Proceeds from issuance of Common Stock
from at the market offerings 69,260 276,337
Cash received in exchange for the
issuance of noncontrolling interest
shares in XBP Europe 5,205 --
Cash paid for equity issuance costs from
at the market offerings (2,232) (9,482)
Dividend paid on Series B Preferred
Stock -- (2,532)
Payment for fractional shares on reverse
stock split (31) --
Repurchases of Common Stock for
retirement -- (487)
Borrowings under factoring arrangement
and Securitization Facility 88,396 123,353
Principal repayment on borrowings under
factoring arrangement and
Securitization Facility (92,536) (216,812)
Cash paid for withholding taxes on
vested RSUs -- (135)
Lease terminations -- 3
Cash paid for debt issuance costs (8,496) (7,125)
Principal payments on finance lease
obligations (4,570) (5,523)
Borrowings from senior secured revolving
facility and BRCC revolver 9,600 20,000
Repayments on senior secured revolving
facility -- (49,477)
Proceeds from issuance of July 2026
Notes -- 70,269
Borrowings from other loans 8,709 10,095
Cash paid for debt repurchases (11,858) (4,712)
Proceeds from Senior secured term loan 40,000 --
Proceeds from Second Lien Note 31,500 --
Borrowing under BR Exar AR Facility 42,539 --
Repayments under BR Exar AR Facility (42,546) --
Repayment of BRCC term loan (48,529) (66,471)
Principal repayments on senior secured
term loans and other loans (83,787) (30,717)
---------- ---------
Net cash provided by financing
activities 624 106,639
---------- ---------
Effect of exchange rates on cash,
restricted cash and cash equivalents (12) (700)
---------- ---------
Net increase (decrease) in cash,
restricted cash and cash
equivalents 22,086 (2,993)
Cash, restricted cash, and cash
equivalents
Beginning of period 45,067 48,060
---------- ---------
End of period $ 67,153 $ 45,067
========== =========
Supplemental cash flow data:
Income tax payments, net of refunds
received $ 5,494 $ 5,790
Interest paid 111,835 98,602
Noncash investing and financing
activities:
Assets acquired through right-of-use
arrangements $ 405 $ 4,790
Issuance of April 2026 Notes in exchange
of July 2026 Notes 764,800 --
Issuance of April 2026 Notes in exchange
of 2023 term loan 2,963 --
Accrued PIK interest paid through
issuance of PIK Notes 44,146 --
Common Stock exchanged for Series B
Preferred Stock -- 6
Accrued liability for true-up obligation
settled through the issuance of July
2026 Notes -- 10,351
Accrued capital expenditures 2,261 1,851
The accompanying notes are an integral part of these consolidated financial statements.
Exela Technologies, Inc. and Subsidiaries
Schedule 1: Reconciliation of Adjusted EBITDA and
constant currency revenues
Year Ended December 31,
-----------------------------
2023 2022
-------------- -------------
Net Loss $ (124,433) $ (415,581)
Taxes 8,868 4,199
Interest expense 139,656 164,870
Depreciation and amortization 60,535 71,831
--------- ---------
EBITDA 84,626 (174,681)
Transaction and integration costs (1) 6,172 18,586
Non-cash equity compensation (2) 115 985
Other charges including non-cash (3) (12,991) 35,932
Loss/(gain) on sale of assets (4) 1,105 1,357
Loss/(gain) on business disposals (5) (7,223) --
Debt modification and extinguishment
costs (gain), net (16,129) 4,522
Loss/(gain) on derivative instruments -- (1,091)
Exit costs related to China operations 1,850 --
XBP Europe related de-SPAC costs 2,478 --
Impairment of goodwill, other intangible
assets -- 171,182
--------- ---------
Adjusted EBITDA $ 60,003 $ 56,792
========= =========
(1) Represents non-recurring legal, consulting and other fees and expenses incurred in connection with acquisitions, dispositions, debt-exchanges and other extraordinary transactions and events during the applicable period.
(2) Represents the non-cash charges related to restricted stock units and options.
(3) Represents fair value adjustments to our true-up guarantee obligation under the Revolver Exchange (as defined below), network outage related costs and related insurance recoveries, legal settlement costs for class action.
(4) Represents a loss/(gain) recognized on the disposal of property, plant, and equipment and other assets.
(5) Represents a loss/(gain) recognized on the sale of high-speed scanner business in the second quarter of 2023.
Source: Exela Technologies, Inc.
(END) Dow Jones Newswires
April 04, 2024 08:00 ET (12:00 GMT)
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