Third Quarter 2022 Results

November 14, 2022

Par Chadha, Executive Chairman

Shrikant Sortur, Chief Financial Officer

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© 2022 EXELA TECHNOLOGIES, INC Unaudited Financial Results

Notices

Forward-LookingStatements: Certain statements included in this presentation 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, estimated or anticipated future results and benefits, future opportunities for Exela Technologies, Inc. ("Exela" or the "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 the network outage described herein and those discussed under the heading "Risk Factors" in our most recent annual report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission ("SEC") on March 16, 2022, and any updates thereto in the Company's quarterly reports on Form 10-Q and current reports on Form 8-K, as well as the "Risk Factors" section of our prospectus supplements and tender offer documents filed with the SEC. 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 presentation.

Non-GAAPFinancial Measures: This presentation 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 "Novitex 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 Novitex 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 Novitex 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 slide titled Reconciliation of non-GAAPmeasures.

Rounding: 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.

© 2022 EXELA TECHNOLOGIES, INC

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Seven select highlights for Q3 2022 and YTD 2022

  1. Exela's European business valued at $220M; go-public pending following execution of merger agreement. Exela will be the majority owner of the merged public company
  2. Exela Technologies, Inc. ("ETI") subsidiaries own $298M of 2026 Senior Notes issued by Exela Intermediate,
    LLC

XCV-STS, LLC ("Serve the Shareholders") owns $70M of 2026 Senior Notes GP2-XCV, LLC and others own $228M of 2026 Senior Notes

  1. Revenue lower by ~$15.2M due to network outage, currency translation, transition revenue and tight job markets
  2. Strategic decision to adopt work from anywhere model is reaching inflection: ~$40.5M in operational improvements estimated for 2023 from initiatives completed to-date and underway in 2022
  3. Won $87M in Q3 TCV; record YTD in new business wins
  4. Digital Asset platforms DMR grew 227% and DrySign® 1,244%
  5. Eliminated over $163M liabilities due in 2022; Revolver and Appraisal Action pay off completed in Q3

© 2022 EXELA TECHNOLOGIES, INC Unaudited Financial Results

3

#2 Exela Technologies Inc., Sum of the parts analysis highlights deep intrinsic value discount

Portfolio of parts ("Investments") (in $ millions)

Estimated Values as of

November 2022

1.

Exela Technologies BPA LLC - largest subsidiary of ETI, and its subsidiary Exela

Intermediate, LLC, the issuer of the 2023 Term loans and Notes and 2026 Senior

Not included in analysis

Notes

2.

XBP Europe, Inc. - go-public pending following execution of merger agreement

~$220M valuation

3.

XCV-STS, LLC ("Serve the Shareholders")

$70M of 2026 Senior Notes (1)

4.

GP2-XCV, LLC (captive lender to the ETI subsidiaries) and others

$228M of 2026 Senior Notes (1)

5.

ETI-XCV, LLC, including other investments, equity value

~$170M

6.

GP2-XCV, LLC outstanding debt under its term loan and revolver facilities

~($70.4M)

Sum of the parts (2+3+4+5+6) is substantial even after excluding #1

$617.6M

Market Value of XELA versus Investments = Substantial dislocation

Note 1: 2026 Senior Notes valued at face value held to maturity; currently trading at heavy discount

© 2022 EXELA TECHNOLOGIES, INC Unaudited Financial Results

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#3Six key items that impacted Q3 2022 revenues

Key impact drivers

Revenue

1.

Network Outage

($4.5M)

2.

Currency translation impact Q3 2022 over Q3 2021

($7.0M)

3.

Transition impact

($15.1M)

Total Negative Impact in Q3 2022 over Q3 2021 (1+2+3)

($26.6M)

4.

Revenue growth in Q3

$7.2M

5.

Backlog from Network Outage from Q2 cleared in Q3

$4.1M

Net Revenue Impact - Q3 2022 over Q3 2021

($15.2M)

6.

Revenue impacted due to staff shortage

(~$4.6M)

  • Historically Q3 is soft due to seasonality

© 2022 EXELA TECHNOLOGIES, INC Unaudited Financial Results

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Exela Technologies Inc. published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 22:19:37 UTC.