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Exela Technologies | 10-K: Annual report

SEC announcement ·  Apr 3 16:41
Summary by Moomoo AI
Exela Technologies, a global provider of transaction processing solutions and enterprise information management, reported a consolidated revenue decrease of 1.2% to $1,064.1 million in 2023 from $1,077.2 million in 2022. The company's Information & Transaction Processing Solutions (ITPS) segment experienced a revenue decline of $32.8 million, while the Healthcare Solutions (HS) and Legal & Loss Prevention Services (LLPS) segments saw increases of $12.1 million and $7.7 million, respectively. Cost of revenue decreased by 5%, and selling, general and administrative expenses dropped by 14.6% to $150.7 million. The company achieved an operating profit of $8.05 million, a significant improvement from the operating loss of $228.77 million in the previous year. Net loss was reduced to $124.43 million in 2023 from $415.58 million in 2022. Exela completed a merger of its European business with CF Acquisition Corp. VIII, forming XBP...Show More
Exela Technologies, a global provider of transaction processing solutions and enterprise information management, reported a consolidated revenue decrease of 1.2% to $1,064.1 million in 2023 from $1,077.2 million in 2022. The company's Information & Transaction Processing Solutions (ITPS) segment experienced a revenue decline of $32.8 million, while the Healthcare Solutions (HS) and Legal & Loss Prevention Services (LLPS) segments saw increases of $12.1 million and $7.7 million, respectively. Cost of revenue decreased by 5%, and selling, general and administrative expenses dropped by 14.6% to $150.7 million. The company achieved an operating profit of $8.05 million, a significant improvement from the operating loss of $228.77 million in the previous year. Net loss was reduced to $124.43 million in 2023 from $415.58 million in 2022. Exela completed a merger of its European business with CF Acquisition Corp. VIII, forming XBP Europe, which began trading on Nasdaq under the ticker 'XBP'. The company also executed a reverse stock split and sold its high-speed scanner business for a pre-tax gain of $7.2 million. Looking ahead, Exela aims to increase free cash flows, reduce debt, and pursue strategic acquisitions to enhance its value proposition.

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