Exela Technologies, Inc. (OTC:XELA) Q3 2024 Results Conference Call November 29, 2024 4:30 PM ET
Company Participants
Matt Brown – Interim Chief Financial Officer
Operator
Good day, and welcome to the Exela Third Quarter 2024 Financial Results. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to [David Seamus], President of Investor Relations. Please go ahead.
We seem to be having technical difficulties, please standby.
We have rejoined the presenters. Please proceed.
Unidentified Company Representative
Thank you, operator, and good afternoon. Welcome to our earnings call to discuss our third quarter results for the period ended September 30, 2024. Our presentation has been posted to the IR section of our website. On today’s call will be Matt Brown, our Interim Chief Financial Officer.
Some of the matters we will discuss on today’s call are forward-looking and involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties are set forth in our presentation.
So, with that, I’ll turn over the call to Matt.
Matt Brown
Thanks, David. Good afternoon, everyone. Let’s start on Slide 8, financial highlights. We reported third quarter revenues of $269.2 million, up 6.3% year-over-year. Information and Transaction Processing Solutions increased by 11.5% year-over-year while Healthcare Solutions and Legal and Loss Prevention services declined by 5.3% and 2.4% year-over-year, respectively. Sequentially, Q3 was up 22.4% in ITPS primarily driven by a large project from an existing customer, while down 6.7% in Healthcare Solutions and down 28.8% in LLPS due to project fluctuations.
Q3 gross margins were 20.2%, down 330 basis points sequentially and
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