NEW YORK, March 3, 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 fourth
quarter and full-year operating and financial results for the
period ending December 31, 2020. All
comparisons in this announcement are year-over-year (YoY) and in
constant-currency (CCY), unless noted otherwise.
Solid Q4 and FY 2020 with increased profitability and strong
cash flow generation
- Q4 revenues grew 1.6% on a CCY basis with consistent growth in
Multisector across all regions driven by Next Generation Services
primarily to Brazilian and US clients
- Strong Q4 2020 EBITDA growth, with Consolidated EBITDA margin
of 14.5%
-
- Brazil: 18.4%;
Americas: 14.7%; EMEA: 16.1%
- FY Multisector revenues increased 4.9%, reaching 68.2% of total
revenues, 3.4 percentage points higher than FY 2019
- FY 2020 Consolidated EBITDA growth of 23.1% on a CCY basis, and
5.1% on a reported basis, despite the pandemic and a 30% BRL
devaluation in the period
- Solid improvement in Operating Cash Flow during the year,
leading to FCF generation of $40
million in 2020
Enhancing operational efficiencies
- Continued transformation of the cost structure, with
approximately $60 million carry
forward effect to 2021
- Delivering operational excellence: Everest star performer and
leader in 2021 Gartner Magic Quadrant
Successful debt refinancing and healthy balance sheet
- Healthy balance sheet with solid cash position of $209 million
- Net debt reduction of 13% versus Dec
2019, with leverage decreasing 70 basis points to 3.2x
- Successfully concluded debt refinancing in Q1 2021, extending
average debt life to 4.5 years
Innovation driving growth
- First company in sector globally to be awarded with ISO 56002
Innovation certification
- First company in sector globally to launch a startup
accelerator (Atento Next) aimed at creating and developing new
capabilities and enriching product portfolio
Introducing Fiscal 2021 Guidance
- Revenue growth of Mid-Single Digit, with EBITDA Margin between
12.5% to 13.5%
- Leverage improvement to 2.5x - 3.0x range
Summarized Consolidated Financials
($ in millions
except EPS)
|
Q4
2020
|
Q4 2019
|
CCY
Growth (1)
|
FY
2020
|
FY 2019
|
CCY
Growth (1)
|
Income
Statement (6)
|
|
|
|
|
|
|
Revenue
|
369.6
|
417.2
|
1.6%
|
1,412.3
|
1,707.3
|
-2.8%
|
EBITDA
(2)
|
53.5
|
20.7
|
148.6%
|
161.2
|
153.4
|
23.1%
|
EBITDA
Margin
|
14.5%
|
5.0%
|
9.5 p.p.
|
11.4%
|
9.0%
|
2.4 p.p.
|
Net Income
(3)
|
(7.9)
|
(29.6)
|
-68.6%
|
(46.8)
|
(80.7)
|
-35.6%
|
Recurring Net
Income (2)
|
4.5
|
(13.5)
|
N.M.
|
(10.1)
|
(23.9)
|
-65.0%
|
Earnings Per Share in
the reverse split basis (2) (3) (5)
|
($0.57)
|
($2.13)
|
-68.8%
|
($3.32)
|
($5.59)
|
-33.9%
|
Recurring EPS in
the reverse split basis (2) (5)
|
0.32
|
(0.97)
|
N.M.
|
(0.72)
|
(1.65)
|
-64.1%
|
Cash Flow, Debt
and Leverage
|
|
|
|
|
|
|
Net Cash Used In
Operating Activities
|
60.1
|
49.2
|
|
128.2
|
46.5
|
|
Cash and Cash
Equivalents
|
209.0
|
124.7
|
|
|
|
|
Net Debt
(4)
|
517.6
|
595.6
|
|
|
|
|
Net Leverage
(4)
|
3.2x
|
3.9x
|
|
|
|
|
|
(1) Unless otherwise
noted, all results are for Q4 and FY 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. (6) The following selected financial information are
preliminary, unaudited and are based on management's initial review
of operations for the fourth quarter and year ended December 31,
2020 and remain subject to the completion of the Company's
customary annual closing and review procedures. Final adjustments
and other material developments may arise between the date hereof
and the filing of the Company's Annual Report on Form
20-F.
|
Message from the CEO and CFO
We are pleased to report that 2020 marked the consolidation of
Atento's Three Horizon Plan, which is based on substantially
improving our operational efficiency, promoting our next generation
services and driving new avenues of growth, even amid the
challenging environment imposed by the pandemic. We are incredibly
proud of and thankful to our employees who worked very hard to help
us overcome the numerous complex challenges arising from the
pandemic, allowing us to continue growing and leading Next
Generation CX in Latin
America.
We are happy to report that our EBITDA grew 23.1% in the year,
reaching 11.4% in EBITDA Margin, a 2.4 percentage point increase
from 2019 despite the global environment, and a 30% BRL
devaluation. We also reported an EBITDA margin of 14.5% in Q4, as
our revenue mix continued to improve not only on higher Multisector
sales, but also on the roll-out of efficient and innovative
services across our markets, including in the US. We continued
reshaping our relationship with Telefonica, with new wins in early
2021 which will positively impact the first half of 2021, as we
reinforced our leadership in their share of wallet for CX services.
Next Generation Services sales represented half of all new sales in
2020, compared to 40% in 2019, as we continue attracting
fast-growing customers, such as born-digital, tech and media, that
favor digital and tech-enabled CX solutions developed by our new
innovation hub.
On the cost side, we executed a series of initiatives that led
to increased operational efficiencies, enabling us to operate with
even greater financial discipline. At the end of the year,
approximately $85 million in
annualized cost savings had been implemented, out of which
$60 million in structural opex
reduction will be carried forward to 2021. Efficiency initiatives
implemented during the year included rightsizing operations,
stricter cost control, adoption and expansion of the Atento@home
operating model, and the implementation of Zero-Based Budgeting and
shared services, among other initiatives to reduce costs.
The combination of improved revenue mix, operational
efficiencies and an enhanced collections effort in the first half
of 2020, drove a $40 million FCF
generation in 2020, an increase of over $100
million compared to the negative $65
million in 2019.
The year also marked the resolution of the uncertainty related
to our shareholder structure, with HPS, GIC and Farallon
independently investing in our company and consequently
transforming Atento into a Corporation. This was an important
milestone as our Board is now comprised mostly of independent
members, solidifying our governance and strengthening the diversity
of knowledge and expertise of our Board.
Another key milestone was achieved in February 2021, when we successfully completed our
debt refinancing. The new $500
million Senior Secured Notes matures in February 2026, extending the average life of our
debt to 4.5 years from 1.5 years. The refinancing affords us
greater financial flexibility to further penetrate high-growth
verticals with Atento's innovative next-generation CXM and BPO
services. We will continue to seek ways to improve Atento's capital
structure as another means to drive shareholder value, and we
remain committed to achieving our 2022 net debt-to-EBITDA target of
2.0 to 2.5 times. We believe this is one of the key elements to
unlock value, creating a strong alignment between all
stakeholders.
We are happy to see that the market has recognized our
evolution. Our shares multiplied by over 6 times since April 2020, when uncertainties related to
potential impacts from the pandemic peaked, while our bond price
increased by roughly 80%. Having a highly oversubscribed book in
our refinancing process and strong share re-rating is a testament
that investors recognize the results we have already delivered as
part of the turnaround process we initiated in 2019, and the strong
results we have delivered despite the challenging pandemic
environment. On top of the financial market recognition, we were
also recognized by industry experts. We have been acknowledged by
Everest as a star performer and by Gartner, which placed us at the
top of the leaders group in its Magic Quadrant. But the most
important recognition came from our clients, rewarding us with
record high marks in customer satisfaction, as measured by our 44.8
NPS score in 2020 vs. 30.8 a year earlier.
We expect for 2021 that global and local brands will continue
using new digital channels to improve relationships with
end-customers, speeding up the transformation of the industry into
the digital age. We also believe that the shift to more digital
experiences as a consequence of the pandemic are here to stay,
which presents a great opportunity for us to power more and more
businesses in the regions where we operate.
We are confident in our ability to continue delivering improved
results in 2021. In parallel, we see significant opportunities to
continue evolving our value offering into more tech-oriented
products, increasing penetration with fast growing verticals and
expanding in geographies with higher underlying profitability.
While we acknowledge that the recent performance of our shares
partially reflects our delivery and evolution, we believe they
remain undervalued and we expect that as we continue to deliver,
our share price will follow.
Carlos
López-Abadía
|
|
|
José
Azevedo
|
Chief Executive
Officer
|
|
|
Chief Financial
Officer
|
Fourth Quarter and Full-Year 2020 Consolidated Financial
Results
In the fourth quarter, Atento's revenue increased 1.6% YoY to
$369.6 million, mainly driven by a
6.2% growth in Multisector sales, which expanded across all
regions, reflecting the company's effort to continue improving
revenue mix into fast-growing and more profitable verticals.
Telefónica revenues declined 7.3% in the quarter, still reflecting
the discontinuation of unprofitable programs that were phased out
throughout Q4 2019 in Brazil and
lower volumes in Peru due to a
stricter lockdown compared to other LatAm countries. On a
sequential basis, Telefónica revenues increased 1.4%. In FY 2020,
despite a strong impact from the pandemic in Q2 2020, consolidated
revenues were down only 2.8%. Revenues from Multisector clients
increased by 4.9%, while revenues from Telefónica decreased
15.9%.
Multisector revenues reached 68.2% of total sales, up from 64.7%
at year-end 2019 and from 61.0% two years ago, as a result of
higher sales of Next Generation services, such as high-value voice,
integrated multichannel and automated back office services, which
were up nearly 40% YoY and already represented half of all new
sales in the year.
Consolidated EBITDA increased 148.6% to $53.5 million, while the corresponding margin
reached 14.5%, the highest since the inception of the Three Horizon
Plan, due to a better revenue mix of Multisector clients and Next
Generation services as well as improved operational efficiencies
and stricter cost control. For the year, EBITDA rose 23.1% on a CCY
basis, and by 5.1% on a reported basis to $161.2 million, with the margin expanding 240
basis points to 11.4% on a CCY basis, despite the pandemic and a
30% BRL devaluation in the period.
Atento continued to maintain a comfortable level of financial
liquidity at year-end, with net debt decreasing 13.1% to
$517.6 million, mainly as a result of
the $39.8 million free cash flow
generation in 2020. The strong increase of over $100 million in free cash flow generation when
compared to 2019 was due to the higher EBITDA combined with better
cash conversion as a result of the collections efforts that
substantially improved working capital. The Company ended the year
with a cash balance of $209 million,
which includes $60 million of drawn
revolver credit facilities.
Segment Reporting
Brazil
($ in
millions)
|
Q4
2020
|
Q4 2019
|
CCY
growth
|
FY
2020
|
FY 2019
|
CCY
growth
|
Brazil
Region
|
|
|
|
|
|
|
Revenue
|
156.9
|
194.8
|
5.5%
|
609.4
|
827.3
|
-4.4%
|
Adjusted
EBITDA
|
28.9
|
29.8
|
26.6%
|
81.8
|
111.7
|
-4.8%
|
Adjusted EBITDA
Margin
|
18.4%
|
15.3%
|
3.1 p.p.
|
13.4%
|
13.5%
|
-0.1 p.p.
|
Profit/(loss) for the
period
|
(0.1)
|
(4.7)
|
-96.4%
|
(21.5)
|
(18.0)
|
52.2%
|
|
Notes:
|
• Y-o-Y
changes are in constant currency
|
Revenue in Brazil, Atento's
flagship operation, increased 5.5% during the quarter to
$156.9 million, fueled by a 13.0%
multisector growth. This growth reflects the company's focus on
continuing to sell Next Generation Services and further penetrating
fast-growing verticals such as born-digital, tech and media. FY
2020 revenues from Multisector grew 3.4%, reaching 78.0% of
Brazil's 2020 total revenue versus
72.6% in the prior year. Revenues from Telefónica decreased 15.4%
in Q4 2020, still reflecting the discontinuation of unprofitable
programs that were phased out throughout Q4 2019. It is important
to highlight that we have been gaining new contracts with
Telefónica in Brazil in the first
months of the year and expect this to be reflected in 1H21
revenues.
The better revenue mix combined with higher efficiencies boosted
EBITDA by 26.6% versus Q4 2019, with EBITDA margin expanding 310
basis points to 18.4%. On FY 2020, EBITDA Margin was flat,
reflecting the impact of the pandemic mainly in Q2 2020.
Americas Region
($ in
millions)
|
Q4
2020
|
Q4 2019
|
CCY
growth
|
FY
2020
|
FY 2019
|
CCY
growth
|
Americas
Region
|
|
|
|
|
|
|
Revenue
|
156.1
|
167.0
|
0.6%
|
582.2
|
660.1
|
-1.4%
|
Adjusted
EBITDA
|
23.0
|
(11.2)
|
N.M.
|
66.8
|
32.4
|
35.2%
|
Adjusted EBITDA
Margin
|
14.7%
|
-6.7%
|
N.M.
|
11.5%
|
4.9%
|
6.6 p.p.
|
Profit/(loss)
for the period
|
(2.1)
|
(16.7)
|
-82.4%
|
(10.0)
|
(25.9)
|
-44.9%
|
In the Americas, revenue recorded a slight increase of 0.6% YoY
to $156.1 million, with Multisector
sales increasing 4.8% YoY, driven mainly by the 43% expansion of US
revenues and by over 60% increase on the US Nearshore countries.
Telefónica revenues decreased 7.2% YoY, mainly in Peru where the lockdown effects were more
severe in this country.
FY 2020 revenue decreased 1.4%, as a 13.0% decrease in TEF
revenue more than offset a 5.7% increase in Multisector sales
during the year. The decline in the former category was due the
pandemic's impact in the second quarter of the year, mainly in
Peru. As a percentage of Americas
2020 revenue, Multisector revenue was 66.3% versus 63.2% in the
previous year, a 310 basis point increase.
The region's Adjusted EBITDA was $23.0
million, with the corresponding margin at a solid 14.7%. For
the year, Adjusted EBITDA increased 35.2% to $66.8 million, with the margin expanding 660
basis points to 11.5%, due to an improved revenue mix, higher
efficiencies and a low comparison base due to the $30.9 million impact from the Argentina
Impairment on Q4 2019.
EMEA Region
($ in
millions)
|
Q4
2020
|
Q4 2019
|
CCY
growth
|
FY
2020
|
FY 2019
|
CCY
growth
|
EMEA
Region
|
|
|
|
|
|
|
Revenue
|
66.2
|
57.4
|
7.1%
|
234.7
|
232.8
|
-0.9%
|
Adjusted
EBITDA
|
10.7
|
4.1
|
N.M.
|
21.3
|
21.8
|
-2.8%
|
Adjusted EBITDA
Margin
|
16.1%
|
7.1%
|
9.0 p.p.
|
9.1%
|
9.4%
|
-0.3 p.p.
|
Profit/(loss) for the
period
|
6.5
|
(22.3)
|
N.M.
|
5.2
|
(22.2)
|
N.M.
|
In EMEA, an 11.7% increase in Multisector sales, driven by
telco, utilities and public services, coupled with a 2.5% increase
in TEF revenues, led to a 7.1% increase in revenue during the
quarter, totaling $66.2 million. For
the year, revenues were slightly down as the 9.7% increase in
Multisector revenues was offset by a 9.3% decline in TEF revenue,
mainly reflecting impacts from the pandemic in Q2 2020. Multisector
sales accounted for 49.2% of the region's total revenue in FY 2020
compared to 43.1% in FY 2019.
EMEA's Adjusted EBITDA more than doubled to $10.7 million, while the EBITDA margin expanded
900 basis points to 16.1%. The region's profitability improved as a
result of better revenue mix, including Next Generation services,
combined with higher operating efficiencies. On an annual basis,
Adjusted EBITDA decreased 2.8% to $21.3
million, mainly due to the impact of Covid-19, especially in
Q2 2020.
Cash Flow
Cashflow Statement
($ in millions)
|
Q4
2020
|
Q4
2019
|
FY
2020
|
FY
2019
|
Cash and cash
equivalents at beginning of period
|
196.6
|
105.5
|
124.7
|
133.5
|
Net Cash from
Operating activities
|
60.1
|
49.2
|
128.2
|
46.5
|
Net Cash used in
Investing activities
|
(10.9)
|
(8.3)
|
(38.2)
|
(55.9)
|
Net Cash (used in)/
provided by Financing activities
|
(36.4)
|
(24.7)
|
(0.3)
|
5.0
|
Net
(increase/decrease) in cash and cash equivalents
|
12.8
|
16.2
|
89.8
|
(4.4)
|
Effect of changes in
exchanges rates
|
(0.4)
|
2.9
|
(5.5)
|
(4.5)
|
Cash and cash
equivalents at end of period
|
209.0
|
124.7
|
209.0
|
124.7
|
The combination of higher EBITDA in the period with a positive
impact from working capital as a result of the efforts to improve
overdue collections was responsible for the improvement in both
Operating Cash Flow and Free Cash Flow generation. In 2020, Atento
generated $39.8 million in FCF,
compared to negative $65.5 million in
2019.
Cash Capex was 2.7% of revenues in 2020, compared to 2.4% in
2019. Going forward, we expect cash capex to be aligned with
industry standards, close to 4% of revenues.
Indebtedness & Capital Structure
US$MM
|
Maturity
|
Interest
Rate
|
Outstanding
Balance 4Q20
|
SSN (1)
(USD)
|
2022
|
6.125%
|
505.6
|
Super Senior Credit
Facility
|
2021
|
5.223%
|
30.0
|
Other Revolving
Credit Facilities
|
2021
|
CDI + 4.50
|
32.3
|
Other Borrowings and
Leases
|
2025
|
Variable
|
15.2
|
BNDES
(BRL)
|
2022
|
TJLP +
2.0%
|
0.6
|
Debt with Third
Parties
|
|
|
583.7
|
Leasing (IFRS
16)
|
|
|
142.9
|
Gross Debt (Debt
with Third Parties + IFRS 16)
|
|
|
726.6
|
Cash and Cash
Equivalents
|
|
|
209.0
|
Net
Debt
|
|
|
517.6
|
|
(1) Cross currency
swaps cover 100% of coupon payments until maturity
|
At year-end 2020, gross debt was $726.6
million, which included $142.9
million in leasing obligations under IFRS 16. Atento
finished the year with cash and cash equivalents of $209.0 million, a sequential and YoY increase of
$12.4 million (+6.3%) and
$84.3 million (+67.6%), respectively,
including the $60 million of drawn
revolving credit facilities. Net debt decreased 13.1% when compared
to December 2019, reflecting the
strong FCF generation in 2020.
Net leverage as of Q4 2020 decreased 0.7x when compared to Q4
2019, as a result of higher EBITDA from better revenue mix and
improved efficiencies, and also the phase out of the impact of the
impairment in Argentina during Q4
2019. Excluding the impact of the impairment in Argentina during Q4 2019, net leverage
remained flat in Q4 2020 YoY, which is a remarkable result
considering the challenging environment from the pandemic and the
30% BRL devaluation effect on EBITDA.
On February 19, 2021, Atento
successfully completed its $500M bond
refinancing. The new $500 million
Senior Secured Notes mature on February 10,
2026 and will pay interest at a rate of 8.0% per annum. With
this transaction, the Company's average debt life increased from
1.5 years to 4.5 years.
The new 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. As a reference, the BRL
cost is approximately 180% of CDI (equivalent to circa 3.5% p.a.
with the current CDI).
Introducing Fiscal 2021 Guidance
|
2020
Reported
|
FY
2021
|
Revenue growth (in
constant currency)
|
-2.8%
|
Mid-single
digit
|
EBITDA
margin
|
11.4%
|
12.5%-13.5%
|
Leverage
(x)
|
3.2x
|
2.5x-3.0x
|
Cash Capex as % of
Revenues
|
2.7%
|
4.0-4.5%
|
Share Repurchase Program
In the quarter, the Company repurchased 37,364 shares under its
Share Repurchase Program, at a cost of $0.4
million, at an average price of $10.96. At the end of December 2020, Atento held 1,010,502 shares in
treasury. On February 24, 2021, the
Board of Directors approved the extension of the current program
for additional 12 months, with the new expiration date on
March 10, 2022.
Conference Call
The Company will host a conference call and webcast on
Thursday, March 4, 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; or Spain: (+34) 91 414
9260. 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 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. 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 139,800 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
+ 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/atento-reports-fiscal-2020-fourth-quarter-and-full-year-results-301240101.html
SOURCE Atento S.A.