Atento apresenta os resultados do primeiro trimestre de 2015

Resultados do primeiro trimestre de 2015.

20 de maio de 2015 download Download em PDF

  • Revenue from continuing operations increased 9.5% on constant currency basis to $515.9 million, driven by a combined 13.9% growth in Brazil and the Americas
  • Adjusted EBITDA increased 11.8% on constant currency basis to $58.3 million, Adjusted EBITDA margin increased 10 basis points, bolstered by improved operations productivity, operating efficiencies and improved business mix
  • Adjusted EPS of $0.20, an increase of 284.4% on constant currency
  • Enhanced financial flexibility and reduced net leverage to 1.4x
  • Reaffirmed outlook for 2015

 

NOVA IORQUE, NI - Atento S.A. (NYSE: ATTO), a leading provider of customer relationship management and business process outsourcing services worldwide, today announced its financial results for the first quarter of 2015.

"2015 is off to a strong start with measurable progress achieved on multiple fronts. We are pleased with the solid growth in revenue and profitability year-over-year," commented Alejandro Reynal , Chief Executive Officer of Atento. "Investments in the business are driving predictable, consistent performance, which have resulted in another quarter of new business signings with new and existing customers across multiple verticals."

Summary

($ in millions)

Q1 2015

Q1 2014

 

Revenue

515.9

561.3

 

CCY growth (1)

9.5%

   

Adjusted EBITDA

58.3

62.8

 

Margin

11.3%

11.2%

 

CCY growth

11.8%

   

Adjusted EPS

$0.20

$0.06

 

   CCY growth

284.4%

   

Leverage (x)

1.4

2.2

 

(1) Constant currency revenue growth from continuing operations excludes the Czech Republic, which was divested in December 2014

Consolidated Operating Results

For the first quarter of 2015, revenue was $515.9 million compared to $561.3 million for the same period of the previous year, an increase of 9.5% in constant currency and excluding the Czech Republic, which has been classified as discontinued operations, (but a decrease of 8.1% in actual currency), driven primarily by a strong performance in Brazil and the Americas, largely offsetting the reduction in EMEA. Revenue in LatAm, including Americas and Brazil, increased 13.9% in constant currency. 

Adjusted EBITDA for the first quarter of 2015 was $58.3 million, or 11.3% of revenue, compared to $62.8 million, or 11.2% of revenue, for the first quarter of 2014, an increase of 11.8% in constant currency (but a decrease of 7.2% in actual currency). The increase in adjusted EBITDA was primarily attributable to business growth and operational efficiencies achieved from our ongoing margin expansion initiatives.

Adjusted earnings was $14.9 million for the first quarter of 2015, compared to $4.5 million for the first quarter of 2014. Adjusted earnings per share was $0.20 in the first quarter of 2015, an increase of 284.4% in constant currency.

Free Cash Flow was $(39.0) million for the first quarter of 2015, compared to $(19.6) million in the same quarter last year, a decrease of $19.4 million driven by a higher working capital due to revenue increase and some clients anticipations received in the fourth quarter of 2014.

Adjusted quarterly earnings and EBITDA are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.

Segments Reporting

 

Q1 2015

Q1 2014

 

Brazil Region

     

Revenue

264.1

288.9

 

CCY growth

11.8%

   

Adjusted EBITDA

31.7

35.6

 

Margin

12.0%

12.3%

 

CCY growth

11.2%

   

Americas Region

     

Revenue

187.4

179.1

 

CCY growth

17.3%

   

Adjusted EBITDA

23.4

24.9

 

Margin

12.5%

13.9%

 

CCY growth

7.2%

   

EMEA Region

     

Revenue

64.8

93.3

 

CCY growth (1)

(12.8)%

   

Adjusted EBITDA

4.0

5.4

 

Margin

6.2%

5.8%

 

CCY growth

(7.4)%

   

(1) Constant currency revenue growth from continuing operations excludes the Czech Republic, which was divested in December 2014

Brazil Region

For the first quarter of 2015, revenue for the Brazil region was $264.1 million compared to $288.9 million for the same quarter of the previous year, an increase of 11.8% in constant currency (but a decrease of 8.6% in actual currency), driven by growth from non-Telefónica clients. Revenue from Telefónica increased 1.5% in constant currency with the introduction of new services in Brazil. Non-Telefónica revenue increased 19.5% in constant currency, driven by growth with new clients and increased share of wallet gains in several verticals.

Adjusted EBITDA for the first quarter of 2015 was $31.7 million, or 12.0% of revenue, compared to $35.6 million, or 12.3% of revenue, for the first quarter of 2014. Excluding corporate cost allocation, adjusted EBITDA increased to 12.9% of revenue, as compared to 12.6% in the same period of last year. The increase in adjusted EBITDA was driven by strong growth in revenue and operating efficiencies achieved from our margin expansion initiatives.

Americas Region

For the first quarter of 2015, revenue for the Americas region was $187.4 million compared to $179.1 million for the same quarter of the previous year, an increase 17.3% in constant currency and an increase of 4.6% in actual currency. Revenue from Telefónica increased 20.3% in constant currency, driven by strong performance across the region. Non-Telefónica revenue increased 13.9% in constant currency, driven by strong growth in most markets supported by new and existing clients. 

Adjusted EBITDA for the first quarter of 2015 was $23.4 million, or 12.5% of revenue, compared to $24.9 million, or 13.9% of revenue, for the first quarter of 2014. Excluding corporate costs allocation, adjusted EBITDA was 14.1% in the first quarter of 2015. The ramp up costs of the new business was offset by efficiency gains and fixed costs leverage due to strong volume growth.

EMEA Region

For the first quarter of 2015, revenue for the EMEA region was $64.8 million compared to $93.3 million for the same quarter of the previous year, a decrease of 12.8% in constant currency and excluding the Czech Republic and a decrease of 30.6% in actual currency. Revenue from Telefónica decreased 18.0% in constant currency and excluding the Czech Republic. 

Adjusted EBITDA for the first quarter of 2015 was $4.0 million, or 6.2% of revenue, compared to $5.4 million, or 5.8% of revenue, for the first quarter of 2014. The increase in adjusted EBITDA margin was driven by the positive impact of ongoing efficiency programs.

Strong Balance Sheet and Ample Liquidity Enhancing Financial Flexibility

At March 31, 2015, the Company had cash, cash equivalents and short-term financial investments totaling $192.1 million compared to $218.4 million in the same period of last year.   

At March 31, 2015, total net debt with third parties was $419.8 million, compared to $670.9 million in the same period of last year.

The Company's LTM adjusted EBITDA to net debt with third parties decreased to 1.4x at March 31, 2015 from 2.2x at March 31, 2014.

During the first quarter of 2015, the Company invested $9.1 million, or 1.8% of revenue, in cash capital expenditures related primarily for the construction and initial fit-out of our service delivery centers, and the acquisition of computer and technology equipment. Total capital expenditures of $48.7 million include $39.6 million related to the acquisition of license rights to use Microsoft Software.

2015 Business Outlook

The Company reiterates its previously disclosed guidance for the twelve months ending December 31, 2015. This guidance assumes no acquisitions or changes in the current operating environment, capital structure or exchange rates movements on the translation of our financial statements in USD. The Company expects normal seasonal impacts which would cause our quarterly revenue to follow similar trends as last year, with a greater portion recorded in the second half of the year.

  • Constant currency revenue growth estimated to range between 6% and 9%
  • Adjusted EBITDA Margin estimated to range between 13.0% and 13.5%
  • Effective Tax Rate to approximate 32%
  • Capital expenditures(1) as a percentage of sales to be around 5.0%
  • Costs not related to our core of operations to be around $9 million
  • Fully diluted shares outstanding to approximate 73.6 million

(1) Capital expenditure on a cash basis, includes payments for purchases of property, plant, equipment and intangible assets

Conference Call

Atento will host a conference call and webcast for investors on Wednesday, May 20, 2014 at 8:00 am ET to discuss the financial results. The conference call can be accessed by dialing (877) 407-3982 domestic, UK: (+44) 0 800 756 3429, Brazil: (+55) 0 800 891 6221, or Spain: (+34) 900 834 236. All other international callers can access the conference call by dialing (201) 493-6780. No passcode is required. Individuals who dial in will be asked to identify themselves and their affiliations. The conference call will also be webcasted through a link 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 three providers globally, based on revenues. Atento is also a leading provider for U.S.-based companies nearshoring CRM/BPO services to Latin America. Since 1999, the Company has developed its business model in 14 countries where it employs over 160,000 people. Atento has over 400 clients to whom it offers a wide range of CRM BPO services across multiple channels. Atento's clients are mostly leading multinational corporations in sectors such as telecommunications, banking and financial services, media and technology, health, retail and public administrations, among others. For more information visit www.atento.com.


Fonte: Atento

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