Business
Conduent Reports Second Quarter 2023 Financial Results
Key Q2 2023 Highlights Revenue and Adj. Revenue(1): $915MPre-tax Income (Loss): $(7)MAdj. EBITDA Margin(1): 10.2%New business signings ACV(2): $208MNet ARR
About this update from Conduent Incorporated
[{"type":"text","content":"Key Q2 2023 Highlights Revenue and Adj. Revenue(1): $915MPre-tax Income (Loss): $(7)MAdj. EBITDA Margin(1): 10.2%New business signings ACV(2): $208MNet ARR Activity Metric(2) (TTM): $137M FLORHAM PARK, N.J., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a global technology-led business process solutions company, today announced its second quarter 2023 financial results. Cliff Skelton, Conduent President and Chief Executive Officer stated, “Our Q2 performance exceeded our expectations especially with respect to Revenue, EBITDA, Net ARR and New Business signings. Q2 included a large new logo win in Transportation, allowing us to record the highest quarter in New Business TCV and ACV since Q4 2017. As an example of our non-financial success in Q2, we are proud to be recognized again, but now globally, as one of Newsweek’s Top 100 Global Most Loved Workplaces for 2023. Reflecting on our March 2023 Investor Presentation, we announced several key pillars for success as we execute toward our medium term strategic and financial objectives. First, we described a portfolio rationalization effort as a next step. That program is now in full swing. Second, we said that a key growth area was our Government Healthcare Business, specifically our MMIS Cloud-enabled offering. We are proud to now be underway on several implementations, including our largest deal to date, the State of Texas, and are in contract negotiations with another large state program. That pipeline remains strong. Finally, we described our opportunities in Digital Payments — specifically real-time payments. We are now the first and only BPO provider to process transactions through the recently announced US Federal Reserve’s FedNowSM Service. We are in full execution mode with the commitments we made in March, allowing us to be a more agile and focused provider.” Key Financial Q2 2023 Results ($ in millions, except margin and per share data)Q2 2023Q2 2022Current Quarter Y/Y B/(W)Revenue$915$928(1.4)%Adjusted Revenue(1)$915$928(1.4)%GAAP Net Income (Loss)$(7)$—n/mAdjusted EBITDA(1)$93$876.9%Adjusted EBITDA Margin (1)10.2%9.4%80 bpsGAAP Income (Loss) Before Income Tax$(7)$5(240)%GAAP Diluted EPS$(0.04)$(0.01)(300)%Adjusted Diluted EPS(1)$0.01$0.03(67)%Cash Flow from Operating Activities$(10)$(16)38%Adjusted Free Cash Flow(1)$(26)$(31)16% Performance CommentaryACV of...