8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 15, 2018

EXELA TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-36788	47-1347291
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer
incorporation or organization)		Identification Number)

2701 E. Grauwyler Rd.
Irving, TX	75061
(Address of principal executive offices)	(Zip Code)

Company’s telephone number, including area code: (214) 740-6500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

o  Emerging growth company

o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02              Results of Operation and Financial Condition.

On March 15, 2018, Exela Technologies, Inc. (the “Company”) issued a press release announcing its unaudited financial results for the full year ended December 31, 2017. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in this Current Report on Form 8-K (this “Report”) furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section, and they shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01              Regulation FD Disclosure.

Attached as Exhibit 99.2 to this Report and incorporated into this Item 7.01 by reference is the investor presentation dated March 15, 2018 that will be used by the Company in making presentations to certain existing and potential stockholders of the Company.

In an effort to provide investors with additional information regarding the Company’s results as determined by generally accepted accounting principles (GAAP), the Company has disclosed in the attached presentation materials certain non-GAAP information, which management believes provides useful information to investors.  Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the presentation materials, which are attached as Exhibit 99.2 to this Form 8-K.

The foregoing (including Exhibit 99.2) is being furnished pursuant to Item 7.01 and shall not be deemed to be filed for purposes of Section 18 of the Exchange Act, or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01              Financial Statements and Exhibits.

(d)           Exhibits

Exhibit Number	Exhibit Description
99.1*	Press Release dated March 15, 2018
99.2*	Investor Presentation, dated March 15, 2018

* Furnished herewith

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 15, 2018

EXELA TECHNOLOGIES, INC.
By:	/s/ Jim Reynolds
	Name:	Jim Reynolds
	Title:	Chief Financial Officer

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EX-99.1

Exhibit 99.1

Contact: Jim Mathias

E: ir@exelatech.com

W: investors.exelatech.com

T: 972-821-5808

Exela Technologies, Inc. Reports Fourth Quarter and Full Year 2017 Results; Achieves Full Year Guidance for Pro Forma Revenue and Adjusted EBITDA;

Sets 2018 Revenue Guidance of 4%-6%, Above Previous Long-Term Guidance

2017 GAAP Revenue of $1.152 billion, an increase of 46%

2017 Pro Forma Revenue of $1.456 billion, an increase of 9%

2017 GAAP Net Loss of ($204) million including charges totaling $221 million

Irving, TX— (March 15, 2018) — Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA), one of the largest global providers of platforms for Business Process Automation (“BPA”), announced today its financial results for the fourth quarter and year-end for the year ended December 31, 2017.

“I’m pleased with our operational and financial results highlighted by 2017 pro forma revenue growth of 9% and meeting our full-year 2017 guidance for pro forma revenue and Adjusted EBITDA. Revenue from our top 100 customers grew 14% year-over-year.

As I look to the future we have numerous opportunities for growth, by leveraging our scale, experience and references in business process automation and in industry-specific and industry-agnostic enterprise software solutions.

To best position the Company for long term shareholder value, and to increase our profitability, our strategy includes, increasing awareness of our Company’s solutions in the market, and accelerating investments in people and technologies,” said Ronald Cogburn, Chief Executive Officer.

Financial information contained in this press release is presented pro forma for the business combination of Quinpario Acquisition Corp. 2, SourceHOV Holdings, Inc. (“SourceHOV”) and Novitex Holdings, Inc. (“Novitex”), which closed on July 12, 2017. The primary pro forma adjustment is to include the results of Novitex for the period January 1, 2017 to July 12, 2017. For more information, please refer to the reconciliation of reported to pro forma financial results contained in the Schedules of this release.

Full-Year 2017 Pro Forma Financial Highlights

·Revenue: $1.456 billion, an increase of 9.2% from $1.331 billion in 2016. Information & Transaction Processing Solutions (“ITPS”) revenue was $1.131 billion, an increase of 15.0%. Healthcare Solutions (“HS”) revenue totaled $233.6 million, a decrease of 5.6%. Legal and Loss Prevention Services (“LLPS”) revenue totaled $91.6 million in 2017, a decrease of 9.0%.

·100 customers represent ~60% of total revenue, up 14%

·6 customers over $25 million in annual revenue and approximately 200 customers with more than $1 million in annual revenue.

·Low concentration with the largest customer representing 6% of total revenue.

·Revenue per full-time employee increased to $66k from $56k.

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·Adjusted EBITDA: $245.2 million, representing an Adjusted EBITDA margin of 16.9%, compared with Adjusted EBITDA of $248.5 million and 18.6% margin in 2016.

·Further Adjusted EBITDA: $346.8 million, representing a Further Adjusted EBITDA margin of 23.8%, compared with Further Adjusted EBITDA of $349.9 million and 26.2% margin in 2016. The year-over-year decrease in Further Adjusted EBITDA was primarily driven by higher ramp-up costs associated with new ITPS client contracts, investments in the Company’s revenue growth initiatives, and higher public company costs, partially offset by cost savings initiatives of which over $40 million was delivered in 2017.

·Capital Expenditures: 2.9% of 2017 revenue compared to 3.9% of 2016 revenue

Balance Sheet and Liquidity

·Balance Sheet and Liquidity: At December 31, 2017, Exela’s total liquidity was $141 million and total net debt was $1.345 billion.  The Company had cash of $62 million, of which $23 million is segregated for customer use and a $100 million revolving credit facility, which was undrawn, but net of $21 million in stand-by letters of credit, giving the Company $79 million at December 31, 2017 available for borrowing.

·Net Leverage Ratio: 3.88x

Fourth Quarter Ended December 31, 2017 Pro Forma Financial Highlights

·Revenue: Actual revenue of $386.3 million, an increase of 9.6% from pro forma $352.5 million in the fourth quarter of 2016, and an increase of 7.8% from pro forma $358.2 million in the third quarter of 2017. Refer to pro forma revenue reconciliation for third quarter of 2017 and fourth quarter of 2016. All three segments grew revenue on a year-over year basis. ITPS revenue was $301.5 million, an increase of 11.2% year-over- year, driven primarily by increased volumes and expansion of services within existing customers. HS revenue was $60.1 million, an increase of 2.5%. LLPS revenue was $24.7 million, an increase of 8.3%.

·Net Loss: ($58.7) million and includes an impairment charge of approximately ($69.4) million. Pro forma net loss for the fourth quarter of 2016 totaled ($19.9) million. Excluding the impairment charge, the company would have reported a net income of $10.7 million for the fourth quarter of 2017.

·Adjusted EBITDA: $62.7 million, representing a margin of 16.3%, compared with Adjusted EBITDA of $64.7 million and margin of 18.4% in the fourth quarter of 2016. The year-over-year decrease in fourth quarter 2017 Adjusted EBITDA was primarily driven by higher ramp-up costs associated with new ITPS client contracts, investments in the Company’s revenue growth initiatives, and higher public company costs.

·Stock buy-back: purchased 49,300 shares to partially fund the long-term incentive plan.

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Outlook

2018

·Initial 2018 revenue guidance is in the range of $1.510 billion - $1.540 billion or of 4% - 6%, exceeding the Company’s previous long-term guidance of 3% - 4% growth based on our visibility heading into 2018

·Adjusted EBITDA guidance — in the range of $290- $310 million or growth of 18% - 26%, representing a 19% - 20% margin for 2018

·Further Adjusted EBITDA guidance — in the range of $330- $355 million or a margin of 22% - 23%

·Guidance includes delivering $40 - $45 million in savings during 2018 with remaining during 2019

Long-term

·Revenue growth in the range of 3%-4%

·Further Adjusted EBITDA margin guidance in the range of 22% - 23%

·Guidance is based on constant-currency

The above outlook is based on 2017 pro forma results. Reconciliations are available in the attached tables.

Earnings Conference Call and Audio Webcast

Exela will host a conference call to discuss its fourth quarter 2017 financial results today at 5:00 p.m. EDT.  To access this call, dial 800-860-2442 or +412-858-4600.  A replay of this conference call will be available through March 22, 2018 at 877-344-7529 or +412-317-0088 (international).  The replay passcode is 10116940.  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.  Exela has also posted additional historical financial information regarding SourceHOV Holdings, Inc. and Novitex Holdings, Inc. on a combined basis to its investor relations website, (http://investors.exelatech.com).

About Exela:  Embracing complexity. Delivering simplicitySM. Exela Technologies, Inc. (“Exela”) is a global business process automation (“BPA”) leader combining industry-specific and industry-agnostic enterprise software and solutions with decades of experience. Our BPA suite of solutions are deployed in banking, healthcare, insurance and other industries to support mission-critical environments. Exela is a leader in workflow automation, attended and un-attended cognitive automation, digital mailrooms, print communications, and payment processing with deployments across the globe.

Exela partners with customers to improve user experience and quality through operational efficiency. Exela serves over 3,500 customers across more than 50 countries, through a secure, cloud-enabled global delivery model. We are 22,000 employees strong at nearly 1,200 onsite client facilities and 150 delivery centers located throughout the Americas, Europe and Asia. Our client list includes 60% of the Fortune® 100, along with many of the world’s largest retail chains, banks, law firms, healthcare insurance payers and providers and telecom companies.

Follow Exela on Twitter: https://twitter.com/exelatech

Follow Exela on LinkedIn: https://www.linkedin.com/company/11174620/

About Non-GAAP Financial Measures: This earnings release presents certain non-GAAP financial measures including EBITDA, Adjusted EBITDA, Further Adjusted EBITDA, each of which is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). We believe 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. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. Our board of directors and management use EBITDA, Adjusted EBITDA, and Further Adjusted EBITDA to assess our financial performance, because it allows them to compare our operating performance on a consistent basis across

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periods by removing the effects of our capital structure (such as varying levels of debt and interest expense, as well as transaction costs resulting from the business combination and other such capital markets based activities. Adjusted EBITDA and Further Adjusted EBITDA also seek 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. The Company 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 the Company’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 our non-GAAP measures. For reconciliation of the comparable GAAP measures to these non-GAAP financial measures, see the schedules to this release. Optimization & restructuring expenses and merger adjustments are primarily related to the implementation of strategic actions and initiatives related to the business combination completed on July 12, 2017. 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.

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 recently consummated transaction between Exela Technologies, Inc., SourceHOV Holdings, Inc., and  Novitex Holdings, Inc. (including the related transactions, 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 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 regarding Exela’s businesses, and actual results may differ materially. These risks and uncertainties include, but are not limited to, changes in the business environment in which Exela operates and general financial, economic, regulatory and political conditions affecting the industries in which Exela operates; changes in taxes, governmental laws, and regulations; competitive product and pricing activity; failure to realize the anticipated benefits of the Business Combination, including as a result of a delay or difficulty in integrating the businesses of SourceHOV and Novitex or the inability to realize the expected amount and timing of cost savings and operating synergies of the Business Combination; and those factors discussed under the heading “Risk Factors” in Exela’s Proxy Statement dated June 26, 2017 (the “Proxy Statement”) and subsequent reports filed with the Securities and Exchange Commission (“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 release.

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Exela Technologies

Condensed Consolidated Balance Sheet (Unaudited)

	December 31,
	2017			2016
Assets
Current assets
Cash and cash equivalents	$	39,000		$	8,361
Restricted cash	42,489			25,892
Accounts receivable, net of allowance for doubtful accounts of $3,725 and $3,219 respectively	229,704			138,421
Inventories, net	11,922			11,195
Prepaid expenses and other current assets	24,596			12,202
Total current assets	347,711			196,071
Property, plant and equipment, net	132,908			81,600
Goodwill	747,325			373,291
Intangible assets, net	464,984			298,739
Deferred income tax assets	9,019			9,654
Other noncurrent assets	12,891			10,131
Total assets	$	1,714,838		$	969,486
Liabilities and Stockholders’ Equity (Deficit)
Liabilities
Current liabilities
Accounts payable	$	81,263		$	42,212
Related party payables	14,445			9,344
Income tax payable	3,612			1,031
Accrued liabilities	104,485			29,492
Accrued compensation and benefits	46,925			31,200
Customer deposits	31,656			18,729
Deferred revenue	12,709			17,235
Obligation for claim payment	42,489			25,892
Current portion of capital lease obligations	15,611			6,507
Current portion of long-term debt	20,565			55,833
Total current liabilities	373,760			237,475
Long-term debt, net of current maturities	1,276,094			983,502
Capital lease obligations, net of current maturities	25,958			18,439
Pension liability	25,496			28,712
Deferred income tax liabilities	5,362			26,223
Long-term income tax liability	3,470			3,063
Other long-term liabilities	14,704			11,973
Total liabilities	1,724,844			1,309,387
Commitment and Contingencies (Note 12)
Stockholders’ equity (deficit)
Common stock, par value of $0.0001 per share; 1,600,000,000 shares authorized; 150,578,451 shares issued and 150,529,151 outstanding at December 31, 2017 and 64,024,557 shares issued and outstanding at December 31, 2016;	15			6
Preferred stock, par value of $0.0001 per share; 20,000,000 shares authorized and 6,194,233 shares issued and outstanding at December 31,2017 and no shares issued or outstanding at December 31, 2016	1			—
Additional paid in capital	482,018			(57,395		)
Less: common stock held in treasury, at cost; 49,300 shares at December 31, 2017 and no shares at December 31, 2016	(249		)	—
Equity-based compensation	34,085			27,342
Accumulated deficit	(514,628		)	(293,968		)
Accumulated other comprehensive loss:
Foreign currency translation adjustment	(194		)	(3,547		)
Unrealized pension actuarial losses, net of tax	(11,054		)	(12,339		)
Total accumulated other comprehensive loss	(11,248		)	(15,886		)
Total stockholders’ deficit	(10,006		)	(339,901		)
Total liabilities and stockholders’ deficit	$	1,714,838		$	969,486

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Exela Technologies

Condensed Consolidated Statements of Income (Loss) (Unaudited)

	Year ended December 31,
	2017			2016			2015
Revenue	$	1,152,324		$	789,926		$	805,232
Cost of revenue (exclusive of depreciation and amortization)	829,143			519,121			559,846
Selling, general and administrative expenses	220,955			130,437			120,691
Depreciation and amortization	98,890			79,639			75,408
Impairment of goodwill and other intangible assets	69,437			—			—
Related party expense	33,431			10,493			8,977
Operating (loss) income	(99,532		)	50,236			40,310
Other expense (income), net:
Interest expense, net	128,489			109,414			108,779
Loss on extinguishment of debt	35,512			—			—
Sundry expense, net	2,295			712			3,247
Other income, net	(1,297		)	—			—
Net loss before income taxes	(264,531		)	(59,890		)	(71,716		)
Income tax benefit	60,246			11,787			26,812
Net loss	$	(204,285	)	$	(48,103	)	$	(44,904	)
Dividend equivalent on Series A Preferred Stock related to beneficial conversion feature	(16,375		)	—			—
Cumulative dividends for Series A Preferred Stock	(2,489		)	—			—
Net loss attributable to common stockholders	$	(223,149	)	$	(48,103	)	$	(44,904	)
Loss per share:
Basic and diluted	$	(2.08	)	$	(0.75	)	$	(0.70	)

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Exela Technologies

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Years ended December 31,
	2017			2016			2015
Cash flows from operating activities
Net loss	$	(204,285	)	$	(48,103	)	$	(44,904	)
Adjustments to reconcile net loss
Depreciation and amortization	98,890			79,639			75,408
Fees paid in stock	23,875			—			—
HGM contract termination fee paid in stock	10,000			—			—
Original issue discount and debt issuance cost amortization	12,280			13,684			12,974
Loss on extinguishment of debt	35,512			—			—
Impairment of goodwill and other intangible assets	69,437			—			—
Provision (recovery) for doubtful accounts	500			756			1,105
Deferred income tax benefit	(66,723		)	(15,729		)	(27,177		)
Share-based compensation expense	6,743			7,086			8,122
Foreign currency remeasurement	1,382			193			150
Gain on sale of Meridian	(588		)	—			—
Loss on sale of property, plant and equipment	987			2,245			632
Fair value adjustment of swap derivative	(1,297		)	—			—
Change in operating assets and liabilities, net of effect from acquisitions
Accounts receivable	(4,832		)	20,801			11,583
Prepaid expenses and other assets	2,628			4,969			892
Accounts payable and accrued liabilities	52,953			5,544			(28,644		)
Related party payables	4,907			(2,427		)	(2,703		)
Net cash provided by operating activities	42,369			68,658			7,438
Cash flows from investing activities
Purchase of property, plant and equipment	(14,440		)	(7,926		)	(10,669		)
Additions to internally developed software	(7,843		)	(13,017		)	(3,279		)
Additions to outsourcing contract costs	(10,992		)	(14,636		)	(7,882		)
Cash paid for TransCentra	—			—			(12,810		)
Cash acquired in TransCentra acquisition	—			3,351			—
Proceeds from sale of Meridian	4,582			—			—
Cash acquired in Quinpario reverse merger	91			—			—
Cash paid in Novitex acquisition, net of cash received	(423,428		)	—			—
Other acquisitions, net of cash received	(369		)	—			—
Proceeds from sale of property, plant and equipment	25			626			208
Net cash used in investing activities	(452,374		)	(31,602		)	(34,432		)
Cash flows from financing activities
Change in bank overdraft	(210		)	(1,331		)	938
Proceeds from issuance of stock	204,417			—			—
Cash received from Quinpario	27,031			—			—
Repurchase of Common Stock	(249		)	—			—
Proceeds from financing obligation	3,116			5,429			5,554
Contribution from Shareholders	20,548			—			—
Proceeds from new credit facility	1,320,500			—			—
Retirement of previous credit facilities	(1,055,736		)	—			—
Cash paid for debt issuance costs	(39,837		)	—			—
Cash paid for equity issue costs	(149		)	—			—
Borrowings from revolver and swing-line loan	72,600			53,700			157,400
Repayments from revolver and swing line loan	(72,500		)	(53,200		)	(108,800		)
Principal payments on long-term obligations	(39,316		)	(47,853		)	(33,474		)
Net cash provided by (used in) financing activities	440,215			(43,255		)	21,618
Effect of exchange rates on cash	429			(2,059		)	(672		)
Net increase (decrease) in cash and cash equivalents	30,639			(8,258		)	(6,048		)
Cash and cash equivalents
Beginning of period	8,361			16,619			22,667
End of period	$	39,000		$	8,361		$	16,619
Supplemental cash flow data:
Income tax payments, net of refunds received	$	5,711		$	3,771		$	1,784
Interest paid	69,622			96,166			87,302
Noncash investing and financing activities:
Assets acquired through capital lease arrangements	6,973			11,925			6,021
Leasehold improvements funded by lessor	146			5,186			665
Issuance of common stock as consideration for Novitex	244,800			—			—
Accrued capital expenditures	1,621			580			878
Dividend equivalent on Series A Preferred Stock	16,375			—			—
Liability assumed of Quinpario	4,672			—			—

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Exela Technologies

Schedule 1: Pro Forma 2016 vs. 2017 Financial Performance

($ in millions)	Pro Forma FY 2017			Pro Forma FY 2016 (1)			% Change
Revenue
Information and Transaction Processing Solutions	$	1,131.0		$	983.3		15.0	%
Healthcare Solutions	233.6			247.6			-5.6	%
Legal and Loss Prevention Services	91.6			102.2			-10.4	%
Total Revenue	1,456.3			1,333.1			9.2	%
Cost of revenue (exclusive of depreciation and amortization)	1,079.9			957.1
Selling, general and administrative expenses (Incl related party)	289.5			190.8
Depreciation and amortization	119.5			120.2
Impairment of goodwill and other intangible assets	69.4			—
Operating income (loss)	(102.1		)	64.9
Interest expense, net	153.4			157.3
Loss / (Gain) on extinguishment of debt	53.0			(2.3		)
Sundry expense (income) & Other income, net	1.1			(1.6		)
Net loss before income taxes	(309.6		)	(88.5		)
Income tax expense / (benefit)	(67.2		)	(23.6		)
Net loss	(242.4		)	(64.9		)
EBITDA	(36.7		)	189.0
Impairment of goodwill and other intangible assets	69.4			—
(Gain) / loss on extinguishment of debt	53.0			(2.3		)
Transaction and integration costs	99.0			3.3
Optimization and restructuring expenses	47.9			36.0
Non-cash charges, oversight & management fees	12.6			22.5
Adjusted EBITDA	$	245.2		$	248.5
	16.8		%	18.6		%
Further Adjusted EBITDA(2)	$	346.8		$	349.9		-0.9	%
% Margin	23.8		%	26.2		%

Note:  Pro Forma FY 2017 SG&A (Including related party) of $289.5 million includes transaction related expenses of $99.0 million. Refer to Further Adjusted EBITDA reconciliation.

(1)Financial results for Pro Forma  FY 2016 do not include contribution from the TransCentra  acquisition  for the first nine months of the year since the transaction was  closed on September 28, 2016.

(2)For additional information refer to Further Adjusted EBITDA Reconciliations

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Exela Technologies

Schedule 2: Pro Forma Fourth Quarter 2016 vs. Fourth Quarter 2017 Financial Performance

($ in millions)	Q4 2017			Pro Forma Q4 2016
Revenue
Information and Transaction Processing Solutions	$	301.5		$	271.0
Healthcare Solutions	60.1			58.6
Legal and Loss Prevention Services	24.7			22.8
Total Revenue	386.3			352.5
Cost of revenue (exclusive of depreciation and amortization)	289.9			256.0
Selling, general and administrative expenses (Including related party)	50.0			49.9
Depreciation and amortization	28.1			31.2
Impairment of goodwill and other intangible assets	69.4			0.0
Operating income (loss)	(51.2		)	15.4
Interest expense, net	36.7			40.2
Sundry expense (income) & Other income, net	(2.0		)	0.4
Net loss before income taxes	(86.0		)	(25.3		)
Income tax expense / (benefit)	(27.3		)	(5.3		)
Net loss	(58.7		)	(19.9		)
Depreciation and amortization	28.1			31.2
Interest expense, net	36.7			40.2
Income tax expense / (benefit)	(27.3		)	(5.3		)
EBITDA	(21.1		)	46.1
Impairment of goodwill and other intangible assets	69.4			—
Transaction and integration costs	2.4			1.5
Optimization and restructuring expenses	11.0			10.0
Non-cash charges, oversight & management fees	1.0			7.1
Adjusted EBITDA	$	62.7		$	64.7
	16.2		%	18.4		%

9

Exela Technologies

Schedule 3: Adjusted EBITDA Reconciliation — Fourth Quarter 2016

	As Reported Q4 2016(1)			Novitex Q4 2016			Pro Forma Q4 2016(1)
Net loss	$	(14.7	)	$	(5.3	)	$	(19.9	)
Taxes	(1.8		)	(3.5		)	(5.3		)
Interest expense	27.7			12.5			40.2
Depreciation and amortization	21.2			10.0			31.2
EBITDA	$	32.4		$	13.7		$	46.1
Optimization and restructuring expenses	8.8			1.2			10.0
Transaction and integration costs	1.5			—			1.5
Non-cash charges	2.9			—			2.9
New contract setup	—			0.9			0.9
Oversight and management Fees	2.7			0.6			3.4
Adjusted EBITDA	$	48.3		$	16.4		$	64.7

(1)Note: Net loss for the period is presented on the basis of the previous debt structure at the respective standalone companies. As of July 12th, 2017  the existing debt structures at respective Exela entities have been replaced with a new capital structure consisting of $350 Million Term Loan and $1.0 Billion Senior Secured Notes.

Exela Technologies

Schedule 4: Adjusted EBITDA Reconciliation — Fourth Quarter 2017

	As Reported Q4 2017
Net loss	$	(58.7	)
Taxes	(27.3		)
Interest expense	36.7
Depreciation and amortization	28.1
EBITDA	$	(21.1	)
Impairment of goodwill and other intangible assets	69.4
Optimization and restructuring expenses	11.0
Transaction and integration costs	2.4
Non-cash charges	2.3
(Gain) / loss on derivative instruments	(1.3		)
Adjusted EBITDA	$	62.7

10

Exela Technologies

Schedule 5: Further Adjusted EBITDA Reconciliation — 2016

($ in millions)	As Reported FY 2016(1)			Novitex FY 2016			Pro Forma FY 2016(1)
Net loss	$	(48.1	)	$	(19.1	)	$	(67.2	)
Taxes	(11.8		)	(11.8		)	(23.6		)
Interest expense	109.4			47.9			157.3
Depreciation and amortization	79.6			40.6			120.2
EBITDA	$	129.2		$	57.6		$	186.7
Optimization and restructuring expenses	7.6			28.4			36.0
Transaction and integration costs	18.8			(15.6		)	3.3
Non-cash charges	9.8			—			9.8
New contract setup	—			5.3			5.3
Oversight and management Fees	7.8			1.9			9.7
(Gain) / loss on extinguishment of debt	—			(2.3		)	(2.3		)
Adjusted EBITDA	$	173.2		$	75.3		$	248.5
Gain / (loss) on currency exchange	0.7			—			0.7
Combined merger adjustments							100.6
Further Adjusted EBITDA							$	349.9

(1)Financial results as reported for FY 2016 and Pro Forma FY 2016 do not include contribution for the first nine months from the TransCentra acquisition which closed on September 28, 2016.

Note:

- Net loss for the period January 1- July 12 is presented on the basis of the previous debt structure at the respective standalmpanies. As of July 12th, the existing debt structures at respective Exela entities have been replaced with a new capital structure consisting of $350 Million Term Loan and $1.0 Billion Senior Secured Notes.

-Combined merger adjustments represent operating cost reductions primarily related to the implementation of strategic actions and initiatives related to the business combination completed on July 12, 2017.

Exela Technologies

Schedule 6: Further Adjusted EBITDA Reconciliation — 2017

($ in millions)	As Reported FY 2017			Novitex (Jan 1 — Jul 12)(1)			Pro Forma FY 2017
Net loss	$	(204.3	)	$	(38.1	)	$	(242.4	)
Taxes	(60.2		)	(6.9		)	(67.2		)
Interest expense	128.5			24.9			153.4
Depreciation and amortization	98.9			20.6			119.5
EBITDA	$	(37.2	)	$	0.5		$	(36.7	)
Impairment of goodwill and other intangible assets	69.4			—			69.4
(Gain) / loss on extinguishment of debt	35.5			17.5			53.0
Optimization and restructuring expenses	42.5			5.4			47.9
Transaction and integration costs	88.9			10.0			99.0
Non-cash charges	6.7			—			6.7
New contract setup	—			2.0			2.0
Oversight and management Fees	4.2			1.0			5.1
(Gain) / loss on derivative instruments	(1.3		)	—			(1.3		)
Adjusted EBITDA	$	208.8		$	36.4		$	245.2
Gain / (loss) on currency exchange	2.3			0.1			2.4
Combined merger adjustments							99.2
Further Adjusted EBITDA							$	346.8

(1)Represents financial performance of Novitex for a year-to-date period ending on the transaction closing date of July 12, 2017.

Note: -Net loss for the period January 1- July 12 is presented on the basis of the previous debt structure at the respective standalone companies. As of July 12th, the existing debt structures at respective Exela entities have been replaced with a new capital structure consisting of $350 Million Term Loan and $1.0 Billion Senior Secured Notes.

-Combined merger adjustments represent operating cost reductions primarily related to the implementation of strategic actions and initiatives related to the business combination completed on July 12, 2017.

11

Exela Technologies

Schedule 7: Pro Forma Revenue and Capital Expenditures — 2016 and 2017

($ in millions)	As Reported(1)		Novitex		Pro Forma
Revenue - FY 2017	$	1,152.3	$	304.0	$	1,456.3
Revenue - FY 2016	$	789.9	$	543.2	$	1,333.1
Revenue - Q3 2017	$	338.4	$	19.8	$	358.2
Revenue - Q4 2016	$	212.4	$	140.1	$	352.5
Capital expenditures - FY 2017	$	33.3	$	9.1	$	42.4
Capital expenditures - FY 2016	$	35.6	$	15.9	$	51.5
Capital expenditures - Q4 2016	$	12.4	$	3.0	$	15.4

(1)Financial results for FY 2016 do not include contribution for the first nine months from the TransCentra acquisition which closed on September 28, 2016.

12

Exela Technologies

Schedule 8: Pro Forma Income Statement Expense Reconciliation — 2016 and 2017

($ in millions)	Reported Q4 2016		Novitex Q4 2016		Pro Forma Q4 2016		Reported FY 2016		Novitex FY 2016		Pro Forma FY 2016		Reported FY 2017		Novitex - Jan 1 to Jul 12, 2017		Pro Forma FY 2017
Cost of revenue (exclusive of depreciation and amortization)	141.4		114.6		256.0		519.1		438.0		957.1		829.1		250.8		1,079.9
Selling, general and administrative expenses (Including related party)	38.2		11.8		49.9		140.9		49.9		190.8		254.4		35.1		289.5
Depreciation and amortization	21.2		10.0		31.2		79.6		40.6		120.2		98.9		20.6		119.5
Impairment of goodwill and other intangible assets	0.0		0.0		0.0		0.0		0.0		0.0		69.4		0.0		69.4
Operating income (loss)	11.6		3.8		15.4		50.2		14.7		64.9		(99.5	)	(2.5	)	(102.1	)
Interest expense, net	27.7		12.5		40.2		109.4		47.9		157.3		128.5		24.9		153.4
Loss / (Gain) on extinguishment of debt	0.0		0.0		0.0		0.0		(2.3	)	(2.3	)	35.5		17.5		53.0
Sundry expense (income) & Other income, net	0.4		0.0		0.4		0.7		0.0		0.7		1.0		0.1		1.1
Net loss before income taxes	(16.5	)	(8.8	)	(25.3	)	(59.9	)	(30.9	)	(90.8	)	(264.5	)	(45.1	)	(309.6	)
Income tax benefit (expense)	1.8		3.5		5.3		11.8		11.8		23.6		60.2		6.9		67.1
Net loss	(14.7	)	(5.3	)	(19.9	)	(48.1	)	(19.1	)	(67.2	)	(204.3	)	(38.2	)	(242.4	)

13

Exela Technologies

Schedule 9: Pro Forma Selling, general and administrative expenses (Incl. related party) — 2016 and 2017

Selling, general and administrative expenses (Incl related party)

($ in millions)	Q4 2016	Q4 2017	FY 2016	FY 2017
As Reported
Selling, general and administrative expenses	35.1	48.3	130.4	221.0
Related party expense	3.1	1.7	10.5	33.4
Total	38.2	50.0	140.9	254.4
Novitex
Selling, general and administrative expenses	11.8		49.8	34.8
Related party expense			0.1	0.3
Total	11.8		49.9	35.1
Pro forma
Selling, general and administrative expenses	46.8	48.3	180.2	255.8
Related party expense	3.1	1.7	10.6	33.7
Total	49.9	50.0	190.8	289.5

14

EX-99.2

Exhibit 99.2

4Q 2017 AND FY 2017 RESULTS March 15, 2018 NASDAQ: XELA

Disclaimer 2 Forward Looking Statements 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, the estimated or anticipated future results and benefits of the recently consummated transaction between Exela Technologies, Inc., SourceHOV Holdings, Inc., and Novitex Holdings, Inc. (including the related transactions, 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 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 regarding Exela’s businesses, and actual results may differ materially. These risks and uncertainties include, but are not limited to, changes in the business environment in which Exela operates and general financial, economic, regulatory and political conditions affecting the industries in which Exela operates; changes in taxes, governmental laws, and regulations; competitive product and pricing activity; failure to realize the anticipated benefits of the Business Combination, including as a result of a delay or difficulty in integrating the businesses of SourceHOV and Novitex or the inability to realize the expected amount and timing of cost savings and operating synergies of the Business Combination; and those factors discussed under the heading “Risk Factors” in Exela’s Proxy Statement dated June 26, 2017 (the “Proxy Statement”) filed with the Securities and Exchange Commission (“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. Pro Forma Financial Information This presentation includes unaudited pro forma financial information for the three and twelve month periods ending December 31, 2016 and 2017, as if the Business Combination had been consummated on January 1, 2016, based on certain estimates and assumptions that Exela management deems to be reasonable. This pro forma financial information may be revised as additional information becomes available. Therefore, it is possible that the actual adjustments will differ from the pro forma adjustments and it is possible that the difference may be material. The unaudited pro forma condensed combined financial statements are not necessarily indicative of what the actual results of operations would have been had the Business Combination taken place on the date indicated, nor are they indicative of the future consolidated results of operations of Exela. Non-GAAP Financial Measure and Related Information This presentation includes EBITDA, Further Adjusted EBITDA, and Further Adjusted Free Cash Flow – each of which is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Exela believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Exela’s financial condition and results of operations. 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 measures should not be considered in isolation of, or as an alternative to, GAAP financial measures. For reconciliation of the comparable GAAP measures to these non-GAAP financial measures, see the Appendix to this presentation. Optimization & restructuring expenses and merger adjustments are primarily related to the implementation of strategic actions and initiatives related to the business combination completed on July 12th 2017. 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.

Agenda 3 Exela Technologies 4Q 2017 & FY 2017 Review Financial Performance and Business Strategy Conclusion and Q&A 2 1 3

Q4 2017 and 2017 REVIEW RON COGBURN Chief Executive Officer

Exela-at-a-Glance GENERATING >$25 MILLION IN ANNUAL REVENUE 4Q 2017 revenue of $386.3 million grew 9.6%(1) Achieved full-year 2017 guidance for pro forma revenue and adjusted EBITDA Revenue and revenue split based on 2017 pro-forma revenue See Further Adjusted EBITDA reconciliation for additional detail See Further Adjusted Free Cash Flow reconciliation for additional detail 5 REVENUE GREW 9% TO $1.456 BILLION(1) 78% Information Transaction Processing Services (“ITPS”) 16% Healthcare Services (“HS”) 6% Legal and Loss Prevention Services (“LLPS”) IN REVENUE FROM TOP 100 CUSTOMERS IN 2017 14% INCREASE FURTHER ADJUSTED EBITDA OF $347(2) MILLION, MARGIN OF 24% FREE CASH FLOW(3) $304.4M 88% Further Adjusted FCF Conversion GREW 2.0% GENERATING BETWEEN $1-$5 MILLION IN ANNUAL REVENUE CLIENTS 6 197 CLIENTS Low Capex Intensity, 2.9% of revenue

WHITE-SPACE OPPORTUNITIES IN GROWING INDUSTRIES Exela-at-a-Glance 6 ~20% INCREASE IN REVENUE PER FTE TO $66K FROM $56K EMPLOYEES DECREASED 6% TO ~22,000 LOW CUSTOMER REVENUE CONCENTRATION: #1 CUSTOMER 6% #2-10 CUSTOMERS 19% TOTAL CONTRACT VALUE WON IN 2017 $1.523 BILLION INCREASING AWARENESS OF EXELA’S SOLUTIONS IN THE MARKET, ACCELERATING INVESTMENTS IN PEOPLE AND TECHNOLOGIES Embracing Complexity. Delivering Simplicity. SM RENEWAL RATE ON STRATEGIC ACCOUNTS 98% LARGE INVESTING FOR GROWTH

Exela-at-a-Glance 7 Global customers in growing diversified industries Revenue split based on 2017 pro-forma revenue.. Other includes Services, Commercial, Telecom & Utilities and Pharma and Life Sciences Based on financial information 12/31/17, presented on a pro forma basis REVENUE BY END MARKETS (1) (2) Banking and Financial Services , 25% Other 18% Tech & Manufacturing 10% Public Sector 9% Healthcare 20% P&C / Life Insurance 12% Legal 7%

Business Process Automation 8 Exela business process automation (BPA) suite delivers robotics and cognitive automation

Global Employee Network 2017 revenue per full-time employee increased to $66k from $56k 9 KEY STATS: ~22,000 GLOBAL WORKFORCE ~2,000 IT PROFESSIONALS SUPPORTING CUSTOMERS IN 50+ COUNTRIES Full time employees as of 12/31/17

Business Process Automation 10 Driving long-term shareholder value LEVERAGE BPA INITIATIVE/GOAL Business model expanded to include on-site and offsite locations to leverage our BPA leadership position 100 customers represent ~60% of total revenue, up 14% IMPROVE CUSTOMER AWARENESS SAVINGS INITIATIVES ACCRETIVE M&A UPDATE Opened 2 Innovation Centers Accelerated investments in people and technology Delivered over $40 million in flow-through 2017 cost savings initiatives. 2018 guidance includes assumption of $40-$45 million in savings with remaining during 2019. Financial flexibility enables strategic and opportunistic actions Increase customer awareness Leverage our scale and our BPA Maintain focus on delivering identified savings Opportunistic accretive tuck-in acquisitions

Agenda 11 Exela Technologies 4Q 2017 & FY 2017 Review Financial Performance and Business Strategy Conclusion and Q&A 2 1 3

FINANCIAL PERFORMANCE AND STRATEGY JIM REYNOLDS Chief Financial Officer

Q4 2017 vs. Pro Forma Q4 2016 Performance 13 ($ in millions) Q4 2017 Pro Forma Q4 2016 % Change Revenue Information and Transaction Processing Solutions $301.5 $271.0 Healthcare Solutions 60.1 58.6 Legal and Loss Prevention Services 24.7 22.8 A Total Revenue 386.3 352.5 9.6% Cost of revenue (exclusive of depreciation and amortization) 289.9 256.0 Selling, general and administrative expenses (Including related party) 50.0 49.9 Depreciation and amortization 28.1 31.2 B Impairment of goodwill and other intangible assets 69.4 0.0 Operating income (loss) (51.2) 15.4 Interest expense, net 36.7 40.2 Sundry expense (income) & Other income, net (2.0) 0.4 Net loss before income taxes (86.0) (25.3) C Income tax expense / (benefit) (27.3) (5.3) Net loss (58.7) (19.9) EBITDA (21.1) 46.1 Impairment of goodwill and other intangible assets 69.4 - D Transaction and integration costs 2.4 1.5 E Optimization and restructuring expenses 11.0 10.0 Non-cash charges, oversight & management fees 1.0 7.1 Adjusted EBITDA $62.7 $64.7 16.2% 18.4% -2.1%

Q4 2017 vs. Pro Forma Q4 2016 Performance 14 A ITPS revenue grew 7.8% sequentially. The year-over-over year increase in ITPS revenue was driven primarily by increased volumes and expansion of services within existing customers. HS revenue in-line with expectations. LLPS was slightly above expectations. ($ in millions) Q4 2017 Pro Forma Q4 2016 % Change Revenue Information and Transaction Processing Solutions $301.5 $271.0 11.2% Healthcare Solutions 60.1 58.6 2.6% Legal and Loss Prevention Services 24.7 22.8 8.1% A Total Revenue 386.3 352.5 9.6%

Q4 2017 vs. Pro Forma Q4 2016 Performance 15 NET LOSS IMPROVED TO ($58.7) MILLION FROM ($130.5) MILLION ON A SEQUENTIAL BASIS FROM THE THIRD QUARTER OF 2017. B As a result of declining revenue in LLPS, and adopting Exela as the primary brand, we quantitatively assessed goodwill and other intangible assets as part of our annual impairment test. This assessment resulted in Exela deciding to take an impairment charge of $30.1 million for goodwill for the LLPS reporting unit, and $39.3 million related to the Company’s trade names. C The increase in the income tax benefit was primarily due to an increase in the U.S. pretax loss including the impairment of certain trade names for which a tax benefit was recognized. ($ in millions) Q4 2017 Pro Forma Q4 2016 Cost of revenue (exclusive of depreciation and amortization) 289.9 256.0 Selling, general and administrative expenses (Including related party) 50.0 49.9 Depreciation and amortization 28.1 31.2 B Impairment of goodwill and other intangible assets 69.4 0.0 Operating income (loss) (51.2) 15.4 Interest expense, net 36.7 40.2 Sundry expense (income) & Other income, net (2.0) 0.4 Net loss before income taxes (86.0) (25.3) C Income tax expense / (benefit) (27.3) (5.3) Net loss (58.7) (19.9)

Q4 2017 vs. Pro Forma Q4 2016 Performance 16 D Transaction costs represents costs incurred related to transactions and integration for completed or contemplated transactions during the period and were de minimis in Q4 2017 and totaled $96.6 million in Q3 2017. E Represents transition costs, termination and compensation expenses associated with positions that were eliminated. It also includes charges incurred by the Company to terminate existing lease contracts as part of facility consolidation initiatives. In Q3 2017 these costs were $20.9 million. ($ in millions) Q4 2017 Pro Forma Q4 2016 Net loss (58.7) (19.9) Depreciation and amortization 28.1 31.2 Interest expense, net 36.7 40.2 Income tax expense / (benefit) (27.3) (5.3) EBITDA (21.1) 46.1 Impairment of goodwill and other intangible assets 69.4 0.0 D Transaction and integration costs 2.4 1.5 E Optimization and restructuring expenses 11.0 10.0 Non-cash charges, oversight & management fees 1.0 7.1 Adjusted EBITDA $62.7 $64.7 16.2% 18.4%

Pro Forma 2017 vs. Pro Forma 2016 Performance 17 ($ in millions) Pro Forma FY 2017 Pro Forma FY 2016 % Change Revenue Information and Transaction Processing Solutions $1,131.0 $983.3 15.0% Healthcare Solutions 233.6 247.6 -5.6% Legal and Loss Prevention Services 91.6 102.2 -10.4% A Total Revenue 1,456.3 1,333.1 9.2% Cost of revenue (exclusive of depreciation and amortization) 1,079.9 957.1 B Selling, general and administrative expenses (Incl related party) 289.5 190.8 Depreciation and amortization 119.5 120.2 C Impairment of goodwill and other intangible assets 69.4 - Operating income (loss) (102.1) 64.9 Interest expense, net 153.4 157.3 D Loss / (Gain) on extinguishment of debt 53.0 (2.3) Sundry expense (income) & Other income, net 1.1 (1.6) Net loss before income taxes (309.6) (88.5) E Income tax expense / (benefit) (67.2) (23.6) Net loss (242.4) (64.9) EBITDA (36.7) 189.0 Impairment of goodwill and other intangible assets 69.4 - (Gain) / loss on extinguishment of debt 53.0 (2.3) F Transaction and integration costs 99.0 3.3 G Optimization and restructuring expenses 47.9 36.0 H Non-cash charges, oversight & management fees 12.6 22.5 Adjusted EBITDA $245.2 $248.5 16.8% 18.6% I Further Adjusted EBITDA $346.8 $349.9 -0.9% % Margin 23.8% 26.2%

Pro Forma FY 2017 vs. Pro Forma FY 2016 Performance 18 ITPS - driven primarily by increased volumes and expansion of services within existing customers. HS - decrease is primarily attributable to a surge in demand from healthcare provider clients in 2016 as a result of a change in regulatory coding requirements. The decrease was partially offset by an increase in revenues of $3.7 million from the Payer business during the period. LLPS - decrease is primarily attributable to revenue lost from the sale of Meridian Consulting Group, LLC of approximately $4.4 million, lower revenue from the legal claims administration services of $4.3 million, and lower revenue from labor and employment practice of $1.9 million. A ($ in millions) Pro Forma FY 2017 Pro Forma FY 2016 % Change Revenue Information and Transaction Processing Solutions $1,131.0 $983.3 15.0% Healthcare Solutions 233.6 247.6 -5.6% Legal and Loss Prevention Services 91.6 102.2 -10.4% A Total Revenue 1,456.3 1,333.1 9.2%

Pro Forma FY 2017 vs. Pro Forma FY 2016 Performance 19 B Increase was primarily attributable to the expenses incurred for professional fees which contributed $60.0 million and $33.4 million for contract termination and advisory fees related to the business combination. C As a result of declining revenue in LLPS, and adopting Exela as the primary brand, we quantitatively assessed goodwill and other intangible assets as part of our annual impairment test. This assessment resulted in Exela deciding to take an impairment charge of $30.1 million for goodwill for the LLPS reporting unit, and $39.3 million related to the Company’s trade names. D $53 million charge related to early extinguishment of debt at the standalone entities as part of the business combination. E The increase in the income tax benefit was due to an increase in the U.S. pretax loss including the impairment of certain trade names for which a tax benefit was recognized. The effective tax rate is lower due to a lower level of valuation allowance required against current year losses and nondeductible transaction costs. ($ in millions) Pro Forma FY 2017 Pro Forma FY 2016 Cost of revenue (exclusive of depreciation and amortization) 1,079.9 957.1 B Selling, general and administrative expenses (Incl related party) 289.5 190.8 Depreciation and amortization 119.5 120.2 C Impairment of goodwill and other intangible assets 69.4 - Operating income (loss) (102.1) 64.9 Interest expense, net 153.4 157.3 D Loss / (Gain) on extinguishment of debt 53.0 (2.3) Sundry expense (income) & Other income, net 1.1 (1.6) Net loss before income taxes (309.6) (88.5) E Income tax expense / (benefit) (67.2) (23.6) Net loss (242.4) (64.9)

Pro Forma FY 2017 vs. Pro Forma FY 2016 Performance 20 F Increase was primarily attributable to the expenses incurred for professional fees which contributed $60.0 and $33.4 million for contract termination and advising fees all related to the business combination and other charges. G Represents approximately $16.3 million compensation expense including severance, retention bonuses, $28.4 million in vendor termination/integration and transition expenses and $3.2 million to terminate existing lease contracts and other costs. H Represents management fees paid to prior owner, board of directors’ fees and corresponding travel, and other expenses (e.g., rating agency fees, chargebacks) which are not expected to continue. I The dilution of margins in 2017 compared to 2016 was primarily due to the acquisition of a lower margin business. The strategic vision is to transform the acquired business with BPA over the next 12-24 months. Exela expects to have Further Adjusted EBITDA converge with Adjusted EBITDA as savings continue to flow into our results. Approximately $40-$45 million of the savings will flow through in 2018 with remaining during 2019. ($ in millions) Pro Forma FY 2017 Pro Forma FY 2016 EBITDA (36.7) 189.0 Impairment of goodwill and other intangible assets 69.4 - (Gain) / loss on extinguishment of debt 53.0 (2.3) F Transaction and integration costs 99.0 3.3 G Optimization and restructuring expenses 47.9 36.0 H Non-cash charges, oversight & management fees 12.6 22.5 Adjusted EBITDA $245.2 $248.5 16.8% 18.6% I Further Adjusted EBITDA $346.8 $349.9 % Margin 23.8% 26.2%

Further adjusted free cash flow growth of 2.0% High further adjusted free cash flow conversion rate, long-term view in the 87% to 89% range. Low intensity CAPEX business model, with CAPEX totaling $42 million, 2.9% of revenue (3) Further Adjusted Free Cash Flow defined as Further Adjusted EBITDA less Capital Expenditures. For additional information refer to Further Adjusted Free Cash Flow Reconciliation From Net Loss on slide 24. (4) Further Adjusted Free Cash Flow Conversion Rate defined as Further Adjusted Free Cash Flow divided by Further Adjusted EBITDA. All financial information presented herein is on a pro forma basis. Refer to page 25 for reconciliation. Financial results for Pro Forma FY 2016 does not include contribution for the first nine months from the TransCentra acquisition which closed on September 28, 2016. Cash and cash equivalents as of 12/31/17 totaled $62 million including $23 million of cash not subject to legal restrictions. Pro Forma Cash Flow 21 Low capital expenditures enables strong free cash flow generation(1) (1) (2) ($ in millions) Q4 2016 (2) Q4 2017 FY 2016 (2) FY 2017 Revenue $352.5 $386.3 $1,333.1 $1,456.3 Capital expenditures $15.4 $11.4 $51.5 $42.4 Capital expenditures as a percentage of revenue 4.4% 2.9% 3.9% 2.9% Further adjusted free cash flow 3 $298.4 $304.4 Further adjusted free cash flow conversion rate 4 85.3% 87.8%

Capital Structure Overview 22 Long-term goal to achieve ~3.0x net leverage (1) Company entered into a standard three year, one-month LIBOR interest rate hedging contract with a notional amount of $347.8 million, which is the remaining principal balance of the term loan. The hedge contract will swap out the floating rate interest risk related to the LIBOR with a fixed interest rate of 1.9275% and went into effect January 12, 2018. HEDGED AGAINST INTEREST RATE FLUCTUATIONS(1) TOTAL LIQUIDITY OF $141 MILLION, WITH $62 MILLION OF CASH FY 2017 Further Adjusted EBITDA $346.8 Revolving Credit Facility ($100 million) $0 1st Lien Term Loan ($350 million) $347.8 Senior Secured Bond 10.0% due 2023 $1,000 Capital Leases and Other Debt $59 Total Debt $1,407 Total Net Debt $1,345 Net Leverage Ratio 3.88x ($ in millions)

2018 Business Outlook and Long-term Financial Objectives 2018 outlook Initial 2018 revenue guidance is in the range of $1.510 billion - $1.540 billion or of 4% - 6%, exceeding the Company’s previous long-term guidance of 3% - 4% growth based on our visibility heading into 2018 Adjusted EBITDA guidance – in the range of $290 - $310 million or a 19% - 20% margin for 2018 Further Adjusted EBITDA guidance – in the range of $330 - $355 million or a 22% - 23% margin for 2018 Guidance includes delivering $40 - $45 million in savings during 2018 with remaining during 2019 23 Long-term financial objectives Revenue growth in the range of 3% - 4% Further Adjusted EBITDA margin guidance in the range of 22% - 23% Further Adjusted Free Cash Flow conversion in the range of 87% - 89% Guidance is based on constant-currency 2Q 2018 - ANTICIPATE PROVIDING MID-YEAR UPDATE growth of 18% - 26%, representing

Agenda 24 Exela Technologies 4Q 2017 & FY 2017 Review Financial Performance and Business Strategy Conclusion and Q&A 2 1 3

CONCLUSION AND Q&A

Adjusted EBITDA Reconciliation – Q4 2016 26 Note: Net loss for the period is presented on the basis of the previous debt structure at the respective standalone companies. As of July 12th,2017 the existing debt structures at respective Exela entities have been replaced with a new capital structure consisting of $350 Million Term Loan and $1.0 Billion Senior Secured Notes. ($ in millions) As Reported Q4 2016 (1) Novitex Q4 2016 Pro Forma Q4 2016 (1) Net loss ($14.7) ($5.3) ($19.9) Taxes (1.8) (3.5) (5.3) Interest expense 27.7 12.5 40.2 Depreciation and amortization 21.2 10.0 31.2 EBITDA $32.4 $13.7 $46.1 Optimization and restructuring expenses 8.8 1.2 10.0 Transaction and integration costs 1.5 - 1.5 Non-cash charges 2.9 - 2.9 New contract setup - 0.9 0.9 Oversight and management Fees 2.7 0.6 3.4 Adjusted EBITDA $48.3 $16.4 $64.7

Adjusted EBITDA Reconciliation – Q4 2017 27 ($ in millions) As Reported Q4 2017 Net loss ($58.7) Taxes (27.3) Interest expense 36.7 Depreciation and amortization 28.1 EBITDA ($21.1) Impairment of goodwill and other intangible assets 69.4 Optimization and restructuring expenses 11.0 Transaction and integration costs 2.4 Non-cash charges 2.3 (Gain) / loss on derivative instruments (1.3) Adjusted EBITDA $62.7

Further Adjusted EBITDA Reconciliation – FY 2016 28 Note: Net loss for the period January 1- July 12 is presented on the basis of the previous debt structure at the respective standalone companies. As of July 12th, the existing debt structures at respective Exela entities have been replaced with a new capital structure consisting of $350 Million Term Loan and $1.0 Billion Senior Secured Notes. (1) Financial results as reported for FY 2016 and Pro Forma FY 2016 do not include contribution for the first nine months from the TransCentra acquisition which closed on September 28, 2016. As Reported FY 2016 (1) Novitex FY 2016 Pro Forma FY 2016 (1) Net loss ($48.1) ($19.1) ($67.2) Taxes (11.8) (11.8) (23.6) Interest expense 109.4 47.9 157.3 Depreciation and amortization 79.6 40.6 120.2 EBITDA $129.2 $57.6 $186.7 Optimization and restructuring expenses 7.6 28.4 36.0 Transaction and integration costs 18.8 (15.6) 3.3 Non-cash charges 9.8 - 9.8 New contract setup - 5.3 5.3 Oversight and management Fees 7.8 1.9 9.7 Loss on extinguishment of debt - (2.3) (2.3) Adjusted EBITDA $173.2 $75.3 $248.5 FE gains / losses 0.7 - 0.7 Combined merger adjustments 100.6 Further Adjusted EBITDA $349.9 ($ in millions)

Further Adjusted EBITDA Reconciliation – FY 2017 29 Note: Net loss for the period January 1- July 12 is presented on the basis of the previous debt structure at the respective standalone companies. As of July 12th, the existing debt structures at respective Exela entities have been replaced with a new capital structure consisting of $350 Million Term Loan and $1.0 Billion Senior Secured Notes. (1) Represents financial performance of Novitex for a year-to-date period ending on the transaction closing date of July 12, 2017. As Reported FY 2017 Novitex (Jan 1 – Jul 12) (1) Pro Forma FY 2017 Net loss ($204.3) ($38.1) ($242.4) Taxes (60.2) (6.9) (67.2) Interest expense 128.5 24.9 153.4 Depreciation and amortization 98.9 20.6 119.5 EBITDA ($37.2) $0.5 ($36.7) Impairment of goodwill and other intangible assets 69.4 - 69.4 (Gain) / loss on extinguishment of debt 35.5 17.5 53.0 Optimization and restructuring expenses 42.5 5.4 47.9 Transaction and integration costs 88.9 10.0 99.0 Non-cash charges 6.7 - 6.7 New contract setup - 2.0 2.0 Oversight and management Fees 4.2 1.0 5.1 (Gain) / loss on derivative instruments (1.3) - (1.3) Adjusted EBITDA $208.8 $36.4 $245.2 Gain / (loss) on currency exchange 2.3 0.1 2.4 Combined merger adjustments 99.2 Further Adjusted EBITDA $346.8 ($ in millions)

Further Adjusted Free Cash Flow Reconciliation from Net Loss FY 2016 – FY 2017 30 Note: Net loss for the period January 1- July 12 is presented on the basis of the previous debt structure at the respective standalone companies. As of July 12th, the existing debt structures at respective Exela entities have been replaced with a new capital structure consisting of $350 Million Term Loan and $1.0 Billion Senior Secured Notes. (1) Financial results for FY 2016 does not include contribution for the first nine months from the TransCentra acquisition which closed on September 28, 2016. FY 2016 (1) FY 2017 Net Loss ($67.2) ($242.4) Taxes (23.6) (67.2) Interest expense 157.3 153.4 Depreciation and amortization 120.2 119.5 Impairment of goodwill and other intangible assets - 69.4 (Gain) / loss on extinguishment of debt (2.3) 53.0 Optimization and restructuring expenses 36.0 47.9 Transaction and integration costs 3.3 99.0 Non-cash charges 9.8 6.7 New contract setup 5.3 2.0 Oversight and management Fees 9.7 5.1 (Gain) / loss on derivative instruments - (1.3) Gain / (loss) on currency exchange 0.7 2.4 Combined merger adjustments 100.6 99.2 Further Adjusted EBITDA $349.9 $346.8 (-) Capex (51.5) (42.4) Further Adjusted Free Cash Flow $298.4 $304.4 ($ in millions)

FY 2016 and FY 2017 Pro Forma Revenue and Capital Expenditures 31 (1) Financial results for FY 2016 does not include contribution for the first nine months from the TransCentra acquisition which closed on September 28, 2016. As Reported (1) Novitex Pro Forma Revenue - FY 2017 $1,152.3 $304.0 $1,456.3 Revenue - FY 2016 $789.9 $543.2 $1,333.1 Revenue - Q4 2016 $212.4 $140.1 $352.5 Capital expenditures - FY 2017 $33.3 $9.1 $42.4 Capital expenditures - FY 2016 $35.6 $15.9 $51.5 Capital expenditures - Q4 2016 $12.4 $3.0 $15.4 ($ in millions)

FY 2016 and FY 2017 Pro Forma SG&A including related party expenses 32 (1) Financial results for FY 2016 does not include contribution for the first nine months from the TransCentra acquisition which closed on September 28, 2016. Selling, general and administrative expenses (Incl related party) ($ in millions) Q4 2016 Q4 2017 FY 2016 FY 2017 As Reported Selling, general and administrative expenses 35.1 48.3 130.4 221.0 Related party expense 3.1 1.7 10.5 33.4 Total 38.2 50.0 140.9 254.4 Novitex Selling, general and administrative expenses 11.8 49.8 34.8 Related party expense 0.1 0.3 Total 11.8 49.9 35.1 Pro forma Selling, general and administrative expenses 46.8 48.3 180.2 255.8 Related party expense 3.1 1.7 10.6 33.7 Total 49.9 50.0 190.8 289.5

Q&A March 15, 2018 NASDAQ: XELA