Exela Technologies(US:XELA)2024-05-28 21:58Financial Performance - Revenue was $259 million, a year-over-year decrease of 5.4%, but a sequential decrease of 2.1%[6] - Gross margin was 22.0%, a year-over-year increase of 1.1%[6] - Adjusted EBITDA was $12.9 million, a year-over-year increase of 11.3%, and a sequential increase of 42.4%[6] - Net loss was $(25.6) million, a year-over-year increase of $19.9 million, but a sequential decrease of $(0.6) million[6] - Interest expense was $21.1 million, a year-over-year decrease of 52.3%, and a sequential decrease of 17.9%[6] Segment Performance - Healthcare Solutions revenue was $64.9 million, a year-over-year increase of 2.9%, with a gross margin of 28.8%, a year-over-year increase of 3.0%[9] - Information and Transaction Processing Solutions revenue was $176.1 million, a year-over-year increase of 9.1%, with a gross margin of 18.0%, a year-over-year decrease of 0.2%[9] - Legal and Loss Prevention Services revenue was $17.8 million, a year-over-year increase of 5.6%, with a gross margin of 35.9%, a year-over-year increase of 2.4%[9] Key Highlights - New ACV (Annual Contract Value) won was approximately $27.3 million[8] - ACV renewed was approximately $43.9 million with a 96% renewal rate[8] - The company achieved over $25 million in process savings[8] Other Updates - SG&A expenses were $40.9 million, a year-over-year decrease of 7.9%, but a sequential increase of 5.1%[6] - The company is undergoing facility consolidation, with 104,000 SqFt completed in Q1, part of a 340,000 SqFt plan[10] - There was a $27 million ACV reduction due to a customer exit[11]