Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA),
a location-agnostic global business process automation (“BPA”)
leader across numerous industries, announced today its financial
results for the second quarter ended June 30, 2019.
“Our revenues, when adjusted for the low margin
contract we exited in the third quarter of 2018, as well as our
pass through postage and postage handling volume, grew by 4% in the
first half of 2019. The underlying revenue stability in our BPA
business, combined with our recent wins and robust pipeline,
provides us with a healthy base to build upon. However, due to the
slower than anticipated ramp of certain new projects and a longer
than usual sales cycle, we are updating our 2019 revenue guidance
to $1.59 billion - $1.61 billion and 2019 Adjusted EBITDA guidance
to $290 million - $300 million,” said Ronald Cogburn, Chief
Executive Officer of Exela.
“In the second quarter, our Adjusted EBITDA was
$69.7 million on a constant currency basis. Our EBITDA in the
second quarter was adversely impacted by severance charges of $1.6
million as well as additional non-cash charges of $8.7 million. We
ended the second quarter with $97.5 million of liquidity and we are
highly focused on generating incremental cash flow through an
emphasis on our savings initiatives,” stated Jim Reynolds, Chief
Financial Officer of Exela.
Second Quarter Ended June 30, 2019
Financial Highlights
- Revenue: Revenue
was $390.2 million, a decline of 4.9% from $410.4 million in the
second quarter of 2018. Revenue for our Information and Transaction
Processing Solutions (“ITPS”) segment was $309.2 million, a decline
of 6.3% year-over-year, driven primarily by the previously
announced exit of a low margin contract partially offset by growth
from acquisitions and existing customers. Healthcare Solutions
(“HS”) revenue was $63.4 million, an increase of 12.6%
year-over-year and consistent with expectations. Legal and Loss
Prevention Services (“LLPS”) revenue was $17.6 million. Results in
LLPS are event driven and were negatively impacted by projects that
generated lower revenue.Excluding revenue from postage and postage
handling with either zero or nominal margins and from the
previously announced contract exit, revenue was $650 million in the
first half of 2019 and $324 million in the second quarter of 2019,
representing growth of 4.0% and 1.7% over the comparable prior year
periods.
- Operating income:
Operating income for the second quarter of 2019 was $12.3 million,
compared to operating income of $11.9 million in the second quarter
of 2018, representing an increase of 3.4%. This was driven by $9.2
million of lower amortization offset by lower gross profit of $4.3
million and higher SG&A spend of $4.8 million for the
comparative period.
- Net Loss: Net Loss
for the second quarter of 2019 was $34.1 million, compared to a net
loss of $25.2 million in the second quarter of 2018. The net loss
was higher primarily due to non-cash charges of $5.6 million
related to interest rate derivative and debt extinguishment costs
and $3.1 million of higher tax expenses.
- Adjusted
EBITDA: Adjusted EBITDA for the second quarter of
2019 was $69.4 million, a decline of 1.0% as compared to Adjusted
EBITDA of $70.1 million in the second quarter of 2018. Adjusted
EBITDA margin for the second quarter of 2019 was 17.8%, an increase
of 70 basis points as compared to an Adjusted EBITDA margin of
17.1% in the second quarter of 2018. The small decrease in second
quarter 2019 Adjusted EBITDA was primarily driven by the low margin
contract exit reported during the third quarter of 2018, offset by
revenue growth and the continued realization of savings
flow-through.
- Capital
Expenditures: Capital expenditures for the second quarter
of 2019 were 2.7% of revenue compared to 1.8% of revenue in the
second quarter of 2018.
- Common
Stock: As of June 30, 2019, there were 155,593,429
total shares of common stock outstanding which includes 5,586,344
shares reserved for outstanding preferred shares on an as-converted
basis.
- Share buyback:
During the second quarter of 2019, the Company purchased 237,962
shares of common stock. Cumulative shares repurchased under the
Company’s share buyback program total 2,787,147 since program
inception.
- Total employees as of June 30, 2019
increased to 23,501 as compared to 22,047 as of December 31,
2018.
- 82% of first half 2019 revenue was
in the Americas and 18% in Europe.
Balance Sheet and Liquidity
- At June 30, 2019, Exela’s total
liquidity was $97.5 million and total net debt was $1.446
billion.
Updated 2019 Guidance
- Revenue range of $1.59 billion to
$1.61 billion, growth of approximately 0% - 1% year-over-year.
- Adjusted EBITDA range of $290
million to $300 million, growth of approximately 2% - 6% year-over
year.
- Capital expenditures as percent of
revenue of approximately 2.5%.
- Capital allocation to be
prioritized towards debt pre-payment.
- Net leverage expected to be
approximately 4.0x at year-end.
Note: Guidance is based on constant
currency.
Note on Outlook: The Company
has not forecasted net income/(loss) on a forward-looking basis due
to the high variability and difficulty in predicting certain items
that affect GAAP net income/(loss). Adjusted EBITDA should not be
used to predict net income/(loss) as the difference between the two
measures is variable.
Please refer to the attached schedules for
reconciliations. Due to rounding, numbers presented throughout this
document may not add up precisely to the totals provided and
percentages may not precisely reflect absolute figures.
(1) – Constant currency is a non-GAAP measure. A
reconciliation of constant currency is attached to this release.(2)
– EBITDA is a non-GAAP measure. A reconciliation of EBITDA is
attached to this release.(3) – Adjusted EBITDA is a non-GAAP
measure. A reconciliation of Adjusted EBITDA is attached to this
release. (4) –At June 30, 2019, total cash and cash equivalents was
$18.4 million (including restricted cash not subject to legal
restriction). The Company has a revolving credit facility of $100
million, of which an aggregate amount of $79 million was available
after $20.9 million reserved for letters of credit.
Earnings Conference Call and Audio
WebcastExela will host a conference call to discuss its
second quarter 2019 financial results today at 5:00 p.m. ET.
To access this call, dial 833-255-2831 or +412-902-6724
(international). A replay of this conference call will be
available through August 15, 2019 at 877-344-7529 or +412-317-0088
(international). The replay passcode is 10132736. A
live webcast of this conference call will be available on the
“Investors” page of the Company’s website (www.exelatech.com). A
supplemental slide presentation that accompanies this call and
webcast can be found on the investor relations website
(http://investors.exelatech.com/) and will remain available after
the call.
About Exela Exela Technologies,
Inc. (“Exela”) is a business process automation (BPA) leader,
leveraging a global footprint and proprietary technology to provide
digital transformation solutions enhancing quality, productivity,
and end-user experience. With decades of expertise operating
mission-critical processes, Exela serves a growing roster of more
than 4,000 customers throughout 50 countries, including over 60% of
the Fortune® 100. With foundational technologies spanning
information management, workflow automation, and integrated
communications, Exela’s software and services include
multi-industry department solution suites addressing finance and
accounting, human capital management, and legal management, as well
as industry-specific solutions for banking, healthcare, insurance,
and public sectors. Through cloud-enabled platforms, built on a
configurable stack of automation modules, and over 22,000 employees
operating in 23 countries, Exela rapidly deploys integrated
technology and operations as an end-to-end digital journey partner.
Find out more at www.exelatech.com
Follow Exela on
Twitter: https://twitter.com/exelatechFollow
Exela on
LinkedIn: https://www.linkedin.com/company/11174620/
About Non-GAAP Financial
Measures: This press release includes constant currency,
EBITDA and Adjusted EBITDA, each of which is a financial measure
that is not prepared in accordance with U.S. generally accepted
accounting principles (“GAAP”). Exela believes that the
presentation of these non-GAAP financial measures will provide
useful information to investors in assessing our financial
performance, results of operations and liquidity and allows
investors to better understand the trends in our business and to
better understand and compare our results. Exela’s board of
directors and management use constant currency, EBITDA and Adjusted
EBITDA to assess Exela’s financial performance, because it allows
them to compare Exela’s operating performance on a consistent basis
across periods by removing the effects of Exela’s capital structure
(such as varying levels of debt and interest expense, as well as
transaction costs resulting from the combination of Quinpario
Acquisition Corp. 2, SourceHOV Holdings, Inc. and Novitex Holdings,
Inc. on July 12, 2017 (the “Business Combination”) and capital
markets-based activities). Adjusted EBITDA also seeks to remove the
effects of integration and related costs to achieve the
savings, any expected reduction in operating expenses due to the
Business Combination, asset base (such as depreciation and
amortization) and other similar non-routine items outside the
control of our management team. Optimization and
restructuring expenses and merger adjustments are primarily related
to the implementation of strategic actions and initiatives related
to the Business Combination. All of these costs are variable and
dependent upon the nature of the actions being implemented and can
vary significantly driven by business needs. Accordingly, due to
that significant variability, we exclude these charges since we do
not believe they truly reflect our past, current or future
operating performance. The constant currency presentation excludes
the impact of fluctuations in foreign currency exchange rates. We
calculate constant currency revenue and Adjusted EBITDA on a
constant currency basis by converting our current-period local
currency financial results using the exchange rates from the
corresponding prior-period and compare these adjusted amounts to
our corresponding prior period reported results. Exela does not
consider these non-GAAP measures in isolation or as an alternative
to liquidity or financial measures determined in accordance with
GAAP. A limitation of these non-GAAP financial measures is that
they exclude significant expenses and income that are required by
GAAP to be recorded in Exela’s financial statements. In addition,
they are subject to inherent limitations as they reflect the
exercise of judgments by management about which expenses and income
are excluded or included in determining these non-GAAP financial
measures and therefore the basis of presentation for these measures
may not be comparable to similarly-titled measures used by other
companies. These non-GAAP financial measures are not required to be
uniformly applied, are not audited and should not be considered in
isolation or as substitutes for results prepared in accordance with
GAAP. Net loss is the GAAP measure most directly comparable to the
non-GAAP measures presented here. For reconciliation of the
comparable GAAP measures to these non-GAAP financial measures, see
the schedules attached to this release.
Forward-Looking Statements:
Certain statements included in this press release are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “may”, “should”, “would”, “plan”,
“intend”, “anticipate”, “believe”, “estimate”, “predict”,
“potential”, “seem”, “seek”, “continue”, “future”, “will”,
“expect”, “outlook” or other similar words, phrases or expressions.
These forward-looking statements include statements regarding our
industry, future events, the estimated or anticipated future
results and benefits of the Business Combination, future
opportunities for the combined company, and other statements that
are not historical facts. These statements are based on the current
expectations of Exela management and are not predictions of actual
performance. These statements are subject to a number of risks and
uncertainties, including without limitation those discussed under
the heading “Risk Factors” in Exela’s most recently filed Annual
Report on Form-10-K filed with the Securities and Exchange
Commission. In addition, forward-looking statements provide Exela’s
expectations, plans or forecasts of future events and views as of
the date of this communication. Exela anticipates that subsequent
events and developments will cause Exela’s assessments to change.
These forward-looking statements should not be relied upon as
representing Exela’s assessments as of any date subsequent to the
date of this press release.
Exela Technologies, Inc. and Subsidiaries |
Consolidated Balance
Sheets |
As of June 30, 2019 and December 31, 2018 |
(in thousands of United States dollars except share and per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2019 |
|
2018 |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
18,449 |
|
|
$ |
25,615 |
|
Restricted cash |
|
|
4,977 |
|
|
|
18,239 |
|
Accounts receivable, net of
allowance for doubtful accounts of $8,348 and $4,359
respectively |
|
|
266,660 |
|
|
|
270,812 |
|
Related party receivables |
|
|
206 |
|
|
|
- |
|
Inventories, net |
|
|
16,735 |
|
|
|
16,220 |
|
Prepaid expenses and other
current assets |
|
|
23,791 |
|
|
|
25,015 |
|
Total current
assets |
|
|
330,818 |
|
|
|
355,901 |
|
Property, plant and equipment,
net of accumulated depreciation of $167,376 and $154,060
respectively |
|
|
125,018 |
|
|
|
132,986 |
|
Operating lease right-of-use
asset, net |
|
|
96,498 |
|
|
|
- |
|
Goodwill |
|
|
708,246 |
|
|
|
708,258 |
|
Intangible assets,
net |
|
|
387,775 |
|
|
|
407,021 |
|
Deferred income tax
assets |
|
|
16,181 |
|
|
|
16,225 |
|
Other noncurrent assets |
|
|
14,714 |
|
|
|
19,391 |
|
Total
assets |
|
$ |
1,679,250 |
|
|
$ |
1,639,782 |
|
Liabilities and
Stockholders' Equity (Deficit) |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
99,089 |
|
|
$ |
99,853 |
|
Related party payables |
|
|
238 |
|
|
|
7,735 |
|
Income tax payable |
|
|
2,525 |
|
|
|
1,996 |
|
Accrued liabilities |
|
|
59,487 |
|
|
|
66,008 |
|
Accrued compensation and
benefits |
|
|
52,493 |
|
|
|
54,583 |
|
Accrued interest |
|
|
48,935 |
|
|
|
49,071 |
|
Customer deposits |
|
|
28,914 |
|
|
|
34,235 |
|
Deferred revenue |
|
|
19,428 |
|
|
|
16,504 |
|
Obligation for claim
payment |
|
|
41,496 |
|
|
|
56,002 |
|
Current portion of finance
lease liability |
|
|
15,897 |
|
|
|
17,498 |
|
Current portion of operating
lease liability |
|
|
27,444 |
|
|
|
- |
|
Current portion of long-term
debt |
|
|
38,929 |
|
|
|
29,237 |
|
Total current
liabilities |
|
|
434,875 |
|
|
|
432,722 |
|
Long-term debt, net of current
maturities |
|
|
1,331,898 |
|
|
|
1,306,423 |
|
Finance lease obligations, net
of current portion |
|
|
25,772 |
|
|
|
26,738 |
|
Pension liability |
|
|
24,866 |
|
|
|
25,269 |
|
Deferred income tax
liabilities |
|
|
15,896 |
|
|
|
11,212 |
|
Long-term income tax
liability |
|
|
2,842 |
|
|
|
3,024 |
|
Operating lease right-of-use
liability, net of current portion |
|
|
74,290 |
|
|
|
- |
|
Other long-term
liabilities |
|
|
7,882 |
|
|
|
15,400 |
|
Total
liabilities |
|
|
1,918,321 |
|
|
|
1,820,788 |
|
Commitment and Contingencies
(Note 10) |
|
|
|
|
|
|
Stockholders' equity
(deficit) |
|
|
|
|
|
|
Common stock, par value of
$0.0001 per share; 1,600,000,000 shares authorized; 152,782,534
shares issued and 150,007,085 shares outstanding at June 30, 2019
and 152,692,140 shares issued and 150,142,955 shares oustanding at
December 31, 2018 |
|
|
15 |
|
|
|
15 |
|
Preferred stock, par value of
$0.0001 per share; 20,000,000 shares authorized; 4,569,233 shares
issued and outstanding at June 30, 2019 and December 31, 2018 |
|
|
1 |
|
|
|
1 |
|
Additional paid in
capital |
|
|
482,018 |
|
|
|
482,018 |
|
Less: common stock held in
treasury, at cost; 2,787,147 shares at June 30, 2019 and 2,549,185
shares at December 31, 2018 |
|
|
(10,949 |
) |
|
|
(10,342 |
) |
Equity-based compensation |
|
|
47,190 |
|
|
|
41,731 |
|
Accumulated deficit |
|
|
(742,616 |
) |
|
|
(678,563 |
) |
Accumulated other
comprehensive loss: |
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
|
(5,461 |
) |
|
|
(6,565 |
) |
Unrealized pension actuarial
losses, net of tax |
|
|
(9,269 |
) |
|
|
(9,301 |
) |
Total accumulated other
comprehensive loss |
|
|
(14,730 |
) |
|
|
(15,866 |
) |
Total stockholders’
deficit |
|
|
(239,071 |
) |
|
|
(181,006 |
) |
Total liabilities and
stockholders’ deficit |
|
$ |
1,679,250 |
|
|
$ |
1,639,782 |
|
|
|
|
|
|
|
|
Exela Technologies, Inc. and Subsidiaries |
Consolidated Statement of
Operations |
For the Three and Six Months Ended June 30, 2019 and
2018 |
(in thousands of United States dollars except share and per
share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenue |
$ |
390,160 |
|
|
$ |
410,382 |
|
|
$ |
793,924 |
|
|
$ |
803,549 |
|
Cost of revenue (exclusive of
depreciation and amortization) |
|
298,006 |
|
|
|
313,954 |
|
|
|
604,888 |
|
|
|
607,746 |
|
Selling, general and
administrative expenses |
|
51,564 |
|
|
|
46,723 |
|
|
|
101,512 |
|
|
|
92,318 |
|
Depreciation and
amortization |
|
27,191 |
|
|
|
36,368 |
|
|
|
55,211 |
|
|
|
74,386 |
|
Related party expense |
|
1,055 |
|
|
|
1,402 |
|
|
|
2,050 |
|
|
|
2,508 |
|
Operating
income |
|
12,344 |
|
|
|
11,935 |
|
|
|
30,263 |
|
|
|
26,591 |
|
Other expense
(income), net: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
39,132 |
|
|
|
38,527 |
|
|
|
78,031 |
|
|
|
76,544 |
|
Debt modification and extinguishment costs |
|
1,404 |
|
|
|
- |
|
|
|
1,404 |
|
|
|
- |
|
Sundry expense (income), net |
|
(1,493 |
) |
|
|
(2,325 |
) |
|
|
1,038 |
|
|
|
(2,389 |
) |
Other expense (income), net |
|
2,709 |
|
|
|
(704 |
) |
|
|
4,385 |
|
|
|
(4,032 |
) |
Net loss before income
taxes |
|
(29,408 |
) |
|
|
(23,563 |
) |
|
|
(54,595 |
) |
|
|
(43,532 |
) |
Income tax (expense) benefit |
|
(4,738 |
) |
|
|
(1,619 |
) |
|
|
(9,459 |
) |
|
|
(5,644 |
) |
Net loss |
$ |
(34,146 |
) |
|
$ |
(25,182 |
) |
|
$ |
(64,054 |
) |
|
$ |
(49,176 |
) |
Cumulative dividends for Series A Preferred Stock |
|
(914 |
) |
|
|
(914 |
) |
|
|
(1,828 |
) |
|
|
(1,828 |
) |
Net loss attributable
to common stockholders |
$ |
(35,060 |
) |
|
$ |
(26,096 |
) |
|
$ |
(65,882 |
) |
|
$ |
(51,004 |
) |
Loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.23 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.34 |
) |
|
|
|
|
|
|
|
|
|
|
|
Exela Technologies, Inc. and Subsidiaries |
|
Consolidated Statements of Cash Flows |
|
For the Six Months Ended June 30, 2019 and
2018 |
|
(in thousands of United States dollars unless otherwise
stated) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, |
|
|
|
2019 |
|
|
2018 |
|
|
Cash flows from
operating activities |
|
|
|
|
|
|
|
Net loss |
|
$ |
(64,054 |
) |
|
$ |
(49,176 |
) |
|
Adjustments to reconcile net
loss |
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
55,211 |
|
|
|
74,386 |
|
|
Original issue discount and
debt issuance cost amortization |
|
|
5,749 |
|
|
|
5,272 |
|
|
Debt modification and
extinguishment costs |
|
|
1,049 |
|
|
|
- |
|
|
Provision for doubtful
accounts |
|
|
3,334 |
|
|
|
1,857 |
|
|
Deferred income tax
provision |
|
|
4,623 |
|
|
|
705 |
|
|
Share-based compensation
expense |
|
|
5,459 |
|
|
|
2,895 |
|
|
Foreign currency
remeasurement |
|
|
288 |
|
|
|
(1,156 |
) |
|
Loss (gain) on sale of
assets |
|
|
(10 |
) |
|
|
1,340 |
|
|
Fair value adjustment for
interest rate swap |
|
|
4,385 |
|
|
|
(4,675 |
) |
|
Change in operating assets and
liabilities, net of effect from acquisitions |
|
|
|
|
|
|
|
Accounts receivable |
|
|
624 |
|
|
|
(19,813 |
) |
|
Prepaid expenses and other assets |
|
|
1,260 |
|
|
|
(1,603 |
) |
|
Accounts payable and accrued liabilities |
|
|
(14,991 |
) |
|
|
40,677 |
|
|
Related party payables |
|
|
(7,703 |
) |
|
|
(2,458 |
) |
|
Net cash provided by (used in) operating
activities |
|
|
(4,776 |
) |
|
|
48,251 |
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
Purchase of property, plant
and equipment |
|
|
(9,072 |
) |
|
|
(10,244 |
) |
|
Additions to internally
developed software |
|
|
(4,007 |
) |
|
|
(2,115 |
) |
|
Additions to outsourcing
contract costs |
|
|
(10,440 |
) |
|
|
(3,695 |
) |
|
Cash paid in acquisition, net
of cash received |
|
|
(5,000 |
) |
|
|
(4,145 |
) |
|
Proceeds from sale of
Assets |
|
|
20 |
|
|
|
1,014 |
|
|
Net cash used in investing activities |
|
|
(28,499 |
) |
|
|
(19,185 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
Third party debt modification
and extinguishment costs |
|
|
355 |
|
|
|
- |
|
|
Repurchases of Common
Stock |
|
|
(3,480 |
) |
|
|
(3,479 |
) |
|
Borrowings from other
loans |
|
|
1,544 |
|
|
|
2,152 |
|
|
Cash paid for equity issue
costs |
|
|
- |
|
|
|
(7,500 |
) |
|
Net borrowings under factoring
agreement |
|
|
2,426 |
|
|
|
- |
|
|
Proceeds from credit
facility |
|
|
29,850 |
|
|
|
- |
|
|
Net cash for debt issuance
costs and debt discounts |
|
|
(362 |
) |
|
|
- |
|
|
Borrowings from revolver and
swing-line loan |
|
|
68,000 |
|
|
|
30,000 |
|
|
Repayments from revolver and
swing line loan |
|
|
(68,000 |
) |
|
|
(30,000 |
) |
|
Principal payments on finance
lease obligations |
|
|
(9,180 |
) |
|
|
(8,404 |
) |
|
Principal payments on
long-term obligations |
|
|
(8,417 |
) |
|
|
(6,043 |
) |
|
Net cash provided by (used in) financing
activities |
|
|
12,736 |
|
|
|
(23,274 |
) |
|
Effect of exchange rates on
cash |
|
|
111 |
|
|
|
(410 |
) |
|
Net increase (decrease) in cash and cash
equivalents |
|
|
(20,428 |
) |
|
|
5,382 |
|
|
Cash, restricted cash, and
cash equivalents |
|
|
|
|
|
|
|
Beginning of period |
|
|
43,854 |
|
|
|
81,489 |
|
|
End of period |
|
$ |
23,426 |
|
|
$ |
86,871 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
data: |
|
|
|
|
|
|
|
Income tax payments, net of
refunds received |
|
$ |
5,181 |
|
|
$ |
3,864 |
|
|
Interest paid |
|
|
71,240 |
|
|
|
76,353 |
|
|
Noncash investing and
financing activities: |
|
|
|
|
|
|
|
Assets acquired through
right-of-use arrangements |
|
|
6,778 |
|
|
|
7,787 |
|
|
Leasehold improvements funded
by lessor |
|
|
- |
|
|
|
1,540 |
|
|
Accrued capital
expenditures |
|
|
1,083 |
|
|
|
1,144 |
|
|
|
|
|
|
|
|
Exela Technologies |
Schedule 1: Reconciliation of Adjusted EBITDA and constant
currency revenues (Unaudited) |
|
|
|
|
|
|
|
|
|
Non-GAAP constant
currency revenue reconciliation |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
($ in millions) |
|
30-Jun-19 |
|
30-Jun-18 |
|
30-Jun-19 |
|
30-Jun-18 |
Revenues, as reported (GAAP) |
|
$390.2 |
|
|
$410.4 |
|
|
$793.9 |
|
|
$803.5 |
|
Foreign currency exchange
impact (1) |
|
4.4 |
|
|
|
|
10.4 |
|
|
|
Revenues, at constant
currency (Non-GAAP) |
|
$394.6 |
|
|
$410.4 |
|
|
$804.3 |
|
|
$803.5 |
|
|
|
|
|
|
|
|
|
|
(1) Constant currency excludes the impact of foreign currency
fluctuations and is computed by applying the average exchange rates
for the three months and six months ended June 30, 2018, to the
revenues during the corresponding period in 2019. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
($ in millions) |
|
30-Jun-19 |
|
30-Jun-18 |
|
30-Jun-19 |
|
30-Jun-18 |
Net loss
(GAAP) |
|
($34.1 |
) |
|
($25.2 |
) |
|
($64.1 |
) |
|
($49.3 |
) |
Interest expense |
|
39.1 |
|
|
38.5 |
|
|
78.0 |
|
|
76.5 |
|
Taxes |
|
4.7 |
|
|
1.6 |
|
|
9.5 |
|
|
5.6 |
|
Depreciation and
amortization |
|
27.2 |
|
|
36.4 |
|
|
55.2 |
|
|
74.4 |
|
EBITDA
(Non-GAAP) |
|
$36.9 |
|
|
$51.3 |
|
|
$78.6 |
|
|
$107.3 |
|
Transaction and integration
costs |
|
2.0 |
|
|
0.8 |
|
|
3.0 |
|
|
1.9 |
|
Optimization and restructuring
expenses |
|
18.7 |
|
|
8.9 |
|
|
42.4 |
|
|
18.6 |
|
Gain / loss on derivative
instruments |
|
2.7 |
|
|
(0.7 |
) |
|
4.4 |
|
|
(4.0 |
) |
Other Charges |
|
9.0 |
|
|
9.7 |
|
|
15.0 |
|
|
15.8 |
|
Adjusted EBITDA
(Non-GAAP) |
|
$69.4 |
|
|
$70.1 |
|
|
$143.5 |
|
|
$139.6 |
|
Foreign currency exchange
impact (1) |
|
0.2 |
|
|
|
|
1.1 |
|
|
- |
|
Adjusted EBITDA, at
constant currency (Non-GAAP) |
|
$69.7 |
|
|
$70.1 |
|
|
$144.5 |
|
|
$139.6 |
|
|
|
|
|
|
|
|
|
|
(1) Constant currency excludes the impact of foreign currency
fluctuations and is computed by applying the average exchange rates
for the three months and six months ended June 30, 2018, to the
adjusted EBITDA during the corresponding period in 2019. |
|
|
|
|
|
|
|
|
|
Contact: Jim MathiasE: ir@exelatech.comW:
investors.exelatech.comT: +1 972-821-5808
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