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Atento
First Quarter 2015
Results
May 20, 2015
Disclaimer
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This presentation has been prepared by Atento. The information contained in this presentation is for informational purposes only. The information
contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment
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This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws, that are subject to risks and uncertainties.
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our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business.
Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates,"
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nature of future operating or financial performance or other events. These forward-looking statements are based on assumptions that we have made
in light of our industry experience and on our perceptions of historical trends, current conditions, expected future developments and other factors we
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performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these
forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and
cause them to differ materially from those anticipated in the forward-looking statements.
Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking
statement speaks only as of the date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict
those events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements in this presentation
after the date of this presentation.
The historical and projected financial information in this presentation includes financial information that is not presented in accordance with
International Financial Reporting Standards (“IFRS”). We refer to these measures as “non-GAAP financial measurers.” The non-GAAP financial
measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be
considered in isolation or as a substitute for analysis of our operating results as reported under IFRS.
2
First Quarter Business
Highlights
Robust performance in Q1 2015
I
Solid revenue growth, strengthening the #1 market leadership position in the
BPO CRM LatAm market
—
II 
III—

Combined 13.9% constant currency revenue growth in Brazil and Americas

19.5% constant currency revenue growth in non-Telefónica business, in Brazil
—
Relevant client wins across all key verticals and geographies
—
On-going SoW expansion through higher value added solutions
Increased profitability in a challenging macro-environment
—
Adjusted EBITDA up 11.8% on constant currency basis to $58.3 million, +10bps
—
Adjusted EPS up 284% on constant currency basis to $0.20
—
Improved operations productivity, reduced staff turnover, and delivered OpEx
efficiencies
Enhanced capital structure supported by continued deleverage and strengthened
balance sheet
—
IV—
Revenue up 9.5%(1) on constant currency basis to $515.9 million
Net leverage to 1.4x from 2.2x in the prior year period
Reiterating outlook for 2015
(1) Constant currency revenue growth from continuing operations excludes the Czech Republic, which was divested in December 2014
4
Q1 2015 results driven by the execution of our Strategy
Key Proof Points
Above-Market
Growth
 Increased share of higher value added solutions
 ~ 24% of Revenue (+1.3 p.p. y-o-y)
 App. 2,200 workstations worth of business won in Q1
 Non-TEF Telco growth gaining speed: 9 deals with 5 clients in 3 countries
 Vertical leadership fueling new business: 5 Financial Services deals, with 4
clients in 3 countries
 Advancing the US Near-Shore agenda: ~ 120 new workstations
Best-in-Class
Operations
 Sustained momentum of the efficiency agenda in 2015
 Improved operations productivity and reduced staff turnover
 4.3 p.p. y-o-y improvement in billable / payable ratio
 ~ 1 p.p. y-o-y reduction in turnover
 Relevant OpEx efficiencies by leveraging scale and site location
 Over 15% savings on key categories by global procurement
 56% WS in Tier 2 cities in Brazil, from 54% in Q1 2014
 Ongoing people focus: Atento recognized for fifth consecutive year as one
Inspiring
People
of "The Best Companies to Work for in Latin America”
5
Reiterate 2015 outlook and ability to deliver sustainable
earnings growth over time
Drive efficiency
program to the
next level
Double down on
growth agenda
High visibility
from retained
client base
 99%+
revenue
retention
rate
 Telefonica
MSA
through
2021
Attractive
market growth
 Fast growing
market due to
favorable
industry
tailwinds &
market
dynamics
 SoW gains
through
increased
higher value
solutions
 Next wave of
cost savings
delivered by
margin
expansion
initiatives
Capital structure
optimization
Earnings
growth
 Enhanced
financial
flexibility and
improved cash
generation
 Ongoing
materialization
of new growth
avenues in
key verticals
and
geographies
6
First Quarter Financial
Performance
Q1 2015 Financial Highlights
Key highlights
Q1
Q1
USDm
2014
2015
Revenue
561.3
515.9
CCY growth
Adjusted EBITDA
9.5%
62.8
 Delivered strong financial results
 9.5%(1) CCY revenue growth ex-Czech Republic (13.9% in LatAm(2))
(1)
58.3
 11.8% CCY adj. EBITDA growth
 11.3% adj. EBITDA margin, an increase of 10 bps
 284.4% CCY increase in adj. EPS
 Significant regional progress
Margin
11.2%
CCY growth
Adjusted EPS
11.3%
11.8%
$0.06
$0.20
 Brazil: non-Telefónica client growth driving 11.8% CCY revenue
increase
 Americas: double digit CCY revenue growth
 EMEA: remains challenged
 Continued revenue diversification
CCY growth
Leverage (x)
284.4%
2.2
1.4
 Solutions penetration of 23.8% of total revenue (+1.3 p.p. y-o-y)
 Non-Telefónica revenue represented 55.1% of total revenue (+2.2
p.p. y-o-y)
 Increased financial flexibility
 Substantial deleveraging to 1.4x
(1) Excludes Czech Republic, which was divested in December 2014
(2) LatAm includes Brazil and Americas regions
8
Brazil summary financials
Revenue
$MM
CCY Growth
288.9
+11.8%
 11.8% CCY revenue growth, despite adverse macroenvironment
264.1
 19.5% CCY growth in non-Telefónica revenue driven by
implementation of new clients and SoW gains
 1.5% CCY growth in Telefónica revenue driven by
introduction of new services in Brazil
Q1 2014
 Significant commercial wins during Q1
Q1 2015
 Approximately 1,100 workstations won
Adjusted EBITDA
$MM
35.6
31.7
 Quality growth coupled with successful execution of
margin transformational initiatives
 11.2% CCY Adj. EBITDA growth
Q1 2014
Q1 2015
CCY Growth
Adj. EBITDA margin:
12.3%
12.0%
11.2%
Adj. EBITDA margin
ex-corp. costs allocation:
12.6%
12.9%
16.5%
 Excluding Corporate Costs allocation, Adj. EBITDA
margin increased 30 bps to 12.9% (vs. 12.6% in the
prior year period)
 Efficiency gains more than offset ramp up of new clients
9
Americas summary financials
Revenue
$MM
CCY Growth
 Double-digit CCY revenue growth driven by strong
performance across the region and across verticals
+17.3%
187.4
 13.9% non-Telefónica CCY revenue growth, driven by solid
growth in most markets supported by new and existing clients
179.1
 Significant commercial wins over the year
 Approximately 1,100 workstations won, including more
than 320 workstations in non-Telefónica telco
Q1 2014
 Added over 120 workstations in US nearshore,
expanding new services to existing customers and
adding new clients
Q1 2015
Adjusted EBITDA
$MM
24.9
23.4
 7.2% adj. EBITDA growth, driven by strong growth in
main countries
 Excluding Corporate Costs allocation, Adj. EBITDA
margin was 14.1%, or flat as compared to last year
Q1 2014
Q1 2015
CCY Growth
Adj. EBITDA margin:
13.9%
12.5%
7.2%
Adj. EBITDA margin
ex-corp. costs allocation:
14.1%
14.1%
17.1%
 Ramp up of new business being offset by gains derived
from efficiency programs
10
EMEA summary financials
Revenue
$MM
CCY Growth
(15.8)%
 EMEA remains challenged due to weak Spanish macroenvironment
93.3
64.8
 Revenue decreased by 12.8% CCY, adjusting for the
divestiture of the Czech Republic operation
 Positive trend in non-Telefónica revenue growth (ex-public
administrations)
Q1 2014
Q1 2015
Adjusted EBITDA
$MM
5.4
4.0
 40 bps margin expansion y-o-y, driven by positive impact of
the 2014 restructuring and efficiency program
Adj. EBITDA
margin:
Q1 2014
Q1 2015
CCY Growth
5.8%
6.2%
(7.4)%
11
Strong balance sheet and continued deleveraging
enhancing our financial flexibility
Comments
Balance Sheet
$MM
Q1 2014
Cash and cash equivalents
Q1 2015
218.4
192.1
1,417.3
611.8
Net Debt
670.9
419.8
Net Debt / Adj. EBITDA
2.2 x
1.4 x
Total Debt
 High liquidity profile through $192.1MM of
available liquidity and €50MM undrawn RCF
 Continued deleveraging from 2.2x to 1.4x
12
Maintain 2015 Outlook
CCY Revenue growth (%)
6% — 9%
Adj. EBITDA margin (%)
13.0% — 13.5%
CAPEX(1)/Revenue (%)
5.0%
Effective Tax Rate (%)
32%
Exceptional Costs
USD ~9m
(1) Capital expenditures on cash basis
13
Appendix - Reconciliations
Reconciliations
Reconciliation of Adjusted EPS to Profit/(Loss)
Reconciliation of EBITDA and Adjusted EBITDA
$MM, except per share
$MM
Q1 2014
Q1 2015
Q1 2014
Q1 2015
50.9
55.7
(14.6)
20.5
Acquisition and integration related costs
2.4
0.1
Acquisition and integration costs
2.4
0.1
Restructuring costs
5.0
1.0
Amort. of Acquisition of Intangibles
Sponsor management fees
2.7
-
9.6
7.7
Restructuring Costs
5.0
1.0
-
0.4
Sponsor management fees
2.7
-
1.9
0.3
Site relocation costs
-
0.4
Asset impairments and Other
(0.1)
0.8
Financing and IPO fees
1.9
0.3
Adjusted EBITDA (non-GAAP)
62.8
58.3
PECs interest expense
8.4
-
(0.1)
0.8
-
(13.0)
(10.8)
(2.9)
4.5
14.9
$0.06
$0.20
EBITDA (non-GAAP)
Site relocation costs
Financing and IPO fees
Profit for the period
Asset impairments and Other
Net foreign exchange gain of financial
instruments
Tax effect
Adjusted Earnings
Adjusted EPS
15