equipment in a safe manner, and that the items/services furnished will be (i) in full compliance with Buyer's . The tax effect of the non-GAAP adjustments was calculated based upon evaluation of the statutory tax treatment and the applicable statutory tax rate in the jurisdictions in which such charges were incurred. All statements other than statements of historical fact included in this press release are forward-looking statements, including, but not limited to, statements regarding our financial results, condition and outlook; changes in our operating results; general market and economic conditions; our plans to separate the Transportation business to unlock additional value; that the best course of action will be to spin the Transportation business as opposed to a sale; expectations regarding our clients continuing to seek business process outsourcing capabilities to increase efficiency, enhance customer experience and improve performance; our belief that we are strongly positioned as a partner of choice to provide these critical services and solutions; and our projected financial performance for the full year 2022, including all statements made under the section captioned FY 2022 Outlook within this release. Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to: the significant continuing effects of the ongoing COVID-19 pandemic on our business, operations, financial results and financial condition, which is dependent on developments which are highly uncertain and cannot be predicted; government appropriations and termination rights contained in our government contracts; our ability to renew commercial and government contracts, including contracts awarded through competitive bidding processes; our ability to recover capital and other investments in connection with our contracts; our reliance on third-party providers; our ability to deliver on our contractual obligations properly and on time; changes in interest in outsourced business process services; risk and impact of geopolitical events, natural disasters and other factors (such as pandemics, including coronavirus) in a particular country or region on our workforce, customers and vendors; claims of infringement of third-party intellectual property rights; our ability to estimate the scope of work or the costs of performance in our contracts; the loss of key senior management and our ability to attract and retain necessary technical personnel and qualified subcontractors; increases in the cost of telephone and data services or significant interruptions in such services; our failure to develop new service offerings and protect our intellectual property rights; our ability to modernize our information technology infrastructure and consolidate data centers; the failure to comply with laws relating to individually identifiable information and personal health information; the failure to comply with laws relating to processing certain financial transactions, including payment card transactions and debit or credit card transactions; breaches of our information systems or security systems or any service interruptions; our ability to comply with data security standards; changes in tax and other laws and regulations; risk and impact of potential goodwill and other asset impairments; our significant indebtedness; our ability to obtain adequate pricing for our services and to improve our cost structure; our ability to collect our receivables, including those for unbilled services; a decline in revenues from, or a loss of, or a reduction in business from or failure of significant clients; fluctuations in our non-recurring revenue; our failure to maintain a satisfactory credit rating; our ability to receive dividends or other payments from our subsidiaries; developments in various contingent liabilities that are not reflected on our balance sheet, including those arising as a result of being involved in a variety of claims, lawsuits, investigations and proceedings; conditions abroad, including local economics, political environments, fluctuating foreign currencies and shifting regulatory schemes; changes in government regulation and economic, strategic, political and social conditions; changes in the volatility of our stock price and the risk of litigation following a decline in the price of our stock; the impact of the ongoing COVID-19 pandemic; and other factors that are set forth in the Risk Factors section, the Legal Proceedings section, the Management's Discussion and Analysis of Financial Condition and Results of Operations section and other sections in our 2020 Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. For tolling agencies, new technologies are speeding and simplifying journeys while driving cost-savings and enhancing consumer experiences. Projected Annual Recurring Revenue for contracts signed in the prior 12 months, less the annualized impact of any client losses, contractual volume and price changes, and other known impacts for which the company was notified in that same time period, which could positively or negatively impact results. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED). Adjusted EBITDA of $107M and Adjusted EBITDA Margin of 11.1% benefited from a one-time recovery of $14M in defense costs as a portion of the settlement with insurance carriers relating to a previously disclosed legal matter. Yes training is paid, and you get paid bi-weekly. Everything is done online, including the calls. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions, and providing such non-GAAP financial measures to investors allows for a further level of transparency as to how management reviews and evaluates our business results and trends. Free Cash Flow is defined as cash flows from operating activities as reported on the consolidated statement of cash flows, less cost of additions to land, buildings and equipment, cost of additions to internal use software, and proceeds from sales of land, buildings and equipment. They usually send you an iMac with keyboard and mouse. We are providing such outlook only on a non-GAAP basis because the Company is unable to predict with reasonable certainty the totality or ultimate outcome or occurrence of these adjustments for the forward-looking period, which can be dependent on future events that may not be reliably predicted. Net income was $136M up significantly versus prior year period, reflecting the gain on sale of the Midas divestiture and insurance recoveries relating to a previously disclosed legal matter. (3) Normalized for the impact of payment of deferred payroll taxes primarily related to the CARES Act of $32M in 2021 and $27M in 2022, Adjusted Free Cash Flow as a percentage of Adjusted EBITDA for 2021 is approximately 25% and approximately 22% in 2022. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. Through our dedicated people, process and technology, Conduent solutions and services automate workflows, improve efficiencies, reduce costs and enable revenue growth. A recording of the conference call will be available by calling 1-877-660-6853 one hour after the conference call concludes. This currency impact is calculated by translating the current period activity in local currency using the comparable prior-year period's currency translation rate. <>
The amortization of acquired intangible assets is driven by acquisition activity, which can vary in size, nature and timing as compared to other companies within our industry and from period to period. Restructuring and related costs. Answered July 30, 2018 - Program Director (Current Employee) - Naperville, IL. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. Cliff Skelton, Conduent President and CEO stated, Q1 2022 was another solid quarterwhere we met or exceeded expectations. Any forward-looking statements made by us in this release speak only as of the date on which they are made. Adjusted Free Cash Flow is defined as Free Cash Flow from above plus taxes paid on gains from divestitures, litigation insurance recoveries, transaction costs, and certain other identified adjustments. Non-GAAP Financial Measures
"We want to set an example for all the vendors if they want more business, they have to do as Conduent does." - High-Tech Client We've called Conduent's HR department, and they have hung up or "disconnected" from us every time and don't call us back. Conduent can help. Stateside blog, 2020 State and Local Government Responses to COVID-19, July 2020 Conference Call
A reconciliation of the following non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are provided below. Answered May 24, 2018 - LEARNING AND DEVELOPMENT RN SPECIALIST (Current Employee) - Cherry Hill, NJ. Management will present the results during a conference call and webcast on May3, 2022 at 5:00 p.m. This represents Goodwill impairment charges related to the unanticipated losses of certain customer contracts, lower potential future volumes and lower than expected new customer contracts for all reporting units. Jul 2018 Solo. Conduent delivers mission-critical services and solutions on behalf of businesses and governments creating exceptional outcomes for its clients and the millions of people who count on them. (2) Refer to Appendix for definition. An email has been sent to you with instructions to set up your email alert. hbbd```b``+@$7dHFMLnHq0,{LV9$cD .&O "DX
That building is gone now like quite a few others, it's a parking . In addition, for "Full Year 2021 (Ex Midas)" we are excluding the estimated impacts of $70 million of Revenue and $29 million of Adjusted EBITDA related to the divestiture of the Midas business. Litigation settlements (recoveries), net. Connect with an expert. In addition, we have discussed our financial results using non-GAAP measures. Refer to the "Non-GAAP Financial Measures" section attached to this release for a discussion of these non-GAAP measures and their reconciliation to the reported U.S. GAAP measures. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures and should be read only in conjunction with our Consolidated Financial Statements prepared in accordance with U.S. GAAP. 1. Related Articles. Accordingly, we believe it is necessary to adjust several reported amounts, determined in accordance with U.S. GAAP, to exclude the effects of certain items as well as their related tax effects. These forward-looking statements are also subject to the significant continuing impact of the COVID-19 pandemic on our business, operations, financial results and financial condition, which is dependent on developments which are highly uncertain and cannot be predicted. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. Is your organization ready for the return to work? Interest expense. The noted income tax effect for our non-GAAP performance measures is effectively the difference in income taxes for reported and adjusted pre-tax income calculated under the annual effective tax rate method. endstream
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<. North America Overview Asia Pacific Overview This includes Other (income) expenses, net on the Condensed Consolidated Statements of Income (loss) and other insignificant (income) expense associated with providing transition services on the California Medicaid contract loss and other adjustments. 2021 Conduent, Inc. All rights reserved. Amortization of acquired intangible assets. 7 months ago Mindshift: Preparing the New, Truly Hybrid, Salesforce Gain insights into how organizations must re-examine the way they train and educate sales reps in the article, "Mindshift: Preparing the New, Truly Hybrid, Salesforce," by Conduent's Gwen Phinizy To better understand trends in our business, we believe that it is helpful to adjust revenue to exclude the impact of changes in the translation of foreign currencies into U.S. The income tax effects are calculated under the same accounting principles as applied to our reported pre-tax performance measures under ASC 740, which employs an annual effective tax rate method. Non-GAAP Reconciliations: Revenue at Constant Currency, Adjusted Net Income (Loss), Adjusted Effective Tax, Adjusted Operating Income (Loss) and Adjusted EBITDA were as follows: (1) Included in Depreciation and amortization on the Consolidated Statements of Income (Loss). Revenue and Adjusted Revenue were lower than prior year period, primarily driven by significant non-recurring stimulus payments volume in our Government Services business in the prior year. Non-GAAP Reconciliations: Revenue at Constant Currency, Adjusted Net Income (Loss), Adjusted Effective Tax, Adjusted Operating Income (Loss) and Adjusted EBITDA were as follows: (1) Adjusted for the full impact from revenue and income/loss from divestitures for all periods presented. Free Cash Flow and Adjusted Free Cash Flow Reconciliation: Thank you. 294 0 obj
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The amortization of acquired intangible assets is driven by acquisition activity, which can vary in size, nature and timing as compared to other companies within our industry and from period to period. Management believes that these non-GAAP financial measures provide an additional means of analyzing the results of the current period against the corresponding prior period. Conduent will make reasonable accommodation for known physical and mental limitations of qualified applicants, employees and contractors, consistent with Federal and State laws, such as the Americans with Disabilities Act (ADA), and the Americans with Disabilities Act Amendment Act (ADAAA).
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