The metric is for indicative purposes only. 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. 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. Prepare for the next wave Conduent delivers mission-critical services and solutions on behalf of businesses and governments creating exceptional outcomes for its clients and the millions of people who count on them. (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. The Official website of U.S. Army Garrison Bavaria. We are not paying $1,000 or getting in trouble for something we've tried to solve. 6. 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. Keeping a sharp focus on these areas will help ensure compliance and safety, minimize business disruption and avoid fines, lawsuits and surges in infection rates. Represents (gain) loss on divested businesses and transaction costs. 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. When Reducing Costs, Cutting Customer Experience Isnt the Answer, Driving Toward Sustainable Cities: Enhancing accessibility and optimizing passenger flows, Employers must leverage a strategic rewards package for a competitive advantage in a tight labor market -- one that demonstrates a great employee experience (EX), a supportive culture, and the full va. Conduent is proud to be a Platinum Corporate Sponsor of NCSEA. Integrate new workplace policies Thank you for your interest in Conduent. Non-GAAP Financial Measures ET. Please provide the following information to help us route your request to the appropriate person. (Gain) loss on divestitures and transaction costs. Tufts Universitys Research Group on Equity in Health, Wealth and Civic Engagement, July 2020 At Conduent, we understand the connection between employee experience and customer experience - and the tools, methodologies, and processes that enable high-performance cultures, agility and savings. I' was born in Nuernberg . Payment of any 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 these items, 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. 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. The computers are always breaking and there isn't assign seating so who knows what kind of germs you pick up. Restructuring and related costs include restructuring and asset impairment charges as well as costs associated with our strategic transformation program. The guy replied once saying "I'll send you the labels shortly!" 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) Included in Depreciation and amortization on the Consolidated Statements of Income (Loss). 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. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED), CONDUENT INCORPORATED endstream endobj startxref That building is gone now like quite a few others, it's a parking . We use Free Cash Flow as a measure of liquidity to determine amounts we can reinvest in our core businesses, such as amounts available to make acquisitions and invest in land, buildings and equipment and internal use software, after required payments on debt. We have reported our financial results in accordance with U.S. generally accepted accounting principles (U.S. GAAP). 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. Litigation settlements (recoveries), net. <> We refer to this adjusted revenue as constant currency. Currency impact is determined as the difference between actual growth rates and constant currency growth rates. `:XuCGGXmh{G:Fb8=#%2`cPb0T/@17r 7ZlDc@ .~ 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. New business sales were strong, with Total Contract Value signed in the quarter increasing by more than 30 percent year-over-year, representing our highest-ever Q1 performance. endstream endobj 295 0 obj <. 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. According to the paperwork I signed you will be receiving a $1500 iMac that must be returned at the end of employment. 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% 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. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied herein as anticipated, believed, estimated, expected or intended or using other similar expressions. (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. 245 0 obj <>/Filter/FlateDecode/ID[<629C86D788644B4A866D507855ED20DA>]/Index[223 39]/Info 222 0 R/Length 108/Prev 201009/Root 224 0 R/Size 262/Type/XRef/W[1 3 1]>>stream Additional Q1 2022 Performance Highlights Contact Us Your Experienced Partner: More than 44,000 multi-skilled interaction specialists 200+ languages supported 1 billion customer communications handled by our contact centers annually 26 billion Client Relationship Management and Service Delivery, Professional Services and Project Management. (1) All amounts are net of tax. FLORHAM PARK, N.J., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a business process services and solutions company, today announced its fourth quarter and full year 2021 financial results. 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. This metric is not indicative of any specific 12 month timeframe. 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. Interest expense. We use the non-GAAP measure of Free Cash Flow as a criterion of liquidity. Amortization of acquired intangible assets. Conduent will not request money or your banking or credit card information 5. The tax effect of the non-GAAP adjustments was calculated based upon evaluation of the statutory tax treatment and the applicable statutory tax rate in the jurisdictions in which such charges were incurred. Our German-American "Country-Expression" Band used to play at the club in the back. Since the global outbreak began, Over 1,800 executive actions have been issued in total across the 50 U.S. states and territories. The conference call will also be available by calling 1-877-407-4019 toll-free. 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. 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. In addition, all statements regarding 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. Cliff Skelton, Conduent President and CEO stated, In 2021, we met or exceeded our commitments. Children are the heart of the celebrations. ET. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (1). endstream endobj 224 0 obj <. A representative will contact you shortly. Abandonment of Cloud Computing Project. Conduent achieved several milestones in client satisfaction, industry recognition and culture, including; (1) Refer to Appendix for definition and complete non-GAAP reconciliations of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS and Adjusted Free Cash Flow. This includes charges in connection with the abandonment of a cloud computing project. Ultimately, CXM is about the ability to demonstrate that you can deliver optimal value to customers and extract optimal value from those interactions. Conduent? Work from home tech support? : r/WorkOnline - Reddit If requested, the conference ID for this call is 13728764. These reconciliations also include the income tax effects for our non-GAAP performance measures in total, to the extent applicable. 1. Together, we make a difference in the lives of millions every day. 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. This passion pushes us every day to work hard, innovate, think creatively, and solve problems. FLORHAM PARK, N.J., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a global technology-led business process solutions company, today announced its third quarter 2022 financial results. About Conduent Conduent delivers mission-critical services and solutions on behalf of businesses and governments - creating exceptional outcomes for its clients and the millions of people who count on them. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. This currency impact is calculated by translating the current period activity in local currency using the comparable prior-year period's currency translation rate. Additional 2021 Performance Highlights (3) 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 the adjustments listed. It eliminates most of the traditional aspects of going to work, like commuting and dressing in business attire, while reducing social interaction and standard means of accountability. Yes. but never sends them. This includes Other (income) expenses, net on the Condensed Consolidated Statements of Income (loss) and other insignificant (income) expense associated with providing transition services on the California Medicaid contract loss and other adjustments. 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. It provides travelers and transport operators with a new level of mobility. Join our Talent Network and get Conduent news and job alerts delivered to your inbox. %%EOF The words anticipate, believe, estimate, expect, "plan," intend, will, aim, should, could, forecast, target, may, "continue to," "if, growing, projected, potential, likely, and similar expressions, as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such as with Free Cash Flow information, as so adjusted, it is specifically not intended to provide amounts available for discretionary spending. CONDUENT INCORPORATED Non-GAAP Financial Measures Automated Fare Collection Solutions - Conduent Transportation The tapering of these government payment volumes in the fourth quarter resulted in Q4 Adjusted EBITDA Margin of 10.9%. Outlook for Adjusted Free Cash Flow is provided as a factor of expected Adjusted EBITDA, see above. Land, buildings and equipment, net : 272 : 281 : Operating lease right-of-use assets : 219 : 231 : Intangible assets, net : 46 : 52 . Adjusted Revenue, Adjusted Operating Income and Adjusted Operating Margin. The amortization of acquired intangible assets is driven by acquisition activity, which can vary in size, nature and timing as compared to other companies within our industry and from period to period. An email has been sent to you with instructions to set up your email alert. We also internally use these measures to assess our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. (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. In 2021, Conduent Transportation identified an opportunity to help address violence against women, girls, and vulnerable people by expanding the Ask for Angela campaign beyond the hospitality industry, The month of December is a busy month, filled with holidays and celebrations, many of which include gift-giving and good food -- lots and lots of good food! <>>> (4) Refer to Appendix for Non-GAAP Outlook. We also internally use these measures to assess our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise. We focused on execution, efficiency, driving improved client and end-user experiences and received recognition for our culture, technology-enabled solutions and overall delivery excellence. New Business Annual Contract Value (ACV): (New Business TCV / contract term) multiplied by 12. (2) Included in Depreciation and amortization on the Consolidated Statements of Income (Loss). CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED), CONDUENT INCORPORATED When you join Conduent, you are engaged in creating the future both our companys and your own. About Conduent Interest expense includes interest on long-term debt and amortization of debt issuance costs. For the same reason, we are unable to provide GAAP expected adjusted tax rate, which adjusts for our non-GAAP adjustments. Sales performance was up 32% in new business TCV signings at $464M, with new business ARR up 14% at $107M versus Q1 2021. (Gain) loss on divestitures and transaction costs. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED), CONDUENT INCORPORATED HR leaders are working through many changes as they prepare to welcome employees back to offices and factory floors. Society for HR Management, Navigating COVID-19, Impact of the Pandemic on Metal Health, May 2020, 6. A place to talk about making an income online. Management cautions that amounts presented in accordance with Conduent's definition of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similar measures disclosed by other companies because not all companies calculate Adjusted EBITDA and Adjusted EBITDA Margin in the same manner. Abandonment of Cloud Computing Project. Conduents solutions deliver exceptional outcomes for its clients including $18 billion in savings 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% improvement in finance, accounting and procurement expense, and improved customer service interaction times by up to 20% with higher end-user satisfaction. Downvote 2. Conduent Reports Third Quarter 2022 Financial Results Whether working remotely or in an office our sense of community is nurtured by constant interaction, collaboration, and connection. Adjusted Revenue, Adjusted Operating Income and Adjusted Operating Margin. In order to provide a meaningful basis for comparison, we are providing information with respect to our Free Cash Flow reconciled to cash flow provided by operating activities, which we believe to be the most directly comparable measure under U.S. GAAP. The call will be available by live audio webcast along with the news release and online presentation slides at https://investor.conduent.com/ . Tax effects were immaterial. Q1 2022 Performance Commentary 1. All Conduent employees are responsible for energy conservation. 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. Conduent and Conduent Agile Star are trademarks of Conduent, Inc. and/or its subsidiaries in the United States and/or other countries. Conduent Inc. Hourly Pay | PayScale 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. 154 questions about Hiring Process at Conduent. 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. Q4 2021 contributed $310M in new business TCV signings and $111M in new business ARR. In addition, we have discussed our financial results using non-GAAP measures. 3. level 2. Management will present the results during a conference call and webcast on February16, 2022 at 5:00 p.m. In addition, we have discussed our financial results using non-GAAP measures. ,:%Kk@k3L]/D. How long does it take to get hired from start to finish at Conduent A description of the adjustments which historically have been applicable in determining Adjusted EBITDA are reflected in the table below. Conduent GSP February 2021 . 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. Step up communications with employees including reminders about immunizations, safe workplace practices, and other prevention education. Other charges (credits). We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. In addition, we have discussed our financial results using non-GAAP measures. Space where no one can see your work station that is quiet and private. 321 0 obj <>stream Conduent achieved several milestones in operational excellence, client satisfaction, and culture, including; (1) Refer to Appendix for definition and complete non-GAAP reconciliations of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS from Continuing Operations and Adjusted Free Cash Flow
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