Post by icemandios on Feb 14, 2024 14:22:50 GMT
Conduent Reports Fourth Quarter and Full Year 2023 Financial Results
Key Q4 and Full Year 2023 Highlights
•Revenue and Adj. Revenue(1): Q4 $953M / FY $3,722M
•Pre-tax Income (Loss): Q4 $(4)M / FY $(332)M
•Adj. EBITDA Margin(1): Q4 10.8% / FY 10.2%
•New business signings ACV(2): Q4 $152M / FY $639M
•Net ARR Activity Metric(2) (TTM): $62M
FLORHAM PARK, NJ, February 14, 2024 - Conduent (NASDAQ: CNDT), a global technology-led business process solutions company, today announced its fourth quarter and full year 2023 financial results.
Remainder of report and tables
Key Q4 and Full Year 2023 Highlights
•Revenue and Adj. Revenue(1): Q4 $953M / FY $3,722M
•Pre-tax Income (Loss): Q4 $(4)M / FY $(332)M
•Adj. EBITDA Margin(1): Q4 10.8% / FY 10.2%
•New business signings ACV(2): Q4 $152M / FY $639M
•Net ARR Activity Metric(2) (TTM): $62M
FLORHAM PARK, NJ, February 14, 2024 - Conduent (NASDAQ: CNDT), a global technology-led business process solutions company, today announced its fourth quarter and full year 2023 financial results.
Cliff Skelton, Conduent President and Chief Executive Officer stated, “Our Q4 results contributed to a strong finish to 2023, with Adjusted Revenue, Adjusted EBITDA and Adjusted EBITDA Margin exceeding our previously described Outlook for 2023. While we experienced some macroeconomic headwinds in our Commercial sales efforts, our Total Contract Value sales were up 20% year over year—the highest in company history—and our new business pipeline remains quite strong, up 10% year on year. In March, 2023, we outlined a game plan for growth, rationalization, and improved cash flow generation with a target 2025 exit plan. We concluded year one of that plan with two portfolio divestiture announcements expected to close in the first half of 2024, a share repurchase program well underway, several key client wins, and renewed confidence in our plan to further rationalize the portfolio and efficiently deploy capital for the future. We continued to earn recognition for culture and leadership, earned industry recognition for our product and service capabilities, and our 59,000 strong team delivered outstanding service and solutions to our clients and end-users throughout the year. We enter the second year of our three-year plan with enthusiasm and confidence in the road ahead.”