Exela (XELA) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-36788
Entity Registrant Name	Exela Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1347291
Entity Address, Address Line One	2701 E. Grauwyler Rd.
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75061
City Area Code	844
Local Phone Number	935-2832
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		484,557,092
Entity Central Index Key	0001620179
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.0001 per share
Trading Symbol	XELA
Security Exchange Name	NASDAQ
6.00% Series B Cumulative Convertible Perpetual Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.00% Series B Cumulative Convertible Perpetual Preferred Stock, par value $0.0001 per share
Trading Symbol	XELAP
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 38,263	$ 20,775
Restricted cash	43,712	27,285
Accounts receivable, net of allowance for doubtful accounts of $6,065 and $6,049, respectively	189,585	184,102
Related party receivables and prepaid expenses	719	715
Inventories, net	16,011	15,215
Prepaid expenses and other current assets	34,253	31,799
Total current assets	322,543	279,891
Property, plant and equipment, net of accumulated depreciation of $200,680 and $196,683, respectively	74,726	73,449
Operating lease right-of-use assets, net	51,326	53,937
Goodwill	358,211	358,323
Intangible assets, net	233,695	244,539
Deferred income tax assets	1,986	2,109
Other noncurrent assets	28,916	24,775
Total assets	1,071,403	1,037,023
Current liabilities
Accounts payable	63,953	61,744
Related party payables	1,475	1,484
Income tax payable	4,447	3,551
Accrued liabilities	95,106	113,519
Accrued compensation and benefits	57,164	60,860
Accrued interest	34,793	10,075
Customer deposits	16,780	17,707
Deferred revenue	18,192	16,617
Obligation for claim payment	62,886	46,902
Current portion of finance lease liabilities	6,148	6,683
Current portion of operating lease liabilities	15,352	15,923
Current portion of long-term debts	138,664	144,828
Total current liabilities	514,960	499,893
Long-term debt, net of current maturities	1,068,873	1,104,399
Finance lease liabilities, net of current portion	8,161	9,156
Pension liabilities, net	27,128	28,383
Deferred income tax liabilities	12,238	11,594
Long-term income tax liabilities	3,189	3,201
Operating lease liabilities, net of current portion	38,779	41,170
Other long-term liabilities	5,373	5,999
Total liabilities	1,678,701	1,703,795
Commitments and Contingencies (Note 8)
Stockholders' equity (deficit)
Common Stock, par value of $0.0001 per share; 1,600,000,000 shares authorized; 487,008,798 shares issued and 484,557,092 shares outstanding at March 31, 2022 and 267,646,667 shares issued and 265,194,961 shares outstanding at December 31, 2021	59	37
Additional paid in capital	953,364	838,853
Less: Common Stock held in treasury, at cost; 2,451,706 shares at March 31, 2022 and December 31, 2021	(10,949)	(10,949)
Equity-based compensation	56,235	56,123
Accumulated deficit	(1,589,384)	(1,532,428)
Accumulated other comprehensive loss:
Foreign currency translation adjustment	(5,986)	(7,463)
Unrealized pension actuarial losses, net of tax	(10,638)	(10,946)
Total accumulated other comprehensive loss	(16,624)	(18,409)
Total stockholders' deficit	(607,298)	(666,772)
Total liabilities and stockholders' deficit	1,071,403	1,037,023
Series A Preferred Stock
Stockholders' equity (deficit)
Preferred stock	1	1
Series B Preferred Stock
Stockholders' equity (deficit)
Preferred stock

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable, allowance for doubtful accounts	$ 6,065	$ 6,049
Accumulated depreciation	$ 200,680	$ 196,683
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized	1,600,000,000	1,600,000,000
Common stock, shares issued	487,008,798	267,646,667
Common stock, shares outstanding	484,557,092	265,194,961
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Common stock held in treasury at cost (in shares)	2,451,706	2,451,706
Series A Preferred Stock
Preferred stock, shares issued	2,778,111	2,778,111
Preferred stock, shares outstanding	2,778,111	2,778,111
Series B Preferred Stock
Preferred stock, shares issued	900,328	0
Preferred stock, shares outstanding	900,328	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 279,398	$ 300,056
Cost of revenue (exclusive of depreciation and amortization)	223,504	232,587
Selling, general and administrative expenses (exclusive of depreciation and amortization)	43,040	41,885
Depreciation and amortization	18,212	19,599
Related party expense	1,987	1,707
Operating profit (loss)	(7,345)	4,278
Other expense (income), net:
Interest expense, net	39,760	43,131
Debt modification and extinguishment costs (gain), net	884
Sundry expense, net	307	213
Other expense, net	6,159	152
Net loss before income taxes	(54,455)	(39,218)
Income tax benefit (expense)	(2,501)	18
Net loss	(56,956)	(39,200)
Net loss attributable to common stockholders	$ (57,895)	$ (38,304)
Basic (in dollars per share)	$ (0.17)	$ (0.76)
Diluted (in dollars per share)	$ (0.17)	$ (0.76)
Series A Preferred Stock
Other expense (income), net:
Cumulative dividends for Series A Preferred Stock	$ (864)	$ 896
Series B Preferred Stock
Other expense (income), net:
Cumulative dividends for Series A Preferred Stock	$ (75)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (56,956)	$ (39,200)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	1,477	100
Unrealized pension actuarial gains (losses), net of tax	308	(157)
Total other comprehensive loss, net of tax	$ (55,171)	$ (39,257)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Common Stock	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Treasury Stock	Additional Paid in Capital	Equity-Based Compensation	Foreign Currency Translation Adjustment	Unrealized Pension Actuarial Losses, net of tax	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2020	$ 15	$ 1		$ (10,949)	$ 446,739	$ 52,183	$ (7,419)	$ (17,064)	$ (1,390,038)	$ (926,532)
Beginning balance (in shares) at Dec. 31, 2020	49,242,225	3,290,050		2,451,706
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss									(39,200)	(39,200)
Equity-based compensation						387				387
Foreign currency translation adjustment							100			100
Net realized pension actuarial gains, net of tax								(157)		(157)
Preferred shares converted to Common Stock (in shares)	223,413	(510,681)
Payment for fractional shares on Reverse Stock Split					(14)					(14)
Payment for fractional shares on Reverse Stock Split (in shares)	(5,445)
Issuance of Common Stock from at the market offerings, net of offering costs	$ 1				25,079					25,080
Issuance of Common Stock from at the market offerings, net of offering costs (in shares)	9,731,819
Ending balance at Mar. 31, 2021	$ 16	$ 1		$ (10,949)	471,804	52,570	(7,319)	(17,221)	(1,429,238)	(940,336)
Ending balance (in shares) at Mar. 31, 2021	59,192,012	2,779,369		2,451,706
Beginning balance at Dec. 31, 2020	$ 15	$ 1		$ (10,949)	446,739	52,183	(7,419)	(17,064)	(1,390,038)	(926,532)
Beginning balance (in shares) at Dec. 31, 2020	49,242,225	3,290,050		2,451,706
Ending balance at Dec. 31, 2021	$ 37	$ 1		$ (10,949)	838,853	56,123	(7,463)	(10,946)	(1,532,428)	(666,772)
Ending balance (in shares) at Dec. 31, 2021	265,194,961	2,778,111		2,451,706
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss									(56,956)	(56,956)
Equity-based compensation						302				302
Foreign currency translation adjustment							1,477			1,477
Net realized pension actuarial gains, net of tax								308		308
Common Stock exchanged for Series B Preferred Stock	$ (2)				2
Common Stock exchanged for Series B Preferred Stock (in shares)	(18,006,560)		900,328
Issuance of Common Stock from at the market offerings, net of offering costs	$ 24				114,509					114,533
Issuance of Common Stock from at the market offerings, net of offering costs (in shares)	236,281,501
Withholding of employee taxes on vested RSUs						(190)				(190)
Common Stock issued for vested RSUs (in shares)	1,087,190
Ending balance at Mar. 31, 2022	$ 59	$ 1		$ (10,949)	$ 953,364	$ 56,235	$ (5,986)	$ (10,638)	$ (1,589,384)	$ (607,298)
Ending balance (in shares) at Mar. 31, 2022	484,557,092	2,778,111	900,328	2,451,706

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (56,956)	$ (39,200)
Adjustments to reconcile net loss
Depreciation and amortization	18,212	19,599
Original issue discount and debt issuance cost amortization	3,531	3,840
Debt modification and extinguishment costs (gain), net	196
Provision for doubtful accounts	61	50
Deferred income tax provision	635	(297)
Share-based compensation expense	308	387
Unrealized foreign currency losses	(180)	(159)
Loss (Gain) on sale of assets	(41)	29
Fair value adjustment for interest rate swap		(125)
Change in operating assets and liabilities, net of effect from acquisitions
Accounts receivable	(6,146)	(11,248)
Prepaid expenses and other assets	(8,858)	(5,895)
Accounts payable and accrued liabilities	5,345	(30,787)
Related party payables	(12)	37
Additions to outsource contract costs	(140)	(156)
Net cash used in operating activities	(44,045)	(63,925)
Cash flows from investing activities
Purchase of property, plant and equipment	(7,728)	(1,609)
Additions to patents	(25)
Additions to internally developed software	(829)	(672)
Proceeds from sale of assets	175
Net cash used in investing activities	(8,407)	(2,281)
Cash flows from financing activities
Cash paid for equity issuance costs from at the market offerings	(4,664)
Borrowings under factoring arrangement and Securitization Facility	35,837	32,432
Principal repayment on borrowings under factoring arrangement and Securitization Facility	(34,144)	(31,533)
Cash paid for withholding taxes on vested RSUs	(195)
Lease terminations	(15)	(16)
Cash paid for debt issuance costs	(5,615)
Principal payments on finance lease obligations	(1,516)	(3,029)
Borrowings from senior secured revolving facility		3,000
Repayments on senior secured revolving facility	(49,477)
Proceeds from issuance of 2026 Notes	55,364
Borrowings from other loans	1,865	1,959
Repayment of BRCC term loan	(22,675)
Principal repayments on senior secured term loans and other loans	(7,544)	(8,142)
Net cash provided by financing activities	86,417	19,736
Effect of exchange rates on cash	(50)	(101)
Net increase (decrease) in cash and cash equivalents	33,915	(46,571)
Cash, restricted cash, and cash equivalents
Beginning of period	48,060	70,309	$ 70,309
End of period	81,975	23,738	$ 48,060
Supplemental cash flow data:
Income tax payments, net of refunds received	1,486	1,510
Interest paid	9,941	62,510
Noncash investing and financing activities:
Assets acquired through right-of-use arrangements	50	220
Accrued capital expenditures	1,483	1,617
Private Placement
Cash flows from financing activities
Proceeds from issuance of stock		$ 25,065
At the Market Offering
Cash flows from financing activities
Proceeds from issuance of stock	$ 119,196

General

General	3 Months Ended
	Mar. 31, 2022
General
General	1. General These condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements as of and for the year ended December 31, 2021 included in the Exela Technologies, Inc. (the "Company," "Exela," "we," "our" or "us") annual report on Form 10-K for such period (the “2021 Form 10-K”). The accompanying condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America ("GAAP") and with the instructions to Form 10-Q and Rule 10-01 of Securities and Exchange Commission ("SEC") Regulation S-X as they apply to interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These accounting principles require us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The condensed consolidated financial statements are unaudited, but in our opinion include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim period. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year. Going Concern Under ASC Subtopic 205-40, Presentation of Financial Statements—Going Concern In performing this evaluation, we concluded that under the standards of ASC 205-40 the following conditions raised substantial doubt about our ability to continue as a going concern: a history of net losses, net operating cash outflows, working capital deficits and significant cash payments for interest on our long-term debt. The Company also has cash obligations related to the remaining payments for the Appraisal Action (described in Note 8) and the guarantee in the form of a true-up mechanism related to the Exchange Notes issued in connection with the Revolver Exchange (described in Note 5). Management considered the Company’s current financial condition and liquidity sources, including current funds available, forecasted future cash flows and the Company’s obligations due before May 10, 2023. As required under ASC 205-40, management’s evaluation does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented or are not within control of the Company, such as access to equity financing (despite the Company’s track record in raising nearly $500.0 million of such funds). The Company has undertaken and completed the following plans and actions to improve our available cash balances, liquidity or cash generated from operations, over the twelve month period from the date these financial statements are issued: ● completed the Revolver Exchange (see Note 5); ● amended the BRCC Facility to extend the maturity date to June 10, 2023 and to provide up to $51.0 million of additional liquidity through a revolving credit facility which becomes available as the Company pays down the term portion of the facility (which the Company expects to do over the next twelve months); ● executed a $150.0 million financing commitment from PNC Bank to replace the existing securitization facility that will generate annual interest rate savings of approximately $6.0 million when executed; and ● raised proceeds of $174.6 million from the sale of equity and debt during the three months ended March 31, 2022. Despite these actions, the Company will need to take further action to raise additional funds in the capital markets. In order to access the capital markets, the Company has filed shelf-registration statements on Form S-3 allowing the Company to raise an additional $1 billion: a $500.0 million universal shelf registration statement filed in March 2022 providing for the sale of common stock, preferred stock, warrants, debt securities and/or units and a $500.0 million shelf registration statement filed in October 2021 providing for the sale of preferred stock and debt securities. Based on our experience with the at-the-market programs and our knowledge of the Company and the financial market, we believe that we will be able to raise additional funds from the sale of equity and debt in the future. However, the Company’s ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market and economic conditions, the Company’s performance and investor sentiment with respect to the Company and its industry and considering these factors are outside of the Company’s control, substantial doubt about the Company’s ability to continue as a going concern exists under the standards of ASC 205-40. The consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. Net Loss per Share Earnings per share (“EPS”) is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock, par value $0.0001 per share (“Common Stock”) outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised or converted into Common Stock, using the more dilutive of the two-class method and the if-converted method in periods of earnings. The two class method is an earnings allocation method that determines earnings per share (when there are earnings) for Common Stock and participating securities. The if-converted method assumes all convertible securities are converted into Common Stock. Diluted EPS excludes all dilutive potential shares of Common Stock if their effect is anti-dilutive. As the Company experienced net losses for the periods presented, the impact of the Company’s Series A Perpetual Convertible Preferred Stock (“Series A Preferred Stock”) and Series B Cumulative Convertible Perpetual Preferred Stock (the “Series B Preferred Stock”), was calculated using the if-converted method. As of March 31, 2022, the outstanding shares of the Company’s Series A Preferred Stock and Series B Preferred Stock, if converted would have resulted in an additional 1,341,917 shares and 18,066,582 shares of Common Stock outstanding, respectively, however, they were not included in the computation of diluted loss per share as their effects were anti-dilutive (i.e., reduces the net loss per share). Similarly, the Company also did not include the effect of 35,000,000 warrants sold in the Company’s Initial Public Offering (“IPO”), the effect of 9,731,819 warrants sold in a private placement of securities on March 18, 2021 or the effect of the aggregate number of shares issuable pursuant to outstanding restricted stock units, performance units and options of 10,005,866 and 2,278,365 as of March 31, 2022 and 2021, respectively, in the calculation of diluted loss per share for the three months ended March 31, 2022 and 2021, because their effects were anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Net loss attributable to common stockholders (A) ​ $ (57,895) ​ $ (38,304) Weighted average common shares outstanding - basic and diluted (B) ​ ​ 343,732,970 ​ ​ 50,646,482 Loss Per Share: ​ ​ ​ ​ ​ ​ Basic and diluted (A/B) ​ $ (0.17) ​ $ (0.76) ​ ​ Impact of COVID-19 The Covid-19 pandemic continues to persist throughout the world including the U.S., India, Canada, Europe and other locations where we operate. To date, the Covid-19 pandemic has negatively impacted the global economy, created significant financial market volatility, disrupted global supply chains, and resulted in a significant number of deaths and infections worldwide. The safety and well-being of our associates employees and our ability to fulfill our client service commitments are our highest priorities. After addressing the initial surge of the Covid-19 pandemic, we are now focused on running our business effectively in the new work from home paradigm while preparing for a more flexible workplace model in the future. Accordingly, the Company has taken several measures and expects to take further actions designed to protect the health of our employees and to minimize our operational disruption and resulting provision of services to our clients from the Covid-19 pandemic, including adopting masking, social distancing and cleaning measures in our production facilities. We are compliant with applicable federal, state and local Covid-19 rules, restrictions, orders and guidance, and are promoting vaccination among our associates. In fiscal year 2022 to date, we continue to see impacts of global supply chain challenges, availability of staff at some of our key operating centers and pending customers’ decision to resume work from office. However, all of our production-related facilities remain operational and are continuing to provide ongoing services to our clients. We continue to engage with our clients to assist with their service demands, including our clients’ needs for any supplemental operational services and/or changes to existing service requirements in response to the Covid-19 pandemic. Notwithstanding the foregoing, we are unable to precisely predict the impact that Covid-19 will have in the future due to numerous uncertainties, including the severity of the disease, the duration of the outbreak, actions that may be taken by governmental authorities, the impact to the business of our clients, and other factors identified in Part I, Item 1A. “Risk Factors” in our 2021 Annual Report. Given these uncertainties, the global pandemic could disrupt the business of certain of our clients, decrease our clients’ demand for our services, impact our business operations and our ability to execute on our associated business strategies and initiatives, and adversely impact our consolidated results of operations and/or our financial condition in the future. We will continue to closely monitor and evaluate the nature and extent of the impact of the global pandemic to our business, consolidated results of operations, and financial condition.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
New Accounting Pronouncements
New Accounting Pronouncements	2. New Accounting Pronouncements Recently Adopted Accounting Pronouncements ​ Effective January 1, 2022, the Company adopted Accounting Standards Update (“ASU”) no. 2021-05, Leases (Topic 842): Lessors — Certain Leases with Variable Lease Payments ​ Effective January 1, 2022, the Company adopted ASU no. 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the Emerging Issues Task Force) ​ Effective January 1, 2022, the Company adopted ASU no. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU no. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ​ In June 2016, the FASB issued ASU no. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, Financial Instruments—Credit Losses (Topic 326) Codification Improvements to Topic 326, Financial Instruments—Credit Losses ​

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies The information presented below supplements the Significant Accounting Policies information presented in our 2021 Form 10-K. Revenue Recognition We account for revenue in accordance with ASC 606, Revenue from Contracts with Customers Nature of Services Our primary performance obligations are to stand ready to provide various forms of business processing services, consisting of a series of distinct services, but that are substantially the same, and have the same pattern of transfer over time, and accordingly are combined into a single performance obligation. Our promise to our customers is typically to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of transactions processed, requests fulfilled, etc.); as such, the total transaction price is variable. We allocate the variable fees to the single performance obligation charged to the distinct service period in which we have the contractual right to bill under the contract. Disaggregation of Revenues The Company is organized into three segments: Information & Transaction Processing Solutions (“ITPS”), Healthcare Solutions (“HS”), and Legal & Loss Prevention Services (“LLPS”) (See Note 13). The following tables disaggregate revenue from contracts by segment and by geographic region for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total    ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total U.S.A. $ 148,344 ​ $ 56,596 ​ $ 17,795 ​ $ 222,735 ​ $ 172,924 ​ $ 51,093 ​ $ 17,088 ​ $ 241,105 EMEA ​ 51,978 ​ — ​ — ​ 51,978 ​ ​ 54,209 ​ — ​ — ​ ​ 54,209 Other ​ 4,685 ​ — ​ — ​ 4,685 ​ ​ 4,742 ​ — ​ — ​ ​ 4,742 Total $ 205,007 ​ $ 56,596 ​ $ 17,795 ​ $ 279,398 ​ $ 231,875 ​ $ 51,093 $ 17,088 $ 300,056 ​ Contract Balances The following table presents contract assets, contract liabilities and contract costs recognized at March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Accounts receivable, net ​ $ 189,585 ​ $ 184,102 Deferred revenues ​ 19,150 ​ 17,518 Customer deposits ​ 16,780 ​ 17,707 Costs to obtain and fulfill a contract ​ 2,175 ​ 2,328 ​ Accounts receivable, net includes $28.5 million and $22.6 million as of March 31, 2022 and December 31, 2021, respectively, representing amounts not yet billed to customers. We have accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers. Deferred revenues relate to payments received in advance of performance under a contract. A significant portion of this balance relates to maintenance contracts or other service contracts where we received payments for upfront conversions or implementation activities which do not transfer a service to the customer but rather are used in fulfilling the related performance obligations that transfer over time. The advance consideration received from customers is deferred over the contract term. We recognized revenue of $8.9 million during the three months ended March 31, 2022 that had been deferred as of December 31, 2021. Costs incurred to obtain and fulfill contracts are deferred and presented as part of intangible assets, net and expensed on a straight-line basis over the estimated benefit period. We recognized $0.3 million of amortization for these costs for the three months ended March 31, 2022 within depreciation and amortization expense. These costs represent incremental external costs or certain specific internal costs that are directly related to the contract acquisition or fulfillment and can be separated into two principal categories: contract commissions and fulfillment costs. Applying the practical expedient in ASC 340-40-25-4, we recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period would have been one year or less. These costs are included in Selling, general and administrative expenses. The effect of applying this practical expedient was not material. Customer deposits consist primarily of amounts received from customers in advance for postage. These advanced postage deposits are used to cover the costs associated with postage, with the corresponding postage revenue being recognized as services are performed. Performance Obligations At the inception of each contract, we assess the goods and services promised in our contracts and identify each distinct performance obligation. The majority of our contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts. For the majority of our business and transaction processing service contracts, revenues are recognized as services are provided based on an appropriate input or output method, typically based on the related labor or transactional volumes. ​ A certain number of our contracts have multiple performance obligations, including contracts that combine software implementation services with post-implementation customer support. For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we estimate our expected costs of satisfying a performance obligation and add an appropriate margin for that distinct good or service. We also use the adjusted market approach whereby we estimate the price that customers in the market would be willing to pay. In assessing whether to allocate variable consideration to a specific part of the contract, we consider the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. A certain number of our software implementation performance obligations are satisfied at a point in time, typically when customer acceptance is obtained. ​ When evaluating the transaction price, we analyze, on a contract-by-contract basis, all applicable variable consideration. The nature of our contracts give rise to variable consideration, including volume discounts, contract penalties, and other similar items that generally decrease the transaction price. We estimate these amounts based on the expected amount to be provided to customers and reduce revenues recognized. We do not anticipate significant changes to our estimates of variable consideration. ​ We include reimbursements from customers, such as postage costs, in revenue, while the related costs are included in cost of revenue. Transaction Price Allocated to the Remaining Performance Obligations In accordance with optional exemptions available under ASC 606, we did not disclose the value of unsatisfied performance obligations for (a) contracts with an original expected length of one year or less, and (b) contracts for which variable consideration relates entirely to an unsatisfied performance obligation, which comprise the majority of our contracts. We have certain non-cancellable contracts where we receive a fixed monthly fee in exchange for a series of distinct services that are substantially the same and have the same pattern of transfer over time, with the corresponding remaining performance obligations as of March 31, 2022 in each of the future periods below: ​ ​ ​ ​ ​ Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations ​ ​ ​ Remainder of 2022 ​ $ 35,014 2023 ​ 35,725 2024 ​ 31,152 2025 ​ 28,316 2026 ​ 570 2027 and thereafter ​ — Total $ 130,777 ​

Intangibles Assets and Goodwill

Intangibles Assets and Goodwill	3 Months Ended
	Mar. 31, 2022
Intangibles Assets and Goodwill
Intangibles Assets and Goodwill	4. Intangible Assets and Goodwill Intangible Assets Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization and consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Gross Carrying ​ Accumulated ​ Intangible ​ Amount (a) Amortization Asset, net Customer relationships ​ $ 508,258 ​ $ (324,944) ​ $ 183,314 Developed technology ​ ​ 88,553 ​ ​ (87,737) ​ ​ 816 Trade names (b) ​ ​ 8,425 ​ ​ (3,100) ​ ​ 5,325 Outsource contract costs ​ ​ 16,941 ​ ​ (14,765) ​ ​ 2,176 Internally developed software ​ ​ 49,859 ​ ​ (29,587) ​ ​ 20,272 Assembled workforce ​ ​ 4,473 ​ ​ (3,634) ​ ​ 839 Purchased software ​ ​ 26,749 ​ ​ (5,796) ​ ​ 20,953 Intangibles, net ​ $ 703,258 ​ $ (469,563) ​ $ 233,695 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Gross Carrying ​ Accumulated ​ Intangible ​ Amount (a) Amortization Asset, net Customer relationships ​ $ 508,241 ​ $ (316,084) ​ $ 192,157 Developed technology ​ ​ 88,553 ​ ​ (87,612) ​ ​ 941 Trade names (b) ​ ​ 8,400 ​ ​ (3,100) ​ ​ 5,300 Outsource contract costs ​ ​ 16,814 ​ ​ (14,486) ​ ​ 2,328 Internally developed software ​ ​ 49,108 ​ ​ (27,812) ​ ​ 21,296 Assembled workforce ​ ​ 4,473 ​ ​ (3,355) ​ ​ 1,118 Purchased software ​ ​ 26,749 ​ ​ (5,350) ​ ​ 21,399 Intangibles, net ​ $ 702,338 ​ $ (457,799) ​ $ 244,539 ​ (a) Amounts include intangible assets acquired in business combinations and asset acquisitions. (b) The carrying amount of trade names for 2022 and 2021 is net of accumulated impairment losses of $44.1 million. Carrying amount of $5.3 million as at March 31, 2022 represents indefinite-lived intangible asset. Goodwill The Company’s operating segments are significant strategic business units that align its products and services with how it manages its business, approach the markets and interacts with its clients. The Company is organized into three segments: ITPS, HS, and LLPS (See Note 13). Goodwill by reporting segment consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as at January 1, 2021 (a) ​ ​ Additions ​ ​ Deletions ​ ​ Impairments ​ ​ Currency Translation Adjustments ​ ​ Balances as at December 31, 2021 (a) ITPS ​ $ 254,130 ​ $ — ​ $ (825) ​ $ — ​ $ (633) ​ $ 252,672 HS ​ ​ 86,786 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,786 LLPS ​ ​ 18,865 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,865 Total ​ $ 359,781 ​ $ — ​ $ (825) ​ $ — ​ $ (633) ​ $ 358,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as at January 1, 2022 (a) ​ ​ Additions ​ ​ Deletions ​ ​ Impairments ​ ​ Currency Translation Adjustments ​ ​ Balances as at March 31, 2022 (a) ITPS ​ $ 252,672 ​ $ — ​ $ — ​ $ — ​ $ (112) ​ $ 252,560 HS ​ ​ 86,786 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,786 LLPS ​ ​ 18,865 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,865 Total ​ $ 358,323 ​ $ — ​ $ — ​ $ — ​ $ (112) ​ $ 358,211 ​ (a) The goodwill amount for all periods presented is net of accumulated impairment amounts. Accumulated impairment relating to ITPS is $316.5 million as at March 31, 2022 and December 31, 2021; and $317.5 million as at December 31, 2020. Accumulated impairment relating to LLPS is $243.4 million as at March 31, 2022, December 31, 2021 and December 31, 2020.

Long-Term Debt and Credit Facil

Long-Term Debt and Credit Facilities	3 Months Ended
	Mar. 31, 2022
Long-Term Debt and Credit Facilities
Long-Term Debt and Credit Facilities	5. Long-Term Debt and Credit Facilities Senior Credit Facilities On July 12, 2017, subsidiaries of the Company entered into a First Lien Credit Agreement with Royal Bank of Canada, Credit Suisse AG, Cayman Islands Branch, Natixis, New York Branch and KKR Corporate Lending LLC (the “Credit Agreement”) providing Exela Intermediate LLC, a wholly owned subsidiary of the Company, upon the terms and subject to the conditions set forth in the Credit Agreement, (i) a $350.0 million senior secured term loan maturing July 12, 2023 with an original issue discount of $7.0 million, and (ii) a $100.0 million senior secured revolving facility maturing July 12, 2022 (the “Revolving Credit Facility”). The Credit Agreement provided for the following interest rates for borrowings under the senior secured term facility and the Revolving Credit Facility: at the borrower’s option, either (1) an adjusted LIBOR, subject to a 1.0% floor in the case of term loans, or (2) a base rate, in each case plus an applicable margin. The initial applicable margin for the senior secured term facility was 7.5% with respect to LIBOR borrowings and 6.5% with respect to base rate borrowings. The initial applicable margin for the Revolving Credit Facility was 7.0% with respect to LIBOR borrowings and 6.0% with respect to base rate borrowings. The applicable margin for borrowings under the Revolving Credit Facility is subject to step-downs based on leverage ratios. The senior secured term loan is subject to amortization payments, commencing on the last day of the first full fiscal quarter of the Company following the closing date, of 0.6% of the aggregate principal amount for each of the first eight payments and 1.3 % of the aggregate original principal amount for payments thereafter, with any balance due at maturity. Term Loan Repricing On July 13, 2018, Exela executed a transaction to reprice the $343.4 million of term loans outstanding under its senior secured credit facilities (the “Repricing”). The Repricing was accomplished pursuant to a First Amendment to the First Lien Credit Agreement (the “First Amendment”), dated as of July 13, 2018, by and among the Company’s subsidiaries Exela Intermediate Holdings LLC, Exela Intermediate, LLC, each “Subsidiary Loan Party” listed on the signature pages thereto, Royal Bank of Canada, as administrative agent, and each of the lenders party thereto, whereby such subsidiaries borrowed $343.4 million of refinancing term loans (the “Repricing Term Loans”) to refinance their existing senior secured term loans. ​ In accordance with ASC 470 – Debt – Modifications and Extinguishments, ​ The Repricing Term Loans will bear interest at a rate per annum of, at the borrower’s option, either (a) a LIBOR rate determined by reference to the costs of funds for Eurodollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs, subject to a 1.0% floor, or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.5%, (ii) the prime rate and (iii) the one-month adjusted LIBOR plus 1.0%, in each case plus an applicable margin of 6.5% for LIBOR loans and 5.5% for base rate loans. The interest rates applicable to the Repricing Term Loans are 100 basis points lower than the interest rates applicable to the existing senior secured term loans that were incurred on July 12, 2017 pursuant to the Credit Agreement. The Repricing Term Loans will mature on July 12, 2023, the same maturity date as the prior senior secured term loans. 2018 Incremental Term Loans On July 13, 2018, the Company’s subsidiaries borrowed an additional $30.0 million pursuant to incremental term loans (the “Incremental Term Loans”) under the First Amendment. The proceeds of the Incremental Term Loans may be used by the Company for general corporate purposes and to pay fees and expenses in connection with the First Amendment. The interest rates applicable to the Incremental Term Loans are the same as those for the Repricing Term Loans. ​ The borrower may voluntarily repay the Repricing Term Loans and the Incremental Term Loans (collectively, the “Term Loans”) at any time, without prepayment premium or penalty, subject to customary “breakage” costs with respect to LIBOR rate loans. The Incremental Term Loans will mature on July 12, 2023, the same maturity date as the Repricing Term Loans and prior senior secured term loans. ​ Other than as described above, the terms, conditions and covenants applicable to the Repricing Term Loans and the Incremental Term Loans are consistent with the terms, conditions and covenants that were applicable to the existing senior secured loans under the Credit Agreement. 2019 Incremental Term Loan On April 16, 2019, the Company’s subsidiaries borrowed an additional $30.0 million pursuant to incremental term loans (the “2019 Incremental Term Loans”) under the Second Amendment to First Lien Credit Agreement (the “Second Amendment”). The proceeds of the 2019 Incremental Term Loans were used to replace the cash spent for acquisitions, pay related fees, expenses and related borrowings and for general corporate purposes. The 2019 Incremental Term Loans will mature on July 12, 2023, the same maturity date as the Incremental Term Loans, Repricing Term Loans and prior senior secured term loans under the Credit Agreement. The 2019 Incremental Term Loans will bear interest at a rate per annum that is the same as the Repricing Term Loans under the senior credit facility. The 2019 Incremental Term Loans will mature on July 12, 2023, the same maturity date as the Term Loans. The borrower may voluntarily repay the 2019 Incremental Term Loans at any time, without prepayment premium or penalty, subject to customary “breakage” costs with respect to LIBOR rate loans. Other than as described above, the terms, conditions and covenants applicable to the 2019 Incremental Term Loans are consistent with the terms, conditions and covenants that are applicable to the Repricing Term Loans and 2018 Incremental Term Loans under the Credit Agreement. The Repricing and issuance of the 2018 and 2019 Incremental Term Loans resulted in a partial debt extinguishment, for which Exela recognized $1.4 million in debt extinguishment costs during the year ended December 31, 2019, reported within Debt modification and extinguishment costs (gain), net within our consolidated statements of operations. Third Amendment On May 18, 2020, subsidiaries of the Company amended the Credit Agreement (the Third Amendment to First Lien Credit Agreement (the “Third Amendment”) to, among other things, extend the time for delivery of its audited financial statements for the year ended December 31, 2019 and its financial statements for the quarter ended March 31, 2020. Upon the Company’s delivery of the annual and quarterly financial statements within the time frames stated therein (which the Company satisfied during the month of June 2020), the borrower became in compliance with respect to the financial statement delivery requirements set forth in the Credit Agreement. Pursuant to the Third Amendment, the borrowers also amended the Credit Agreement to, among other things: restrict the borrower and its subsidiaries’ ability to designate or invest in unrestricted subsidiaries; incur certain debt; create certain liens; make certain investments; pay certain dividends or other distributions on account of its equity interests; make certain asset sales or other dispositions (or utilize the proceeds of certain asset sales to reinvest in the business); or enter into certain affiliate transactions pursuant to the negative covenants under the Credit Agreement. Further, pursuant to the amendment, the borrower under the Credit Agreement was also required to maintain a minimum Liquidity (as defined in the amendment) of $35.0 million. In connection with this amendment, the borrower paid a forbearance fee of $5 million to the consenting lenders. The Company concluded that the amendment represents modification of debt under ASC 470-50. Accordingly, the forbearance fee paid was added to unamortized debt issuance cost which shall be amortized using updated effective interest rate based on modified cash flows. Private Exchange On December 9, 2021, in a separate transaction referred to as “Private Exchange” (outside of the Public Exchange as discussed below), subsidiaries of the Company agreed with three (3) of their Term Loan lenders to exchange $212.1 million of Term Loans under the Credit Agreement for $84.3 million in cash and in $127.8 million principal amount of new 11.500% First-Priority Senior Secured Notes due 2026 (the “2026 Notes”). In connection with the Private Exchange transaction, the exchanging lenders provided consents to amend the Credit Agreement to (i) eliminate all affirmative covenants, (ii) eliminate all negative covenants and (iii) eliminate certain events of default (other than events of default relating to payment obligations). As a result of the Private Exchange, repurchases (as discussed below) and periodic principal repayments, $88.1 million aggregate principal amount of the senior secured term loan remains outstanding as of March 31, 2022 maturing July 12, 2023. Revolving Credit Facility; Letters of Credit As of December 31, 2021, our $100 million Revolving Credit Facility was fully drawn taking into account letters of credit issued thereunder. As of December 31, 2021, there were outstanding irrevocable letters of credit totaling approximately $0.5 million under the Revolving Credit Facility. On March 7, 2022, subsidiaries of the Company entered into a Revolving Loan Exchange and Prepayment Agreement with Royal Bank of Canada, Credit Suisse AG, Cayman Islands Branch, KKR Corporate Lending LLC, Granite State Capital Master Fund LP, Credit Suisse Loan Funding LLC and Revolvercap Partners Fund LP exchanging $100.0 million of outstanding Revolving Credit Facility owed by Exela Intermediate LLC, upon the terms and subject to the conditions set forth in the Revolver Exchange agreement, for (i) $50.0 million in cash, and (ii) $50.0 million of 2026 Notes (such exchange, the “Revolver Exchange” and such 2026 Notes, the “Exchange Notes”). Prepayment of Revolving Credit Facility was treated as an extinguishment of debt under ASC 470-50. Accordingly, the Company wrote off the unamortized balance of $0.2 million of debt issuance costs related to Revolving Credit Facility and reported it within Debt modification and extinguishment costs (gain), net in our condensed consolidated statements of operations for the three months ended March 31, 2022. The Exchange Notes are subject to a guarantee in the form of a true-up mechanism whereby the Company is responsible to make a payment to the holders of the Exchange Notes to true-up the shortfall below certain agreed thresholds if holders of the Exchange Notes sell their notes at a price below that threshold during agreed periods in 2022. We recognized $17.4 million (the fair value of the true-up obligation as accounted for under ASC 460, Contingencies Guarantees Senior Secured 2023 Notes On July 12, 2017, subsidiaries of the Company issued $1.0 billion in aggregate principal amount of 10.0% First Priority Senior Secured Notes due 2023 (the “2023 Notes”). The 2023 Notes are guaranteed by nearly all U.S. subsidiaries of the Company. The 2023 Notes bear interest at a rate of 10.0% per year. The issuers pay interest on the 2023 Notes on January 15 and July 15 of each year, commencing on January 15, 2018. The 2023 Notes will mature on July 15, 2023. Public Exchange On October 27, 2021, the Company launched an offer to exchange (the “Public Exchange”) up to $225.0 million in cash and new 2026 Notes for the Company’s outstanding 2023 Notes. The Public Exchange was for $900 in cash per $1,000 principal amount of 2023 Notes tendered subject to proration. The maximum amount of cash to be paid was $225.0 million and the offer was not subject to any minimum participation condition. In case of oversubscription to the cash offer, tendered 2023 Notes would be accepted for cash on a pro rata basis (as a single class). The balance of any tendered 2023 Notes not accepted for cash would be exchanged into 2026 Notes on the basis of $1,000 principal amount of new 2026 Notes for each $1,000 principal amount of outstanding 2023 Notes tendered. As of the expiration time of the Public Exchange, $912,660,000 aggregate principal amount, or approximately 91.3%, of the 2023 Notes were validly tendered pursuant to the Public Exchange. On December 9, 2021, upon the settlement of the Public Exchange, $662,660,000 aggregate principal amount of the 2026 Notes were issued and an aggregate $225.0 million in cash (plus accrued but unpaid interest) was paid to participating holders in respect of the validly tendered 2023 Notes. As a result of the Public Exchange and repurchases (as discussed below), $22.8 million aggregate principal amount of the 2023 Notes remains outstanding as of March 31, 2022 maturing on July 15, 2023. Third Supplemental Indenture In conjunction with the Public Exchange, the Company also solicited consents to amend certain provisions in the indenture governing the 2023 Notes (“Notes Amendments”). On December 1, 2021, on receipt of the requisite consents to the Notes Amendments, the Company, and Wilmington Trust, National Association, as trustee (the “2023 Notes Trustee”), entered into a third supplemental indenture (the “Third Supplemental Indenture”) to the indenture, dated as of July 12, 2017 (as amended and supplemented by (i) the first supplemental indenture, dated as of July 12, 2017 and (ii) the second supplemental indenture, dated as of May 20, 2020, the “2023 Notes Indenture”) governing the outstanding 2023 Notes. The Third Supplemental Indenture amends the 2023 Notes Indenture and the 2023 Notes to eliminate substantially all of the restrictive covenants, eliminate certain events of default, modify covenants regarding mergers and consolidations and modify or eliminate certain other provisions, including certain provisions relating to future guarantors and defeasance, contained in the 2023 Notes Indenture and the 2023 Notes. In addition, all of the collateral securing the 2023 Notes was released pursuant to the Third Supplemental Indenture. Senior Secured 2026 Notes As of December 31, 2021, subsidiaries of the Company had $795.0 million aggregate outstanding principal amount of the 2026 Notes including $790.5 million in aggregate principal amount issued under the Public Exchange and Private Exchange transactions described above. During the three months ended March 31, 2022, subsidiaries of the Company sold $81.5 million in aggregate of principal amount of the 2026 Notes generating net proceeds of $49.8 million. On March 18, 2022, the subsidiaries of the Company issued $50.0 million of the 2026 Notes to satisfy the exchange obligation under the Revolver Exchange. The 2026 Notes are guaranteed by nearly all U.S. subsidiaries of the Company. The 2026 Notes bear interest at a rate of 11.5% per year. The issuers shall pay interest on the 2026 Notes on January 15 and July 15 of each year, commencing on July 15, 2022. The 2026 Notes will mature on July 12, 2026. On or after December 1, 2022, the issuers may redeem the 2026 Notes in whole or in part from time to time, at a redemption price of 100%, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, prior to December 1, 2022, the issuers may redeem the 2026 Notes in whole or in part from time to time, at a redemption price equal to 100% of the principal amount of the 2026 Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. “Applicable Premium” means, with respect to any 2026 Note on any applicable redemption date, as determined by the issuers, the greater of: (1) 1% of the then outstanding principal amount of the 2026 Note; and (2) the excess of: (a) the present value at such redemption date of (i) the redemption price of the 2026 Note, at December 1, 2022 plus (ii) all required interest payments due on the 2026 Note through December 1, 2022 (excluding accrued but unpaid interest), computed using a discount rate equal to the treasury rate as of such redemption date plus 50 basis points; over (b) the then outstanding principal amount of the 2026 Note. As of March 31, 2022, subsidiaries of the Company had also issued $33.4 million and $10.0 million of principal amount of 2026 Notes as collateral for the remaining payment obligation under the Appraisal Action settlement (discussed under Note 8) and the true-up obligation under the Revolver Exchange, respectively. These collateral notes are not reflected in the condensed consolidated financial statements. Repurchases ​ In July 2021 the Company commenced a debt buyback program to repurchase 2023 Notes and senior secured term loans under the Credit Agreement, which remains in place. During the year ended December 31, 2021, we repurchased $64.5 million of the outstanding principal amount of our 2023 Notes for a net cash consideration of $48.4 million. During the year ended December 31, 2021, we also repurchased $40.0 million of outstanding principal amount of Term Loans under the Credit Agreement for a net cash consideration of $22.8 million. These repurchases resulted in an early extinguishment of the repurchased 2023 Notes and senior secured term loans. The Company did not repurchase any senior secured term loans and 2023 Notes during the three months ended March 31, 2022. BRCC Facility ​ On November 17, 2021, GP2 XCV, LLC, a subsidiary of the Company (“GP2 XCV"), entered into a borrowing facility with B. Riley Commercial Capital, LLC pursuant to which the Company was able to borrow an original principal amount of $75.0 million, which was later increased to $115.0 million as of December 7, 2021 (as the same may be amended from time to time, the “BRCC Term Loan”). On March 31, 2022, GP2 XCV entered into an amendment to the borrowing facility with B. Riley Commercial Capital, LLC pursuant to which the Company will be able to borrow up to $51.0 million under a separate revolving loan (the “BRCC Revolver”, collectively with BRCC Term Loan, the “BRCC Facility”). There was $10.0 million of availability under this revolving facility as of March 31, 2021. The BRCC Facility is secured by a lien on all the assets of GP2 XCV and by a pledge of the equity of GP2 XCV. GP2 XCV is a bankruptcy-remote entity and as such its assets are not available to other creditors of the Company or any of its subsidiaries other than GP2 XCV. The BRCC Facility will mature on June 10, 2023 (see Note 14). However, the BRCC Revolver is subject to certain automatic maturity extensions of six months, unless B. Riley Commercial Capital, LLC or the Company notifies the other party about its election not to extend. In such event, the outstanding principal amount of the BRCC Revolver as of the maturity shall be due and payable in 12 equal installments on the last business day of each calendar month thereafter. Interest under the BRCC Facility accrues at a rate of 11.5% per annum and is payable quarterly on the last business day of each March, June, September and December. The purpose of BRCC Term Loan was to fund certain repurchases of Term Loan under the Credit Agreement and to provide funding for the Public Exchange transaction and Private Exchange transaction described above. The purpose of BRCC Revolver is to fund general corporate purposes. During the three months ended March 31, 2022, we repaid $22.7 million of outstanding principal amount under the BRCC Term Loan along with $0.7 million of exit fee. Exit fee paid on the partial prepayment of BRCC Term Loan was treated as a debt extinguishment cost under ASC 470-50 and reported within Debt modification and extinguishment costs (gain), net in our condensed consolidated statements of operations for the three months ended March 31, 2022. As of March 31, 2022, there were borrowings of $92.3 million outstanding under the BRCC Term Loan maturing June 10, 2023. Securitization Facility ​ On December 17, 2020, certain subsidiaries of the Company entered into a $145.0 million securitization facility with a five year term (the “Securitization Facility”). Borrowings under the Securitization Facility are subject to a borrowing base definition that consists of receivables and, subject to contribution, further supported by inventory and intellectual property, in each case, subject to certain eligibility criteria, concentration limits and reserves. The Securitization Facility provided for an initial funding of approximately $92.0 million supported by the receivables portion of the borrowing base and, subject to contribution, a further funding of approximately $53.0 million supported by inventory and intellectual property. On December 17, 2020, Exela Receivables 3, LLC (the “Securitization Borrower”) made the initial borrowing of approximately $92.0 million under the Securitization Facility and used a portion of the proceeds to repay $83.0 million of the aggregate outstanding principal amount of loans as of December 17, 2020 under a previous $160.0 million accounts receivable securitization facility (“A/R Facility”) and used the remaining proceeds for general corporate purposes. On April 11, 2021, the Company amended the Securitization Loan Agreement and agreed to, among other things, extend the option to access further funding of approximately $53.0 million in additional borrowings from April 10, 2021 to September 30, 2021 upon the contribution of inventory and intellectual property to support the borrowing base. The initial documentation for the Securitization Facility includes (i) a Loan and Security Agreement (the “Securitization Loan Agreement”), dated as of December 10, 2020, by and among the Securitization Borrower, a wholly-owned indirect subsidiary of the Company, the lenders (each, a “Securitization Lender” and collectively the “Securitization Lenders”), Alter Domus (US), LLC, as administrative agent (the “Securitization Administrative Agent”) and the Company, as initial servicer, pursuant to which the Securitization Lenders will make loans to the Securitization Borrower to be used to purchase receivables and related assets from the Securitization Parent SPE (as defined below), (ii) a First Tier Receivables Purchase and Sale Agreement (the, dated as of December 17, 2020, by and among Exela Receivables 3 Holdco, LLC (the “Securitization Parent SPE”), a wholly-owned indirect subsidiary of the Company, and certain other indirect, wholly-owned subsidiaries of the Company listed therein (collectively, the “Securitization Originators”), and the Company, as initial servicer, pursuant to which each Securitization Originator has sold or contributed and will sell or contribute to the Securitization Parent SPE certain receivables and related assets in consideration for a combination of cash and equity in the Securitization Parent SPE, (iii) a Second Tier Receivables Purchase and Sale Agreement, dated as of December 17, 2020, by and among, the Securitization Borrower, the Securitization Parent SPE and the Company, as initial servicer, pursuant to which Securitization Parent SPE has sold or contributed and will sell or contribute to the Securitization Borrower certain receivables and related assets in consideration for a combination of cash and equity in the Securitization Borrower, (iv) the Sub-Servicing Agreement, dated as of December 17, 2020, by and among the Company and each Securitization Originator, (v) the Pledge and Guaranty, dated as of the December 10, 2020, between the Securitization Parent SPE and the Administrative Agent, and (vi) the Performance Guaranty, dated as of December 17, 2020, between the Company, as performance guarantor, and the Securitization Administrative Agent (and together with all other certificates, instruments, UCC financing statements, reports, notices, agreements and documents executed or delivered in connection with the Securitization Loan Agreement, the “Securitization Agreements”). The Securitization Borrower, the Company, the Securitization Parent SPE and the Securitization Originators provide customary representations and covenants under the Securitization Agreements. The Securitization Loan Agreement provides for certain events of default upon the occurrence of which the Securitization Administrative Agent may declare the facility’s termination date to have occurred and declare the outstanding Securitization Loan and all other obligations of the Securitization Borrower to be immediately due and payable, however the Securitization Facility does not include an ongoing liquidity covenant like the A/R Facility and aligns reporting obligations with the Company’s other material indebtedness agreements. The Securitization Borrower and Securitization Parent SPE were formed in December 2020, and are identified as VIEs and consolidated into the Company’s financial statements following VIE consolidation model under ASC 810. The Securitization Borrower and Securitization Parent SPE are bankruptcy remote entities and as such their assets are not available to creditors of the Company or any of its subsidiaries. Each loan under the Securitization Facility bears interest on the unpaid principal amount as follows: (i) if a Base Rate Loan, at a rate per annum equal to (x) the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus Long-Term Debt Outstanding As of March 31, 2022 and December 31, 2021, the following long-term debt instruments were outstanding: ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Other (a) $ 29,804 ​ ​ 29,296 Term loan under first lien credit agreement (b) ​ 85,085 ​ ​ 89,585 Senior secured 2023 notes (c) ​ 22,651 ​ ​ 22,616 Senior secured 2026 notes (d) ​ 885,725 ​ ​ 801,306 Secured borrowings under BRCC Facility ​ 92,325 ​ ​ 115,000 Secured borrowings under Securitization Facility ​ 91,947 ​ ​ 91,947 Revolver ​ — ​ ​ 99,477 Total debt ​ 1,207,537 ​ ​ 1,249,227 Less: Current portion of long-term debt ​ (138,664) ​ ​ (144,828) Long-term debt, net of current maturities $ 1,068,873 ​ $ 1,104,399 ​ (a) Other debt represents outstanding loan balances associated with various hardware, software purchases, maintenance and leasehold improvements along with loans and receivables factoring arrangement entered into by subsidiaries of the Company. (b) Net of unamortized original issue discount and debt issuance costs of $0.6 million and $2.3 million as of March 31, 2022 and $0.8 million and $2.8 million as of December 31, 2021. (c) Net of unamortized original issue discount and debt issuance costs of $0.1 million and less than $0.1 million as of March 31, 2022 and $0.2 million and $0.1 million as of December 31, 2021. (d) Net of unamortized net original issue discount and debt issuance costs of $26.7 million and $14.0 million as of March 31, 2022; and unamortized net debt exchange premium and carried forward debt issuance costs of $15.4 million and $9.0 million as of December 31, 2021 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	6. Income Taxes The Company applies an estimated annual effective tax rate (“ETR”) approach for calculating a tax provision for interim periods, as required under GAAP. The Company recorded an income tax expense of $2.5 million and income tax benefit of less than $0.1 million for the three months ended March 31, 2022 and 2021, respectively. ​ The Company's ETR of (4.6)% for the three months ended March 31, 2022 differed from the expected U.S. statutory tax rate of 21.0% and was primarily impacted by permanent tax adjustments, state and local current expense, foreign operations, and valuation allowances, including valuation allowances on a portion of the Company’s deferred tax assets on U.S. disallowed interest expense carryforwards created by the provisions of The Tax Cuts and Jobs Act (“TCJA”). For the three months ended March 31, 2021, the Company’s ETR of 0.05% differed from the expected U.S. statutory tax rate of 21.0% , and was primarily impacted by permanent tax adjustments, state and local current expense, foreign operations, and valuation allowances, including valuation allowances on a portion of the Company’s U.S. disallowed interest expense carryforwards created by the provisions of the TCJA. As of March 31, 2022, there were no material changes to either the nature or the amounts of the uncertain tax positions previously determined for the year ended December 31, 2021.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2022
Employee Benefit Plans
Employee Benefit Plans	7. Employee Benefit Plans ​ German Pension Plan The Company’s subsidiary in Germany provides pension benefits to certain retirees. Employees eligible for participation include all employees who started working for the Company or its predecessors prior to September 30, 1987 and have finished a qualifying period of at least 10 years. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. The German pension plan is an unfunded plan and therefore has no plan assets. No new employees are registered under this plan and the participants who are already eligible to receive benefits under this plan are no longer employees of the Company. U.K. Pension Plan The Company’s subsidiary in the United Kingdom provides pension benefits to certain retirees and eligible dependents. Employees eligible for participation include all full-time regular employees who were more than three years from retirement prior to October 2001. A retirement pension or a lump-sum payment may be paid dependent upon length of service at the mandatory retirement age. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants as at the earlier of two dates, the participants leaving the Company or December 31, 2015. Norway Pension Plan The Company’s subsidiary in Norway provides pension benefits to eligible retirees and eligible dependents. Employees eligible for participation include all employees who were more than three years from retirement prior to March 2018. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants as at the later of two dates, the participants leaving the Company or April 30, 2018. Asterion Pension Plan In April 2018 through its acquisition of Asterion International Group the Company became obligated to provide pension benefits to eligible retirees and eligible dependents of Asterion. Employees eligible for participation include all full-time regular employees who were more than three years from retirement prior to July 2003. A retirement pension or a lump-sum payment may be paid dependent upon length of service at the mandatory retirement age. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants as at the earlier of two dates, the participants leaving the Company or April 10, 2018. Tax Effect on Accumulated Other Comprehensive Loss As of March 31, 2022 and December 31, 2021 the Company recorded actuarial losses of $10.6 million and $10.9 million in accumulated other comprehensive loss on the condensed consolidated balance sheets, respectively, which is net of a deferred tax benefit of $2.0 million for each period. Pension Expense The components of the net periodic benefit cost are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Service cost ​ $ 16 ​ $ 19 Interest cost ​ ​ 517 ​ ​ 424 Expected return on plan assets ​ ​ (772) ​ ​ (605) Amortization: ​ ​ ​ ​ ​ ​ Amortization of prior service cost ​ ​ 56 ​ ​ 45 Amortization of net loss ​ ​ 688 ​ ​ 838 Net periodic benefit cost ​ $ 505 ​ $ 721 ​ The Company records pension interest cost within Interest expense, net. Expected return on plan assets, amortization of prior service costs, and amortization of net losses are recorded within Other income, net. Service cost is recorded within Cost of revenue. Employer Contributions The Company’s funding of employer contributions is based on governmental requirements and differs from those methods used to recognize pension expense. The Company made contributions of $0.7 million and $0.9 million to its pension plans during the three months ended March 31, 2022 and 2021, respectively. The Company has funded the pension plans with the required contributions for 2022 based on current plan provisions.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies Appraisal Action On September 21, 2017, former stockholders of SourceHOV Holdings, Inc. (“SourceHOV”), who owned 10,304 shares of SourceHOV common stock, filed a petition for appraisal pursuant to 8 Del. C. § 262 in the Delaware Court of Chancery (the “Court”), captioned Manichaean Capital, LLC, et al. v. SourceHOV Holdings, Inc., C.A. No. 2017 0673 JRS (the “Appraisal Action”). The Appraisal Action arose out of a preliminary transaction in connection with the acquisition of SourceHOV and Novitex Holdings, Inc., by Quinpario in July 2017 (“Novitex Business Combination”), and the petitioners sought, among other things, a determination of the fair value of their SourceHOV shares at the time of the Novitex Business Combination; an order that SourceHOV pay that value to the petitioners, together with interest at the statutory rate; and an award of costs, attorneys’ fees, and other expenses. During the trial the parties and their experts offered competing valuations of the SourceHOV shares as of the date of the Novitex Business Combination. SourceHOV argued the value was no more than accrues on the per share value from the July 2017 closing date of the Novitex Business Combination until the date of payment to petitioners. On December 31, 2021, we agreed to settle the Appraisal Action along with a separate case brought by the same plaintiffs for $63.4 million. Accordingly, as of December 31, 2021, the Company accrued a liability of $63.4 million for these matters, all of which is expected to be paid during the first half of 2022 ($40.0 million having already been paid as of March 31, 2022). As of March 31, 2022, there was a net outstanding balance of $24.5 million, including interest, for this matter included in Accrued liabilities on the condensed consolidated balance sheet. Adverse Arbitration Order ​ In April 2020, one of the Company's Nordic subsidiaries commenced an arbitration in Finland against a customer alleging breach of contract and other damages in connection with an outsourcing services agreement and transition services agreement executed in 2017. In September 2020, the customer submitted counterclaims against the Company in an aggregate amount in excess of €10.0 million. Following an expedited arbitration, in late November 2020, the arbitrator awarded the customer approximately $13.0 million in the aggregate for the counterclaimed damages and costs. The Company filed an application to annul the award in late January 2021 with the relevant court asserting, among other bases, that the arbitrator violated due process and procedural rules by disallowing the Company’s witness and expert testimony and maintaining the expedited format following the assertion of significant counterclaims which would ordinarily have required the application of normal rather than expedited rules. On May 28, 2021, the parties entered into a settlement agreement resolving this dispute for a total of $8.8 million including the reimbursement of certain third party charges. As of March 31, 2022, there was a net outstanding balance of $2.9 million for this matter included in Accrued liabilities on the Condensed Consolidated Balance Sheet. Contract-Related Contingencies The Company has certain contingent obligations that arise in the ordinary course of providing services to its customers. These contingencies are generally the result of contracts that require the Company to comply with certain performance measurements or the delivery of certain services to customers by a specified deadline. The Company believes the adjustments to the transaction price, if any, under these contract provisions will not result in a significant revenue reversal or have a material adverse effect on the Company’s consolidated balance sheets, consolidated statements of operations or consolidated statements of cash flows.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2022
Fair Value Measurement
Fair Value Measurement	9. Fair Value Measurement Assets and Liabilities Measured at Fair Value The carrying amount of assets and liabilities including cash and cash equivalents, accounts receivable, accounts payable and current portion of long-term debt approximated their fair value as of March 31, 2021, and December 31, 2021, due to the relative short maturity of these instruments. Management estimates the fair values of the secured term loan, secured 2023 notes and secured 2026 notes at approximately 70.0%, 70.0% and 50.0% respectively, of the respective principal balance outstanding as of March 31, 2022. The fair values of secured borrowings under the Company’s securitization facility and BRCC facility are equal to the respective carrying values. Other debt represents the Company's outstanding loan balances associated with various hardware, software purchases, maintenance and leasehold improvements along with loans and receivables factoring arrangement entered into by subsidiaries of the Company and as such, the cost incurred would approximate fair value. Property and equipment, intangible assets, capital lease obligations, and goodwill are not required to be re-measured to fair value on a recurring basis. These assets are evaluated for impairment if certain triggering events occur. If such evaluation indicates that impairment exists, the respective asset is written down to its fair value. The Company determined the fair value of its long-term debt using Level 2 inputs including the recent issue of the debt, the Company’s credit rating, and the current risk-free rate. The Company’s true-up guarantee liability related to true-up guarantee provided on the Exchange Notes issued under Revolver Exchange transaction is re-measured each period and represents a Level 3 measurement as it is based on the estimated true-up obligation amount based on the Revolving Loan Exchange and Prepayment Agreement terms less amount already paid, if any. The following table provides the carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2022, and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Fair Value Measurements As of March 31, 2022 Amount Value Level 1 Level 2 Level 3 Recurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 1,068,873 ​ $ 616,269 ​ $ — ​ $ 616,269 ​ $ — True-up guarantee liability ​ ​ 23,585 ​ ​ 23,585 ​ ​ — ​ ​ — ​ ​ 23,585 Nonrecurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 358,211 ​ ​ 358,211 ​ ​ — ​ ​ — ​ ​ 358,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Fair Value Measurements As of December 31, 2021 Amount Value Level 1 Level 2 Level 3 Recurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 1,104,399 ​ $ 895,615 ​ $ — ​ $ 895,615 ​ $ — Nonrecurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 358,323 ​ ​ 358,323 ​ ​ — ​ ​ — ​ ​ 358,323 ​

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	10. Stock-Based Compensation Exela 2018 Stock Incentive Plan On January 17, 2018, Exela’s 2018 Stock Incentive Plan (the “2018 Plan”) became effective. The 2018 Plan provides for the grant of incentive and nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, performance awards, and other stock-based compensation to eligible participants. The Company was initially authorized to issue up to 2,774,588 shares of Common Stock under the 2018 Plan. On December 31, 2021, the shareholders of the Company approved our Amended and Restated 2018 Stock Incentive Plan increasing the number of shares of Common Stock reserved for issuance from an original 2,774,589 shares to 17,848,076. Restricted Stock Unit Restricted stock unit awards generally vest ratably over a one A summary of restricted stock unit activities under the 2018 Plan for the three months ended March 31, 2022 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ Number ​ Average Grant ​ Contractual Life ​ Aggregate ​ of Units Date Fair Value (Years) Intrinsic Value Outstanding Balance as of December 31, 2021 ​ 1,369,008 ​ $ 1.75 0.11 ​ $ 2,393 Granted — ​ — ​ ​ ​ ​ ​ Forfeited — ​ — ​ ​ ​ ​ ​ Vested (1,283,507) ​ (1.73) ​ ​ ​ ​ ​ Outstanding Balance as of March 31, 2022 ​ 85,501 ​ $ 2.02 0.51 ​ $ 172 ​ The majority of the RSUs that vested in the first quarter of 2022 were net-share settled such that the Company withheld shares with value equivalent to the employee’s minimum statutory obligation for applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld were 239,847 shares and were based on the value of the RSUs on their respective vesting dates as determined by the Company’s closing stock price. Total payment for the employee’s tax obligations to taxing authorities were $0.2 million and is reflected as a financing activity within the Condensed Consolidated Statements of Cash Flows. Options Under the 2018 Plan, stock options are granted at a price per share not less than 100% of the fair market value per share of the underlying stock at the grant date. The vesting period for each option award is established on the grant date, and the options generally expire 10 years from the grant date. Options granted under the 2018 Plan generally require no less than a two ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ Remaining ​ ​ ​ ​ ​ ​ ​ Average Grant ​ Average ​ Vesting Period ​ Aggregate ​ Outstanding Date Fair Value Exercise Price (Years) Intrinsic Value (2) Outstanding Balance as of December 31, 2021 ​ 1,445,299 $ 5.63 $ 11.78 0.69 $ — Granted — ​ — ​ ​ ​ ​ ​ ​ ​ Exercised — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Forfeited (24,933) ​ ​ (5.60) ​ ​ ​ ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance as of March 31, 2022 (1) 1,420,366 $ 5.63 $ 11.77 0.55 $ — ​ (1) 542,813 of the outstanding options are exercisable as of March 31, 2022. (2) Exercise prices of all of the outstanding options as of March 31, 2022 were higher than the market price of the shares of the Company. Therefore, aggregate intrinsic value is zero. As of March 31, 2022, there was approximately $0.8 million of total unrecognized compensation expense related to non-vested restricted stock unit awards and stock option awards under the 2018 Plan, which will be recognized over the respective service period. Stock-based compensation expense is recorded within Selling, general, and administrative expenses. The Company incurred total compensation expense of $0.1 million and $0.4 million related to restricted stock unit awards and stock option awards under the 2018 Plan for the three months ended March 31, 2022 and 2021, respectively. Market Performance Units On September 14, 2021, the Company granted its Executive Chairman performance units with a market performance condition, which are notional units representing the right to receive one share of Common Stock (or the cash value of one share of Common Stock). Until such time that the Company obtained the approval of the stockholders of the Company regarding an increase to the number of shares authorized for issuance under its 2018 Plan in accordance with Nasdaq Listing Rule 5635(a), these performance units would be settled in cash, and following such shareholder approval, at the election of the compensation committee of the Company, might be settled in cash or in shares of Common Stock. The performance units provide that until an increase to the share reserve is approved, such performance units are subject to the terms and conditions of the 2018 Plan as though granted thereunder, but not be considered an award that is outstanding under the plan, and following such time that the plan amendment is approved, constitute an award under the 2018 Plan. Fifty percent of the performance units covered by the award will vest if, at any time during the period commencing September 14, 2021 and ending June 30, 2024, the volume weighted average of the reported closing price of the Company’s Common Stock is $10 per share or greater on (x) 60 90 60 90 180 day and Tranche 2 units that are not earned by June 30, 2024 and June 30, 2025 (the “Expiration date”), respectively, will be forfeited for no consideration and will no longer be eligible to vest. In addition, if a change in control occurs prior to the applicable expiration date, if the performance units are assumed by the acquirer, the units will remain outstanding and eligible to vest based solely on his continued service to the Company. If in connection with such change in control the performance units are not assumed by an acquirer, a number of performance units will vest based on the per share price paid in the transaction, with 0% vesting if the per share price is equal to or less than $2.00 per share, and 100% of the Tranche 1 vesting if the per share price is equal to or greater than $10 and 100% of the Tranche 2 vesting if the per share price is equal to or greater than $20, and a number of Tranche 1 and Tranche 2 vesting determined based on a straight line interpolation if the share price is between $2.00 and $10.00 or $20.00, respectively. In addition, if there is a change in control that is principally negotiated and approved by, and recommended to the Company’s shareholders by, a special committee of independent directors which committee does not include the Executive Chairman, and neither he nor any of his affiliates is directly or indirectly an equity holder of the acquiring Company, and the Tranche 1 are not assumed by an acquirer in connection with such transaction, all of his then unvested Tranche 1 will vest, and the Tranche 2 would be eligible for the pro rata vesting described above. The Executive Chairman will remain eligible to earn his performance units so long as he remains employed with the Company as Executive Chairman through December 31, 2023 and following such date he remains engaged with the Company in any capacity, including as a non-employee director. On December 31, 2021, the Company obtained the approval of the stockholders of the Company for the 2018 Plan amendment regarding an increase to the number of shares authorized for issuance under its 2018 Plan. After approval of the amended and restated 2018 Plan, the performance units are an award that is outstanding under the amended and restated 2018 Plan. Therefore, the performance units may be settled in cash or in shares of Common Stock of the Company at the election of the compensation committee of the Company. The fair value of the awards was determined to be $1.48 and $1.51 for Tranche 1 and Tranche 2, respectively, on the grant date by application of the Monte Carlo simulation model. Until December 31, 2021, the performance units were cash-settled awards and therefore accounted for as a liability classified award. On December 31, 2021, upon the approval of the amended and restated 2018 Plan, the performance units may be settled in cash or in shares of Common Stock of the Company at the election of the compensation committee of the Company, therefore the award was reclassified to equity. On December 31, 2021, the modification date fair value of the awards was determined to be $0.44 and $0.47 for Tranche 1 and Tranche 2, respectively, by application of the Monte Carlo simulation model. The following table summarizes the activity for the market performance restricted stock units for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Weighted ​ Period Over ​ ​ ​ Number ​ Average ​ Which Expected ​ ​ of Units Fair Value ​ to be Recognized Outstanding Balance as of December 31, 2021 ​ ​ 8,500,000 ​ $ 0.46 ​ 2.98 Granted ​ — ​ — ​ Forfeited ​ — ​ — ​ ​ Vested ​ — ​ — ​ ​ Outstanding Balance as of March 31, 2022 ​ ​ 8,500,000 ​ $ 0.46 ​ 2.98 ​ As of March 31, 2022, there was approximately $2.4 million of total unrecognized compensation expense related to non-vested performance unit awards, which will be recognized over the requisite service period. We recognized $0.2 million compensation expense associated with the performance unit award for the three months ended March 31, 2022.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity
Stockholders' Equity	11. Stockholders’ Equity The following description summarizes the material terms and provisions of the securities that the Company has authorized. Common Stock The Company is authorized to issue 1,600,000,000 shares of Common Stock. Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock or as provided for in the Director Nomination Agreement to which the Company is party, the holders of our Common Stock possess all voting power for the election of our board of directors and all other matters requiring stockholder action and will at all times vote together as one class on all matters submitted to a vote of Exela stockholders. Holders of our Common Stock are entitled to one vote per share on matters to be voted on by stockholders. Holders of our Common Stock will be entitled to receive such dividends and other distributions, if any, as may be declared from time to time by the board of directors in its discretion out of funds legally available therefor and shall share equally on a per share basis in such dividends and distributions. The holders of the Common Stock have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Common Stock. As of March 31, 2022 and December 31, 2021, there were 484,557,092 and 265,194,961 shares of Common Stock outstanding, respectively. Common Stock At-The-Market Sales Program On May 27, 2021, the Company entered into an At Market Issuance Sales Agreement (“First ATM Agreement”) with B. Riley Securities, Inc. (“B. Riley”) and Cantor Fitzgerald & Co. (“Cantor”), as distribution agents under which the Company may offer and sell shares of the Company’s Common Stock from time to time through the Distribution Agents, acting as sales agent or principal. On September 30, 2021, the Company entered into a second At Market Issuance Sales Agreement with B. Riley, BNP Paribas Securities Corp., Cantor, Mizuho Securities USA LLC and Needham & Company, LLC, as distribution agents (together with the First ATM Agreement, the “ATM Agreement”). Sales of the shares of Common Stock under the ATM Agreement, will be in “at the market offerings” as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the Nasdaq or on any other existing trading market for the Common Stock, as applicable, or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. Shares of Common Stock sold under the ATM Agreement are offered pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-255707), filed with the SEC on May 3, 2021, and declared effective on May 12, 2021 (the “2021 Registration Statement”), and the prospectus dated May 12, 2021 included in the 2021 Registration Statement and the related prospectus supplements for sales of shares of Common Stock as follows: ​ Supplement Period Number of Shares Sold Weighted Average Price Per Share Gross Proceeds Net Proceeds Prospectus supplement dated May 27, 2021 with an aggregate offering price of up to $100.0 million (“Common ATM Program–1”) May 28, 2021 and through July 1, 2021 49,423,706 $2.008 $99.3 million $95.7 million Prospectus supplement dated June 30, 2021 with an aggregate offering price of up to $150.0 million (“Common ATM Program–2”) June 30, 2021 and through September 2, 2021 57,580,463 $2.603 $149.9 million $144.4 million Prospectus supplement dated September 30, 2021 with an aggregate offering price of up to $250.0 million (“Common ATM Program–3”) October 6, 2021 through March 31, 2022 334,875,948 $0.747 $250.0 million $241.0 million ​ Series A Preferred Stock The Company is authorized to issue 20,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the board of directors. At March 31, 2022 and December 31, 2021, the Company had 2,778,111 shares of Series A Preferred Stock outstanding. The par value of the Series A Preferred Stock is $0.0001 per share. Each share of Series A Preferred Stock is convertible at the holder's option, at any time into the number of shares of Common Stock determined as of the date of conversion using a certain conversion formula that takes into account the amount of Liquidation Preference per share as adjusted for accrued but unpaid dividends, as described below. As of March 31, 2022, each outstanding share of Series A Preferred Stock was convertible into 0.4830 shares of Common Stock using this conversion formula. Accordingly, as of March 31,2022, 1,341,917 shares of Common Stock were issuable upon conversion of the remaining 2,778,111 shares of Series A Preferred Stock. Holders of the Series A Preferred Stock are entitled to receive cumulative dividends at a rate per annum of 10% of the dollar amount of per share liquidation preference (plus accumulated but unpaid dividends, the “Series A Liquidation Preference") per share of Series A Preferred Stock, paid or accrued quarterly in arrears. From the issue date through December 31, 2021 the amount of all accrued but unpaid dividends on the Series A Preferred Stock have been added to the Series A Liquidation Preference. The Company shall add the amount of all accrued but unpaid dividends on each quarterly dividend payment date to the Series A Liquidation Preference, except to the extent the Company elects to make all or any portion of such payment in cash on or prior to the applicable dividend payment date, in which case, the amount of the accrued but unpaid dividends that is added to the Series A Liquidation Preference shall be reduced on a dollar-for-dollar basis by the amount of any such cash payment. The Company is not required to make any payment or allowance for unpaid dividends, whether or not in arrears, on converted shares of Series A Preferred Stock or for dividends on the shares of Common Stock issued upon conversion of such shares. The gross dividend accumulation for the three months ended March 31, 2022 was $0.9 million. The gross dividend accumulation for the three months ended March 31, 2021 was $0.9 million, however, as a result of 510,681 shares of Series A Preferred Stock being converted into 223,413 shares of Common Stock during the first quarter of 2021, accumulated dividend of $1.8 million was reversed, resulting in a net reduction of dividend accumulation of $0.9 million for the three months ended March 31, 2021. As of March 31, 2022, the total accumulated but unpaid dividends on the Series A Preferred Stock since inception on July 12, 2017 is $13.2 million. The per share average of cumulative preferred dividends for the three months ended March 31, 2022 and 2021 is $0.3 and $(0.3) , respectively. In addition, holders of the Series A Preferred Stock will participate in any dividend or distribution of cash or other property paid in respect of the Common Stock pro rata with the holders of the Common Stock (other than certain dividends or distributions that trigger an adjustment to the conversion rate, as described in the Certificate of Designations), as if all shares of Series A Preferred Stock had been converted into Common Stock immediately prior to the date on which such holders of the Common Stock became entitled to such dividend or distribution. Series B Preferred Stock On February 24, 2022, the Company offered its shareholders the opportunity to exchange shares of its Common Stock for its Series B Preferred Stock, par value $0.0001 per share, with each 20 shares of Common Stock being exchangeable for one share of Series B Preferred Stock having a liquidation preference of $25.00 per share (the “Share Exchange Offer”). On March 11, 2022, the Company designated 5,000,000 shares of its authorized and unissued preferred stock as Series B Preferred Stock and filed a Certificate of Designation of Series B Preferred Stock of Exela Technologies Inc., or the Series B Certificate of Designation. The Share Exchange Offer expired on March 10, 2022, and 18,006,560 shares of Common Stock were validly tendered for exchange. On March 11, 2022, the Company issued a total of 900,328 shares of Series B Preferred Stock in exchange of all such tendered and accepted shares of Common Stock, which shares were cancelled. The Series B Preferred Stock are listed on the Nasdaq under the symbol “XelaP”. At March 31, 2022, the Company had 900,328 shares of Series B Preferred Stock outstanding. Each share of Series B Preferred Stock is convertible at the holder's option, at any time into the number of shares of Common Stock determined as of the date of conversion using a certain conversion formula that takes into account the amount of liquidation preference per share as adjusted for accrued but unpaid dividends, as described below. As of March 31, 2022, each outstanding share of Series B Preferred Stock was convertible into 20.0667 shares of Common Stock using this conversion formula. Accordingly, as of March 31, 2022, 18,066,582 shares of Common Stock were issuable upon conversion of 900,328 shares of outstanding Series B Preferred Stock. Holders of the Series B Preferred Stock are entitled to receive cumulative dividends at a rate per annum of 6% of the dollar amount of per share liquidation preference (plus accumulated but unpaid dividends, the “Series B Liquidation Preference") per share of Series B Preferred Stock, paid or accrued quarterly in arrears. From the issue date through March 31, 2022, the amount of all accrued but unpaid dividends on the Series B Preferred Stock have been added to the Series B Liquidation Preference. The Company shall add the amount of all accrued but unpaid dividends on each quarterly dividend payment date to the Series B Liquidation Preference, except to the extent the Company elects to make all or any portion of such payment in cash on or prior to the applicable dividend payment date, in which case, the amount of the accrued but unpaid dividends that is added to the Series B Liquidation Preference shall be reduced on a dollar-for-dollar basis by the amount of any such cash payment. The Company is not required to make any payment or allowance for unpaid dividends, whether or not in arrears, on converted shares of Series B Preferred Stock or for dividends on the shares of Common Stock issued upon conversion of such shares. The gross dividend accumulation for the three months ended March 31, 2022 is less than $0.1 million. As of March 31, 2022, the total accumulated but unpaid dividends on the Series B Preferred Stock since inception on March 23, 2022 is less than $0.1 million. The per share average of cumulative preferred dividends for the three months ended March 31, 2022 is $0.08. In addition, holders of the Series B Preferred Stock will participate in any dividend or distribution of cash or other property paid in respect of the Common Stock pro rata with the holders of the Common Stock (other than certain dividends or distributions that trigger an adjustment to the conversion rate, as described in the Certificate of Designations), as if all shares of Series B Preferred Stock had been converted into Common Stock immediately prior to the date on which such holders of the Common Stock became entitled to such dividend or distribution. Holders of Series B Preferred Stock also have rights to vote for the election of one additional director to serve on the Board, if dividends on Series B Preferred Stock are in arrears for eight or more consecutive quarters, until all unpaid and accumulated dividends on the Series B Preferred Stock have been paid or declared and a sum sufficient for payment is set aside for such payment. Treasury Stock On November 8, 2017, the Company’s board of directors authorized a share buyback program (the “Share Buyback Program”), pursuant to which the Company was permitted to purchase up to 1,666,667 shares of Common Stock. The Share Buyback Program has expired. As of March 31, 2022, 929,049 shares had been repurchased under the Share Buyback Program and they are held as treasury stock. The Company records treasury stock using the cost method. During the first quarter of 2020, 1,523,578 shares of Common Stock were returned to the Company in connection with the Appraisal Action. These shares are also included in treasury stock. Warrants At March 31, 2022, there were warrants outstanding to purchase 15,565,152 shares of our Common Stock, consisting of 35,000,000 warrants to purchase one-sixth IPO Warrants As part of our IPO, we issued 35,000,000 units comprising one share of Common Stock and one warrant of which 34,986,302 have been separated from the original unit and 13,698 warrants remain an unseparated part of the originally issued units (the Common Stock included in these originally issued units (adjusted to reflect the Reverse Split) have been accounted for in the number of shares of Common Stock outstanding referred to above). The warrants traded on the OTC Pink under the symbol “XELAW” as of March 31, 2022. Each IPO warrant entitles the holder to purchase one-sixth The Company may call the IPO warrants for redemption at a price of $0.01 per warrant upon a minimum of 30 days ’ prior written notice of redemption, if, and only if, the last sales price of the shares of Common Stock equals or exceeds $72.00 per share for any 20 trading days within a 30 trading day period (the “30-day trading period”) ending three business days before the Company sends the notice of redemption, and if, and only if, there is a current registration statement in effect with respect to the shares of Common Stock underlying such warrants commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. ​ Private Placement of Unregistered Shares and Warrants ​ On March 15, 2021, the Company, entered into a securities purchase agreement with certain accredited institutional investors pursuant to which the Company issued and sold to ten accredited institutional investors in a private placement an aggregate of 9,731,819 unregistered shares of the Company’s Common Stock at a price of $2.75 per share and an equal number of warrants, generating gross proceeds to the Company of $26.8 million. Cantor Fitzgerald acted as underwriter in connection with such sale of unregistered securities and received a placement fee of 5.5 % of gross proceeds in connection with such service. In selling the shares without registration, the Company relied on exemptions from registration available under Section 4(a)(2) of the Securities Act of 1933 and Rule 506 promulgated thereunder. The shares of Common Stock sold together with these warrants are included in the Company’s calculation of total shares outstanding. The Company filed a registration statement on Form S-3 on May 3, 2021 that registered these shares and the shares underlying these private placement warrants. Each private placement warrant entitles the holder to purchase one share of Common Stock, at an exercise price of $4.00 per share and will expire on September 19, 2026. The private placement warrants are not traded as of March 31, 2022 and are not subject to redemption by the Company.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2022
Related-Party Transactions
Related-Party Transactions	12. Related-Party Transactions Relationship with HandsOn Global Management The Company incurred reimbursable travel expenses to HOVS LLC and HandsOn Fund 4 I, LLC (collectively, together with certain affiliated entities controlled by HandsOn Global Management LLC, “HGM”) of less than $0.1 million for each of the three months ended March 31, 2022 and 2021. As of March 31, 2022, HGM beneficially owned approximately 2.4% of the Company’s Common Stock, including shares issuable upon conversion of our Series A Preferred Stock and Series B Preferred Stock. Certain members of our Board of Directors, including our Executive Chairman, Par Chadha, Sharon Chadha, Ron Cogburn, and James Reynolds are or may be deemed to be affiliated with HGM. Pursuant to a master agreement dated January 1, 2015 between Rule 14, LLC and a subsidiary of the Company, the Company incurs marketing fees to Rule 14, LLC, a portfolio company of HGM. Similarly, the Company is party to ten master agreements with entities affiliated with HGM’s managed funds, each of which were entered into during 2015 and 2016. Each master agreement provides the Company with use of certain technology and includes a reseller arrangement pursuant to which the Company is entitled to sell these services to third parties. Any revenue earned by the Company in such third-party sale is shared 75%/25% with each of HGM’s venture affiliates in favor of the Company. The brands Zuma, Athena, Peri, BancMate, Spring, Jet, Teletype, CourtQ and Rewardio are part of the HGM managed funds. The Company has the license to use and resell such brands, as described therein. The Company incurred fees relating to these agreements of $1.5 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively. Certain operating companies lease their operating facilities from HOV RE, LLC and HOV Services Limited, which are affiliates under common control with HGM. The rental expense for these operating leases was less than $0.1 million for each of the three months ended March 31, 2022 and 2021. In addition, HOV Services, Ltd. provides the Company data capture and technology services. The expense recognized for these services was approximately $0.3 million for each of the three months ended March 31, 2022 and 2021. These expenses are included in cost of revenue in the consolidated statements of operations. Consulting Agreement The Company receives services from Oakana Holdings, Inc. The Company and Oakana Holdings, Inc. are related through a family relationship between our Executive Chairman and the president of Oakana Holdings, Inc. The expense recognized for these services was less than $0.1 million for each of the three months ended March 31, 2022 and 2021. Subscription Agreements During the year ended December 31, 2021, the Company entered into separate subscription agreements with five of its directors. Pursuant to these subscription agreements, the Company issued and sold 62,500, 158,730, 63,492, 79,365 and 39,682 shares of Common Stock of the Company to Sharon Chadha, Par Chadha, Martin Akins, J. Coley Clark and John Rexford, respectively, for a purchase price of $0.1 million, $0.2 million, less than $0.1 million, $0.1 million and less than $0.1 million, respectively. Payable and Receivable/Prepayment Balances with Affiliates ​ Payable and receivable/prepayment balances with affiliates as of March 31, 2022 and December 31, 2021 are as follows below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ Receivables and Prepaid Expenses ​ Payables ​ Receivables and Prepaid Expenses ​ Payables HOV Services, Ltd ​ $ 691 ​ $ — ​ $ 708 ​ $ — Rule 14 ​ ​ — ​ ​ 1,466 ​ ​ — ​ ​ 1,483 HGM ​ ​ 28 ​ ​ — ​ ​ 7 ​ ​ — Oakana ​ ​ — ​ ​ 9 ​ ​ — ​ ​ 1 ​ ​ $ 719 ​ $ 1,475 ​ $ 715 ​ $ 1,484 ​

Segment and Geographic Area Inf

Segment and Geographic Area Information	3 Months Ended
	Mar. 31, 2022
Segment and Geographic Area Information
Segment and Geographic Area Information	13. Segment and Geographic Area Information ​ The Company’s operating segments are significant strategic business units that align its products and services with how it manages its business, approaches the markets and interacts with its clients. The Company is organized into three segments: ITPS, HS, and LLPS. ITPS: HS: LLPS: The chief operating decision maker reviews segment profit to evaluate operating segment performance and determine how to allocate resources to operating segments. “Segment profit” is defined as revenue less cost of revenue (exclusive of depreciation and amortization). The Company does not allocate Selling, general, and administrative expenses, depreciation and amortization, interest expense and sundry, net. The Company manages assets on a total company basis, not by operating segment, and therefore asset information and capital expenditures by operating segments are not presented. A reconciliation of segment profit to net loss before income taxes is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ITPS HS LLPS Total Revenue ​ $ 205,007 ​ $ 56,596 ​ $ 17,795 ​ $ 279,398 Cost of revenue (exclusive of depreciation and amortization) ​ ​ 163,586 ​ 46,731 ​ 13,187 ​ ​ 223,504 Segment profit ​ ​ 41,421 ​ ​ 9,865 ​ ​ 4,608 ​ ​ 55,894 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 43,040 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,212 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,987 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39,760 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 884 Sundry expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 307 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,159 Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (54,455) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ITPS HS LLPS Total Revenue ​ $ 231,875 ​ $ 51,093 ​ $ 17,088 ​ $ 300,056 Cost of revenue (exclusive of depreciation and amortization) ​ ​ 185,502 ​ ​ 35,818 ​ ​ 11,267 ​ ​ 232,587 Segment profit ​ ​ 46,373 ​ ​ 15,275 ​ ​ 5,821 ​ ​ 67,469 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 41,885 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,599 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,707 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 43,131 Sundry expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 213 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 152 Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (39,218) ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events.
Subsequent Events	14. Subsequent Events ​ The Company has evaluated all events that occur after the balance sheet date through the date when these condensed consolidated financial statements were issued to determine if they must be reported. ​ Repayments on BRCC Facility On April 1, 2022, we repaid $20.0 million of outstanding principal amount under the BRCC Facility in accordance with the amendment entered into on March 31, 2022. On May 9, 2022, we agreed to extend the maturity of the BRCC Facility to June 10, 2023. ​ Financing Commitment from PNC Bank On May 6, 2022, the Company executed a commitment with PNC Bank for a three-year receivables financing facility to replace its existing Securitization Facility. The new PNC facility provides up to $150.0 million in committed financing and is expected to close on or before May 31, 2022. Revolver Exchange On May 6, 2022, we agreed to issue an additional $20.0 million 2026 Notes as collateral for the true up mechanism in the Revolver Exchange (see Note 5) and to repurchase certain 2026 Notes from the former revolver lenders during the second half of 2022.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Revenue Recognition	Revenue Recognition We account for revenue in accordance with ASC 606, Revenue from Contracts with Customers Nature of Services Our primary performance obligations are to stand ready to provide various forms of business processing services, consisting of a series of distinct services, but that are substantially the same, and have the same pattern of transfer over time, and accordingly are combined into a single performance obligation. Our promise to our customers is typically to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of transactions processed, requests fulfilled, etc.); as such, the total transaction price is variable. We allocate the variable fees to the single performance obligation charged to the distinct service period in which we have the contractual right to bill under the contract. Disaggregation of Revenues The Company is organized into three segments: Information & Transaction Processing Solutions (“ITPS”), Healthcare Solutions (“HS”), and Legal & Loss Prevention Services (“LLPS”) (See Note 13). The following tables disaggregate revenue from contracts by segment and by geographic region for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total    ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total U.S.A. $ 148,344 ​ $ 56,596 ​ $ 17,795 ​ $ 222,735 ​ $ 172,924 ​ $ 51,093 ​ $ 17,088 ​ $ 241,105 EMEA ​ 51,978 ​ — ​ — ​ 51,978 ​ ​ 54,209 ​ — ​ — ​ ​ 54,209 Other ​ 4,685 ​ — ​ — ​ 4,685 ​ ​ 4,742 ​ — ​ — ​ ​ 4,742 Total $ 205,007 ​ $ 56,596 ​ $ 17,795 ​ $ 279,398 ​ $ 231,875 ​ $ 51,093 $ 17,088 $ 300,056 ​ Contract Balances The following table presents contract assets, contract liabilities and contract costs recognized at March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Accounts receivable, net ​ $ 189,585 ​ $ 184,102 Deferred revenues ​ 19,150 ​ 17,518 Customer deposits ​ 16,780 ​ 17,707 Costs to obtain and fulfill a contract ​ 2,175 ​ 2,328 ​ Accounts receivable, net includes $28.5 million and $22.6 million as of March 31, 2022 and December 31, 2021, respectively, representing amounts not yet billed to customers. We have accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers. Deferred revenues relate to payments received in advance of performance under a contract. A significant portion of this balance relates to maintenance contracts or other service contracts where we received payments for upfront conversions or implementation activities which do not transfer a service to the customer but rather are used in fulfilling the related performance obligations that transfer over time. The advance consideration received from customers is deferred over the contract term. We recognized revenue of $8.9 million during the three months ended March 31, 2022 that had been deferred as of December 31, 2021. Costs incurred to obtain and fulfill contracts are deferred and presented as part of intangible assets, net and expensed on a straight-line basis over the estimated benefit period. We recognized $0.3 million of amortization for these costs for the three months ended March 31, 2022 within depreciation and amortization expense. These costs represent incremental external costs or certain specific internal costs that are directly related to the contract acquisition or fulfillment and can be separated into two principal categories: contract commissions and fulfillment costs. Applying the practical expedient in ASC 340-40-25-4, we recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period would have been one year or less. These costs are included in Selling, general and administrative expenses. The effect of applying this practical expedient was not material. Customer deposits consist primarily of amounts received from customers in advance for postage. These advanced postage deposits are used to cover the costs associated with postage, with the corresponding postage revenue being recognized as services are performed. Performance Obligations At the inception of each contract, we assess the goods and services promised in our contracts and identify each distinct performance obligation. The majority of our contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts. For the majority of our business and transaction processing service contracts, revenues are recognized as services are provided based on an appropriate input or output method, typically based on the related labor or transactional volumes. ​ A certain number of our contracts have multiple performance obligations, including contracts that combine software implementation services with post-implementation customer support. For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we estimate our expected costs of satisfying a performance obligation and add an appropriate margin for that distinct good or service. We also use the adjusted market approach whereby we estimate the price that customers in the market would be willing to pay. In assessing whether to allocate variable consideration to a specific part of the contract, we consider the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. A certain number of our software implementation performance obligations are satisfied at a point in time, typically when customer acceptance is obtained. ​ When evaluating the transaction price, we analyze, on a contract-by-contract basis, all applicable variable consideration. The nature of our contracts give rise to variable consideration, including volume discounts, contract penalties, and other similar items that generally decrease the transaction price. We estimate these amounts based on the expected amount to be provided to customers and reduce revenues recognized. We do not anticipate significant changes to our estimates of variable consideration. ​ We include reimbursements from customers, such as postage costs, in revenue, while the related costs are included in cost of revenue. Transaction Price Allocated to the Remaining Performance Obligations In accordance with optional exemptions available under ASC 606, we did not disclose the value of unsatisfied performance obligations for (a) contracts with an original expected length of one year or less, and (b) contracts for which variable consideration relates entirely to an unsatisfied performance obligation, which comprise the majority of our contracts. We have certain non-cancellable contracts where we receive a fixed monthly fee in exchange for a series of distinct services that are substantially the same and have the same pattern of transfer over time, with the corresponding remaining performance obligations as of March 31, 2022 in each of the future periods below: ​ ​ ​ ​ ​ Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations ​ ​ ​ Remainder of 2022 ​ $ 35,014 2023 ​ 35,725 2024 ​ 31,152 2025 ​ 28,316 2026 ​ 570 2027 and thereafter ​ — Total $ 130,777

General (Tables)

General (Tables)	3 Months Ended
	Mar. 31, 2022
General
Schedule of components of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Net loss attributable to common stockholders (A) ​ $ (57,895) ​ $ (38,304) Weighted average common shares outstanding - basic and diluted (B) ​ ​ 343,732,970 ​ ​ 50,646,482 Loss Per Share: ​ ​ ​ ​ ​ ​ Basic and diluted (A/B) ​ $ (0.17) ​ $ (0.76)

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Schedule of disaggregated revenue from contracts by geographic region and by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total    ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total U.S.A. $ 148,344 ​ $ 56,596 ​ $ 17,795 ​ $ 222,735 ​ $ 172,924 ​ $ 51,093 ​ $ 17,088 ​ $ 241,105 EMEA ​ 51,978 ​ — ​ — ​ 51,978 ​ ​ 54,209 ​ — ​ — ​ ​ 54,209 Other ​ 4,685 ​ — ​ — ​ 4,685 ​ ​ 4,742 ​ — ​ — ​ ​ 4,742 Total $ 205,007 ​ $ 56,596 ​ $ 17,795 ​ $ 279,398 ​ $ 231,875 ​ $ 51,093 $ 17,088 $ 300,056
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Accounts receivable, net ​ $ 189,585 ​ $ 184,102 Deferred revenues ​ 19,150 ​ 17,518 Customer deposits ​ 16,780 ​ 17,707 Costs to obtain and fulfill a contract ​ 2,175 ​ 2,328 ​
Schedule of estimated remaining fixed consideration for unsatisfied performance obligations	​ ​ ​ ​ ​ Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations ​ ​ ​ Remainder of 2022 ​ $ 35,014 2023 ​ 35,725 2024 ​ 31,152 2025 ​ 28,316 2026 ​ 570 2027 and thereafter ​ — Total $ 130,777

Intangibles Assets and Goodwi_2

Intangibles Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2022
Intangibles Assets and Goodwill
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Gross Carrying ​ Accumulated ​ Intangible ​ Amount (a) Amortization Asset, net Customer relationships ​ $ 508,258 ​ $ (324,944) ​ $ 183,314 Developed technology ​ ​ 88,553 ​ ​ (87,737) ​ ​ 816 Trade names (b) ​ ​ 8,425 ​ ​ (3,100) ​ ​ 5,325 Outsource contract costs ​ ​ 16,941 ​ ​ (14,765) ​ ​ 2,176 Internally developed software ​ ​ 49,859 ​ ​ (29,587) ​ ​ 20,272 Assembled workforce ​ ​ 4,473 ​ ​ (3,634) ​ ​ 839 Purchased software ​ ​ 26,749 ​ ​ (5,796) ​ ​ 20,953 Intangibles, net ​ $ 703,258 ​ $ (469,563) ​ $ 233,695 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Gross Carrying ​ Accumulated ​ Intangible ​ Amount (a) Amortization Asset, net Customer relationships ​ $ 508,241 ​ $ (316,084) ​ $ 192,157 Developed technology ​ ​ 88,553 ​ ​ (87,612) ​ ​ 941 Trade names (b) ​ ​ 8,400 ​ ​ (3,100) ​ ​ 5,300 Outsource contract costs ​ ​ 16,814 ​ ​ (14,486) ​ ​ 2,328 Internally developed software ​ ​ 49,108 ​ ​ (27,812) ​ ​ 21,296 Assembled workforce ​ ​ 4,473 ​ ​ (3,355) ​ ​ 1,118 Purchased software ​ ​ 26,749 ​ ​ (5,350) ​ ​ 21,399 Intangibles, net ​ $ 702,338 ​ $ (457,799) ​ $ 244,539 ​ (a) Amounts include intangible assets acquired in business combinations and asset acquisitions. (b) The carrying amount of trade names for 2022 and 2021 is net of accumulated impairment losses of $44.1 million. Carrying amount of $5.3 million as at March 31, 2022 represents indefinite-lived intangible asset.
Schedule of goodwill by reporting segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as at January 1, 2021 (a) ​ ​ Additions ​ ​ Deletions ​ ​ Impairments ​ ​ Currency Translation Adjustments ​ ​ Balances as at December 31, 2021 (a) ITPS ​ $ 254,130 ​ $ — ​ $ (825) ​ $ — ​ $ (633) ​ $ 252,672 HS ​ ​ 86,786 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,786 LLPS ​ ​ 18,865 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,865 Total ​ $ 359,781 ​ $ — ​ $ (825) ​ $ — ​ $ (633) ​ $ 358,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as at January 1, 2022 (a) ​ ​ Additions ​ ​ Deletions ​ ​ Impairments ​ ​ Currency Translation Adjustments ​ ​ Balances as at March 31, 2022 (a) ITPS ​ $ 252,672 ​ $ — ​ $ — ​ $ — ​ $ (112) ​ $ 252,560 HS ​ ​ 86,786 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,786 LLPS ​ ​ 18,865 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,865 Total ​ $ 358,323 ​ $ — ​ $ — ​ $ — ​ $ (112) ​ $ 358,211 ​ (a) The goodwill amount for all periods presented is net of accumulated impairment amounts. Accumulated impairment relating to ITPS is $316.5 million as at March 31, 2022 and December 31, 2021; and $317.5 million as at December 31, 2020. Accumulated impairment relating to LLPS is $243.4 million as at March 31, 2022, December 31, 2021 and December 31, 2020.

Long-Term Debt and Credit Fac_2

Long-Term Debt and Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2022
Long-Term Debt and Credit Facilities
Schedule of outstanding long-term debt instruments	​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Other (a) $ 29,804 ​ ​ 29,296 Term loan under first lien credit agreement (b) ​ 85,085 ​ ​ 89,585 Senior secured 2023 notes (c) ​ 22,651 ​ ​ 22,616 Senior secured 2026 notes (d) ​ 885,725 ​ ​ 801,306 Secured borrowings under BRCC Facility ​ 92,325 ​ ​ 115,000 Secured borrowings under Securitization Facility ​ 91,947 ​ ​ 91,947 Revolver ​ — ​ ​ 99,477 Total debt ​ 1,207,537 ​ ​ 1,249,227 Less: Current portion of long-term debt ​ (138,664) ​ ​ (144,828) Long-term debt, net of current maturities $ 1,068,873 ​ $ 1,104,399 ​ (a) Other debt represents outstanding loan balances associated with various hardware, software purchases, maintenance and leasehold improvements along with loans and receivables factoring arrangement entered into by subsidiaries of the Company. (b) Net of unamortized original issue discount and debt issuance costs of $0.6 million and $2.3 million as of March 31, 2022 and $0.8 million and $2.8 million as of December 31, 2021. (c) Net of unamortized original issue discount and debt issuance costs of $0.1 million and less than $0.1 million as of March 31, 2022 and $0.2 million and $0.1 million as of December 31, 2021. (d) Net of unamortized net original issue discount and debt issuance costs of $26.7 million and $14.0 million as of March 31, 2022; and unamortized net debt exchange premium and carried forward debt issuance costs of $15.4 million and $9.0 million as of December 31, 2021 .

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Employee Benefit Plans
Schedule of components of the net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Service cost ​ $ 16 ​ $ 19 Interest cost ​ ​ 517 ​ ​ 424 Expected return on plan assets ​ ​ (772) ​ ​ (605) Amortization: ​ ​ ​ ​ ​ ​ Amortization of prior service cost ​ ​ 56 ​ ​ 45 Amortization of net loss ​ ​ 688 ​ ​ 838 Net periodic benefit cost ​ $ 505 ​ $ 721 ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Measurement
Schedule of fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Fair Value Measurements As of March 31, 2022 Amount Value Level 1 Level 2 Level 3 Recurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 1,068,873 ​ $ 616,269 ​ $ — ​ $ 616,269 ​ $ — True-up guarantee liability ​ ​ 23,585 ​ ​ 23,585 ​ ​ — ​ ​ — ​ ​ 23,585 Nonrecurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 358,211 ​ ​ 358,211 ​ ​ — ​ ​ — ​ ​ 358,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Fair Value Measurements As of December 31, 2021 Amount Value Level 1 Level 2 Level 3 Recurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 1,104,399 ​ $ 895,615 ​ $ — ​ $ 895,615 ​ $ — Nonrecurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 358,323 ​ ​ 358,323 ​ ​ — ​ ​ — ​ ​ 358,323

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation
Summary of the status of restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ Number ​ Average Grant ​ Contractual Life ​ Aggregate ​ of Units Date Fair Value (Years) Intrinsic Value Outstanding Balance as of December 31, 2021 ​ 1,369,008 ​ $ 1.75 0.11 ​ $ 2,393 Granted — ​ — ​ ​ ​ ​ ​ Forfeited — ​ — ​ ​ ​ ​ ​ Vested (1,283,507) ​ (1.73) ​ ​ ​ ​ ​ Outstanding Balance as of March 31, 2022 ​ 85,501 ​ $ 2.02 0.51 ​ $ 172
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ Remaining ​ ​ ​ ​ ​ ​ ​ Average Grant ​ Average ​ Vesting Period ​ Aggregate ​ Outstanding Date Fair Value Exercise Price (Years) Intrinsic Value (2) Outstanding Balance as of December 31, 2021 ​ 1,445,299 $ 5.63 $ 11.78 0.69 $ — Granted — ​ — ​ ​ ​ ​ ​ ​ ​ Exercised — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Forfeited (24,933) ​ ​ (5.60) ​ ​ ​ ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance as of March 31, 2022 (1) 1,420,366 $ 5.63 $ 11.77 0.55 $ — ​ (1) 542,813 of the outstanding options are exercisable as of March 31, 2022. (2) Exercise prices of all of the outstanding options as of March 31, 2022 were higher than the market price of the shares of the Company. Therefore, aggregate intrinsic value is zero.
Summary of activity for the market performances of RSU	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Weighted ​ Period Over ​ ​ ​ Number ​ Average ​ Which Expected ​ ​ of Units Fair Value ​ to be Recognized Outstanding Balance as of December 31, 2021 ​ ​ 8,500,000 ​ $ 0.46 ​ 2.98 Granted ​ — ​ — ​ Forfeited ​ — ​ — ​ ​ Vested ​ — ​ — ​ ​ Outstanding Balance as of March 31, 2022 ​ ​ 8,500,000 ​ $ 0.46 ​ 2.98

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity
Schedule of sales of shares of Common Stock	​ Supplement Period Number of Shares Sold Weighted Average Price Per Share Gross Proceeds Net Proceeds Prospectus supplement dated May 27, 2021 with an aggregate offering price of up to $100.0 million (“Common ATM Program–1”) May 28, 2021 and through July 1, 2021 49,423,706 $2.008 $99.3 million $95.7 million Prospectus supplement dated June 30, 2021 with an aggregate offering price of up to $150.0 million (“Common ATM Program–2”) June 30, 2021 and through September 2, 2021 57,580,463 $2.603 $149.9 million $144.4 million Prospectus supplement dated September 30, 2021 with an aggregate offering price of up to $250.0 million (“Common ATM Program–3”) October 6, 2021 through March 31, 2022 334,875,948 $0.747 $250.0 million $241.0 million

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related-Party Transactions
Schedule of payable and receivable balances with affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ Receivables and Prepaid Expenses ​ Payables ​ Receivables and Prepaid Expenses ​ Payables HOV Services, Ltd ​ $ 691 ​ $ — ​ $ 708 ​ $ — Rule 14 ​ ​ — ​ ​ 1,466 ​ ​ — ​ ​ 1,483 HGM ​ ​ 28 ​ ​ — ​ ​ 7 ​ ​ — Oakana ​ ​ — ​ ​ 9 ​ ​ — ​ ​ 1 ​ ​ $ 719 ​ $ 1,475 ​ $ 715 ​ $ 1,484

Segment and Geographic Area I_2

Segment and Geographic Area Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment and Geographic Area Information
Schedule of reconciliation of segment profit to net loss before income taxes by segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ITPS HS LLPS Total Revenue ​ $ 205,007 ​ $ 56,596 ​ $ 17,795 ​ $ 279,398 Cost of revenue (exclusive of depreciation and amortization) ​ ​ 163,586 ​ 46,731 ​ 13,187 ​ ​ 223,504 Segment profit ​ ​ 41,421 ​ ​ 9,865 ​ ​ 4,608 ​ ​ 55,894 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 43,040 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,212 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,987 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39,760 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 884 Sundry expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 307 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,159 Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (54,455) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ITPS HS LLPS Total Revenue ​ $ 231,875 ​ $ 51,093 ​ $ 17,088 ​ $ 300,056 Cost of revenue (exclusive of depreciation and amortization) ​ ​ 185,502 ​ ​ 35,818 ​ ​ 11,267 ​ ​ 232,587 Segment profit ​ ​ 46,373 ​ ​ 15,275 ​ ​ 5,821 ​ ​ 67,469 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 41,885 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,599 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,707 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 43,131 Sundry expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 213 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 152 Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (39,218)

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Oct. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Estimated annual interest rate savings	$ 6
Proceeds to be raised	174.6
Shelf Registration Filed
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additonal funds to be raised	1,000	$ 500
Universal Shelf Registration
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additonal funds to be raised	500
PNC Bank Commitment
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Maximum borrowing capacity	150
BRCC Facility
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Past amounts raised	500
Maximum borrowing capacity	51
BRCC Facility | Senior secured revolving facility
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Maximum borrowing capacity	$ 51

General - Net Loss per Share (D

General - Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 18, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Net loss per share
Common Stock, par value (in dollars per share)		$ 0.0001		$ 0.0001
Number of anti-dilutive shares excluded from computation of diluted loss per share		10,005,866	2,278,365
Net loss attributable to common stockholders		$ (57,895)	$ (38,304)
Weighted average common shares outstanding - basic		343,732,970	50,646,482
Weighted average common shares outstanding - diluted		343,732,970	50,646,482
Basic (in dollars per share)		$ (0.17)	$ (0.76)
Diluted (in dollars per share)		$ (0.17)	$ (0.76)
Series A Preferred Stock
Net loss per share
Number of anti-dilutive shares excluded from computation of diluted loss per share		1,341,917
Series B Preferred Stock
Net loss per share
Number of anti-dilutive shares excluded from computation of diluted loss per share		18,066,582
Warrant
Net loss per share
Number of anti-dilutive shares excluded from computation of diluted loss per share		35,000,000
Warrant | Private Placement
Net loss per share
Number of anti-dilutive shares excluded from computation of diluted loss per share	9,731,819

Significant Accounting Polici_4

Significant Accounting Policies - Disaggregation of Revenues (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Disaggregation of Revenues
Number of segments | segment	3
Revenue	$ 279,398	$ 300,056
U.S.A.
Disaggregation of Revenues
Revenue	222,735	241,105
EMEA
Disaggregation of Revenues
Revenue	51,978	54,209
Other.
Disaggregation of Revenues
Revenue	4,685	4,742
ITPS
Disaggregation of Revenues
Revenue	205,007	231,875
ITPS | U.S.A.
Disaggregation of Revenues
Revenue	148,344	172,924
ITPS | EMEA
Disaggregation of Revenues
Revenue	51,978	54,209
ITPS | Other.
Disaggregation of Revenues
Revenue	4,685	4,742
HS
Disaggregation of Revenues
Revenue	56,596	51,093
HS | U.S.A.
Disaggregation of Revenues
Revenue	56,596	51,093
LLPS
Disaggregation of Revenues
Revenue	17,795	17,088
LLPS | U.S.A.
Disaggregation of Revenues
Revenue	$ 17,795	$ 17,088

Significant Accounting Polici_5

Significant Accounting Policies - Contract Balances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)category	Dec. 31, 2021USD ($)
Significant Accounting Policies
Accounts receivable, net	$ 189,585	$ 184,102
Deferred revenues	19,150	17,518
Customer deposits	16,780	17,707
Costs to obtain and fulfill a contract	2,175	2,328
Unbilled receivables, net	28,500	$ 22,600
Revenue recognized from deferred revenue	8,900
Amortization of contract costs	$ 300
Practical expedient on incremental costs of obtaining contracts	true
Number of principal categories | category	2

Significant Accounting Polici_6

Significant Accounting Policies - Performance Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Significant Accounting Policies
Contracts with an original expected length	true
Remainder of 2022	$ 35,014
2023	35,725
2024	31,152
2025	28,316
2026	570
Total	$ 130,777

Intangibles Assets and Goodwi_3

Intangibles Assets and Goodwill - Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangibles
Gross Carrying Amount	$ 703,258	$ 702,338
Accumulated Amortization	(469,563)	(457,799)
Intangible Asset, net	233,695	244,539
Carrying amount of indefinite-lived trade names which are not amortizable	5,300
Customer relationships
Intangibles
Gross Carrying Amount	508,258	508,241
Accumulated Amortization	(324,944)	(316,084)
Intangible Asset, net	183,314	192,157
Developed technology
Intangibles
Gross Carrying Amount	88,553	88,553
Accumulated Amortization	(87,737)	(87,612)
Intangible Asset, net	816	941
Trade names
Intangibles
Gross Carrying Amount	8,425	8,400
Accumulated Amortization	(3,100)	(3,100)
Intangible Asset, net	5,325	5,300
Accumulated impairment losses	44,100	44,100
Outsource contract costs
Intangibles
Gross Carrying Amount	16,941	16,814
Accumulated Amortization	(14,765)	(14,486)
Intangible Asset, net	2,176	2,328
Internally developed software
Intangibles
Gross Carrying Amount	49,859	49,108
Accumulated Amortization	(29,587)	(27,812)
Intangible Asset, net	20,272	21,296
Assembled workforce
Intangibles
Gross Carrying Amount	4,473	4,473
Accumulated Amortization	(3,634)	(3,355)
Intangible Asset, net	839	1,118
Purchased software
Intangibles
Gross Carrying Amount	26,749	26,749
Accumulated Amortization	(5,796)	(5,350)
Intangible Asset, net	$ 20,953	$ 21,399

Intangibles Assets and Goodwi_4

Intangibles Assets and Goodwill - Goodwill (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)segment	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Goodwill
Number of segments | segment	3
Beginning of Year Balance	$ 358,323	$ 359,781
Deletions		(825)
Currency Translation Adjustments	(112)	(633)
End of Year Balance	358,211	358,323
ITPS
Goodwill
Beginning of Year Balance	252,672	254,130
Deletions		(825)
Currency Translation Adjustments	(112)	(633)
End of Year Balance	252,560	252,672
Accumulated impairment losses	316,500	316,500	$ 317,500
HS
Goodwill
Beginning of Year Balance	86,786	86,786
End of Year Balance	86,786	86,786
LLPS
Goodwill
Beginning of Year Balance	18,865	18,865
End of Year Balance	18,865	18,865
Accumulated impairment losses	$ 243,400	$ 243,400	$ 243,400

Long-Term Debt and Credit Fac_3

Long-Term Debt and Credit Facilities (Details)	Mar. 18, 2022USD ($)	Mar. 07, 2022USD ($)	Dec. 09, 2021USD ($)	Oct. 27, 2021USD ($)	Mar. 31, 2022USD ($)installment	Dec. 31, 2021USD ($)	Dec. 07, 2021USD ($)	Nov. 17, 2021USD ($)	Mar. 31, 2021USD ($)	Jul. 12, 2017USD ($)
Long-Term Debt and Credit Facilities.
Debt repayment in cash			$ 225,000,000	$ 225,000,000
Public exchange in cash				900
Debt instrument cash exchanged			84,300,000
Debt instrument face amount exchanged				912,660,000
Outstanding debt					$ 1,207,537,000	$ 1,249,227,000
Debt instruments exit fee					(884,000)
Secured 2023 notes
Long-Term Debt and Credit Facilities.
Principal amount										$ 1,000,000,000
Interest rate (in percent)										10.00%
Debt instrument principle amount denomination				$ 1,000
Debt instrument face amount exchanged percentage				91.30%
Debt instrument face amount exchanged outstanding					22,800,000
Secured 2026 notes
Long-Term Debt and Credit Facilities.
Principal amount			$ 127,800,000		81,500,000	790,500,000
Net proceeds from 2026 notes					$ 49,800,000
Interest rate (in percent)			11.50%		11.50%
Debt instrument principle amount denomination				$ 1,000
Debt instrument face amount exchanged			$ 662,660,000
Outstanding debt						795,000,000
Line of credit facility on notes	$ 50,000,000
Debt principal amount issued by subsidiary one, as remaining collateral for settlement obligation					$ 33,400,000
Debt principal amount issued by subsidiary two, as remaining collateral for settlement obligation					10,000,000
Debt instruments accrued additional true up liability					6,200,000
BRCC Facility
Long-Term Debt and Credit Facilities.
Principal amount							$ 115,000,000	$ 75,000,000
Interest rate (in percent)								11.50%
Outstanding debt					92,325,000	$ 115,000,000
Debt instrument, repayment made In cash					22,700,000
Maximum borrowing capacity					$ 51,000,000
Availability under credit facility									$ 10,000,000
Number of installments | installment					12
Debt instruments exit fee					$ 700,000
Senior secured term loan
Long-Term Debt and Credit Facilities.
Outstanding debt			$ 212,100,000		88,100,000
Exchange Notes
Long-Term Debt and Credit Facilities.
Debt instruments liability recognized on original issuance discount					$ 17,400,000
Revolving Loan Exchange and Prepayment Agreement
Long-Term Debt and Credit Facilities.
Outstanding revolving credit facility		$ 100,000,000
Line of credit facility cash		50,000,000
Write off of previously recognized debt issuance costs		200,000
Revolving Loan Exchange and Prepayment Agreement | Secured 2026 notes
Long-Term Debt and Credit Facilities.
Line of credit facility on notes		$ 50,000,000

Long-Term Debt and Credit Fac_4

Long-Term Debt and Credit Facilities - Senior Credit Facilities (Details) - USD ($) $ in Millions	Jul. 12, 2017	Dec. 31, 2021
Senior secured term loan
Long-Term Debt and Credit Facilities.
Debt Instrument, Face Amount	$ 350
Original issue discount	$ 7
Principal percentage of each of first eight payments (as a percent)	0.60%
Principal percentage of each payment thereafter (as a percent)	1.30%
Senior secured term loan | LIBOR
Long-Term Debt and Credit Facilities.
Applicable margin rate	7.50%
Floor interest rate	1.00%
Senior secured term loan | Base rate
Long-Term Debt and Credit Facilities.
Principal percentage of each payment thereafter (as a percent)	6.50%
Senior secured revolving facility
Long-Term Debt and Credit Facilities.
Maximum borrowing capacity	$ 100
Letters of credit outstanding		$ 0.5
Credit facility drawn		$ 100
Senior secured revolving facility | LIBOR
Long-Term Debt and Credit Facilities.
Principal percentage of each payment thereafter (as a percent)	7.00%
Senior secured revolving facility | Base rate
Long-Term Debt and Credit Facilities.
Principal percentage of each payment thereafter (as a percent)	6.00%

Long-Term Debt and Credit Fac_5

Long-Term Debt and Credit Facilities - Term Loan Repricing (Details) - USD ($) $ in Thousands	Jul. 13, 2018	Mar. 31, 2022	Dec. 31, 2021
Long-Term Debt and Credit Facilities.
Outstanding amount of term loans		$ 1,207,537	$ 1,249,227
First Amendment
Long-Term Debt and Credit Facilities.
Outstanding amount of term loans	$ 343,400
Reduction in interest rate (in percentage)	100.00%
First Amendment | Federal funds rate
Long-Term Debt and Credit Facilities.
Variable interest rate (as a percent)	0.50%
First Amendment | LIBOR
Long-Term Debt and Credit Facilities.
Floor interest rate	1.00%
Variable interest rate (as a percent)	6.50%
First Amendment | One-month adjusted LIBOR
Long-Term Debt and Credit Facilities.
Variable interest rate (as a percent)	1.00%
First Amendment | Base rate
Long-Term Debt and Credit Facilities.
Variable interest rate (as a percent)	5.50%
Senior secured revolving facility
Long-Term Debt and Credit Facilities.
Outstanding amount of term loans	$ 343,400
Maximum debt issuance costs for new lenders exceeded 10% test	100
Senior secured revolving facility | First Amendment
Long-Term Debt and Credit Facilities.
Debt issuance costs	1,000
Amortization expense of debt issuance costs	1,000
Write off of previously recognized debt issuance costs	$ 100

Long-Term Debt and Credit Fac_6

Long-Term Debt and Credit Facilities - 2018 and 2019 Incremental Term Loan (Details) - USD ($) $ in Millions	Apr. 16, 2019	Jul. 13, 2018	Dec. 31, 2019
Long-Term Debt and Credit Facilities.
Proceeds from incremental term loans	$ 30	$ 30
Repricing Term Loan
Long-Term Debt and Credit Facilities.
Debt extinguishment costs			$ 1.4

Long-Term Debt and Credit Fac_7

Long-Term Debt and Credit Facilities - Repurchases (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Senior secured notes
Repurchase of principal amount	$ 64.5
Net cash consideration	48.4
Senior secured term loan
Repurchase of principal amount	40
Net cash consideration	$ 22.8

Long-Term Debt and Credit Fac_8

Long-Term Debt and Credit Facilities - Securitization (Details) - USD ($) $ in Thousands	Dec. 17, 2020	Dec. 31, 2020	Mar. 31, 2021	Sep. 30, 2021	Mar. 31, 2022	May 18, 2020
Proceeds from initial borrowings			$ 3,000
A/R Facility
Accounts Receivable from Securitization	$ 160,000
Minimum liquidity for A/R facility						$ 35,000
Forbearance fee						$ 5,000
Securitization Facility
Accounts Receivable from Securitization	$ 145,000
Accounts Receivable, Securitization, Term	5 years
Variable interest rate (as a percent)		8.75%
Available facility amount					$ 91,900
Initial funding supported by receivables	$ 92,000
Further funding supported by inventory and intellectual property	53,000
Proceeds from initial borrowings	92,000
Proceeds from additional borrowings				$ 53,000
Proceeds from issuance of debt used for repayment of previous debt	$ 83,000
Securitization Facility | Federal funds rate
Variable interest rate (as a percent)		0.50%
Securitization Facility | One-month adjusted LIBOR
Variable interest rate (as a percent)		1.00%
Securitization Facility | LIBOR
Variable interest rate (as a percent)		9.75%

Long-Term Debt and Credit Fac_9

Long-Term Debt and Credit Facilities - Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Long-Term Debt and Credit Facilities.
Total debt	$ 1,207,537	$ 1,249,227
Less: Current portion of long-term debt	(138,664)	(144,828)
Long-term debt, net of current maturities	1,068,873	1,104,399
Other
Long-Term Debt and Credit Facilities.
Total debt	29,804	29,296
First lien credit agreement
Long-Term Debt and Credit Facilities.
Total debt	85,085	89,585
Debt discount	600	800
Unamortized debt issuance costs	2,300	2,800
Senior secured notes
Long-Term Debt and Credit Facilities.
Debt discount	100	200
Unamortized debt issuance costs	100	100
Revolver
Long-Term Debt and Credit Facilities.
Total debt		99,477
Securitization Facility
Long-Term Debt and Credit Facilities.
Total debt	91,947	91,947
Secured 2023 notes | Senior secured notes
Long-Term Debt and Credit Facilities.
Total debt	$ 22,651	22,616
Secured 2026 notes
Long-Term Debt and Credit Facilities.
Total debt		795,000
Debt instrument, redemption price percentage	100.00%
Debt instrument redemption price premium, percentage on principle amount	1.00%
Debt Instrument Redemption price premium, basis spread on variable rate	50.00%
Secured 2026 notes | Senior secured notes
Long-Term Debt and Credit Facilities.
Total debt	$ 885,725	801,306
Debt discount	26,700
Debt exchange premium		15,400
Unamortized debt issuance costs	14,000	9,000
BRCC Facility
Long-Term Debt and Credit Facilities.
Total debt	$ 92,325	$ 115,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income tax (expense) benefit	$ 2,501	$ (18)
Annual effective tax rate	(4.60%)	0.05%
Statutory tax rate	21.00%	21.00%
Maximum
Income tax (expense) benefit		$ 100

Employee Benefit Plans - German

Employee Benefit Plans - Germany & UK (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
German Pension Plan | Unfunded Plan
Pension plans
Plan assets	$ 0
German Pension Plan | Unfunded Plan | Minimum
Pension plans
Qualifying period	10 years
U.K. Pension Plan | Minimum
Pension plans
Minimum required years prior to retirement for eligibility	3 years
Asterion Pension Plan | Minimum
Pension plans
Minimum required years prior to retirement for eligibility	3 years
Norway Pension Plan | Minimum
Pension plans
Minimum required years prior to retirement for eligibility	3 years

Employee Benefit Plans - Tax Ef

Employee Benefit Plans - Tax Effect on Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized in Net Periodic Benefit Costs
Net actuarial loss	$ 10.6	$ 10.9
Deferred tax benefit	$ 2	$ 2

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net periodic benefit cost
Employer contributions	$ 700	$ 900
Pension [Member]
Net periodic benefit cost
Service cost	16	19
Interest cost	517	424
Expected return on plan assets	(772)	(605)
Amortization of prior service cost	56	45
Amortization of net loss	(688)	(838)
Net periodic benefit cost	$ 505	$ 721

Commitments and Contingencies (

Commitments and Contingencies (Details) $ / shares in Units, € in Millions	May 28, 2021USD ($)	Mar. 26, 2020USD ($)	Jan. 30, 2020$ / shares	Sep. 21, 2017$ / sharesshares	Nov. 30, 2020USD ($)	Sep. 30, 2020EUR (€)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Commitments and Contingencies
Amount awarded to petitioners								$ 63,400,000
Accrued liability							$ 24,500,000	$ 63,400,000
Paid of accrued amount for settlement							40,000,000
Adverse Arbitration Order
Commitments and Contingencies
Accrued liability							$ 2,900,000
Amount awarded to customer					$ 13,000,000
Amount paid towards judgement	$ 8,800,000
Earnout sought | €						€ 10
SourceHOV | Petitioners
Commitments and Contingencies
Court determined fair value of stock at time of business combination (per share) | $ / shares			$ 4,591
Amount awarded to petitioners		$ 57,698,426
SourceHOV | Minimum | Petitioners
Commitments and Contingencies
Argued fair value per share | $ / shares				$ 1,633.85
SourceHOV | Maximum | Petitioners
Commitments and Contingencies
Argued fair value per share | $ / shares				$ 5,079.28
SourceHOV | Fair value guarantee | Common Stock
Commitments and Contingencies
Number of shares owned | shares				10,304

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Carrying amounts and estimated fair values of financial instruments
Goodwill	$ 358,211	$ 358,323	$ 359,781
Senior secured term loan
Assets and liabilities measured at fair value
Fair value percentage	70.00%	70.00%
Secured 2023 notes
Assets and liabilities measured at fair value
Fair value percentage	70.00%	70.00%
Secured 2026 notes
Assets and liabilities measured at fair value
Fair value percentage	50.00%	50.00%
Carrying Amount | Recurring assets and liabilities
Carrying amounts and estimated fair values of financial instruments
Long-term debt	$ 1,068,873	$ 1,104,399
True-up guarantee liability	23,585
Carrying Amount | Nonrecurring assets and liabilities
Carrying amounts and estimated fair values of financial instruments
Goodwill	358,211	358,323
Fair Value | Recurring assets and liabilities
Carrying amounts and estimated fair values of financial instruments
Long-term debt	616,269	895,615
True-up guarantee liability	23,585
Fair Value | Recurring assets and liabilities | Level 2
Carrying amounts and estimated fair values of financial instruments
Long-term debt	616,269	895,615
Fair Value | Recurring assets and liabilities | Level 3
Carrying amounts and estimated fair values of financial instruments
True-up guarantee liability	23,585
Fair Value | Nonrecurring assets and liabilities
Carrying amounts and estimated fair values of financial instruments
Goodwill	358,211	358,323
Fair Value | Nonrecurring assets and liabilities | Level 3
Carrying amounts and estimated fair values of financial instruments
Goodwill	$ 358,211	$ 358,323

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Incentive Plan (Details) - shares	Mar. 31, 2022	Dec. 31, 2021	Dec. 20, 2017
Exela 2018 Stock Incentive Plan
Common stock shares authorized	1,600,000,000	1,600,000,000
2018 Plan
Exela 2018 Stock Incentive Plan
Common stock shares authorized		17,848,076	2,774,589
2018 Plan | Maximum
Exela 2018 Stock Incentive Plan
Common stock shares authorized			2,774,588

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Unit Grants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Adjustment to number of shares withheld in lieu of tax obligation of RSU holders in the year 2018	239,847
Payment, Tax Withholding, Share-based Payment Arrangement	$ 195
RSU's | 2018 Plan
Number of Units
Outstanding Balance as of December 31, 2021	1,369,008
Shares vested	(1,283,507)
Outstanding Balance as of March 31, 2022	85,501	1,369,008
Weighted Average Grant Date Fair Value
Balance at the beginning of the period	$ 1.75
Shares vested	(1.73)
Balance at the end of the period	$ 2.02	$ 1.75
Average Remaining Contractual Life (Years)
Weighted average remaining contractual life (in years)	6 months 3 days	1 month 9 days
Aggregate Intrinsic Value
Aggregate intrinsic value outstanding	$ 172	$ 2,393
RSU's | 2018 Plan | Minimum
Stock-Based Compensation
Vesting period	1 year
RSU's | 2018 Plan | Maximum
Stock-Based Compensation
Vesting period	2 years

Stock-Based Compensation - Opti

Stock-Based Compensation - Options (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 18, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Unrecognized compensation expense
Total compensation expense		$ 0.2
2018 Plan
Unrecognized compensation expense
Unrecognized compensation expense		0.8
2018 Plan | Selling, general and administrative expense
Unrecognized compensation expense
Total compensation expense		$ 0.1	$ 0.4
Stock options
Outstanding
Exercised (in shares)		542,813
Stock options | 2018 Plan
Stock-based compensation
Minimum fair market value per share of underlying stock used to determine option grant price, as a percent	100.00%
Expiration of stock options	10 years
Outstanding
Outstanding Balance at beginning of the year (in shares)		1,445,299
Forfeited (in shares)		(24,933)
Outstanding Balance at the end of the year (in shares)		1,420,366		1,445,299
Weighted average Grant Date fair Value
Outstanding balance at the beginning of the period		$ 5.63
Forfeited		(5.60)
Outstanding balance at the end of the period		5.63		$ 5.63
Weighted Average Exercise Price
Outstanding Balance at the beginning of the year		11.78
Outstanding Balance at the end of the year (in shares)		$ 11.77		$ 11.78
Additional information
Average Remaining Vesting Period		6 months 18 days		8 months 8 days
Aggregate Intrinsic Value		$ 0
Stock options | 2018 Plan | Minimum
Stock-based compensation
Vesting period		2 years
Stock options | 2018 Plan | Maximum
Stock-based compensation
Vesting period		4 years

Stock-Based Compensation - Mark

Stock-Based Compensation - Market Performance Units (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 14, 2021	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 0.2
Market Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of the awards		$ 0.46	$ 0.46
Unrecognized compensation expense		$ 2.4
Market Performance Units | Share Price (Less or equal to $2.00 per share)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		0.00%
Share Price		$ 2
Market Performance Units | Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Share Price	$ 10
Number of consecutive trading days	60 days
Number of non-consecutive trading days	90 days
Number of trading days under arrangement	180 days
Fair value of the awards		1.48
Modification date fair value			0.44
Market Performance Units | Tranche 1 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price		2
Market Performance Units | Tranche 1 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price		$ 10
Market Performance Units | Tranche 1 | Share Price ( Equal to or Greater than $10.00 per share)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		100.00%
Share Price		$ 10
Market Performance Units | Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Share Price	$ 20	$ 20
Number of consecutive trading days	60 days
Number of non-consecutive trading days	90 days
Number of trading days under arrangement	180 days
Consideration for forfeited unearned shares		$ 0
Fair value of the awards		$ 1.51
Modification date fair value			$ 0.47
Market Performance Units | Tranche 2 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price		$ 20
Market Performance Units | Tranche 2 | Share Price (Greater or equal to $20.00 per share)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		100.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of activity for the Market Performance RSUs (Details) - Market Performance Units - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Units
Outstanding Balance as of December 31, 2021	8,500,000
Outstanding Balance as of March 31, 2022	8,500,000	8,500,000
Weighted Average Grant Date Fair Value
Balance at the beginning of the period	$ 0.46
Balance at the end of the period	$ 0.46	$ 0.46
Weighted Average Period Over Which Expected to be Recognized
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	2 years 11 months 23 days	2 years 11 months 23 days

Stockholders Equity - Common St

Stockholders Equity - Common Stock (Details)	3 Months Ended
	Mar. 31, 2022Voteshares	Mar. 31, 2021shares	Dec. 31, 2021shares
Common Stock
Common Stock, shares authorized	1,600,000,000		1,600,000,000
Number of voting rights entitled for each share of Common Stock held | Vote	1
Common stock, shares outstanding	484,557,092		265,194,961
Series A Preferred Stock
Common Stock
Preferred stock converted to Common Stock (in shares)		(510,681)

Stockholders Equity - Sales of

Stockholders Equity - Sales of Shares of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Aggregate offering price	$ 114,533	$ 25,080
Common ATM Program-1
Class of Stock [Line Items]
Aggregate offering price	$ 100,000
Number of Shares Sold	49,423,706
Weighted Average Price Per Share	$ 2.008
Gross proceeds	$ 99,300
Net proceeds	95,700
Common ATM Program-2
Class of Stock [Line Items]
Aggregate offering price	$ 150,000
Number of Shares Sold	57,580,463
Weighted Average Price Per Share	$ 2.603
Gross proceeds	$ 149,900
Net proceeds	144,400
Common ATM Program-3
Class of Stock [Line Items]
Aggregate offering price	$ 250,000
Number of Shares Sold	334,875,948
Weighted Average Price Per Share	$ 0.747
Gross proceeds	$ 250,000
Net proceeds	$ 241,000

Stockholders Equity - Preferred

Stockholders Equity - Preferred Stock (Details)	Mar. 23, 2022USD ($)	Feb. 24, 2022$ / sharesshares	Mar. 31, 2022USD ($)director$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 11, 2022USD ($)shares	Mar. 10, 2022shares	Dec. 31, 2021$ / sharesshares
Preferred Stock
Preferred stock, shares authorized			20,000,000	20,000,000			20,000,000
Preferred Stock, par value (in dollars per share) | $ / shares			$ 0.0001				$ 0.0001
Series A Preferred Stock
Preferred Stock
Preferred stock, shares outstanding			2,778,111				2,778,111
Preferred Stock, cumulative dividends rate (in percentage)			10.00%
Accumulated preferred stock, Dividends | $			$ 900,000	$ 900,000
Conversion of Series A Preferred stock to common shares				(510,681)
Conversion of shares (in shares)				223,413
Additional common stock issuable upon conversion of remaining convertible shares			1,341,917
Cumulative accrued but unpaid dividends | $			$ 13,200,000
Per share average of cumualtive preferred dividends (in dolars per share) | $ / shares			$ 0.3	$ (0.3)
Reverse stock split			0.4830
Series B Preferred Stock
Preferred Stock
Preferred stock, shares authorized					5,000,000
Preferred stock, shares outstanding			900,328				0
Preferred Stock, par value (in dollars per share) | $ / shares		$ 0.0001
Conversion of Series A Preferred stock to common shares			900,328
Conversion of shares (in shares)			18,066,582
Third anniversary expected liquidation preference (in dollars per share) | $ / shares		$ 25
Per share average of cumulative preferred dividends (in dollars per share) | $ / shares			$ 0.08
Reverse stock split			20.0667
Number of common stock exchanged for each preferred share		20
Number of common stock tendered						18,006,560
Issuances of preferred stock | $					$ 900,328
Preferred stock cumulative dividend			6.00%
Number of directors | director			1
Number of directors in arrears | director			8
Maximum | Series B Preferred Stock
Preferred Stock
Dividends, Preferred Stock | $	$ 100,000		$ 100,000
Common Stock | Series A Preferred Stock
Preferred Stock
Accumulated preferred stock, Dividends | $				$ 1,800,000
Common Stock | Common Stock
Preferred Stock
Accumulated preferred stock, Dividends | $				$ 900,000

Stockholders Equity - Treasury

Stockholders Equity - Treasury Stock (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2020	Nov. 08, 2017
Stockholders' Equity
Treasury stock, shares authorized			1,666,667
Shares repurchased (in shares)	929,049
Shares returned in connection with the Appraisal Action following repayment of Margin Loan (in shares)		1,523,578

Stockholders Equity - Warrants

Stockholders Equity - Warrants (Details) $ / shares in Units, $ in Millions	Mar. 15, 2021USD ($)$ / sharesshares	Mar. 31, 2022item$ / sharesshares
Warrants
Warrants outstanding		15,565,152
Number of Common Stock each warrant may purchase		0.167
Exercise price of warrant per one sixth of Common Stock | $ / shares		$ 5.75
Exercise price of warrant per one Common Stock (in US$ per share) | $ / shares		34.50
Warrant redemption price (in US$ per share) | $ / shares		$ 0.01
Minimum written notice period of redemption		30 days
Minimum common stock sales price for exercise of redemption right (in US$ per share) | $ / shares		$ 72
Minimum trading days within 30-day period at $72 per share for exercise of redemption right | item		20
Trading day period for exercise of redemption right		30 days
Period of the 30-day period prior to notice of redemption		3 days
Period of current registration effectivity prior to 30-day trading period		5 days
Initial Public Offering [Member]
Warrants
Warrants outstanding		35,000,000
Number of Common Stock each warrant may purchase		0.167
Private Placement
Warrants
Warrants outstanding		9,731,819
Exercise price of warrant per one Common Stock (in US$ per share) | $ / shares	$ 4
Purchase of common stock, share	9,731,819
Common stock issued price | $ / shares	$ 2.75
Gross proceeds from offering expected | $	$ 26.8
Warrant
Warrants
Number of warrants separated from the original unit		34,986,302
Number of warrants not separated from the original unit		13,698
Warrant | Initial Public Offering [Member]
Warrants
Units issued		35,000,000
Common stock included in units		1
Warrants included in units		1
Warrant | Private Placement
Warrants
Placement fee Percentage on Gross proceeds	5.50%

Related-Party Transactions - Re

Related-Party Transactions - Relationship with HandsOn Global Management (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)agreement	Mar. 31, 2021USD ($)	Dec. 31, 2016
Related-Party Transactions
Amount of related party transaction	$ 1,987	$ 1,707
Related party expense	$ 1,987	1,707
HGM
Related-Party Transactions
Ownership percentage	2.40%
HGM | Travel Expense
Related-Party Transactions
Amount of related party transaction	$ 100	100
HGM | Master Service Agreement
Related-Party Transactions
Number of master agreements | agreement	10
Entities affiliated with HGM managed funds | Master Service Agreement
Related-Party Transactions
Revenue share percentage			25.00%
Affiliate of largest stockholder
Related-Party Transactions
Rental expenses	$ 100	100
HOV Services, Ltd | Data Capture And Technology Services | Cost of revenue
Related-Party Transactions
Amount of related party transaction	300	300
SourceHOV | Master Service Agreement
Related-Party Transactions
Revenue share percentage			75.00%
SourceHOV | Entities affiliated with HGM managed funds | Master Service Agreement
Related-Party Transactions
Related party expense	$ 1,500	$ 1,100

Related-Party Transactions - Co

Related-Party Transactions - Consulting Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related-Party Transactions
Related party expense	$ 1,987	$ 1,707
Consulting Services | Oakana Holdings Inc | Maximum
Related-Party Transactions
Related party expense	$ 100	$ 100

Related-Party Transactions - Su

Related-Party Transactions - Subscription Agreements (Details) - Subscription Agreements $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)directorshares
Related Party Transaction [Line Items]
Number of directors | director	5
Sharon Chandha [Member]
Related Party Transaction [Line Items]
Issuance of Common Stock from at the market offerings, net of offering costs (in shares) | shares	62,500
Proceeds from issuance of stock | $	$ 0.1
Par Chadha [Member]
Related Party Transaction [Line Items]
Issuance of Common Stock from at the market offerings, net of offering costs (in shares) | shares	158,730
Proceeds from issuance of stock | $	$ 0.2
Martin Akins [Member]
Related Party Transaction [Line Items]
Issuance of Common Stock from at the market offerings, net of offering costs (in shares) | shares	63,492
Proceeds from issuance of stock | $	$ 0.1
J. Coley Clark [Member]
Related Party Transaction [Line Items]
Issuance of Common Stock from at the market offerings, net of offering costs (in shares) | shares	79,365
Proceeds from issuance of stock | $	$ 0.1
John Rexford [Member]
Related Party Transaction [Line Items]
Issuance of Common Stock from at the market offerings, net of offering costs (in shares) | shares	39,682
Proceeds from issuance of stock | $	$ 0.1

Related-Party Transactions - _2

Related-Party Transactions - Receivable and Payable Balance with Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payable and Receivable Balances with Affiliates
Receivables and Prepaid Expenses	$ 719	$ 715
Payables	1,475	1,484
HOV Services, Ltd
Payable and Receivable Balances with Affiliates
Receivables and Prepaid Expenses	691	708
Rule 14, LLC
Payable and Receivable Balances with Affiliates
Payables	1,466	1,483
HGM
Payable and Receivable Balances with Affiliates
Receivables and Prepaid Expenses	28	7
Oakana Holdings Inc
Payable and Receivable Balances with Affiliates
Payables	$ 9	$ 1

Segment and Geographic Area I_3

Segment and Geographic Area Information - Revenue by segment information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment information
Number of segments | segment	3
Revenue	$ 279,398	$ 300,056
Cost of revenue (exclusive of depreciation and amortization)	223,504	232,587
Segment profit	55,894	67,469
Selling, general and administrative expenses (exclusive of depreciation and amortization)	43,040	41,885
Depreciation and amortization	18,212	19,599
Related party expense	1,987	1,707
Interest expense, net	39,760	43,131
Debt modification and extinguishment costs (gain), net	884
Sundry expense, net	307	213
Other expense, net	6,159	152
Net loss before income taxes	(54,455)	(39,218)
I T P S Segment [Member]
Segment information
Revenue	205,007	231,875
Cost of revenue (exclusive of depreciation and amortization)	163,586	185,502
Segment profit	41,421	46,373
H S Segment [Member]
Segment information
Revenue	56,596	51,093
Cost of revenue (exclusive of depreciation and amortization)	46,731	35,818
Segment profit	9,865	15,275
L L P S Segment [Member]
Segment information
Revenue	17,795	17,088
Cost of revenue (exclusive of depreciation and amortization)	13,187	11,267
Segment profit	$ 4,608	$ 5,821

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 01, 2022	Mar. 31, 2022	May 09, 2022	May 06, 2022	Dec. 31, 2021	Dec. 09, 2021	Dec. 07, 2021	Nov. 17, 2021
BRCC Facility
Subsequent Event [Line Items]
Debt instrument, repayment made In cash		$ 22.7
Available facility amount		51
Principal amount							$ 115	$ 75
Secured 2026 notes
Subsequent Event [Line Items]
Principal amount		$ 81.5			$ 790.5	$ 127.8
Subsequent Events | BRCC Facility
Subsequent Event [Line Items]
Debt instrument, repayment made In cash	$ 20
Subsequent Events | PNC Bank Commitment
Subsequent Event [Line Items]
Available facility amount			$ 150
Subsequent Events | Secured 2026 notes
Subsequent Event [Line Items]
Principal amount				$ 20