Business
Conduent Reports Fourth Quarter and Full Year 2022 Financial Results
Key Q4 and Full Year 2022 Highlights Results continue to be consistent with expectations despite the economic uncertaintyRevenue: Q4 $986M / FY $3,858MAdj.
About this update from Conduent Incorporated
[{"type":"text","content":"Key Q4 and Full Year 2022 Highlights Results continue to be consistent with expectations despite the economic uncertaintyRevenue: Q4 $986M / FY $3,858MAdj. Revenue(1): Q4 $986M / FY $3,851MPre-tax Income: Q4 $(365)M / FY $(127)M, impacted by a goodwill impairment charge of $358MAdj. EBITDA Margin(1): Q4 9.6% / FY 10.2%New business signings ACV(2): Q4 $194M / FY $732MNet ARR Activity Metric(2) (TTM): Q4 $114M FLORHAM PARK, N. J., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a global technology-led business process solutions company, today announced its fourth quarter and full year 2022 financial results. Cliff Skelton, Conduent President and Chief Executive Officer stated, “Q4 and 2022 brought with it a mixture of both headwinds and tailwinds such as foreign exchange rates, inflation-induced volume degradation, and interest rate increases. Despite the economic uncertainty, revenue and EBITDA results were within our previously articulated expectations. Year-over-year Annual Contract Value sales were up considerably in both Q4 and full year, improving across all three segments, particularly in Q4 for our Government Healthcare business. We continued to make progress toward our mission to achieve year-over-year top line growth and expect to see two of our three businesses units grow in 2023.” Skelton continued, “All in all, 2022 proved to be a year where we completed our foundational improvement work, received recognition for culture and diversity and measurably improved sales as we outrun the legacy losses from past performance. In 2023 we expect to transition to more normal retention rates and exit the year on a company-wide growth trajectory. Finally, we will elaborate further on the 3-year financial outcomes and the acceleration opportunities we will deploy along the way in our Investor Event in late March. Meanwhile, as always, thanks to our teammates for their hard work and our clients for their continued commitment and support.” Key Financial Q4 & Full Year 2022 Results ($ in millions, except margin and per share data)Q4 2022Q4 2021Current Quarter Y/Y B/(W)FY 22FY 21FY Y/Y B/(W)Revenue$986 $1,048 (5.9)%$3,858 $4,140 (6.8)%Adjusted Revenue(1)$986 $1,032 (4.5)%$3,851 $4,070 (5.4)%GAAP Net Income (Loss)$(333)$(40)(733)%$(182)$(28)(550)%Adjusted EBITDA(1)$95 $105 (9.5)%$394 $448 (12.1)%Adjusted EBITDA Margin (1) 9.6%...