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. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. 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. Together, we make a difference in the lives of millions every day. Our people are united in their passion to make a positive difference - within their teams, communities, and society at large. ET. 294 0 obj <> endobj 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. 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. Conduent and Conduent Agile Star are trademarks of Conduent, Inc. and/or its subsidiaries in the United States and/or other countries. (Gain) loss on divestitures and transaction costs. The replay ID is 13728764. The conference call will also be available by calling 1-877-407-4019 toll-free. We are encouraged about the future because, even as economic conditions remain volatile, clients continue to seek business process outsourcing capabilities to increase efficiency, enhance customer experience and improve performance. 223 0 obj <> endobj Represents (gain) loss on divested businesses and transaction costs. 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. 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. They usually send you an iMac with keyboard and mouse. 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. 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 Adjusted Free Cash Flow is defined as Free Cash Flow from above plus taxes paid on gains from divestitures, litigation insurance recoveries, transaction costs, and certain other identified adjustments. It is why most Fortune 100 companies and over 500 government entities depend on Conduent every day to manage their essential interactions and move their operations forward. Land, buildings and equipment, net : 272 : 281 : Operating lease right-of-use assets : 219 : 231 : Intangible assets, net : 46 : 52 . Implemented as a standalone or integrated component of ATLAS, this highly configurable system is compatible with all mobile phone . 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. This metric excludes COVID-related volume impacts and non-recurring revenue signings. 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. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED). Cost basis and return based on previous market day close. This passion pushes us every day to work hard, innovate, think creatively, and solve problems. 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. 3 0 obj Restructuring and related costs. 2021 full year sales performance was up 16% in new business ARR, with TCV ending at $1,785M, 8% lower than prior year period. You must have a hard internet connection (no wifi). I'd like to thank our dedicated team for their continued strong execution in 2021., Key Financial Q4 & Full Year 2021 Results. Related Links The telephone recording will be available until May 17, 2022. A representative will contact you shortly. instructions at Seller's risk and expense or return such items to Seller at Seller's risk and expense. Adjusted EBITDA Margin is Adjusted EBITDA divided by revenue or adjusted revenue, as applicable. CONDUENT INCORPORATED My experience with Rent a bike Nuernberg was excellent from start to finish. Since the global outbreak began, Over 1,800 executive actions have been issued in total across the 50 U.S. states and territories. 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. When you join Conduent, you are engaged in creating the future - both our company's and your own. We continue to be strongly positioned as a partner of choice to provide thesecriticalservices andsolutions.. Answered July 30, 2018 - Program Director (Current Employee) - Naperville, IL. 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. Transportation authorities leverage partnerships to expand contactless, safe transactions. This release and any attachments to this release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Environmental Protection This policy commits to reducing our impact on the environment through: Mitigating climate change through cleaner energy, where practicable, and managing emissions effectively 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. (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. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. 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. The metric annualizes the net impact to revenue. Prepare for the next wave In addition, we have discussed our financial results using non-GAAP measures. Conduent and Conduent Agile Star are trademarks of Conduent, Inc. and/or its subsidiaries in the United States and/or other countries. The guy replied once saying "I'll send you the labels shortly!" you just have to provide the internet. 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. 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. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED), CONDUENT INCORPORATED HR leaders should also consider new digital behavioral tools (such as online cognitive therapies and self-help resources) and also plan for virtual open enrollment this year. North America Overview Asia Pacific Overview "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 Amortization of acquired intangible assets. Is your organization ready for the return to work? We are providing such outlook only on a non-GAAP basis because the Company is unable to predict with reasonable certainty the totality or ultimate outcome or occurrence of these adjustments for the forward-looking period, which can be dependent on future events that may not be reliably predicted. 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. 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! Both Government and Transportation revenues grew in 2021 versus prior year, with Commercial revenue trends continuing to improve in 2021. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. This years Earth Day theme is Invest in Our Planet, which serves as a reminder that, like most of the important things we rely on, we should not take our planets resources for granted. hbbd```b``+@$7dHFMLnHq0,{LV9$cD .&O "DX 2. This includes random jobs, online employers, sites that pay you and ways to monetize websites. 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. Now is the time to develop iterative, flexible strategies that can adapt with workplace challenges and health and government mandates as the COVID-19 pandemic runs it course and with the upcoming flu season on the horizon. In addition, we have discussed our financial results using non-GAAP measures. This metric excludes COVID-related volume impacts and non-recurring revenue signings. Conduent GSP February 2021 . The call will be available by live audio webcast along with the news release and online presentation slides at https://investor.conduent.com/ . Everything is done online, including the calls. I' was born in Nuernberg . Adjusted EBITDA represents income (loss) before interest, income taxes, depreciation and amortization and contract inducement amortization adjusted for the following items. Hi there, My fiance has been trying to get ahold of someone from Conduent HR to return his computer and equipment they sent him. 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. 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. Adjusted EBITDA is not intended to represent cash flows from operations, operating income (loss) or net income (loss) as defined by U.S. GAAP as indicators of operating performance. Tax effects were immaterial. In addition, we have discussed our financial results using non-GAAP measures. 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. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED). 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. 4. Yes. McKinsey, Executive Survey, June 2020 Learn more about interviews at Conduent Answered November 13, 2017 - Customer Service Representative (Former Employee) - Fresno, CA It is usually a 3 week process, by the time you get a call back, get the interview, get a call back then and then take the drug test and the background check. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED), CONDUENT INCORPORATED Downvote 2. For the same reason, we are unable to provide GAAP expected adjusted tax rate, which adjusts for our non-GAAP adjustments. 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. Do you get paid for the training and if so, when? The replay ID is 13725756. Hourly pay at Conduent Inc. ranges from an average of $12.33 to $25.11 an hour. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. The conference call will also be available by calling 1-877-407-4019 toll-free. 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. McKinsey Digital, Global Survey, May 2019, Legal, Compliance, and Analytics Solutions, Return to Work 2020: 6 Imperatives for HR Managers. ET. 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. 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! Projected Annual Recurring Revenue for contracts signed in the prior 12 months, less the annualized impact of any client losses, contractual volume and price changes, and other known impacts for which the company was notified in that same time period, which could positively or negatively impact results. Conference Call Q4 and Full Year 2021 Performance Commentary (1) Includes $5 million and $8 million restricted cash as of December 31, 2021 and 2020, respectively, that were included in Other current assets on their respective Condensed Consolidated Balance Sheets. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. endobj We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. 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. We make adjustments to Revenue, Costs and Expenses and Operating Margin, as applicable, for the following items, for the purpose of calculating Adjusted Revenue, Adjusted Operating Income and Adjusted Operating Margin: We provide our investors with adjusted revenue, adjusted operating income and adjusted operating margin information, as supplemental information, because we believe it offers added insight, by itself and for comparability between periods, by adjusting for certain non-cash items as well as certain other identified items which we do not believe are indicative of our ongoing business, and may also provide added insight on trends in our ongoing business. We are not paying $1,000 or getting in trouble for something we've tried to solve. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. 4y. 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. *Please select location from the dropdown. 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. (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. Conduents differentiated services and solutions improve experiences for millions of people every day, including three out of every four U.S. insured patients, 10 million employees who use its HR Services, and nearly 18 million benefits recipients. All statements other than statements of historical fact included in this press release are forward-looking statements, including, but not limited to, statements regarding our financial results, condition and outlook; changes in our operating results; general market and economic conditions; our transformation progress; Our ability to outrun the one-time government stimulus volumes that benefited 2021 and to demonstrate growth; and our projected financial performance for the full year 2022, including all statements made under the section captioned FY 2022 and 2023 Outlook within this release. 1. Our actual results may vary materially from those expressed or implied in our forward-looking statements. 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. 2021 Conduent, Inc. All rights reserved. %%EOF 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. Litigation settlements (recoveries), net represents settlements or recoveries for various matters subject to litigation. Conduent only uses @conduent.com for email communications Client Relationship Management and Service Delivery, Professional Services and Project Management. (Gain) loss on divestitures and transaction costs. Anyone got any advice or an idea of where to send it back to? 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. 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. The Net ARR Activity Metric for Q2 2022 was $104M, up 2% . We use the non-GAAP measure of Free Cash Flow as a criterion of liquidity. Society for HR Management, Navigating COVID-19, Impact of the Pandemic on Metal Health, May 2020, 6. Answered October 25, 2017. 321 0 obj <>stream Whether working remotely or in an office our sense of community is nurtured by constant interaction, collaboration, and connection. 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. He's emailed the "New Hiring Coordinator" multiple times over the past week. My fiance has been trying to get ahold of someone from Conduent HR to return his computer and equipment they sent him. 313 0 obj <>/Filter/FlateDecode/ID[<28E402DF5CB4D847AC696F8DC6F3621F>]/Index[294 28]/Info 293 0 R/Length 98/Prev 118551/Root 295 0 R/Size 322/Type/XRef/W[1 3 1]>>stream 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 2022 and 2021 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 $2 million and $2 million for the three months ended March 31, 2022 and 2021, respectively. Monitoring virus infection rates and geographic trends is critical right now, as well as understanding the impact of federal, state and local regulations. The amortization of acquired intangible assets is driven by acquisition activity, which can vary in size, nature and timing as compared to other companies within our industry and from period to period. Any forward-looking statements made by us in this release speak only as of the date on which they are made. The tax effect of the non-GAAP adjustments was calculated based upon evaluation of the statutory tax treatment and the applicable statutory tax rate in the jurisdictions in which such charges were incurred. Space where no one can see your work station that is quiet and private. <> 5. xZ[O~G?}t+HvvYF86!TU3@fh=c{\_WW}u3{u_v #yw'+d3nw|wtw 3N/vw1Tf~~9g&g_SwrE]\$OX?v[@psRD&7MKNj_fK$&\:gtI`U h^On| vQbGRr2"H[le(#(F(r< $N':iSa7=X`U7p^']*DR_HWp=5%0LL7 >. Pre-tax income was $5M versus $19M in the prior year period. Whether its touching three out of every four health insured lives and delivering 45% of SNAP payments in the U.S., or enabling 1.3 billion customer service interactions and empowering 10 million employees through HR services worldwide, Conduent services and solutions interact with millions of people every day and move our clients operations forward. (2) Included in Depreciation and amortization on the Consolidated Statements of Income (Loss). Adjusted Net Income (Loss), Adjusted Diluted Earnings per Share, Adjusted Weighted Average Common Shares Outstanding, and Adjusted Effective Tax Rate. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (1). We make adjustments to Net Income (Loss) before Income Taxes for the following items, as applicable, to the particular financial measure, for the purpose of calculating Adjusted Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings per Share, Adjusted Weighted Average Common Shares Outstanding, and Adjusted Effective Tax Rate: The Company provides adjusted net income and adjusted EPS financial measures to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods, by adjusting for certain items which may be recurring or non-recurring and which in our view do not necessarily reflect ongoing performance.
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