Our client satisfaction ratings have increased for the third consecutive year, contributing to new client wins and better retention which in turn, resulted in the Net ARR Activity metric being positive for the fifth consecutive quarter. 1 0 obj
Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions, and providing such non-GAAP financial measures to investors allows for a further level of transparency as to how management reviews and evaluates our business results and trends. 0
Interest expense. Accordingly, we believe it is necessary to adjust several reported amounts, determined in accordance with U.S. GAAP, to exclude the effects of certain items as well as their related tax effects. Goodwill impairment. Once the store . We recently announced our intention to separate the Transportation business to unlock additional value and we believe the best course of action will be to spin that business as opposed to a sale, at this point in time. stream
Conduent Announces First Quarter 2022 Financial Results, Conduent to Report First-Quarter 2023 Financial Results on May 3, 2023, Conduent to Host Virtual Investor Briefing on March 30, 2023, Conduent Reports Fourth Quarter and Full Year 2022 Financial Results, Cost of services (excluding depreciation and amortization), Selling, general and administrative (excluding depreciation and amortization), Research and development (excluding depreciation and amortization), (Gain) loss on divestitures and transaction costs, Shares of common stock issued and outstanding, Shares of series A convertible preferred stock issued and outstanding. Conduent only uses @conduent.com for email communications With more than 60,000 associates across 24 countries, we will provide you the opportunity to grow with a team of people who will challenge and inspire you to be the best! This represents Goodwill impairment charges related to the unanticipated losses of certain customer contracts, lower potential future volumes and lower than expected new customer contracts for all reporting units. HR leaders are working through many changes as they prepare to welcome employees back to offices and factory floors. We use the non-GAAP measure of Free Cash Flow as a criterion of liquidity. Non-GAAP Reconciliations: Adjusted Weighted Average Shares Outstanding, Adjusted Diluted EPS, Adjusted Effective Tax Rate, Adjusted Operating Margin and Adjusted EBITDA Margin were as follows: (1) Average shares for the 2021 and 2020 calculation of adjusted EPS excludes 5.4 million shares associated with our Series A convertible preferred stock and includes the impact of preferred stock dividend of approximately $3 million and $10 million for the three months and years ended December 31, 2021 and 2020, respectively. Our actual results may vary materially from those expressed or implied in our forward-looking statements. We have provided an outlook for revenue on a constant currency basis due to the inability to accurately predict foreign currency impact on revenues. Restructuring and related costs. Such as with Free Cash Flow information, as so adjusted, it is specifically not intended to provide amounts available for discretionary spending. Dollars. (2) The tax impact of Adjusted Pre-tax income (loss) from continuing operations was calculated under the same accounting principles applied to the 'As Reported' pre-tax income (loss), which employs an annual effective tax rate method to the results and without regard to divestitures, charges for amortization of intangible assets, restructuring, loss on extinguishment of debt and charges for abandonment of a cloud computing project. IF YOU HAVE ANY CONCERNS ABOUT COMMUNICATIONS FROM RECRUITERS CLAIMING TO BE FROM CONDUENT, PLEASE DONT HESITATE TO VERIFY BY CONTACTING CONDUENT HR AT: Conduent, Inc. All rights reserved. endstream
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<. Cliff Skelton, Conduent President & CEO stated, "Q3 2022 was a solid quarter for Conduent, continuing to deliver on our financial and client commitments. In accordance with the provisions of the Litigation Reform Act, we are making investors aware that such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make. Non-GAAP Reconciliations: Revenue at Constant Currency, Adjusted Net Income (Loss), Adjusted Effective Tax, Adjusted Operating Income (Loss) and Adjusted EBITDA were as follows: (1) Adjusted for the full impact from revenue and income/loss from divestitures for all periods presented. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Companys reported results prepared in accordance with U.S. GAAP. Despite widespread expert agreement that a vaccine will be critical to the nation's return to normalcy, only 57% of Americans say they would get a COVID-19 vaccine if it were available today.2. 5. Adjusted Free Cash Flow is defined as Free Cash Flow from above plus deferred compensation payments, transaction costs, costs related to the Texas litigation, and certain other identified adjustments. Cost basis and return based on previous market day close. Adjustments required to reconcile net income (loss) to cash flows from operating activities: (Gain) loss on divestitures and sales of fixed assets, net, Changes in operating assets and liabilities, Net cash provided by (used in) operating activities, Cost of additions to land, buildings and equipment, Cost of additions to internal use software, Net cash provided by (used in) investing activities, Net cash provided by (used in) financing activities, Effect of exchange rate changes on cash, cash equivalents and restricted cash, Increase (decrease) in cash, cash equivalents and restricted cash, Cash, Cash Equivalents and Restricted Cash at Beginning of Period, Amortization of acquired intangible assets, Divestitures depreciation and amortization, Restricted stock and performance units / shares, EBITDA Margin Before Adjustment for Divestitures, Portion of Texas litigation settlement (recoveries) recognized in Litigation settlements (recoveries), net, Annual Recurring Revenue (ARR) signings: $107M, Total Contract Value (TCV) new business signings: $464M, Recognized as a Supplier of the Year by General Motors for the second year in a row, Named a Leader on Everest Group Healthcare Payer Operations PEAK Matrix Assessment 2022, Recognized as a Rising Leader CX Operations Transformation - Cost Optimization Capability by NelsonHall, Named a Top 15 Service & Technology Provider Standout by the U.S. Information Services Group (ISG), Named to Government Technology magazines 2022 GovTech 100 for making a difference in working with state and local government agencies across the United States, Earned a perfect score of 100 on the Human Rights Campaign Foundations 2022 Corporate Equality Index (CEI), measuring policies and practices related to LGBTQ workplace equality, Honored by Comparably with two Best Places to Work Awards for 2021, including one of the Best Companies for Women and one of the Best Companies for Diversity, placing Conduent among the Top 100 highest-rated companies in these categories. hbbd```b``+@$7dHFMLnHq0,{LV9$cD .&O "DX
A reconciliation of the following non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are provided below. A recording of the conference call will be available by calling 1-877-660-6853 one hour after the conference call concludes. Together, we make a difference in the lives of millions every day. Its important to note that our dedicatedassociates continue to be the backbone of our company and culture, as reflectedinthe numerous recognitions we received in Q1. Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to: the significant continuing effects of the ongoing COVID-19 pandemic on our business, operations, financial results and financial condition, which is dependent on developments which are highly uncertain and cannot be predicted; government appropriations and termination rights contained in our government contracts; our ability to renew commercial and government contracts, including contracts awarded through competitive bidding processes; our ability to recover capital and other investments in connection with our contracts; our reliance on third-party providers; our ability to deliver on our contractual obligations properly and on time; changes in interest in outsourced business process services; risk and impact of geopolitical events, natural disasters and other factors (such as pandemics, including coronavirus) in a particular country or region on our workforce, customers and vendors; claims of infringement of third-party intellectual property rights; our ability to estimate the scope of work or the costs of performance in our contracts; the loss of key senior management and our ability to attract and retain necessary technical personnel and qualified subcontractors; increases in the cost of telephone and data services or significant interruptions in such services; our failure to develop new service offerings and protect our intellectual property rights; our ability to modernize our information technology infrastructure and consolidate data centers; the failure to comply with laws relating to individually identifiable information and personal health information; the failure to comply with laws relating to processing certain financial transactions, including payment card transactions and debit or credit card transactions; breaches of our information systems or security systems or any service interruptions; our ability to comply with data security standards; changes in tax and other laws and regulations; risk and impact of potential goodwill and other asset impairments; our significant indebtedness; our ability to obtain adequate pricing for our services and to improve our cost structure; our ability to collect our receivables, including those for unbilled services; a decline in revenues from, or a loss of, or a reduction in business from or failure of significant clients; fluctuations in our non-recurring revenue; our failure to maintain a satisfactory credit rating; our ability to receive dividends or other payments from our subsidiaries; developments in various contingent liabilities that are not reflected on our balance sheet, including those arising as a result of being involved in a variety of claims, lawsuits, investigations and proceedings; conditions abroad, including local economics, political environments, fluctuating foreign currencies and shifting regulatory schemes; changes in government regulation and economic, strategic, political and social conditions; changes in the volatility of our stock price and the risk of litigation following a decline in the price of our stock; the impact of the ongoing COVID-19 pandemic; and other factors that are set forth in the Risk Factors section, the Legal Proceedings section, the Management's Discussion and Analysis of Financial Condition and Results of Operations section and other sections in our 2020 Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures and should be read only in conjunction with our Consolidated Financial Statements prepared in accordance with U.S. GAAP. Management will present the results during a conference call and webcast on February16, 2022 at 5:00 p.m. The noted income tax effect for our non-GAAP performance measures is effectively the difference in income taxes for reported and adjusted pre-tax income calculated under the annual effective tax rate method. Conduent will not ask you purchase equipment to start working. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, our reported results prepared in accordance with U.S. GAAP. Sales performance was up 32% in new business TCV signings at $464M, with new business ARR up 14% at $107M versus Q1 2021. These forward-looking statements are also subject to the significant continuing impact of the COVID-19 pandemic on our business, operations, financial results and financial condition, which is dependent on developments which are highly uncertain and cannot be predicted. (3) Normalized for the impact of payment of deferred payroll taxes primarily related to the CARES Act of $32M in 2021 and $27M in 2022, Adjusted Free Cash Flow as a percentage of Adjusted EBITDA for 2021 is approximately 25% and approximately 22% in 2022. Q4 and Full Year 2021 Performance Commentary
This includes random jobs, online employers, sites that pay you and ways to monetize websites. Dollars. New Business ACV of $180M increased for the fourth consecutive quarter, with strong contributions of $124M from the Commercial segment. Related Articles. ". Answered July 30, 2018 - Program Director (Current Employee) - Naperville, IL. Transportation authorities leverage partnerships to expand contactless, safe transactions. Whether working remotely or in an office our sense of community is nurtured by constant interaction, collaboration, and connection. Adjusted EBITDA represents income (loss) before interest, income taxes, depreciation and amortization and contract inducement amortization adjusted for the following items. The income tax effects are calculated under the same accounting principles as applied to our reported pre-tax performance measures under ASC 740, which employs an annual effective tax rate method. We strive to create a culture where our associates feel appreciated and can thrive, personally and professionally. you just have to provide the internet. The replay ID is 13728764. We use Adjusted EBITDA and Adjusted EBITDA Margin as an additional way of assessing certain aspects of our operations that, when viewed with the U.S. GAAP results and the accompanying reconciliations to corresponding U.S. GAAP financial measures, provide a more complete understanding of our on-going business. Adjustments required to reconcile net income (loss) to cash flows from operating activities: Write-off of deferred cloud computing implementation costs, Loss on divestitures and sales of fixed assets, net, Changes in operating assets and liabilities, Net cash provided by (used in) operating activities, Cost of additions to land, buildings and equipment, Cost of additions to internal use software, Net cash provided by (used in) investing activities, Payment of contingent consideration related to acquisition, Taxes paid for settlement of stock-based compensation, Net cash provided by (used in) financing activities, Effect of exchange rate changes on cash, cash equivalents and restricted cash, Increase (decrease) in cash, cash equivalents and restricted cash, Cash, Cash Equivalents and Restricted Cash at Beginning of Period, Amortization of acquired intangible assets, (Gain) loss on divestitures and transaction costs, Restricted stock and performance units / shares, Proceeds from sales of land, buildings and equipment, Annual Recurring Revenue (ARR) signings: Q4 $111M / FY $408M, Total Contract Value (TCV) new business signings: Q4 $310M / FY $1,785M, Sale of Midas suite of solutions for net proceeds of $321M; closed on February 8, 2022, Debt Refinancing successfully completed as planned, Distributed approximately $50 billion of US Government pandemic stimulus payments, Sustained high level of associate engagement through difficult COVID years, Consolidated technology infrastructure and improved operational excellence, Improved client satisfaction for the 3rd consecutive year resulting in significant client recognition, Received numerous external awards for culture including best place to work for LGBTQ, Diversity, and Women. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures and should be read only in conjunction with our Consolidated Financial Statements prepared in accordance with U.S. GAAP. To better understand trends in our business, we believe that it is helpful to adjust revenue to exclude the impact of changes in the translation of foreign currencies into U.S. Adjusted EBITDA Margin is Adjusted EBITDA divided by revenue or adjusted revenue, as applicable. In addition, all statements regarding the proposed separation of the Transportation business, the anticipated effects of the novel coronavirus, or COVID-19, pandemic and the responses thereto, including the pandemics impact on general economic and market conditions, as well as on our business, customers, and markets, results of operations and financial condition and anticipated actions to be taken by management to sustain our business during the economic uncertainty caused by the pandemic and related governmental and business actions, as well as other statements that are not strictly historical in nature, are forward looking. Refer to the "Non-GAAP Financial Measures" section attached to this release for a discussion of these non-GAAP measures and their reconciliation to the reported U.S. GAAP measures. To return the POS equipment, call the retailer help desk at 1-877-436-6057 and speak to a customer service representative (press options 1, 4, 1, and 4). In addition, for "FY 2021 Actuals" we are excluding the estimated impacts of $70 million of Revenue and $39 million of Adjusted EBITDA related to the divestiture of the Midas business. Some day I want to return. When I got on the train to Nuernberg, I . Upvote 4 Downvote 2 You may be asked to provide the store's WIC Vendor ID number. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. endobj
Restructuring and related costs include restructuring and asset impairment charges as well as costs associated with our strategic transformation program. We use Adjusted Free Cash Flow, in addition to Free Cash Flow, to provide supplemental information to our investors concerning our ability to generate cash from our ongoing operating activities and for performance based components of employee compensation; by excluding certain deferred compensation costs and our one-time Texas settlement costs, as well as transaction costs and transaction cost tax benefits related to acquisitions or divestitures, we believe we provide useful additional information to our investors to help them further understand our ability to generate cash period-over-period as well as added information on comparability to our competitors. Conference Call
McKinsey, Executive Survey, June 2020 Free Cash Flow is defined as cash flows from operating activities as reported on the consolidated statement of cash flows, less cost of additions to land, buildings and equipment, cost of additions to internal use software, and proceeds from sales of land, buildings and equipment. "We want to set an example for all the vendors if they want more business, they have to do as Conduent does." - High-Tech Client Management believes that the adjusted effective tax rate, provided as supplemental information, facilitates a comparison by investors of our actual effective tax rate with an adjusted effective tax rate which reflects the impact of the items which are excluded in providing adjusted net income and certain other identified items, and may provide added insight into our underlying business results and how effective tax rates impact our ongoing business. Since the global outbreak began, Over 1,800 executive actions have been issued in total across the 50 U.S. states and territories. Litigation costs (recoveries), net. Conduent's solutions deliver exceptional outcomes for its clients including approximately $10 billion of annual processed tolling transactions, $18 billion of total bill reductions from medical bill review of workers compensation claims, up to 40% efficiency increase in HR operations, up to 27% reduction in government benefits costs, up to 40% 6) Accelerate workforce transformation WIC authorized retailers using the Conduent's Stand-Beside Point of Sale (POS) equipment to process . Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures and should be read only in conjunction with our Consolidated Financial Statements prepared in accordance with U.S. GAAP. Any forward-looking statements made by us in this release speak only as of the date on which they are made. Free Cash Flow and Adjusted Free Cash Flow Reconciliation: Thank you. Non-GAAP Financial Measures
The call will be available by live audio webcast along with the news release and online presentation slides at https://investor.conduent.com/. CONDUENT INCORPORATED
Management believes that these non-GAAP financial measures provide an additional means of analyzing the results of the current period against the corresponding prior period. The metric is for indicative purposes only. This metric excludes COVID-related volume impacts and non-recurring revenue signings. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED), CONDUENT INCORPORATED
(3) Normalized for the impact of payment of deferred payroll taxes primarily related to the CARES Act of $32M in 2021 and $27M in 2022, Adjusted Free Cash Flow as a percentage of Adjusted EBITDA for 2021 is approximately 25% and approximately 22% in 2022. Tufts Universitys Research Group on Equity in Health, Wealth and Civic Engagement, July 2020 The replay ID is 13725756. We have added certain adjustments to account for items which we do not believe reflect our core business or operating performance, and we computed all periods with such adjusted costs. The international dial-in is 1-201-689-8337. The guy replied once saying "I'll send you the labels shortly!" We have reported our financial results in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Answered May 24, 2018 - LEARNING AND DEVELOPMENT RN SPECIALIST (Current Employee) - Cherry Hill, NJ. Adjusted EBITDA of $87M and Adjusted EBITDA Margin of 9.4% were in line with expectations. Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to: the significant continuing effects of the ongoing COVID-19 pandemic on our business, operations, financial results and financial condition, which is dependent on developments which are highly uncertain and cannot be predicted; government appropriations and termination rights contained in our government contracts; our ability to renew commercial and government contracts, including contracts awarded through competitive bidding processes; our ability to recover capital and other investments in connection with our contracts; our reliance on third-party providers; our ability to deliver on our contractual obligations properly and on time; changes in interest in outsourced business process services; risk and impact of geopolitical events, natural disasters and other factors (such as pandemics, including coronavirus) in a particular country or region on our workforce, customers and vendors; claims of infringement of third-party intellectual property rights; our ability to estimate the scope of work or the costs of performance in our contracts; the loss of key senior management and our ability to attract and retain necessary technical personnel and qualified subcontractors; increases in the cost of telephone and data services or significant interruptions in such services; our failure to develop new service offerings and protect our intellectual property rights; our ability to modernize our information technology infrastructure and consolidate data centers; the failure to comply with laws relating to individually identifiable information and personal health information; the failure to comply with laws relating to processing certain financial transactions, including payment card transactions and debit or credit card transactions; breaches of our information systems or security systems or any service interruptions; our ability to comply with data security standards; changes in tax and other laws and regulations; risk and impact of potential goodwill and other asset impairments; our significant indebtedness; our ability to obtain adequate pricing for our services and to improve our cost structure; our ability to collect our receivables, including those for unbilled services; a decline in revenues from, or a loss of, or a reduction in business from or failure of significant clients; fluctuations in our non-recurring revenue; our failure to maintain a satisfactory credit rating; our ability to receive dividends or other payments from our subsidiaries; developments in various contingent liabilities that are not reflected on our balance sheet, including those arising as a result of being involved in a variety of claims, lawsuits, investigations and proceedings; conditions abroad, including local economics, political environments, fluctuating foreign currencies and shifting regulatory schemes; changes in government regulation and economic, strategic, political and social conditions; changes in the volatility of our stock price and the risk of litigation following a decline in the price of our stock; uncertainty regarding whether the proposed separation of the Transportation business will be commenced or completed and the timing and value of such transaction; and other factors that are set forth in the Risk Factors section, the Legal Proceedings section, the Management's Discussion and Analysis of Financial Condition and Results of Operations section and other sections in our 2021 Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission.
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