Business
Conduent Announces Strong Fourth Quarter and Full Year 2020 Financial Results
Key Highlights Revenue and Adjusted EBITDA margin at top-end of initial 2020 outlook, despite COVID headwinds.Adjusted EBITDA margin improved year-over-year
About this update from Conduent Incorporated
[{"type":"text","content":"Key Highlights Revenue and Adjusted EBITDA margin at top-end of initial 2020 outlook, despite COVID headwinds.Adjusted EBITDA margin improved year-over-year driven by business mix and efficient execution.Adjusted Free Cash Flow conversion above top-end of initial guidance.Strong New Business and revenue retention activity: FY 2020 Total Contract Value (TCV) new business signings of $1,934M, an increase of 94% vs FY 2019.FY 2020 Annual Recurring Revenue (ARR) signings of $353M, an increase of 26% vs FY 2019. FLORHAM PARK, N.J., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a business process services and solutions company, today announced its fourth quarter and full year 2020 financial results. Cliff Skelton, Conduent CEO, stated “Despite a challenging macro environment, the team delivered on our financial commitments, met our clients' needs and strengthened the operational foundation of our business. We continue to focus on improving growth, quality and efficiency by leveraging improvements across our people, processes and technology environments. During 2020, we meaningfully improved both client retention and sales performance, overachieving on our initial sales goal and delivering 94% new business signings growth compared with 2019. We also added talent to the organization and enhanced client confidence within the year. Through the dedicated efforts of 63,000 Conduent associates, clients have rewarded us with expanded relationships, which is strong evidence that our strategy is working. While we have more hard work ahead of us, we are convinced that we will continue to drive value for our stakeholders and position Conduent for long-term success.\" Key Financial Fourth Quarter & Full Year 2020 Results ($ in millions, except margin and per share data)Q4 20Q4 19Current Quarter Y/YFY 20FY 19FY Y/YRevenue$1,055$1,099(4.0)%$4,163$4,467(6.8)%Adjusted Revenue(1,2)1,0551,099(4.0)%4,1634,431(6.0)%GAAP net loss from Continuing Operations(11)(581)(98.1)%(118)(1,934)(93.9)%Adjusted EBITDA(2)1331302.3%480493(2.6)%Adjusted EBITDA Margin12.6%11.8%80 bps11.5%11.1%40 bpsGAAP Pre-tax Income(11)(635)(98.3)%(139)(2,106)(93.4)%GAAP Diluted EPS from Continuing Operations$(0.07)$(2.76)$2.69$(0.61)$(9.29)$8.68Adjusted Diluted EPS from Continuing Operations(2)$0.20$0.18$0.02$0.62$0.62$—Cash from Operations172348(50.6)%16113222.0%Adjusted F...