5 consecutive quarters of revenue guidance achieved
4Q Net Loss $88.9 million, 2020 Net Loss $178.5 million
4Q Adjusted EBITDA $37.2 million, 2020 Adjusted EBITDA $173.4 million
Digital Assets accelerate to 8% of 2020 revenue
Added $182 million of ACV including 14 new logos in 2020
Recently announced First Cloud Based PCH Global Contract valued at $90 million
Adding $26.8 million to March 12 liquidity levels(1)

Fourth Quarter 2020 Highlights:

Full-Year 2020 Highlights:

IRVING, Texas, March 16, 2021 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA), a location-agnostic global business process automation (“BPA”) leader, announced today its preliminary financial results for the fourth quarter and year ended December 31, 2020.

“We are pleased to have exceeded our revenue expectations for the fourth quarter and full year 2020. While 2020 was a challenging year for everyone due to the Covid-19 pandemic, Exela continued to penetrate our significant market opportunity with our technology-led automation solutions, such as those provided by our Digital Asset Group. This reflects both continued solid demand for our process automation solutions, and the ability of our global team to adapt to these unprecedented times while continuing to execute our multi-year strategy. Looking to 2021, we believe Exela has the right strategy to capitalize on profitable growth and further value creation,” said Ronald Cogburn, Chief Executive Officer of Exela.

Full-Year 2020 Financial Highlights

Fourth Quarter 2020 Financial Highlights

Balance Sheet and Liquidity: At December 31, 2020, Exela’s total liquidity was $108 million. Exela’s total net debt at December 31, 2020 was $1.4 billion (as determined in accordance with the Company's credit agreement).

Debt Reduction and Liquidity Improvement
On November 12, 2019, Exela announced that its Board of Directors adopted a debt reduction and liquidity improvement initiative (“Initiative”), with the goal of increasing the Company’s liquidity to approximately $125.0 to $150.0 million, and repaying debt with a target debt reduction of approximately $150.0 to $200.0 million. In connection with this Initiative, Exela made two additional announcements in the fourth quarter of 2020. 

2021 Guidance

Note: Guidance is based on constant-currency.

Below are the notes referenced above.

(1) Gross proceeds of $26.8 million from the Equity offering are before any fees and expenses. Please refer to the equity capital raise related press release dated March 15th 2021 for more details.

(2) EBITDA is a non-GAAP measure. A reconciliation of EBITDA is attached to this release.

(3) Adjusted EBITDA is a non-GAAP measure. A reconciliation of Adjusted EBITDA is attached to this release. A reconciliation of Adjusted EBITDA (2021 Guidance) is not available on forward-looking basis without unreasonable efforts due to the impact and timing on future operating results arising from items excludes from the measures.

(4) Liquidity is defined per the third amendment of the Company’s credit agreement effective May 15, 2020 and includes $18.5 million as addbacks for fees paid for advisory and professional services paid until December 31, 2020. At December 31, 2020, total cash and cash equivalents was $68.2 million (including restricted cash not subject to legal restriction). The Company had $26 million under its global credit facilities. Additionally, the Company has $53 million capacity under the Loan and Security Agreement dated December 10, 2020 that remains undrawn in accordance with its terms.

(5) Transition revenue includes the exit of contracts and statements of work from certain customers that the Company believes are unpredictable, non-recurring, and were not a strategic fit to its long-term success or unlikely to achieve long-term target margins.

(6) Pass through revenue is defined as postage and postage handling revenue with either zero or nominal margins.  LMCE is defined as revenue from the low margin contract exit announced in the third quarter of 2018. A reconciliation of revenue net of pass-through revenue and LMCE is attached to this release.

(7) Gross Profit is defined as Revenue less cost of revenue excluding depreciation and amortization.

Earnings Conference Call and Audio Webcast

Exela will host a conference call to discuss its fourth quarter and year end 2020 financial results at 11:00 a.m. ET on March 16, 2021.  To access this call, dial 833-255-2831 or +1-412-902-6724 (international).  A replay of this conference call will be available through March 23, 2021 at 877-344-7529 or +1-412-317-0088 (international).  The replay passcode is 10152973. 

Exela invites all investors to ask questions that they would like addressed on the conference call. We ask individual investors to submit your questions via email to IR@exelatech.com.

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. 

Final Results
The estimated financial results described above are preliminary, unaudited and represent the most recent current information available to Exela management. Exela’s actual results may differ from these estimated financial results, including due to the completion of its financial closing procedures, final adjustments that may arise between the date of this press release and the time that financial results for the fourth quarter of 2020 are finalized, and such differences may be material.

About Exela
Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. With foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry department solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and public sectors. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 21,000 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

Find out more at www.exelatech.com

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

About Non-GAAP Financial Measures: This press release 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 schedules attached to this release.

Restatement: As described in additional detail in the Explanatory Note to the Company’s Annual Report on Form 10-K filed with the SEC on June 9, 2020 (the “Annual Report”), the Company restated its audited consolidated financial statements in the for the years ended December 31, 2018 and 2017 and its unaudited quarterly results for the first three fiscal quarters in the fiscal year ended December 31, 2019 and each fiscal quarter in the fiscal year ended December 31, 2018 in the Annual Report.  Previously filed annual reports on Form 10-K and quarterly reports on Form 10-Q for the periods affected by the restatement have not been amended.  See Note 20, Unaudited Quarterly Financial Data, of the Notes to the consolidated financial statements in the Annual Report for the impact of these adjustments on each of the quarterly periods in fiscal 2018 and for the first three quarters of fiscal 2019.  All amounts in this release affected by the restatement adjustments reflect such amounts as restated.

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, estimated or anticipated future results and benefits, future opportunities for Exela, 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 those discussed under the heading “Risk Factors” in the Annual Report. 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 press release.

Investor and/or Media Contacts:
Vincent Kondaveeti
E: vincent.kondaveeti@exelatech.com
T: 929-620-1849

Mary Beth Benjamin
E: IR@exelatech.com
T: 646-277-1216

Source: Exela Technologies, Inc.


Exela Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets (UNAUDITED)
For the years ended December 31, 2020 and 2019
(in thousands of United States dollars except share and per share amounts)
         
  December 31,
  2020  2019 
Assets         
Current assets        
Cash and cash equivalents $68,221  $6,198 
Restricted cash  2,088   7,901 
Accounts receivable, net of allowance for doubtful accounts of $5,647 and $4,975, respectively  206,868   261,400 
Related party receivables  711   716 
Inventories, net  14,314   19,047 
Prepaid expenses and other current assets  31,091   23,663 
Total current assets         323,293          318,925 
Property, plant and equipment, net of accumulated depreciation of $193,760 and $176,995, respectively  87,851   113,637 
Operating lease right-of-use assets, net  68,861   93,627 
Goodwill  359,781   359,771 
Intangible assets, net  292,664   342,443 
Deferred income tax assets  6,606   12,032 
Other noncurrent assets  18,723   17,889 
Total assets $    1,157,779  $    1,258,324 
         
Liabilities and Stockholders' Equity (Deficit)        
Liabilities        
Current liabilities        
Accounts payable $76,027  $86,167 
Related party payables  97   1,740 
Income tax payable  2,466   352 
Accrued liabilities  126,399   121,553 
Accrued compensation and benefits  63,467   48,574 
Accrued interest  48,769   48,769 
Customer deposits  21,277   27,765 
Deferred revenue  16,377   16,282 
Obligation for claim payment  29,328   39,156 
Current portion of finance lease liabilities  12,231   13,788 
Current portion of operating lease liabilities  18,349   25,345 
Current portion of long-term debts  39,952   36,490 
Total current liabilities         454,739          465,981 
Long-term debt, net of current maturities  1,498,004   1,398,385 
Finance lease liabilities, net of current portion  13,287   20,272 
Pension liabilities, net  35,515   25,681 
Deferred income tax liabilities  9,569   7,996 
Long-term income tax liabilities  2,759   2,806 
Operating lease liabilities, net of current portion  56,814   73,282 
Other long-term liabilities  13,624   6,962 
Total liabilities      2,084,311       2,001,365 
Commitments and Contingencies (Note 14)        
         
Stockholders' equity (deficit)        
Common stock, par value of $0.0001 per share; 1,600,000,000 shares authorized; 51,693,931 shares issued and 49,242,225 shares outstanding at December 31, 2020 and 51,212,945 shares issued and 50,283,896 shares outstanding at December 31, 2019  15   15 
Preferred stock, par value of $0.0001 per share; 20,000,000 shares authorized; 3,290,050 shares issued and outstanding at December 31, 2020 and  4,294,233 shares issued and outstanding at December 31, 2019  1   1 
Additional paid in capital  446,739   445,452 
Less: Common Stock held in treasury, at cost; 2,451,706 shares at December 31, 2020 and 929,049 shares at December 31, 2019  (10,949)  (10,949)
Equity-based compensation  52,183   49,336 
Accumulated deficit  (1,390,038)  (1,211,508)
Accumulated other comprehensive loss:        
Foreign currency translation adjustment  (7,419)  (7,329)
Unrealized pension actuarial losses, net of tax  (17,064)  (8,059)
Total accumulated other comprehensive loss  (24,483)  (15,388)
Total stockholders' deficit       (926,532)        (743,041)
Total liabilities and stockholders' deficit $    1,157,779  $    1,258,324 
         


 
Exela Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018
(UNAUDITED)
(in thousands of United States dollars except share and per share amounts)
            
 Years ended December 31, 
 2020     2019     2018 
Revenue$1,292,562  $1,562,337  $1,586,222 
Cost of revenue (exclusive of depreciation and amortization) 1,023,544   1,224,735   1,213,403 
Selling, general and administrative expenses (exclusive of depreciation and amortization) 186,104   198,864   184,908 
Depreciation and amortization 93,953   100,903   138,077 
Impairment of goodwill and other intangible assets -   349,557   48,127 
Related party expense 5,381   9,501   12,403 
Operating loss      (16,420)     (321,223)       (10,696)
Other expense (income), net:           
Interest expense, net 173,878   163,449   155,991 
Debt modification and extinguishment costs 9,589   1,404   1,067 
Sundry expense (income), net (153)  969   (3,271)
Other expense (income), net (34,788)  14,429   (3,030)
Net loss before income taxes    (164,946)     (501,474)     (161,453)
Income tax expense (13,584)  (7,642)  (8,353)
Net loss$   (178,530) $   (509,116) $   (169,806)
Dividend equivalent on Series A Preferred Stock related to beneficial conversion feature -   -   - 
Cumulative dividends for Series A Preferred Stock (1,309)  (3,309)  (3,655)
Net loss attributable to common stockholders$   (179,839) $   (512,425) $   (173,461)
Loss per share:           
Basic and diluted$(3.66) $(10.55) $(3.52)
            


Exela Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (UNAUDITED)
For the years ended December 31, 2020, 2019 and 2018
(in thousands of United States dollars unless otherwise stated)
             
  Years ended December 31, 
  2020  2019  2018 
Cash flows from operating activities            
Net loss $(178,530) $(509,116) $(169,806)
Adjustments to reconcile net loss            
Depreciation and amortization  93,953   100,903   138,077 
Original issue discount and debt issuance cost amortization  15,117   11,777   10,913 
Debt modification and extinguishment costs  8,296   1,049   103 
Impairment of goodwill and other intangible assets  -   349,557   48,127 
Provision for doubtful accounts  422   4,304   2,767 
Deferred income tax provision  7,940   1,093   3,220 
Share-based compensation expense  2,846   7,827   7,647 
Unrealized foreign currency losses  (415)  (511)  (1,180)
Loss (gain) on sale of assets  (44,013)  556   2,687 
Fair value adjustment for interest rate swap  (375)  4,337   (2,540)
Change in operating assets and liabilities, net of effect from acquisitions            
Accounts receivable  54,980   4,410   (19,319)
Prepaid expenses and other assets  (1,289)  (4,825)  (2,820)
Accounts payable and accrued liabilities  12,157   (19,588)  8,815 
Related party payables  (352)  (14,339)  918 
Additions to outsource contract costs  (518)  (1,285)  (4,009)
Net cash provided by (used in) operating activities            (29,781)            (63,851)             23,600 
             
Cash flows from investing activities            
Purchase of property, plant and equipment  (11,663)  (14,360)  (20,072)
Additions to internally developed software  (3,825)  (6,182)  (7,438)
Cash paid for acquisition, net of cash received  (12,500)  (5,000)  (34,810)
Cash paid for earnouts  (700)  -   - 
Proceeds from sale of assets  50,126   360   3,568 
Net cash provided by (used in) investing activities             21,438             (25,182)            (58,752)
             
Cash flows from financing activities            
Repurchases of Common Stock  -   (3,480)  (7,221)
Cash paid for equity issuance costs  -   -   (7,500)
Borrowings under factoring arrangement and Securitization Facilities  297,673   68,283   - 
Principal repayment on borrowings under factoring arrangement and Securitization Facilities  (203,841)  (64,976)  - 
Cash paid for withholding taxes on vested RSUs  (7)  (223)  - 
Lease terminations  (337)  (318)  (592)
Cash paid for debt issuance costs  (16,205)  (7)  (130)
Principal payments on finance lease obligations  (12,758)  (20,465)  (16,068)
Borrowings from senior secured revolving facility  29,750   206,500   30,000 
Repayments on senior secured revolving facility  (14,200)  (141,500)  (30,000)
Proceeds from senior secured term loans  -   29,850   30,000 
Borrowings from other loans  29,260   39,153   11,557 
Principal repayments on senior secured term loans and other loans  (45,973)  (53,678)  (12,651)
Net cash provided by (used in) financing activities             63,362              59,139               (2,605)
Effect of exchange rates on cash  1,191   139   122 
Net decrease in cash and cash equivalents              56,210             (29,755)            (37,635)
Cash, restricted cash, and cash equivalents            
Beginning of period  14,099   43,854   81,489 
End of period $70,309  $14,099  $43,854 
             
Supplemental cash flow data:            
Income tax payments, net of refunds received $2,695  $7,882  $7,827 
Interest paid  152,678   144,456   146,076 
Noncash investing and financing activities:            
Assets acquired through right-of-use arrangements  4,372   10,732   14,920 
Leasehold improvements funded by lessor  -   -   1,565 
Settlement gain on related party payable to Ex-Sigma 2  1,287   -   - 
Accrued capital expenditures  2,124   1,402   2,820 
             


Exela Technologies
Schedule 1: Fourth Quarter Full Year 2020 vs. Fourth Quarter Full Year 2019 Financial Performance
(UNAUDITED)
 
$ in millionsQ4'20 Q4'19  Change ($)  FY'20 FY'19  Change ($) 
                 
Information and Transaction Processing Solutions243.5 306.7  (63.2) 1,005.0 1,234.3  (229.3)
Healthcare Solutions51.6 69.8  (18.2) 219.0 256.6  (37.6)
Legal and Loss Prevention Services18.9 17.1  1.8  68.4 71.3  (2.9)
Total Revenue                 314.1                 393.6                 (79.5)              1,292.6              1,562.3               (269.8)
% change-20%-2%    -17%     
                 
Cost of revenue (exclusive of depreciation and amortization)255.0 314.9  (59.9) 1,023.5 1,224.7  (201.2)
Gross profit                    59.1                    78.7                 (19.6)                 269.0                 337.6                 (68.6)
as a % of revenue19%20% -1.2% 21%22% -0.8%
                 
SG&A45.9 49.7  (3.8) 186.1 198.9  (12.8)
Depreciation and amortization25.8 24.4  1.4  94.0 100.9  (7.0)
Impairment of goodwill and other intangible assets- 252.4  (252.4) - 349.6  (349.6)
Related party expense1.3 1.7  (0.4) 5.4 9.5  (4.1)
Operating (loss) income                  (13.9)               (249.5)               235.6                   (16.4)               (321.2)               304.8 
as a % of revenue-4%-63% 59.0% -1%-21% 19.3%
                 
Interest expense, net44.2 43.2  1.0  173.9 163.4  10.4 
Loss on extinguishment of debt9.6 -  9.6  9.6 1.4  8.2 
Sundry expense (income) & Other income, net11.0 9.4  1.6  (34.9)15.4  (50.3)
Net loss before income taxes                  (78.7)               (302.1)               223.4                 (164.9)               (501.5)               336.5 
Income tax expense (benefit)10.1 2.0  8.2  13.6 7.6  5.9 
Net income (loss)                  (88.9)               (304.1)               215.2                 (178.5)               (509.1)               330.6 
as a % of revenue-28%-77% 49.0% -14%-33% 18.8%
                 
Depreciation and amortization25.8 24.4  1.4  94.0 100.9  (7.0)
Interest expense, net44.2 43.2  1.0  173.9 163.4  10.4 
Income tax expense (benefit)10.1 2.0  8.2  13.6 7.6  5.9 
EBITDA                    (8.6)               (234.5)               225.9                  102.9                (237.1)               340.0 
as a % of revenue-3%-60% 56.8% 8%-15% 23.1%
                 
EBITDA Adjustments                
      1Gain / loss on derivative instruments0.7 (0.6) 1.3  0.2 4.3  (4.1)
      2Non-Cash and Other Charges30.7 271.9  (241.2) 8.0 407.9  (399.9)
      3Transaction and integration costs4.9 1.5  3.4  16.6 5.7  10.9 
 Sub-Total (Adj. EBITDA before O&R)                    27.7                    38.3                 (10.6)                 127.8                 180.9                 (53.1)
      4Optimization and restructuring expenses9.5 14.7  (5.2) 45.6 73.9  (28.3)
Adjusted EBITDA                    37.2                    53.0                 (15.9)                 173.4                 254.8                 (81.4)
as a % of revenue11.8%13.5% -1.6% 13.4%16.3% -2.9%
                 


Exela Technologies
Schedule 2: Reconciliation of Adjusted EBITDA and constant currency revenues
           
Reconciliation of Non-GAAP Financial Measures to GAAP Measures          
             
Non-GAAP constant currency revenue reconciliation            
  Three months ended  Twelve months ended 
($ in millions)  31-Dec-20   31-Dec-19  31-Dec-20   31-Dec-19  
Revenues, as reported (GAAP) $314.1  $393.6  $1,292.6  $1,562.3 
Foreign currency exchange impact (1) (4.2)    (3.4)   
Revenues, at constant currency (Non-GAAP) $310.0  $393.6  $1,289.2  $1,562.3 
             
(1) Constant currency excludes the impact of foreign currency fluctuations and is computed by applying the average exchange rates for the three months and nine months ended December 31, 2019, to the revenues during the corresponding period in 2020.
             
             
Reconciliation of Adjusted EBITDA            
             
  Three months ended Twelve months ended
($ in millions) 31-Dec-20  31-Dec-19  31-Dec-20  31-Dec-19 
Net loss (GAAP) ($88.9) ($304.1) ($178.5) ($509.1)
Interest expense 44.2  43.2  173.9  163.4 
Taxes 10.1  2.0  13.6  7.6 
Depreciation and amortization 25.8  24.4  94.0  100.9 
EBITDA (Non-GAAP) ($8.6) ($234.5) $102.9  ($237.1)
Transaction and integration costs 4.9  1.5  16.6  5.7 
Optimization and restructuring expenses 9.5  14.7  45.6  73.9 
Gain / loss on derivative instruments 0.7  (0.6) 0.2  4.3 
Other Charges 30.7  271.9  8.0  407.9 
Adjusted EBITDA (Non-GAAP) $37.2  $53.0  $173.4  $254.8 
Foreign currency exchange impact (1) 0.0     1.1  - 
Adjusted EBITDA, at constant currency (Non-GAAP) $37.2  $53.0  $174.4  $254.8 
             
(1) Constant currency excludes the impact of foreign currency fluctuations and is computed by applying the average exchange rates for the three months and nine months ended December 31, 2019, to the adjusted EBITDA during the corresponding period in 2020.
             
             
Schedule 3: Non-GAAP Revenue reconciliation & Adjusted EBITDA margin on Revenue net of pass
through & LMCE
 
Non-GAAP revenue reconciliation & Adjusted EBITDA margin on revenue net of pass through & LMCE      
             
  Three months ended  Twelve months ended 
($ in millions) 31-Dec-20  31-Dec-19  31-Dec-20  31-Dec-19 
Revenues, as reported (GAAP) $314.1  $393.6  $1,292.6  $1,562.3 
(-) Postage & postage handling 54.1  70.1  230.0  275.3 
Revenue - Net of pass through (Non-GAAP) $260.0  $323.5  $1,062.5  $1,287.0 
(-) LMCE -  -  -  2.1 
Revenue - Net of pass through & LMCE (Non-GAAP) $260.0  $323.5  $1,062.5  $1,284.9 
Revenue growth % (19.6%)    (17.3%)   
             
Adjusted EBITDA (Non-GAAP) $37.2  $53.0  $173.4  $254.8 
             
Adjusted EBITDA margin  14.3% 16.4% 16.3% 19.8%