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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
 
D.C. 20549
FORM
20-F
(Mark One)
REGISTRATION STA
 
TEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended:
December 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
 
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition
 
period
 
from______ to
OR
SH
ELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell
 
company
 
report
Commission
 
file number:
001-36671
Atento S.A.
(Exact name of Registrant as specified in its charter)
Atento S.A.
(Translation of Registrant’s
 
name into English)
Grand Duchy of
Luxembourg
(Jurisdiction of incorporation or organization)
1, rue Hildegard Von Bingen
,
L-1282
,
Luxembourg
Grand Duchy of
Luxembourg
(Address of principal executive offices)
Jose Antonio de Souza Azevedo
, Chief Financial Officer
Address:
Rua Paul Valery, 255, 4º andar, Chácara Santo Antonio
,
04719-050
,
São Paulo
,
Brazil
 
Telephone
 
No.:
 
+
55 (
11
)
3779-0881
e-mail:
investor.relations@atento.com
 
(Name, Telephone, E-mail and/or
 
Facsimile number and Address of Company Contact Person)
Securities
 
registered or to be registered pursuant to Section
 
12(b) of the Act.
Title of
 
each class
Trading
Symbol(s)
Name of
 
each exchange on
 
which
registered
 
Ordinary Shares, no par value
ATTO
 
New York Stock Exchange
Securities registered or to be registered
 
pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the
 
Act:
None
(Title of Class)
Indicate the number of outstanding
 
shares of each
 
of the issuer’s classes
 
of capital stock
 
or common stock
 
as of the close
 
of the period covered
 
by the annual
 
report.
15,000,000
 
ordinary shares
Indicate by check mark if the registrant
 
is a
 
well-known seasoned
 
issuer, as
 
defined in Rule
 
405 of the Securities Act.
 
Yes
 
 
No
If this
 
report is an
 
annual or transition report, indicate by check mark if
 
the registrant is not required to file
 
reports pursuant to Section 13 or 15(d)
 
of the Securities
Exchange Act of 1934.
 
Yes
 
 
No
Indicate
 
by check mark whether the registrant (1) has filed all reports
 
required to be filed by Section
 
13 or 15(d) of the
 
Securities Exchange Act of 1934 during
 
the
preceding 12 months (or for such
 
shorter period that
 
the registrant
 
was
 
required
 
to file such reports), and (2) has been
 
subject to such filing requirements
 
for the past
 
90
days.
 
Yes
 
 
No
Indicate by check mark whether the registrant
 
has submitted
 
electronically every
 
Interactive Data File
 
required
 
to be submitted pursuant to Rule
 
405 of Regulation
 
S-T
(
§
232.405
 
of this chapter) during
 
the preceding
 
12 months (or
 
for such
 
shorter period
 
that the registrant
 
was
 
required
 
to submit and such
 
files).
 
Yes
 
 
No
Indicate by check mark whether the registrant
 
is a
 
large accelerated filer, an accelerated
 
filer,
 
a non-accelerated
 
filer or an emerging
 
growth company. See
 
definition
 
of
“accelerated filer and large accelerated
 
filer” in Rule
 
12b-2 of the Exchange
 
Act. (Check one):
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Emerging growth company
 
If an emerging growth company that
 
prepares its financial
 
statements
 
in accordance with
 
U.S. GAAP, indicate by check mark if
 
the registrant
 
has elected not to
 
use
 
the
extended transition period
 
for complying with
 
any new
 
or revised financial
 
accounting
 
standards†
 
provided pursuant
 
to Section 13(a)
 
of the Exchange
 
Act.
 
The
 
term “new or
 
revised financial accounting standard”
 
refers to
 
any
 
update issued by the
 
Financial Accounting Standards Board to
 
its Accounting
 
Standards
Codification after April 5,
 
2012.
Indicate by check mark whether
 
the registrant
 
has
 
filed a
 
report on and
 
attestation to its
 
management’s assessment
 
of the effectiveness
 
of its internal
 
control over
financial reporting under Section
 
404(b) of
 
the Sarbanes-Oxley
 
Act (15 U.S.C.
 
7262(b)) by
 
the registered public
 
accounting firm
 
that prepared
 
or issued
 
its audit report.
Indicate by check mark which basis
 
of accounting
 
the registrant
 
has used
 
to prepare the financial
 
statements
 
included
 
in this filing:
US GAAP
 
International Financial Reporting Standards
as issued by
 
the International Accounting Standards
Board
 
Other
 
If “Other”
 
has
 
been checked in
 
response to
 
the previous
 
question,
 
indicate by check
 
mark
 
which financial
 
statement item
 
the registrant
 
has elected
 
to follow.
 
Item 17
 
 
Item 18
If this is an annual report, indicate
 
by check mark
 
whether the
 
registrant is
 
a shell company (as
 
defined in Rule
 
12b-2 of the Exchange
 
Act).
 
Yes
 
 
No
 
Atento S.A.
TABLE
 
OF CONTENTS
PRESENTATION
 
OF FINANCIAL
 
AND OTHER
 
INFORMATION
3
PRESENTATION
 
OF FINANCIAL
 
INFORMATION
5
TRADEMARKS
 
AND TRADE
 
NAMES
5
CAUTIONARY
 
STATEMENT
 
WITH RESPECT
 
TO FORWARD
 
-LOOKING
 
STATEMENTS
6
PART
 
I
8
ITEM 1. IDENTITY
 
OF DIRECTORS,
 
SENIOR
 
MANAGEMENT
 
AND ADVISERS
8
A. Directors
 
and Senior
 
Management
8
B. Advisers
8
C. Auditors
8
ITEM 2. OFFER
 
STATISTICS
 
AND EXPECTED
 
TIMETABLE
8
A. Offer
 
Statistics
8
B. Method
 
and Expected
 
Timetable
8
ITEM 3. KEY
 
INFORMATION
8
A. Selected
 
Financial
 
Data
8
B. Capitalization
 
and Indebtedness
8
C. Reasons
 
for the Offer and
 
Use of Proceeds
8
D. Risk Factors
8
ITEM 4. INFORMATION
 
ON THE
 
COMPANY
26
A. History
 
and Development
 
of the
 
Company
26
B. Business
 
Overview
28
C. Organizational
 
Structure
39
D. Property,
 
Plant and Equipment
39
ITEM 4A.
 
UNRESOLVED
 
STAFF
 
COMMENTS
41
ITEM 5. OPERATING
 
AND FINANCIAL
 
REVIEW AND
 
PROSPECTS
56
A. Operating
 
Results
56
B. Liquidity
 
and Capital Resources
50
C. Research
 
and Development,
 
Patents and Licenses,
 
etc.
54
D. Trend Information
54
ITEM 6. DIRECTORS,
 
SENIOR
 
MANAGEMENT
 
AND EMPLOYEES
58
A. Directors
 
and Senior
 
Management
58
B. Compensation
61
C. Board
 
practices
62
D. Employees
64
E. Share
 
Ownership
66
ITEM 7. MAJOR
 
SHAREHOLDERS
 
AND
 
RELATED
 
PARTY
 
TRANSACTIONS
66
A. Major Shareholders
66
B. Related
 
Party Transactions
67
C. Interests
 
of Experts and Counsel
67
ITEM 8. FINANCIAL
 
INFORMATION
67
A. Consolidated
 
Statements
 
and Other Financial
 
Information
67
B. Significant
 
Changes
69
ITEM 9. THE
 
OFFER AND
 
LISTING
70
A. Offering
 
and Listing Details
70
B. Plan
 
of Distribution
70
C. Markets
70
D. Selling Shareholders
70
E. Dilution
70
F. Expenses
 
of the Issue
70
ITEM 10.
 
ADDITIONAL
 
INFORMATION
70
A. Share Capital
70
B. Memorandum
 
and Articles
 
of Association
71
C. Material
 
Contracts
77
D. Exchange
 
Controls
77
E. Taxation
77
F. Dividends
 
and Paying
 
Agents
80
G. Statement
 
by Experts
80
H. Documents
 
on Display
80
I. Subsidiary
 
Information
80
ITEM 11.
 
QUANTITATIVE
 
AND QUALITATIVE
 
DISCLOSURES
 
ABOUT MARKET
 
RISK
80
ITEM 12.
 
DESCRIPTION
 
OF SECURITIES
 
OTHER
 
THAN EQUITY
 
SECURITIES
83
A. Debt
 
Securities
83
PART
 
II
83
ITEM 13.
 
DEFAULTS,
 
DIVIDEND ARREARAGES
 
AND DELINQUENCIES
83
ITEM 14.
 
MATERIAL
 
MODIFICATIONS
 
TO THE RIGHTS
 
OF SECURITY
 
HOLDERS AND
 
USE OF PROCEEDS
83
ITEM 15.
 
CONTROLS
 
AND PROCEDURES
83
A. Disclosure
 
Controls and
 
Procedures
83
B. Management’s
 
Annual
 
Report on Internal
 
Control over
 
Financial
 
Reporting
83
C. Attestation
 
Report of the Registered
 
Public Accounting
 
Firm
84
D. Changes
 
in Internal Control
 
over Financial
 
Reporting
84
ITEM 16.
 
[RESERVED]
84
ITEM 16A.
 
AUDIT COMMITTEE
 
FINANCIAL
 
EXPERT
84
ITEM 16B.
 
CODE OF
 
ETHICS
84
ITEM 16C.
 
PRINCIPAL
 
ACCOUNTANT
 
FEES
 
AND SERVICES
84
ITEM 16D.
 
EXEMPTIONS
 
FROM
 
THE LISTING
 
STANDARDS
 
FOR
 
AUDIT COMMITTEE
85
ITEM 16E.
 
PURCHASES
 
OF EQUITY
 
SECURITIES
 
BY THE ISSUER
 
AND AFFILIATED
 
PURCHASERS
85
ITEM 16F.
 
CHANGE
 
IN REGISTRANT’S
 
CERTIFYING
 
ACCOUNTANT
85
ITEM 16G.
 
CORPORATE
 
GOVERNANCE
86
ITEM 16H.
 
MINE SAFETY
 
DISCLOSURE
86
PART
 
III
87
ITEM 17.
 
FINANCIAL
 
STATEMENTS
87
ITEM 18.
 
FINANCIAL
 
STATEMENTS
87
ITEM 19.
 
EXHIBITS
87
 
3
PRESENTATION
 
OF FINANCIAL
 
AND
 
OTHER INFORMATION
Basis of Presentation
 
and Other Information
Except
 
where
 
the
 
context
 
otherwise
 
requires
 
or
 
where
 
otherwise
 
indicated,
 
the
 
terms
 
“Atento”,
 
“we”,
 
“us”,
 
“our”,
 
“the
Company”,
 
and “our
 
business”
 
refer to Atento
 
S.A., a
 
public
 
limited liability
 
company
 
(société anonyme)
 
incorporated
 
under the
 
laws
of Luxembourg
 
on March
 
5, 2014, together
 
with its consolidated
 
subsidiaries.
On October
 
7, 2014,
 
we completed
 
our IPO and
 
issued 4,819,511
 
ordinary
 
shares at
 
a price of
 
$15.00 per share.
 
As a result
 
of
the IPO,
 
the Share
 
Split and
 
the Reorganization
 
Transaction,
 
we had
 
73,619,511
 
ordinary
 
shares
 
outstanding
 
and owned
 
100% of
 
the
issued and outstanding
 
share capital of Midco,
 
as of November
 
9, 2015.
After completed
 
our IPO, the follow
 
share capital
 
increases in
 
the follow years were
 
approved
 
by our Board of Directors
 
(“The
Board”):
Period
Initial number
 
of
ordinary
 
shares
Shares
 
increase
approved by
Board
Total
 
Number
 
of
ordinary
 
Shares
Total
 
Number
 
of
ordinary
 
Shares
after reverse
 
split
(1)
August
 
4, 2015
 
73,619,511
131,620
 
73,751,131
July 28,
 
2016
 
73,751,131
 
157,925
 
73,909,056
November
 
6, 2018
 
73,909,056
1,161,870
 
75,070,926
January
 
18, 2019
 
75,070,926
335,431
 
75,406,357
 
15,000,000
(1)
On July 28, 2020,
 
an extraordinary
 
shareholder’s meeting
 
approved the conversion
 
of 75,406,357 ordinary
 
shares without nominal
 
value, representing
 
the entire
share capital
 
of the
 
Company,
 
into 15,000,000 ordinary shares
 
without nominal value using a ratio
 
of conversion
 
of 5.027090466672970, and subsequently
amending article 5 of the articles
 
of association
 
of the Company.
Acquisition and Divestment
 
Transactions
On
 
September
 
2, 2016,
 
the
 
Company
 
through
 
its direct
 
subsidiary
 
Atento
 
Brasil acquired
 
81.49%,
 
the controlling
 
interest
 
of
RBrasil Soluções S.A. (RBrasil) and on June 7, 2019, the Company
 
acquired the minority
 
interest corresponding
 
to 18.51% of the shares
of RBrasil,
 
now holding
 
100%
 
of the company's
 
shares.
On June 9, 2017, the Company, through
 
its subsidiary, Atento
 
Brasil,
 
acquired 50.00002%
 
of Interfile Serviços de BPO Ltda. and
50.00002% of Interservicer –
 
Serviços em Crédito
 
Imobiliário Ltda. (jointly, “Interfile”), a
 
provider of BPO services and solutions.
 
On May
17, 2019,
 
the Company
 
acquired the
 
minority
 
interest
 
corresponding
 
to 49.99998%
 
of Interfile
 
Serviços
 
de BPO Ltda.
 
and 49.99989%
of Interservicer
 
- Serviços
 
em Crédito
 
Imobiliário
 
Ltda., now holding
 
a 100%
 
interest
 
in these companies.
Other Transactions
Senior Secured Notes
On August
 
10,
 
2017, Atento
 
completed a refinancing transaction
 
of its financing structure
 
through its wholly-owned subsidiary
Atento
 
Luxco
 
1 S.A. The financing structure
 
included an offering by Atento
 
Luxco
 
1 S.A of US$400.0
 
million aggregate
 
principal amount
of 6.125% Senior
 
Secured Notes due 2022
 
(the “Offering”). Atento
 
used the net proceeds
 
from the Offering, together
 
with cash on hand,
to redeem all of the Atento Luxco 1 S.A´s outstanding
 
7.375%
 
Senior Secured Notes due 2020 and all of the existing debentures
 
due 2019
of its subsidiary Atento Brasil.
 
The 6.125% Senior
 
Secured Notes due 2022 were
 
guaranteed
 
on a
 
senior secured basis by
 
certain of
 
Atento’s
wholly owned subsidiaries
 
on a joint.
4
On April 4, 2019, Atento
 
Luxco 1 S.A., a wholly owned subsidiary of Atento
 
S.A., closed an offering of an additional US$100.0
million aggregate
 
principal
 
amount
 
of
 
its
 
6.125%
 
Senior
 
Secured
 
Notes
 
due
 
2022
 
in
 
a private
 
placement
 
transaction
 
(the “Additional
Notes”). The Additional Notes were offered as additional notes under the indenture, dated as of August 10,
 
2017, pursuant
 
to which
 
Atento
Luxco 1 S.A issued
 
6.125% Senior
 
Secured Notes due 2022.
On February 10, 2021, Atento Luxco 1 S.A., closed an offering of a $500.0 million aggregate
 
principal
 
amount of 8.000% Senior
Secured Notes due 2026, in
 
a private placement transaction.
 
Atento Luxco 1 S.A used the net proceeds
 
of the offering, together
 
with
 
cash
on hand, to refinance the 6.125% Senior
 
Secured Notes due 2022. The
 
8.000% Senior
 
Secured Notes
 
are guaranteed
 
on a
 
senior secured
basis by
 
certain of Atento’s
 
wholly owned subsidiaries.
On February 17, 2021, Atento
 
Luxco 1 S.A. completed a cash tender offer for an
 
aggregate principal amount of $275,815,000 of
its 6.125% Senior Secured Notes due 2022. The notes were purchased at a price equal
 
to $1,015.31 per $1,000 principal amount of 6.125%
Senior Secured Notes
 
due 2022, which
 
excluded accrued interest
 
and additional amounts
 
payable on the notes
 
accepted for purchase
 
and
included an early tender payment of $30.0 per $1,000 principal amount of 6.125% Senior Secured Notes
 
due 2022. On February 18, 2021,
Atento
 
Luxco 1 S.A. redeemed the remaining aggregate
 
principal amount of $224,185,000 of its 6.125%
 
Senior Secured Notes due
 
2022.
The redemption price of the notes was
 
$1,015.31
 
per $1,000 principal amount of 6.125% Senior Secured Notes due 2022,
 
plus accrued and
unpaid interest and additional
 
amounts
 
on the
 
principal amount of 6.125%
 
Senior Secured Notes
 
due 2022,
 
which totaled
 
to $1,016.67
 
per
$1,000 principal
 
amount of 6.125%
 
Senior Secured
 
Notes
 
due 2022. With
 
these
 
transactions, the Company
 
completed the
 
refinancing of
all $500.0 million aggregate principal amount of its 6.125% Senior Secured Notes due 2022.
Dividends
On September 21,
 
2017, the
 
Board of Directors approved
 
a dividend policy
 
for the Company with a goal
 
of paying annual
 
cash
dividends pay
 
-out in
 
line
 
with
 
industry peers
 
and practices.
 
The declaration
 
and payment of
 
any interim
 
dividends will be
 
subject to approval
of Atento’s
 
corporate bodies
 
and will
 
be determined based
 
upon, amongst other things,
 
Atento’s
 
performance, growth opportunities, cash
flow,
 
contractual
 
covenants,
 
applicable legal requirements,
 
and liquidity
 
factors. The
 
Board of
 
Directors
 
intends
 
to review the
 
dividend
policy regularly and so accordingly is subject to change at any time.
On October 31, 2017, our Board
 
of Directors declared a cash interim dividend with
 
respect to the ordinary shares
 
of $0.3384 per
share paid on November 28, 2017, to shareholders
 
of record
 
as of the close on November 10, 2017.
The 2026
 
Senior Secured
 
Notes
 
agreement includes
 
some limits, among
 
other things,
 
the ability of the
 
Issuer
 
and its
 
restricted
subsidiaries
 
to declare or
 
pay dividends for stockholder. The Company regularly
 
monitors all financial
 
ratios under the debt agreements and
dividends distribution must be subject to Board
 
approval, and will
 
depend on the Company’s
 
future earnings, cash flow,
 
financial condition,
financial covenants,
 
and other relevant factors.
Shareholders
On November
 
13, 2017, Atento filed
 
a Supplemental
 
Prospectus
 
with
 
the SEC,
 
for the sale by Pikco
 
of 12,295,082 ordinary shares.
After the offering Pikco owns 48,520,671 ordinary shares
 
in
 
Atento, representing
 
64.34% of
 
the outstanding
 
shares.
On February 4, 2020, a general meeting of shareholders
 
of the Company approved a new authorization by the general meeting of
the Company to
 
the Board of Directors of
 
the Company to
 
acquire its own fully
 
paid-up shares
 
on the New York
 
Stock Exchange or any
other exchange without making an acquisition offer to the shareholders
 
of the Company,
 
for a period of 5 years, for a maximum
 
number of
shares to be
 
acquired, which shall be
 
up to
 
30% of the
 
Company’s
 
share capital, at a
 
redemption price per
 
share which shall
 
represent
 
(i)
not less than 50% of the lowest closing price
 
per share and (ii) not more than 50% above the highest closing price per share, in
 
each case as
reported by the New York edition of the Wall Street Journal, or, if not reported therein, any other authoritative sources to be selected by
 
the
Board of
 
Directors
 
of the
 
Company over
 
the ten
 
(10) trading
 
days
 
preceding
 
the date
 
of
 
the purchase
 
of the
 
shares
 
(or the
 
date of
 
the
commitment to purchase
 
the shares).
On May 6, 2020, Atento S.A. announced
 
the arrangements to facilitate
 
HPS Investment Partners, LLC and certain
 
of its affiliates’
(collectively, “HPS”), GIC’s,
 
and an investment fund affiliated with Farallon Capital Management, L.L.C. (“Farallon”)’s (collectively,
 
the
“Institutional
 
Investors”) acquisition
 
of ordinary shares
 
of the Company currently
 
held indirectly by Bain
 
Capital in exchange
 
for senior
PIK notes currently held by the Institutional Investors. Following
 
the completion of certain
 
regulatory conditions,
 
including antitrust filings
in Brazil and Mexico, the Director Nomination Agreements, each dated May 6, 2020, by and between the Company and each
 
of HPS, GIC
 
 
 
 
 
 
 
 
 
5
and Farallon
 
(each, a “Director Nomination
 
Agreement”), and the
 
Registration Rights Agreement,
 
dated May
 
6, 2020, by and among
 
the
Company, HPS,
 
GIC and Farallon (the “Registration Rights Agreement”).
Exchange Rate Information
In this Annual
 
Report, all references
 
to “U.S. dollar”
 
and “$” are
 
to the lawful
 
currency of the
 
United
 
States and
 
all references
to
 
“euro”
 
or
 
“€”
 
are
 
to
 
the
 
single
 
currency
 
of
 
the
 
participating
 
member
 
states
 
of the
 
European
 
and
 
Monetary
 
Union
 
of
 
the
 
Treaty
Establishing
 
the European
 
Community,
 
as amended
 
from
 
time
 
to time.
 
In addition,
 
all references
 
to
 
Brazilian
 
Reais (BRL),
 
Mexican
Peso (MXN), Chilean Peso (CLP),
 
Argentinean
 
Peso (ARS), Colombian Peso (COP)
 
and Peruvian Nuevos
 
Soles (PEN) are to the lawful
currencies
 
of Brazil,
 
Mexico, Chile,
 
Argentina,
 
Colombia
 
and Peru,
 
respectively.
The following
 
table shows
 
the exchange rates of the U.S. dollar
 
to these
 
currencies for the years and dates
 
indicated as reported
by the relevant
 
central banks
 
of the European
 
Union and each
 
country,
 
as applicable.
2019
2020
2021
Average
December
 
31
Average
December
 
31
Average
December
 
31
Euro (EUR)
0.89
0.89
0.88
0.81
0.85
0.88
Brazil (BRL)
3.94
4.03
5.15
5.20
5.39
5.58
Mexico (MXN)
19.25
18.86
21.49
19.91
20.28
20.47
Colombia (COP)
3,281.35
3,277.14
3,694.46
3,432.50
3,741.97
3,981.16
Chile (CLP)
702.77
744.62
792.17
711.24
759.14
850.25
Peru (PEN)
3.34
3.32
3.50
3.62
3.88
4.00
Argentina
 
(ARS)
48.22
59.89
70.64
84.15
95.08
102.72
PRESENTATION
 
OF FINANCIAL
 
INFORMATION
We
 
present
 
our historical
 
financial
 
information
 
under International
 
Financial
 
Reporting
 
Standards
 
(“IFRS”)
 
as issued
 
by the
International Accounting
 
Standards
 
Board (the
 
“IASB”).
Atento’s
 
Financial
 
Information
The consolidated
 
financial information of Atento
 
as of December 31, 2021
 
and 2020 and for the three years ended December 31,
2021 are
 
included on
 
Consolidated financial
 
statements
 
of Atento S.A.
 
filed as part
 
of this Annual
 
Report.
The
 
financial
 
information
 
presented
 
in
 
this
 
annual
 
report
 
should
 
be
 
read
 
in
 
conjunction
 
with
 
our
 
consolidated
 
financial
statements.
Rounding
Certain
 
numerical
 
figures
 
set
 
out
 
in
 
this
 
Annual
 
Report,
 
including
 
financial
 
data
 
presented
 
in
 
millions
 
or
 
thousands
 
and
percentages,
 
have been
 
subject to
 
rounding
 
adjustments,
 
and, as
 
a result,
 
the totals
 
of the data
 
in this
 
Annual
 
Report
 
may
 
vary slightly
from
 
the actual
 
arithmetic
 
totals
 
of such
 
data. Percentages
 
and amounts
 
reflecting
 
changes
 
over
 
time periods
 
relating to
 
financial
 
and
other
 
data set
 
forth
 
in
 
“Item 5.
 
Operating
 
and
 
Financial
 
Review
 
and
 
Prospects
 
–A. Operating
 
Results–Management’s
 
Discussion
 
and
Analysis
 
of Financial
 
Condition
 
and Results
 
of Operations”
 
are
 
calculated
 
using
 
the
 
numerical
 
data in
 
the
 
financial statements
 
or the
tabular presentation
 
of other data (subject
 
to rounding) contained
 
in this Annual
 
Report, as applicable,
 
and not using
 
the numerical data
in the narrative
 
description
 
thereof.
TRADEMARKS
 
AND TRADE
 
NAMES
This Annual
 
Report
 
includes
 
our
 
trademarks as
 
“Atent
 
o”, which are protected
 
under applicable
 
intellectual
 
property
 
laws and
are
 
the
 
property
 
of
 
the
 
Company
 
or
 
our
 
subsidiaries.
 
This
 
Annual
 
Report
 
also
 
contains
 
trademarks,
 
service
 
marks,
 
trade
 
names
 
and
copyrights
 
of other
 
companies,
 
which are
 
the property
 
of their
 
respective
 
owners. Solely
 
for convenience,
 
trademarks
 
and trade
 
names
referred
 
to in this Annual
 
Report may
 
appear without
 
the
®
 
or
TM
 
symbols,
 
but such references
 
are not intended
 
to indicate, in
 
any way,
6
that we
 
will
 
not assert,
 
to the
 
fullest
 
extent under
 
applicable
 
law,
 
our rights
 
or the
 
right of
 
the
 
applicable
 
licensor
 
to
 
these
 
trademarks
and trade
 
names.
In
 
2017,
 
Atento
 
launched
 
its
 
digital
 
business
 
unit
 
under
 
the
 
brand
 
“Atento
 
Digital”.
 
Atento
 
Digital’s
 
mainstream
 
offering
encompasses
 
a wide
 
range of digital
 
capabilities that enhance
 
customer experience
 
and increase efficiency
 
across the
 
customer
 
lifecycle,
from acquiring
 
to managing and retaining
 
customers.
 
Atento
 
Digital’s offer
 
also includes
 
solutions
 
for advancing
 
digital transformation
processes
 
while fully leveraging
 
existing systems.
 
Atento
 
Digital is a
 
trademark registered
 
by Atento.
In
 
2020,
 
Atento
 
launches
 
a
 
program
 
for
 
“Startup
 
accelerator”
 
named
 
“Atento
 
Next”.
 
In
 
line
 
with
 
the
 
objective
 
of
 
having
innovation
 
at the center
 
of its
 
business
 
strategies,
 
Atento
 
Next, will
 
put the company
 
close to
 
the selected
 
startups,
 
to bring
 
even more
innovation to
 
the company
 
and its
 
customers.
CAUTIONARY
 
STATEMENT
 
WITH RESPECT
 
TO FORWARD-LOOKING
 
STATEMENTS
This
 
Annual
 
Report
 
contains
 
estimates
 
and
 
forward-looking
 
statements,
 
principally
 
in
 
“Item
 
3.
 
Key
 
Information—D.
 
Risk
Factors”,
 
“Item 4. Information
 
on the Company—B.
 
Business
 
Overview” and
 
“Item 5. Operating
 
and Financial
 
Review and Prospects”.
Some
 
of the
 
matters
 
discussed
 
concerning
 
our business
 
operations
 
and financial
 
performance
 
include
 
estimates
 
and
 
forward-looking
statements
 
within the
 
meaning of the
 
U.S. Private
 
Securities
 
Litigation
 
Reform Act
 
of 1995.
Our
 
estimates
 
and forward-looking
 
statements
 
are based
 
mainly
 
on
 
our
 
current
 
expectations
 
and
 
estimates
 
on projections
 
of
future events
 
and trends,
 
which affect
 
or may affect
 
our businesses
 
and results of operations.
 
Although
 
we believe
 
that these
 
estimates
and forward-looking
 
statements
 
are based upon
 
reasonable assumptions,
 
they are subject to certain risks
 
and uncertainties
 
and are made
in
 
light
 
of
 
information
 
currently
 
available
 
to
 
us.
 
Our
 
estimates
 
and
 
forward-looking
 
statements
 
may
 
be
 
influenced
 
by
 
the following
factors, among
 
others:
the impact
 
of the
 
COVID-19
 
pandemic
 
on our business
 
and its
 
effects
 
on
 
our customers
 
 
ability
 
or desire
 
to purchase
 
our
services;
disruption caused
 
by the COVID-19
 
pandemic
 
in jurisdictions in
 
which we
 
operate and
 
globally and government
 
measures
in response
 
to the COVID-19 pandemic;
the competitiveness
 
of the customer
 
relationship
 
management
 
and business
 
process
 
(“CRM BPO”) market;
the loss
 
of one
 
or more
 
of our
 
major clients,
 
a small
 
number
 
of which account
 
s
 
for a significant
 
portion of
 
our
 
revenue,
 
in
particular Telefónica;
risks associated
 
with operating in Latin America,
 
where a significant
 
proportion of our revenue
 
is derived and where
 
a large
number of
 
our employees
 
are based;
our clients deciding
 
to enter or further
 
expand their
 
own CRM BPO
 
businesses
 
in
 
the future;
any
 
deterioration
 
in
 
global
 
markets
 
and
 
general
 
economic
 
conditions,
 
in
 
particular
 
in
 
Latin
 
America
 
and
 
in
 
the
telecommunications
 
and the financial
 
services industries
 
from
 
which we
 
derive most
 
of our revenue;
increases in
 
employee benefit
 
expenses,
 
changes
 
to labor laws
 
and labor relations;
failure to
 
attract and retain
 
enough
 
sufficiently
 
trained employees
 
at our service
 
delivery centers
 
to support
 
our operations
 
;
inability
 
to maintain
 
our pricing
 
and level
 
of activity and
 
control our
 
costs;
consolidation
 
of potential
 
users of CRM
 
BPO services;
the reversal
 
of current
 
trends towards
 
CRM BPO
 
solutions;
the significant
 
leverage
 
our clients have
 
over our business
 
relationships;
the departure
 
of key personnel
 
or challenges
 
with respect
 
to labor relations;
the long
 
selling and implementation
 
cycle for
 
CRM BPO services;
7
difficulty
 
controlling
 
our
 
growth
 
and updating
 
our
 
internal
 
operational
 
and
 
financial
 
systems
 
as a
 
result of
 
our
 
increased
size;
inability
 
to fund our working
 
capital requirements
 
and new investments;
fluctuations
 
in, or devaluation
 
of, the
 
local
 
currencies
 
in the
 
countries
 
in which
 
we operate
 
against our
 
reporting currency,
the U.S.
 
dollar;
current political
 
and economic
 
volatility,
 
particularly
 
in Brazil,
 
Mexico, Argentina
 
and Europe;
our ability
 
to acquire and integrate
 
companies
 
that complement
 
our
 
business;
the quality
 
and reliability of
 
the technology
 
provided by our
 
technology
 
and telecommunications
 
providers,
 
our reliance
 
on
a limited number
 
of suppliers
 
of such
 
technology
 
and the services
 
and products
 
of our clients;
our ability
 
to invest in and
 
implement new
 
technologies;
disruptions
 
or interruptions
 
in our client relationships;
actions of the Brazilian, EU, Spanish, Argentinian,
 
Mexican and other governments
 
and their respective regulatory agencies,
including
 
adverse competition
 
law rulings
 
and the introduction
 
of new regulations
 
that could require
 
us to make
 
additional
expenditures;
damage or disruptions
 
to our key technology systems
 
or the quality and reliability of the technology
 
provided by technology
telecommunications
 
providers;
an increase
 
in the cost of
 
telecommunications
 
services
 
and other services
 
on which
 
we and our
 
industry
 
rely;
an
 
actual
 
or
 
perceived
 
failure
 
to
 
comply
 
with
 
data
 
protection
 
regulations,
 
in
 
particular
 
any
 
actual
 
or perceived
 
failure
 
to
ensure secure
 
transmission of
 
sensitive
 
or confidential
 
customer
 
data through
 
our networks
 
and other
 
cybersecurity
 
issues;
the effect of
 
labor disputes
 
on our business;
the potential
 
economic impact
 
in the
 
global market
 
and world
 
due consequences
 
of the war in Europe in
 
2022
the financial impact
 
of any inherent effect
 
unknown
 
to us that may
 
arise from our customers
 
due the cyberattack
 
incident in
2021; and
other risk factors
 
listed in the section
 
of this Annual
 
Report
 
entitled “Item
 
3. Key
 
Information—D.
 
Risk Factors”.
The words
 
“believe”,
 
“may”, “will”, “estimate”,
 
“continue”, “anticipate”,
 
“intend”,
 
“expect” and similar
 
words are
 
intended to
identify estimates
 
and forward-looking
 
statements.
 
Estimates and
 
forward-looking statements
 
are intended
 
to be accurate
 
only as of
 
the
date they
 
were made,
 
and we
 
undertake
 
no obligation
 
to update
 
or to review
 
any estimate
 
and/or forward-looking
 
statement
 
because
 
of
new information,
 
future
 
events, or
 
other factors.
 
Estimates
 
and forward-looking
 
statements
 
involve
 
risks and
 
uncertainties
 
and are
 
not
guarantees
 
of future performance.
 
Our future results
 
may differ
 
materially from
 
those expressed
 
in these
 
estimates and
 
forward-looking
statements.
 
You
 
should therefore
 
not make any
 
investment
 
decision
 
based on these
 
estimates
 
and forward-looking
 
statements.
The
 
forward-looking
 
statements
 
contained
 
in this
 
Annual
 
Report
 
speak only
 
as of
 
the date
 
of this
 
Annual
 
Report. We
 
do not
undertake
 
to
 
update
 
any
 
forward-looking
 
statement
 
to
 
reflect
 
events
 
or
 
circumstances
 
after
 
that
 
date
 
or
 
to
 
reflect
 
the
 
occurrence
 
of
unanticipated
 
events.
8
PART
 
I
ITEM 1. IDENTITY
 
OF DIRECTORS,
 
SENIOR
 
MANAGEMENT
 
AND ADVISERS
A.
Directors
 
and Senior
 
Management
 
In June 2021,
 
Atento’s
 
Board of Directors appointed
 
Bill Payne as the new
 
Chairman and
 
Lead Director,
 
replacing
 
Thomas Ianotti,
who
 
left
 
the
 
Company
 
after almost
 
seven
 
years. Bill,
 
who
 
joined Atento’s
 
Board in
 
October
 
2020,
 
also
 
joined the
 
Audit
 
Committee
along with
 
David Garner
 
and Antonio
 
Viana
 
Baptista,
 
all of them
 
as independent
 
directors.
B.
Advisers
 
Not applicable.
C.
Auditors
 
On
 
April
 
2,
 
2021,
 
shareholders
 
by
 
an
 
Ordinary
 
general
 
meeting
 
of
 
shareholders
 
approved
 
the
 
appointment
 
of
 
Deloitte
 
Touche
Tohmatsu
 
Auditores
 
Independentes
 
Ltda
 
PCAOB
 
ID
1045
 
(“Deloitte”)
 
as
 
independent
 
auditor
 
of
 
the
 
Company
 
with
 
respect
 
to
 
the
financial year
 
ending on December
 
31, 2021, to replace
 
Ernst & Young
 
Auditores
 
Independentes
 
S.S. (“E&Y”) as independent
 
auditors
effective
 
since April
 
2, 2021.
ITEM 2. OFFER
 
STATISTICS
 
AND EXPECTED
 
TIMETABLE
 
Not applicable.
ITEM 3. KEY
 
INFORMATION
A.
[RESERVED]
Capitalization
 
and Indebtedness
Not applicable.
C.
Reasons for
 
the
 
Offer and Use
 
of Proceeds
 
Not applicable.
D.
Risk Factors
Summary
 
Risk Factors
Risks related
 
to Our operations
Increases
 
in employee
 
benefit expenses
 
as well as
 
changes
 
to labor laws could
 
reduce our
 
profit margin.
Fluctuations
 
in,
 
or
 
devaluation
 
of,
 
the
 
local
 
currencies
 
in
 
the
 
countries
 
in
 
which
 
we operate
 
against
 
the
 
U.S.
 
dollar
could have a
 
material adverse
 
effect
 
on our business,
 
financial condition,
 
results of
 
operations
 
and prospects.
Damage or disruptions
 
to our key technology
 
systems
 
and facilities either through
 
events
 
beyond or within our control
that adversely
 
affect our clients’
 
businesses,
 
could have a material adverse
 
effect on our
 
business,
 
financial condition,
results of
 
operations
 
and prospects.
Telefónica
 
S.A., certain
 
of its
 
affiliates
 
and a few
 
other major
 
clients account
 
for
 
a significant
 
portion of
 
our revenue
and any
 
loss
 
of a
 
large
 
portion
 
of business
 
from these
 
clients could
 
have
 
a material
 
adverse
 
effect
 
on
 
our business,
financial condition,
 
results of
 
operations
 
and prospects.
Our
 
existing
 
debt
 
may
 
affect
 
our
 
flexibility
 
in
 
operating
 
and
 
developing
 
our
 
business
 
and our
 
ability
 
to
 
satisfy
 
our
obligations.
You
 
should
 
carefully
 
consider
 
the
 
following
 
risks
 
in
 
conjunction
 
with
 
“Item
 
5.
 
Operating
 
and
 
Financial
 
Review
 
and
Prospects”,
 
the
 
Consolidated
 
Financial
 
Statements,
 
including
 
the
 
notes
 
thereto,
 
included
 
in
 
this
 
annual
 
report,
 
and
 
the
 
other
 
risks
9
described
 
in
 
the
 
“Cautionary
 
Statement
 
with
 
Respect
 
to
 
Forward-Looking
 
Statements”
 
section
 
and
 
other
 
documents
 
filed
 
by
 
the
Company from time to time with the SEC. These risks may affect the Company's operating results
 
and, individually or in the
 
aggregate,
could
 
cause
 
its
 
actual
 
results
 
to
 
differ
 
materially
 
from
 
past
 
and
 
anticipated
 
future
 
results.
 
The
 
following
 
discussion
 
of risks
may
 
contain
 
forward-looking
 
statements
 
which
 
are
 
intended
 
to
 
be
 
covered
 
by
 
the Cautionary
 
Statement
 
with
 
Respect
 
to
 
Forward-
Looking
 
Statements.
 
Except
 
as may
 
be required
 
by law,
 
the Company
 
undertakes
 
no obligation
 
to
 
publicly update
 
forward-looking
statements,
 
whether as a result of new information, future events,
 
or otherwise. All forward-looking statements
 
contained in this annual
report on Form 20-F
 
are qualified in their entirety by this cautionary
 
statement. The Company
 
invites
 
you to consult any further related
disclosures
 
made in materials
 
filed with
 
or furnished
 
to the SEC.
External
 
Risks
The CRM
 
BPO market
 
is very competitive.
Our industry
 
is very
 
competitive, and
 
we expect
 
competition
 
to remain
 
intense from
 
several sources
 
in the
 
future. We
 
believe
the principal
 
competitive
 
factors
 
in the markets
 
in which
 
we operate are
 
industry expertise,
 
service quality,
 
price, and
 
the ability
 
to add
value
 
to a
 
client’s
 
business.
 
We
 
face competition
 
primarily
 
from
 
other CRM
 
BPO
 
companies
 
and IT
 
services
 
companies.
 
In addition,
the trend toward offshore outsourcing,
 
international expansion by foreign and domestic competitors
 
and continued
 
technological changes
may
 
result
 
in
 
new
 
and
 
different
 
competitors
 
entering
 
our
 
existing
 
markets.
 
These
 
competitors
 
may
 
include
 
entrants
 
from
 
the
communications,
 
software and data
 
networking
 
industries or entrants
 
in geographical locations
 
with lower costs
 
than those
 
in which we
operate.
Some of these existing and future competitors may have greater financial, human
 
and other resources,
 
longer operating histories,
greater technological
 
expertise
 
and more established
 
relationships in the industries
 
that we currently
 
serve or may
 
serve in the
 
future. In
addition,
 
some of
 
our competitors
 
may
 
enter strategic
 
or commercial
 
relationships
 
among
 
themselves
 
or with
 
larger,
 
more established
companies to
 
increase their
 
ability
 
to address
 
the needs of
 
existing customers
 
and reduce operating
 
costs
 
or enter
 
similar
 
arrangements
with potential
 
clients. Further,
 
trends of consolidation
 
in our industry and among
 
CRM BPO competitors
 
may result in new competitors
with greater scale, a broader
 
geographic footprint,
 
better technologies
 
and price efficiencies attractive
 
to our clients and potential clients.
Increased
 
competition,
 
our
 
inability
 
to
 
compete
 
successfully,
 
and
 
pricing
 
pressures
 
or
 
loss
 
of
 
market
 
share
 
could
 
result
 
in
 
reduced
operating
 
profit
 
margins
 
which
 
could
 
have
 
a
 
material
 
adverse
 
effect
 
on
 
our
 
business,
 
financial
 
condition,
 
results
 
of
 
operations
 
and
prospects.
A substantial portion
 
of our revenue, operations
 
and investments are in Latin America
 
and we are therefore exposed
 
to risks
inherent in operating
 
and
 
investing
 
in the region.
For
 
the
 
year
 
ended
 
December
 
31,
 
2021,
 
we
 
derived
 
43,7%
 
of our
 
revenue
 
from
 
the
 
Americas
 
and 39,2%
 
from
 
Brazil.
 
Our
operations
 
and investments
 
in
 
the Americas and Brazil are subject
 
to various risks related to the economic, political
 
and social conditions
of the countries
 
in which
 
we operate,
 
including risks
 
related
 
to the following:
inconsistent
 
regulations,
 
licensing
 
and legal
 
requirements
 
may
 
increase
 
our
 
cost
 
of operations
 
as we
 
endeavor
 
to
 
comply
with myriad
 
of laws that
 
differ from
 
one country
 
to another
 
in an unpredictable
 
and adverse
 
manner;
currencies
 
may
 
be
 
devalued
 
or
 
may
 
depreciate
 
or
 
currency
 
restrictions
 
or
 
other
 
restraints
 
on
 
transfer
 
of
 
funds
 
may
 
be
imposed;
the
 
effects
 
of
 
inflation
 
and
 
currency
 
depreciation
 
and
 
fluctuation
 
may
 
require
 
certain
 
of
 
our
 
subsidiaries
 
to
 
undertake
 
a
mandatory recapitalization;
certain
 
governments
 
may expropriate
 
or nationalize
 
assets
 
or increase their participation
 
in companies;
certain
 
governments
 
may impose
 
burdensome
 
regulations,
 
taxes or tariffs;
political changes
 
may lead to changes
 
in the business
 
environments in which
 
we operate;
 
and
 
economic downturns,
 
political instability,
 
civil disturbances,
 
pandemics or disease outbreaks,
 
such as the novel coronavirus
(COVID-19
 
virus), may
 
negatively
 
affect our
 
operations.
10
Any
 
deterioration
 
in
 
global
 
market
 
and
 
economic
 
conditions,
 
especially
 
in
 
Latin
 
America,
 
and,
 
particularly
 
in
 
the
telecommunications
 
and
 
financial
 
services
 
industries
 
from
 
which
 
we generate
 
most
 
of our
 
revenue,
 
may
 
adversely
 
affect
our business,
 
financial
 
condition,
 
results of operations
 
and prospects.
Global
 
market
 
and
 
economic
 
conditions,
 
including
 
in Latin
 
America,
 
in the
 
past
 
several
 
years have
 
presented
 
volatility
 
and
increasing risk
 
perception,
 
with tighter credit
 
conditions
 
and recession
 
or slower growth in
 
most major economies
 
continuing
 
into 2022.
Our
 
results
 
of operations
 
are affected
 
directly by
 
the level
 
of business
 
activity of our
 
clients,
 
which
 
in turn
 
is affected
 
by the
 
level of
economic activity
 
in the
 
industries and markets
 
that they serve.
 
Many of
 
our clients’ industries
 
are especially
 
vulnerable to
 
any crisis in
the financial
 
and credit
 
markets
 
or to economic
 
downturns.
 
For the
 
year
 
ended December
 
31,
 
2021, 29,5%
 
of our
 
revenue
 
was derived
from
 
clients
 
in
 
the
 
telecommunications
 
industry,
 
with
 
32%
 
of
 
our
 
revenue
 
derived
 
from
 
Telefónica,
 
and
 
19.5%
 
of our
 
revenue
 
was
derived
 
from
 
clients in
 
the financial
 
services
 
industry,
 
including
 
insurance
 
businesses.
 
Our business
 
and future growth
 
largely
 
depend
on continued
 
demand for our
 
services from
 
clients in
 
these industries.
As our
 
business
 
has grown, we have
 
become increasingly
 
exposed to
 
adverse changes
 
in general
 
global economic
 
conditions,
which may
 
result
 
in reductions
 
in spending
 
by our
 
clients
 
and their
 
customers.
 
Global
 
economic
 
concerns
 
such as
 
the varying
 
pace of
global economic
 
recovery continue
 
to create uncertainty and unpredictability
 
and may have an adverse effect
 
on the cost
 
and availability
of
 
credit,
 
leading
 
to
 
decreased
 
spending
 
by
 
businesses.
 
Any
 
deterioration
 
of
 
general
 
economic
 
conditions,
 
or
 
weak
 
economic
performance in
 
the economies of the countries
 
in which we operate,
 
particularly
 
in Brazil and the Americas
 
may have a material
 
adverse
effect on our
 
business,
 
financial condition, results
 
of operations
 
and prospects.
 
Brazil and the Americas,
 
for example, comprised
 
87.1%,
84.4% and
 
83% of
 
our revenue
 
respectively,
 
for the
 
years ended
 
December
 
31, 2019,
 
2020 and
 
2021. In
 
addition,
 
key markets
 
such as
the telecommunications
 
and financial
 
services industries
 
comprised
 
48.5% of
 
our revenue for
 
the year ended
 
December
 
31, 2021.
Increases
 
in employee
 
benefit expenses
 
as well
 
as changes
 
to labor laws could
 
reduce
 
our profit margin.
Employee
 
benefit expenses
 
are our largest
 
expense and
 
accounted
 
for $1,301.0
 
million in
 
2019,
 
$1,060.4 million
 
in 2020
 
and
$1,102.7
 
million in
 
2021, or 76.2%,
 
75.1% and 76.1%,
 
respectively,
 
of our
 
revenue in those
 
periods.
Employee
 
salaries
 
and
 
benefits
 
expenses
 
in
 
many
 
of
 
the
 
countries
 
in
 
which
 
we
 
operate,
 
principally
 
in Latin
 
America,
 
have
increased
 
during the periods
 
presented
 
in this Annual Report
 
as a result of
 
economic growth,
 
increased
 
demand for CRM
 
BPO services
and increased
 
competition
 
for trained
 
employees such
 
as employees
 
at our service
 
delivery centers
 
in Latin America.
 
We
 
will
 
attempt
 
to
 
control
 
costs
 
associated
 
with
 
salaries
 
and
 
benefits
 
as
 
we
 
continue
 
to
 
add
 
capacity,
 
but
 
we
 
may
 
not
 
be
successful
 
in doing so. We
 
may need to increase
 
salaries more
 
significantly
 
and rapidly than
 
in previous
 
periods to remain
 
competitive,
which may
 
have a
 
material
 
adverse
 
effect on
 
our business,
 
financial condition,
 
results
 
of operations
 
and prospects.
 
Wage
 
increases or
other
 
expenses
 
related
 
to the
 
termination
 
of our
 
employees
 
may
 
reduce
 
our
 
profit
 
margins
 
and
 
have a
 
material
 
adverse
 
effect
 
on
 
our
business,
 
financial condition, results
 
of operations
 
and prospects.
 
If we expand our operations
 
into new jurisdictions,
 
we may be
 
subject
to
 
increased
 
operating
 
costs,
 
including
 
higher
 
employee
 
benefit
 
expenses
 
in these
 
new
 
jurisdictions
 
relative
 
to
 
our
 
current
 
operating
costs,
 
which could have
 
a negative
 
effect on
 
our results of
 
operations.
Furthermore,
 
most
 
of the countries
 
in which
 
we operate
 
have labor
 
protection
 
laws,
 
including
 
statutorily
 
mandated minimum
annual
 
wage
 
increases,
 
legislation
 
that imposes
 
financial
 
obligations
 
on
 
employers
 
and
 
laws
 
governing
 
the
 
employment
 
of
 
workers.
These labor laws
 
in one or more of the
 
key jurisdictions
 
in which we operate,
 
particularly Brazil,
 
may be modified
 
in the future
 
in a way
that is
 
detrimental
 
to our business.
 
If these labor
 
laws become
 
more stringent,
 
or if
 
there are
 
continued
 
increases in
 
statutory
 
minimum
wages
 
or
 
higher
 
labor
 
costs
 
in
 
these
 
jurisdictions,
 
it
 
may
 
become
 
more
 
difficult
 
for
 
us
 
to
 
discharge
 
employees
 
or
 
cost
 
effectively
downsize our
 
operations
 
as our
 
level
 
of activity
 
fluctuates,
 
both of
 
which would
 
likely
 
have a material
 
adverse effect
 
on our
 
business,
financial condition,
 
results of
 
operations
 
and prospects.
Brazil regulators
 
have approved
 
changes
 
in the
 
payroll
 
exemption
 
policy,
 
which
 
benefited
 
most
 
of the
 
country´s
 
sectors.
 
The
modifications
 
were
 
made by
 
Law
 
13,670, dated
 
May 30,
 
2018.
 
Taxation
 
on the
 
gross revenue
 
of call center
 
companies,
 
with a
 
3% tax
on gross
 
revenue, was maintained.
 
In 2021,
 
by Law 14.288/21
 
an extension
 
of the benefit
 
was made and
 
will
 
be in force at
 
least
 
2023.
11
For our economic activity,
 
it is much more advantageous
 
to collect a portion ranging from 1% to 4.5% on gross
 
revenue, called
Social Security
 
Contribution
 
on Gross Revenue
 
(CPRB),
 
as stipulated
 
by the
 
law,
 
than to collect
 
a 20%
 
social
 
security contribution
 
on
total payroll, as
 
occurs with
 
companies
 
outside the tax
 
exemption system.
Natural
 
events, including
 
pandemics
 
or disease
 
outbreaks,
 
such as
 
coronavirus
 
(COVID-19),
 
wars, cyberattacks,
 
terrorist
attacks and
 
other acts
 
of violence
 
involving
 
any of the countries in
 
which we or
 
our clients have
 
operations
 
could adversely
affect our
 
operations
 
and client
 
confidence.
Natural
 
events
 
(such
 
as
 
floods,
 
earthquakes
 
and disease
 
outbreaks),
 
terrorist
 
attacks
 
and other
 
acts
 
of
 
violence
 
or war
 
may
adversely disrupt
 
our operations, lead to economic weakness
 
in
 
the countries in which they occur and affect worldwide
 
financial markets,
and could
 
potentially
 
lead to
 
economic recession
 
in our
 
markets,
 
which could
 
have a
 
material adverse
 
effect
 
on our
 
business,
 
financial
condition,
 
results of operations
 
and prospects.
 
These events
 
could adversely affect our clients’ levels
 
of business
 
activity and precipitate
sudden
 
significant changes
 
in
 
regional and global
 
economic conditions
 
and cycles. These
 
events
 
also pose significant risks to our people
and to our busines
 
s
 
operations
 
around the world.
If we experience
 
a temporary or permanent
 
interruption
 
in our operations
 
at one or more of our data
 
or contact centers,
 
through
natural
 
disaster,
 
casualties,
 
operating
 
malfunction,
 
cyberattack,
 
terrorist
 
attack,
 
sabotage
 
or other causes,
 
we may
 
be unable
 
to provide
the services we
 
are contractually
 
committed to
 
deliver. For
 
example,
 
on October 17, 2021
 
we were the target
 
of a cybersecurity
 
incident
which disrupted
 
our
 
systems
 
as described
 
in more detail
 
below in
 
our Management’s
 
Discussion
 
and Analysis
 
of Financial Condition
and
 
Results
 
of
 
Operations.
 
Failure
 
to
 
provide
 
contracted
 
services
 
could
 
result
 
in
 
contractual
 
damages
 
or
 
clients’
 
termination
 
or
renegotiation
 
of their
 
contracts.
 
The
 
results of
 
these incidents
 
could include,
 
but are
 
not limited
 
to,
 
business
 
interruption, disclosure
 
of
non-public
 
information,
 
decreased
 
customer
 
revenues,
 
misstated
 
financial
 
data,
 
liability
 
for
 
stolen
 
assets
 
or information,
 
increased
cybersecurity
 
protection
 
costs,
 
litigation
 
and
 
reputational
 
damage
 
adversely
 
affecting
 
customer
 
confidence.
 
Although
 
we
 
maintain
internal controls
 
to protect
 
our company
 
and our
 
clients from
 
events
 
that could interrupt
 
our delivery
 
of services,
 
there is
 
no guarantee
that such
 
controls
 
will be effective
 
or that any
 
interruption
 
will
 
not be
 
prolonged.
 
Any
 
prolonged interruption
 
in our
 
ability
 
to
 
provide
services
 
to
 
our
 
clients
 
for
 
which
 
our
 
plans
 
and precautions
 
fail
 
to adequately
 
protect
 
us could
 
have a
 
material
 
adverse
 
effect
 
on
 
our
business,
 
results of operations and
 
financial condition.
Fluctuations
 
in,
 
or devaluation
 
of, the
 
local currencies
 
in the
 
countries
 
in which
 
we operate
 
against
 
the U.S.
 
dollar
 
could
have a material
 
adverse effect
 
on our business,
 
financial
 
condition,
 
results
 
of operations and
 
prospects.
As of December
 
31, 2021, the majority
 
of our revenue was
 
generated in countries
 
that use currencies
 
other than
 
the U.S. dollar,
mostly
 
the local
 
currencies
 
of the
 
Latin American
 
countries
 
in which
 
we
 
operate
 
(particularly,
 
currencies
 
such
 
as the
 
Brazilian
 
Reais,
the
 
Mexican
 
Peso,
 
the
 
Chilean
 
Peso
 
and
 
the
 
Argentinean
 
Peso).
 
Both
 
Brazil
 
and
 
Mexico
 
have
 
experienced
 
inflation
 
and
 
currency
volatility
 
in the past and
 
Argentina
 
is classified
 
as a hyperinflationary
 
economy.
 
We
 
report our financial
 
results in
 
U.S. dollars
 
and our
results
 
of operations
 
would be
 
adversely
 
affected
 
if these
 
local
 
currencies
 
depreciate
 
significantly
 
against
 
the U.S.
 
dollar,
 
which may
also affect the comparability of our financial results
 
from
 
period to period, as we convert our subsidiaries’ statements
 
of financial position
into U.S. dollars
 
from local currencies at
 
the period-end exchange
 
rate, and statements
 
of operations and cash flows at
 
average exchange
rates for
 
the year,
 
except
 
for Argentina.
 
Conversely,
 
where
 
we
 
provide
 
offshore
 
services
 
to
 
U.S.
 
clients
 
and our
 
revenue
 
is earned
 
in
U.S. dollars,
 
an appreciation
 
in the
 
currency of the
 
country in which
 
the services
 
are provided
 
could result
 
in an increase in
 
our costs
 
in
proportion to the revenue we
 
earn for those services.
 
The exchange rates between these
 
local currencies and the U.S. dollar have changed
substantially
 
in recent years and may fluctuate
 
substantially in
 
the future. For the years ended
 
December
 
31, 2019, 2020
 
and 2021, these
fluctuations
 
had a significant
 
effect on our
 
results of
 
operations
 
.
In addition,
 
future government
 
action, including
 
changes
 
in interest
 
rates and
 
monetary
 
policy or
 
intervention
 
in the
 
currency
exchange
 
markets
 
and
 
other
 
government
 
actions
 
to
 
adjust
 
the
 
value
 
of
 
the
 
local
 
currency
 
may
 
trigger
 
inflation
 
and
 
other
 
adverse
economic
 
conditions.
 
For example,
 
governmental
 
measures
 
to control
 
inflation
 
may
 
include
 
maintaining
 
a tight
 
monetary
 
policy
 
with
high interest
 
rates,
 
thereby restricting
 
the availability
 
of credit
 
and reducing
 
economic
 
growth. As
 
a result,
 
interest
 
rates may
 
fluctuate
significantly.
 
Furthermore,
 
losses
 
incurred
 
based
 
on
 
the exchange
 
rate used
 
for
 
reporting
 
purposes
 
may be
 
exacerbated
 
if
 
regulatory
restrictions
 
are imposed
 
when these
 
currencies
 
are converted
 
into
 
U.S. dollars.
The occurrence
 
of such fluctuations,
 
devaluations
 
or other currency
 
risks could
 
have a material
 
adverse effect
 
on our business,
financial condition,
 
results of
 
operations
 
and prospects.
12
The Brazilian
 
government
 
exercises
 
significant
 
influence
 
over the
 
Brazilian economy.
 
This influence,
 
as well as
 
Brazilian
political
 
and
 
economic
 
conditions,
 
could
 
adversely
 
impact
 
our
 
business,
 
financial
 
condition,
 
results
 
of
 
operations
 
and
prospects.
For the
 
years ended
 
December
 
31,
 
2019,
 
2020 and
 
2021, revenue
 
from our
 
operations
 
in Brazil
 
accounted
 
for 48.5%,
 
43.2%
and 39,2%
 
of our
 
total revenue,
 
respectively,
 
and EBITDA
 
from
 
our operations
 
in Brazil
 
accounted
 
for 63.1%,
 
48.5% and
 
32%
 
of our
total EBITDA,
 
respectively (in
 
each case, before
 
holding company
 
level revenue,
 
expense and
 
consolidation
 
adjustments).
Historically,
 
the
 
Brazilian
 
government
 
has
 
frequently
 
intervened
 
in
 
the
 
Brazilian
 
economy
 
and
 
occasionally
 
made
 
drastic
changes
 
in policy and regulations.
 
The Brazilian
 
government’s
 
actions to
 
control inflation
 
and implement
 
macroeconomic
 
policies have
in the
 
past
 
often involved
 
wage and
 
price
 
controls,
 
currency
 
devaluations,
 
capital controls
 
and
 
limits on
 
imports,
 
among
 
other
 
things.
Our
 
business,
 
financial condition,
 
results of
 
operations
 
and prospects
 
may be adversely
 
affected
 
by changes
 
in policies
 
or regulations,
and economic
 
conditions
 
such as:
devaluations
 
and other currency
 
fluctuations;
inflation
 
and interest
 
rates;
liquidity
 
of domestic capital
 
and lending
 
markets;
energy
 
shortages;
exchange
 
controls and restrictions
 
on remittances
 
abroad
 
(such as those
 
that were briefly
 
imposed in
 
1989 and early
 
1990);
monetary
 
and tax policy;
minimum wage
 
policy and
other political,
 
diplomatic,
 
social and
 
economic developments
 
in or affecting
 
Brazil.
The
 
Brazilian
 
currency
 
has
 
been
 
devalued
 
over
 
the
 
last
 
5
 
years.
 
Throughout
 
this
 
period,
 
the
 
Brazilian
 
government
 
has
implemented various
 
economic plans
 
and used various
 
exchange rate policies, including sudden
 
devaluations,
 
periodic mini
 
devaluations
(such
 
as
 
daily
 
adjustments),
 
exchange
 
controls,
 
dual
 
exchange
 
rate markets
 
and a
 
floating
 
exchange
 
rate
 
system.
 
From
 
time
 
to time,
there have
 
been significant
 
fluctuations
 
in the exchange
 
rate between
 
the Brazilian
 
currency and
 
the U.S. dollar
 
and other currencies.
In recent
 
years, there
 
have been
 
considerable
 
changes
 
in tax
 
policy in
 
Brazil,
 
including
 
tax increases
 
that have
 
impacted
 
our
business,
 
and further changes
 
have been proposed.
 
Uncertainty
 
over
 
whether
 
possible
 
changes
 
in
 
policies
 
or rules
 
affecting
 
these
 
or
 
other
 
factors
 
may
 
contribute
 
to
 
economic
uncertainties
 
in Brazil,
 
which could
 
adversely
 
affect
 
our business,
 
financial condition,
 
results of operations
 
and prospects.
Our business
 
depends
 
in part
 
on our capacity
 
to invest
 
in technology
 
and the
 
costs of
 
technology
 
and
 
telecommunications
services,
 
which
 
we rely
 
on
 
from
 
third
 
parties,
 
could
 
have
 
a
 
material
 
adverse
 
effect
 
on our
 
business,
 
financial
 
condition,
results
 
of operations and
 
prospects.
The CRM BPO industry
 
in which we operate is subject
 
to the periodic introduction
 
of new technologies
 
which often can enable
us to service
 
our clients more efficiently
 
and cost
 
effectively.
 
Our business
 
success
 
is partly
 
linked to our
 
ability to recognize
 
these new
technological
 
innovations
 
from
 
industry
 
-leading providers
 
of
 
such
 
technologies
 
and
 
to
 
apply
 
these
 
technological
 
innovations
 
to our
business.
 
If
 
we do not recognize the importance
 
of new technologies to our business
 
in
 
a timely manner or are not committed to investing
in and developing
 
such new technologies
 
and applying these
 
to our business,
 
our current products
 
and services may be
 
less attractive
 
to
existing
 
and
 
new
 
clients,
 
and
 
we
 
may
 
lose
 
market
 
share
 
to
 
competitors
 
who
 
have
 
recognized
 
these
 
trends
 
and
 
invested
 
in
 
such
technologies.
 
There
 
can be
 
no assurance
 
that we will
 
have sufficient
 
capacity
 
or capital
 
to meet
 
these
 
challenges.
 
Any
 
such
 
failure
 
to
recognize the
 
importance
 
of such technologies
 
or a decision
 
not to invest
 
and develop
 
such technologies
 
that keeps
 
pace with
 
evolving
industry
 
standards
 
and
 
changing
 
client demands
 
could
 
have
 
a material adverse
 
effect
 
on
 
our
 
business,
 
financial condition,
 
results
 
of
operations
 
and prospects.
13
In
 
addition,
 
any
 
increases
 
in
 
the
 
cost
 
of
 
telecommunications
 
services
 
and
 
products
 
provided
 
by
 
third
 
parties,
 
including
telecommunications
 
equipment,
 
software,
 
IT
 
products
 
and related
 
IT
 
services
 
and call
 
center workstations
 
have
 
a direct
 
effect
 
on our
operating
 
costs.
 
The
 
cost
 
of
 
telecommunications
 
services
 
is
 
subject
 
to
 
several
 
factors,
 
including
 
changes
 
in
 
regulations
 
and
 
the
telecommunications
 
market
 
as
 
well
 
as competitive
 
factors,
 
for
 
example,
 
the
 
concentration
 
and
 
bargaining
 
power
 
of
 
technology
 
and
telecommunications
 
suppliers,
 
most
 
of
 
which
 
are
 
beyond
 
our
 
control
 
or which
 
we
 
cannot
 
predict.
 
The
 
increase
 
in the
 
costs
 
of these
essential
 
services
 
and
 
products
 
could
 
have
 
a
 
material
 
adverse
 
effect
 
on
 
our
 
business,
 
financial
 
condition,
 
results
 
of
 
operations
 
and
prospects.
Damage or disruptions
 
to our
 
key technology
 
systems and
 
facilities either
 
through
 
events beyond
 
or within our
 
control
 
that
adversely affect
 
our clients’ businesses,
 
could have a material
 
adverse effect
 
on our business,
 
financial
 
condition, results
 
of
operations
 
and prospects.
Our key technology
 
systems
 
and facilities may be damaged in natural disasters
 
such as earthquakes
 
or fires
 
or subject to damage
or
 
compromise
 
from
 
human
 
error,
 
technical
 
disruptions,
 
power
 
failure,
 
computer
 
glitches
 
and
 
viruses,
 
telecommunications