Exela Technologies, Inc. (NASDAQ: XELA, XELAP), a global business process automation leader, reported its full-year financial results for the period ending December 31, 2023. The company announced a revenue of $1,064.1 million, a slight decrease of 1.2% from the previous year. Despite the revenue dip, Exela saw an increase in gross margin to 21.7% in 2023 from 18.5% in 2022, and an operating profit of $8.1 million, a significant improvement from the operating loss of $228.8 million in 2022. The net loss was reduced to $124.4 million, a $291.4 million improvement year-over-year. The company also reported the issuance of approximately $764.8 million of new notes in exchange for $956.0 million of existing 2026 notes. Exela's focus for the year was on stabilizing revenues and recovering from a network outage in 2022, improving the...Show More

Exela Technologies, Inc. (NASDAQ: XELA, XELAP), a global business process automation leader, reported its full-year financial results for the period ending December 31, 2023. The company announced a revenue of $1,064.1 million, a slight decrease of 1.2% from the previous year. Despite the revenue dip, Exela saw an increase in gross margin to 21.7% in 2023 from 18.5% in 2022, and an operating profit of $8.1 million, a significant improvement from the operating loss of $228.8 million in 2022. The net loss was reduced to $124.4 million, a $291.4 million improvement year-over-year. The company also reported the issuance of approximately $764.8 million of new notes in exchange for $956.0 million of existing 2026 notes. Exela's focus for the year was on stabilizing revenues and recovering from a network outage in 2022, improving the balance sheet, and reducing debt and interest expenses. Investments were made in cyber security, data modernization, cloud, and Infrastructure-as-a-Service, as well as the public listing of XBP Europe, its European business. Adjusted EBITDA for 2023 was $60.0 million, up from $56.8 million in 2022, with a margin increase of 30 basis points. Capital expenditures were reduced to 1.1% of revenue as the company continues to transition to cloud computing.