Business
Conduent Progress Continues with Strong Third Quarter 2020 Financial Results and New Business Signings
Key Highlights Revenue and Adjusted EBITDA results well-above expectations Strong New Business signings Total Contract Value of signings: $468M, up 100%
About this update from Conduent Incorporated
[{"type":"text","content":"Key Highlights\n Revenue and Adjusted EBITDA results well-above expectations Strong New Business signings Total Contract Value of signings: $468M, up 100% year-over-yearAnnual Recurring Revenue of signings: $96M, up 35% year-over-year On track to exceed high end of previous FY 2020 cost reduction target range of $120M-$140MImprovements in operational and technology platform performance FLORHAM PARK, N.J., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a business process services and solutions company, today announced its third quarter 2020 financial results. Cliff Skelton, Conduent CEO, stated “We've made progress on all three pillars of our strategy: growth, quality and efficiency. Our results were driven by the team's hard work in this difficult environment. The revenue trajectory continued to improve this quarter and we executed well on our cost reduction program, putting us on track to deliver at or above the top end of our updated full year cost targets. New business signings were very strong for the third consecutive quarter, doubling our Q3 2019 signings. Importantly, we continue to meet client expectations around service delivery and operational performance. Overall, while we still have work to do, we are pleased with our progress and continue to gain confidence that Conduent is on the right track and making progress on our transformation objectives.\" Q3 2020 Performance CommentaryRevenue for the quarter beat expectations due to better than expected results in the Government and Transportation segments. Revenue compared with Q3 2019 was lower primarily due to prior year lost business. Continued strong activity in our Government business was primarily driven by increased volumes in our Supplemental Nutrition Assistance Program and Pandemic Supplemental Nutrition Assistance Program (SNAP and P-SNAP) and Unemployment Insurance pre-paid cards offerings. Government segment revenues were higher than prior expectations due to higher than expected volumes in our SNAP and P-SNAP programs and higher than expected excess funds remaining on Unemployment Insurance pre-paid cards. The tolling business continued to recover with volumes trending closer to pre-COVID-19 levels in many of the locations where we operate electronic tolling systems. The remainder of the Transportation segment performed generally as expected. The ...