The following is a summary of the Exela Technologies, Inc. (XELA) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Exela Technologies saw a slight dip in revenue, which totaled $1.064 billion in 2023, down 1.2% year-over-year due to the impacts of a network outage and the sale of their high-speed scanner business.

• The company improved its gross margins by $31 million, development tied to automation initiatives and a headcount reduction by 1,900 employees.

• The company reported an adjusted EBITDA of $60 million and a net loss of $124.4 million, an improvement of $291.4 million compared to the previous year.

Business Progress:

• The company procured new business to the tune of $198 million in annual contract value throughout the year.

• Continued investment in automation, personnel, and cloud operations underscored their dedication to customer service.

• Exela Technologies implemented two new services, FAO services and reactor.ai, which formed part of their growth initiatives.

• As part of their strategic planning, for 2024, the company will prioritize revenue stabilization, margin improvement, and strategic growth initiatives.

More details: Exela Technologies IR

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