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07.05.2018 22:55
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Atento Reports Fiscal 2018 First-Quarter Results Highlighted by Solid Topline Growth
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PR Newswire
NEW YORK, May 7, 2018
NEW YORK, May 7, 2018 /PRNewswire/ -- Atento S.A. (NYSE: ATTO), 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 first-quarter 2018 operating and financial results. All comparisons in this announcement are year-over-year and in constant-currency (CCY), unless noted otherwise, and may differ from 6K due to certain intra-group eliminations.
Summary
| ($ in millions except EPS) | Q1 2018 | Q1 2017 | CCY Growth |
| Income Statement | | | |
| Revenue | 490.4 | 468.0 | +4.5% |
| EBITDA (1) | 49.8 | 50.2 | -1.0% |
| EBITDA Margin | 10.1% | 10.7% | -0.6 p.p. |
| Adjusted EBITDA (1) | 49.8 | 53.6 | -6.3% |
| Adjusted EBITDA Margin | 10.1% | 11.5% | -1.4 p.p. |
| Net Income (2) | (1.7) | 9.0 | n.m. |
| Recurring Net Income (2) | 7.8 | 12.5 | -40.3% |
| Earnings Per Share (2) | ($0.02) | $0.12 | |
| Recurring Earnings Per Share (2) | $0.10 | $0.17 | |
| Cashflow, Debt and Leverage | | | |
| Free Cash Flow (3) | (34.9) | (8.3) | |
| Net Debt | 394.4 | 368.9 | |
| Leverage (x) | 1.8x | 1.6x | |
| (1) | EBITDA is defined as profit/(loss) for the period from continuing operations before net finance costs, income taxes and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude restructuring costs, site relocation costs and other items not related to our core results of operations. EBITDA and Adjusted EBITDA are not measures defined by IFRS. The most directly comparable IFRS measure to EBITDA and Adjusted EBITDA is profit/(loss) for the year/period from continuing operations. |
| (2) | Reported Net Income and Earnings Per Share and Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Earnings Per Share refer only to continuing operations. Reported and Adjusted Earnings Per Share, for the period ended March 31, 2018, were calculated considering the weighted average number of ordinary shares of 73,909,056. For the period ended March 31, 2017, the number of ordinary shares was 73,909,056. Recurring Earnings and EPS attributable to Owners of the parent |
| (3) | We define Free Cash flow before interest and acquisitions as operating cashflow minus Capex payments and income tax expenses. |
Alejandro Reynal, Atento´s Chief Executive Officer, commented, "We continued delivering solid top line growth and revenue diversification in the first quarter of 2018, driven by 8% increase in revenues from Multisector clients supported by broad-based country gains. During the quarter we leveraged our Company expanded capabilities in digital customer experience and back office to provide even greater value to our clients and to continue extending our market leadership into the digital age."
Mauricio Montilha, Atento´s Chief Financial Officer, said, "The first quarter results were aligned with the Company's expectations, as mentioned in the short term trends provided within the guidance for the year. EBITDA Margins totaled 10.1% in the quarter with Americas posting margin improvement and Brazil in line with short term guidance. We are encouraged by improving trends in Q1 2018 versus Q4 2017 in Brazil and expect margins to recover throughout the year."
Mr. Reynal concluded, "We are reaffirming our financial guidance for the year and remain confident that in 2018 we will continue to make great progress for Atento. The macro environment continues to evolve favorably and support revenue growth. As we accelerate the execution of our growth strategy, we remain the reference partner for the CRM BPO needs of clients and help them to unveil the full potential of the digital transformation throughout the customer lifecycle."
First Quarter Consolidated Operating Results
All comparisons in this announcement, unless otherwise noted, are year-over-year and in constant-currency (CCY).
Consolidated revenues grew by 4.5% in the first quarter of 2018, driven by the strong growth from Americas and Brazil, as well as Multisector clients. On a reported basis, total revenue increased 4.8% in the quarter.
Revenues from Multisector increased 7.9% in Q1, representing 61.4% of total revenues, up 1.5 p.p. year-on-year. Revenues from Telefónica continued to present stability, down 0.6% in Q1, and our revenues from higher value-added solutions totaled 25.0% in the quarter, down 1.3 p.p. on changes in client mix.
EBITDA in the quarter totaled $49.8 million, down 1.0% year-on-year, while EBITDA margins totaled 10.1%, down 0.6 p.p. versus the same period of 2017. The drop in EBITDA margin is mostly explained by lower margins in Brazil, partially offset by improved margins in Americas. Margins in EMEA were stable.
In the quarter, recurring net income attributable to owners of the parent company reached $7.8 million, implying Recurring EPS of $0.10 vs $0.17 in the previous year. The lower recurring EPS can be traced to the drop in Adjusted EBITDA combined with higher taxes. Effective Tax Rate affecting Recurring Net Income was 51.3% vs 36.6% in Q1 2017 and is expected to normalize throughout the year.
Free cash flow before interest and acquisitions was negative $34.9 million, mostly driven by higher one-off working capital, that is expected to be normalized throughout the year. Capex payment as percentage of revenues was 2.7%, compared to 2.2% in Q1 2017.
At the end of the first quarter, Atento's gross debt totaled $494.6 million, down 6.5% YoY, while net debt stood at $394.4 million versus $368.9 million in Q1 2017. The net debt to adjusted EBITDA ratio was 1.8x compared to 1.6x both in Q4 2017 and Q1 2017, reflecting lower cash position.
Adjusted earnings, adjusted EBITDA and adjusted earnings per share are non-GAAP financial measures and are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.
Segment Reporting
| ($ in millions) | Q1 2018 | Q1 2017 | CCY growth |
| Brazil Region | | | |
| Revenue | 238.9 | 238.4 | +3.6% |
| Adjusted EBITDA | 26.4 | 34.3 | -20.2% |
| Adjusted EBITDA Margin | 11.1% | 14.4% | -3.3 p.p. |
| Operating Income/(loss) | (1.2) | 8.4 | n.m. |
| Americas Region | | | |
| Revenue | 190.6 | 173.4 Werbung Mehr Nachrichten zur Atento Aktie kostenlos abonnieren
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