Exela Technologies, Inc. (XELA) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Excella Technologies second quarter 2024 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to David Chamath, Vice President of Investor Relations. Please go ahead. Thank you, Operator, and good afternoon. Welcome to our earnings call to discuss our second quarter results for the period ended June 30th, 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. Thanks, David. Good afternoon, everyone. Let's start on slide seven with the earnings highlights. We reported second quarter revenues at $245.7 million. down 10% year-over-year, or 9.3% pro forma for the sale of the high-speed scanner business. Year-over-year decline was primarily due to 2023 non-renewals, including the large contract we discussed last quarter. Sequentially, revenue declined by 5.1%, mostly driven by project fluctuations and volume seasonality. As we continue to focus on driving efficiencies and cost reductions, Our margin conti...