Exela Technologies Inc (NAS:XELA)
$ 1.9901 0.0301 (1.54%) Market Cap: 12.67 Mil Enterprise Value: 1.10 Bil PE Ratio: 0 PB Ratio: 0 GF Score: 36/100
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Q2 2024 Exela Technologies Inc Earnings Call Transcript

Aug 28, 2024 / 08:30PM GMT
Release Date Price: $2.13 (-0.93%)

Key Points

Positve
  • Gross margins improved to 23.5%, up 120 basis points year-over-year and 150 basis points sequentially.
  • Net loss improved by $4 million this quarter.
  • Over $25 million of annualized savings are in process.
  • Legal and Loss Prevention services grew by 6.3% year-over-year and 45% sequentially.
  • Added 119 new logos, an increase of 40% sequentially.
Negative
  • Second quarter revenues were $245.7 million, down 10% year-over-year.
  • Sequential revenue declined by 5.1%, driven by project fluctuations and volume seasonality.
  • Information and transaction processing solutions declined by 15.2% year-over-year and 11% sequentially.
  • Healthcare Solutions declined by 1.1% year-over-year and 2.9% sequentially.
  • SG&A was up 30.5% year-over-year, including $10.1 million in write-downs.
Operator

Good day and welcome to the Exela Technologies second-quarter 2024 earnings conference call. (Operator Instructions)

I would now like to turn the conference over to David Chalmers, Vice President of Investor Relations. Please go ahead.

David Chalmers;Matthew Brown
Exela Technologies Inc - Vice President of Investor Relations;Exela Technologies Inc - Interim Chief Financial

Thank you, operator, and good afternoon. Welcome to our earnings call to discuss our second-quarter results for the period ended June 30, 2024. Our presentation has been posted to the IR section of our website. On today's call will be Matthew Brown, our Interim Chief Financial Officer.

Some of the matters we will discuss on today's call are forward-looking and involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties are set forth in our presentation.

So, with that, I'll turn over the call to Matt.

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