Exela (XELA) 10-Q 30 Nov 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Nov. 30, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
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		6,365,353
Entity Central Index Key	0001620179
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 10,718	$ 15,073
Restricted cash	42,792	29,994
Accounts receivable, net of allowance for credit losses of $6,927 and $6,402, respectively	106,831	101,616
Related party receivables and prepaid expenses	463	759
Income tax receivable	539
Inventories, net	11,055	16,848
Prepaid expenses and other current assets	21,463	26,206
Total current assets	193,861	190,496
Property, plant and equipment, net of accumulated depreciation of $214,611 and $207,520, respectively	62,972	71,694
Operating lease right-of-use assets, net	37,400	40,734
Goodwill	170,391	186,802
Intangible assets, net	182,350	200,982
Deferred income tax assets	1,584	1,483
Other noncurrent assets	26,785	29,721
Total assets	675,343	721,912
Current liabilities
Accounts payable	64,105	79,249
Related party payables	1,773	2,473
Income tax payable		2,045
Accrued liabilities	69,324	61,340
Accrued compensation and benefits	50,691	54,143
Accrued interest	60,103	60,901
Customer deposits	15,906	16,955
Deferred revenue	12,039	16,405
Obligation for claim payment	62,294	44,380
Current portion of finance lease liabilities	5,469	5,485
Current portion of operating lease liabilities	11,079	11,867
Current portion of long-term debt	103,409	154,802
Total current liabilities	456,192	510,045
Long-term debt, net of current maturities	960,968	942,035
Finance lease liabilities, net of current portion	7,745	9,448
Pension liabilities, net	17,732	16,917
Deferred income tax liabilities	11,968	11,180
Long-term income tax liabilities	3,801	2,742
Operating lease liabilities, net of current portion	27,991	31,030
Other long-term liabilities	5,955	6,104
Total liabilities	1,492,352	1,529,501
Commitments and Contingencies (Note 8)
Stockholders' equity (deficit)
Common Stock, par value of $0.0001 per share; 1,600,000,000 shares authorized; 6,365,965 shares issued and 6,365,353 shares outstanding at June 30, 2023 and 1,393,889 shares issued and 1,393,276 shares outstanding at December 31, 2022	261	162
Additional paid in capital	1,169,517	1,102,619
Less: Common Stock held in treasury, at cost; 612 shares at June 30, 2023 and December 31, 2022	(10,949)	(10,949)
Equity-based compensation	57,272	56,958
Accumulated deficit	(2,024,331)	(1,948,009)
Accumulated other comprehensive loss:
Foreign currency translation adjustment	(4,992)	(4,788)
Unrealized pension actuarial losses, net of tax	(3,788)	(3,583)
Total accumulated other comprehensive loss	(8,780)	(8,371)
Total stockholders' deficit	(817,009)	(807,589)
Total liabilities and stockholders' deficit	675,343	721,912
Series A Preferred Stock
Stockholders' equity (deficit)
Preferred stock, $0.0001 par value per share, 20,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively	1	1
Series B Preferred Stock
Stockholders' equity (deficit)
Preferred stock, $0.0001 par value per share, 20,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for doubtful accounts	$ 6,927	$ 6,402
Accumulated depreciation	$ 214,611	$ 207,520
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	6,365,965	1,393,889
Common stock, shares outstanding	6,365,353	1,393,276
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Treasury Stock (in shares)	612	612
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, shares authorized	2,800,000
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, par value (in dollars per share)	$ 0.0001
Preferred stock, shares authorized	8,100,000
Preferred stock, shares issued	3,029,900	3,029,900
Preferred stock, shares outstanding	3,029,900	3,029,900

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 272,938	$ 266,770	$ 546,558	$ 546,168
Cost of revenue (exclusive of depreciation and amortization)	212,059	217,277	428,526	440,781
Selling, general and administrative expenses (exclusive of depreciation and amortization)	32,026	50,195	76,407	93,235
Depreciation and amortization	14,890	17,993	31,450	36,205
Related party expense	2,739	2,186	5,851	4,173
Operating profit (loss)	11,224	(20,881)	4,324	(28,226)
Other expense (income), net:
Interest expense, net	45,092	42,271	89,272	82,031
Debt modification and extinguishment costs (gain), net	(6,785)	8,117	(15,558)	9,001
Sundry expense (income), net	1,500	(741)	2,248	(434)
Other expense (income), net	(232)	7,375	(514)	13,534
Net loss before income taxes	(28,351)	(77,903)	(71,124)	(132,358)
Income tax expense	(2,535)	(1,296)	(5,198)	(3,797)
Net loss	(30,886)	(79,199)	(76,322)	(136,155)
Net loss attributable to common stockholders	$ (33,024)	$ (81,392)	$ (80,567)	$ (139,287)
Basic (in dollars per share)	$ (5.19)	$ (643.71)	$ (14.40)	$ (1,310.32)
Diluted (in dollars per share)	$ (5.19)	$ (643.71)	$ (14.40)	$ (1,310.32)
Series A Preferred Stock
Other expense (income), net:
Cumulative dividends for Preferred Stock	$ (967)	$ (876)	$ (1,921)	$ (1,740)
Series B Preferred Stock
Other expense (income), net:
Cumulative dividends for Preferred Stock	$ (1,171)	$ (1,317)	$ (2,324)	$ (1,392)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (30,886)	$ (79,199)	$ (76,322)	$ (136,155)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	1,901	1,133	(204)	2,610
Unrealized pension actuarial gains (losses), net of tax	(116)	802	(205)	1,110
Total other comprehensive loss, net of tax	$ (29,101)	$ (77,264)	$ (76,731)	$ (132,435)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Common Stock	Preferred Stock Series A Preferred Stock	Preferred Stock Series B Preferred Stock	Treasury Stock	Additional Paid in Capital Series B Preferred Stock	Additional Paid in Capital	Equity-based compensation	Foreign currency translation adjustment	Unrealized Pension Actuarial Losses, net of tax	Accumulated Deficit	Series B Preferred Stock	Total
Beginning balance at Dec. 31, 2021	$ 37	$ 1		$ (10,949)		$ 838,853	$ 56,123	$ (7,463)	$ (10,946)	$ (1,532,428)		$ (666,772)
Beginning balance (in shares) at Dec. 31, 2021	66,300	2,778,111		612
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)	(4,502)		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)	59,070
Withholding of employee taxes on vested RSUs							(190)					(190)
Common Stock issued for vested RSUs (in shares)	272
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	121,140	2,778,111	900,328	612
Beginning balance at Dec. 31, 2021	$ 37	$ 1		$ (10,949)		838,853	56,123	(7,463)	(10,946)	(1,532,428)		(666,772)
Beginning balance (in shares) at Dec. 31, 2021	66,300	2,778,111		612
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss												(136,155)
Foreign currency translation adjustment												2,610
Net realized pension actuarial gains, net of tax												1,110
Ending balance at Jun. 30, 2022	$ 91	$ 1		$ (10,949)		1,008,300	56,761	(4,853)	(9,836)	(1,668,583)		(629,068)
Ending balance (in shares) at Jun. 30, 2022	201,297	2,778,111	3,029,900	612
Beginning balance at Mar. 31, 2022	$ 59	$ 1		$ (10,949)		953,364	56,235	(5,986)	(10,638)	(1,589,384)		(607,298)
Beginning balance (in shares) at Mar. 31, 2022	121,140	2,778,111	900,328	612
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss										(79,199)		(79,199)
Equity-based compensation							528					528
Foreign currency translation adjustment								1,133				1,133
Net realized pension actuarial gains, net of tax									802			802
Common Stock exchanged for Series B Preferred Stock	$ (4)					4
Common Stock exchanged for Series B Preferred Stock (in shares)	(10,648)		2,129,572
Issuance of Common Stock from at the market offerings, net of offering costs	$ 36					56,328						56,364
Issuance of Common Stock from at the market offerings, net of offering costs (in shares)	90,948
Withholding of employee taxes on vested RSUs							(2)					(2)
Common Stock issued for vested RSUs (in shares)	12
Agreed cancellation of Common Stock issued for Director's vested RSUs (in shares)	(155)
Dividend declared and paid on Preferred Stock					$ (1,396)						$ (1,396)
Ending balance at Jun. 30, 2022	$ 91	$ 1		$ (10,949)		1,008,300	56,761	(4,853)	(9,836)	(1,668,583)		(629,068)
Ending balance (in shares) at Jun. 30, 2022	201,297	2,778,111	3,029,900	612
Beginning balance at Dec. 31, 2022	$ 162	$ 1		$ (10,949)		1,102,619	56,958	(4,788)	(3,583)	(1,948,009)		(807,589)
Beginning balance (in shares) at Dec. 31, 2022	1,393,276	2,778,111	3,029,900	612
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss										(45,436)		(45,436)
Equity-based compensation							111					111
Foreign currency translation adjustment								(2,105)				(2,105)
Net realized pension actuarial gains, net of tax									(89)			(89)
Issuance of Common Stock from at the market offerings, net of offering costs	$ 99					66,929						67,028
Issuance of Common Stock from at the market offerings, net of offering costs (in shares)	4,977,744
Ending balance at Mar. 31, 2023	$ 261	$ 1		$ (10,949)		1,169,548	57,069	(6,893)	(3,672)	(1,993,445)		(788,080)
Ending balance (in shares) at Mar. 31, 2023	6,371,020	2,778,111	3,029,900	612
Beginning balance at Dec. 31, 2022	$ 162	$ 1		$ (10,949)		1,102,619	56,958	(4,788)	(3,583)	(1,948,009)		(807,589)
Beginning balance (in shares) at Dec. 31, 2022	1,393,276	2,778,111	3,029,900	612
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss												(76,322)
Foreign currency translation adjustment												(204)
Net realized pension actuarial gains, net of tax												(205)
Ending balance at Jun. 30, 2023	$ 261	$ 1		$ (10,949)		1,169,517	57,272	(4,992)	(3,788)	(2,024,331)		(817,009)
Ending balance (in shares) at Jun. 30, 2023	6,365,353	2,778,111	3,029,900	612
Beginning balance at Mar. 31, 2023	$ 261	$ 1		$ (10,949)		1,169,548	57,069	(6,893)	(3,672)	(1,993,445)		(788,080)
Beginning balance (in shares) at Mar. 31, 2023	6,371,020	2,778,111	3,029,900	612
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss										(30,886)		(30,886)
Equity-based compensation							203					203
Foreign currency translation adjustment								1,901				1,901
Net realized pension actuarial gains, net of tax									(116)			(116)
Payment for fractional shares on reverse stock split						(31)						(31)
Payment for fractional shares on reverse stock split (in shares)	(5,667)
Ending balance at Jun. 30, 2023	$ 261	$ 1		$ (10,949)		$ 1,169,517	$ 57,272	$ (4,992)	$ (3,788)	$ (2,024,331)		$ (817,009)
Ending balance (in shares) at Jun. 30, 2023	6,365,353	2,778,111	3,029,900	612

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical)	3 Months Ended
	Jun. 30, 2022 $ / shares
Series B Preferred Stock
Dividend declared and paid on Series B Preferred Stock	$ 0.46

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities
Net loss			$ (76,322)	$ (136,155)
Adjustments to reconcile net loss
Depreciation and amortization	$ 14,890	$ 17,993	31,450	36,205
Original issue discount and debt issuance cost amortization			16,064	5,804
Debt modification and extinguishment costs (gain), net			(16,964)	3,533
Credit loss expense			2,865	285
Deferred income tax provision			776	1,383
Share-based compensation expense			314	836
Unrealized foreign currency losses (gain)			521	(989)
Loss (gain) on sale of assets			(5,831)	508
Change in operating assets and liabilities, net of effect from acquisitions
Accounts receivable			(7,703)	80,674
Prepaid expenses and other current assets			6,495	(10,870)
Accounts payable and accrued liabilities			(639)	45,148
Related party payables			(403)	(23)
Additions to outsource contract costs			(298)	(199)
Net cash (used in) provided by operating activities			(49,675)	26,140
Cash flows from investing activities
Purchase of property, plant and equipment			(3,357)	(10,689)
Additions to patents				(15)
Additions to internally developed software			(1,976)	(1,736)
Proceeds from sale of assets			29,811	194
Net cash provided by (used in) investing activities			24,478	(12,246)
Cash flows from financing activities
Proceeds from issuance of Common Stock from at the market offerings			69,260	177,388
Dividend paid on Series B Preferred Stock				(1,396)
Payment for fractional shares on reverse stock split			(31)
Cash paid for equity issuance costs from at the market offerings			(2,232)	(6,493)
Borrowings under factoring arrangement and Securitization Facility			62,858	69,143
Principal repayment on borrowings under factoring arrangement and Securitization Facility			(63,577)	(160,684)
Cash paid for withholding taxes on vested RSUs				(195)
Lease terminations				(15)
Cash paid for debt issuance costs			(6,398)	(7,125)
Principal payments on finance lease obligations			(2,150)	(2,884)
Borrowings from senior secured revolving facility and BRCC revolver			9,600	12,500
Repayments on senior secured revolving facility				(49,477)
Proceeds from issuance of 2026 Notes				56,583
Borrowings from other loans			24,289	5,491
Cash paid for debt repurchases			(11,858)
Proceeds from Second Lien Note			31,500
Repayment of BRCC term loan			(44,775)	(46,202)
Principal repayments on senior secured term loans and other loans			(32,991)	(15,007)
Net cash provided by financing activities			33,495	31,627
Effect of exchange rates on cash, restricted cash and cash equivalents			145	(404)
Net increase in cash, restricted cash and cash equivalents			8,443	45,117
Cash, restricted cash, and cash equivalents
Beginning of period			45,067	48,060	$ 48,060
End of period	$ 53,510	$ 93,177	53,510	93,177	$ 45,067
Supplemental cash flow data:
Income tax payments, net of refunds received			2,898	4,453
Interest paid			72,608	19,103
Noncash investing and financing activities:
Assets acquired through right-of-use arrangements			405	231
Accrued capital expenditures			$ 2,167	$ 1,400

General

General	6 Months Ended
	Jun. 30, 2023
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, 2022 included in the Exela Technologies, Inc. (the “Company,” “Exela,” “we,” “our” or “us”) annual report on Form 10-K for such period (as amended, the “2022 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”) on April 3, 2023 and May 1, 2023 and available at the SEC’s website at http://www.sec.gov. The accompanying condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X under the Securities Act of 1933, as amended (the “Securities Act”), 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. On May 12, 2023, we effected a one-for- two hundred two hundred Going Concern In accordance with ASC Subtopic 205-40, Presentation of Financial Statements—Going Concern In performing this evaluation, the Company concluded that under the standards of ASC 205-40 the following conditions raised substantial doubt about its ability to continue as a going concern: ● history of net losses, including net losses of $76.3 million for the six months ended June 30, 2023; ● net operating cash outflow of $49.7 million for the six months ended June 30, 2023; ● working capital deficits of $262.3 million as of June 30, 2023; and ● an accumulated deficit of $2,024.3 million as of June 30, 2023. The Company has undertaken and/or completed the following plans and actions to improve its available cash balances, liquidity or cash generated from operations: ● identified and in the process of executing on significant cost savings for fiscal year 2024; ● issued approximately $764.8 million aggregate principal amount of New Notes (as defined in Note 14 – Subsequent Events ) in exchange for $956.0 million aggregate principal amount of existing 2026 Notes that provide flexibility to pay up to 50% of the interest payments in 2024 in New Notes. ● executed a $40.0 million financing agreement with certain lenders with Blue Torch Finance LLC acting as an administrative agent and used proceeds to repay existing debt; ● fully discharged $47.3 million of outstanding principal amount of 2023 Term Loans by issuing $3.0 million aggregate principal amount of New Notes and making cash payments for the remainder; ● fully repaid $9.0 million of outstanding principal amount of 2023 Notes in cash (see Note 14 – Subsequent Events for further details); and ● completed the merger of its European business with CFFE on November 29, 2023 (see Note 14 – Subsequent Events for further details) In addition to these actions, management has reviewed the Company's operational plans which include executing on price increases, acquisition of new customers, projected growth of margins and cost containment activities. The Company will have to restore positive operating cash flows and profitability over the next twelve months and/or raise additional capital to fund its operational plans and otherwise execute its business plan. There can be no assurance that it will be successful in restoring positive cash flows, or that it can raise additional financing when needed, and obtain it on terms acceptable or favorable to the Company. The Company’s plans to further enhance liquidity include the potential sale of certain non-core assets that are not central to the Company’s long-term strategic vision, and any potential action with respect to these operations would be intended to allow the Company to better focus on its core businesses. The Company has retained financial advisors to assist with the sale of select assets. The Company expects to use the potential net proceeds from this initiative for the pay down of debt. These plans are subject to inherent risks and uncertainties and subject to several factors, including market and economic conditions that are outside of the Company’s control. Accordingly, there can be no assurance that these plans can be effectively implemented and, therefore, that the conditions can be effectively mitigated. 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 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 the period 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 June 30, 2023, the outstanding shares of the Company’s Series A Preferred Stock and Series B Preferred Stock, if converted would have resulted in an additional 384 shares and 15,842 shares of our 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., if included, would reduce the net loss per share). Similarly, the Company also did not include the effect of 2,433 shares of Common Stock issuable upon exercise 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 (2,472 and 2,487 as of June 30, 2023 and 2022, respectively) in the calculation of diluted loss per share for the three and six months ended June 30, 2023 and 2022, because their effects were also anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Net loss attributable to common stockholders (A) ​ $ (33,024) ​ $ (81,392) ​ $ (80,567) ​ $ (139,287) Weighted average common shares outstanding – basic and diluted (B) ​ ​ 6,367,969 ​ ​ 126,442 ​ ​ 5,595,352 ​ ​ 106,300 Loss Per Share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted (A/B) ​ $ (5.19) ​ $ (643.71) ​ $ (14.40) ​ $ (1,310.32) ​ ​ Merger Agreement ​ On October 9, 2022, the Company entered into a definitive merger agreement to merge its European business with CF Acquisition Corp. VIII (“CFFE”), a special purpose acquisition company, to form a new publicly-traded company which will be called XBP Europe, Inc. (“XBP Europe”). Following the closing of the transaction, which occurred on November 29, 2023, the Company indirectly owns a majority of the outstanding capital stock of XBP Europe. The effects of these transactions are not reflected in these condensed consolidated financial statements (see Note 14 – Subsequent Events ​ Sale of Non-core Assets ​ On June 8, 2023, the Company completed the sale of its high-speed scanner business, which was a part of its ITPS segment (as defined in Segment and Geographic Area Information )

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
New Accounting Pronouncements
New Accounting Pronouncements	2. New Accounting Pronouncements Recently Adopted Accounting Pronouncements ​ Effective January 1, 2023, the Company adopted Accounting Standards Update (“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 no impact to the Company’s opening retained earnings or its condensed consolidated balance sheet upon adoption and as a result, the balances presented for December 31, 2022, which were derived under the incurred loss model, are comparable to June 30, 2023. ​ The following table describes the changes in the allowance for expected credit losses for the six months ended June 30, 2023 (all related to accounts receivables): ​ ​ ​ ​ Balance at January 1, 2023 of the allowance for expected credit losses $ 6,402 Change in the provision for expected credit losses for the period ​ 525 Balance at June 30, 2023 of the allowance for expected credit losses $ 6,927 ​ Effective January 1, 2023, the Company adopted ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ​ Recently Issued Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies The information presented below supplements the Significant Accounting Policies information presented in the 2022 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 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 – Segment and Geographic Area Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2023 ​ 2022 ​ ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total    ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total U.S.A. $ 137,498 ​ $ 63,608 ​ $ 24,340 ​ $ 225,446 ​ $ 139,732 ​ $ 56,390 ​ $ 20,375 $ 216,497 EMEA ​ 42,294 ​ — ​ — ​ 42,294 ​ 45,691 ​ — ​ — ​ 45,691 Other ​ 5,198 ​ — ​ — ​ 5,198 ​ 4,582 ​ — ​ — ​ 4,582 Total $ 184,990 ​ $ 63,608 ​ $ 24,340 ​ $ 272,938 ​ $ 190,005 ​ $ 56,390 $ 20,375 $ 266,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total    ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total U.S.A. $ 283,523 ​ $ 126,650 ​ $ 41,210 ​ $ 451,383 ​ $ 288,076 ​ $ 112,986 ​ $ 38,170 ​ $ 439,232 EMEA ​ 85,072 ​ — ​ — ​ 85,072 ​ ​ 97,669 ​ — ​ — ​ ​ 97,669 Other ​ 10,103 ​ — ​ — ​ 10,103 ​ ​ 9,267 ​ — ​ — ​ ​ 9,267 Total $ 378,698 ​ $ 126,650 ​ $ 41,210 ​ $ 546,558 ​ $ 395,012 ​ $ 112,986 $ 38,170 $ 546,168 ​ Contract Balances The following table presents contract assets, contract liabilities and contract costs recognized at June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, January 1, ​ ​ 2023 ​ 2022 ​ 2022 Accounts receivable, net ​ $ 106,831 ​ $ 101,616 ​ $ 184,102 Deferred revenues ​ 13,262 ​ 17,585 ​ 17,518 Customer deposits ​ 15,906 ​ 16,955 ​ 17,707 Costs to obtain and fulfill a contract ​ $ 1,563 ​ $ 1,674 ​ $ 2,328 ​ Accounts receivable, net includes $30.8 million and $25.7 million as of June 30, 2023 and December 31, 2022, 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 $8.0 million and $14.8 million during the three and six months ended June 30, 2023, respectively that had been deferred as of December 31, 2022. We recognized revenue of $4.8 million and $13.5 million during the three and six months ended June 30, 2022, respectively that had been deferred as of January 1, 2022. We recognized revenue of $16.5 million during the year ended December 31, 2022 that had been deferred as of January 1, 2022. 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 $0.2 million and $0.3 million of amortization for these costs for the three months ended June 30, 2023 and 2022, respectively, within depreciation and amortization expense. We recognized $0.4 million and $0.6 million of amortization for these costs for the six months ended June 30, 2023 and 2022, respectively, within depreciation and amortization expense. We recognized $1.1 million of amortization for these costs in 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. Certain 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. Certain 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 gives 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 June 30, 2023 in each of the future periods below: ​ ​ ​ ​ ​ Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations ​ ​ ​ Remainder of 2023 ​ $ 20,596 2024 ​ 35,340 2025 ​ 30,139 2026 ​ 3,520 2027 ​ 2,014 2028 and thereafter ​ 1,217 Total $ 92,826 ​

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2023
Intangible Assets and Goodwill
Intangible 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ Gross Carrying ​ Accumulated ​ Intangible ​ Amount (a) Amortization Asset, net Customer relationships ​ $ 507,889 ​ $ (366,998) ​ $ 140,891 Developed technology ​ ​ 88,553 ​ ​ (87,967) ​ ​ 586 Patent ​ ​ 15 ​ ​ (6) ​ ​ 9 Trade names (b) ​ ​ 8,400 ​ ​ (3,106) ​ ​ 5,294 Outsource contract costs ​ ​ 17,489 ​ ​ (15,926) ​ ​ 1,563 Internally developed software ​ ​ 54,210 ​ ​ (38,927) ​ ​ 15,283 Purchased software ​ ​ 26,749 ​ ​ (8,025) ​ ​ 18,724 Intangibles, net ​ $ 703,305 ​ $ (520,955) ​ $ 182,350 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Gross Carrying ​ Accumulated ​ Intangible ​ Amount (a) Amortization Asset, net Customer relationships ​ $ 507,723 ​ $ (351,240) ​ $ 156,483 Developed technology ​ ​ 88,553 ​ ​ (88,000) ​ ​ 553 Patent ​ ​ 15 ​ ​ (6) ​ ​ 9 Trade names (b) ​ ​ 8,400 ​ ​ (3,100) ​ ​ 5,300 Outsource contract costs ​ ​ 17,184 ​ ​ (15,509) ​ ​ 1,675 Internally developed software ​ ​ 52,441 ​ ​ (35,095) ​ ​ 17,346 Purchased software ​ ​ 26,749 ​ ​ (7,133) ​ ​ 19,616 Intangibles, net ​ $ 701,065 ​ $ (500,083) ​ $ 200,982 ​ (a) Amounts include intangible assets acquired in business combinations and asset acquisitions. (b) The carrying amount of trade names for 2023 and 2022 is net of accumulated impairment losses of $44.1 million. Carrying amount of $5.3 million as at June 30, 2023 represents indefinite-lived intangible assets. Goodwill 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 customers. The Company is organized into three segments: ITPS, HS, and LLPS (See Note 13 – Segment and Geographic Area Information Goodwill by reporting segment consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as at January 1, 2023 (a) ​ ​ Additions ​ ​ Deletions ​ ​ Impairments ​ ​ Currency Translation Adjustments ​ ​ Balances as at June 30, 2023 (a) ITPS ​ $ 81,151 ​ $ — ​ $ (16,500) (b) $ — ​ $ 89 ​ $ 64,740 HS ​ ​ 86,786 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,786 LLPS ​ ​ 18,865 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,865 Total ​ $ 186,802 ​ $ — ​ $ (16,500) ​ $ — ​ $ 89 ​ $ 170,391 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as at January 1, 2022 (a) ​ ​ Additions ​ ​ Deletions ​ ​ Impairments ​ ​ Currency Translation Adjustments ​ ​ Balances as at December 31, 2022 (a) ITPS ​ $ 252,672 ​ $ — ​ $ — ​ $ (171,182) ​ $ (339) ​ $ 81,151 HS ​ ​ 86,786 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,786 LLPS ​ ​ 18,865 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,865 Total ​ $ 358,323 ​ $ — ​ $ — ​ $ (171,182) ​ $ (339) ​ $ 186,802 ​ (a) The goodwill amount for all periods presented is net of accumulated impairment amounts. Accumulated impairment relating to ITPS was $487.7 million, $487.7 million and $316.5 million as at June 30, 2023, December 31, 2022 and December 31, 2021, respectively. Accumulated impairment relating to LLPS was $243.4 million as at June 30, 2023, December 31, 2022 and December 31, 2021. (b) The deletion in goodwill is due to derecognition of allocated goodwill on sale of the high-speed scanner business in the second quarter of 2023. Refer to Note 1—General . ​ The Company tests for goodwill impairment at the reporting unit level on October 1 of each year and on an interim basis, between annual tests, if a triggering event indicates the possibility of an impairment. The Company monitors changing business conditions as well as industry and economic factors, among others, for events which could trigger the need for an interim impairment analysis. During the third quarter of 2022, the Company evaluated factors such as changes in the Company’s growth rate and recent trends in the Company’s market capitalization, and concluded that a triggering event for an interim impairment analysis had occurred. As part of that assessment, long-term projections were revised resulting in lower than previously projected long-term future cash flows for the reporting units which reduced the estimated fair value to below the carrying value. As a result of the interim impairment analysis at September 30, 2022, the Company recorded an impairment charge of $29.6 million, including taxes, to goodwill relating to ITPS. Additionally, later during the fourth quarter of 2022, the Company conducted its annual budgeting process along with an update to its long-range plan. Following the completion of that process, the Company made an evaluation based on factors such as changes in the Company’s growth rate and recent trends in the Company’s market capitalization, concluding that a third triggering event for an impairment analysis had occurred. Revised long-term projections coupled with a decline in the market capitalization, resulted in lower than previously projected long-term future cash flows for the reporting units which reduced the estimated fair value to below carrying value. Accordingly, we performed another quantitative impairment test as of December 31, 2022, resulting in an additional impairment charge of $141.6 million, including taxes, to goodwill relating to ITPS. Therefore, as a result of these two interim impairment assessments in the third and fourth quarters of 2022, impairment charges totaling $171.2 million, including taxes, were recorded to goodwill for the year ended December 31, 2022.

Long-Term Debt and Credit Facil

Long-Term Debt and Credit Facilities	6 Months Ended
	Jun. 30, 2023
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 scheduled to mature on July 12, 2022 (the “Revolving Credit Facility”). Term Loan Repricing On July 13, 2018, subsidiaries of the Company 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 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. ​ The Repricing Term Loans bore 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 senior secured term loans that were incurred on July 12, 2017 pursuant to the Credit Agreement. The Repricing Term Loans were also scheduled to 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 were used 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 at any time, without prepayment premium or penalty, subject to customary “breakage” costs with respect to LIBOR rate loans. The Incremental Term Loans were scheduled to 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 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 matured 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 (collectively, the “2023 Term Loans”). The 2019 Incremental Term Loans bore interest at a rate per annum that is the same as the Repricing Term Loans under the senior credit facility. 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 the 2018 Incremental Term Loans under the Credit Agreement. Third Amendment On May 18, 2020, subsidiaries of the Company amended the 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 delivery of the Company’s annual and quarterly financial statements within the time frames stated therein (which were 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 Third Amendment, the borrower was also required to maintain a minimum Liquidity (as defined in the amendment) of $35.0 million. In connection with the Third Amendment, the borrower paid a forbearance fee of $5.0 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 here as the “Private Exchange” (as distinguished from the “Public Exchange” described below), subsidiaries of the Company agreed with three (3) of their 2023 Term Loan lenders to exchange $212.1 million of 2023 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, 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 and periodic principal repayments, $47.2 million aggregate principal amount of the 2023 Term Loans maturing July 12, 2023 remained outstanding as of June 30, 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. As of December 31, 2022, the Revolving Credit Facility had been prepaid and terminated as described below. 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 six months ended June 30, 2022. The Exchange Notes were subject to a guarantee in the form of a true-up mechanism whereby subsidiaries of the Company were 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 sold their notes at a price below that threshold during agreed periods in 2022. As security for the true-up obligation under the Revolver Exchange, subsidiaries of the Company issued $10.0 million of principal amount of 2026 Notes as collateral (the “Collateral Notes”). The Collateral Notes were not reflected in the consolidated financial statements unless and until they were sold to third parties. On March 7, 2022, we recognized $17.4 million (the fair value of the true-up obligation as accounted for under ASC 450, Contingencies Guarantees In July 2022, $9.0 million of principal amount of the Collateral Notes were sold by the holders of the Exchange Notes for net proceeds of $2.6 million and the proceeds were applied against the true-up amount payable. Additionally, in July 2022, the Company made a cash payment of $2.1 million which was applied against the true-up amount payable. In August 2022, the remaining balance of $20.2 million of net true-up liability was settled with cash payments of $9.9 million and by permitting the holders of the Exchange Notes to keep the $21.0 million of principal amount of 2026 Notes previously placed as Collateral Notes constituting an issuance. The Company made a net reversal of $1.1 million of accrued true-up liability during third quarter of 2022. 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 Exela Intermediate LLC. 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 matured on July 15, 2023. As a result of the Public Exchange and repurchases (as discussed below), $9.0 million aggregate principal amount of the 2023 Notes remained outstanding as of June 30, 2023 maturing on July 15, 2023. Public Exchange On October 27, 2021, subsidiaries of the Company launched an offer to exchange (the “Public Exchange”) up to $225.0 million in cash and new 2026 Notes for the 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, $912.7 million aggregate principal amount, or approximately 91.3%, of the 2023 Notes had been validly tendered pursuant to the Public Exchange. On December 9, 2021, upon the settlement of the Public Exchange, $662.7 million 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. The Company concluded that the exchange of notes under Public Exchange represented modification of debt under ASC 470-50. Third Supplemental Indenture In conjunction with the Public Exchange, subsidiaries of 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, subsidiaries of 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, 2022, subsidiaries of the Company had $980.0 million aggregate principal amount of the 2026 Notes outstanding, including $790.5 million in aggregate principal amount issued under the Public Exchange and Private Exchange transactions described above. During the six months ended June 30, 2023, no 2026 Notes were sold by subsidiaries of the Company. The 2026 Notes are guaranteed by nearly all U.S. subsidiaries of Exela Intermediate LLC. The 2026 Notes bear interest at a rate of 11.5% per year. We are required to pay interest on the 2026 Notes on January 15 and July 15 of each year, and commenced such interest payments on July 15, 2022. The 2026 Notes mature on July 12, 2026. The subsidiaries of the Company 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, but excluding, the applicable redemption date. $980.0 million aggregate principal amount of 2026 Notes were outstanding as of June 30, 2023. Repurchases ​ In July 2021, the Company commenced a debt buyback program to repurchase senior secured indebtedness, which is ongoing. During the year ended December 31, 2022, we repurchased $15.0 million principal amount of the Exchange Notes issued under the Revolver Exchange (as discussed above) for a net cash consideration of $4.7 million. These repurchases resulted in an early extinguishment of the Exchange Notes. During the six months ended June 30, 2023, we repurchased $13.8 million principal amount of 2023 Notes for a cash consideration of $4.4 million. The gain on early extinguishment of debt for the 2023 Notes during the six months ended June 30, 2023 totaled $9.9 million and is inclusive of less than $0.1 million write off of original issue discount and debt issuance costs. During the six months ended June 30, 2023, we repurchased $15.1 million principal amount of the 2023 Term Loans outstanding under the Credit Agreement for a cash consideration of $8.0 million. The gain on early extinguishment of debt for the 2023 Term Loans during the six months ended June 30, 2023 totaled $7.1 million and is inclusive of less than $0.1 million write off of original issue discount and debt issuance costs. Gain on the early extinguishment of debt during the six months ended June 30, 2023 is reported within debt modification and extinguishment costs (gain), net within our condensed consolidated statements of operations. 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 (which was subsequently assigned to BRF Finance Co., LLC (“BRF Finance”)) pursuant to which such subsidiary 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 GP2 XCV was able to borrow up to $51.0 million under a separate revolving loan (the “BRCC Revolver”, collectively with the BRCC Term Loan, the “BRCC Facility”). 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. Interest under the BRCC Facility accrues at a rate of 11.5% per annum (13.5% per annum default rate) 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 the secured indebtedness 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 six months ended June 30, 2023, we repaid $44.8 million of outstanding principal amount under the BRCC Term Loan along with $1.4 million of exit fees and borrowed $9.6 million of principal amount under the BRCC Revolver. The exit fees paid on the partial prepayment of the BRCC Term Loan were 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. As of June 30, 2023, there were borrowings of $3.8 million and $29.6 million outstanding under the BRCC Term Loan and the BRCC Revolver, respectively. The BRCC Facility matured on June 10, 2023 and the BRCC Revolver became payable in twelve (12) monthly installments of approximately $2.5 million and the BRCC Term Loan became payable in three (3) monthly installments of approximately $1.3 million in each case commencing July 31, 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 were 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 documentation for the Securitization Facility included (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 (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 variable interest entities (“VIE”) 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 0.50% and (c) the Adjusted LIBOR Rate (as defined in the Securitization Loan Agreement) plus 1.00%, plus (y) 8.75%; or (ii) if a LIBOR Rate Loan, at the Adjusted LIBOR Rate plus 9.75%. On June 17, 2022, the Company repaid in full the loans outstanding under the Securitization Facility. The aggregate outstanding principal amount of loans under the Securitization Facility as of such date was approximately $91.9 million. The early termination of the Securitization Facility triggered a prepayment premium of $2.7 million and required payment of approximately $0.5 million and $1.3 million in respect of accrued interest and fees, respectively. All obligations under the Securitization Facility (other than contingent indemnification obligations that expressly survive termination) terminated upon repayment. The Securitization Facility was replaced by the Amended Receivables Purchase Agreement described below. Repayment of the Securitization Facility was treated as an extinguishment of debt under ASC 470-50. Accordingly, the Company wrote off the unamortized balance of $3.3 million of debt issuance costs related to the Securitization Facility. On June 17, 2022, the Company entered into an amended and restated receivables purchase agreement (the “Amended Receivables Purchase Agreement”) under its accounts receivable securitization facility among certain of the Company’s subsidiaries, its wholly-owned, “bankruptcy remote” special purpose subsidiaries (“SPEs”) and certain global financial institutions (“Purchasers”). The Amended Receivables Purchase Agreement extends the term of the securitization facility such that the SPE may sell certain receivables to the Purchasers until June 17, 2025. Under the Amended Receivables Purchase Agreement, transfers of accounts receivable from the SPEs are treated as sales and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the accounts receivable to the Purchasers. The Company and related subsidiaries have no continuing involvement in the transferred accounts receivable, other than collection and administrative responsibilities and, once sold, the accounts receivable are no longer available to satisfy creditors of the Company or the related subsidiaries. On June 17, 2022, the Company sold $85.0 million of its accounts receivable and used the whole proceeds from this sale to repay part of the borrowings from the Securitization Facility (as discussed above). These sales were transacted at 100% of the face value of the relevant accounts receivable, resulting in derecognition of the accounts receivable from the Company’s consolidated balance sheet. The Company de-recognized $408.9 million of accounts receivable under this agreement during the year ended December 31, 2022. The amount remitted to the Purchaser during fiscal year 2022 was $308.7 million. The Company de-recognized $122.9 million and $262.9 million of accounts receivable under this agreement during the three and six months ended June 30, 2023, respectively. The amount remitted to the Purchasers during the three and six months ended June 30, 2023 was $125.2 and $266.5 million, respectively. Unsold accounts receivable of $49.4 million and $46.5 million were pledged by the SPEs as collateral to the Purchasers as of June 30, 2023 and December 31, 2022, respectively. These pledged accounts receivables are included in accounts receivable, net in the condensed consolidated balance sheets. The program resulted in a pre-tax loss of $2.0 million and $3.9 million for the three and six months ended June 30, 2023, respectively. ​ The fair value of the sold accounts receivable approximated their book value due to their short-term nature. Sold accounts receivable are presented as a change in receivables within operating activities in the condensed consolidated statements of cash flows. ​ Second Lien Note On February 27, 2023, Exela Receivables 3 Holdco, LLC and its subsidiary, the Securitization Borrower, and B. Riley Commercial Capital, LLC entered into a new Secured Promissory Note (which was subsequently assigned to BRF Finance) pursuant to which B. Riley Commercial Capital, LLC agreed to lend up to $35.0 million secured by a second lien pledge of the Securitization Borrower (the “Second Lien Note”). The Second Lien Note matures on June 17, 2025 and bears interest at a per annum rate of one-month Term SOFR plus 7.5%. Both subsidiaries are party to the Amended Receivables Purchase Agreement with PNC Bank, thus the transactions necessitated amendments to that agreement and related documents to permit the addition of subordinated debt and additional borrowing capacity into that transaction structure, in addition to providing for a $5.0 million fee to PNC for facilitating the transaction. In connection with the above-described facility, we also amended the BRCC Term Loan and BRCC Revolver to provide for $9.6 million of borrowing capacity, which was drawn as described above. As of June 30, 2023, there were borrowings of $31.5 million outstanding under the Second Lien Note. Long-Term Debt Outstanding As of June 30, 2023 and December 31, 2022, the following long-term debt instruments were outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 2022 Other (a) $ 31,780 ​ $ 25,117 Term loan under first lien credit agreement (b) ​ 47,239 ​ ​ 71,470 2023 notes (c) ​ 9,012 ​ ​ 22,762 2026 notes (d) ​ 916,725 ​ ​ 908,959 Secured borrowings under BRCC Facility ​ 33,354 ​ ​ 68,529 Second Lien Note (e) ​ 26,267 ​ ​ — Total debt ​ 1,064,377 ​ ​ 1,096,837 Less: Current portion of long-term debt ​ (103,409) ​ ​ (154,802) Long-term debt, net of current maturities $ 960,968 ​ $ 942,035 ​ (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 less than $0.1 million each as of June 30, 2023, and $0.2 million and $0.9 million as of December 31, 2022. (c) Net of unamortized original issue discount and debt issuance costs of less than $0.1 million each as of June 30, 2023, and $0.1 million and less than $0.1 million as of December 31, 2022. (d) Net of unamortized net original issue discount and debt issuance costs of $52.4 million and $10.8 million as of June 30, 2023, respectively; and unamortized net original issue discount and debt issuance costs of $58.8 million and $12.1 million as of December 31, 2022, respectively. (e) Net of unamortized debt issuance costs of $5.2 million as of June 30, 2023.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
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 $1.3 million for the three months ended June 30, 2023 and 2022, respectively. The Company recorded an income tax expense of $5.2 million and $3.8 million for the six months ended June 30, 2023 and 2022, respectively. ​ The Company's ETR of (8.9)% and (7.3)% for the three and six months ended June 30, 2023, respectively, 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 and six months ended June 30, 2022, the Company's ETR of (1.7)% and (2.9)% , respectively, 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 TCJA. As of June 30, 2023, 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, 2022.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2023
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 Tax Effect on Accumulated Other Comprehensive Loss As of June 30, 2023 and December 31, 2022 the Company recorded actuarial losses of $3.8 million and $3.6 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 June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Service cost ​ $ 10 ​ $ 16 ​ $ 20 ​ $ 32 Interest cost ​ ​ 760 ​ ​ 501 ​ ​ 1,509 ​ ​ 1,002 Expected return on plan assets ​ ​ (676) ​ ​ (748) ​ ​ (1,343) ​ ​ (1,496) Amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of prior service cost ​ ​ 89 ​ ​ 55 ​ ​ 177 ​ ​ 110 Amortization of net loss ​ ​ 391 ​ ​ 667 ​ ​ 776 ​ ​ 1,334 Net periodic benefit cost ​ $ 574 ​ $ 491 ​ $ 1,139 ​ $ 982 ​ 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 expense (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 $1.2 million and $1.3 million to its pension plans during the six months ended June 30, 2023 and 2022, respectively. The Company has funded the pension plans with the required contributions for 2023 based on current plan provisions.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies 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 June 30, 2023, there was a net outstanding balance of $1.1 million for this matter included in accrued liabilities on the condensed consolidated balance sheet. Class Action ​ On March 23, 2020, the Plaintiff, Bo Shen, filed a putative class action against the Company, Ronald Cogburn, the Company’s former Chief Executive Officer, and James Reynolds, the Company’s former Chief Financial Officer. Plaintiff claims to have been a holder of 4,000 shares of Company stock, purchased on October 4, 2019 at $1.34/share (in the case of the number of shares and share price without adjusting for any of the reverse stock splits occurring after that date). Plaintiff asserts two claims covering the purported class period of March 16, 2018 to March 16, 2020: (1) a violation of Section 10(b) and Rule 10b-5 of the Exchange Act against all defendants; and (2) a violation of Section 20(a) of the Exchange Act against Mr. Cogburn and Mr. Reynolds. The allegations stem from the Company’s press release, dated March 16, 2020 (announcing the postponement of the earnings call and delay in filing of its annual report on Form 10-K for the fiscal year ended December 31, 2019), and press release and related SEC filings, dated March 17, 2020 (announcing its intent to restate its financial statements for 2017, 2018 and interim periods through September 30, 2019) and certain other matters. On July 27, 2023, the parties submitted a settlement agreement to the Court that, if approved, will result in the dismissal of the action with prejudice in exchange for a settlement payment of $5.0 million, which the Company anticipates will be funded by the Company’s insurance carrier to the extent the payment exceeds any remaining deductible under the applicable insurance policy. The settlement agreement was preliminary approved by the Court on August 21, 2023 and the final approval hearing is scheduled for December 7, 2023. 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 condensed consolidated balance sheets, condensed consolidated statements of operations or condensed consolidated statements of cash flows.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2023
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 current portion of other debt approximated their fair value as of June 30, 2023 and December 31, 2022, due to the relative short maturity of these instruments. Management estimates the fair values of the 2023 Term Loans, 2023 Notes and 2026 Notes at approximately 47.0%, 60.0% and 8.0%, respectively, of the respective principal balances outstanding as of June 30, 2023 and approximately 64.0%, 65.0% and 15.5%, respectively, of the respective principal balance outstanding as of December 31, 2022. The fair values of secured borrowings under the Company’s securitization facility, BRCC Facility and Second Lien Note 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 and current portion of long-term debts using Level 2 inputs, including any recent issuance of the debt, the Company’s credit rating, and the current risk-free rate. The following table provides the carrying amounts and estimated fair values of the Company’s financial instruments as of June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Fair Value Measurements As of June 30, 2023 Amount Value Level 1 Level 2 Level 3 Recurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 960,968 ​ $ 121,070 ​ $ — ​ $ 121,070 ​ $ — Current portion of long-term debts ​ ​ 103,409 ​ ​ 76,355 ​ ​ — ​ ​ 76,355 ​ ​ — Nonrecurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 170,391 ​ $ 170,391 ​ $ — ​ $ — ​ $ 170,391 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Fair Value Measurements As of December 31, 2022 Amount Value Level 1 Level 2 Level 3 Recurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 942,035 ​ $ 184,968 ​ $ — ​ $ 184,968 ​ $ — Current portion of long-term debts ​ ​ 154,802 ​ ​ 121,893 ​ ​ — ​ ​ 121,893 ​ ​ — Nonrecurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 186,802 ​ $ 186,802 ​ $ — ​ $ — ​ $ 186,802 ​

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
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 694 shares of Common Stock under the 2018 Plan. On June 27, 2022, 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 694 shares to 4,462. 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 six months ended June 30, 2023 is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ Number ​ Average Grant ​ Contractual Life ​ of Units Date Fair Value (Years) Outstanding Balance as of December 31, 2022 ​ 8 ​ $ 6,600.00 1.00 Granted — ​ — ​ ​ Forfeited — ​ — ​ ​ Vested — ​ — ​ ​ Outstanding Balance as of June 30, 2023 ​ 8 ​ $ 6,600.00 0.50 ​ 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 ​ Outstanding Date Fair Value Exercise Price (Years) Outstanding Balance as of December 31, 2022 ​ 352 $ 22,554.25 $ 47,117.77 0.20 Granted — ​ — ​ ​ ​ ​ Exercised — ​ ​ — ​ ​ ​ ​ ​ Forfeited (13) ​ ​ 27,559.86 ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ Outstanding Balance as of June 30, 2023 (1) 339 $ 22,359.49 $ 46,602.64 0.07 ​ (1) 248 of the outstanding options are exercisable as of June 30, 2023. As of June 30, 2023, there was approximately less than $0.1 million of total unrecognized compensation expense related to non-vested 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 recorded net reversal of compensation expense of less than $0.1 million and $0.1 million related to stock option awards under the 2018 Plan for the three and six months ended June 30, 2023, respectively, due to forfeiture of options. The Company incurred total compensation expense of $0.5 million and $0.8 million related to restricted stock unit awards and stock option awards under the 2018 Plan for the three and six months ended June 30, 2022, 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). At the election of the compensation committee of the Company, these performance units might be settled in cash or in shares of Common Stock. 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 Common Stock is $40,000 per share or greater on (x) 60 90 60 90 180 day The fair value per unit of the awards was determined to be $5,920 and $6,040 for Tranche 1 and Tranche 2, respectively, on the grant date by application of the Monte Carlo simulation model. On December 31, 2021, the modification date fair value per unit of the awards was determined to be $1,760 and $1,880 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 six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Weighted ​ Period Over ​ ​ ​ Number ​ Average ​ Which Expected ​ ​ of Units Fair Value ​ to be Recognized Outstanding Balance as of December 31, 2022 ​ ​ 2,125 ​ $ 1,820.00 ​ 2.98 Granted ​ — ​ — ​ Forfeited ​ — ​ — ​ ​ Vested ​ — ​ — ​ ​ Outstanding Balance as of June 30, 2023 ​ ​ 2,125 ​ $ 1,820.00 ​ 2.98 ​ As of June 30, 2023, there was approximately $1.3 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 and $0.4 million compensation expense associated with the performance unit award for the three and six months ended June 30, 2023, respectively, and $0.2 million and $0.4 million for the three and six months ended June 30, 2022, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
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, the holders of our Common Stock and Tandem Preferred Stock (that provides a vote to holders of our Series B Preferred Stock, as described below) possess all voting power for the election of our Board of Directors (the “Board”) 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 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 June 30, 2023 and December 31, 2022, there were 6,365,353 and 1,393,276 shares of Common Stock outstanding, respectively. Reverse Stock Split On May 12, 2023, we effected the Reverse Stock Split of our issued and outstanding shares of Common Stock. As a result of the Reverse Stock Split every two hundred Giving effect to the Reverse Stock Split issued and outstanding 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 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 have been 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 have been 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, and the Company’s Registration Statement on Form S-3 (File No. 333-263909), filed with the SEC on March 28, 2022 and declared effective on May 10, 2022, and the prospectuses and related prospectus supplements included therein 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 through July 1, 2021 12,356 $8,032.74 $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 through September 2, 2021 14,395 $10,413.79 $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 83,719 $2,986.18 $250.0 million $241.0 million Prospectus supplement dated May 23, 2022 with an aggregate offering price of up to $250.0 million (“Common ATM Program–4”) May 24, 2022 through March 31, 2023 6,262,182 $36.15 $226.4 million $219.3 million ​ Due to the late filing of the 2022 Form 10-K the Company lost eligibility to use Form S-3 (and thereby the ability to conduct at the market offerings) for twelve full calendar months following the date the 2022 Form 10-K was due. Share Buyback Program On August 10, 2022, the Board authorized a share buyback program (the “2022 Share Buyback Program”), pursuant to which the Company is permitted to repurchase up to 50,000 shares of Common Stock over the next two-year period. The 2022 Share Buyback Program does not obligate the Company to repurchase any shares of Common Stock. No shares were repurchased under the 2022 Share Buyback Program during the six months ended June 30, 2023. As of June 30, 2023, we had repurchased and concurrently retired a total of 1,787 shares of Common Stock pursuant to the 2022 Share Buyback Program. The Company records such stock repurchases as a reduction to stockholders’ equity. The Company allocates the excess of the repurchase price over the par value of shares acquired to accumulated deficit and additional paid-in capital. The portion allocated to additional paid-in capital is determined by dividing the number of shares to be retired by the number of shares issued multiplied by the balance of additional paid-in capital as of the retirement date. 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. The Company has designated 2,800,000 shares of its authorized preferred stock as Series A Preferred Stock. At June 30, 2023 and December 31, 2022, 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 June 30, 2023, after taking into account the effect of the Reverse Stock Split, each outstanding share of Series A Preferred Stock was convertible into 0.00014 shares of Common Stock using this conversion formula. Accordingly, as of June 30, 2023, 384 shares of Common Stock were issuable upon conversion of 2,778,111 shares of outstanding 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 on the 15 th day of each March, June, September and December. From the issue date through June 30, 2023, 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 and six months ended June 30, 2023 was $1.0 million and $1.9 million, respectively. The gross dividend accumulation for the three and six months ended June 30, 2022 was $0.9 million and $1.7 million, respectively. As of June 30, 2023, the total accumulated but unpaid dividends on the Series A Preferred Stock since inception on July 12, 2017 was $17.8 million. The per share average of cumulative preferred dividends for the three and six months ended June 30, 2023 was $0.3 and $0.7 , respectively. The per share average of cumulative preferred dividends for the three and six months ended June 30, 2022 was $0.3 and $0.6 , 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 and Tandem Preferred Stock The Company has designated 8,100,000 shares of its authorized and unissued preferred stock as Series B Preferred Stock. At June 30, 2023 and December 31, 2022, the Company had 3,029,900 shares of Series B Preferred Stock outstanding. The par value of the Series B Preferred Stock is $0.0001 per share. 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 June 30, 2023, after taking into account the effect of the Reverse Stock Split and payment of the accrued dividend, each outstanding share of Series B Preferred Stock was convertible into 0.00523 of one share of Common Stock using this conversion formula. Accordingly, as of June 30, 2023, 15,842 shares of Common Stock were issuable upon conversion of 3,029,900 shares of outstanding Series B Preferred Stock. The shares of Series B Preferred Stock are listed on the Nasdaq under the symbol “XELAP.” 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 on the last day of each of March, June, September and December. 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 accrued for the three and six months ended June 30, 2023 was $1.2 million and $2.3 million, respectively. The gross dividend accrued for the three and six months ended June 30, 2022 was $1.3 million and $1.4 million, respectively. As of June 30, 2023, the total accumulated but unpaid dividends on the Series B Preferred Stock since inception on March 23, 2022 was $3.5 million. The per share average of accrued preferred dividends for the three and six months ended June 30, 2023 was $0.39 and $0.77, respectively. The per share average of accrued preferred dividends for the three and six months ended June 30, 2022 was $0.43 and $0.46, respectively. 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. On May 17, 2022, the Company issued one share of tandem preferred stock, par value $0.0001 per share (the “Tandem Preferred Stock”), as a dividend on its existing shares of outstanding Series B Preferred Stock. Any issuance of Series B Preferred Stock after this date shall be automatically accompanied by an equal number of shares of Tandem Preferred Stock. Tandem Preferred Stock are embedded in the Series B Preferred Stock and they provide voting rights to the existing shares of Series B Preferred Stock. Each share of Series B Preferred Stock disclosed in the condensed consolidated balance sheet, the condensed consolidated statements of stockholders’ deficit and the notes to the condensed consolidated financial statements embeds one share of Tandem Preferred Stock. On all matters submitted to a vote of the stockholders of the Company, the holders of the Series B Preferred Stock through their holdings of Tandem Preferred Stock will be entitled to vote with the holders of the Common Stock as a single class. Each share of Tandem Preferred Stock entitles the holder to one vote per share, subject to adjustment for issuance of any shares of Common Stock pursuant to any dividend or distribution on shares of Common Stock, share split or share combination or other transactions as specified in the Certificate of Designation of Tandem Preferred Stock. Shares of Tandem Preferred Stock are not entitled to receive dividends of any kind. In the case of a transfer of the underlying Series B Preferred Stock by a holder to any transferee, the Tandem Preferred Stock shall be automatically transferred simultaneously to such transferee without any further action by such Holder. Upon the redemption of a holder’s shares of Series B Preferred Stock or the conversion of shares of Series B Preferred Stock into Common Stock, an equal number of such holder’s shares of Tandem Preferred Stock shall, without any further action required by the holder, be automatically transferred to the Company for cancellation without the payment of any additional consideration by the Company. In the event of any liquidation, winding-up or dissolution of the Company each holder of the Tandem Preferred Stock shall be entitled to receive and to be paid out of the assets of the Company available for distribution to its stockholders an amount in cash equal to the par value of such Tandem Preferred Stock with respect to each share of Tandem Preferred Stock held by such holder. Treasury Stock As of June 30, 2023, the Company had 612 shares of Common Stock held as treasury stock, 232 shares of which were repurchased under a prior expired share buyback and 380 shares that were returned to the Company pursuant to a contractual obligation. The Company records treasury stock using the cost method. Warrants At June 30, 2023, there were warrants outstanding to purchase 2,433 shares of our Common Stock, consisting of 9,731,819 warrants to purchase one-four thousandth of one 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 2,433 unregistered shares of the Common Stock at a price of $11,000.00 per share and an equal number of warrants, generating gross proceeds to the Company of $26.8 million. Cantor Fitzgerald acted as placement agent 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 and Rule 506 promulgated thereunder. The Company filed a registration statement on Form S-3 on May 3, 2021 that registered for resale of these shares and the shares underlying these private placement warrants. Each private placement warrant entitles the holder to purchase one-four thousandth of one

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2023
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, and together with certain of their affiliated entities managed by HandsOn Global Management LLC, including such entity, “HGM”) of $0 and less than $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and less than $0.1 million for each of the six months ended June 30, 2023 and 2022. Certain members of our Board, including our Executive Chairman, Par Chadha, Sharon Chadha, Ron Cogburn, and James Reynolds are or have been affiliated with HGM. Our Executive Chairman, Par Chadha and his wife, Sharon Chadha, are currently affiliated with HGM. Messrs. Cogburn and Reynolds were affiliated with HGM until 2020. 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 of $2.1 million and $1.6 million relating to these agreements for the three months ended June 30, 2023 and 2022, respectively. The Company incurred fees of $4.5 million and $3.1 million relating to these agreements for the six months ended June 30, 2023 and 2022, 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 June 30, 2023 and 2022, and $0.1 million for each of the six months ended June 30, 2023 and 2022. In addition, HOV Services, Ltd. provides the Company data capture and technology services. The expense recognized for these services was approximately $0.5 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and $0.8 million and $0.7 million for the six months ended June 30, 2023 and 2022, respectively. These expenses are included in cost of revenue in the condensed 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 $0 and less than $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and less than $0.1 million for each of the six months ended June 30, 2023 and 2022. Subscription Agreements On July 21, 2022, the Company entered into a subscription agreement with its Executive Chairman. Pursuant to this subscription agreement, on August 11, 2022, the Company issued and sold 355 shares of Common Stock to Par Chadha for an aggregate purchase price of $0.1 million. Payable and Receivable/Prepaid Balances with Affiliates ​ Payable and receivable/prepaid balances with affiliates as of June 30, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ Receivables and Prepaid Expenses ​ Payables ​ Receivables and Prepaid Expenses ​ Payables HOV Services, Ltd ​ $ 416 ​ $ — ​ $ 412 ​ $ — Rule 14 ​ ​ — ​ ​ 1,773 ​ ​ — ​ ​ 2,473 HGM ​ ​ 47 ​ ​ — ​ ​ 347 ​ ​ — ​ ​ $ 463 ​ $ 1,773 ​ $ 759 ​ $ 2,473 ​

Segment and Geographic Area Inf

Segment and Geographic Area Information	6 Months Ended
	Jun. 30, 2023
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 customers. 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 expenses (income), 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 June 30, 2023 ​ ITPS HS LLPS Total Revenue ​ $ 184,990 ​ $ 63,608 ​ $ 24,340 ​ $ 272,938 Cost of revenue (exclusive of depreciation and amortization) ​ 150,035 ​ 47,016 ​ 15,008 ​ 212,059 Segment profit ​ ​ 34,955 ​ ​ 16,592 ​ ​ 9,332 ​ ​ 60,879 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 32,026 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,890 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,739 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45,092 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,785) Sundry expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,500 Other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (232) Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,351) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2022 ​ ITPS HS LLPS Total Revenue ​ $ 190,005 ​ $ 56,390 ​ $ 20,375 ​ $ 266,770 Cost of revenue (exclusive of depreciation and amortization) ​ 156,704 ​ 45,719 ​ 14,854 ​ 217,277 Segment profit ​ ​ 33,301 ​ ​ 10,671 ​ ​ 5,521 ​ ​ 49,493 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 50,195 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,993 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,186 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 42,271 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,117 Sundry income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (741) Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,375 Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (77,903) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2023 ​ ITPS HS LLPS Total Revenue ​ $ 378,698 ​ $ 126,650 ​ $ 41,210 ​ $ 546,558 Cost of revenue (exclusive of depreciation and amortization) ​ ​ 308,546 ​ 93,752 ​ 26,228 ​ ​ 428,526 Segment profit ​ ​ 70,152 ​ ​ 32,898 ​ ​ 14,982 ​ ​ 118,032 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 76,407 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31,450 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,851 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 89,272 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (15,558) Sundry expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,248 Other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (514) Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (71,124) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2022 ​ ITPS HS LLPS Total Revenue ​ $ 395,012 ​ $ 112,986 ​ $ 38,170 ​ $ 546,168 Cost of revenue (exclusive of depreciation and amortization) ​ ​ 320,290 ​ 92,450 ​ 28,041 ​ ​ 440,781 Segment profit ​ ​ 74,722 ​ ​ 20,536 ​ ​ 10,129 ​ ​ 105,387 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 93,235 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 36,205 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,173 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 82,031 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,001 Sundry income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (434) Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,534 Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (132,358) ​

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events.
Subsequent Events	14. Subsequent Events ​ The Company has evaluated all events that occurred after the balance sheet date through the date when these condensed consolidated financial statements were issued to determine if they must be reported. 2026 Notes Exchange On July 11, 2023, Exela Intermediate LLC and Exela Finance Inc. (together, the “Issuers”), wholly-owned subsidiaries of the Company, certain guarantors and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “New Notes Trustee”), entered into an indenture (the “New Notes Indenture”) governing the Company’s new 11.500% First-Priority Senior Secured Notes due 2026 (the “New Notes”) and issued approximately $767.8 million aggregate principal amount of the New Notes (which does not take into account $314.4 million aggregate principal amount of the New Notes issued to affiliates of the Issuers, which will be eliminated for the purpose of consolidated financial statements of the Company, in exchange for 2026 Notes, 2023 Notes and 2023 Term Loans held by them and in satisfaction of amounts owed to such affiliates as a result of prior cash payments made by such affiliates to or on behalf of the Issuers), which includes (i) $764.8 million aggregate principal amount of the New Notes issued as consideration for the exchange of $956.0 million aggregate principal amount of the Issuers’ existing 2026 Notes pursuant to a public exchange offer (the “2023 Exchange Offer”), which is equivalent to $800 of the New Notes per $1,000 principal amount of the existing 2026 Notes and (ii) $3.0 million aggregate principal amount of the New Notes issued as consideration for the private exchange of certain of the Company’s 2023 Term Loans. Following this issuance and related transactions, approximately $24.0 million of 2026 Notes and no 2023 Term Loans or 2023 Notes remain outstanding. The Issuers’ obligations under the New Notes and the New Notes Indenture are irrevocably and unconditionally guaranteed, jointly and severally, by the same guarantors (the “Guarantors”) that guarantee the 2026 Notes other than certain guarantors that have ceased to have operations or assets and by certain of the Issuers’ other affiliates. The New Notes and the related guarantees are first-priority senior secured obligations of the Issuers and the Guarantors. The New Notes will mature on April 15, 2026. Interest on the New Notes will accrue at 11.500% per annum and will be paid semi-annually, in arrears, on January 15 and July 15 of each year, beginning July 15, 2023. Interest will be payable in cash or in kind by issuing additional New Notes (or increasing the principal amount of the outstanding New Notes) (“PIK Interest”); provided that (i) with respect to the New Notes held by Affiliates (as defined in the New Notes Indenture) of the Issuers, for interest payment dates through and including the January 15, 2025 interest payment date, such interest shall be paid only in kind as PIK Interest and (ii) with respect to all other New Notes, (A) for the July 15, 2023 interest payment date, such interest shall be paid in kind as PIK Interest, (B) for each interest payment date from and including the January 15, 2024 interest payment date through and including the July 15, 2024 interest payment date, such interest shall be paid in cash in an amount equal to (i) 50% of such interest plus (ii) an amount not to exceed an amount that, pro forma for such payment, would leave the issuers with Unrestricted Cash (as defined in the New Notes Indenture) of at least $15 million, with the remaining interest paid in kind as PIK Interest, and (C) for interest payment dates falling on or after January 15, 2025, such interest shall be paid in cash. The issuers may redeem the New Notes at their option, in whole at any time 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, the New Notes will be mandatorily redeemable in part upon the sale of certain assets that constitute additional credit support. The New Notes Indenture contains covenants that limit the Issuers’ and the Affiliated Guarantors (as defined below) and their respective subsidiaries’ ability to, among other things, (i) incur or guarantee additional indebtedness, (ii) pay dividends or distributions on, or redeem or repurchase, capital stock and make other restricted payments, (iii) make investments, (iv) consummate certain asset sales, (v) engage in certain transactions with affiliates, (vi) grant or assume certain liens and (vii) consolidate, merge or transfer all or substantially all of their assets. These covenants are subject to a number of important limitations and exceptions. In addition, upon the occurrence of specified change of control events, the Issuers must offer to repurchase the New Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. The New Notes Indenture also provides for events of default, which, if any of them occurs, would permit or require the principal, premium, if any, interest and any other monetary obligations on all of the then outstanding New Notes to be due and payable immediately. On July 11, 2023, we entered into a seventh supplemental indenture to the 2026 Notes Indenture which eliminated substantially all of the restrictive covenants, eliminated certain events of default, modified covenants regarding mergers and consolidations and modified or eliminated certain other provisions, including certain provisions relating to future guarantors and defeasance, contained in the 2026 Notes Indenture and the 2026 Notes. In addition, all of the collateral securing the 2026 Notes was released pursuant to the seventh supplemental indenture. The Company expects to account for the Note Exchange as a troubled debt restructuring under ASC 470-60 in the third quarter 2023. Senior Secured Term Loan On July 11, 2023, the Company entered into a financing agreement with certain lenders and Blue Torch Finance LLC, as administrative agent, pursuant to which the lenders extended a term loan of principal amount of $40.0 million to the Company. On the same date, the Company used proceeds of this term loan and cash on hand to repay its outstanding 2023 Notes and 2023 Term Loans. ​ Special Voting Preferred Stock ​ At the Annual Meeting, stockholders will be asked to approve an amendment to the Certificate of Designations of the Company’s Series B Preferred Stock to allow the Company to have the ability to (a) pay dividends in shares of Common Stock, (b) pay less than all of the accrued dividends, and (c) pay dividends on any date designated by the Company’s board of directors for the payment of dividends. ​ Completion of the Merger ​ On November 29, 2023, the Company completed the merger of its European business with CFFE. The combined company now operates as XBP Europe and, beginning on November 30, 2023, XBP Europe shares started trading on the Nasdaq Stock Market under the ticker symbol “XBP” and its warrants started trading on the Nasdaq Stock Market under the ticker symbol “XBPEW”. ​ The business combination will be accounted for as a reverse capitalization in accordance with FASB’s ASC Topic 805, Business Combinations ​ ​ ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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 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 – Segment and Geographic Area Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2023 ​ 2022 ​ ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total    ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total U.S.A. $ 137,498 ​ $ 63,608 ​ $ 24,340 ​ $ 225,446 ​ $ 139,732 ​ $ 56,390 ​ $ 20,375 $ 216,497 EMEA ​ 42,294 ​ — ​ — ​ 42,294 ​ 45,691 ​ — ​ — ​ 45,691 Other ​ 5,198 ​ — ​ — ​ 5,198 ​ 4,582 ​ — ​ — ​ 4,582 Total $ 184,990 ​ $ 63,608 ​ $ 24,340 ​ $ 272,938 ​ $ 190,005 ​ $ 56,390 $ 20,375 $ 266,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total    ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total U.S.A. $ 283,523 ​ $ 126,650 ​ $ 41,210 ​ $ 451,383 ​ $ 288,076 ​ $ 112,986 ​ $ 38,170 ​ $ 439,232 EMEA ​ 85,072 ​ — ​ — ​ 85,072 ​ ​ 97,669 ​ — ​ — ​ ​ 97,669 Other ​ 10,103 ​ — ​ — ​ 10,103 ​ ​ 9,267 ​ — ​ — ​ ​ 9,267 Total $ 378,698 ​ $ 126,650 ​ $ 41,210 ​ $ 546,558 ​ $ 395,012 ​ $ 112,986 $ 38,170 $ 546,168 ​ Contract Balances The following table presents contract assets, contract liabilities and contract costs recognized at June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, January 1, ​ ​ 2023 ​ 2022 ​ 2022 Accounts receivable, net ​ $ 106,831 ​ $ 101,616 ​ $ 184,102 Deferred revenues ​ 13,262 ​ 17,585 ​ 17,518 Customer deposits ​ 15,906 ​ 16,955 ​ 17,707 Costs to obtain and fulfill a contract ​ $ 1,563 ​ $ 1,674 ​ $ 2,328 ​ Accounts receivable, net includes $30.8 million and $25.7 million as of June 30, 2023 and December 31, 2022, 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 $8.0 million and $14.8 million during the three and six months ended June 30, 2023, respectively that had been deferred as of December 31, 2022. We recognized revenue of $4.8 million and $13.5 million during the three and six months ended June 30, 2022, respectively that had been deferred as of January 1, 2022. We recognized revenue of $16.5 million during the year ended December 31, 2022 that had been deferred as of January 1, 2022. 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 $0.2 million and $0.3 million of amortization for these costs for the three months ended June 30, 2023 and 2022, respectively, within depreciation and amortization expense. We recognized $0.4 million and $0.6 million of amortization for these costs for the six months ended June 30, 2023 and 2022, respectively, within depreciation and amortization expense. We recognized $1.1 million of amortization for these costs in 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. Certain 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. Certain 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 gives 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 June 30, 2023 in each of the future periods below: ​ ​ ​ ​ ​ Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations ​ ​ ​ Remainder of 2023 ​ $ 20,596 2024 ​ 35,340 2025 ​ 30,139 2026 ​ 3,520 2027 ​ 2,014 2028 and thereafter ​ 1,217 Total $ 92,826 ​

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2023
General
Schedule of components of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Net loss attributable to common stockholders (A) ​ $ (33,024) ​ $ (81,392) ​ $ (80,567) ​ $ (139,287) Weighted average common shares outstanding – basic and diluted (B) ​ ​ 6,367,969 ​ ​ 126,442 ​ ​ 5,595,352 ​ ​ 106,300 Loss Per Share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted (A/B) ​ $ (5.19) ​ $ (643.71) ​ $ (14.40) ​ $ (1,310.32)

New Accounting Pronouncements (

New Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2023
New Accounting Pronouncements
Schedule of new accounting standard adoption	The following table describes the changes in the allowance for expected credit losses for the six months ended June 30, 2023 (all related to accounts receivables): ​ ​ ​ ​ Balance at January 1, 2023 of the allowance for expected credit losses $ 6,402 Change in the provision for expected credit losses for the period ​ 525 Balance at June 30, 2023 of the allowance for expected credit losses $ 6,927

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies
Schedule of disaggregated revenue from contracts by geographic region and by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2023 ​ 2022 ​ ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total    ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total U.S.A. $ 137,498 ​ $ 63,608 ​ $ 24,340 ​ $ 225,446 ​ $ 139,732 ​ $ 56,390 ​ $ 20,375 $ 216,497 EMEA ​ 42,294 ​ — ​ — ​ 42,294 ​ 45,691 ​ — ​ — ​ 45,691 Other ​ 5,198 ​ — ​ — ​ 5,198 ​ 4,582 ​ — ​ — ​ 4,582 Total $ 184,990 ​ $ 63,608 ​ $ 24,340 ​ $ 272,938 ​ $ 190,005 ​ $ 56,390 $ 20,375 $ 266,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total    ​ ​ ITPS    ​ ​ HS    ​ ​ LLPS    ​ ​ Total U.S.A. $ 283,523 ​ $ 126,650 ​ $ 41,210 ​ $ 451,383 ​ $ 288,076 ​ $ 112,986 ​ $ 38,170 ​ $ 439,232 EMEA ​ 85,072 ​ — ​ — ​ 85,072 ​ ​ 97,669 ​ — ​ — ​ ​ 97,669 Other ​ 10,103 ​ — ​ — ​ 10,103 ​ ​ 9,267 ​ — ​ — ​ ​ 9,267 Total $ 378,698 ​ $ 126,650 ​ $ 41,210 ​ $ 546,558 ​ $ 395,012 ​ $ 112,986 $ 38,170 $ 546,168
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, January 1, ​ ​ 2023 ​ 2022 ​ 2022 Accounts receivable, net ​ $ 106,831 ​ $ 101,616 ​ $ 184,102 Deferred revenues ​ 13,262 ​ 17,585 ​ 17,518 Customer deposits ​ 15,906 ​ 16,955 ​ 17,707 Costs to obtain and fulfill a contract ​ $ 1,563 ​ $ 1,674 ​ $ 2,328 ​
Schedule of estimated remaining fixed consideration for unsatisfied performance obligations	​ ​ ​ ​ ​ Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations ​ ​ ​ Remainder of 2023 ​ $ 20,596 2024 ​ 35,340 2025 ​ 30,139 2026 ​ 3,520 2027 ​ 2,014 2028 and thereafter ​ 1,217 Total $ 92,826 ​

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets and Goodwill
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ Gross Carrying ​ Accumulated ​ Intangible ​ Amount (a) Amortization Asset, net Customer relationships ​ $ 507,889 ​ $ (366,998) ​ $ 140,891 Developed technology ​ ​ 88,553 ​ ​ (87,967) ​ ​ 586 Patent ​ ​ 15 ​ ​ (6) ​ ​ 9 Trade names (b) ​ ​ 8,400 ​ ​ (3,106) ​ ​ 5,294 Outsource contract costs ​ ​ 17,489 ​ ​ (15,926) ​ ​ 1,563 Internally developed software ​ ​ 54,210 ​ ​ (38,927) ​ ​ 15,283 Purchased software ​ ​ 26,749 ​ ​ (8,025) ​ ​ 18,724 Intangibles, net ​ $ 703,305 ​ $ (520,955) ​ $ 182,350 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Gross Carrying ​ Accumulated ​ Intangible ​ Amount (a) Amortization Asset, net Customer relationships ​ $ 507,723 ​ $ (351,240) ​ $ 156,483 Developed technology ​ ​ 88,553 ​ ​ (88,000) ​ ​ 553 Patent ​ ​ 15 ​ ​ (6) ​ ​ 9 Trade names (b) ​ ​ 8,400 ​ ​ (3,100) ​ ​ 5,300 Outsource contract costs ​ ​ 17,184 ​ ​ (15,509) ​ ​ 1,675 Internally developed software ​ ​ 52,441 ​ ​ (35,095) ​ ​ 17,346 Purchased software ​ ​ 26,749 ​ ​ (7,133) ​ ​ 19,616 Intangibles, net ​ $ 701,065 ​ $ (500,083) ​ $ 200,982 ​ (a) Amounts include intangible assets acquired in business combinations and asset acquisitions. (b) The carrying amount of trade names for 2023 and 2022 is net of accumulated impairment losses of $44.1 million. Carrying amount of $5.3 million as at June 30, 2023 represents indefinite-lived intangible assets.
Schedule of goodwill by reporting segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as at January 1, 2023 (a) ​ ​ Additions ​ ​ Deletions ​ ​ Impairments ​ ​ Currency Translation Adjustments ​ ​ Balances as at June 30, 2023 (a) ITPS ​ $ 81,151 ​ $ — ​ $ (16,500) (b) $ — ​ $ 89 ​ $ 64,740 HS ​ ​ 86,786 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,786 LLPS ​ ​ 18,865 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,865 Total ​ $ 186,802 ​ $ — ​ $ (16,500) ​ $ — ​ $ 89 ​ $ 170,391 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as at January 1, 2022 (a) ​ ​ Additions ​ ​ Deletions ​ ​ Impairments ​ ​ Currency Translation Adjustments ​ ​ Balances as at December 31, 2022 (a) ITPS ​ $ 252,672 ​ $ — ​ $ — ​ $ (171,182) ​ $ (339) ​ $ 81,151 HS ​ ​ 86,786 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,786 LLPS ​ ​ 18,865 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,865 Total ​ $ 358,323 ​ $ — ​ $ — ​ $ (171,182) ​ $ (339) ​ $ 186,802 ​ (a) The goodwill amount for all periods presented is net of accumulated impairment amounts. Accumulated impairment relating to ITPS was $487.7 million, $487.7 million and $316.5 million as at June 30, 2023, December 31, 2022 and December 31, 2021, respectively. Accumulated impairment relating to LLPS was $243.4 million as at June 30, 2023, December 31, 2022 and December 31, 2021. (b) The deletion in goodwill is due to derecognition of allocated goodwill on sale of the high-speed scanner business in the second quarter of 2023. Refer to Note 1—General .

Long-Term Debt and Credit Fac_2

Long-Term Debt and Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2023
Long-Term Debt and Credit Facilities
Schedule of outstanding long-term debt instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 2022 Other (a) $ 31,780 ​ $ 25,117 Term loan under first lien credit agreement (b) ​ 47,239 ​ ​ 71,470 2023 notes (c) ​ 9,012 ​ ​ 22,762 2026 notes (d) ​ 916,725 ​ ​ 908,959 Secured borrowings under BRCC Facility ​ 33,354 ​ ​ 68,529 Second Lien Note (e) ​ 26,267 ​ ​ — Total debt ​ 1,064,377 ​ ​ 1,096,837 Less: Current portion of long-term debt ​ (103,409) ​ ​ (154,802) Long-term debt, net of current maturities $ 960,968 ​ $ 942,035 ​ (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 less than $0.1 million each as of June 30, 2023, and $0.2 million and $0.9 million as of December 31, 2022. (c) Net of unamortized original issue discount and debt issuance costs of less than $0.1 million each as of June 30, 2023, and $0.1 million and less than $0.1 million as of December 31, 2022. (d) Net of unamortized net original issue discount and debt issuance costs of $52.4 million and $10.8 million as of June 30, 2023, respectively; and unamortized net original issue discount and debt issuance costs of $58.8 million and $12.1 million as of December 31, 2022, respectively. (e) Net of unamortized debt issuance costs of $5.2 million as of June 30, 2023.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Employee Benefit Plans
Schedule of components of the net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Service cost ​ $ 10 ​ $ 16 ​ $ 20 ​ $ 32 Interest cost ​ ​ 760 ​ ​ 501 ​ ​ 1,509 ​ ​ 1,002 Expected return on plan assets ​ ​ (676) ​ ​ (748) ​ ​ (1,343) ​ ​ (1,496) Amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of prior service cost ​ ​ 89 ​ ​ 55 ​ ​ 177 ​ ​ 110 Amortization of net loss ​ ​ 391 ​ ​ 667 ​ ​ 776 ​ ​ 1,334 Net periodic benefit cost ​ $ 574 ​ $ 491 ​ $ 1,139 ​ $ 982 ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Measurement
Schedule of fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Fair Value Measurements As of June 30, 2023 Amount Value Level 1 Level 2 Level 3 Recurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 960,968 ​ $ 121,070 ​ $ — ​ $ 121,070 ​ $ — Current portion of long-term debts ​ ​ 103,409 ​ ​ 76,355 ​ ​ — ​ ​ 76,355 ​ ​ — Nonrecurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 170,391 ​ $ 170,391 ​ $ — ​ $ — ​ $ 170,391 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Fair Value Measurements As of December 31, 2022 Amount Value Level 1 Level 2 Level 3 Recurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 942,035 ​ $ 184,968 ​ $ — ​ $ 184,968 ​ $ — Current portion of long-term debts ​ ​ 154,802 ​ ​ 121,893 ​ ​ — ​ ​ 121,893 ​ ​ — Nonrecurring assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 186,802 ​ $ 186,802 ​ $ — ​ $ — ​ $ 186,802 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Summary of the status of restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ Number ​ Average Grant ​ Contractual Life ​ of Units Date Fair Value (Years) Outstanding Balance as of December 31, 2022 ​ 8 ​ $ 6,600.00 1.00 Granted — ​ — ​ ​ Forfeited — ​ — ​ ​ Vested — ​ — ​ ​ Outstanding Balance as of June 30, 2023 ​ 8 ​ $ 6,600.00 0.50
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Weighted ​ Remaining ​ ​ ​ ​ Average Grant ​ Average ​ Vesting Period ​ Outstanding Date Fair Value Exercise Price (Years) Outstanding Balance as of December 31, 2022 ​ 352 $ 22,554.25 $ 47,117.77 0.20 Granted — ​ — ​ ​ ​ ​ Exercised — ​ ​ — ​ ​ ​ ​ ​ Forfeited (13) ​ ​ 27,559.86 ​ ​ ​ ​ ​ Expired ​ — ​ ​ — ​ ​ ​ ​ ​ Outstanding Balance as of June 30, 2023 (1) 339 $ 22,359.49 $ 46,602.64 0.07 ​ (1) 248 of the outstanding options are exercisable as of June 30, 2023.
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, 2022 ​ ​ 2,125 ​ $ 1,820.00 ​ 2.98 Granted ​ — ​ — ​ Forfeited ​ — ​ — ​ ​ Vested ​ — ​ — ​ ​ Outstanding Balance as of June 30, 2023 ​ ​ 2,125 ​ $ 1,820.00 ​ 2.98

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
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 through July 1, 2021 12,356 $8,032.74 $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 through September 2, 2021 14,395 $10,413.79 $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 83,719 $2,986.18 $250.0 million $241.0 million Prospectus supplement dated May 23, 2022 with an aggregate offering price of up to $250.0 million (“Common ATM Program–4”) May 24, 2022 through March 31, 2023 6,262,182 $36.15 $226.4 million $219.3 million

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related-Party Transactions
Schedule of payable and receivable balances with affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ Receivables and Prepaid Expenses ​ Payables ​ Receivables and Prepaid Expenses ​ Payables HOV Services, Ltd ​ $ 416 ​ $ — ​ $ 412 ​ $ — Rule 14 ​ ​ — ​ ​ 1,773 ​ ​ — ​ ​ 2,473 HGM ​ ​ 47 ​ ​ — ​ ​ 347 ​ ​ — ​ ​ $ 463 ​ $ 1,773 ​ $ 759 ​ $ 2,473 ​

Segment and Geographic Area I_2

Segment and Geographic Area Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment and Geographic Area Information
Schedule of reconciliation of segment profit to net loss before income taxes by segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2023 ​ ITPS HS LLPS Total Revenue ​ $ 184,990 ​ $ 63,608 ​ $ 24,340 ​ $ 272,938 Cost of revenue (exclusive of depreciation and amortization) ​ 150,035 ​ 47,016 ​ 15,008 ​ 212,059 Segment profit ​ ​ 34,955 ​ ​ 16,592 ​ ​ 9,332 ​ ​ 60,879 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 32,026 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,890 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,739 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45,092 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,785) Sundry expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,500 Other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (232) Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,351) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2022 ​ ITPS HS LLPS Total Revenue ​ $ 190,005 ​ $ 56,390 ​ $ 20,375 ​ $ 266,770 Cost of revenue (exclusive of depreciation and amortization) ​ 156,704 ​ 45,719 ​ 14,854 ​ 217,277 Segment profit ​ ​ 33,301 ​ ​ 10,671 ​ ​ 5,521 ​ ​ 49,493 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 50,195 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,993 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,186 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 42,271 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,117 Sundry income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (741) Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,375 Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (77,903) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2023 ​ ITPS HS LLPS Total Revenue ​ $ 378,698 ​ $ 126,650 ​ $ 41,210 ​ $ 546,558 Cost of revenue (exclusive of depreciation and amortization) ​ ​ 308,546 ​ 93,752 ​ 26,228 ​ ​ 428,526 Segment profit ​ ​ 70,152 ​ ​ 32,898 ​ ​ 14,982 ​ ​ 118,032 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 76,407 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31,450 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,851 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 89,272 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (15,558) Sundry expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,248 Other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (514) Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (71,124) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2022 ​ ITPS HS LLPS Total Revenue ​ $ 395,012 ​ $ 112,986 ​ $ 38,170 ​ $ 546,168 Cost of revenue (exclusive of depreciation and amortization) ​ ​ 320,290 ​ 92,450 ​ 28,041 ​ ​ 440,781 Segment profit ​ ​ 74,722 ​ ​ 20,536 ​ ​ 10,129 ​ ​ 105,387 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 93,235 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 36,205 Related party expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,173 Interest expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 82,031 Debt modification and extinguishment costs (gain), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,001 Sundry income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (434) Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,534 Net loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (132,358) ​

General (Details)

General (Details)

1 Months Ended

3 Months Ended

6 Months Ended

Jul. 11, 2023 USD ($)

Jun. 08, 2023 USD ($)

May 12, 2023 $ / shares shares

Dec. 09, 2021 USD ($)

Oct. 27, 2021 USD ($)

Jul. 31, 2023 USD ($)

Jun. 30, 2023 USD ($) $ / shares

Jun. 30, 2023 USD ($) $ / shares

Mar. 31, 2023 USD ($)

Jun. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Jun. 30, 2023 USD ($) $ / shares

Jun. 30, 2022 USD ($)

Feb. 27, 2023 USD ($)

Dec. 31, 2022 USD ($) $ / shares

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Reverse stock split

0.005

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

$ 0.0001

$ 0.0001

$ 0.0001

$ 0.0001

Conversion of shares (in shares) | shares

1

Net loss

$ 30,886,000

$ 45,436,000

$ 79,199,000

$ 56,956,000

$ 76,322,000

$ 136,155,000

Net cash (used in) provided by operating activities

(49,675,000)

$ 26,140,000

Working Capital Deficit

$ 262,300,000

262,300,000

262,300,000

Accumulated deficit

2,024,331,000

2,024,331,000

2,024,331,000

$ 1,948,009,000

Debt instrument face amount exchanged

$ 912,700,000

High Speed Scanner Business | Disposed of by sale not discontinued operations

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Purchase price

$ 30,100,000

Disposed of goodwill

$ 16,500,000

Pre-tax gain

$ 6,500,000

$ 7,200,000

$ 7,200,000

High Speed Scanner Business | Disposed of by sale not discontinued operations | Subsequent Events

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Pre-tax gain

$ 700,000

2023 notes

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Debt instrument face amount exchanged

$ 91.3

2023 notes | Subsequent Events

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Debt instrument, repayment made in cash

$ 9,000,000

Debt instrument face amount exchanged

3,000,000

BRCC Facility

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Maximum borrowing capacity

$ 51,000,000

$ 35,000,000

2026 notes

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Debt instrument face amount exchanged

$ 662,700,000

2026 notes | Subsequent Events

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Debt instrument face amount exchanged

$ 956,000,000

New Notes | Subsequent Events

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Percentage of interest paid in cash

50%

Debt instrument face amount exchanged

$ 764,800,000

Senior Term Loan | Subsequent Events

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Debt instrument, repayment made in cash

47,300,000

Senior Term Loan | Blue Torch Finance LLC | Subsequent Events

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Maximum borrowing capacity

$ 40,000,000

General - Net Loss per Share (D

General - Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 18, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net loss per share
Number of anti-dilutive shares excluded from computation of diluted loss per share				2,472	2,487
Net loss attributable to common stockholders		$ (33,024)	$ (81,392)	$ (80,567)	$ (139,287)
Weighted average common shares outstanding - basic		6,367,969	126,442	5,595,352	106,300
Weighted average common shares outstanding - diluted		6,367,969	126,442	5,595,352	106,300
Basic (in dollars per share)		$ (5.19)	$ (643.71)	$ (14.40)	$ (1,310.32)
Diluted (in dollars per share)		$ (5.19)	$ (643.71)	$ (14.40)	$ (1,310.32)
Series A Preferred Stock
Net loss per share
Number of anti-dilutive shares excluded from computation of diluted loss per share				384
Series B Preferred Stock
Net loss per share
Number of anti-dilutive shares excluded from computation of diluted loss per share				15,842
Warrant | Private Placement
Net loss per share
Number of anti-dilutive shares excluded from computation of diluted loss per share	9,731,819
Common Stock
Net loss per share
Number of anti-dilutive shares excluded from computation of diluted loss per share				2,433

New Accounting Pronouncements -

New Accounting Pronouncements - Changes in the allowance for expected credit losses (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Changes in allowance for expected credit losses
Allowance for Doubtful Accounts Receivable, Current, Beginning Balance	$ 6,402
Change in the provision for expected credit losses for the period	525
Allowance for Doubtful Accounts Receivable, Current, Ending Balance	$ 6,927

Significant Accounting Polici_4

Significant Accounting Policies - Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2023 segment
Significant Accounting Policies
Number of segments	3

Significant Accounting Polici_5

Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenues
Revenue	$ 272,938	$ 266,770	$ 546,558	$ 546,168
United States
Disaggregation of Revenues
Revenue	225,446	216,497	451,383	439,232
EMEA
Disaggregation of Revenues
Revenue	42,294	45,691	85,072	97,669
Other.
Disaggregation of Revenues
Revenue	5,198	4,582	10,103	9,267
ITPS
Disaggregation of Revenues
Revenue	184,990	190,005	378,698	395,012
ITPS | United States
Disaggregation of Revenues
Revenue	137,498	139,732	283,523	288,076
ITPS | EMEA
Disaggregation of Revenues
Revenue	42,294	45,691	85,072	97,669
ITPS | Other.
Disaggregation of Revenues
Revenue	5,198	4,582	10,103	9,267
HS
Disaggregation of Revenues
Revenue	63,608	56,390	126,650	112,986
HS | United States
Disaggregation of Revenues
Revenue	63,608	56,390	126,650	112,986
LLPS
Disaggregation of Revenues
Revenue	24,340	20,375	41,210	38,170
LLPS | United States
Disaggregation of Revenues
Revenue	$ 24,340	$ 20,375	$ 41,210	$ 38,170

Significant Accounting Polici_6

Significant Accounting Policies - Contract Balances (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) category	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)
Significant Accounting Policies
Accounts receivable, net	$ 106,831		$ 106,831		$ 101,616	$ 184,102
Deferred revenues	13,262		13,262		17,585	17,518
Customer deposits	15,906		15,906		16,955	17,707
Costs to obtain and fulfill a contract	1,563		1,563		1,674	$ 2,328
Unbilled receivables, net	30,800		30,800		25,700
Revenue recognized from deferred revenue	$ 8,000	$ 4,800	14,800	$ 13,500	16,500
Amortization of contract costs			$ 400	$ 600	$ 1,100
Practical expedient on incremental costs of obtaining contracts			true
Number of principal categories | category			2

Significant Accounting Polici_7

Significant Accounting Policies - Performance Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Significant Accounting Policies
Contracts with an original expected length	true
Remainder of 2023	$ 20,596
2024	35,340
2025	30,139
2026	3,520
2027	2,014
2028 and thereafter	1,217
Total	$ 92,826

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Intangibles
Gross Carrying Amount	$ 703,305	$ 701,065
Accumulated Amortization	(520,955)	(500,083)
Intangible Asset, net	182,350	200,982
Carrying amount of indefinite-lived trade names which are not amortizable	5,300
Customer relationships
Intangibles
Gross Carrying Amount	507,889	507,723
Accumulated Amortization	(366,998)	(351,240)
Intangible Asset, net	140,891	156,483
Developed technology
Intangibles
Gross Carrying Amount	88,553	88,553
Accumulated Amortization	(87,967)	(88,000)
Intangible Asset, net	586	553
Patent
Intangibles
Gross Carrying Amount	15	15
Accumulated Amortization	(6)	(6)
Intangible Asset, net	9	9
Trade names
Intangibles
Gross Carrying Amount	8,400	8,400
Accumulated Amortization	(3,106)	(3,100)
Intangible Asset, net	5,294	5,300
Accumulated impairment losses	44,100		$ 44,100
Outsource contract costs
Intangibles
Gross Carrying Amount	17,489	17,184
Accumulated Amortization	(15,926)	(15,509)
Intangible Asset, net	1,563	1,675
Internally developed software
Intangibles
Gross Carrying Amount	54,210	52,441
Accumulated Amortization	(38,927)	(35,095)
Intangible Asset, net	15,283	17,346
Purchased software
Intangibles
Gross Carrying Amount	26,749	26,749
Accumulated Amortization	(8,025)	(7,133)
Intangible Asset, net	$ 18,724	$ 19,616

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Goodwill (Details) $ in Thousands		6 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Goodwill
Number of segments | segment		3
Beginning of Year Balance		$ 186,802	$ 358,323
Deletions		(16,500)
Impairments			(171,182)
Currency Translation Adjustments		89	(339)
End of Year Balance		170,391	186,802
Impairment charge , including taxes			171,200
ITPS
Goodwill
Beginning of Year Balance		81,151	252,672
Deletions		(16,500)
Impairments			(171,182)
Currency Translation Adjustments		89	(339)
End of Year Balance		64,740	81,151
Accumulated impairment losses		487,700	487,700	$ 316,500
Impairment of goodwill and other intangible assets	$ 29,600
Impairment charge , including taxes			141,600
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 - Senior Credit Facilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Jul. 12, 2017
2023 Term Loans
Long-Term Debt and Credit Facilities.
Debt Instrument, Face Amount		$ 350
Original issue discount		7
Senior secured revolving facility
Long-Term Debt and Credit Facilities.
Maximum borrowing capacity		$ 100
Letters of credit outstanding	$ 0.5

Long-Term Debt and Credit Fac_4

Long-Term Debt and Credit Facilities - Term Loan Repricing (Details) - USD ($) $ in Thousands	Jul. 13, 2018	Jun. 30, 2023	Dec. 31, 2022
Long-Term Debt and Credit Facilities.
Outstanding amount of term loans		$ 1,064,377	$ 1,096,837
First Amendment
Long-Term Debt and Credit Facilities.
Outstanding amount of term loans	$ 343,400
Reduction in interest rate (in percentage)	100%
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%
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%
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

Long-Term Debt and Credit Fac_5

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

Long-Term Debt and Credit Fac_6

Long-Term Debt and Credit Facilities - Securitization (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 17, 2022

Mar. 07, 2022

Apr. 11, 2021

Dec. 17, 2020

Dec. 31, 2020

Jun. 30, 2023

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Jul. 31, 2022

Dec. 31, 2021

May 18, 2020

Jul. 12, 2017

Securitization Facility, Prepayment Premium

$ 2,700

Proceeds from initial borrowings

$ 9,600

$ 12,500

Senior secured revolving facility

Outstanding borrowings under the facility

$ 100,000

Available facility amount

$ 100,000

A/R Facility

Accounts Receivable from Securitization

$ 160,000

Minimum liquidity for A/R facility

$ 35,000

Forbearance fee

$ 5,000

Outstanding borrowings under the facility

$ 83,000

Securitization Facility

Variable interest rate (as a percent)

8.75%

Write off of previously recognized debt issuance costs

3,300

Repayment of principal, accrued interest and fees

500

Securitization facility, payment of accrued interest and fees

1,300

Outstanding borrowings under the facility

91,900

Facility term (years)

5 years

Available facility amount

$ 145,000

Initial funding supported by receivables

92,000

Accounts Receivable, Sale

$ 85,000

Accounts receivable de-recognized

$ 122,900

262,900

$ 408,900

Percentage of face value of accounts receivable

100%

Further funding supported by inventory and intellectual property

$ 53,000

Proceeds from additional borrowings

$ 53,000

Remitted amount

125,200

266,500

308,700

Accounts receivable, Unsold, Pledged as collateral

49,400

49,400

$ 46,500

Pre-tax loss

$ 2,000

$ 3,900

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%

Securitization Facility | LIBOR

Variable interest rate (as a percent)

9.75%

Revolving Loan Exchange and Prepayment Agreement

Aggregate purchase price

$ 9,000

Write off of previously recognized debt issuance costs

$ 200

Long-Term Debt and Credit Fac_7

Long-Term Debt and Credit Facilities (Details)									1 Months Ended		3 Months Ended			6 Months Ended
	Jun. 10, 2023 USD ($) installment	Feb. 27, 2023 USD ($)	May 06, 2022 USD ($)	Mar. 07, 2022 USD ($)	Dec. 09, 2021 USD ($)	Oct. 27, 2021 USD ($)	Apr. 16, 2019 USD ($)	Jul. 13, 2018 USD ($)	Aug. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 07, 2021 USD ($)	Nov. 17, 2021 USD ($)	Dec. 17, 2020 USD ($)	Jul. 12, 2017 USD ($)
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						912,700,000
Outstanding debt											$ 1,064,377,000			$ 1,064,377,000		$ 1,096,837,000
Number of installments	12
Borrowings from senior secured revolving facility and BRCC revolver														9,600,000	$ 12,500,000
Debt modification and extinguishment costs (gain)											6,785,000		$ (8,117,000)	15,558,000	(9,001,000)
Proceeds from incremental term loans							$ 30,000,000	$ 30,000,000
Second Lien Secured Term Loan
Long-Term Debt and Credit Facilities.
Outstanding debt											26,267,000			26,267,000
Outstanding borrowings under the facility											31,500,000			31,500,000
A/R Facility
Long-Term Debt and Credit Facilities.
Outstanding borrowings under the facility																				$ 83,000,000
2023 notes
Long-Term Debt and Credit Facilities.
Interest rate (in percent)																					10%
Debt instrument principle amount denomination						1,000
Debt instrument face amount exchanged						91.3
Outstanding debt											$ 9,000,000			9,000,000
Debt modification and extinguishment costs (gain)														$ 9,900,000
2026 notes
Long-Term Debt and Credit Facilities.
Aggregate purchase price					$ 127,800,000											790,500,000					$ 1,000,000,000
Interest rate (in percent)					11.50%						11.50%			11.50%
Debt instrument principle amount denomination						$ 1,000
Debt instrument face amount exchanged					$ 662,700,000
Debt instrument face amount exchanged outstanding											$ 980,000,000			$ 980,000,000
Outstanding debt											0			$ 0		980,000,000
True-up advance paid			$ 5,000,000
Debt instrument, redemption price percentage														100%
BRCC Facility
Long-Term Debt and Credit Facilities.
Aggregate purchase price																		$ 115,000,000	$ 75,000,000
Interest rate (in percent)																			11.50%
Default rate (in percent)																			13.50%
Outstanding debt											33,354,000			$ 33,354,000		$ 68,529,000
Maximum borrowing capacity		$ 35,000,000															$ 51,000,000
Borrowings from senior secured revolving facility and BRCC revolver		$ 9,600,000
Transaction fee											5,000,000			5,000,000
BRCC Facility | SOFR
Long-Term Debt and Credit Facilities.
Variable interest rate (as a percent)		7.50%
BRCC Term Loan
Long-Term Debt and Credit Facilities.
Outstanding debt											3,800,000			3,800,000
Debt instrument, repayment made in cash														44,800,000
Number of installments | installment	3
Monthly installments	$ 1,300,000
Debt modification and extinguishment costs (gain)														1,400,000
BRCC Revolver
Long-Term Debt and Credit Facilities.
Outstanding debt											29,600,000			29,600,000
Monthly installments	$ 2,500,000
Proceeds from initial borrowings														9,600,000
2023 Term Loans
Long-Term Debt and Credit Facilities.
Outstanding debt					$ 212,100,000						$ 47,200,000			47,200,000
Debt modification and extinguishment costs (gain)														$ 7,100,000
Revolving Loan Exchange and Prepayment Agreement
Long-Term Debt and Credit Facilities.
Aggregate purchase price										$ 9,000,000
Net proceeds from 2026 notes										2,600,000
Debt repayment in cash										$ 2,100,000
Outstanding debt									$ 20,200,000
Line of credit facility cash				$ 50,000,000
Debt instruments liability recognized on original issuance discount				17,400,000
Debt instruments accrued additional true up liability															$ 13,600,000
True-up advance paid									9,900,000
Write off of previously recognized debt issuance costs				200,000
Revolving Loan Exchange and Prepayment Agreement | Other expense
Long-Term Debt and Credit Facilities.
Amount of accrued true up liability expense												$ 1,100,000
Revolving Loan Exchange and Prepayment Agreement | Senior secured revolving facility
Long-Term Debt and Credit Facilities.
Debt instrument face amount exchanged				100,000,000
Revolving Loan Exchange and Prepayment Agreement | 2026 notes
Long-Term Debt and Credit Facilities.
Aggregate purchase price									$ 21,000,000
Line of credit facility on notes				50,000,000
Collateral amount			$ 20,000,000	$ 10,000,000

Long-Term Debt and Credit Fac_8

Long-Term Debt and Credit Facilities - Repurchases (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 07, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Net cash consideration				$ 11,858
Gain (Loss) on Extinguishment of Debt		$ 6,785	$ (8,117)	15,558	$ (9,001)
Revolving Loan Exchange and Prepayment Agreement
Write off of Deferred Debt Issuance Cost	$ 200
2023 Term Loans
Repurchase of principal amount		15,100		15,100
Net cash consideration				8,000
Gain (Loss) on Extinguishment of Debt				7,100
2023 Term Loans | Maximum
Write off of Deferred Debt Issuance Cost				100
Exchange Notes
Repurchase of principal amount						$ 15,000
Net cash consideration						$ 4,700
2023 notes
Repurchase of principal amount		$ 13,800		13,800
Net cash consideration				4,400
Gain (Loss) on Extinguishment of Debt				9,900
2023 notes | Maximum
Write off of Deferred Debt Issuance Cost				$ 100

Long-Term Debt and Credit Fac_9

Long-Term Debt and Credit Facilities - Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Long-Term Debt and Credit Facilities.
Total debt	$ 1,064,377	$ 1,096,837
Less: Current portion of long-term debt	(103,409)	(154,802)
Long-term debt, net of current maturities	960,968	942,035
Other
Long-Term Debt and Credit Facilities.
Total debt	31,780	25,117
First lien credit agreement
Long-Term Debt and Credit Facilities.
Total debt	47,239	71,470
Debt discount		200
Unamortized debt issuance costs		900
First lien credit agreement | Maximum
Long-Term Debt and Credit Facilities.
Debt discount	100
Unamortized debt issuance costs	100
Second Lien Secured Term Loan
Long-Term Debt and Credit Facilities.
Total debt	26,267
Unamortized debt issuance costs	5,200
Senior secured notes
Long-Term Debt and Credit Facilities.
Debt discount		100
Unamortized debt issuance costs		100
Senior secured notes | Maximum
Long-Term Debt and Credit Facilities.
Unamortized debt issuance costs	100
2023 notes
Long-Term Debt and Credit Facilities.
Total debt	9,000
2023 notes | Senior secured notes
Long-Term Debt and Credit Facilities.
Total debt	9,012	22,762
2026 notes
Long-Term Debt and Credit Facilities.
Total debt	0	980,000
2026 notes | Senior secured notes
Long-Term Debt and Credit Facilities.
Total debt	916,725	908,959
Debt discount	52,400
Debt exchange premium		58,800
Unamortized debt issuance costs	10,800	12,100
BRCC Facility
Long-Term Debt and Credit Facilities.
Total debt	$ 33,354	$ 68,529

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes
Income tax expense	$ 2,535	$ 1,296	$ 5,198	$ 3,797
Annual effective tax rate	(8.90%)	(1.70%)	(7.30%)	(2.90%)
Statutory tax rate			21%	21%

Employee Benefit Plans - German

Employee Benefit Plans - Germany & UK (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
German Pension Plan
Pension plans
Plan assets	$ 0
German Pension 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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized in Net Periodic Benefit Costs
Net actuarial loss	$ 3.8	$ 3.6
Deferred tax benefit	$ 2	$ 2

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net periodic benefit cost
Employer contributions			$ 1,200	$ 1,300
Pension
Net periodic benefit cost
Service cost	$ 10	$ 16	20	32
Interest cost	$ 760	$ 501	$ 1,509	$ 1,002
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Nonoperating, Net	Interest Income (Expense), Nonoperating, Net	Interest Income (Expense), Nonoperating, Net	Interest Income (Expense), Nonoperating, Net
Expected return on plan assets	$ (676)	$ (748)	$ (1,343)	$ (1,496)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service cost	$ 89	$ 55	$ 177	$ 110
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of net loss	$ 391	$ 667	$ 776	$ 1,334
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net periodic benefit cost	$ 574	$ 491	$ 1,139	$ 982

Commitments and Contingencies (

Commitments and Contingencies (Details) $ / shares in Units, € in Millions, $ in Millions				1 Months Ended
	Jul. 27, 2023 USD ($)	May 28, 2021 USD ($)	Mar. 23, 2020 $ / shares shares	Nov. 30, 2020 USD ($)	Sep. 30, 2020 EUR (€)	Jun. 30, 2023 USD ($)
Commitments and Contingencies
Number of shares owned | shares			4,000
Argued fair value per share | $ / shares			$ 1.34
Amount paid towards judgement	$ 5
Adverse Arbitration Order
Commitments and Contingencies
Accrued liability						$ 1.1
Amount awarded to customer				$ 13
Amount paid towards judgement		$ 8.8
Earnout sought | €					€ 10

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Carrying amounts and estimated fair values of financial instruments
Goodwill	$ 170,391	$ 186,802	$ 358,323
2023 Term Loans
Assets and liabilities measured at fair value
Fair value percentage	47%	64%
2023 notes
Assets and liabilities measured at fair value
Fair value percentage	60%	65%
2026 notes
Assets and liabilities measured at fair value
Fair value percentage	8%	15.50%
Carrying Amount | Recurring assets and liabilities
Carrying amounts and estimated fair values of financial instruments
Long-term debt	$ 960,968	$ 942,035
Current portion of long-term debts	103,409	154,802
Carrying Amount | Nonrecurring assets and liabilities
Carrying amounts and estimated fair values of financial instruments
Goodwill	170,391	186,802
Fair Value | Recurring assets and liabilities
Carrying amounts and estimated fair values of financial instruments
Long-term debt	121,070	184,968
Current portion of long-term debts	76,355	121,893
Fair Value | Recurring assets and liabilities | Level 2
Carrying amounts and estimated fair values of financial instruments
Long-term debt	121,070	184,968
Current portion of long-term debts	76,355	121,893
Fair Value | Nonrecurring assets and liabilities
Carrying amounts and estimated fair values of financial instruments
Goodwill	170,391	186,802
Fair Value | Nonrecurring assets and liabilities | Level 3
Carrying amounts and estimated fair values of financial instruments
Goodwill	$ 170,391	$ 186,802

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Incentive Plan (Details) - shares	Jun. 30, 2023	Dec. 31, 2022	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	4,462		694
2018 Plan | Maximum
Exela 2018 Stock Incentive Plan
Common stock shares authorized			694

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Unit (Details) - RSU's - 2018 Plan - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Units
Balance at the beginning of the period	8
Balance at the end of the period	8	8
Weighted Average Grant Date Fair Value
Balance at the beginning of the period	$ 6,600
Balance at the end of the period	$ 6,600	$ 6,600
Average Remaining Contractual Life (Years)
Weighted average remaining contractual life (in years)	6 months	1 year
Minimum
Stock-Based Compensation
Vesting period	1 year
Maximum
Stock-Based Compensation
Vesting period	2 years

Stock-Based Compensation - Opti

Stock-Based Compensation - Options (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 18, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
2013 Plan and 2018 Plan | Selling, general and administrative expense
Unrecognized compensation expense
Compensation expense			$ 0.5		$ 0.8
Reversed compensation expense				$ (0.1)
2013 Plan and 2018 Plan | Selling, general and administrative expense | Maximum
Unrecognized compensation expense
Reversed compensation expense		$ (0.1)
Stock options
Outstanding
Exercised (in shares)				248
Stock options | 2013 Plan and 2018 Plan | Maximum
Unrecognized compensation expense
Unrecognized compensation expense		$ 0.1		$ 0.1
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%
Expiration of stock options	10 years
Outstanding
Outstanding Balance at beginning of the year (in shares)				352
Forfeited (in shares)				(13)
Outstanding Balance at the end of the year (in shares)		339		339		352
Weighted average Grant Date fair Value
Outstanding balance at the beginning of the period				$ 22,554.25
Forfeited				27,559.86
Outstanding balance at the end of the period		$ 22,359.49		22,359.49		$ 22,554.25
Weighted Average Exercise Price
Outstanding Balance at the beginning of the year				47,117.77
Outstanding Balance at the end of the year (in shares)		$ 46,602.64		$ 46,602.64		$ 47,117.77
Additional information
Average Remaining Vesting Period				25 days		2 months 12 days
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) - Market Performance Units - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Sep. 14, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of the awards		$ 1,820		$ 1,820		$ 1,820
Unrecognized compensation expense		$ 1.3		$ 1.3
Compensation expense		$ 0.2	$ 0.2	$ 0.4	$ 0.4
Share Price (Equal to or Less than $8,000 per share)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				0%
Share Price		$ 8,000		$ 8,000
Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
Share Price	$ 40,000
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		5,920		5,920
Modification date fair value		1,760		1,760
Tranche 1 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price		8,000		8,000
Tranche 1 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price		40,000		$ 40,000
Tranche 1 | Share Price (Equal to or Greater than $40,000 per share)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				100%
Share Price		40,000		$ 40,000
Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
Share Price	$ 80,000
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		6,040		$ 6,040
Modification date fair value		1,880		1,880
Tranche 2 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price		80,000		$ 80,000
Tranche 2 | Share Price (Equal to or Greater than $80,000 per share)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				100%
Share Price		$ 80,000		$ 80,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of activity for the Market Performance RSUs (Details) - Market Performance Units - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Units
Balance at the beginning of the period	2,125
Balance at the end of the period	2,125	2,125
Weighted Average Grant Date Fair Value
Balance at the beginning of the period	$ 1,820
Balance at the end of the period	$ 1,820	$ 1,820
Weighted Average Period Over Which Expected to be Recognized
Weighted average remaining contractual life (in years)	2 years 11 months 23 days	2 years 11 months 23 days

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details)	6 Months Ended
	Jun. 30, 2023 Vote shares	Dec. 31, 2022 shares
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	6,365,353	1,393,276

Stockholders' Equity - Reverse

Stockholders' Equity - Reverse Stock Split (Details)	May 12, 2023 shares	Jun. 30, 2023 shares	Dec. 31, 2022 shares
STOCKHOLDERS' EQUITY
Reverse stock split	0.005
Conversion of shares (in shares)	1
Common stock, shares issued		6,365,965	1,393,889
Common stock, shares outstanding		6,365,353	1,393,276
Prior To Stock Split [Member]
STOCKHOLDERS' EQUITY
Common stock, shares issued			278,655,235
Common stock, shares outstanding			278,655,235

Stockholders' Equity - Sales of

Stockholders' Equity - Sales of Shares of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023
Class of Stock [Line Items]
Aggregate offering price	$ 67,028	$ 56,364	$ 114,533
Common ATM Program-1
Class of Stock [Line Items]
Aggregate offering price				$ 100,000
Number of Shares Sold				12,356
Weighted Average Price Per Share				$ 8,032.74
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				14,395
Weighted Average Price Per Share				$ 10,413.79
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				83,719
Weighted Average Price Per Share				$ 2,986.18
Gross proceeds				$ 250,000
Net proceeds				241,000
Common ATM Program-4
Class of Stock [Line Items]
Aggregate offering price				$ 250,000
Number of Shares Sold				6,262,182
Weighted Average Price Per Share				$ 36.15
Gross proceeds				$ 226,400
Net proceeds				$ 219,300

Stockholders' Equity - Share Bu

Stockholders' Equity - Share Buyback Program (Details) - shares		6 Months Ended
	Aug. 10, 2022	Jun. 30, 2023
Share Buyback Program
Shares repurchased (in shares)		232
2022 Share Buyback Program
Share Buyback Program
Authorized amount (in shares)	50,000
Term of share buyback program	2 years
Shares repurchased (in shares)		0
Common Stock repurchased and retired (in shares)		1,787

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	May 12, 2023 shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2023 USD ($) director $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 $ / shares shares	May 17, 2022 $ / shares
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		$ 0.0001
Dividends, Preferred Stock | $		$ 1.2	$ 1.3	$ 2.3	$ 1.4
Conversion of shares (in shares)	1
Reverse stock split	0.005
Series A Preferred Stock
Preferred Stock
Preferred stock, shares authorized		2,800,000		2,800,000
Preferred stock, shares outstanding		2,778,111		2,778,111		2,778,111
Preferred Stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001
Preferred Stock, cumulative dividends rate (in percentage)				10%
Accumulated preferred stock, Dividends | $		$ 1	$ 0.9	$ 1.9	$ 1.7
Additional common stock issuable upon conversion of remaining convertible shares		384		384
Cumulative accrued but unpaid dividends | $		$ 17.8		$ 17.8
Per share average of cumulative preferred dividends (in dollars per share) | $ / shares		$ 0.3	$ 0.3	$ 0.7	$ 0.6
Reverse stock split				0.00014
Series B Preferred Stock
Preferred Stock
Preferred stock, shares authorized		8,100,000		8,100,000
Preferred stock, shares outstanding		3,029,900		3,029,900		3,029,900
Preferred Stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001			$ 0.0001
Conversion of Series A Preferred stock to common shares				3,029,900
Conversion of shares (in shares)				15,842
Cumulative accrued but unpaid dividends | $		$ 3.5		$ 3.5
Per share average of cumulative preferred dividends (in dollars per share) | $ / shares		$ 0.39	$ 0.43	$ 0.77	$ 0.46
Reverse stock split				0.00523
Preferred stock cumulative dividend				6%
Number of directors | director				1
Number of directors in arrears | director				8

Stockholders' Equity - Treasury

Stockholders' Equity - Treasury Stock (Details) - shares	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity
Treasury Stock (in shares)		612	612
Shares repurchased (in shares)		232
Shares returned in connection with the Appraisal Action following repayment of Margin Loan (in shares)	380

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 15, 2021	Jun. 30, 2023	Mar. 31, 2021
Warrants
Warrants outstanding		2,433
Private Placement
Warrants
Warrants sold		9,731,819
Exercise price of warrant per one Common Stock (in US$ per share)	$ 16,000
Shares issued	2,433
Common stock issued price	$ 11,000
Gross proceeds from offering expected	$ 26.8
Warrant | Private Placement
Warrants
Number of securities called by each warrant or right			0.004
Placement fee Percentage on Gross proceeds	5.50%

Related-Party Transactions - Re

Related-Party Transactions - Relationship with HandsOn Global Management (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement	Jun. 30, 2022 USD ($)	Dec. 31, 2016
Related-Party Transactions
Amount of related party transaction	$ 2,739,000	$ 2,186,000	$ 5,851,000	$ 4,173,000
Related party expense	2,739,000	2,186,000	5,851,000	4,173,000
HGM | Travel Expense
Related-Party Transactions
Amount of related party transaction	0
HGM | Travel Expense | Maximum
Related-Party Transactions
Amount of related party transaction		100,000	$ 100,000	100,000
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%
Affiliate of largest stockholder
Related-Party Transactions
Rental expenses			$ 100,000	100,000
Affiliate of largest stockholder | Maximum
Related-Party Transactions
Rental expenses	100,000	100,000
HOV Services, Ltd | Data Capture And Technology Services | Cost of revenue
Related-Party Transactions
Amount of related party transaction	500,000	400,000	800,000	700,000
SourceHOV | Master Service Agreement
Related-Party Transactions
Revenue share percentage					75%
Related party expense	$ 2,100,000
SourceHOV | Entities affiliated with HGM managed funds | Master Service Agreement
Related-Party Transactions
Related party expense		$ 1,600,000	$ 4,500,000	$ 3,100,000

Related-Party Transactions - Co

Related-Party Transactions - Consulting Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related-Party Transactions
Related party expense	$ 2,739	$ 2,186	$ 5,851	$ 4,173
Consulting Services | Oakana Holdings Inc
Related-Party Transactions
Related party expense	$ 0
Consulting Services | Oakana Holdings Inc | Maximum
Related-Party Transactions
Related party expense		$ 100	$ 100	$ 100

Related-Party Transactions - Su

Related-Party Transactions - Subscription Agreements (Details) - USD ($) $ in Thousands		6 Months Ended
	Aug. 11, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Proceeds from issuance of stock		$ 69,260	$ 177,388
Subscription Agreements | Par Chadha [Member]
Related Party Transaction [Line Items]
Issuance of Common Stock from at the market offerings, net of offering costs (in shares)	355
Proceeds from issuance of stock	$ 100

Related-Party Transactions - Pa

Related-Party Transactions - Payable and Receivable/Prepayment Balances with Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payable and Receivable Balances with Affiliates
Receivables and Prepaid Expenses	$ 463	$ 759
Payables	1,773	2,473
HOV Services, Ltd
Payable and Receivable Balances with Affiliates
Receivables and Prepaid Expenses	416	412
Rule 14
Payable and Receivable Balances with Affiliates
Payables	1,773	2,473
HGM
Payable and Receivable Balances with Affiliates
Receivables and Prepaid Expenses	$ 47	$ 347

Segment and Geographic Area I_3

Segment and Geographic Area Information - Revenue by segment information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment information
Number of segments | segment			3
Revenue	$ 272,938	$ 266,770	$ 546,558	$ 546,168
Cost of revenue (exclusive of depreciation and amortization)	212,059	217,277	428,526	440,781
Segment profit	60,879	49,493	118,032	105,387
Selling, general and administrative expenses (exclusive of depreciation and amortization)	32,026	50,195	76,407	93,235
Depreciation and amortization	14,890	17,993	31,450	36,205
Related party expense	2,739	2,186	5,851	4,173
Interest expense, net	45,092	42,271	89,272	82,031
Debt modification and extinguishment costs (gain), net	(6,785)	8,117	(15,558)	9,001
Sundry expense (income), net	1,500	(741)	2,248	(434)
Other expense (income), net	(232)	7,375	(514)	13,534
Net loss before income taxes	(28,351)	(77,903)	(71,124)	(132,358)
I T P S Segment
Segment information
Revenue	184,990	190,005	378,698	395,012
Cost of revenue (exclusive of depreciation and amortization)	150,035	156,704	308,546	320,290
Segment profit	34,955	33,301	70,152	74,722
H S Segment
Segment information
Revenue	63,608	56,390	126,650	112,986
Cost of revenue (exclusive of depreciation and amortization)	47,016	45,719	93,752	92,450
Segment profit	16,592	10,671	32,898	20,536
L L P S Segment
Segment information
Revenue	24,340	20,375	41,210	38,170
Cost of revenue (exclusive of depreciation and amortization)	15,008	14,854	26,228	28,041
Segment profit	$ 9,332	$ 5,521	$ 14,982	$ 10,129

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 09, 2023 Vote $ / shares shares	Jul. 11, 2023 USD ($)	Oct. 27, 2021 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 12, 2017
Subsequent Events
Debt instrument face amount exchanged			$ 912,700,000
Outstanding debt				$ 1,064,377,000	$ 1,096,837,000
2023 notes
Subsequent Events
Interest rate (in percent)						10%
Debt instrument face amount exchanged			$ 91.3
Outstanding debt				$ 9,000,000
Subsequent Events | GP-HGM LLC | Special Voting Preferred Stock
Subsequent Events
Shares issued | shares	1,000,000
Stock issue price per share | $ / shares	$ 100
Redemption price | $ / shares	$ 100
Number of votes per share | Vote	20,000
Subsequent Events | New Notes
Subsequent Events
Interest rate (in percent)		11.50%
Face amount issued to affiliates		$ 314,400,000
Debt instrument face amount exchanged		764,800,000
Outstanding debt		$ 24,000,000
Percentage of interest paid in cash		50%
Amount of minimum unrestricted cash remaining after the interest payment		$ 15,000,000
Exchange offer per $1,000 of principal amount		$ 800
Redemption Price		100%
Debt instrument, redemption price percentage		101%
Aggregate purchase price		$ 767,800,000
Subsequent Events | Old Notes
Subsequent Events
Outstanding debt		956,000,000
Subsequent Events | Senior Term Loan
Subsequent Events
Aggregate purchase price		40,000,000
Subsequent Events | 2023 notes
Subsequent Events
Debt instrument face amount exchanged		3,000,000
Outstanding debt		$ 0