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Exela Technologies, Inc. Reports Preliminary Third Quarter 2022 Results

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Exela Technologies reported $264 million in revenue for Q3 2022, a 5.4% decline from Q3 2021, with a net loss of $85 million. The company, however, recorded $87 million in Total Contract Value, marking a record year-to-date in new business wins. Exela's European business plans to go public via merger, valuing at $220 million. Despite challenges, growth in Digital Asset platforms is significant, with DMR customers up 227% and DrySign® users up 1,244%. A conference call is scheduled for November 14, 2022.

Positive
  • Signed public merger deal with CF Acquisition Corp. VIII valuing European business at $220 million.
  • Achieved $87 million in Total Contract Value for Q3, a record year-to-date for new business wins.
  • 227% growth in Digital Mailroom (DMR) customers and 1,244% increase in DrySign® users compared to Q3 2021.
  • Expected operational improvements of $40.5 million in 2023 from work-from-anywhere model.
Negative
  • Revenue declined by $15.2 million due to network outage, currency translation, and other losses.
  • Operating loss of $47.5 million compared to operating income of $2.4 million in Q3 2021.
  • Net loss increased to $85.3 million from $13.2 million in Q3 2021.
  • Total debt increased by $18.6 million compared to Q2 2022.
  • Revenue of $264 million, a decline of 5.4% from Q3 2021
  • Net loss of $85 million
  • Exela’s European business signed a deal to go public through a merger with CF Acquisition Corp. VIII based on a $220 million valuation
  • Won $87M TCV(1) in Q3; record YTD in new business wins
  • Small-and-Medium-Sized Business (“SMB”) continues strong growth with DMR(2) customers growing 227% and DrySign® users growing 1,244% over Q3 2021
  • Gross margin and operating income improvements in place for 2023

Conference call scheduled for November 14, 2022 at 6:00 PM ET

IRVING, Texas, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA, XELAP), a global business process automation (“BPA”) leader, announced today its financial results for the third quarter ended September 30, 2022.

“Since stepping into my current role over a year ago, we have completed many of the objectives laid out; however, our intrinsic value remains deeply discounted. Our business is positioned for operational leverage with conversion of the pipeline into contract wins, stable renewals, and significant operational improvements. In light of the macro environment, we are focused on converting actions into results,” said Par Chadha, Executive Chairman of Exela.

Third Quarter Business Highlights

  1. Exela’s European business signed a deal to go public through a merger with CF Acquisition Corp. VIII based on a $220 million valuation. Exela will be the majority owner of the merged public company
  2. Exela Technologies, Inc. subsidiaries own $298M principal amount of the 2026 Senior Notes issued by Exela Intermediate, LLC
  3. Revenue lower by $15.2M due to network outage, currency translation, transition revenue(3), other customer losses and tight job markets
  4. Strategic decision to adopt work from anywhere model is reaching inflection; approximately $40.5M in operational improvements estimated in 2023
  5. Won $87M TCV in Q3; record YTD in new business wins
  6. Digital Asset platforms DMR grew 227% and DrySign® 1,244% over Q3 2021
  7. Eliminated over $163M in liabilities due in 2022; Revolver and Appraisal Action payoff completed in Q3

Third Quarter Highlights

  • Revenue: Revenue for Q3 2022 was $264.0 million, a decline of 5.4% compared to $279.2 million in Q3 2021.
    • Revenue for the Information and Transaction Processing Solutions (“ITPS”) segment was $185.3 million, a decline of 11% year-over-year, primarily due to network outage impacting contracted revenues(4), currency translation, transition revenue and staffing shortages.
    • Healthcare Solutions revenue was $61.0 million, an increase of 13.0% year-over-year, led by continuing acceptance of our solutions and services.
    • Legal and Loss Prevention Services revenue was $17.8 million, an increase of 5.3% year-over-year.

Operating income/loss: Operating loss for Q3 2022 was $47.5 million, compared with operating income of $2.4 million in Q3 2021. The year over year change was due to the gross profit decline of $21.3 million and goodwill impairment charge of $29.6 million.

  • Net Loss: Net loss for Q3 2022 was $85.3 million, compared with a net loss of $13.2 million in Q3 2021. In addition to the changes in the operating loss and goodwill impairment, the year over year increase in net loss was due to a $23.4 million decline in non-cash debt modification and extinguishment gain.
    • EBITDA(5): EBITDA for Q3 2022 was ($24.7) million compared to $49.1 million in Q3 2021. EBITDA margin for Q3 2022 was (9.4%) compared to 17.6% in Q3 2021.
    • Adjusted EBITDA(6): Adjusted EBITDA for Q3 2022 was $31.8 million, a decrease of 12.5% compared to $36.4 million in Q3 2021. Adjusted EBITDA margin for Q3 2022 was 12.1%, a decrease of 98 basis points from 13.0% in Q3 2021 and down from 13.7% in Q2 2022.
  • Capital Expenditures: Capital expenditures for Q3 2022 were 1.7% of revenue compared to 1.3% of revenue in Q3 2021.

Maintaining financial flexibility: Raised a total of $67.6 million in gross proceeds from equity offerings in Q3 2022. Total debt(7) increased by $18.6 million compared to Q2 2022.

Below are the notes referenced above:
(1) Total Contract Value
(2) Digital Mailroom
(3) Represents revenue from exiting contracts and statements of work with certain customers that we believe was unpredictable, non-recurring and were not a strategic fit to the Company’s long-term success or unlikely to achieve the Company’s long-term target margins.
(4) In late June 2022, the Company experienced a network security incident impacting certain of the Company’s operational and information technology systems. The Company immediately took steps to isolate the impact and prevent additional systems from being affected, including taking large parts of its network offline as a precaution and thereby disrupting some access to our applications and services by our employees and customers. The Company’s systems recovery efforts are complete, and the Company’s operations are fully functional, however, the incident did result in some loss of revenue in the end of the second quarter and in the third quarter as well as certain incremental costs, some of which is expected to continue.
(5) EBITDA is a non-GAAP measure. A reconciliation of EBITDA to Net Loss determined in accordance with GAAP is attached to this release.
(6) Adjusted EBITDA is a non-GAAP measure. A reconciliation of Adjusted EBITDA to Net Loss determined in accordance with GAAP is attached to this release.
(7) Total debt includes all long-term debt and interest-bearing current liabilities

Earnings Conference Call and Audio Webcast
Exela will host a conference call to discuss its third quarter 2022 financial results at 6:00 PM ET on November 14, 2022.   To access this call, dial 833-255-2831 or +1-412-902-6724 (international).

A replay will be available through November 21, 2022 at 877-344-7529 or +1-412-317-0088 (international). The replay passcode is 7071365. A replay will also be archived on the Exela investor relations website at http://investors.exelatech.com.

Exela invites all investors to ask questions that they would like addressed on the conference call. We ask investors to submit questions via email to IR@exelatech.com.

A live webcast of this conference call will be available on the “Investors” page of the Company’s website (www.exelatech.com). A supplemental slide presentation that accompanies this call and webcast can be found on the investor relations website (http://investors.exelatech.com/) and will remain available after the call.

About Exela
Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Through cloud-enabled platforms, built on a configurable stack of automation modules, and approximately 16,500 employees operating in 21 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

Find out more at www.exelatech.com 

To automatically receive Exela financial news by e-mail, please visit the Exela Investor Relations website, http://investors.exelatech.com/, and subscribe to E-mail Alerts.

About Non-GAAP Financial Measures: This press release includes constant currency, EBITDA and Adjusted EBITDA, each of which is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Exela believes that the presentation of these non-GAAP financial measures will provide useful information to investors in assessing our financial performance, results of operations and liquidity and allows investors to better understand the trends in our business and to better understand and compare our results. Exela’s board of directors and management use constant currency, EBITDA and Adjusted EBITDA to assess Exela’s financial performance, because it allows them to compare Exela’s operating performance on a consistent basis across periods by removing the effects of Exela’s capital structure (such as varying levels of debt and interest expense, as well as transaction costs resulting from the combination of Quinpario Acquisition Corp. 2, SourceHOV Holdings, Inc. and Novitex Holdings, Inc. on July 12, 2017 (the “Novitex Business Combination”) and capital markets-based activities). Adjusted EBITDA also seeks to remove the effects of integration and related costs to achieve the savings, any expected reduction in operating expenses due to the Novitex Business Combination, asset base (such as depreciation and amortization) and other similar non-routine items outside the control of our management team.  Optimization and restructuring expenses and merger adjustments are primarily related to the implementation of strategic actions and initiatives related to the Novitex Business Combination. All of these costs are variable and dependent upon the nature of the actions being implemented and can vary significantly driven by business needs. Accordingly, due to that significant variability, we exclude these charges since we do not believe they truly reflect our past, current or future operating performance. The constant currency presentation excludes the impact of fluctuations in foreign currency exchange rates. We calculate constant currency revenue and Adjusted EBITDA on a constant currency basis by converting our current-period local currency financial results using the exchange rates from the corresponding prior-period and compare these adjusted amounts to our corresponding prior period reported results. Exela does not consider these non-GAAP measures in isolation or as an alternative to liquidity or financial measures determined in accordance with GAAP. A limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Exela’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures and therefore the basis of presentation for these measures may not be comparable to similarly-titled measures used by other companies. These non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP. Net loss is the GAAP measure most directly comparable to the non-GAAP measures presented here. For reconciliation of the comparable GAAP measures to these non-GAAP financial measures, see the schedules attached to this release.

Forward-Looking Statements: Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “continue”, “future”, “will”, “expect”, “outlook” or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, including without limitation the network outage described in this press release and those discussed under the heading “Risk Factors” in our Annual Report and in subsequent filings with the Securities and Exchange Commission. In addition, forward-looking statements provide Exela’s expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause Exela’s assessments to change. These forward-looking statements should not be relied upon as representing Exela’s assessments as of any date subsequent to the date of this press release.

For more Exela news, commentary, and industry perspectives, visit:

Website: https://investors.exelatech.com/

Twitter: @ExelaTech

LinkedIn: /exela-technologies

Facebook: @exelatechnologies

Instagram: @exelatechnologies

The information posted on the Company's website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company's website and its social media accounts in addition to the Company's press releases, SEC filings and public conference calls and webcasts.

Investor and/or Media Contacts:
Vincent Kondaveeti
E: vincent.kondaveeti@exelatech.com

Mary Beth Benjamin
E: IR@exelatech.com

Source: Exela Technologies, Inc.

 
Exela Technologies, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
As of September 30, 2022 and December 31, 2021
(in thousands of United States dollars except share and per share amounts)
       
  September 30,
 December 31,
  2022 2021
  (Unaudited)
 (Audited)
    (Restated)
Assets      
Current assets      
Cash and cash equivalents $10,401  $20,775 
Restricted cash  34,402   27,285 
Accounts receivable, net of allowance for doubtful accounts of $5,930 and $6,049, respectively  93,600   184,102 
Related party receivables and prepaid expenses  504   715 
Inventories, net  17,234   15,215 
Prepaid expenses and other current assets  28,551   31,799 
Total current assets  184,692   279,891 
Property, plant and equipment, net of accumulated depreciation of $201,650 and $196,683, respectively  68,788   73,449 
Operating lease right-of-use assets, net  44,943   53,937 
Goodwill  328,071   358,323 
Intangible assets, net  211,659   244,539 
Deferred income tax assets  1,279   2,109 
Other noncurrent assets  25,839   24,775 
Total assets $865,271  $1,037,023 
       
Liabilities and Stockholders' Equity (Deficit)      
Liabilities      
Current liabilities      
Accounts payable $80,783  $61,744 
Related party payables  1,698   1,484 
Income tax payable  1,178   3,551 
Accrued liabilities  52,795   113,519 
Accrued compensation and benefits  52,925   60,860 
Accrued interest  29,430   10,075 
Customer deposits  18,278   17,707 
Deferred revenue  15,681   16,617 
Obligation for claim payment  50,780   46,902 
Current portion of finance lease liabilities  4,902   6,683 
Current portion of operating lease liabilities  13,127   15,923 
Current portion of long-term debts  195,043   236,775 
Total current liabilities  516,620   591,840 
Long-term debt, net of current maturities  909,506   1,012,452 
Finance lease liabilities, net of current portion  7,276   9,156 
Pension liabilities, net  23,165   28,383 
Deferred income tax liabilities  14,046   11,594 
Long-term income tax liabilities  2,757   3,201 
Operating lease liabilities, net of current portion  34,573   41,170 
Other long-term liabilities  4,888   5,999 
Total liabilities  1,512,831   1,703,795 
Commitments and Contingencies (Note 8)      
       
Stockholders' equity (deficit)      
Common Stock, par value of $0.0001 per share; 1,600,000,000 shares authorized; 80,173,342 shares issued and 80,050,757 shares outstanding at September 30, 2022 and 13,382,333 shares issued and 13,259,748 shares outstanding at December 31, 2021  142   37 
Preferred stock, $0.0001 par value per share, 20,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively      
Series A Preferred Stock, 2,778,111 shares issued and outstanding at September 30, 2022 and December 31, 2021  1   1 
Series B Preferred Stock, 3,029,900 shares issued and outstanding at September 30, 2022 and 0 shares issued and outstanding at December 31, 2021  -   - 
Additional paid in capital  1,072,322   838,853 
Less: Common Stock held in treasury, at cost; 122,585 shares at September 30, 2022 and December 31, 2021  (10,949)  (10,949)
Equity-based compensation  56,676   56,123 
Accumulated deficit  (1,753,865)  (1,532,428)
Accumulated other comprehensive loss:      
Foreign currency translation adjustment  (2,875)  (7,463)
Unrealized pension actuarial losses, net of tax  (9,012)  (10,946)
Total accumulated other comprehensive loss  (11,887)  (18,409)
Total stockholders' deficit  (647,560)  (666,772)
Total liabilities and stockholders' deficit $865,271  $1,037,023 
         


 
Exela Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the three and nine months ended September 30, 2022 and 2021
(in thousands of United States dollars except share and per share amounts)
(Unaudited)
             
  Three Months Ended September 30, Nine Months Ended September 30,
  2022
 2021
 2022
 2021
Revenue $264,038  $279,229  $810,206  $872,294 
Cost of revenue (exclusive of depreciation and amortization)  217,842   211,731   658,623   653,398 
Selling, general and administrative expenses (exclusive of depreciation and amortization)  44,369   43,244   137,604   121,519 
Depreciation and amortization  17,737   19,094   53,942   58,113 
Impairment of goodwill and other intangible assets  29,565   -   29,565   - 
Related party expense  2,016   2,744   6,189   7,199 
Operating profit (loss)  (47,491)  2,416   (75,717)  32,065 
Other expense (income), net:            
Interest expense, net  40,897   41,757   122,928   127,755 
Debt modification and extinguishment costs (gain), net  (4,696)  (28,070)  4,305   (28,070)
Sundry expense (income), net  781   136   347   (438)
Other expense (income), net  (1,115)  366   12,419   1,169 
Net loss before income taxes  (83,358)  (11,773)  (215,716)  (68,351)
Income tax expense  (1,924)  (1,441)  (5,721)  (3,430)
Net loss $(85,282) $(13,214) $(221,437) $(71,781)
Dividend equivalent on Series A Preferred Stock related to beneficial conversion feature       
Cumulative dividends for Series A Preferred Stock  (908)  (822)  (2,648)  (724)
Cumulative dividends for Series B Preferred Stock  (1,136)  -   (2,528)  - 
Net loss attributable to common stockholders $(87,326) $(14,036) $(226,613) $(72,505)
Loss per share:            
Basic and diluted $(1.38) $(1.86) $(6.41) $(16.49)
                 


 
Exela Technologies, Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flows
For the nine months ended September 30, 2022 and 2021
(in thousands of United States dollars except share and per share amounts)
(Unaudited)
       
  Nine Months Ended September 30,
  2022
 2021
Cash flows from operating activities      
Net loss $(221,437) $(71,781)
Adjustments to reconcile net loss      
Depreciation and amortization  53,942   58,113 
Original issue discount and debt issuance cost amortization  10,383   11,684 
Debt modification and extinguishment costs (gain), net  (1,803)  (28,070)
Impairment of goodwill and other intangible assets  29,565   - 
Provision for doubtful accounts  704   2,427 
Deferred income tax provision  2,492   484 
Share-based compensation expense  694   1,519 
Unrealized foreign currency losses  (1,503)  (604)
Loss (Gain) on sale of assets  548   (112)
Fair value adjustment for interest rate swap  -   (125)
Change in operating assets and liabilities, net of effect from acquisitions      
Accounts receivable  83,282   14,440 
Prepaid expenses and other assets  (6,910)  (4,329)
Accounts payable and accrued liabilities  (37,004)  (57,433)
Related party payables  426   604 
Additions to outsource contract costs  (330)  (405)
Net cash used in operating activities  (86,951)  (73,588)
       
Cash flows from investing activities      
Purchase of property, plant and equipment  (14,208)  (6,950)
Additions to patents  (15)  - 
Additions to internally developed software  (2,710)  (951)
Proceeds from sale of assets  194   4,252 
Net cash used in investing activities  (16,739)  (3,649)
       
Cash flows from financing activities      
Proceeds from issuance of Common Stock from private placement  -   25,065 
Proceeds from issuance of Common Stock from at the market offerings  245,073   249,169 
Dividend paid on Series B Preferred Stock  (2,532)  - 
Repurchases of Common Stock for retirement  (487)  - 
Cash paid for equity issuance costs from at the market offerings  (8,480)  (9,060)
Borrowings under factoring arrangement and Securitization Facility  93,867   102,141 
Principal repayment on borrowings under factoring arrangement and Securitization Facility  (186,245)  (105,112)
Cash paid for withholding taxes on vested RSUs  (138)  - 
Lease terminations  3   (125)
Cash paid for debt issuance costs  (7,125)  - 
Principal payments on finance lease obligations  (4,342)  (8,446)
Borrowings from senior secured revolving facility and BRCC revolver  20,000   3,000 
Repayments on senior secured revolving facility  (49,477)  (55)
Proceeds from issuance of 2026 Notes  80,620   - 
Borrowings from other loans  7,500   8,537 
Cash paid for debt repurchases  (4,712)  (58,607)
Repayment of BRCC term loan  (59,209)  - 
Principal repayments on senior secured term loans and other loans  (22,829)  (28,512)
Net cash provided by financing activities  101,487   177,995 
Effect of exchange rates on cash  (1,054)  (78)
Net increase (decrease) in cash and cash equivalents  (3,257)  100,680 
Cash, restricted cash, and cash equivalents      
Beginning of period  48,060   70,309 
End of period $44,803  $170,989 
Supplemental cash flow data:      
Income tax payments, net of refunds received $5,267  $2,766 
Interest paid  93,405   137,862 
Noncash investing and financing activities:      
Assets acquired through right-of-use arrangements  958   2,754 
Leasehold improvements funded by lessor  -   125 
Accrued capital expenditures  1,916   2,495 
         


 
Exela Technologies
Schedule 1: Third Quarter 2022 vs. Third Quarter 2021
Financial Performance
(Unaudited)
         
$ in millionQ3-2022Q3-2021Increase (Decrease) YoY ($ mn)Increase (Decrease) YoY (%) Q2-2022Increase (Decrease) QoQ ($ mn)Increase (Decrease) QoQ (%)
         
Information and Transaction Processing Solutions185.3 208.3 (23.0)(11.0%) 190.0 (4.7)(2.5%)
Healthcare Solutions61.0 54.0 7.0 13.0% 56.4 4.6 8.2%
Legal and Loss Prevention Services17.8 16.9 0.9 5.3% 20.4 (2.6)(12.7%)
Total Revenue264.0 279.2 (15.2)-5.4% 266.8 (2.7)-1.0%
         
Gross profit46.2 67.5 (21.3)(31.6%) 49.5 (3.3)(6.7%)
Gross profit margin17.5% 24.2% (6.7%)-668 bps 18.6% (1.1%)-106 bps
         
SG&A44.4 43.2 1.1 2.6% 50.2 (5.8)(11.6%)
         
Operating (loss) income(47.5)2.4 (49.9)(2066.1%) (20.9)(26.6)127.4%
Operating margin(18.0%)0.9% (18.9%)-1885 bps (7.8%)(10.2%)-1016 bps
         
Net income (loss)(85.3)(13.2)(72.1)545.4% (79.2)(6.1)7.7%
Net income margin(32.3%)(4.7%)(27.6%)-2757 bps (29.7%)(2.6%)-261 bps
         
EBITDA(24.7)49.1 (73.8)(150.4%) (17.6)(7.1)40.2%
EBITDA Margin(9.4%)17.6% (26.9%)-2694 bps (6.6%)(2.8%)-275 bps
         
Adjusted EBITDA31.8 36.4 (4.6)-12.5% 36.5 (4.6)-12.7%
Adjusted EBITDA margin12.1% 13.0% (1.0%)-98 bps 13.7% (1.6%)-161 bps
         


 
Exela Technologies
Schedule 2: Reconciliation of Adjusted EBITDA and constant currency revenues
       
Reconciliation of Non-GAAP Financial Measures to GAAP Measures    
       
       
Non-GAAP constant currency revenue reconciliation      
  Three months ended
($ in millions) 30-Sep-22 30-Sep-21 30-Jun-22
Revenues, as reported (GAAP) $264.0  $279.2  $266.8 
Foreign currency exchange impact(1)  7.0     6.2 
Revenues, at constant currency (Non-GAAP) $271.1  $279.2  $273.0 
       
(1) Constant currency excludes the impact of foreign currency fluctuations and is computed by applying the average exchange rates for the three months and nine months ended September 30, 2021, to the revenues during the corresponding period in 2022.
       
       
       
Reconciliation of Adjusted EBITDA      
  Three months ended
($ in millions) 30-Sep-22 30-Sep-21 30-Jun-22
Net loss (GAAP) ($85.3) ($13.2) ($79.2)
Interest expense  40.9   41.8   42.3 
Taxes  1.9   1.4   1.3 
Depreciation and amortization  17.7   19.1   18.0 
EBITDA (Non-GAAP) ($24.7) $49.1  ($17.6)
Transaction and integration costs  4.1   1.9   8.6 
Gain / loss on derivative instruments  (1.1)  -   - 
Other Charges / (gains)  47.2   (19.3)  38.9 
Sub-Total (Adj. EBITDA before O&R) $25.6  $31.7  $29.9 
Optimization and restructuring expenses  6.3   4.7   6.6 
Adjusted EBITDA (Non-GAAP) $31.8  $36.4  $36.5 
       

FAQ

What were Exela Technologies' Q3 2022 financial results?

In Q3 2022, Exela reported $264 million in revenue, a decline of 5.4%, and a net loss of $85 million.

What was the Total Contract Value Exela secured in Q3 2022?

Exela won $87 million in Total Contract Value in Q3 2022.

What growth did Exela experience in its Digital Mailroom services?

Exela's Digital Mailroom (DMR) customers grew by 227% compared to Q3 2021.

When is Exela Technologies' earnings conference call scheduled?

The earnings conference call is scheduled for November 14, 2022, at 6:00 PM ET.

What significant partnership did Exela announce in Q3 2022?

Exela's European business announced a merger with CF Acquisition Corp. VIII, based on a $220 million valuation.

Exela Technologies, Inc.

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0.01%
6.86%
12.26%
Software - Application
Services-business Services, Nec
Link
United States of America
IRVING