Atento. Fiscal 2017 Second Quarter Results. August 15, 2017

Transcription

1 Atento Fiscal 2017 Second Quarter Results August 15, 2017 Investor Relations Shay Chor Felipe Joaquim Martins de Souza 1

2 Disclaimer 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 decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws, that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements give 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," "predicts," "intends," "continue, the negative thereof and other words and terms of similar meaning in connection with any discussion of the timing or 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 believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of 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. Other factors that could cause our results to differ from the information set forth herein are included in the reports that we file with the U.S. Securities and Exchange Commission. We refer you to those reports for additional detail, including the section entitled Risk Factors in our Annual Report on Form 20-F. 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. Additional information about Atento can be found at 2

3 Business Highlights and Strategic Overview Alejando Reynal, CEO 3

4 Solid Topline Growth, Stable Margins and Enhanced Capital Structure* Strong top line growth in multisector (1) driven by Brazil and Americas Consolidated revenues up 2.4%, multisector up 8.5% Multisector broad based gains in Brazil and Americas, up 11.2%, and 6.5%, respectively Revenue mix from higher value-added solutions up 330bps to 26.3% Telefonica revenues stable versus prior quarters Atento Digital unit launched and Keepcon partnership New Digital business unit: generates value for clients and drives growth across verticals and geographies Keepcon partnership: leading provider of technology-based solutions for monitoring and analysis of customer s interactions through NLP (natural language processing), AI and analytics Stable Adjusted EBITDA and Recurring EPS Adjusted EBITDA margin of 11.1% in Q2. 1H17 margin of 11.3% in line with FY17 guidance Ramp up of growth impacting margins, partially offset by improved revenue mix and efficiency initiatives Adjusted EPS flat at $0.13 in Q2. 1H17 Adjusted EPS up $0.04 Enhanced Capital structure Accelerated debt paydown and debt refinancing leading to higher flexibility and accretion to EPS Debt refinance estimated to reduce interest expenses by $10-15mm p.a. as of 2018 Revising Full-Year 2017 Guidance Highlighted by improved revenue growth outlook of 5% to 8%, from 1% to 5% (1) Multisector equals total clients excluding Telefonica; *Unless otherwise noted, all results are for Q2 2017; all revenue growth rates are on a constant currency basis, year-over-year, and exclude the effect of our Morocco business divested in September,

5 Three Pillar Growth Strategy Continues to Deliver Results Across Key Verticals Consolidate Leadership in Core Voice Continue Growth into Higher Value-Added Solutions Accelerate Profitable Growth with mainstream Digital Offer Telecommunications $3 Bn market (1) 3% share Financial Services $2.5 Bn market 22% share Other Verticals $2 Bn market 10% share US Nearshore $2.5 Bn market 2.8% share Digital $1 Bn market 11% share Continued positive commercial momentum in Telco Non-TEF, +2,400 WS in Q2 Telefonica: +600 new workstations in Q Demand for digital solutions remains a source of new opportunities with existing clients Ongoing opportunities, +750 WS in Q2, ~35% from new clients Interfile acquisition completed in June/17: Combination creates the leading provider of credit origination BPO solutions in the LatAm market Continued growth in other industries, 5 new logos won in Q2, with new WS New clients wins in retail, tech, travel services and utilities industry verticals New client win in Q2 in the technology sector Upside potential due to Atento strong competitive position and low market penetration Digital Business unit launch, in line with ongoing focus on CRM/BPO digital services Keepcon partnership: expansion of digital capabilities in monitoring and analysis of customer s interactions through NLP (natural language processing), AI and analytics (1) Excludes Telefonica 5

6 Solid Revenue Evolution as a Result of Consistent Growth Strategy Execution Revenues from multisector have grown a strong 27% since 1Q15, in a period with combined negative GDP in the countries we operate Revenues from TEF stabilizing back to early 2015 levels Strong growth of higher value-added solutions Quarterly revenue Growth (in CCY) (1) Services / solutions mix (in CCY) (1) Q Q % 26.3% % 73.7% Solutions Services Solutions Services CAGR Solutions (2) 10% 90 Q Q Q Q Q Q Q Q Q Q CAGR Services (2) 4% Total Revenues Multisector Revenues Telefónica Revenues (1) Base 100. Constant currency growth, based on company FX estimates. (2) CAGR from Q to Q

7 Leadership Position and Strategy Execution to Result in Sustained Growth Largest CRM/BPO provider in $10Bn Latin America market Well positioned to extend leadership as market grows to $15Bn by 2020 Continue to be the reference partner for the CRM/BPO needs of our clients SUSTAINED GROWTH MAINSTREAM DIGITAL OFFER Enabling digital solutions 2017 DIGITAL GROWTH INTO HIGHER VALUE-ADDED SOLUTIONS Expanding portfolio to offer complete end-to-end solutions LEADERSHIP IN CORE VOICE Continued demand for outsourcing of business processes INTERATED BACK OFFICE END TO END COLLECTIONS CUSTOMER SERVICE SALES COLLECTIONS TECHNICAL SUPPORT BACK OFFICE 7

8 Financial Results Mauricio Montilha, CFO 8

9 Consolidated: Positive Revenue Momentum Highlighted by Brazil Highlights (1) Q2 YTD US$ MM Except per share P&L Statement Revenue CC Growth (1) 2.4% 2.7% Adjusted (2) EBITDA CC Growth (1) -6.1% -3.2% Margin 11.1% 12.1% 11.3% 11.9% Net Income EPS $0.13 $0.13 $0.30 $0.26 Reported (3) Net Income (3.7) (8.1) 5.4 (12.9) EPS ($0.05) ($0.11) $0.07 ($0.16) Cashflow, Debt and Leverage FCF Before Net Interest and Acquisitions (4) Net Debt Leverage (x) (5) Continued positive revenue trend: up 2.4% Strong 8.5% growth from multisector driven by new service/client wins in all regions Revenues from multisector up 390bps to 60.5% TEF revenues remained stable vs Q1 2017, and decreased 5.8% in Q2 Improved revenue mix: higher value-added solutions up 330bps to 26.3% of revenues in Q2 New client wins: ~5,000 workstations in the quarter, ~39% from financial services and other clients Stable profitability, in line with FY17 guidance Adjusted EBITDA margin impacted by ramp up of new services/clients Adjusted EPS flat at $0.13, up $0.04 YTD Lower interest expense, but higher taxes in Q2 Positive FCF before interest and acquisitions of $15.4 million Leverage ratio down to 1.8x (1) Unless otherwise noted, all results are for Q2 2017; all revenue growth rates are on a constant currency basis, year-over-year, and exclude the effect of our Morocco business divested in September, (2) EBITDA, Adj. EBITDA and Adj. Earnings are Non GAAP measures. For more information, see Glossary page. (3) Reported Net Income and Earnings per Share (EPS) include the impact of non-cash foreign exchange gains/losses on intercompany balances. 9 (4) We define Free Cash flow before interest and acquisitions as operating cashflow minus Capex payments and income tax expenses. (5) Leverage ratio as of June 30, on a proforma basis, considering the new capital Structure, Leverage is at 1.6x

10 Brazil: Strong YoY Growth Highlights (1) Q2 YTD US$ MM Revenue CC Growth (1) 5.8% 5.5% Reported Operating income/(loss) CC Growth (1) 26.4% 66.3% Adjusted EBITDA (2) EBITDA Margin (2) 12.3% 13.4% 13.4% 13.5% Revenues up 5.8% in Q2 Revenues from multisector up 11.2% supported by new service/client wins, mostly non-tef telcos and financial services Revenues from multisector clients up 330bps to 68.8% TEF revenues stable vs 1Q17 and 4Q16; down 4.4% YoY Revenue mix from higher value-added solutions at 36.3% ~1,850 Workstations won in Q2, mostly from multisector Profitability Adjusted EBITDA margins declined 110bps Ramp up from new acquired services/clients (1) Unless otherwise noted, all results are for Q2 2017; all growth rates are on a constant currency basis and year-over-year. (2) EBITDA and Adj. EBITDA are Non GAAP measures. For more information, see Glossary page. 10

11 Americas: Strong Multisector Growth Highlights (1) Q2 YTD US$ MM Revenue CC Growth (1) -0.3% -0.3% Reported Operating income/(loss) CC Growth (1) -26.8% -39.6% Adjusted EBITDA (2) EBITDA Margin (2) 11.7% 12.9% 10.9% 13.0% Multisector revenues up Revenues from multisector up 6.5%, driven by higher volumes in Argentina, Colombia, Chile and U.S. Nearshore Revenues from multisector up 370bps to 57.6% TEF down 8.1% reflecting late-2016 volume reduction in Mexico and Argentina Revenue mix from higher value-added solutions at historical high of 17.5% in Q2, up 5.2 p.p. YoY ~2,700 workstations won in Q2, ~60% from new clients Profitability Adjusted EBITDA margin 120 bps below Q2 2016, driven by: Ramp up from new contracts in Argentina, Colombia and Chile TEF Volume adjustments in Mexico and Argentina (1) Unless otherwise noted, all results are for Q2 2017; all growth rates are on a constant currency basis and year-over-year. (2) EBITDA and Adj. EBITDA are Non GAAP measures. For more information, see Glossary page. 11

12 EMEA: Margin Trajectory Continues to Improve Highlights (1) Q2 YTD USD$MM Revenue CC Growth (1) -2.0% 1.1% Reported Operating income/(loss) 1.2 (1.7) 3.1 (4.9) CC Growth (1) N.M N.M Adjusted EBITDA (2) EBITDA Margin (2) 6.9% 6.2% 7.2% 5.5% Revenue mix up in Q2 Revenues from multisector reached 35.7%, up 70bps Multisector revenues remained stable in Q2 vs last year TEF revenues down 3.0% in Q2 2017, reflecting business stabilization Revenue mix from higher value-added solutions up 200bps to 12.2% Continued Margin Expansion Adjusted EBITDA Margin increased 70 bps to 6.9%, driven by improved business mix and the continued cost reduction initiatives (1) Unless otherwise noted, all results are for Q2 2017; all revenue growth rates are on a constant currency basis and year-over-year and exclude the effect of Morocco. (2) EBITDA and Adj. EBITDA are Non GAAP measures. For more information, see Glossary page. 12

13 Cash Flow Q2 YTD Free Cash Flow (FCF) US$ MM Operating Cash Flow (1) Cash Capex (2) (10.1) (20.6) (24.2) (39.7) Income Tax Paid (4.4) (7.7) (10.1) (14.2) Free Cash Flow before interest and Acquisitions Adj. EBITDA to Cash Conversion (%) 29.4% 62.3% 5.4% 6.1% Acquisitions (27.1) 0.0 (27.1) 0.0 Net Interest Paid (14.8) (21.7) (28.5) (36.1) Free Cash Flow (FCF) (26.5) 12.1 (49.9) (29.8) Operating Cash flow reached $30 million in the quarter Adj. EBITDA to cash conversion of 29.4% in the quarter YoY, cash conversion is in line with business seasonality, and relatively flat versus 1H2016 Lower interest expense from accelerated debt pay-down (additional $27MM payment in April) (1) We define Operating Cash flow as Net Cash flow from/(used in) operating activities (as per 6K) adding back net interest and income tax expenses. (2) Does not consider acquisitions 13

14 Debt Refinancing: Improved Cashflow, EPS Accretion and Increased Flexibility New Senior Secured Notes: $400mm, 5NC2 (1) secured, coupon of 6.125% Refinance the $300mm 2020 SSN and the 2019 Brazilian debentures of $129mm New bond guaranteed by subsidiaries, including Brazil and Argentina Improved Liquidity: Revolver Credit Facilities up to $105mm vs $57mm in previous SSN Multi-currency Super Senior RCF of $50mm, up to 4.5 years Multi-currency RCF of $55mm, up to 1 year in Brazil, Mexico, Colombia and Spain $45mm positive cash impact in 3Q17 from the unwinding of existing hedges Higher flexibility Incurrence covenants vs maintenance in previous debts Flexibility to pay dividends up to 6% of Market Cap Lower Cost New issuance coupon of 6.125% vs 7.375% in 2020 SSN Interest hedged at 7.2% vs Brazilian debenture cost of CDI+3.7% Debt refinance estimated to reduce interest expense by $10-15mm p.a. (2) as of 2018 versus 2017 revised Guidance (1) Denotes a 5 year bullet Bond with 2 year non-call provision (2) Pre-tax 14

15 Revising FY 2017 Guidance Improved revenue growth outlook of 5% to 8%, from 1% to 5% Margins for 2H17 trending to high end of guidance Debt refinance impacting 4Q17 onwards Estimated to reduce interest expenses by $10-15mm p.a. as of 2018 Guidance - FY 2017 New Consolidated Revenue Growth (CCY) 5% to 8% 1% to 5% Adjusted EBITDA Margin (CCY) (1) 11% to 12% 11% to 12% Net Interest Expense $55MM to $60MM $60MM to $65MM Cash Capex (% of Revenue) ~3-4% ~3-4% Effective Tax Rate ~39% ~34% Diluted Share Count ~73.9MM shares ~73.9MM shares Cash conversion as % of Adj. EBITDA (2) ~40% ~40% Old (1) Adjusted EBITDA and margin exclude the impact of restructuring and site relocation expenses. We exclude these from our adjusted numbers to more clearly show the underlying health and trajectory of our business. (2) Cash conversion equals free cash flow before interest and acquisitions as a percent of adjusted EBITDA 15

16 Recap Solid Topline Growth with Stable Margins Focused growth strategy drove increase in revenues, with multisector broad based gains in all regions YTD Enhanced Capabilities to Drive Future Growth Positive Operating Cash Flow and Enhanced Capital Structure Debt refinancing accretive to EPS and cash generation Revised Full-Year 2017 Targets Highlighted by improved revenue growth outlook 16

17 Appendix About Atento Financial Reconciliations Debt Information Glossary 17

18 About Atento 18

19 Differentiated Competitive Advantages Leader in attractive, high-growth LatAm market. Long-lasting client relationships due to vertical expertise and growing portfolio of services and solutions. Superior pan-latam operational delivery platform. Clear strategy for sustained growth and strong shareholder value creation. Experienced, proven management team with strong track record. 19

20 Atento at a Glance Leading CRM/BPO provider in Latin America and among the top five largest globally by revenues ($1.8bn in 2016) Revenues by region, offering and customer (2) 94 contact centers in 13 countries globally 150,000+ employees and 87,000+ workstations globally Provides growing end-to-end solutions for customers across sectors and capabilities Brazil 49.3% Americas 39.2% EMEA 11.5% Founded in 1999 as provider to Telefonica Group; acquired by Bain Capital in 2012 Superior operational delivery platform in LatAm region Long-standing relationships with 400+ blue-chip clients Strong relationship with Telefonica, supported by Master Services Agreement ( MSA ) through 2021/2023 Unique people focus: only CRM BPO company among the 25 best multinationals to work for and only LatAm based company (1) Services 73.7% Telefonica 39.5% Solutions 26.3% Non-Telefonica 60.5% (1) Awarded by the Great Place to Work Institute ( GPTW ) (2) Based on Q revenue of $473.7MM; Telefonica and Non-Telefonica revenue based on Q

21 Evolution of Leadership Position in LatAm CRM BPO Market 1999 Telefonica call center in Spain and Brazil 2016 The Leader in pan-latam CRM BPO Extended footprint across Latin America (1) (2) 1.8 Added $2 billion in revenues <0.5 Revenues $Bn Revenues $Bn ~57.5% Highly diversified client base ~10% % non-tef revenues % non-tef revenues Expanded higher value-added solutions offerings Sales Customer Service Sales Insurance Management Smart Collection Customer Service Smart Credit Solution Credit Card Management Credit Management Complaints Handling Multi-channel Customer Experience Technical Support Back Office B2B Efficient Sales Advanced Technical Support Built largest execution platform in Latin America <20k Workstations 87k+ Workstations (1) Flags represent Brazil and Spain. (2) Flags represent Brazil, Spain, Peru, Panama, Guatemala,,El Salvador, Chile, Colombia, Argentina, Mexico, Puerto Rico, the U.S and Uruguay. 21

22 Largest CRM BPO Provider in Latin America Market leader in the largest markets CRM BPO market share (%) $9.6Bn LatAm CRM BPO market One of the largest players in the world 2016 Revenues ($Bn) USA Mexico Puerto Rico El Salvador Guatemala Panama Colombia Spain Peru Brazil Chile Argentina Uruguay 0.6 (1) Pro forma for Stream acquisition Leadership in LatAm & Spain % % % % % 2 9.1% Source: Frost & Sullivan / DBK (1) Atento market share position as of 2015 (2) Market share in terms of revenue 22

23 Services portfolio and multi-channel offerings have evolved into differentiated, value-added solutions We offer a comprehensive portfolio of services via robust multi-channel offerings Vertically-driven solutions portfolio Sales Customer Service Credit Management Technical Support Back Office Insurance Management Smart Credit Solution Complaints Handling B2B Efficient Sales Onsite Telephone Smart Collection Multi-channel Customer Experience Credit Card Management Advanced Technical Support VPA Kiosk VPA Web CUSTOMER EXPERIENCE Apps SMS Social Networks Chatrooms Deeply embedded processes Stronger alignment with clients Scalable industry expertise Higher value-added with increased profitability 23

24 Superior pan-latam operational delivery platform State-of-theart Technology Blue-chip Tech Partners Avaya Cisco HP Microsoft Nice Verint Robust, Globally Standard Processes 0.02% Unscheduled downtime in 2015 Standardized Large-scale Processes Three globally connected Command Centers Centralized, standard automated recruiting Performance based learning 1,400,000+ applications (1) 15.6MM+ hours of training (1) Highly Motivated Employees Industry leading culture and globally recognized Great Place to work Globally recognized as one of the 25 Best Multinationals to work for the 4 th consecutive year in 2016 Only CRM BPO company in the top 25 Only LatAm based Company in the top 25 Great Place to Work in 9 countries (1) (1) 2015 figures 24

25 Services Financial Services case study: deep expertise drives increased mix of value-added solutions overtime Strong relationship spanning many services and countries. Customer Service Sales Client services and solutions offerings Services Solutions with increasing depth of offerings Credit Card Management Back Office Insurance Management Multi-channel Customer Experience Insurance Management Credit Management Complaints Handling Advanced Technical Support Complaints Handling Advanced Technical Support In-person Services Back Office Back Office Sales Sales Automated Services Credit Management Credit Management Credit Management Customer Service Customer Service Customer Service Year Year 1 Current Case study: Financial Institution based in Mexico 25

26 Atento s Solutions Smart Collection Solutions to optimize collection/past due payments with specialized process and agents in credit management 100% variable compensation model that rewards efficiency of the agents and process Cost effective channel integration: phone, digital, in-person Collection software and automated enables (i.e voice mail, invoice letter Use of analytics / big data optimizing time to call and Contact channel Insurance Management Smart Credit Solution End-to-end solution covering the sales process, customer services, and associated back office including credit management process Specialized process: integrated process mapping and improvement, and technical back office support Channel strategy throughout the customers lifecycle, managing key events (e.g claims and incidents) Social BPM and workload, mobility software and communications tools Use of Atento intelligent Database (BIA), knowledge management, mystery shopper, survey, speech analytics Manages the overall contract formalization and provides sales and customer service and credit management Specialized process: back office, sales, customer service and credit management Channel integration and self-service ensuring just in time information Social BPM and workload, multichannel platform interface with client s software Use of big data, mystery shoppers, survey speech analytics Complaints Handling Solution to prevent and manage the overall complaints process Specialized process: back office and customer service; process mapping and continuous improvement Multichannel integration focusing on customer behavior Social BPM and workload, multichannel platform interface with client s software Use of knowledge management, speech analytics, mystery shoppers, survey 26

27 Atento s Solutions B2B Efficient Sales Manages small medium business lead generation and process execution Specialized process and agents in sales, process mapping and reengineering Channel integration (adapted for efficiency: phone, digital, back office, in person B2B sales software, multichannel platform, interface with client s software Use of analytics ; big data, BIA, knowledge management Credit Card Management Specialized processes for issuers and acquirers of payment cards (sales, cross and up-sales activities, credit analysis, usage management, requests and complaints and collection process) Cost efficiency channel integration: phone, digital, letters, in-person Social BPM and workload, multichannel platform, predictive dialers Use of analytics and big data, BIA, knowledge management Advanced Technical Support Single point of Contact (SPOC) to handle, diagnose and solve technical issues Certifications, process mapping and improvement, specialized agents in technical support Multichannel integration focusing on customer behavior Workload, mobility software and interface with client s software Use of knowledge management, speech analytics, mystery shoppers, survey Multichannel Customer Experience Digital channel integration and social media monitoring with automatic distribution Manages service levels and agent productivity customer service, collection and technical support Cost efficiency channel intergration and utilization strategy offering convenience and a better customer experience Multichannel platform: phone, vídeo, chat, , SMS, Facebook, Twitter, Whatsapp, in-person Use of analytics / big data, BIA, speech analytics, mystery shopper, survey 27

28 Financial Reconciliations 28

29 Adjustments to EBITDA by Quarter Fiscal 2015 Fiscal 2016 Fiscal 2017 ($ in millions) Q1 Q2 Q3 (1 ) Q4 (1 ) FY (4 ) Q1 Q2 Q3 (1 ) Q4 (1 ) FY (4 ) Q1 Q2 Profit/(loss) for the period (4.4) (7.8) (0.5) (3.7) Net finance expense Income tax expense Depreciation and amortization EBITDA (non-gaap) (unaudited) Acquisition and integration related costs Restructuring costs Site relocation costs Financing and IPO fees Contingent Value Instrument (41.7) (41.7) - - Asset impairments and Others (0.4) Adjusted EBITDA (non-gaap) (unaudited) (1) Information excludes the effect of Morocco business, which was divested in September, (2) Additional detailed information can be found on the 2Q17 6K form of the Company on the topics related to Reconciliation of EBITDA and Adjusted EBITDA. 29

30 Add-Backs to Net Income by Quarter ($ in millions, except percentage changes) Q1 Q2 Q3 (1 ) Q4 (1 ) FY (1 ) Q1 Q2 Q3 (1 ) Q4 (1 ) FY (1 ) Q1 Q2 Profit/(Loss) attributable to equity holders of the parent (4.4) (7.8) (0.5) (3.7) Acquisition and integration related Costs Amortization of Acquisition related Intangible assets Restructuring Costs Site relocation costs Financing and IPO fees Asset impairments and Others (0.4) DTA adjustment in Spain Net foreign exchange gain on financial instruments (13.0) (1.0) (0.5) (3.5) (17.5) (0.5) (0.2) 0.1 (0.1) (0.7) Net foreign exchange impacts (3.0) (3.3) 4.3 Contingent Value Instrument (26.2) (26.2) - - Tax effect (2.9) (3.5) (4.1) (2.9) (16.2) (5.3) (6.0) (5.1) (8.1) (23.5) (3.4) (2.0) Adjusted Earnings (non-gaap) (unaudited) Adjusted Basic Earnings per share (in U.S. dollars) (*) (unaudited) (1) Information excludes the effect of Morocco business, which was divested in September, (2) Additional detailed information can be found on the 2Q17 6K form of the Company on the topics related to Reconciliation of Adjusted Earnings to Profit/(loss). 30

31 FX Rates Average Average FX Assumptions Q1 Q2 Q3 Q4 FY 2016 Q Q Euro (EUR) Brazilian Real (BRL) Mexican Peso (MXN) Colombian Peso (COP) 3, , , , , , , Chilean Peso (CLP) Peruvian Soles (PEN) Argentinean Peso (ARS)

32 Revenue Mix by Service Type Fiscal 2015 Fiscal 2016 Fiscal 2017 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Customer Service 48.7% 48.0% 47.0% 47.9% 47.9% 49.6% 49.7% 50.2% 47.8% 49.0% 50.2% 51.7% Sales 18.2% 18.3% 18.2% 17.4% 18.0% 16.4% 16.3% 15.3% 17.2% 16.6% 16.3% 18.8% Collection 10.0% 10.3% 10.9% 11.2% 10.6% 10.2% 10.0% 9.4% 10.0% 10.1% 9.5% 8.6% Back Office 9.1% 9.4% 10.2% 10.2% 9.7% 10.5% 10.1% 11.2% 11.7% 10.8% 11.2% 8.3% Technical Support 10.7% 10.7% 10.5% 9.9% 10.5% 9.6% 9.4% 9.6% 9.2% 9.4% 8.7% 9.0% Service desk 0.1% 0.1% Others 3.2% 3.2% 3.2% 3.4% 3.3% 3.7% 4.5% 4.3% 4.1% 4.1% 4.1% 3.6% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 32

33 Number of Workstations and Delivery Centers Number of Number of Work Service Delivery Stations Centers (1 ) Q Q Q Q Brazil 46,286 47, Americas 36,978 36, Argentina (2) 3,670 4, Central America (3) 2,605 2, Chile 2,754 2, Colombia 7,508 7, Mexico 9,878 10, Peru 9,253 8, United States (4) 1,310 1, EMEA 6,642 5, Morocco (5) 1, Spain 5,566 5, Total 89,906 89, Notes: (1) Includes service delivery centers at facilities operated by us and those owned by our clients where we provide operations personnel and workstations. (2) Includes Uruguay. (3) Includes Guatemala and El Salvador. (4) Includes Puerto Rico. (5) Operations in Morocco were divested on September 30,

34 Debt Refinance - Overview US$MM Actual Adjustments Proforma Cash Balance EUR RCF (2) 57.1 (57.1) - Undrawn SS RCF (Club Multicurrency) Undrawn SS RCF (Bilateral Multicurrency) (=) Total Liquidity st Brazilian Debenture (CDI+3.7%) (129.4) - 2nd Brazilian Debenture (CDI+3.75%) % Senior Secured Notes due (304.2) % Senior Secured Notes due BNDES Credit Facility Other Borrowings (=) Total Debt (=) Net Debt Net Leverage (Net Debt / LTM Adj. EBITDA) 1.8x 1.6x Extension of Atento debt Maturity Profile Atento Current Debt Maturity Profile US$MM Average life of 2.3-years Atento Pro-Forma Debt Maturity Profile US$MM Average life of 4.4-years Cash Revolver (2) Cash Debt being repaid (1) Total Liquidity and Cash Balance does not include a $45mm positive cash impact in 3Q17 from the unwinding of existing hedges (2) Adjusted by EUR/USD FX of

35 Glossary of Terms Adjusted EBITDA EBITDA adjusted to exclude the acquisition and integration related costs, restructuring costs, sponsor management fees, asset impairments, site relocation costs, financing and IPO fees and other items which are not related to our core results of operations. Adjusted EBITDA margin Adjusted EBITDA excluding special items/operating revenue. Adjusted net income (loss) net loss which excludes corporate transaction costs, asset dispositions, asset impairments, the revaluation of our derivatives and foreign exchange gain (loss), and net income or loss attributable to non-controlling interests and debt extinguishment. Operating Cash Flow: Net Cash flow from/(used in) operating activities (as per 6K) adding back net interest and income tax expense. Free cash flow before interest and acquisitions We define Free Cash flow before interest and acquisitions as operating cashflow minus Capex payments and income tax expense. Liquidity cash and cash equivalents and undrawn revolving credit facilities. 35