share_log

Exela Technologies | CORRESP: CORRESP

SEC announcement ·  Feb 23 02:18
Summary by Futu AI
Exela Technologies, Inc. has communicated with the Securities and Exchange Commission (SEC) regarding changes to its financial reporting practices, specifically concerning non-GAAP financial measures. In a letter dated February 22, 2024, Exela acknowledged the SEC's feedback and outlined its decision to alter the presentation of its Adjusted EBITDA in future filings. The company will no longer include optimization and restructuring expenses, certain non-cash charges, and contract costs in its Adjusted EBITDA calculations, a change from its historical practice. This adjustment follows discussions with the SEC's Division of Corporation Finance, Office of Trade & Services on January 16 and February 20, 2024. Exela provided a reconciliation of Adjusted EBITDA for the fiscal year ended December 31, 2022, showing a revised figure of $66,650 thousand compared to the historically presented $139,893 thousand. The company has committed to providing clear disclosure of these changes in future filings and reaffirmed its responsibility for the accuracy of its disclosures.
Exela Technologies, Inc. has communicated with the Securities and Exchange Commission (SEC) regarding changes to its financial reporting practices, specifically concerning non-GAAP financial measures. In a letter dated February 22, 2024, Exela acknowledged the SEC's feedback and outlined its decision to alter the presentation of its Adjusted EBITDA in future filings. The company will no longer include optimization and restructuring expenses, certain non-cash charges, and contract costs in its Adjusted EBITDA calculations, a change from its historical practice. This adjustment follows discussions with the SEC's Division of Corporation Finance, Office of Trade & Services on January 16 and February 20, 2024. Exela provided a reconciliation of Adjusted EBITDA for the fiscal year ended December 31, 2022, showing a revised figure of $66,650 thousand compared to the historically presented $139,893 thousand. The company has committed to providing clear disclosure of these changes in future filings and reaffirmed its responsibility for the accuracy of its disclosures.

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content. It is only available to users located outside of China mainland.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.