Business
Conduent Reports First Quarter 2023 Financial Results
Key Q1 2023 Highlights Revenue and Adj. Revenue(1): $922MPre-tax Income (Loss): $(8)MAdj. EBITDA Margin(1): 9.8%New business signings ACV(2): $125MNet ARR
About this update from Conduent Incorporated
[{"type":"text","content":"Key Q1 2023 Highlights Revenue and Adj. Revenue(1): $922MPre-tax Income (Loss): $(8)MAdj. EBITDA Margin(1): 9.8%New business signings ACV(2): $125MNet ARR Activity Metric(2) (TTM): $108M FLORHAM PARK, N.J., May 03, 2023 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a global technology-led business process solutions company, today announced its first quarter 2023 financial results. Cliff Skelton, Conduent President and Chief Executive Officer stated, “Q1 Revenue and EBITDA met expectations. This performance is another proof point of our continued momentum and ability to execute with predictable outcomes. Q1 sales, as expected, were lower year-over-year for the quarter due to several large deals that are now expected to manifest in Q2 and beyond, including large contracts, specifically in the public sector. Our pipeline is strong across all three segments and we remain optimistic regarding full year 2023 sales. In our March Investor Briefing presentation, we outlined our focus on Government Healthcare, Real-Time Payments across the three segments, geographic expansion, and a rationalized portfolio. Q1 represented the first step on that journey. We are proud of our start to the year and look forward to continued success in 2023.” Key Financial Q1 2023 Results ($ in millions, except margin and per share data)Q1 2023Q1 2022CurrentQuarterY/Y B/(W)Revenue$922$967(4.7)%Adjusted Revenue(1)$922$960(4.0)%GAAP Net Income (Loss)$(6)$136(104)%Adjusted EBITDA(1)$90$107(15.9)%Adjusted EBITDA Margin (1)9.8%11.1%(130) bpsGAAP Income (Loss) Before Income Tax$(8)$210(104)%GAAP Diluted EPS$(0.04)$0.61(107)%Adjusted Diluted EPS(1)$0.00$0.10(100)%Cash Flow from Operating Activities$(12)$11(209)%Adjusted Free Cash Flow(1)$(37)$(65)43% Performance CommentaryDuring the first quarter of 2023, Conduent held an investor briefing to communicate the next chapter in its journey. The company's intense emphasis on growth, quality, and efficiency, beginning in the first quarter of 2020 resulted in a strengthened foundation. The company remains focused on accelerating growth and enhancing value for its stakeholders. Conduent intends to achieve this by doubling down on key themes outlined in the briefing, as well as through a process of portfolio rationalization, that we believe will result in a more nimble and faster growing company with modest levels of net levera...