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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