
|
|
Net Debt
(4)
|
525.9
|
571.5
|
|
|
|
|
Net Leverage
(4)
|
4.0x
|
3.3x
|
|
|
|
|
(1)
|
Unless otherwise
noted, all results are for Q2 2020; all revenue growth rates are on
a constant currency basis, year-over-year.
|
(2)
|
EBITDA, Recurring Net
Income/Recurring Earnings per Share (EPS) are Non-GAAP
measures.
|
(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 by applying the ratio of conversion of 5.027090466672970
used in the reverse split into the previous weighted average
number of ordinary shares outstanding
|
Message from the CEO and CFO
Carlos López-Abadía, Atento's Chief Executive
Officer, commented, "Results in this quarter showed significant
and progressive improvement. We exited the quarter with run-rate
EBITDA and volume levels consistent with those in June 2019, with the severe impact of the Covid-19
pandemic now behind us. Despite substantially weak operational and
economic conditions earlier in the quarter, we continued winning
new clients, including leading US brands, in the high-growth
Born-Digital and Tech verticals and, more recently, in the Media
& Entertainment industry. Clients in these and other higher
margin sectors drove Atento's Multisector revenues 5.2% higher,
helping extend our run-rate EBITDA growth with a 29% year-on-year
increase, with the corresponding margin expanding 360 basis points
to 14.3% on a six-month basis. These clients have been
beneficiaries of shifts in spending patterns during the pandemic,
many of which are likely to be permanent changes.
At the same time, we continued improving working
capital - doubling operating cash flow and generating $44.1 million in free cash flow during the
quarter - and launched a new expense reduction program to
substantially reduce Atento's cost structure. This includes
rightsizing more of our operations, by shifting more of them to the
WAHA model.
Economic conditions will undoubtedly remain
challenging for the rest of the year, as the scope, duration and
impact of the pandemic remains largely unknown. Nevertheless, we
are confident in our ability to effectively address new challenges,
as well as seize opportunities, with over half of the committed and
collaborative employees who make up One
Atento either working from home or at safe, reconfigured
call centers. Given Atento's recovering volumes, renewed sales
growth, improving run-rate profitability, sound financial
liquidity, as well as our Company's stronger shareholder and board
structures, we expect to continue advancing our Three Horizon
transformation plan to achieve consistently higher levels of
profitable growth."
José Azevedo, Atento's Chief Financial
Officer said, "Stronger management of our working capital
combined with drawing down Atento's remaining credit lines
substantially reinforced financial liquidity while we drove
operating and free cash flow markedly higher during the second
quarter.
At the same time, we have been implementing a new
cost savings program to augment and accelerate operational
improvements under the Three Horizon Plan. We are successfully
reducing fixed and variable costs, including administrative
expenses, to reduce Atento's cost structure and drive operating
leverage as economic and business environments improve in our
markets. Our current efforts to become more cost efficient,
combined with a zero based budgeting system that will be fully
effective by year-end, are expected to result in $80 million of annualized cost savings beginning
next year, of which $47 million has
already been achieved on a run-rate basis.
Under our two-pronged financial strategy, we are
now turning more of our attention toward capital efficiency. We
have begun the process to refinance the $500
million 2022 bond, with the aim of improving Atento's
capital structure in a way that will better align it with our
ambitious growth strategy and help unlock more shareholder
value."
Second Quarter Consolidated Financial Results
Atento's financial liquidity strengthened further during the
second quarter, with cash and cash equivalents increasing 27.2%
sequentially to $207.2 million, while
the Three Horizon Plan drove underlying performance levels higher.
Continued improvements in working capital led to strong Free Cash
Flow of $44.1 million in the quarter.
Due to the Company's rapid response to disruptions caused by the
Covid-19 pandemic, delivery capacity has increased to 97.5%, with
most call centers operational and 60% of agents working under the
WAHA1 model.
Multisector sales increased 5.2% to $218.0 million, despite an adverse economic and
business environment during April and May, evidencing the
effectiveness of Atento's Three Horizon Plan. The increase in
consolidated Multisector revenue during the quarter was driven by
an 11.2% increase in Brazil,
Atento's flagship operation, while a 54% increase in US Multisector
sales helped offset a decline in this category in Argentina and Peru, resulting in a 1.6% decrease for
the Americas. Like Brazil, EMEA
multisector revenues also continued to expand, rising 3.2% in the
quarter.
Consolidated total revenue declined 12.1% to $314.5 million, mainly reflecting lower revenues
from Telefónica (TEF). TEF revenues decreased 38.0% due to a
combination of (i) the discontinuation of unprofitable programs in
Brazil since the fourth quarter of
2019; and (ii) lower volumes due to Covid-19's impact in all
regions during April and part of May. Based on recent demand, the
Company expects volumes to recover to pre-pandemic levels during
the second half of 2020.
Atento's total EBITDA in Q2 2020 decreased 33% year-on-year to
$22.2 million, with the corresponding
margin contracting 260 basis points to 7.1%. Of this amount,
$14.8 million, or 70%, was generated
in June, when volumes reached near normal levels. On a run-rate
basis, excluding the impact of Covid-19, total EBITDA increased
31.9% compared to normalized EBITDA in second quarter 2019.
On a six-month basis, the run rate EBITDA margin expanded 360
basis points to 14.3%. The underlying improvement in the Company's
EBITDA was due to continued improvements in the client and service
mix as well as to additional operational improvements under a new
cost reduction program, which targets $80
million in annualized savings, with $47 million of these savings measures already in
effect as of June 30.
Recurring Net Income decreased from a $7.0 million loss in Q2 2019 to $10.2 loss in Q2 2020, with recurring EPS of
-$0.14 in the latter quarter.
Excluding the impact of Covid-19 and costs related to drawing down
credit lines, Recurring EPS was +$0.15 in Q2 2020.
Segment Reporting
Brazil
($ in
millions)
|
Q2
2020
|
Q2 2019
|
CCY
growth
|
YTD
2020
|
YTD 2019
|
CCY
growth
|
Brazil
Region
|
|
|
|
|
|
|
Revenue
|
135.2
|
210.4
|
-11.9%
|
307.3
|
428.7
|
-9.2%
|
Adjusted
EBITDA
|
10.6
|
26.5
|
-45.2%
|
35.0
|
54.3
|
-18.0%
|
Adjusted EBITDA
Margin
|
7.8%
|
12.6%
|
-4.8 p.p.
|
11.4%
|
12.7%
|
-1.3 p.p.
|
Operating
Income/(loss)
|
(8.0)
|
(2.9)
|
N.M
|
(16.2)
|
(8.9)
|
129.8%
|
In Brazil, Multisector sales
increased 11.2% YoY, while TEF sales decreased 51.5%, leading to an
11.9% decrease in total revenues.
On a year-to-date basis, Multisector sales as a percentage of
Brazil's total revenue expanded
680 basis points, primarily due to higher sales to Born-Digital
clients acquired during 2019 and new clients in 2020. Among new
clients this year is Riot Games, a US-based company that develops
and publishes popular video games, such as League of Legends. In
May, Atento signed a partnership agreement with Riot Games to
provide services to Brazilian game players. Atento was selected
because of its ability to create Customer Experience environments
consistent with Riot Games' culture and to hire, manage and
maintain CX specialists with appropriate profiles and gaming
experience.
The decrease in TEF sales in Brazil during the second quarter was mainly
due to the discontinuation of unprofitable programs since the
fourth quarter of 2019 and to the pandemic's impact on volumes,
mostly during April and part of May, as the company decided to
focus its delivery capacity to the Multisector clients.
Brazil's reported EBITDA
decreased 45.2% to $10.6 million,
with the EBITDA margin contracting 480 basis points to 7.8%, mainly
due to the Covid-19 impact.
Americas Region
($ in
millions)
|
Q2
2020
|
Q2 2019
|
CCY
growth
|
YTD
2020
|
YTD 2019
|
CCY
growth
|
Americas
Region
|
|
|
|
|
|
|
Revenue
|
129.9
|
171.8
|
-11.4%
|
277.3
|
333.5
|
-5.2%
|
Adjusted
EBITDA
|
14.5
|
18.6
|
-10.7%
|
28.2
|
32.7
|
-5.2%
|
Adjusted EBITDA
Margin
|
11.2%
|
10.8%
|
0.3 p.p.
|
10.2%
|
9.8%
|
0.4 p.p.
|
Operating
Income/(loss)
|
(0.3)
|
0.4
|
N.M
|
(7.1)
|
(7.2)
|
24.6%
|
|
|
|
|
|
|
|
Second quarter Americas revenue decreased 11.4% to $129.9 million. In total, Multisector sales
decreased 1.6% during the quarter, with an above 50% growth in US
Multisector clients helping offset lower volumes in Peru and Argentina, countries with stricter lockdown
rules and highly impacted by Covid-19. As a percentage of the
region's revenue, Multisector sales expanded 360 basis points,
compared to the first six months of 2019. Lower volumes resulting
from the pandemic also mainly accounted for the 31.7% decrease in
TEF revenues in the region.
Reported EBITDA in the Americas decreased 10.7% to $14.5 million on lower volumes during the second
quarter, while the corresponding margin expanded 30 basis points to
11.2%, despite the impact of Covid-19, due to a better revenue mix
and cost management.
EMEA Region
($ in
millions)
|
Q2
2020
|
Q2 2019
|
CCY
growth
|
YTD
2020
|
YTD 2019
|
CCY
growth
|
EMEA
Region
|
|
|
|
|
|
|
Revenue
|
50.5
|
61.2
|
-15.7%
|
108.0
|
123.3
|
-10.2%
|
Adjusted
EBITDA
|
(0.3)
|
5.5
|
N.M
|
3.5
|
11.8
|
-69.8%
|
Adjusted EBITDA
Margin
|
-0.5%
|
9.0%
|
-9.5 p.p.
|
3.2%
|
9.6%
|
-6.4 p.p.
|
Operating
Income/(loss)
|
(3.4)
|
4.2
|
N.M
|
(3.9)
|
0.2
|
N.M
|
Multisector sales continued to expand in the region, with the
3.2% growth in the quarter helping to further diversify revenues.
On a six-month basis, Multisector sales expanded 840 basis points
year-over-year to 48.3% of EMEA revenue. TEF sales were impacted by
lower volumes, mainly due to Covid-19, leading to a 28.1% decrease,
resulting in a 15.7% year-over-year decline in the region's overall
revenue.
EMEA's second quarter EBITDA decreased to slightly below the
breakeven point, from $5.5 million in
the same quarter of last year. At the end of the quarter, the
region's EBITDA margin was negative 0.5% versus a positive 9.0% in
the comparable 2019 period, mostly due to the impact of
Covid-19.
Cash Flow and Capital Structure
($ in
millions)
|
Q2
2020
|
Q2 2019
|
YTD
2020
|
YTD 2019
|
Consolidated Cash
Flow Statement
|
|
|
|
|
Net Cash (used in)
from Operating activities
|
53.4
|
26.5
|
57.7
|
-13.3
|
Net Cash used in
Investing activities
|
-7.3
|
-21.4
|
-18.6
|
-38.1
|
Net Cash provided by
Financing activities
|
-1.6
|
32.0
|
57.2
|
33.8
|
Net
(increase/decrease) in cash and cash equivalents
|
44.5
|
37.1
|
96.3
|
-17.5
|
Additional operational improvements under the transformation
plan further enhanced Atento's working capital, resulting in
higher operating and free cash flows, with the former increasing
twofold to $51.1 million and the
latter turning positive to $44.1
million in the second quarter. During the quarter, the
Company obtained another $10 million
in one-off overdue collections, bringing the total to $30 million year-to-date. During the first six
months of the year, Atento's DSO were reduced by approximately 4
days, while DPO improved by circa 13 days, due to strengthened
collections and procurement policies.
Cash capex was equivalent to 2.7% of revenues during the first
six months of 2020, and includes costs associated with shifting a
portion of Atento's call center employees to the WAHA model. Owing
to the impact of the Covid-19 pandemic on Atento's markets, all
non-essential capital expenditures remained suspended mainly in
April and May.
At June 30, 2020, cash and cash
equivalents totaled $207.2 million,
up 9.0% when excluding drawdowns of $80
million from existing credit lines during the first six
months of 2020. Net debt was $525.9
million, which includes $129.6
million related to IFRS16. Atento's total debt has an
average maturity of 2.1 years and an average LTM cost of 7.0%. At
the end of the second quarter, the LTM net debt-to-EBITDA ratio was
4.0 times, which is a controllable level due to the Company's
strong financial liquidity and the normalization of EBITDA
generation in June. The Company has initiated the process to
refinance the $500 million 2022 bond,
with the aim of extending the maturity of the debt and improving
Atento's capital structure.
($ in millions) as
of June 30, 2020
|
Maturity
|
Interest
Rate
|
Outstanding
Balance
2Q20
|
Indebtness
|
|
|
|
Senior Secured
Notes
|
2022
|
6.125%
|
503.8
|
Super Senior Credit
Facility
|
2020
|
5.223%
|
50.7
|
Other Credit
Facilities
|
2020
|
CDI +
2.40%
|
35.9
|
Other borrowings and
leases
|
2023
|
Variable
|
12.4
|
BNDES
(BRL)
|
2022
|
TJLP +
2.0%
|
0.7
|
Debt with third
parties
|
603.5
|
Leasing
(IFRS16)
|
129.6
|
Gross Debt (third
parties + IFRS16)
|
733.1
|
Cash and Cash
Equivalents
|
207.2
|
Net
Debt
|
525.9
|
Update On Covid-19 Response: Company Continues Effectively
Executing Transformation Plan and Preparing to Capture Post-crisis
Market Opportunities
As a socially responsible company, Atento remains fully
committed to helping ensure that its remote and secure customer
services remain available to people and businesses in the 13
countries where it operates. This commitment includes maintaining
robust health and safety protocols and measures to protect
employees at Atento facilities, to help ensure business continuity
for the duration of the Covid-19 pandemic.
Currently, Atento has over 64,000 work-at-home agents (WAHA), or
approximately 60% of its call center employees. For agents working
at Atento call centers, most of which are operational, individual
workstations are still kept at safe distances and personal work
equipment (individual headset, keyboard, mouse, etc.) remains
available. With operating capacity at 97.5%, the Company has a
broad capacity to meet the needs of all clients. The transition to
a WAHA model was facilitated by the digital transformation process
underway, since 2019, under Atento's Three Horizon Transformation
Plan, which has included re-skilling as well as digital recruiting,
onboarding and training.
This model as well as other enhanced digital capabilities are
also allowing the Company to capture medium- and long-term CRM and
BPO opportunities arising from dramatic shifts in consumer
behaviors and related changes being implemented by emerging and
established companies seeking to attract and retain more customers
in Latin America, the US and
Europe. The growing strength of
Atento's digital capabilities, evolving portfolio of Next
Generation Services and journey orchestration, coupled with
accelerated operational improvements that are resulting in a more
competitive cost structure, are allowing the Company to continue
leading Next Generation Customer Experience in the future.
Share Repurchase Program
Under a $30 million 12-month share
buyback program approved by Atento's Board of Directors earlier in
the year, the Company purchased $0.4
million of shares during the second quarter.
Reverse Share Split
On July 28, 2020, Atento announced
that the Company's shareholders had approved the conversion of the
entire share capital of 75,406,357 ordinary shares into 15,000,000
ordinary shares, without nominal value, using a conversion ratio of
5.027090466672970, effective after trading hours on July 29, 2020. Atento's ordinary shares started
trading on a split-adjusted basis on the NYSE at the open of
trading on July 30, 2020.
The Company proposed to effect the reverse share split in
response to a notification received from the NYSE that its ordinary
shares did not meet the minimum price threshold average closing
price of $1.00 per share over a
consecutive 30-trading day period. Although Atento's ordinary
shares had resumed trading above this threshold, the reverse share
split is intended to provide a structural solution to allow the
Company to remain compliant with NYSE's listing rules.
Awards and Recognitions
Atento was recognized recently by the Everest Group as one of
the leading companies in Customer Experience Management in its
annual PEAK Matrix® Assessment 2020. Among Major Contenders, Atento
was the only company rated a Star Performer, a title conferred to
providers that demonstrate the most improvement over time on the
Matrix. Atento stood out for promoting a culture of co-innovation,
offering integrated multi-channel capabilities based on Artificial
Intelligence, IoT (Internet of Things) and RPA (Robotic Process
Automation), among other digital strengths, and for building an
increasingly satisfying customer experience. The Star Performer
rating reflects the competitiveness of Atento's offerings in the
CRM/BPO market, where companies increasingly expect their service
providers to exhibit proactiveness and drive innovation.
Conference Call
The Company will host a conference call and webcast on
Thursday, August 6, 2020 at
11:00 am ET to discuss its financial
results. The conference call can be accessed by dialing:
USA: +1 (412) 717-9627; UK: (+44)
20 3795 9972; Brazil: (+55) 11
3181-8565; or Spain: (+34) 91 038
9593. It can also be accessed by web phone (Click
here) 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. A
web-based archive of the conference call will also be available at
the above website.
About Atento
Atento is the largest provider of customer relationship
management and business process outsourcing (CRM BPO) services in
Latin America, and among the top
five providers globally, based on revenues. Atento is also a
leading provider of nearshoring CRM/BPO services to companies that
carry out their activities in the United
States. Since 1999, the company has developed its business
model in 13 countries where it employs 150,000 people. Atento has
over 400 clients to whom it offers a wide range of CRM/BPO services
through multiple channels. Atento's clients are mostly leading
multinational corporations in sectors such as telecommunications,
banking and financial services, health, retail and public
administrations, among others. In 2019, Atento was named one of the
World's 25 Best Multinational Workplaces and one of the Best
Multinationals to Work for in Latin
America by Great Place to Work®. Atento is also the world's
first CRM company to be ISO 56002 certified in Innovation
Management. Atento's shares trade under the symbol ATTO on the New
York Stock Exchange (NYSE). For more information visit
www.atento.com.
Investor
Relations
Shay Chor
+ 55 11 3293-5926
shay.chor@atento.com
|
Investor
Relations
Fernando
Schneider
+ 55 11
3779-8119
fernando.schneider@atento.com
|
Media
Relations Pablo Sánchez Pérez
+34 670031347
pablo.sanchez@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. Forward-looking statements by their nature address matters
that are, to different degrees, uncertain, such as statements about
the potential impacts of the Covid-19 pandemic on our business
operations, financial results and financial position and on the
world economy. These statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those contained in the forward-looking statements. These 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 company 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.
1 Work-at-Home Agent
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SOURCE Atento S.A.