Good everyone afternoon, joining Thanks, us and for Jim. thanks today.
discuss significant summary. just Let's and a we since on X our worked combined exciting executing and of X start have transformation that with QX formed Slide and We time, XXXX years Exela business. our ago, financial
to journey for achievements points, This XXXX our then capital of and is a our results both number conjunction my will internally proprietary positive review which the ability proprietary platforms. with notable to technology transformation to of from our data vendors. discuss transition includes I results. transformation of human the use facilities developed piece Exela's starts own and our Enabled duplicate final with formula QX technology, rationalization software our our of by of and The in third-party
the This by with a pipeline in Our build postage to exit, handling and first healthy and revenue, underlines base excluding the grew in low-margin robust stability revenue, provides upon. half our X% of the XXXX. contract postage which, combined a
ACV, next wins While we be year. new the about this will of are some this or revenue, delivered year, excited
revenue, postage mentioned million. $XXX on million the to revenue to billion unpredictable $XXX our guidance Based guidance XXXX and EBITDA and $X.XX I've to our billion of are we items considering just adjusted the updating to nature XXXX $X.XX
us generation. to have cash will and into focus which, visibility turn, operations We revenue, strong in and liquidity this help our on prioritize
business on work process believe, we our all as we progress ongoing well in a automation. the global our as to journey. to have are positioned I experienced today, grow transform leader continue and on Reflecting we successes many
on million EBITDA currency $XX.X the QX at and revenue specifically was million $XXX.X million a a and $XXX.X second Adjusted was currency results, constant Looking XXXX on basis. quarter million constant for $XX.X basis.
bps XX.X%. Our XX basis year-over-year a adjusted by on EBITDA margin to increased
the by second end $XX.X improved liquidity on quarter. total million sequential basis at of markedly to the $XX.X a Our million reach
X quarter, show are of the drag on business. impact This couple the factors continued low-margin our highlighting The a a of are handling postage and from postage creating consolidated growth rates wanted we we revenue to contracts. exit items related and to the of pass-through
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important and X indication items, it'll As clear of we as at efforts months our as to are our another XX to business, look working take an story complete. XX our part this these a excluding is that well transformation
On basis, adjusted exit, the positive. EBITDA XX%. previously adjusted EBITDA and postage were of Net margin margins contract very an the is story announced
Now this since inception has been the XXXX. July of the our in Exela is level that margin of target
or Now to costs O&R operating it, refer optimization are Slide we detail cost as work to ongoing to -- quarter restructuring down let's through like turn we provide five our number to restructuring, discussing and the talk we in about optimization color quarter, as and drive The our charges. we are our and on more discussing transformation this automation.
optimization In restructuring expense the $XX.X totaled million. second and quarter,
by provided further have breakdown headcount, broken vendor of O&R be detailed a charges, can down into the more X categories and following We which split facilities.
attributable go all cost shared $X.X to million to activities. and consolidation essentially those M&A are related initiatives expected of includes completed. QX recently services that away include in charges, the once related and completed initiatives are acquisition one, number are worth Category the which O&R
proprietary of through expenses largest represents remain our related the Category continuous These COGS in-house number the which process bucket, headcount reduction in two, the transformation. deployment technology. single to rationalization
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is which in this that headcount. all once this As level, a and customers for offering reduce replicated change and at us the result, implemented of to offering, enables industry our industry is
be in $XX.X through with initiatives the million be worth realized addition, vendor total, the our of planned In as cash once completed. we related P&L to facility and reductions. lower the initiatives cost the In should process and headcount, execute flow through expected are transformation are shared can consolidations spend QX
transformation. X, customer category look Let's at
is any this category, more transformation customers period specific nature to in smallest and work other. transition and represents in will the transformation. location from These need is appear, process a the intermittent complete the for which once to the are specific particular, X quarters customer moved Now be
have split income and attributable once help SG&A related We on O&R the way impact million illustrate COGS all by is of to also realized. the $X.X initiatives these O&R SG&A. pro $XX.X shown to profit operating COGS the million and of dollars and to forma gross our of are
gross an asked transformation. of much pro into how you accomplished This is maybe to six, prior is the buckets have how number has interactions the snapshot the the Many extension we much as of left in business progress the slide provides business transformation slide cycle. savings our life impact and dollars. Slide to turn slide that breaks let's have the on forma Now as our margin transformation been previous also achieve? the down correlated quantifying gross of The X made And our and what profit well to is into today?
show have on each. the gross of of the this We impact to done transformation and level margins
margin million O&R margin business about first postage gross have XX% The climb profiles the realized, the and of postage expected by Once of XXX handling to up XX% net of charges reach been another $XX.X so XX%. of or revenue. to is X gross bps which the today, their represent stand gross today. they margin broken as stands the bars respective bar, is From represents the the at rightmost consolidated left, business down where levels
of Next, our let's have represents higher than jump process the XX% transformation to starting operation first the that gross is left and to business around margin. already the and the with the improvements gross which margin X levels, XX% decade. last side of in XX% been consolidated the is executing we made slide column. This points
business. XX% column second represents XX% The to the of
of and business XX% is just years. couple is this at approximately the margin the transformation X last still over span of gross lowest the the with Now
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lifting However, I want that will that require heavy transform to fundamentally improvements an COGS highlight they and are these the time. fact and investment
XX% improving the technology summary, of margin is to and revenue profit additional In XX% XX% we business over to capture the profile or our transform on as a focused at that remaining The for already business profits. higher. gross deploy gross our company is
business the business. a variable And to Slide processes cost number work component largest to provide seven. turn Exela we Headcount automation let's is lower used technology to to the our Now enables total cost. towards our of
along our revenue action, growth the in with help drives per of business growth FTE. -- Now us the drive this helps
part to Another our optimize of strategy headcount geographically. is
We are to in expected, and simultaneously in headcount Europe. headcount increasing right working we Asia in lower shoring by America are North and as needs
near the seeing Asia of countries. is growth within majority operations. increase European headcount in the of and are the teams we and both Asia, technology shore expansion in remainder through In delivery headcount The of
Slide segmentation. customer to top Now eight about let's number talk and XXX and turn our
our positive is moment the take on segmentation. a strategy Let's and customer our having at look affect
The top XXX of impressive in an XX% you an as of basis recall, year-over-year. the XX%. Now on rate category others remaining customers all in declined focus will organic a XXXX, our customers growth yielded by
one transformed a through other of all the to year-to-date Exela positive of halfway Now basket XXXX, year-over-year statistic on basis. growth has a
through same to strategies customers. the an turnaround utilized quite these for first top accomplished We that's just the the achievement that applying grow X Now this we months. XXX on
by Now was recent the that top a our on deployment U.S., Now beginning We're has the positive largest accelerate business. our banks a of resonates customers again. An to of their solution. having transformation believe Digital Mailroom, example We win and of our once and one the is with XXX on that Exela expanding focus strategy impact. of is customers investments help in Digital the it the digital and the the asked very to with bank and rest this DMR validated encouraged in the our focus with success the
taking X-layer value automation, access processing, AI with our and optimize our workflow of This well now technology as of greater stack Now to as bank is more could with the our of data, for customers. our the we their creating workflow payment them flow management. advantage our information
our scorecard and go to talk number Slide and let's customers Now nine about revenue.
gain within to organization. customers to These strategy strength. our I've mentioned customers avenues made ramping that outsource Our their to decision year, been to the have be In us. processes outsourced this of grow continues like significant for that cases, revenue had never some existing considered wins in are new before the are
constant fairly have remained diversified XX% revenue tenure and Our has XX than with the XXX for of revenue now customers first half represent top an XXX that XX% and The XX%, our of respectively. XX base years. average customers more the XXXX with top of
with continues on Europe in with the revenue growth the XXXX XX% there XX% Our of first half representing now representing basis. Americas and
is $X.X customers Exela with today. $X million success XXX million customers over statistic to the has top more favorite increase over and half our now wallet the XXXX, for continues million that of our And for half first XXXX. revenue. with our in to the strategy the than Our revenue risen of my customers Through $XX.X with annual X to count in first share now have of with growth seedbed customers
within effectiveness gain of grow the and So is the efforts our clear. trend demonstrates share. existing to to very increase wallet our This customers
strategic identifying to partnering opportunities journeys. are customers, with expand on focused within our while our deal top digital their Now on teams them
of master customers. work, increase to of and numbers statements existing service agreements continue our We with the
on with mission-critical automation few. that platforms centered workflow and a our management, cycle to mailroom, just their management, as requirements, our such and conversation challenges, Our digital customer address HR information mention revenue solutions
do have XX% customer list You've results. to Fortune a grow has over with ability -- the our within we customer has measurable heard and XXX, me positive great say of these and and customers
continuing savings effectively full our our I Jim Reynolds of before to in plans the hand discussion rollout and the X now Digital transform to a through of basis. over our After and XXXX, halfway Exela closing global financials, year its years for of and Exela is a and business of suite execute on Now call will solutions. operation, growth In on continue third our
growth through automation. solid We're focused excited in greater pursuing digital with forward a on our to additional customers off start to XXXX, Exela gotten achieving Digital on journeys, and for penetration looking forward. about their and to enable is positioned has opportunities going we we're Now market believe well which We're continuing
call the results hand I detail. to discuss like would greater now, And financial will over our Jim to Reynolds, Jim? who in
