Business
Conduent Reports Fourth Quarter and Full Year 2019 Results; Establishes FY 2020 Guidance
Key Highlights FY 2019 Adjusted Revenue and Adjusted EBITDA results in-line with guidance Concluded strategic and operational reviewIdentified go-forward
About this update from Conduent Incorporated
[{"type":"text","content":"Key Highlights\n FY 2019 Adjusted Revenue and Adjusted EBITDA results in-line with guidance Concluded strategic and operational reviewIdentified go-forward investment plan to drive growth and improve margins Continued progress on growth, quality, and efficiency transformational pillars FLORHAM PARK, N.J., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a business process services and solutions company, today announced its fourth quarter and full year 2019 financial results and the conclusion of its strategic and operational review. Cliff Skelton, Conduent CEO, stated, \"We finished the year in-line with the outlook that we set when I began as CEO in August. We have continued to make progress on our Company transformation, focusing on the three pillars of growth, quality, and efficiency. We are building a strong team and are attracting top-tier talent to the organization to help drive change and improve our market positioning.\" Skelton continued, \"Along with our board, we have also completed our strategic and operational review. As a result, we have identified a go-forward investment strategy to drive revenue stabilization and sales growth, efficiency opportunities, and increased quality, leveraging a diversified and prioritized approach. We considered potential divestitures and given the attractiveness of the businesses in our portfolio, we did not find proposals to be sufficiently compelling at this time. We believe our current portfolio coupled with our transformation efforts and improved leadership will position us well over time to drive both top-line and EBITDA growth.\" Performance Commentary and Strategic Update FY 2019 results were in line with prior Company guidance, with adjusted revenue near the top end of the guidance range and Adjusted EBITDA near the mid-point of the guidance range. Despite signings for the year being weaker than desired, the Company is seeing strong initial signings performance in Q1 2020. While these early signs of increased client confidence are encouraging, it is still only a preliminary indication. Since August 2019, the Company has been engaged in a strategic and operational review. Conduent concluded the review resulting in a plan to invest in certain businesses for revenue stabilization, margin expansion and efficiency opportunities in certain offerings and to invest for growth...