Business
Conduent Reports Second Quarter 2024 Financial Results
Key Q2 2024 Highlights Revenue: $828MAdj. Revenue(1): $811MPre-tax Income: $300MAdj. EBITDA Margin(1): 3.6%New Business Signings ACV(2): $142MNet ARR Activity
About this update from Conduent Incorporated
[{"type":"text","content":"Key Q2 2024 Highlights Revenue: $828MAdj. Revenue(1): $811MPre-tax Income: $300MAdj. EBITDA Margin(1): 3.6%New Business Signings ACV(2): $142MNet ARR Activity Metric(2) (TTM): $(49)M FLORHAM PARK, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Conduent (NASDAQ: CNDT), a global technology-led business process solutions and services company, today announced its second quarter 2024 financial results. Cliff Skelton, Conduent President and Chief Executive Officer stated, “We are pleased to report that our Adjusted Revenue and Adjusted EBITDA exceeded expectations, with upside from here. Meanwhile, as anticipated, Q2 represented the low point in our previously communicated growth trajectory. Commercial sales were stronger on both a year-over-year and sequential basis and although Government sales is off to a slower than anticipated start to the year, our overall sales pipeline remains strong as does our balance sheet.” “Our strategy also remains on track. Targeted divestitures and a balanced use of capital have allowed us to reduce debt and share count, and will allow us to reduce capital intensity and improve cash conversion over time. Our streamlined portfolio and the infusion of new and proven leadership position us well for the future as we advance our solution sets and leverage our strong culture.” Key Financial Q2 2024 Results ($ in millions, except margin and per share data)Q2 2024Q2 2023Current Quarter Y/Y B/(W)Revenue$828$915(9.5)%Adjusted Revenue(1)$811$851(4.7)%GAAP Net Income (Loss)$216$(7)n/mAdjusted EBITDA(1)$29$64(54.7)%Adjusted EBITDA Margin (1)3.6%7.5%(390) bpsGAAP Income (Loss) Before Income Tax$300$(7)n/mGAAP Diluted EPS$1.07$(0.04)n/mAdjusted Diluted EPS(1)$(0.14)$0.01n/mCash Flow from Operating Activities$(41)$(10)(310.0)%Adjusted Free Cash Flow(1)$(55)$(26)(111.5)% Performance CommentaryDuring the second quarter of 2024, the company completed the transfer of the BenefitWallet portfolio, receiving the remaining $261 million of the aggregate purchase price of $425 million. The divestiture of the Curbside Management and Public Safety businesses was announced on December 28, 2023 and closed on April 30, 2024 with a purchase price of $230 million, $61 million of which is deferred over the next nine months. The company entered into a definitive agreement to sell its Casualty Claims Solutions business on May 3, 2024 for $240 m...