ATTO - Earnings call transcript Q1 2021

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Operator

Good morning, and welcome to Atento's First Quarter 2021 Results Conference Call. Today's call is being recorded. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] I would now like to turn the conference over to Mr. Investor for Treasurer, Corporate Chor, Relations Atento. Director Shay go ahead. Please

Shay Chor

welcome, Thank first everyone, quarter and XXXX our to you, call. earnings conference

Here are call Jose Officer. for Atento's us and Financial Azevedo, Carlos CEO; Chief with Lopez-Abadia, today's

a open call will Following results, questions. the of and for Atento's operating review we your financial

Before been this International prepared will proceeding, Financial certain financial contain Reporting on note made that under information please Standards. comments call that has

various future the are factors. disclosure on performance presentation. may call information constitutes the not securities our contain uncertainties. guarantees which relevant regulators, results available of from We of as and our involve second In we slide differ included disclosure here addition, of to review earnings this result Certain complete publicly documents and invite forward-looking that and call forward-looking risks materially statements, filed the the a may you those encourage with statements you to in read

and presentation year-over-year investors.atento.com. public and Our a Carlos. now found basis. otherwise, that, constant on unless turn at note currency Please over I earnings growth are to call noted will filings all rates the can be

Carlos Lopez-Abadia

Thank gentlemen. you, and Good Shay. morning, ladies

our demand X% deliver plan has on of growth in which QX XXXX results growth for significant acceleration significant our for our able revenue, three-year the and which QX, have deliver very services a have In of we and optimistic of ahead seen with geographies cash the sales, with been the to makes meeting an revenue us and to we year We've all EBITDA of us allowed or operate, exceeding We transformation, rest XXXX started of year-on-year. where solid confident plan objectives. flow.

XX% last the improved also have with a our significantly We same growth. over quarter sales year

due particularly to have We in costs Brazil. Brazil EBITDA U.S., and despite able X.X% in increased growth, and to increase start-up by wages been

Very $XX higher importantly, to been since catch the QX in with operating QX costs. has further and XXXX. as contracts cash telecom the increase up million revenue almost the than from expect the start-up flow in profitability best We the XXXX

reflect you many our and results. is have of know, EBITDA results results, weakest is important to growth strong started I for industry of our account Telefonica that financial business grown flow and of X.X%. due our has the like with We're As aspects some in highlight we Along with in qualitative quarter growth our the XX% leading QX is our seasonality also business. very which This with of also our Multisector but results, achieving progress annual why to is it the the the all cash year-on-year, the an transformation. would QX geographies segments.

continue to portion of services generation New a sales, around significant our be XX%.

in and we have position to market past, the Brazil, the U.S. improve and our discussed emphasize As Latin particularly in to we extending leadership America, in in addition profitability continue EMEA.

next experience. five which As XX% focused This five. to providing a industry Next, prioritize now, customer pace us that on to hard right different us in in consequence, externally in have at what done improving we years been and parallel why is be that reach this disruptive has our last the the the level start-up do a with We believe we of we the currency. helping will innovation internally in our grow everything as XX% accelerator, in with revenue in programs running capabilities continue Atento four is with of the we growth, fast significantly continue from it U.S.

working and across allows provide end-to-end, engagement which Atento launching from a of management centralized, are of home regions. training, We us VirtualHub, collaboratively agents recruiting, from the home work different secure onboarding to from

Our more and than new of XX% represents sales. home working from our Atento@home today, supports, platform XX,XXX employees

service portfolio, the our to continue service current this crisis. expect We way be component beyond of to important an

the outlook, plan, of three-year profitability on including very terms the growth, In importantly, the deliver of continuing company. our and, track to of results deleverage further fully the we're

opportunities markets, While that feel advantage are challenges the year. a a several to growing performance. better and we transformation, that the to a strong in XXXX the feel an of start pandemic continues the much overall the position to major of of we significant accelerating manage factor year, be we last and were business a expecting in we take our of about optimistic deliver With rest strong

over to these and amplify it more Let will me who provide messages. details CFO, Jose, to turn our

Jose Azevedo

started boosted performance. more good Carlos, year-over-year, almost our in year, by Brazil All I Slide performed and you, quarter and profitable how high single-digits, first double-digits, growth delivering you presenting revenues we the and healthy both well nearly that in a XX% by you Brazil. followed EMEA see figures. of X, with revenue to and Telefonica the expanded detail growing X% Multisector On Thank day, X%, resumed Americas everyone. in very by regions will start can Spain.

we profitability, a wage reaching very mainly personnel EBITDA reflecting both $X.X expansion of of the of more of January implementation terms XX%, programs in client the regions related from expenses X, with come Americas new million EBITDA higher coming The to EMEA. and the minimum with in EBITDA especially efficiencies, in as up from In went X.X% down margin representing U.S. growth, adjustments $X in Americas improvements In with coupled strong in an million. growth operational the went doubled, Brazil, margin XX.X%. costs impact and X.X%, EMEA revenue EBITDA XX.X%. delivered than of

we XX.X%, bringing XX.X% the to expect level. Brazil We increase adjust to largely will year. EBITDA consolidated have prices inflation to passed margin on throughout impacts, been this in be contracts EBITDA If these to the exclude we as

million continued pleasured in present includes to since result quarters our million Slide capturing $XX first record gains. and next refinancing, period of expenses as will The is of we working track to Slide XX, third a the was quarter. million interest slide, seasonality, of improvement turn, solid efficiencies, and net to It of EBITDA by how XXXX. operating and cash would from flow. building net year-over-year a minus combined you refinancing that, bond like a control a be operating hedge moving the $XX first XX, to capital. cash onetime is $XX.X quarter first flow, record interest the payments plus payments, million. highlight we hedge we coming $X.X revenues amount reflecting gains, in free impacted debt increased very bond important in million, almost the in the historical are $XX.X debt flow, the This of This quarter to explain strict the our Despite in with On cash negative On million are forward, operational our efficiencies. with on closed or the related first positive operation I $X.X

As as in zero-based with in services a in implementation rightsizing, calls, delivered carrying we discussed budgets. of from total, and you XXXX. million XXXX initiatives as such of structural OpEx In previous cost we savings result reduction a shared $XX we

efficiencies now of the the happy report I'm already XXXX program program, second started the our working OpEx, on the the focused structural efficiencies profitability contracts. on of on focusing While to phase we that

when coupons way net us a are the end paved for issued our OpEx our refinancing was notes this a quarter in key completion commitments the new principal a to hedged consist senior cross-currency that million to and additional in extended that debt fourth savings on three five call of reported of of new hedging captured. $XX we with Slide was instruments, to in quarter life debt our already deliver real, the our a Peruvian of for refinancing the X.X resolved of $XXX years. and of These through and X.X The years The the during to average hedged maturity from our sheet of soles deleverage February secured years. another years swaps certain the improvement, already We Brazil reduction uncertainties milestone mainly structural protected XX, period On annualized $XX related instruments $XX we that with of expect XXXX. euro. the balance million capture capital heading million we by structure to and important to the to notes million until highlight

X.X% coupon with which made we X% to investors As devaluation. reference, the was X% and for Compared debt down rates the million, that compared net to at of equity to commitment is Brazilian and XXX% costs CDI, the a period only. to went have coupons year CDI our cost process was our the principle by approximately during X.Xx. for from per year, $XXX with and net leverage current totaled a equivalent bond approximately last same year, protect the the principal to per previous real refinancing of Hedging FX leverage a the

of end at of guidance are committed to we As X.Xx at I X.Xx to mentioned year to of the the the Xx delivering X.Xx and end XXXX. previously, the

been credit process. Brazil We have the improving repaid million, re-rating say saying, million. have one that of US$XX ended in we of with cash million period capital is I'm a healthy of lines we $XX our including the the drawn As $XXX balance elements of the revolvers. down happy structure of to of we key had one the approximately

will flow While of payment additional evolves. generation, on future how the the confidence largely this in pandemic revolvers the cash demonstrates depend

on I the quickly is of Slide can affect process, FX a how aspect to key fluctuation leverage like results discuss consolidated re-rating As our would our XX.

devaluations you in compared the end see can revenue impact left and QX being when greater QX reported in figures XXXX. chart, up On FX to growth results unfavorable. such EBITDA the constant top the the X.X% Despite XXXX the right X% as currencies, expansion, of

Brazilian bottom believe quarters, role this that next a for couple the the could headwinds the been you chart see can as now, less performance has this a we especially of the real, of in in slide. of with While FX while relevant play

decline a Following If the a onwards. XXXX XXXX Brazilian take XXXX a of we we factors. results XXXX comparisons are of not be pandemic, devaluations will believe and consensus, has reported of stabilized XXXX impacted operating FX on year-end external actual from proxy, But and sharp only results Atento. the QX year-over-year reflecting result well, FX as between we depending for by as QX as less QX real of better of the on QX

As to concludes With to focus support. and is and improve currencies you our aligned been share with This value my deleverage of company. our increasing this in Carlos Thank explained, remarks. we that, hard the interest for profitability your deliver results the these shareholders. our prepared to lower have our impacts,

move now Q&A. to Let's the

Operator

first comes from now Colicchio Barrington. begin Instructions] question-and-answer the [Operator will question ahead. We with Please session. Our go Vincent

Vincent Colicchio

you the in were drivers Was the up if What there? around curious give it offering? changing I'm color market. Carlos. us it the Yes, sales? Was U.S. the some could significant improvement

Carlos Lopez-Abadia

above. hasn't that the all it's nothing happened Yes, of And QX. in

U.S. market. to saw time, that denominated. first that my we growth, we're to I a You spoke, small will priorities terms fact the market guess, opportunity, was time the been so that very And U.S. to I fluctuations. going our the from, may importantly, have us. in also recall significant it we of exchange help over us indicated But balance both for of has emphasize to very margin, far, and dampen traditionally foreign one it's,

So it's continuous the result of a improvement.

in in To the the – And If motion on the been terms focus, our played and you're have market. done of terms all, QX of we've in services we sales And the very is and some in of U.S. to new also of well it's that not. market. one-off, sales first refocus improve growth globally thinking U.S. in sectors every continue the

and That's the for part we Did on is So I Vincent? of just this your the quarter-after-quarter questions, continue to U.S. address plan expect U.S. results in the progressing

Vincent Colicchio

you. this Yes. to you do of inflation, think year? able be most curious that wage And about pass through your Thank you'll

Carlos Lopez-Abadia

I'd to Yes. comment like on that.

we impact EBITDA profitability you the year, had the improved of terms bit revenues, subsequent activity, The in of QX took hit in terms some number, percentage number particularly cetera. costs of good in of and Because So quarters. we in see heard, ahead we've very of sales – number including a versus had our we terms And starting et QX which we EBITDA a for a positive impact successful significantly we have up. as of the – will reasons. the EBITDA in it, for every have we contracts very of so in much been last –

So that's cause. good a

inflation one on, so, other are wage is, as Brazil. is the you The focusing on in rightly

absorb that course the of year. We expect fully the to over

committed to as So terms delivering the and – that the of that's problem don't see delivering in we've guys. we plan not results a you

countries, about but of and we of – passing terms We've inflation pass-through many through board. of specifically specific for but across systematic In gotten the us, of years more Brazil in the keep pass-through, last we how improving do capabilities. more over important on couple it being and our very in course,

on keep doing So better. we

As expect pass the a last but don't to and the one is also year. that's we we And problem – it's year improve XXX% you of improving, But always are over all. impact this said, components. see the as at our only to know, pass-through impossible in we I as absorption that of

So very very profit we how profitability, cash with had. terms good we the year and flow we're happy of mention the to both started results in not that

our As I remarks, is XXXX is very the factors. for of of wage because for prognosis mentioned of starting the in QX of my seasonality, have weakest year, quarter we the important And rest way company prepared the us the started other typically year. terms inflation the and in this

Jose Azevedo

this we represents the that to to any inflation because, say years, say important year, to And mainly, expected two target we we important another the important around have impact year XX% least. pass-through, very adjust is historically, have Carlos, have to between don't XX% to Only that thing have accomplish, that and at yes, we XX%. amount we now. is, adjustments, This and

Carlos Lopez-Abadia

the points, is our fully the very absorb one, to the to Jose. impact this year would to past, we expect two are Those disproportionate mention good neglected particularly Yes. operation. was still, in it which but I first compared

Vincent Colicchio

how that? the I'm to the Jose, of savings And sorry the first meaningful was number second a that, if missed around there phase plan I cost compared if be can phase?

Jose Azevedo

if first that we can The I changed. give process you difference are to coming say say. moment, wave, first is, if both simple in this have more the simple can through between the was bidding cut, the They an I'll example. we

for finance, service – implemented example, a We have shared in implemented we have center.

for We kind still When have one evolves paid inflation so this quantity people. now about them. processes. some and ERP on. all digitalized for We're lines. is systems ongoing and of example, is digitalize less revenues, for like reduced of our wave we we're look increment This We speaking this thing. pass-through of We

terms we a to fixed some this – clients, have for the accomplish we And and The opportunities And emerge for point in still we costs, efficiencies speaking in operate, – now. moment, start that WAHA, yes, sites about WAHA the example, have more yes? WAHA. that some have operations want us, excellence clients. product. deploy we example, have that for to of model, of in services we're all worldwide. we and demand centers, We another bulk, we for how is center operational shared at we parties start has we now show and our new attend because have the And is terms

get long-term, a on Carlos yes? that expectation. we in the why that It's that's need and some contracts. a profit It's is invest. No. of efficiencies in to product, but for worked and that. – We close to – had the have go a have to long-term. funds to future, has the sites cut terms allow our we investments. WAHA that example, more we on today already a is model some speak time. say bit need us, it. – some it, create big We make is profitability yes? It's We about more and to a It in reason. will need have and We not is We And This

order we structure to we close example, that it the sites, future. a have better do to in have in cost For can

Vincent Colicchio

for questions. answering Thank you my

Carlos Lopez-Abadia

welcome. You’re

Operator

questions Chor Instructions] for received like turn via to the Shay to [Operator would over Mr. webcast. call I additional

Shay Chor

Sarah. Thanks,

a have questions here. of couple we So

the to results First the guidance of related versus year. for the questions

the develop is QX in QX how projections expectations? compared internal you the delivered guidance, your your for So – to XXXX compared when

Carlos Lopez-Abadia

Yes.

mentioned prepared in remarks, are most we in in metrics I QX. ahead my As

due it's As very I us traditional weakness QX said, to of that important weakness seasonality. the – for because the the

So feel that about we to gave us very guidance that allows the you. confident

Shay Chor

Okay.

you of going currency have on being your you should revenues. Carlos, into XX% hard for, forward, mentioned Do look how business? one Next hard about currency the hard we a target currency.

Carlos Lopez-Abadia

is question. very this – Well, it's good a

investors leader you long being in it. but a As a other of there's with challenges U.S. dollars, of make is U.S. our our there's some them that us of in lot tend at income and And a lot dollars, one that we Latin market invest currencies. very shot know, look in the come by of and advantages in well America, to revenue other

U.S. that it's that of and So pillars long-term being to critical per like we a Europe, increase and number. EMEA to strategy dampen a balance, se, to objective? currencies, the in to business fluctuations we but continuously more hard have of long-term Not the we that. Do would have have

will I the in remark after should year. a think regular the and be in that sorry, improve you – we you basis expect on steadily progress see making And think quarter we're I year to that reporting this you to – will regard. in quarter after

Shay Chor

on help quarter follow-up a seasonality. Can And what stronger for Okay. the us seasonality? the you? usually QX And is understanding the you and

Carlos Lopez-Abadia

Sure.

the number steadily typically, think more of and I that, improves look is you typically back, or the could at worst throughout years going see if you the less year. QX

the So this through improvement it's the which In adjustment our contracts And XX%-plus, – clauses or as that remark year, order inflation seasonality in year, Jose's as mentioned one as that expect about in constant percentage tend through number pass inflation an but our – that that of – government has through of different typically agreements a much to agreements we a the important of over come happens that inflation, an the to one case, And to effect. countries. us. them tend questions to then, impact tend clauses, in to year, earlier wage year. of have agreements, XX% union for we when costs The possible addressed, pass that the comment, the is we early our these in effects. into the

You are but higher continue certain and have of quarters, a of also do contracts. seasonality we number season. improving There's will in to can tend in That's with never Christmas associated can, ramp-up that the campaigns volumes November, we a of contracts. the fact effects pass Christmas a number XXX%. in There with that had and is of a also that particularly life, to number percentage. December the or season volumes December to

in a but think risk others, factors. bit So myself. are the a And without picture. those you of of probably those repeating are little two you gives terms. There That that

If it said be ups you be, that look we've again, be but this reasons, tends a down at the to the there I to year earlier, fact the important different very profile, is us. year. as And very could started for tends quarter-over-quarter steady for improvement for and strongly

Shay Chor

Okay. we question results EMEA your in Can very compared as strong you result a I in strong on What here should previous got the profitability seems business? This normalized of level a to EMEA, years. expect a profitability. elaborate?

Carlos Lopez-Abadia

new. that. by considering – recall, I difficult very about Particular I'm for the last the a improving it's big but sure but EMEA the steady – still it We quarters that thing one-offish where improvement, pandemic. you bit, operation, is after normalized, This to and year we may in not results. EMEA particularly was what things nothing said, of improve or year. quarter, in as a year very right? pandemic. continues are phases the one grow. on we U.S., of nothing We very to steadily impact of little Again, the a see profitability not been the general, early Spain, to was It also the after due year one of has were base even been you to the improving which on profitability But is Spain. in grow. – the doing we've mean for quarter indeed, of later Atento. QX, Spain significant us the sought And EMEA, continues for important focusing

quarters after you will if a we've quarter. general, been, numbers, number expect in we already, But and to continue. this at there over fluctuations we've quarter been trend of our is be course, a look having Of that

Shay Chor

your about business excited most speak today? And what your are you challenge? you makes as What Okay. biggest

Carlos Lopez-Abadia

being Well, I've of accused been pessimist. a

impact right? we we first, evolve, pandemic I where pandemic. a in how being will challenge – now or is that here. have So I'll our circumstances of expect operate. markets is the optimistic economies the major but we clearly, We improve unique to in of pessimist, the have we you, one with tell caution, and terms always But have in look challenge. we biggest the And The year, strongly right started I'm as the at very from significant all the major that we most meaning a biggest

to always the is improve cautious. concern. I So the believe are There evolution a or we are – going the things that to here, rest reasons are works. of believe but of portfolio And pandemic from we hopeful

this So evolve. complacent. prepared the are mentioned don't attentive – are we in result as show. situation, do as get my how And better particularly, we positioned much I to we remarks, we manage nevertheless, to things But not

sure making see So the continuity that of focused remarks. that optimistic? prepared protect What can on the Atento operation very we investment very protect and from protect the we overall it the our shareholders. You makes and of my business the of employees, me that probably we we were

tackling progress on ago improvement. is quarter that beginning lines of of with every services our have happy shows a than are only and margin higher the what started the not our are traditional to I'm we ones years to not in type that able that new I capability, the challenges also can the in time in do the business, the after answer steady but being that commercially able very continuous we've "Look, sectors, been and to We company new when we're our sales, sales we grow a very say, fact emphasis our three, as we to in Brazil, two, makes that markets, But position two continue we five very, very we touched years. also, we EMEA, on market particularly there, made for in doing more doing improve have the us, the of there. traditional there. you excited. can on been, we'll which past, increasing the U.S. much – that become – progress The and there well next we very one. That we such see growth the happy very, of impactful commercial couple in focus to of have very not U.S., – and markets, question we're put quarter. big Some happy I'm the me And that that we're that yield quickly in refocused new front, a them, with one-off."

on all the touched me those side, make So on the on things very, the side excited. market very on sales Also, Jose operations side, that.

is of to savings, Sometimes, When have over see, to on. about cost way. the changes to it calls. we like important. time, allow this, in cost of percent the that great about year position way better that we can x the what that, will of that after recurring, of us cost Jose be time into beginning reduction reduction, goes some we read change, a we And is do been cost you business to and which a probably after year most is you focusing structure. number cost in talks And have you're term. x had talk these again, what our we've But improvement long that's make made which year, in Efficiency not cost will going sustainable

a to the see to where of easily investments things you can had in particularly None these So are that this But operation. of significant make make we our steady done, middle protect important. is employees very pandemic, we and progress. happening. the Again,

structure to exciting on and little, cost our future the steadily way I doing. of progress feel Atento. but So time. improve the making for two the that progress long most was to is me markets we've strongly And and things in I'm answer, the about optimistic changing are long very sales by about what operate a steadily we're but That we we're the little very made

Shay Chor

together. couple and contracts. all try got I of summarize put questions them here I'll to a about

is on the you contracts? average can the inflation Or the about So enforce your how little How more will in renewal elaborate inflation tenure? the a you Can contract in of in inflation pass-through? you – contracts? elaborate contract? do inflation Is negotiated

Carlos Lopez-Abadia

tends of tenure the average The contract a year three Sure. be to mark. around

The there's and – huge have is right? to huge. Sometimes you standard a deviation distinguish, variation,

any have contracts probably years rarely or two But been And shorter than right? think have to We three that could place six longer, a if some be it's to you three in that good XX that. years, average so that two the we are terms years, so cases, many for planning. to service, use the or modifications things after continue Because we made contract, of type and although the and for others in have on, change forth. three and months,

you if not years, think or in terms it's of three average. two So a bad

possible, that right? pass-through all, been pass-through, clause. inflation no rules, what take of we that is into that's hard we – if terms expected In the an the In we the some contract have, that not so that inflation fast and there's ensuring first But every inflation. of we've but cases, into bake it we pricing, doing has over last years account few

your Just not or don't make but life because difficult, guaranteed. you more clause contract, because the easier this that have in you or it have

If don't. happen, that or cases, way requires it prefer element contract. a discussion As number These was is into happens a pass-through. it a they inflation automatically anything there's in have not, you And things But and exceptions. obviously you to to are maybe we many the there fast, lot or they're always in of things you you months today, the negotiations. Nothing There events, some have particularly life, Not for and pricing. automatically, of hard work the live don't happen situation on and ought case. clause always of have that contract supposed whether These it pandemic. we and the the that bake the in it to. last in

Shay Chor

have do Okay. you the renewals And contract the Telefonica MSA? with any Still the near elaborate in term? contracts, you substantial on can on the negotiations on

Carlos Lopez-Abadia

being We always that so year in renewed that contracts, of slate – contracts This particularly Very we are a have X,XXXs are unique. have of not there's year. is always good. the important,

We large have been renewed. have that contracts some

The that in never full happy let – you that what what of clear, about second – The – – length customer about all teams none, I front. – to current talked – that in customers. record base doing, have never but expectation We can relationships great renewal sales is and the you have the our we've win our be XXX%. relationships But are will. recognize I win can I contract we improvements only with how The the Atento, am to phenomenal. stellar. the same always past way on me a is not team of but done tenure our the our of is

a we know if contract it question part a or renewal. record track good So don't have I it was very just was maybe two terms one? I forgot, of in

Shay Chor

on Telefonica No, another a we – had we negotiations. had the MSA

Carlos Lopez-Abadia

my There's contract, would always about can I our MSA one – repeat this I for any few regarding you the happy the market Telefonica. other a quarter the that I contract. give Telefonica mentioned to is discussions meet with than to month us. that so what Telefonica that customer the in poor quarters, when world where what that, more with customer. another, from is on MSA, repeated the same Telefonica our is like the volumes question service, can can or to have much particularly I that very The last save it – any relationship to we this that is important to business earn team from in MSA very I'm I relationship. happy say thing. say way to industry, today. important same I'm fact change in to When the you I I poll no another. I'll said from we No speaks and earn in the satisfaction about the contract I Having believe than it. the or that do more that There we share test increased account business said with with have and we best accounts make sure sales. one and

secret industry, no they Telecom, in companies us. services a Now case, tends as particularly as buy the this it that that in that as a to that, From is, telecom. is whole, from right? from – industry the decrease important this There's to an whole. is like

that continue to that. well, with better I'm Telefonica, happy background, not to with just even do we say but very So and

important MSA to week important good every as with have more service, and have year. day earn it's business the a So you the of the customer to of satisfied the is, and deliver customer every as month any that

Shay Chor

right. All

is you And shareholders, us conversations if Next three how one largest have expire? your Can been? there here. when your them with it on lock-up, remind

Carlos Lopez-Abadia

ask probably to this than you is, have a the in Probably, I'm going answer mind. that's remember which probably, my better question you, Shay, not in me, way, upfront to something it's

any you know shareholders, represent largest not don't plans are, to, are, you that plans believe shareholders so should lead cannot, them. cannot And that any discussions what would I to case, have said I the would I to have But particular know As thing had I their haven't what having the always, divest ask me my to to even have ask particular the if want is our I to substantive can refer regarding to them. that – one I only holdings. them. tell I I of that, to and I in happen urgency of any you this

Shay Chor

And signed year in signed was Yes. that was for That they when lock-up Carlos, XX company. they to a June the months. add, joined just last have

over lock-up the a still for So is valid slightly year.

Carlos Lopez-Abadia

Yes.

Shay Chor

on to here to question web out move you the specific approval I of the is, last shareholders' corporate idea One have any Luxembourg, that elaborate this? on want U.S. recently, entity,

Carlos Lopez-Abadia

Not particularly.

I be I the shareholder and still meeting. of – approved that has think mean, by to authorities regulatory don't number a think I that

put yet. intention the set not So investors, to it advantages it's up done just serve company, be simpler. to particular, our businesses way. doesn't We're where that we have, are in any attend the Luxembourg looking is but served of and sure closer whenever to a although I'm was I cannot purpose how that customers to. our that and it

Shay Chor

Carlos. I'll in also cost have Yes. That's Spain. it, savings some offices because that. complement already And we on just There's

So to slightly be accounting, it well, makes from everything, processes in as cheaper Spain.

where of you Carlos, the here can about seeing one – you're So got of yes, have no terms questions oh, the as it's I geographies? upside well. on program and most competitive our business more. share elaborate in I your just market environment, part more the efficiencies to

Carlos Lopez-Abadia

the industry competitive so know. and very We heart there competitive do in lots – every question, is we see part changed Clearly, of This lots geography, has the of is strong is your that as an you company. business, where extremely second a very particularly Brazil Sure. It's probably, of for in is more many players where geographies. business. us, the we're Nothing recently. which upside.

the se. in growing Brazil. relatively leader in well. attractive a our growing there. we're continue small for get So We important fast. And very in of But in very very have presence very growth, U.S., we and expand us. good [Technical per a as us, margins That's Difficulty] and to we're U.S. we good for market the terms It's the leadership be position

that's – of So in comes market. our one mind terms of upside, as say I my top would of at a the

Shay Chor

Carlos. Thanks,

webcast. We more have on the to questions Sarah, no back you.

Operator

Thank back This like would turn Carlos conference session. any Lopez-Abadia you. our I closing to for Mr. the concludes over to remarks. question-and-answer

Carlos Lopez-Abadia

to your good do try do opportunity but all I remarks, and very to always probing attention that really not concerns, your for you questions. the Well, to your address prepared time, in like thank of that. the and

talk So question. I soon. the really appreciate We'll

Operator

attending The conference has now you concluded. today's Thank presentation. for

You disconnect. now may

Atento (ATTOF) 9 May 212021 Q1 Earnings call transcript