NEW YORK, Aug. 4, 2021 /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 and first half operating and financial results for the
period ending June 30, 2021. All
comparisons in this announcement are year-over-year (YoY) and in
constant-currency (CCY), unless otherwise noted.
Record sales and solid revenue growth
- Q2 2021 revenues grew 17.6% YoY in CCY and 21.7% on a reported
basis, fueled by full impact of programs won in Brazil and US in Q1 2021. Revenues in
hard-currency at 25% of total in H1 2021, up from 21% in H1
2020
- New sales with Total Annual Value of $226 million, up 148% from Q2 2020
- US revenues increased 33.1% in Q2 and 40.8% in H1 2021
- Multisector revenues grew 13.6% in Q2, continue focusing on
fast-growing verticals such as, media, tech and born-digital
verticals and targeting to increase penetration with Global
Accounts. In H1 2021, Multisector revenues reached 67.4%
Sustainable EBITDA and margin expansion leading to improved
capital structure
- Consolidated EBITDA in Q2 2021 expanded 123.2% to $50.7 million YoY
- EBITDA margin of 13.3% vs 7.1% in Q2 2020
- EBITDA in hard currencies already at 30% of total, on strong US
growth
- US EBITDA up 53.3% YoY, already 11% of total
- Margins expanded in all regions, highlighting Brazil, where margin went up sequentially to
15.5% from 12.0%
- Net leverage at 3.0x, down from 3.3x in Q1 2021 and 4.0x in Q2
2020, already within 2021 guidance range of 2.5 to 3.0x
- Solid cash position of $153.8
million
- Positive Recurring EPS of $0.11
in the quarter
Transformation entering last phase: accelerating
growth
- Key areas of growth remain NGS for Multisector and US
business
- Investing in innovation and partnerships to accelerate growth:
Atento Next, Innovation Hub, Interfile organizational restructuring
and partnership with ManpowerGroup
- 70% of FY growth capex budget already deployed in H1 in new
programs with high returns
- Right structure in place: new Global CIO, CHRO and
Transformation Director appointed, increasing management diversity,
and focusing on preparing talent and technology for new expansion
phase
Summarized Consolidated Financials
($ in millions
except EPS)
|
Q2
2021
|
Q2 2020
|
CCY
Growth (1)
|
YTD
2021
|
YTD 2020
|
CCY
Growth (1)
|
Income
Statement (6)
|
|
|
|
|
|
|
Revenue
|
382.7
|
314.5
|
17.6%
|
753.3
|
689.9
|
12.7%
|
EBITDA
(2)
|
50.7
|
22.2
|
123.2%
|
89.8
|
63.0
|
51.3%
|
EBITDA
Margin
|
13.3%
|
7.1%
|
6.2 p.p.
|
11.9%
|
9.1%
|
2.8 p.p.
|
Net Income
(3)
|
(14.7)
|
(18.3)
|
-22.3%
|
(34.9)
|
(25.8)
|
39.5%
|
Recurring Net
Income (2)
|
1.6
|
(10.2)
|
N.M
|
(8.4)
|
(13.4)
|
-46.1%
|
Earnings Per Share on
the reverse split basis (2) (3) (5)
|
($1.05)
|
($1.30)
|
-21.9%
|
($2.48)
|
($1.82)
|
40.1%
|
Recurring EPS on
the reverse split basis (2) (5)
|
$0.11
|
($0.72)
|
N.M.
|
($0.59)
|
($0.95)
|
-45.8%
|
Cash Flow, Debt
and Leverage
|
|
|
|
|
|
|
Net Cash Used in
Operating Activities
|
14.9
|
53.4
|
|
14.4
|
57.8
|
51.3%
|
Cash and Cash
Equivalents
|
153.8
|
207.2
|
|
|
|
|
Net Debt
(4)
|
561.4
|
525.9
|
|
|
|
|
Net Leverage
(4)
|
3.0x
|
4.0x
|
|
|
|
|
(1) Unless otherwise
noted, all results are for Q2; 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. (6) The
following selected financial information are unaudited.
|
Message from the CEO and CFO
We are proud to report a quarter with very strong results. In Q2
we have continued our growth trajectory with significant
improvements in revenue, EBITDA and continued cash flow discipline,
leading leverage to be already within full year guidance.
With half of the year behind us, we are even more confident in our
ability to deliver on our commitments for 2021, the same way we
have done in 2019 and 2020.
We can definitely state that the most critical phases of our
transformation plan have been delivered, and the focus now is on
accelerating growth, as the world heads out of the pandemic and
demand for high value CX services is skyrocketing.
Growth remains strong in Multisector, especially with Global
Accounts and with fast growing verticals such as born-digital,
media and tech. In terms of geographies, our US revenues went up
33% in the quarter, in line with the objective of increasing
exposure to hard currencies, which now represent 25% of revenues
and 30% of EBITDA. In addition, our business with Telefónica has
also resumed growth on the back of a recent win in Q1 which was
fully implemented in Q2. After several quarters of volatile revenue
contributions mostly related to lower volumes from the pandemic,
Telefonica revenues are now back to 2019 levels. The strong
increase in revenues in the quarter, of 26.5%, attests to the great
relationship developed with Telefónica, in which we remain the
leader in the share of wallet for CX services.
We are also collecting the benefits of well-executed efficiency
initiatives - that is boosting our margins. Our EBITDA more than
doubled in Q2, up by +123% to $51
million, with margin reaching 13.3%, compared to 7.1% in Q2
2020, the quarter that was most adversely impacted by the pandemic.
H1 2021 EBITDA margin, of 11.9%, is the higher EBITDA margin for an
H1 since the implementation of the Three Horizon Plan, in the
beginning of 2019. All regions are reporting double-digit EBITDA
margin, with US programs already reaching almost 20% margin.
Atento is very well positioned to ride the wave of increased
demand for customer experience services. The pandemic forced
companies all over the world accelerate or initiate deep digital
transformations, to reinvent themselves, and CX was one of their
main priorities. It demands from providers a mix of talent and
technology, and for this reason, we recently strengthened both
areas by bringing in a new CPO and appointing a CIO and a
Transformation Officer. They will work together to improve the
quality of leadership, accelerating our transformation process
through technology and human talent, with innovation as a key
pillar of our successful journey. We have also appointed a new ESG
Director. While we feel we have done a lot in the past in this
area, especially on the people front, we did not have a formal
program at the right level. Therefore, we have now structured a
formal ESG program under a new leader and have elevated the
visibility to the BOD under a new Compensation and Sustainability
committee. We expect to present our ESG plan and commitments
publicly in the coming months.
While we expect these changes to be critical to the last phase
of our transformation, we are already seeing opportunities to
accelerate growth. We have signed in H1 contracts that require 70%
of the growth capex we have budgeted for full year. We have also
deployed IT-related capex that will pave the way for future growth.
Other initiatives that we are assessing include partnerships, such
as the strategic alliance with ManpowerGroup to offer multilingual
and robotic process automation services from centers located in the
Iberian Peninsula – one of the European regions with the highest
demand for these offerings. ManpowerGroup is a leading people
solutions company globally, and we expect to enable more than 2,000
customer service positions with the partnership, and at the same
time help drive productivity, improve operational efficiency,
reduce costs and speed up turnaround times for our clients.
Consumers are demanding creativity and innovation from
businesses, who in turn look to CX providers to enchant their
clients. We are happy to report that we were awarded the ISO 56002
Certification for innovation management, for the second consecutive
year. Atento was the first in its sector in the world to receive
this certification, which is currently held by only 100 companies
worldwide. The renewal of this certification attest to Atento's
commitment to driving innovation and to constantly evolve in line
with market trends, something we believe is the basis for our
future business growth. This ensures we can continue providing the
best customer service for our clients, while delivering returns to
our shareholders.
Carlos
López-Abadía José
Azevedo
Chief Executive
Officer
Chief Financial Officer
Second Quarter Consolidated Financial Results
Atento's revenue increased 17.6% YoY in Q2 2021, to $382.7 million, driven by both Telefónica and
Multisector, in a market with record demand for CX solutions in all
regions we operate. Sequentially, revenues increased 3.0%, mainly
in Americas where it had a 9.0% growth. Revenues in the US continue
to expand, boosting hard currency to 25% of total revenues in H1
2021.
Telefónica revenues went up 26.5% YoY, reflecting the full
impact of the program won in Brazil in Q1, coupled with the recovery from
COVID impact that hit stronger in the first months of Q2 2020, and
the higher volumes registered mainly in Peru and Colombia. Telefónica revenues this quarter are
back to 2019 levels and higher than pre-pandemic levels.
Revenues from Multisector grew 13.6% in the quarter, also
expanding in all regions, especially in Americas, boosted by a 33%
increase in US revenues. We continue to accelerate sales of NGS in
fast-growing verticals such as born-digital, technology and media
customers, that already represent 10.9% of total revenues compared
to 8.6% a year ago. In H1 21, Multisector revenues reached 67.4% of
total sales, mainly stable sequentially.
Consolidated EBITDA in Q2 2021 expanded 123.2% to $50.7 million YoY, while the corresponding margin
reached 13.3%, increasing 620 basis points year-over-year, and
landing already within FY guidance range. In H1 2021, EBITDA margin
was 11.9%, the higher EBITDA margin since the implementation of the
Three Horizon Plan in 2019, stating the success of the delivered
turnaround. This margin expansion is a result of higher
profitability programs recently won and the efficiency initiatives
delivered throughout 2020 and 2021. Sequentially, EBITDA margin has
improved 280 bps from 10.5% in Q1 2021, also as a result of the
efficiency initiatives. It is worth noting that, as we continue to
gain business with US clients, our EBITDA in hard currency amounted
to $26.9 million in H1 2021,
representing 30% of total EBITDA generated in the period.
Recurring EPS was $0.11 in Q2,
compared to -$0.72 in the same period
of last year. Reported EPS of -$1.05
was impacted by a $10.8 million
negative impact from mark-to-market of the hedging instruments. It
is important to highlight that these adjustments are non-cash, with
the benefit of protecting interest payment, and therefore cashflow
generation, from FX fluctuations over our USD-denominated debt.
Atento continued to maintain a comfortable level of financial
liquidity in the quarter and, as EBITDA continued to expand, net
leverage decreased to 3.0x and is already within FY provided
guidance range. FCF was negative $37.1
million, mainly impacted by taxes payments that were
postponed from H2 2020 due to the pandemic, in the amount of
$16.1 million and a $10.9 million one-off expense related to the debt
refi. Excluding these effects, and growth-related expenses (working
capital and capex), run-rate FCF was positive almost $7 million in H1 2021.
Atento had an average Headcount of 144,518 employees in H1 2021,
which compared to the 12.7% revenue growth in the period, implies
an almost 7% higher revenue per employee.
Segment Reporting
Brazil
($ in
millions)
|
Q2
2021
|
Q2 2020
|
CCY
growth
|
YTD
2021
|
YTD 2020
|
CCY
Growth
|
Brazil
Region
|
|
|
|
|
|
|
Revenue
|
156.0
|
135.2
|
13.5%
|
304.9
|
307.3
|
10.1%
|
Adjusted
EBITDA
|
24.2
|
10.6
|
122.4%
|
42.1
|
35.0
|
37.3%
|
Adjusted EBITDA
Margin
|
15.5%
|
7.8%
|
7.7 p.p.
|
13.8%
|
11.4%
|
2.4 p.p.
|
Profit/(loss) for the
period
|
0.5
|
(8.0)
|
N.M
|
(4.4)
|
(16.2)
|
70.1%
|
Revenue in Brazil, Atento's
flagship operation, increased 13.5% during the quarter to
$156.0 million, fueled by the 54.9%
growth in Telefónica, reflecting the full impact of a program won
in Q1 2021, coupled with a 3.0% Multisector increase, mostly with
born-digital and healthcare companies.
EBITDA, in turn, grew 122.4% YoY, totaling R$24.2 million, while EBITDA margin increased 770
bps YoY and 350 bps sequentially, to 15.5% from 12.0% a quarter
ago, mainly due to the efficiency initiatives implemented.
In May, the Company appointed Marcelo
Alves as General Director of Interfile, Atento's BPO
specialist, who is undergoing a major restructuring aimed at
creating additional synergies within the Group. The BPO offering
has recently gained significant relevance within Atento's
portfolio, and the goal is to expand its services offering across
all regions where Atento operates, focusing on industries such as
finance, healthcare, insurance, education, and born-digital. Among
the main initiatives is the sponsorship of NeuralMind, one of 4
startups chosen to integrate Atento Next, the startup acceleration
program that focuses on helping companies increase back-office
processes productivity through scanning and automation, being fully
aligned with Interfile's value offering.
Americas Region
($ in
millions)
|
Q2
2021
|
Q2 2020
|
CCY
growth
|
YTD
2021
|
YTD 2020
|
CCY
Growth
|
Americas
Region
|
|
|
|
|
|
|
Revenue
|
164.2
|
129.9
|
23.0%
|
318.4
|
276.9
|
15.6%
|
Adjusted
EBITDA
|
19.8
|
14.5
|
32.5%
|
37.0
|
28.2
|
29.2%
|
Adjusted EBITDA
Margin
|
12.1%
|
11.2%
|
0.9 p.p.
|
11.6%
|
10.2%
|
1.4 p.p.
|
Profit/(loss)
for the period
|
(0.1)
|
(0.3)
|
74.7%
|
(1.7)
|
(7.1)
|
-76.8%
|
In the Americas, the Company recorded an increase in revenues of
23.0% YoY to $164.2 million, with
Multisector sales increasing 24.4% YoY, mainly in the US, with the
full impact of programs won in Q1 2021, and Colombia. Telefónica revenues increased 20.0%
YoY, with the main increase coming from Peru, as this country was, and continues to
be, more affected by the pandemic.
The region's Adjusted EBITDA was $19.8
million in the quarter, up 32.5% YoY mainly due to higher
revenue from the US coupled with improved operational efficiencies.
EBITDA margin stood at 12.1%, an increase of 90 bps.
Reflecting our strategy of expanding our presence in the US
market and increasing exposure to hard currencies, our revenues and
EBITDA from US clients in Q2 increased by 33% and 53%,
respectively, reaching an EBITDA margin of 19.1%. In H1, US
revenues went up 41%, while EBITDA went up 93%. As a result, our
revenues in hard currency represented 25% of total in H1 2021,
while EBITDA generation of $26.9
million in the first half of the year is already equivalent
to 30% of total.
At the end of May, we launched our first Atento Virtual Hub in
Mexico City, our command center
designed to optimize operations in telecommuting models, through
which our clients will count on a single centralized point to
manage all remote operations, from agent recruiting and training to
campaign development, everything under strict security
protocols.
EMEA Region
($ in
millions)
|
Q2
2021
|
Q2 2020
|
CCY
growth
|
YTD
2021
|
YTD 2020
|
CCY
Growth
|
EMEA
Region
|
|
|
|
|
|
|
Revenue
|
63.6
|
50.5
|
15.2%
|
132.7
|
108.0
|
12.3%
|
Adjusted
EBITDA
|
8.8
|
(0.3)
|
N.M
|
17.3
|
3.5
|
N.M
|
Adjusted EBITDA
Margin
|
13.8%
|
-0.5%
|
14.4 p.p.
|
13.0%
|
3.2%
|
9.8 p.p.
|
Profit/(loss) for the
period
|
0.9
|
(3.4)
|
N.M
|
1.8
|
(3.9)
|
N.M
|
In EMEA, a 22.1% increase in Multisector sales, driven by
utilities, transportation, and government services related to
providing pandemic information to citizens, coupled with an 8.7%
increase in TEF revenues, led to a 15.2% increase in revenues in
the quarter, totaling $63.6
million.
One of the highlights is the contract renewal with the
Government of Catalonia, a Spanish regional authority, to manage
citizen services. This is a benchmarking project in Public
Administration involving highly advanced digital and omnichannel
solutions aimed at improving citizens' experience.
EMEA's Adjusted EBITDA reached $8.8
million in Q2 2021 compared to a negative $0.3 million in Q2 2020, while the EBITDA margin
was 13.8%. The region's profitability improved as a result of
better operational efficiencies coupled with revenue growth.
Cash Flow
Cash Flow
Statement ($ in millions)
|
Q2
2021
|
Q2
2020
|
YTD
2021
|
YTD
2020
|
Cash and cash
equivalents at beginning of period
|
176.1
|
162.8
|
209.0
|
124.7
|
Net Cash from
Operating activities
|
14.9
|
53.4
|
14.4
|
57.7
|
Net Cash used in
Investing activities
|
-18.0
|
-7.3
|
-25.5
|
-18.6
|
Net Cash (used in)/
provided by Financing activities
|
-28.9
|
-1.6
|
-43.3
|
57.2
|
Net
(increase/decrease) in cash and cash equivalents
|
-32.1
|
44.5
|
-54.5
|
96.3
|
Effect of changes in
exchanges rates
|
9.8
|
-0.1
|
-0.7
|
-13.9
|
Cash and cash
equivalents at end of period
|
153.8
|
207.2
|
153.8
|
207.2
|
FCF was negative $37.1 million,
mainly impacted by taxes payments that were postponed from H2 2020
due to the pandemic, in the amount of $16.1
million and a $10.9 million
one-off expense related to the debt refi. Excluding these effects,
and growth-related expenses (working capital and capex), run-rate
FCF was positive almost $7 million in
H1 2021.
Cash Capex was 3.4% of revenues in H1 2021, compared to 2.7% in
the same period of 2020, reflecting mainly investments in IT to
allow for an acceleration of future growth. Important to highlight
that the Company already entered in H1 into new programs with
clients that represent 70% of full-year growth Capex budget. As
most of the payments are scheduled for H2, we reiterate our
guidance of Capex to be between 4-4.5% of revenues for the full
year 2021.
Indebtedness & Capital Structure
US$MM
|
Maturity
|
Interest
Rate
|
Outstanding
Balance Q2 2021
|
SSN (1)
(USD)
|
2026
|
8.0%
|
503.1
|
Super Senior Credit
Facility
|
2021
|
4.5%
|
30.0
|
Other Revolving
Credit Facilities
|
2021
|
CDI + 2.7
|
23.6
|
Other Borrowings and
Leases
|
2025
|
Variable
|
14.9
|
BNDES
(BRL)
|
2022
|
TJLP +
2.0%
|
0.4
|
Debt with Third
Parties
|
|
|
572.0
|
Leasing (IFRS
16)
|
|
|
143.2
|
Gross Debt (Debt
with Third Parties + IFRS 16)
|
|
|
715.2
|
Cash and Cash
Equivalents
|
|
|
153.8
|
Net
Debt
|
|
|
561.4
|
(1) Cross currency
swaps cover 100% of interest until 2022 and 30% of principal until
2020.
|
At end of Q2 2021, gross debt was $715.2
million, which included $143.2
million in leasing obligations under IFRS 16. Atento
finished the quarter with cash and cash equivalents of $153.8 million. During the quarter, the Company
repaid $10 million in revolvers, to
optimize liquidity to higher EBITDA generation. Therefore, at the
end of June, we had approximately $80
million in available revolving credit facilities, of which
$50 million were drawn down.
Net leverage decreased to 3.0x, down from 3.3x in Q1 2021 and
4.0x in Q2 2020, reflecting the 51.3% EBITDA growth year-on-year.
This leverage is already within the 2021 guidance range of 2.5 to
3.0x. Management reiterates its confidence to remain deleveraging
the balance sheet to achieve the long-term target of 2.0x-2.5x by
the end of 2022.
Fiscal 2021 Guidance
|
FY
2021
|
YTD 2021
Reported
|
Revenue growth (in
constant currency)
|
Mid-single
digit
|
12.7%
|
EBITDA
margin
|
12.5%-13.5%
|
11.9%
|
Leverage
(x)
|
2.5x-3.0x
|
3.0x
|
Cash Capex as % of
Revenues
|
4.0-4.5%
|
3.4%
|
Share Repurchase Program
In the quarter, the Company repurchased 22,132 shares under its
Share Repurchase Program, at a cost of $0.4
million. At the end of June
2021, Atento held 940,482 shares in treasury.
Conference Call
The Company will host a conference call and webcast on
Thursday, August 5, 2021 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 the largest provider of customer relationship
management and business process outsourcing ("CRM BPO") services in
Latin America, and among the top
five providers globally. 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 approximately 140,000 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. Atento's shares trade under the
symbol ATTO on the New York Stock Exchange (NYSE). 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®. Also,
in 2021 Everest named Atento as a star performer Gartner named the
company as a leader in the 2021 Gartner Magic Quadrant. For more
information visit www.atento.com
Investor
Relations
Shay Chor
shay.chor@atento.com
|
Investor
Relations
Fernando
Schneider
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.
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SOURCE Atento S.A.