Q1 2024 Exela Technologies Inc Earnings Call Transcript
Key Points
- First quarter gross margins improved by 107 basis points year-over-year.
- Healthcare solutions and legal and loss prevention services segments grew by approximately 3% and 6%, respectively.
- SG&A expenses decreased by 43 basis points year-over-year, driven by reductions in legal and professional fees.
- Net loss improved by $20 million year-over-year, mainly due to lower interest and debt expenses.
- Achieved a 96% renewal rate in Q1 along with 85 new logo wins, indicating strong customer retention and acquisition.
- First quarter revenues declined by 5.4% year-over-year.
- Information and transaction processing solutions segment saw a 9% year-over-year decline.
- Sequentially, IPTS was down 3% in Q1 due to the loss of a $27 million low margin contract renewal.
- Legal and loss prevention services segment was down 12% due to project fluctuations.
- Unrestricted cash in Q1 was approximately $10 million, indicating limited liquidity.
Good afternoon, and welcome to the Exela Technologies first quarter 2024 financial results conference call. (operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Vincent Kondaveeti, Head of Investor Relations. Please go ahead.
Thank you, Gary, and good afternoon. Welcome to our earnings call to discuss our first quarter results for the period ended March 31, 2024. Our presentations was uploaded to the IR section of our website. Matt Brown, our Interim CFO, will be hosting the call. Par unfortunately had some travel delays and can't dial in.
Today's agenda will largely follow our prior calls with management commentary, followed by Q&A. Some of the matters we will discuss in today's call are forward-looking and involve a number of risks, uncertainties and other factors that could actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties are set forth in our
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