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Exela Technologies Inc is a business process automation (BPA) leader combining industry-specific and multi-industry enterprise software and solutions. The company's BPA suite of solutions is deployed in banking, healthcare, insurance, and other industries. The company's segment includes Information and Transaction Processing Solutions (ITPS), Healthcare Solutions (HS), and Legal and Loss Prevention Services (LLPS). It generates maximum revenue from the ITPS segment.
Exela Technologies (NASDAQ: XELA) reported its Q1 2024 financial results, highlighting a revenue decline of 5.4% year-over-year to $258.8 million. The gross margin improved by 1.1% to 22.0%. The company reported a significant reduction in interest expense by 52.3% to $21.1 million.
Operating profit was up, reaching $0.1 million compared to a loss of $6.9 million in the previous year. However, the net loss stood at $25.6 million, which showed an improvement of $19.9 million year-over-year. Adjusted EBITDA dropped by 11.1% to $12.9 million but showed a sequential increase of 41.7%.
Segment-wise, Information and Transaction Processing Solutions generated $176.1 million, down 9.1% year-over-year. Healthcare Solutions saw a revenue increase of 2.9% to $64.9 million, and Legal and Loss Prevention Services revenue rose by 5.6% to $17.8 million.
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