XELA - Earnings call transcript Q3 2018 | Exela Technologies, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen, and welcome to the Exela Technologies Third Quarter 2018 Call. My name is Brian. I'll be your host operator on this call. After today's prepared remarks, I'll conduct a question-and-answer session. [Operator Instructions]. is event today's note, being recorded. Please that, to Mr. with I'd like over conference the turn to And Jim President Mathias, Vice of Investor Relations. Please sir. go ahead,

Jim Mathias

Brian. Cogburn, Chief Exela's Financial and everyone, Executive Officer Third Call. Good Reynolds, the Chief here you, our Jim I'm Ron Technologies Conference Quarter welcome with today Officer. and Exela XXXX Thank to afternoon,

available replay of Relations available prepared be made by live take today's available of is XX, conference Today's questions. Relations November being www.exelatech.com. remarks press Ron broadcast access until will The Investor Exela's Following the in call webcast, via on to on Exela's the website, is which your page and Jim, this call the of is listed also will XXXX. page Information is we Investor release, which website. replay

statements statements Reform Exela risks expectations from During financial Private no and that may today's could call, under events of characterized make and materially based results Act occur Securities and XXXX. subject performance statements statements. any will the forward-looking after future and forward-looking forward-looking to as known assumptions. on are reflect that to be unknown actual Litigation events current regarding and certain to update undertake this obligation differ We call, are any uncertainties, and the These

page SEC available reports Relations the information, company's SEC. Copies with For along the periodic and SEC with to from of Form the on in release Exela's with today, the or filed the press please recently XX-K the refer XX-Q Exela's filings more risk factors are website. the Investor most discussed other and Form associated filed

non-GAAP non-GAAP on we will this can discuss results GAAP Reconciliations found page we between measures. call, website. financial today's be our refer Relations on call to Investor of the certain During and

the on accessible the our XX, of financial presentation forma reminder, call note, discussed on XXXX. page Holdings, Holdings a the July combination Investor and investor SourceHOV results this fact and website. conference business combined on which also Relations call results closed are Please company reflect an for that pro accompanies Novitex today's As sheet of

We CEO, Ron Ron? will to now call over by the begin our turning Cogburn.

Ron Cogburn

afternoon Thanks, thanks joining Good and us everyone today. Jim. for

and Let's a top strong discuss of an a results double-digit increase $XXX on reported key number highlights. We X coming quarter financial XX%. with Slide turn our rate line Revenue of basis. a in at on revenue at grew to third year-to-date basis, million, year-over-year X%

the lower converting more this strategy automation I This a automation strategy, of presentation an in detail the is our FTE, Our per metric higher into at to has FTE, the increase transformation business will $XX,XXX and revenue. end revenue demonstrate in BPO discuss affecting of track, growth X% XXXX. per this $XX,XXX a closely is direct mix. how seen up from result BPO DigitalNow positively revenue we our

Our revenue the per our one FTE highest remains in peers BPO metric of amongst the industry.

year-to-date basis. year-to-date a profitability. moving to XX% increased Adjusted on XX% year-over-year double and EBITDA $XX to basis. EBITDA Now, a or million on a Adjusted basis. quarterly EBITDA both on digits increased increased Adjusted

$X.XX initiative, market factors, of expect factors of of exit our [$X I've impact EBITDA. accelerated acquired, between quarter, these on be factors have with all billion amount as key million $X to adjusted This our was $XX X.X% strategic growth. organization coupled liquidity a of exceeded cash integration. full-year a between XXXX On just future a have million consideration of a we QX about in accelerate strategy customer-facing $XXX were and segment net revolver, year it our investments main And when to therefore, profitable In our revenue we mentioned, restructuring short-term year-to-date have will and other we as our $X.XX expenses, on our growth drive EBITDA end to has This acquisitions, the are million], could million forecasting receptiveness adjusted to $X.X year-over-year. to remains $XX increased At the growth our including have growth. for and However, be now and by the $XXX and our low-margin of been the and we spent expectations, revenue to X project million, Also cash includes higher. contract. the impacted year-to-date basis, million the lower DigitalNow which to LLPS in our of totaling cash invested third was with $XXX million undrawn. for well million. equivalents, X% which billion, the optimization and

million of $XX July, an repriced our the savings of Also achieved successfully as work to bps important We in interest debt delivered the our on towards loan. is continue This term markets debt. lowering went have we cost to and spread our reduction year-to-date. rate we step in Additionally, term a in back the loan. we XXX

results, at as pleased continued financial trajectory So, our I'm the I our see in summary, of look growth. to

X scorecard. let's measure turn and is number our our we Slide Now, to business from driving discuss success performance financial how our how and a business

which over early our is have bring over services, an our estimated in in to bank, existing have offerings revenue million a expands a Enterprise off the BPA X branded with global high-automation to next SaaS This XXXX. expected which spread and we In decade. the of DigitalNow. in for kick suite BPO years contract signing the We a we is customer, $XXX worked relationship announced October, as location-agnostic, contract with and

the results of broad engagements on Our and revenue sticky master strategy to to is good service to strategy this agreements. working. our within existing work base. customers successful statements The grow and our build of increase of is a number seek We

and low of a XXX concentration Top customer QX, XX% our contributed We the end have at our revenue. of customers

X of and at couple QX up $XX of here's XX the revenue. from in the have end end important over we facts Now annual customers This generating to at note, XXXX. now million a of is X

over revenue, top of which annual strategy is grow in is customers from $X to is have highlight XXX million line. increase Another land-and-expand up XXXX. of end at important our our the that we XXX customers clear generating now This evidence

our I'm pleased that in to double you increase and year. made we it automation pipeline, DigitalNow our we Consistent of in resulted is have from customer-facing we're our an last higher to customers. what substantial adding existing was with streams almost are Additionally, seeing and with deals the organization which share streams with have investments from strategy, increasing additional proportion work pipeline revenue

let's Slide Now X. to number move

a walk approximately XXXX, $XXX to our to as CAGR company revenue represents began XX-fold a guidance, and over we DigitalNow. the have Let base million the brought past XX%. through grown us from XXXX journey evolution a revenue over today, has of me $X.X of billion in rounding and We play BPO you which with that Exela how approximately decade that pure

do adapt our and today, Our evolve a process time existing DigitalNow From Exela digital platform we within chain creates streams BPA to profits. transformation, customers. provide off-site. This revenue inject over solutions robotic growth was through and -- the using up strategy our and direct to into incremental low DigitalNow. revenue continuously generate as both company as BPO move the additional convert to markets technology a automation customers' our BPL enables as BPO demands. which and a to as more operations as the services enabled additional result now higher opportunity have customer We to proprietary changing well worked us for automation our value for on-site our we transform revenue to of to automation and pure-play our a describe and as of to

total our XXXX. $XXX to research, X% let's $XXX by market Now end about Slide of growing to increasing turn the number Based today as XXXX, addressable at a X. billion of billion is on CAGR

about us. market get at we key in and market believe growth can which in best the industries like where others. We $X.X annual this, X% leading a among look banking, our revenue, positioned. we investing and in industries addressable is the we Among customers, insurance, share across we well X% of companies billion total generate Exela's the with of the Now are only growing X,XXX represents approximately in healthcare, strategy yield, for

the are addressable in our X% according for We our and services financial to XXXX growth the to in less total than represents banking will billion expand $XX market XXXX versus to $XX financial growth research between expecting In X.X% annual X% and market. million and addressable instance, from the indicates billion in be services from banking $XXX revenue. total to that guidance XXXX. Today,

just announcement I We This which data more bank above opportunities opportunities does ample is of the as by this capture operations I market case in with global that bank the signed mentioned. The this include fertile recent that the our for contract the global incremental total a with harvesting for ground opinion. market have customers, addressable not the just was evidenced our in-house mentioned. of to

in-house take really market the total of between So over is opportunity the operations, to estimates we our addressable are front encouraged growth and in that for us. with ability

detail. over results, I results Reynolds, as like Exela to X discuss through journey a investments want including processes Jim? with an call shaping we about the results is good few through adjusted hand thoughts. to on months Jim our close double-digit a in And growth would really customer to XXXX, in the for call I positive the feel hand of financial the are now, our Jim Before will discussion We greater how yielding financials, the I DigitalNow. and exciting to revenue business our growth. is up. EBITDA transform over who In

Jim Reynolds

Thanks, Ron.

Let's start with Slide X.

XXXX was of revenue revenue. QX increase pro XXXX forma an million, quarter X% $XXX Third from

$XXX Our third million, of increase quarter was million. EBITDA $XX an

totaled of the Our XX% quarter XXXX. from for adjusted $XX EBITDA up million, QX

it EBITDA higher increased quarter. from been Our the adjusted year, but EBITDA have last in and could

in be impact third approximately the EBITDA had these million. project for was from which future. and The for X a items quarter X to items; in segment good the our lower impacted $X cumulative low-margin LLPS contract, quarter we will by revenue exit an us was Our in

we mentioned will customer-facing we've and organization. we in continue As our are, to make previously, investments

than to We this rate Xx are X% more initial growth to year of our X%. revenue on track book-and-bill

in We which increased are is consistent in automation with pipeline also high deals, number has very strategy. the our pleased seeing transformed our and how of business size

The third investments Looking next XXXX, down. charges. restructuring create business our This incurred is bridge in $XXX in Exela. relates to from to charges, savings. EBITDA. the EBITDA tied our are adjusted cost made at walk we to bridge the achieve item quarter and combination the Overall, optimization in through adjustment Walking the of to adjustments one-time to million the

guidance, million million majority million in of we approximately achieved, $XX business XXXX, these of we date, approximately As part incurred deliver $XX million. Exela quarter XXXX our To $XX expenses between third A of sales. in committed impacted expense. In the savings. have of to optimization to $XX cost

optimization business incurring of As increased costs. higher automation the deals, are part of concentration we

these restricted reprice expect to and the part the is We implement of primarily narrowed units adjusted loan term includes non-cash between debt The costs the last away EBITDA transformational gone stock EBITDA costs have and we box as model. on costs which the decline charges in walk year-over-year and our summarize, transaction gap Other, significantly. To incurred. has employee incurred

to Moving Slide XX.

We a is totaled business revenue LLPS totaled forma $XX from in believe inorganic Healthcare Year-to-date, totaled basis, with exit $XX revenue DigitalNow, That $XXX year-to-date revenue recent by to the $XXX term, million, totaled million, segment revenue XX%. from and down a LLPS $XXX in basis, X%. that On in driven P&L. few in in million year-to-date ITPS up XX%. million, pro X%. largely a perspective, by basis, healthcare $XX near positioned On totaled revenue a lower million million, our lower-margin up down by grow is driven the quarter, a XX%. automation totaled From wins. a revenue offset healthcare Our the XX%. down $XX results increase the growth, quarter, some year-to-date revenue well down a million ITPS an X%. totaled LLPS revenue quarter, decline up On contract.

As discussed, earlier cases. segment a are settlement we the event-driven been few the have has This of impacted results by and project-based. segment in this

in higher savings business realization profit Looking transformation of expect contracts expense growth improve the and lower and margin in incurred revenues, to the periods. optimization gross will do current at were continued quarter. ramp We of future margins due cost

through. excluding continued offset This basis, as in transaction in as year-over-year well million a compared SG&A savings associated our $XXX on by with related million higher organization through. due much SG&A, to absence costs the and improved by a to public XXXX growth the nearly by in and EBITDA flow being of business costs, declined impact EBITDA QX the investments this pro our $XXX was of savings the Driving forma to year-to-date. was combination, to improvement customer-facing of flow improved Looking business company. the costs

with increased million year-to-date of EBITDA by increased comparable to in EBITDA by to XXXX, $XX $XX $XXX QX compared million the in the XX% for Our million a compared million XX% adjusted QX to basis, On XXXX. adjusted $XXX period.

for loss third the to a $XX a quarter by on loss improved the Year-to-date, basis million. net net million. year-over-year net by Our $XXX loss million improved of $XXX

million a income. to As operating of we net offset reminder, approximately have pretax $XXX carry-forwards available loss

September XXXX, of XX, have taxes. $X.X global As million approximately we paid cash in

In addition, be and around X% QX our same revenue. as continues CapEx the at to levels QX, of

credit. of XXX,XXX for from quarter is working we million cash revolving structure X,XXX,XXX In billion. XX. uses. third million. about purchased $XXX total have up was of of XXXX, We capital $X.X credit in cash shares. had debt XXXX, increased XX, stock our Slide million of undrawn standby excluding Turning XX facility, Exela the aside we $XX September of The purchased million June on debt set to buyback we total per $X.XXX QX liquidity On the an in for net Since to letters which, XXXX, capital net $XX.X credit common was due agreement, million, of shares $XXX restricted the launched a and

program be buyback effect Our we to remains will in continue and opportunistic.

our next business slide, updated the On outlook.

revenue between to $X.XX expect our XXXX be growth with to full-year of X% $X.XX to X.X% billion We a year-over-year. billion

as items growth margin had forecasting of discussed call. now be some as investor by customer range $XXX are XXXX our have includes XX% depending be This items $XXX we in recognized million should With Until take may XX%. The year-end to we to you for EBITDA respect the are will million, guidance to a XXXX representing part delivered be reflects to we on high-contribution the that the dividing consideration. end be and of EBITDA of the higher year-over-year We year, XXXX, earlier. that our end revenue between to then, year the acceptance. SaaS potential adjusted into adjusted expected of deals

the that rates. we're are discussed industries growing approximately in And have X%. those are We focused growing we above at

EBITDA X on line quarter. adjusted We September to X% to this approximately with our margins year X.X% the XX% by the XX.X% ended recent are grow XX top months in of track and for

over XX We year-to-date bps. improved have also our margin adjusted EBITDA by

as with is business up that, announced feel With with very wins, Thank to would we've we you. made, the XXXX. recent exit investments operator, the I And we the questions. good like our how shaping up open call for

Operator

will will Foresi question-and-answer Today's question begin session. Fitzgerald. the Cantor We Instructions]. now Joseph from with first be [Operator

Unidentified Analyst

growth Hi. coming forward? expect opportunity discuss you This to DigitalNow I with impact is hoping how Drew the on you could Joe. was moving this and for

Ron Cogburn

our of we process those lower we've So, market the our descriptor as automation we with the the when you clear as take add done think now, strategy in for indicator our to year, of work grown. is all what to about we market, we has things, higher to automation BPO, pipeline digital So business the if interest talked automation, started the go out business about sort the process to DigitalNow us the as and of use how transformation, we automation,

interest acceptance now previous from literally, found in early types the -- than And have that in seen last now, quarters, these year to the I've from of recall, we until in you the double pilots generate. with last mentioned as with we begin pipeline year of So opportunities. more QX the

for this see So, and us. into as of pilots some we've contracts we're beginning come through year, those turn to awards

Unidentified Analyst

about any and -- the high-level aren't then you the are you does -- lower at know just viewing out EBITDA synergy talking on adjusted wondering, guys of And I I you how give if adjusted but margins? XXXX, with can change was looking guys -- forecast And so anything EBITDA then, timeline?

Jim Reynolds

Yes.

I XXXX, XXXX So, to with respect message, finishing very our we're think well.

acceptance the you finish look of because X.X% had and strong X%. between guidance we past at year X% opportunities, DigitalNow we're to line And the the top year, to of X%. the If very going the and initial on of

back If past if We quarters, at this to and we're margins, the has at adjusted XX%. just XX% clearly you're EBITDA been looking finished XX%. our look looking X at you between at but that, EBITDA range quarter

know, little you contracts, are other is than long-term into as the which revenue. we XX% business, These lumpy. LLPS segment, Our have visibility our a

visibility our really have we So, good into contracts. and revenue our

Unidentified Analyst

And anything the on changed synergy timeline?

Jim Reynolds

No, We I the at to mean, execute if look we you synergies, continue them. good. feel on

synergies to million-plus continue through those business. We this as completed said, I $XX the drive We'll had have, year.

One we of have growth to in to little versus investments to cost a X% higher the drive to the revenue things X%. definitely business discuss, the the more It we had growth. does making revenue are

Operator

will question be Morgan Essex from Next with Stanley. Brian

Brian Essex

I'd like [Technical to guess, I Difficulty].

Operator

Pardon me, Brian.

line. from a Nomura. of can back back would question get with You're had dial in. you Dan But static. out I Maybe the lot we to of next in, like you be Dolev will

Dan Dolev

you're stuff think I great you're million the looks drag, tougher kind like think the that guidance. about of million EBITDA look I Is -- called about if it So, I But -- you if EBITDA, for correct, on -- $X I at in contract? line, the that of out right, top raising see $X low-budget quarter. the said you

Jim Reynolds

correct. That's

Dan Dolev

much at to raising million, million. $XX you're also you by, million $XX think think run million the if $XX the estimates, rate you of versus I get EBITDA I days million savings, and -- are better my per with the on lowering you mid do $XX the you And $XX

is margin, So why is there by it or take debt debt just down else? it something

Jim Reynolds

within in items are in fourth those will short-term the through flow to us, impacted think I that X nature, continue but Yes quarter. the

some to $XXX million we will feel million. the of up be synergies. But that said, with continue being of able good through the that think to make range $XXX drive and to I So we'll we

margin at said, higher have, as We all the those through. year flow of some contracts that I SaaS the also to we're end and hit expecting

and feel about. So I [$XX think million] million good that between we $XX

Dan Dolev

on you an $XX million to update year-to-date? $XX now million, savings, at $XX there the a million you're Is doing were running

Jim Reynolds

We'll above had we that will have underway of million initiatives mean periods. help then Yes, $XX we're some in convert $XX that. future continue I still savings million, other us guidance and QX we have to into to

Operator

will next Essex Morgan The question Brian from Stanley. with be

Brian Essex

could would it if what give you better one to you but Any get on that'll a on expansion or down time-ish some have, in guide you assume us takes maybe digital assume -- do margins, a know EBITDA a revenue, I us margin, the guess just EBITDA investing don't addressed, lift of margin sense I I here terms of guide but and the how exiting I to a investments would help and these in sense puts up for think the me walk margins, through business, was in you're impact items, margin in we low-margin how contract. and gross for are both out? from business. back about the

Jim Reynolds

Sure.

So the the and And was a take the mentioned, if the LLPS impact. million I contracts with a $X items in LLPS, on-site, those you the look X it's at that gone. on-site,

back So it's going to not QX. come into

about in related we're So of our to $XXX other respect With exiting quarter to carry-on historically. have XXXX. it I we sales. to is but revenue as get we high-margin in, fourth the feel that we're it's some we revenue, coming incremental range feel flow a margin, anticipating through, a some happened $XXX Through that that SaaS million XXXX, effect. think through It's million coming good has good incremental we'll something

Brian Essex

a reinvestment then maintain? other level, notwithstanding you margins business, can -- very see this as and you [call you committed the you're And at any to of stay EBITDA of back there will then expansion kind back]? is or that at margin level the minimum In reinvest words, into

Jim Reynolds

has dialing an why feel think good historically between call. you and I end margins adjusted I towards this I referenced is We answered business Yes, XX% -- XX% really in. you the on what that's basis. margins We if maybe of and the historically, the it when the and about those look had

business these upfront so some work the costs, a drive deals, system But discussed -- historically something As they the to on new deliver be have good little the ramp. some take of going we margins to are. do depending feel the continue there'll in and we this wins, to may it about the We're continue savings time on through and addition. they with to where we've is

Operator

Instructions]. [Operator

Capital be Next Matthew Roswell question will RBC Markets. with from

Matthew Roswell

that First And is, your you're do that? I as as going question it at the if imply part what's of? getting revenue revenue you sort growth out slowing well. walk that, guidance that the is low-margin for you of quarter year, of looking Could to through have driving look at seems fourth contracts additional have to

Jim Reynolds

over out low-margin quarter, to we million. but billion, automation, I gave think opportunity billion Enterprise that we've of when get last margin business, $XXX $X.XXX some we the equates has we before our put was still Solutions, do. million think looking to to contract had technology in acquired us, to that we're of is it $X.XXX Within to So, the $XXX on This and I guidance a discussed business, that change to shifted which and thing right up is, was profile. our as an that they

that prefer have versus profitable public So way. company to goes contracts a and contracts other we the are we

Matthew Roswell

have in demand any it, either for months in X bigger picture, your or noticed change in you a on last, sort then, And or in call industry the products the of general? client so

Ron Cogburn

the question ask so customers. from about Well, the right that's the demand to

we to biggest our pipeline. ways, growth And in have but that is a couple the way of so, measure the of

the and call led in find all -- and some was that appetite an is that we us BPA I began when QX and now to agnostic to -- a that you around BPO I we our we location started pilot we services, the, while SaaS So this, I think for of the market guess maybe programs. and seen in with automation to this Enterprise going automation there high, which the be ago, mentioned automation last story year DigitalNow, heard offerings for suite,

very year, rate. we saw came begin at pipeline accelerated we as a our build into to this So

As it we was year. digital today types sit twice for literally last here it's what of services, these

we to So interest, Enterprise to existing what received, customers, of old Solution we what went so that's lots we see million customers, didn't a to broadcasting I went enterprise deal a DigitalNow. We is our begin at It types was of XXX of and have $XXX like we years. spread the when where the this which our about. Top to for found talked that This those call is when opportunities over the before the customers, we you X contract well Novitex, is and beginning 'XX. sharing we vision starts it guess, started, I went -- the

So going. this about where excited we're is very

Matthew Roswell

you kind then, you is taking guess costs? are of out of part are to around the operating more seeing shift that DigitalNow coming a And there solutions as money clients sort of of I of -- or it

Ron Cogburn

Well, look it at it -- I was a looking bit at differently. little

our the operations. typically is competition in-house So

can on-site own operational you think our with that we done inject are operation take classify automation of from the novel what DigitalNow higher suite, that low of come I'll their them approaching we So, call becomes automation, with to how we've like entire technology cost, it and automation. create contracts, low they BPA idea about these BPO so now one -- if an or all over large

from that time. XX over the a chance to while to a does all this them, take allowing a This do, that within to we're for transform months of XX is months employees of now, and large we'll of run groups process the the to automation that providing full rate offload us are through. see begin pushing to little company So

services that's where it's this banking are financial operation, interested are opportunities. bigger in we that are these insurance So what folks of a whether and you find company, is, the and type finding really

Operator

be Next from Suisse. will Credit question Arun with Seshadri

Arun Seshadri

Just a couple from me.

high free wanted sense at like think XXXX about -- just you of markets growing. for you to bit to sounds second, then are expect in grow generate talk little if it to how you a And could a first. much get than the will cash do extent sort you a I level, First, your faster continue QX

of EBITDA Some for broadly sense XXXX sort 'XX? versus for margins

Jim Reynolds

Sure.

for million slightly when just take about range to $XXX If $XXX a you right, look, the higher. you million, EBITDA It's up currently full take year, we CapEx. from X%, have the running of

CapEx million]. have you [$XXX of So,

done got You've about million, we've cash million. of amortization saying, some M&A, million. $X.X expense And on taxes about $XX of $X interest $XX cash, million, of op. spent the biz QX probably in then, debt debt million of net we've $XXX We're and on

So, But that acquisitions. we the of lot some capital biz gives without changes. know, paid working some spent little year-to-date, of made QX We've, math generate cash. you We've you and kind a as a down repurchase, money tuck-in share we op and on debt.

is feel So, cash that's company amount we the -- the of good that generating. about

Arun Seshadri

then, And you make growth about 'XX? could a comment in and margins

Jim Reynolds

Yes.

X.X% we our in finishing year-end X%. that. above well to So, we're contracts growing We you look nature. We're if these X% I to were growing mean, through went I industry. go at at going we call. our X%, think statement, of on the to we're are kind And going to guidance provide X%. year more But said long-term updated It's the

rates renewal our top great on line. have We

the about good our revenue XXXX we of contract we're the what as feel very size sold, large on we have, based we've So exiting pipeline, 'XX.

Operator

from be will David question Next with Phipps Citigroup.

David Phipps

going When we adjusted the charges in on involved any businesses one of would or of with looked that, the at specifically, gross it is different, Were were think some there declined somewhat maybe a that? new ITPS quarter-to-quarter. that that so mix the margin XX-Q gross that be around on, from or margin special the

Jim Reynolds

Sure.

cost the them I Out the we the a probably, of our some through think majority biz when majority segment. XX% runs of through ITPS were the runs discuss op sales of segment. and biz in ITPS and a charges, really op, of

David Phipps

you transaction. a contract And new look at $XXX you it's when added, million the X-year

right that years? evenly end a spread the get back into as that it's million it's does that quarter way of of you or spread. So, kind look it to about accelerate at it revenue of the were $X Is evenly on revenue,

Jim Reynolds

one, this about will we But with front-end it So, more talked one say. -- loaded, this would it I haven't with a lot. be

David Phipps

And when are you're that sure, is pipeline I'm lot there or so? over anything next you closed the and of of there out meaningful now, looking right the at, out got you're -- to at you've be looking and deal quarter sizes a some look that remains there deals

Jim Reynolds

I our we've pipeline, it's talked how size how type. is, we're in doubled and say What very about would pleased, the

investments the at that's look you If made, helped a lot. us we've

we often We close company, now. have seen not. combined historically, to seen than because company larger a billion, much get haven't we opportunities table $X.X we're more the invited The to

pleased of with our helps a get contracts, $XXX can the type go-forward deals. the a on that pipeline, size, basis. And million significant amount we're the So, you very size when of

As mentioned we That's year. on quarter, from customers earlier, the billing the now million we're also customers annually. with and up last have then, last from from X X up XX Ron call, $XX over

customers, traction of So our land and we that in a lot feel expand. we're our getting

So, we feel good.

Operator

And that, this At conclude I'd for like question-and-answer with session. the will closing time, turn this back today's Cogman Ron to any to over conference remarks.

Ron Cogburn

call year-end forward you really the appreciate Thanks everyone. very on to questions. speaking to you call. much. Thanks, everyone look participating in We today. really We appreciate the the Yes. We and

Operator

And We concluded. at now you today's now is everyone this may attending want for presentation. disconnect. conference time, to The thank

Exela (XELA) 11 Nov 182018 Q3 Earnings call transcript