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Exela Technologies | 10-Q: Quarterly report

SEC announcement ·  Jan 5 00:00
Summary by Moomoo AI
Exela Technologies, a global business process automation leader, reported mixed financial results for the nine months ended September 30, 2023. Total revenue decreased by 1.3% year-on-year to $799.7 million, with a decline in the Information & Transaction Processing Solutions (ITPS) segment by 5.1%, offset by growth in the Healthcare Solutions (HS) and Legal & Loss Prevention Services (LLPS) segments. The company's net loss before income taxes improved significantly, with a reduction from $215.7 million in the previous year to $92.4 million, marking a 57.15% decrease. This improvement was attributed to lower costs of revenue, selling, general and administrative expenses, and other expenses, as well as an improvement in the operating cycle for accounts payable and accrued liabilities. Exela also completed a strategic merger of its European business...Show More
Exela Technologies, a global business process automation leader, reported mixed financial results for the nine months ended September 30, 2023. Total revenue decreased by 1.3% year-on-year to $799.7 million, with a decline in the Information & Transaction Processing Solutions (ITPS) segment by 5.1%, offset by growth in the Healthcare Solutions (HS) and Legal & Loss Prevention Services (LLPS) segments. The company's net loss before income taxes improved significantly, with a reduction from $215.7 million in the previous year to $92.4 million, marking a 57.15% decrease. This improvement was attributed to lower costs of revenue, selling, general and administrative expenses, and other expenses, as well as an improvement in the operating cycle for accounts payable and accrued liabilities. Exela also completed a strategic merger of its European business with CFFE, forming XBP Europe, which began trading on the Nasdaq Stock Market under the ticker symbol 'XBP'. The company received a $10 million insurance claim settlement related to a cybersecurity incident in 2022. Looking ahead, Exela plans to continue its focus on digital transformation for its customers, leveraging its global footprint and proprietary technology. The company's future plans include strategic initiatives and investment plans aimed at driving revenue and profitability, as well as communicating critical information to stakeholders.

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