Summary by Moomoo AI
Exela Technologies, Inc. has addressed the Securities and Exchange Commission's (SEC) inquiries regarding its non-GAAP financial measures, as detailed in a correspondence dated March 12, 2024. The SEC's Division of Corporation Finance had previously questioned certain line items in Exela's non-GAAP reconciliation, specifically regarding restructuring costs and other charges. In response, Exela has confirmed that it will exclude 'Employee severance and retention bonus' charges and certain costs related to facility closures and discontinued operations from its future Adjusted EBITDA presentations, unless accompanied by a formal restructuring plan. The company provided a revised reconciliation of Adjusted EBITDA for the fiscal year ended December 31, 2022, and clarified that starting with the fiscal year 2023 report, certain adjustments will no longer be made. This change aims to delineate one-time initiatives from normal operational improvements. Exela's Interim CFO, Matthew Brown, affirmed the company's responsibility for accurate disclosures.