Business
Conduent Announces Third Quarter Financial Results
Key Q3 2021 Highlights Revenue: $1,038MAdj. EBITDA Margin(1): 12.5%Q3 2021 Total Contract Value (TCV) new business signings of $344M, $1,475M YTDQ3 2021
About this update from Conduent Incorporated
[{"type":"text","content":"Key Q3 2021 Highlights Revenue: $1,038MAdj. EBITDA Margin(1): 12.5%Q3 2021 Total Contract Value (TCV) new business signings of $344M, $1,475M YTDQ3 2021 Annual Recurring Revenue (ARR) signings of $87M, $297M YTDNet ARR Activity Metric(2) (TTM) of $132M, an increase of 25% vs Q2 2021 FLORHAM PARK, N.J., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a business process services and solutions company, today announced its third quarter 2021 financial results. Cliff Skelton, Conduent President and CEO stated “Q3 marks another quarter of continued momentum and progress, meeting or exceeding the commitments we’ve made. Year-to-date new business signings are strong and our net ARR activity metric, which measures net wins and losses, continues to strengthen and increase, indicating future growth and our ability to outrun the legacy losses. With our debt refinancing successfully completed, we envision a clear path forward in our growth strategy. Through the hard work of sixty thousand dedicated associates, we believe that continued focus on the client, operational and technology excellence, and leadership, will be the keys to success as we continue this journey.” Key Financial Q3 2021 Results ($ in millions, except margin and per share data)Q3 2021Q3 2020CurrentQuarter Y/YB/(W)Revenue$1,038$1,041(0.3)%GAAP net income (loss) from Continuing Operations11(7)257.1%Adjusted EBITDA(1)130141(7.8)%Adjusted EBITDA Margin (1)12.5%13.5%-100 bpsGAAP Pre-tax Income19(13)246.2%GAAP Diluted EPS from Continuing Operations$0.04$(0.04)200.0%Adjusted Diluted EPS from Continuing Operations(1)$0.19$0.26(26.9)%Cash from Operations55107(48.6)%Adjusted Free Cash Flow(1)2369(66.7)% Q3 2021 Performance CommentaryRevenue continues to stabilize. Q3 2021 revenue was substantially unchanged compared with Q3 2020 primarily due to increased volumes in our Government Payments business and new business ramp, offset by lost business from prior years. Year-to-date sales performance is up 4% in new business TCV signings and up 15% in new business ARR compared to the prior year period. Q3 2021 contributed $344M in new business TCV signings and $87M in new business ARR. The Net ARR Activity Metric for Q3 2021 was strong at $132M, up 25% from Q2 2021 and continues to be positive for the fourth consecutive quarter. Additional Q3 Performance HighlightsConduent continu...