Atento apresenta os resultados financeiros do quarto trimestre e de 2014

Atento apresenta os resultados financeiros do quarto trimestre e de 2014.

10 de março de 2015 download Download em PDF

Full Year 2014 Highlights

  • Solid growth and strengthened LatAm market leadership position, fuelled by strong commercial momentum, robust performance of key markets and favorable industry tailwinds
  • Revenue up 7.7% on constant currency basis to $2,298.3 million, driven by a combined 10.5% growth in the Americas and Brazil
  • Adjusted EBITDA up 13.7% on constant currency basis to $306.4 million, Adjusted EBITDA margin up 70 basis points, bolstered by improved operations productivity, operating efficiencies and evolved business mix
  • Enhanced financial flexibility bolstered by significantly improved free cash flow and reduced net leverage to 1.4x 

Fourth Quarter 2014 Highlights

  • Revenue up 5.8% on constant currency basis to $555.1 million, driven by a combined 8.4% growth in the Americas and Brazil
  • Adjusted EBITDA up 13.6% on constant currency basis to $86.5 million, driving strong margin expansion, with Adjusted EBITDA margin up 120 basis points
  • Sound liquidity with USD238 million of cash and cash equivalents at the end of the period

 

NEW YORK, NY - Atento S.A. (NYSE: ATTO), the leading provider of customer relationship management and business process outsourcing services in Latin America and Spain, today announced its financial results for the fourth quarter and full year 2014.

“We have delivered robust financial results in 2014, further strengthening our leadership position in the fast-growing BPO CRM LatAm market. We have achieved a solid double-digit revenue growth in the Latam region where we continue to benefit from favorable outsourcing trends, increased share of wallet with existing clients and new client wins. In addition, we have also achieved a strong performance in terms of margin expansion, reflecting the execution of our on-going efficiency programs, and an improved business mix. Our performance in 2014 provides an excellent foundation to continue investing in the growth of our business while delivering sustainable value creation for our shareholders,” said Alejandro Reynal, Chief Executive Officer of Atento.

Summary

($ in millions)

Q4 2013

Q4 2014

 

FY2013

FY2014

Revenue

593.8

555.1

 

2,341.1

2,298.3

CCY growth

 

5.8%

 

 

7.7%

Adjusted EBITDA

85.5

86.5

 

295.1

306.4

Margin

14.4%

15.6%

 

12.6%

13.3%

CCY growth

 

13.6%

 

 

13.7%

Cash and Cash equivalents(1)

213.5

238.3

 

213.5

238.3

Leverage (x)

2.2

1.4

 

2.2

1.4

(1) Cash and Cash equivalents includes short-term financial investments.

Group Consolidated Operating Results

For the full year 2014, revenue was $2,298.3 million compared to $2,341.1 million for the previous year, a decrease of 1.8 percent but an increase of 7.7 percent in constant currency, driven primarily by a strong performance in the Americas and Brazil, largely offsetting the reduction in EMEA. Revenue in LatAm, including Americas and Brazil, increased 10.5 percent in constant currency.

We have continued to increase our revenue diversification from Telefónica with significant customer wins in the Telco, financial, retail and other segments. As of the end of the year, non-Telefónica revenue represented 53 percent of total revenue, an increase of 2 percentage points over the prior year.

For the fourth quarter of 2014, revenue was $555.1 million compared to $593.8 million for the same quarter of the previous year, a decrease of 6.5 percent but an increase of 5.8 percent in constant currency. Strong growth was driven by LatAm revenue, including Americas and Brazil, increasing 8.4 percent in constant currency over the period.

Adjusted EBITDA for the full year 2014 was $306.4 million, or 13.3 percent of revenue, compared to $295.1 million, or 12.6 percent, for the full year 2013, an increase of 3.8 percent and 13.7 percent in constant currency. The robust increase in adjusted EBITDA was driven by improved operations productivity, reduced employee turnover, operating efficiencies and improved revenue margin mix.

Adjusted EBITDA for the fourth quarter of 2014 was $86.5 million, or 15.6 percent of revenue, compared to $85.5 million, or 14.4 percent of revenue, for the fourth quarter of 2013, an increase of 1.2 percent and 13.6 percent in constant currency. The increase in adjusted EBITDA was primarily attributable to growth with existing customers, better revenue margin mix and operational efficiencies achieved from our ongoing margin expansion initiatives.

Adjusted earnings was $82.7 million for the full year 2014, compared to $85.2 million for the full year 2013. Adjusted earnings per share was $1.12 in the full year of 2014, an increase of 7.5% in constant currency despite $33.4 million negative impact from non-cash net foreign exchange losses 

Adjusted earnings was $31.5 million in the fourth quarter of 2014, compared to $43.5 million for the fourth quarter of 2013. Adjusted earnings per share was $0.43 in the fourth quarter of 2014, a decrease of 20.6% in constant currency impacted by $15.0 million non-cash net foreign exchange losses and increased tax charges from non-deductible IPO expenses and write-off of existing tax credits at Spanish entities.

Free Cash Flow improved to $15.2 million in 2014 from $(3.4) million for the full year 2013, a significant increase driven by a stronger net cash flow from operating activities.

Free Cash Flow was $(28.8) million for the fourth quarter of 2014 compared to $(15.0) million in the same quarter last year, a decrease of 92 percent primarily due to exceptionals costs incurred in connection with our Initial Public Offering (IPO).

Adjusted quarterly and full-year 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

 

Q4 2013

Q4 2014

 

FY 2013

FY 2014

Brazil Region

 

 

 

 

 

Revenue

306.6

278.6

 

1,206.1

1,184.8

CCY growth

 

2.5%

   

7.5%

Adjusted EBITDA

49.9

48.4

 

161.1

172.1

Margin

16.3%

17.4%

 

13.4%

14.5%

CCY growth

 

8.6%

 

 

16.9%

Americas Region

         

Revenue

198.3

202.7

 

772.7

779.4

CCY growth

 

17.4%

   

15.3%

Adjusted EBITDA

34.6

32.5

 

118.4

117.7

Margin

17.4%

16.0%

 

15.3%

15.1%

CCY growth

 

7.2%

 

 

10.7%

EMEA Region

         

Revenue

89.0

74.0

 

363.1

334.8

CCY growth

 

(8.4)%

   

(7.7)%

Adjusted EBITDA

4.3

9.0

 

26.7

26.4

Margin

4.8%

12.2%

 

7.4%

7.9%

CCY growth

 

120.9%

 

 

(1.2)%

 

Brazil Region

For the full year 2014, revenue for the Brazil region was $1,184.8 million compared to $1,206.1 million for the previous year, a decrease of 1.8 percent but an increase of 7.5 percent in constant currency.

For the fourth quarter of 2014, revenue for the Brazil region was $278.6 million compared to $306.6 million for the same quarter of the previous year, a decrease of 9.1 percent but an increase of 2.5 percent in constant currency.

Our revenue performance in the Brazil region in the year highlights the value proposition of Atento as a fully independent company, as we continue to execute on our revenue diversification strategy and drive growth outside of Telefónica, and our ability to perform strongly in different macro environments.

Non-TEF revenue showed a remarkable performance in the year driven mainly by growth with new clients in the Telco sector, with revenues rising at double digit growth rates (+11.0%) in the year.

Adjusted EBITDA for the full year 2014 was $172.1 million, or 14.5 percent of revenue, compared to $161.1 million, or 13.4 percent of revenue, for previous year.

Adjusted EBITDA for the fourth quarter of 2014 was $48.4 million, or 17.4 percent of revenue, compared to $49.9 million, or 16.3 percent of revenue, for the fourth quarter of 2013.

The margin increase was driven by strong growth in revenue, enhanced margin mix and operating efficiencies from our margin expansion initiatives.

 

Americas Region

For the full year 2014, revenue for the Americas region was $779.4 million compared to $772.7 million for the previous year, an increase of 0.9 percent and 15.3 percent in constant currency.

For the fourth quarter of 2014, revenue for the Americas region was $202.7 million compared to $198.3 million for the same quarter of the previous year, an increase of 2.2 percent and 17.4 percent in constant currency; driven largely by solid performance across our main countries encompassing the region, increased share of wallet with existing clients and new customer wins.

Adjusted EBITDA for the full year 2014 was $117.7 million, or 15.1 percent of revenue, compared to $118.4 million, or 15.3 percent of revenue, for previous year.

Adjusted EBITDA for the fourth quarter of 2014 was $32.5 million, or 16.0 percent of revenue, compared to $34.6 million, or 17.4 percent of revenue, for the fourth quarter of 2013. Adjusted EBITDA strong performance across the region in the year was driven by ongoing margin expansion initiatives and higher margin revenues. In the fourth quarter of 2014, adjusted EBITDA margin was impacted by higher commercial costs to drive our growth initiatives and allocation of corporate costs.

 

EMEA Region

For the full year 2014, revenue for the EMEA region was $334.8 million compared to $363.1 million for the previous year, a decrease of 7.8 percent and 7.7 percent in constant currency.

For the fourth quarter of 2014, revenue for the EMEA region was $74.0 million compared to $89.0 million for the same quarter of the previous year, a decrease of 16.9 percent and 8.4 percent in constant currency; driven largely by a decrease in volume with Telefónica.

Non-Telefónica revenue increased in the year by 6.8 percent, as we start to see the benefit from the stabilization of the Spanish economy and our growth strategy with new clients. 

Adjusted EBITDA for the full year 2014 was $26.4 million, or 7.9 percent of revenue, compared to $26.7 million, or 7.4 percent of revenue, for the previous year.

Adjusted EBITDA for the fourth quarter of 2014 was $9.0 million, or 12.2 percent of revenue, compared to $4.3 million, or 4.8 percent of revenue, for the fourth quarter of 2013, fuelled by the positive impact of the restructuring process executed in Spain. 

Strong Balance Sheet and Ample Liquidity Enhancing Financial Flexibility

At December 31, 2014, Atento had cash, cash equivalents and short-term financial investments totaling $238.3 million compared to $213.5 million over the same period last year.  

At December 31, 2014, total net debt with third parties was $415.0 million, compared to $637.7 million at the end of 2013. The reduction in total net debt with third parties was driven by increased EBITDA growth and enhanced Free Cash Flow generation over the period.    

The Company’s LTM Adjusted EBITDA to net debt with third parties decreased to 1.4x at December 31, 2014 from 2.2x at December 31, 2013.  

The Company´s financial structure was significantly improved at December 31, 2014 compared to the previous year, driven by debt reduction and the capitalization of Preferred Equity Certificate instruments (PECs) upon completion of the Company’s Initial Public Offering (IPO). Equity increased to $464.9 million at December 31, 2014, from $(134.0) over the same period last year.

During the fourth quarter of 2014, the Company invested $54.7 million, or 9.9 percent of revenues, in capital expenditures primarily for the construction and initial fit-out of our service delivery centers, and the acquisition of computer and technology equipment. For the full year 2014, the Company invested $120.1 million, or 5.2 percent of revenues.    

2015 Business Outlook

For the twelve months ending December 31, 2015, the Company anticipates the financial results presented below. 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 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  
  • Atento will host a conference call and webcast for investors on Tuesday, March 10, 2014 at 8:00 am EST 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) 900 834 239. 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.

Conference Call

Atento will host a conference call and webcast for investors on Tuesday, March 10, 2014 at 8:00 am EST 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) 900 834 239. 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 Spain, and among the top three providers globally, based on revenues. Since 1999, the Company has developed its business model in 14 countries where it employs over 154,000 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.


Fonte: Atento

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