Conduent Inc.
02/12/2026 | Press release | Distributed by Public on 02/12/2026 07:51
CNDT Investor Metrics File Q4 2025 FINAL 022026
Index
| Sheet | Table of Contents | ||
| 1 | GAAP | ||
| 2 | Non-GAAP | ||
| 3 | Non-GAAP Divestitures Adjusted | ||
| 4 | Balance Sheet | ||
| 5 | Balance Sheet Summary | ||
| 6 | Cash Flows | ||
| 7 | Adjusted EBITDA to Adjusted Free Cash Flow | ||
| 8 | Operational Data | ||
| 9 | Segment Data | ||
| 10 | Segment Data Divestitures Adjusted | ||
| 11 | Horizontal Revenue |
GAAP
| Back | ||||||||||||||||||||||
| Income Statement | 12/31/2019 | |||||||||||||||||||||
| ($ in millions except per share data) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | |||||||
| Revenue | $ 922 | $ 915 | $ 932 | $ 953 | $ 3,722 | $ 921 | $ 828 | $ 807 | $ 800 | $ 3,356 | $ 751 | $ 754 | $ 767 | $ 770 | $ 3,042 | |||||||
| Operating Costs and Expenses | ||||||||||||||||||||||
| Cost of services (excluding depreciation and amortization) | 720 | 704 | 724 | 740 | 2,888 | 735 | 677 | 656 | 662 | 2,730 | 618 | 617 | 631 | 624 | 2,490 | |||||||
| Selling, general and administrative (excluding depreciation and amortization) | 111 | 118 | 115 | 114 | 458 | 116 | 115 | 115 | 109 | 455 | 120 | 100 | 96 | 96 | 412 | |||||||
| Research and development (excluding depreciation and amortization) | 2 | 1 | 2 | 2 | 7 | 2 | 1 | 1 | 2 | 6 | 1 | 1 | 1 | 1 | 4 | |||||||
| Depreciation and amortization | 61 | 57 | 81 | 65 | 264 | 62 | 51 | 44 | 47 | 204 | 48 | 48 | 48 | 50 | 194 | |||||||
| Restructuring and related costs | 29 | 13 | 7 | 13 | 62 | 9 | 8 | 4 | 25 | 46 | 4 | 8 | 12 | 11 | 35 | |||||||
| Interest expense | 27 | 27 | 28 | 29 | 111 | 27 | 19 | 16 | 13 | 75 | 12 | 12 | 12 | 12 | 48 | |||||||
| Goodwill impairment | - | - | 287 | - | 287 | - | - | - | 28 | 28 | - | - | - | - | - | |||||||
| (Gain) loss on divestitures and transaction costs, net | 2 | 3 | 3 | 2 | 10 | (161) | (347) | (188) | - | (696) | 3 | 4 | 1 | 3 | 11 | |||||||
| Litigation settlements (recoveries), net | (21) | (1) | - | (8) | (30) | 4 | 1 | 1 | 3 | 9 | 2 | - | - | (3) | (1) | |||||||
| Loss on extinguishment of debt | - | - | - | - | - | 2 | 3 | 1 | 2 | 8 | - | - | 1 | - | 1 | |||||||
| Other (income) expenses, net | (1) | - | (2) | - | (3) | (2) | - | (2) | (9) | (13) | (1) | 2 | 3 | 4 | 8 | |||||||
| Total Operating Costs and Expenses | 930 | 922 | 1,245 | 957 | 4,054 | 794 | 528 | 648 | 882 | 2,852 | 807 | 792 | 805 | 798 | 3,202 | |||||||
| Income (Loss) Before Income Taxes | (8) | (7) | (313) | (4) | (332) | 127 | 300 | 159 | (82) | 504 | (56) | (38) | (38) | (28) | (160) | |||||||
| Income tax expense (benefit) | (2) | - | (24) | (10) | (36) | 28 | 84 | 36 | (70) | 78 | (5) | 2 | 8 | 5 | 10 | |||||||
| Income (Loss) from Continuing Operations | (6) | (7) | (289) | 6 | (296) | 99 | 216 | 123 | (12) | 426 | (51) | (40) | (46) | (33) | (170) | |||||||
| Income (loss) from discontinued operations, net of tax | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||
| Net Income (Loss) | $ (6) | $ (7) | $ (289) | $ 6 | $ (296) | $ 99 | $ 216 | $ 123 | $ (12) | $ 426 | $ (51) | $ (40) | $ (46) | $ (33) | $ (170) | |||||||
| GAAP Earnings (Loss) per Share - Diluted | ||||||||||||||||||||||
| Continuing operations | $ (0.04) | $ (0.04) | $ (1.34) | $ 0.02 | $ (1.41) | $ 0.46 | $ 1.07 | $ 0.72 | $ (0.09) | $ 2.23 | $ (0.33) | $ (0.26) | $ (0.30) | $ (0.23) | $ (1.14) | |||||||
| Weighted Average Shares - Diluted(1) | 218,410 | 218,394 | 217,348 | 216,662 | 216,779 | 215,747 | 202,081 | 171,154 | 160,374 | 191,131 | 161,830 | 161,162 | 157,004 | 153,803 | 158,422 | |||||||
| (1) The computation of weighted average shares is the same for basic and diluted earnings per share for periods with net loss from continuing operations. |
Non-GAAP
| Back | |||||||||||||||||||||
| Non-GAAP Reconcilliations: Adjusted Operating Income/Margin, Adjusted EBITDA/Margin and Adjusted Net Income/Margin | |||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | |||||||
| Revenue | $ 922 | $ 915 | $ 932 | $ 953 | $ 3,722 | $ 921 | $ 828 | $ 807 | $ 800 | $ 3,356 | $ 751 | $ 754 | $ 767 | $ 770 | $ 3,042 | ||||||
| Foreign currency impact | 3 | (1) | (7) | (6) | (11) | (2) | 1 | - | 2 | 1 | 4 | (1) | (5) | (8) | (10) | ||||||
| Revenue at Constant Currency | $ 925 | $ 914 | $ 925 | $ 947 | $ 3,711 | $ 919 | $ 829 | $ 807 | $ 802 | $ 3,357 | $ 755 | $ 753 | $ 762 | $ 762 | $ 3,032 | ||||||
| Income (Loss) from Continuing Operations | (6) | (7) | (289) | 6 | (296) | 99 | 216 | 123 | (12) | 426 | (51) | (40) | (46) | (33) | (170) | ||||||
| Adjustments: | |||||||||||||||||||||
| Amortization of acquired intangible assets | 2 | 2 | 1 | 2 | 7 | 1 | 2 | 1 | 1 | 5 | - | 1 | 1 | - | 2 | ||||||
| Restructuring and related costs | 29 | 13 | 7 | 13 | 62 | 9 | 8 | 4 | 25 | 46 | 4 | 8 | 12 | 11 | 35 | ||||||
| Interest expense | 27 | 27 | 28 | 29 | 111 | 27 | 19 | 16 | 13 | 75 | 12 | 12 | 12 | 12 | 48 | ||||||
| Loss on extinguishment of debt | - | - | - | - | - | 2 | 3 | 1 | 2 | 8 | - | - | 1 | - | 1 | ||||||
| Goodwill impairment | - | - | 287 | - | 287 | - | - | - | 28 | 28 | - | - | - | - | - | ||||||
| (Gain) loss on divestitures and transaction costs, net | 2 | 3 | 3 | 2 | 10 | (161) | (347) | (188) | - | (696) | 3 | 4 | 1 | 3 | 11 | ||||||
| Litigation settlements (recoveries), net | (21) | (1) | - | (8) | (30) | 4 | 1 | 1 | 3 | 9 | 2 | - | - | (3) | (1) | ||||||
| Other (income) expenses, net | (1) | - | (2) | - | (3) | (2) | - | (2) | (9) | (13) | (1) | 2 | 3 | 4 | 8 | ||||||
| Income tax expense (benefit) | (2) | - | (24) | (10) | (36) | 28 | 84 | 36 | (70) | 78 | (5) | 2 | 8 | 5 | 10 | ||||||
| Operating Income | $ 30 | $ 37 | $ 11 | $ 34 | $ 112 | $ 7 | $ (14) | $ (8) | $ (19) | $ (34) | $ (36) | $ (11) | $ (8) | $ (1) | $ (56) | ||||||
| Operating Income Margin | 3.3% | 4.0% | 1.2% | 3.6% | 3.0% | 0.8% | -1.7% | -1.0% | -2.4% | -1.0% | -4.8% | -1.5% | -1.0% | -0.1% | -1.8% | ||||||
| Operating Income | $ 30 | $ 37 | $ 11 | $ 34 | $ 112 | $ 7 | $ (14) | $ (8) | $ (19) | $ (34) | $ (36) | $ (11) | $ (8) | $ (1) | $ (56) | ||||||
| Other adjustments | - | - | - | 6 | 6 | - | - | - | 4 | 4 | - | - | - | - | - | ||||||
| Direct response costs - cyber event | - | - | - | - | - | - | - | - | - | - | 25 | - | - | - | 25 | ||||||
| Abandonment of Cloud Computing Project | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| NY MMIS/HE charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| CA MMIS charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Adjusted Operating Income | $ 30 | $ 37 | $ 11 | $ 40 | $ 118 | $ 7 | $ (14) | $ (8) | $ (15) | $ (30) | $ (11) | $ (11) | $ (8) | $ (1) | $ (31) | ||||||
| Adjusted Operating Income Margin | 3.3% | 4.0% | 1.2% | 4.2% | 3.2% | 0.8% | -1.7% | -1.0% | -1.9% | -0.9% | -1.5% | -1.5% | -1.0% | -0.1% | -1.0% | ||||||
| Back | |||||||||||||||||||||
| Non-GAAP Reconcilliations: Adjusted EBITDA | |||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | |||||||
| Total Revenue | $ 922 | $ 915 | $ 932 | $ 953 | $ 3,722 | $ 921 | $ 828 | $ 807 | $ 800 | $ 3,356 | $ 751 | $ 754 | $ 767 | $ 770 | $ 3,042 | ||||||
| Reconcilation to Adjusted EBITDA | |||||||||||||||||||||
| Income (Loss) from Continuing Operations | $ (6) | $ (7) | $ (289) | $ 6 | $ (296) | $ 99 | $ 216 | $ 123 | $ (12) | $ 426 | $ (51) | $ (40) | $ (46) | $ (33) | $ (170) | ||||||
| Adjustments: | |||||||||||||||||||||
| Interest expense | 27 | 27 | 28 | 29 | 111 | 27 | 19 | 16 | 13 | 75 | 12 | 12 | 12 | 12 | 48 | ||||||
| Income tax expense (benefit) | (2) | - | (24) | (10) | (36) | 28 | 84 | 36 | (70) | 78 | (5) | 2 | 8 | 5 | 10 | ||||||
| Depreciation and amortization | 61 | 57 | 81 | 65 | 264 | 62 | 51 | 44 | 47 | 204 | 48 | 48 | 48 | 50 | 194 | ||||||
| Contract inducement amortization | 1 | 1 | 1 | - | 3 | 1 | - | 1 | 1 | 3 | - | 1 | 1 | 1 | 3 | ||||||
| Restructuring and related costs | 29 | 13 | 7 | 13 | 62 | 9 | 8 | 4 | 25 | 46 | 4 | 8 | 12 | 11 | 35 | ||||||
| Loss on extinguishment of debt | - | - | - | - | - | 2 | 3 | 1 | 2 | 8 | - | - | 1 | - | 1 | ||||||
| Goodwill impairment | - | - | 287 | - | 287 | - | - | - | 28 | 28 | - | - | - | - | - | ||||||
| (Gain) loss on divestitures and transaction costs, net | 2 | 3 | 3 | 2 | 10 | (161) | (347) | (188) | - | (696) | 3 | 4 | 1 | 3 | 11 | ||||||
| Litigation settlements (recoveries), net | (21) | (1) | - | (8) | (30) | 4 | 1 | 1 | 3 | 9 | 2 | - | - | (3) | (1) | ||||||
| Direct response costs - cyber event | - | - | - | - | - | - | - | - | - | - | 25 | - | - | - | 25 | ||||||
| Other charges (credits): | |||||||||||||||||||||
| Other (income) expenses, net | (1) | - | (2) | - | (3) | (2) | - | (2) | (9) | (13) | (1) | 2 | 3 | 4 | 8 | ||||||
| Other adjustments | - | - | - | 6 | 6 | - | - | - | 4 | 4 | - | - | - | - | - | ||||||
| Abandonment of Cloud Computing Project | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| NY MMIS/HE charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| CA MMIS charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Total other charges (credits) | (1) | - | (2) | 6 | 3 | (2) | - | (2) | (5) | (9) | (1) | 2 | 3 | 4 | 8 | ||||||
| Adjusted EBITDA | $ 90 | $ 93 | $ 92 | $ 103 | $ 378 | $ 69 | $ 35 | $ 36 | $ 32 | $ 172 | $ 37 | $ 37 | $ 40 | $ 50 | $ 164 | ||||||
| Adjusted EBITDA Margin | 9.8% | 10.2% | 9.9% | 10.8% | 10.2% | 7.5% | 4.2% | 4.5% | 4.0% | 5.1% | 4.9% | 4.9% | 5.2% | 6.5% | 5.4% | ||||||
| Non-GAAP Reconcilliations: Adjusted Net Income | |||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | |||||||
| Reconcilation to Adjusted PTP | |||||||||||||||||||||
| Income (Loss) Before Income Taxes | $ (8) | $ (7) | $ (313) | $ (4) | $ (332) | $ 127 | $ 300 | $ 159 | $ (82) | $ 504 | $ (56) | $ (38) | $ (38) | $ (28) | $ (160) | ||||||
| Adjustments: | |||||||||||||||||||||
| Amortization of acquired intangible assets | 2 | 2 | 1 | 2 | 7 | 1 | 2 | 1 | 1 | 5 | - | 1 | 1 | - | 2 | ||||||
| Restructuring and related costs | 29 | 13 | 7 | 13 | 62 | 9 | 8 | 4 | 25 | 46 | 4 | 8 | 12 | 11 | 35 | ||||||
| Loss on extinguishment of debt | - | - | - | - | - | 2 | 3 | 1 | 2 | 8 | - | - | 1 | - | 1 | ||||||
| Goodwill impairment | - | - | 287 | - | 287 | - | - | - | 28 | 28 | - | - | - | - | - | ||||||
| (Gain) loss on divestitures and transaction costs, net | 2 | 3 | 3 | 2 | 10 | (161) | (347) | (188) | - | (696) | 3 | 4 | 1 | 3 | 11 | ||||||
| Litigation settlements (recoveries), net | (21) | (1) | - | (8) | (30) | 4 | 1 | 1 | 3 | 9 | 2 | - | - | (3) | (1) | ||||||
| Direct response costs - cyber event | - | - | - | - | - | - | - | - | - | - | 25 | - | - | - | 25 | ||||||
| Other charges (credits): | |||||||||||||||||||||
| Other (income) expenses, net | (1) | - | (2) | - | (3) | (2) | - | (2) | (9) | (13) | (1) | 2 | 3 | 4 | 8 | ||||||
| Other adjustments | - | - | - | 6 | 6 | - | - | - | 4 | 4 | - | - | - | - | - | ||||||
| Abandonment of Cloud Computing Project | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| NY MMIS/HE charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| CA MMIS charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Total other charges (credits) | (1) | - | (2) | 6 | 3 | (2) | - | (2) | (5) | (9) | (1) | 2 | 3 | 4 | 8 | ||||||
| Adjusted PTP | $ 3 | $ 10 | $ (17) | $ 11 | $ 7 | $ (20) | $ (33) | $ (24) | $ (28) | $ (105) | $ (23) | $ (23) | $ (20) | $ (13) | $ (79) | ||||||
| Income tax expense (benefit) | $ (2) | $ - | $ (24) | $ (10) | $ (36) | $ 28 | $ 84 | $ 36 | $ (70) | $ 78 | $ (5) | $ 2 | $ 8 | $ 5 | $ 10 | ||||||
| Tax impact on adjustments | 3 | 4 | 25 | 11 | 43 | (32) | (92) | (39) | 63 | (100) | - | (7) | (17) | (6) | (30) | ||||||
| Adjusted Net Income from Continuing operations | $ 2 | $ 6 | $ (18) | $ 10 | $ - | $ (16) | $ (25) | $ (21) | $ (21) | $ (83) | $ (18) | $ (18) | $ (11) | $ (12) | $ (59) | ||||||
| Preferred dividend | 2 | 3 | 2 | 3 | 10 | 2 | 3 | 2 | 3 | 10 | 2 | 3 | 2 | 3 | 10 | ||||||
| Adjusted Net Income from Continuing Operations Available to Common Shareholders | $ - | $ 3 | $ (20) | $ 7 | $ (10) | $ (18) | $ (28) | $ (23) | $ (24) | $ (93) | $ (20) | $ (21) | $ (13) | $ (15) | $ (69) | ||||||
| Adjusted Non-GAAP weighted average shares outstanding - diluted | 218,410 | 219,322 | 217,348 | 216,662 | 216,779 | 209,160 | 194,539 | 161,684 | 160,374 | 182,513 | 161,830 | 161,162 | 157,004 | 153,803 | 158,422 | ||||||
| Adjusted Non-GAAP Diluted EPS from Continuing operations | $ - | 0.01 | -0.09 | 0.03 | -0.04 | -0.09 | -0.14 | -0.14 | -0.15 | -0.51 | -0.13 | -0.13 | -0.09 | -0.09 | -0.43 |
Non-GAAP excl Divestitures
| All numbers adjusted to remove divestitures. | |||||||||||||||||||||
| Back | |||||||||||||||||||||
| Non-GAAP Reconcilliations: Adjusted Revenue, Adjusted Operating Income/Margin and Adjusted EBITDA/Margin | |||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | |||||||
| Reconciliation to Adjusted Revenue | |||||||||||||||||||||
| Revenue | $ 922 | $ 915 | $ 932 | $ 953 | $ 3,722 | $ 921 | $ 828 | $ 807 | $ 800 | $ 3,356 | $ 751 | $ 754 | $ 767 | $ 770 | $ 3,042 | ||||||
| Adjustments: | |||||||||||||||||||||
| Divestitures | (99) | (100) | (101) | (102) | (402) | (100) | (54) | (26) | - | (180) | - | - | - | - | - | ||||||
| Adjusted Revenue | $ 823 | $ 815 | $ 831 | $ 851 | $ 3,320 | $ 821 | $ 774 | $ 781 | $ 800 | $ 3,176 | $ 751 | $ 754 | $ 767 | $ 770 | $ 3,042 | ||||||
| Foreign currency impact | 3 | (2) | (8) | (5) | (12) | (2) | 1 | - | 2 | 1 | 4 | (1) | (5) | (8) | (10) | ||||||
| Revenue at Constant Currency | $ 826 | $ 813 | $ 823 | $ 846 | $ 3,308 | $ 819 | $ 775 | $ 781 | $ 802 | $ 3,177 | $ 755 | $ 753 | $ 762 | $ 762 | $ 3,032 | ||||||
| Income (Loss) from Continuing Operations | $ (6) | $ (7) | $ (289) | $ 6 | $ (296) | $ 99 | $ 216 | $ 123 | $ (12) | $ 426 | $ (51) | $ (40) | $ (46) | $ (33) | $ (170) | ||||||
| Adjustments: | |||||||||||||||||||||
| Amortization of acquired intangible assets | 2 | 2 | 1 | 2 | 7 | 1 | 2 | 1 | 1 | 5 | - | 1 | 1 | - | 2 | ||||||
| Restructuring and related costs | 29 | 13 | 7 | 13 | 62 | 9 | 8 | 4 | 25 | 46 | 4 | 8 | 12 | 11 | 35 | ||||||
| Interest expense | 27 | 27 | 28 | 29 | 111 | 27 | 19 | 16 | 13 | 75 | 12 | 12 | 12 | 12 | 48 | ||||||
| Loss on extinguishment of debt | - | - | - | - | - | 2 | 3 | 1 | 2 | 8 | - | - | 1 | - | 1 | ||||||
| Goodwill impairment | - | - | 287 | - | 287 | - | - | - | 28 | 28 | - | - | - | - | - | ||||||
| (Gain) loss on divestitures and transaction costs, net | 2 | 3 | 3 | 2 | 10 | (161) | (347) | (188) | - | (696) | 3 | 4 | 1 | 3 | 11 | ||||||
| Litigation settlements (recoveries), net | (21) | (1) | - | (8) | (30) | 4 | 1 | 1 | 3 | 9 | 2 | - | - | (3) | (1) | ||||||
| Other (income) expenses, net | (1) | - | (2) | - | (3) | (2) | - | (2) | (9) | (13) | (1) | 2 | 3 | 4 | 8 | ||||||
| Income tax expense (benefit) | (2) | - | (24) | (10) | (36) | 28 | 84 | 36 | (70) | 78 | (5) | 2 | 8 | 5 | 10 | ||||||
| Operating Income | $ 30 | $ 37 | $ 11 | $ 34 | $ 112 | $ 7 | $ (14) | $ (8) | $ (19) | $ (34) | $ (36) | $ (11) | $ (8) | $ (1) | $ (56) | ||||||
| Operating Income Margin | 3.3% | 4.0% | 1.2% | 3.6% | 3.0% | 0.8% | -1.7% | -1.0% | -2.4% | -1.0% | -4.8% | -1.5% | -1.0% | -0.1% | -1.8% | ||||||
| Operating Income | $ 30 | $ 37 | $ 11 | $ 34 | $ 112 | $ 7 | $ (14) | $ (8) | $ (19) | $ (34) | $ (36) | $ (11) | $ (8) | $ (1) | $ (56) | ||||||
| Other adjustments | - | - | - | 6 | 6 | - | - | - | 4 | 4 | - | - | - | - | - | ||||||
| Direct response costs - cyber event | - | - | - | - | - | - | - | - | - | - | 25 | - | - | - | 25 | ||||||
| Abandonment of Cloud Computing Project | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| NY MMIS/HE charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| CA MMIS charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Operating Income Before Adjustments for Divestitures | 30 | 37 | 11 | 40 | 118 | 7 | (14) | (8) | (15) | (30) | (11) | (11) | (8) | (1) | (31) | ||||||
| Divestitures | (23) | (27) | (26) | (27) | (103) | (24) | (8) | (3) | - | (35) | - | - | - | - | - | ||||||
| Adjusted Operating Income | $ 7 | $ 10 | $ (15) | $ 13 | $ 15 | $ (17) | $ (22) | $ (11) | $ (15) | $ (65) | $ (11) | $ (11) | $ (8) | $ (1) | $ (31) | ||||||
| Adjusted Operating Income Margin | 0.9% | 1.2% | -1.8% | 1.5% | 0.5% | -2.1% | -2.8% | -1.4% | -1.9% | -2.0% | -1.5% | -1.5% | -1.0% | -0.1% | -1.0% | ||||||
| Back | |||||||||||||||||||||
| Non-GAAP Reconcilliations: Adjusted EBITDA | |||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | |||||||
| Reconciliation to Adjusted Revenue | |||||||||||||||||||||
| Revenue | $ 922 | $ 915 | $ 932 | $ 953 | $ 3,722 | $ 921 | $ 828 | $ 807 | $ 800 | $ 3,356 | $ 751 | $ 754 | $ 767 | $ 770 | $ 3,042 | ||||||
| Adjustments: | |||||||||||||||||||||
| Divestitures | (99) | (100) | (101) | (102) | (402) | (100) | (54) | (26) | - | (180) | - | - | - | - | - | ||||||
| Adjusted Revenue | $ 823 | $ 815 | $ 831 | $ 851 | $ 3,320 | $ 821 | $ 774 | $ 781 | $ 800 | $ 3,176 | $ 751 | $ 754 | $ 767 | $ 770 | $ 3,042 | ||||||
| Reconcilation to Adjusted EBITDA | |||||||||||||||||||||
| Income (Loss) from Continuing Operations | $ (6) | $ (7) | $ (289) | $ 6 | $ (296) | $ 99 | $ 216 | $ 123 | $ (12) | $ 426 | $ (51) | $ (40) | $ (46) | $ (33) | $ (170) | ||||||
| Adjustments: | |||||||||||||||||||||
| Interest expense | 27 | 27 | 28 | 29 | 111 | 27 | 19 | 16 | 13 | 75 | 12 | 12 | 12 | 12 | 48 | ||||||
| Income tax expense (benefit) | (2) | - | (24) | (10) | (36) | 28 | 84 | 36 | (70) | 78 | (5) | 2 | 8 | 5 | 10 | ||||||
| Depreciation and amortization | 61 | 57 | 81 | 65 | 264 | 62 | 51 | 44 | 47 | 204 | 48 | 48 | 48 | 50 | 194 | ||||||
| Contract inducement amortization | 1 | 1 | 1 | - | 3 | 1 | - | 1 | 1 | 3 | - | 1 | 1 | 1 | 3 | ||||||
| Restructuring and related costs | 29 | 13 | 7 | 13 | 62 | 9 | 8 | 4 | 25 | 46 | 4 | 8 | 12 | 11 | 35 | ||||||
| Loss on extinguishment of debt | - | - | - | - | - | 2 | 3 | 1 | 2 | 8 | - | - | 1 | - | 1 | ||||||
| Goodwill impairment | - | - | 287 | - | 287 | - | - | - | 28 | 28 | - | - | - | - | - | ||||||
| (Gain) loss on divestitures and transaction costs, net | 2 | 3 | 3 | 2 | 10 | (161) | (347) | (188) | - | (696) | 3 | 4 | 1 | 3 | 11 | ||||||
| Litigation settlements (recoveries), net | (21) | (1) | - | (8) | (30) | 4 | 1 | 1 | 3 | 9 | 2 | - | - | (3) | (1) | ||||||
| Direct response costs - cyber event | - | - | - | - | - | - | - | - | - | - | 25 | - | - | - | 25 | ||||||
| Other (income) expenses, net | (1) | - | (2) | - | (3) | (2) | - | (2) | (9) | (13) | (1) | 2 | 3 | 4 | 8 | ||||||
| Other adjustments | - | - | - | 6 | 6 | - | - | - | 4 | 4 | - | - | - | - | - | ||||||
| Abandonment of Cloud Computing Project | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| NY MMIS/HE charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| CA MMIS charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Divestitures | (23) | (27) | (26) | (27) | (103) | (24) | (8) | (3) | - | (35) | - | - | - | - | - | ||||||
| Divestitures depreciation and amortization | (7) | (7) | (6) | (8) | (28) | (9) | (3) | (1) | - | (13) | - | - | - | - | - | ||||||
| Adjusted EBITDA | $ 60 | $ 59 | $ 60 | $ 68 | $ 247 | $ 36 | $ 24 | $ 32 | $ 32 | $ 124 | $ 37 | $ 37 | $ 40 | $ 50 | $ 164 | ||||||
| Adjusted EBITDA Margin | 7.3% | 7.2% | 7.2% | 8.0% | 7.4% | 4.4% | 3.1% | 4.1% | 4.0% | 3.9% | 4.9% | 4.9% | 5.2% | 6.5% | 5.4% |
Balance Sheet
| Back | ||||||||||||
| Balance Sheet | ||||||||||||
| ($ in millions) | ||||||||||||
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| Assets | ||||||||||||
| Cash and cash equivalents | $ 526 | $ 500 | $ 451 | $ 498 | $ 415 | $ 300 | $ 393 | $ 366 | $ 277 | $ 275 | $ 248 | $ 233 |
| Accounts receivable, net | 590 | 583 | 612 | 559 | 600 | 518 | 528 | 493 | 480 | 458 | 488 | 500 |
| Assets held for sale | - | - | - | 180 | 192 | 43 | - | - | - | - | - | - |
| Contract assets | 163 | 187 | 197 | 178 | 166 | 149 | 152 | 132 | 131 | 138 | 160 | 123 |
| Other current assets | 277 | 247 | 275 | 240 | 216 | 342 | 372 | 261 | 297 | 276 | 258 | 213 |
| Assets of discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - |
| Total current assets | 1,556 | 1,517 | 1,535 | 1,655 | 1,589 | 1,352 | 1,445 | 1,252 | 1,185 | 1,147 | 1,154 | 1,069 |
| Land, buildings and equipment, net | 259 | 252 | 241 | 197 | 186 | 179 | 174 | 167 | 179 | 182 | 186 | 181 |
| Operating lease right-of-use assets | 192 | 192 | 202 | 191 | 188 | 175 | 174 | 169 | 164 | 159 | 150 | 136 |
| Deferred contract costs, net | 80 | 88 | 101 | 91 | 92 | 105 | 120 | 126 | 126 | 129 | 132 | 128 |
| 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 965 | 967 | 668 | 651 | 643 | 637 | 642 | 609 | 610 | 617 | 616 | 617 |
| Other long-term assets | 451 | 437 | 399 | 377 | 360 | 332 | 286 | 276 | 268 | 254 | 262 | 266 |
| Total Assets | $ 3,503 | $ 3,453 | $ 3,146 | $ 3,162 | $ 3,058 | $ 2,780 | $ 2,841 | $ 2,599 | $ 2,532 | $ 2,488 | $ 2,500 | $ 2,397 |
| Liabilities and Equity | ||||||||||||
| Current portion of long-term debt | $ 38 | $ 41 | $ 40 | $ 34 | $ 33 | $ 33 | $ 26 | $ 24 | $ 26 | $ 28 | $ 16 | 22 |
| Accounts payable | 176 | 169 | 166 | 174 | 167 | 136 | 133 | 157 | 155 | 126 | 135 | 142 |
| Accrued compensation and benefits costs | 174 | 180 | 195 | 183 | 175 | 171 | 193 | 170 | 165 | 168 | 180 | 173 |
| Contract liabilities | 79 | 80 | 99 | 91 | 94 | 95 | 115 | 103 | 83 | 80 | 82 | 74 |
| Liabilities held for sale | - | - | - | 58 | 56 | 22 | - | - | - | - | - | - |
| Other current liabilities | 375 | 325 | 305 | 328 | 324 | 362 | 360 | 290 | 294 | 295 | 289 | 270 |
| Liabilities of discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - |
| Total current liabilities | 842 | 795 | 805 | 868 | 849 | 819 | 827 | 744 | 723 | 697 | 702 | 681 |
| Long-term debt | 1,277 | 1,274 | 1,266 | 1,248 | 1,083 | 789 | 718 | 615 | 625 | 628 | 697 | 665 |
| Deferred taxes | 85 | 75 | 61 | 30 | 43 | 48 | 54 | 24 | 16 | 16 | 22 | 19 |
| Operating lease liabilities | 158 | 159 | 167 | 157 | 155 | 144 | 141 | 138 | 134 | 127 | 117 | 102 |
| Other long-term liabilities | 70 | 81 | 85 | 84 | 81 | 83 | 78 | 93 | 88 | 101 | 103 | 103 |
| Total Liabilities | 2,432 | 2,384 | 2,384 | 2,387 | 2,211 | 1,883 | 1,818 | 1,614 | 1,586 | 1,569 | 1,641 | 1,570 |
| Series A convertible preferred stock | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 |
| Common stock | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Treasury stock, at cost | - | (1) | (7) | (27) | (44) | (196) | (210) | (210) | (210) | (218) | (231) | (235) |
| Additional paid-in capital | 3,926 | 3,931 | 3,937 | 3,938 | 3,941 | 3,947 | 3,952 | 3,952 | 3,955 | 3,959 | 3,964 | 3,968 |
| Retained earnings (deficit) | (2,551) | (2,561) | (2,852) | (2,849) | (2,752) | (2,539) | (2,418) | (2,433) | (2,486) | (2,529) | (2,577) | (2,613) |
| Accumulated other comprehensive loss | (448) | (444) | (463) | (435) | (446) | (463) | (449) | (472) | (461) | (437) | (441) | (437) |
| Total Conduent Inc. Equity | 929 | 927 | 617 | 629 | 701 | 751 | 877 | 839 | 800 | 777 | 717 | 685 |
| Non-controlling interest | - | - | 3 | 4 | 4 | 4 | 4 | 4 | 4 | - | - | - |
| Total Equity | 929 | 927 | 620 | 633 | 705 | 755 | 881 | 843 | 804 | 777 | 717 | 685 |
| Total Liabilities and Equity | $ 3,503 | $ 3,453 | $ 3,146 | $ 3,162 | $ 3,058 | $ 2,780 | $ 2,841 | $ 2,599 | $ 2,532 | $ 2,488 | $ 2,500 | $ 2,397 |
| - | - | - | - | - | - | - | - | - | - | - | - |
BS Summary
| Back | |||||||||||||||
| Balance Sheet Summary | |||||||||||||||
| ($ in millions) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||
| Cash and cash equivalents | $ 526 | $ 500 | $ 451 | $ 498 | $ 415 | $ 300 | $ 393 | $ 366 | $ 277 | $ 275 | $ 248 | $ 233 | |||
| Accounts receivable, net | 590 | 583 | 612 | 559 | 600 | 518 | 528 | 493 | 480 | 458 | 488 | 500 | |||
| Accounts payable and Other current liabilities | 551 | 494 | 471 | 502 | 491 | 498 | 493 | 447 | 449 | 421 | 424 | 412 | |||
| Accrued compensation and benefits costs | 174 | 180 | 195 | 183 | 175 | 171 | 193 | 170 | 165 | 168 | 180 | 173 | |||
| Contract liabilities | 79 | 80 | 99 | 91 | 94 | 95 | 115 | 103 | 83 | 80 | 82 | 74 | |||
| Total Debt | $ 1,315 | $ 1,315 | $ 1,306 | $ 1,282 | $ 1,116 | $ 822 | $ 744 | $ 639 | $ 651 | $ 656 | $ 713 | $ 687 | |||
| Revolving Credit facility | - | - | - | - | - | - | - | - | - | - | 134 | 109 | |||
| Term Loan A | 249 | 245 | 242 | 238 | 235 | 232 | 191 | 88 | 85 | 82 | - | - | |||
| Term Loan B | 509 | 507 | 506 | 505 | 339 | 38 | - | - | - | - | - | - | |||
| Secured Notes | 520 | 520 | 520 | 520 | 520 | 520 | 520 | 520 | 520 | 520 | 520 | 520 | |||
| Bonds | - | - | - | - | - | - | - | - | - | - | - | - | |||
| Revolving Credit facility | - | - | - | - | - | - | - | - | - | - | - | - | |||
| Finance lease obligations | 28 | 34 | 30 | 22 | 23 | 29 | 29 | 26 | 41 | 44 | 48 | 49 | |||
| Other | 31 | 30 | 28 | 15 | 14 | 14 | 13 | 12 | 11 | 15 | 15 | 13 | |||
| - | - | - | - | - | - | - | - | - | - | - | - | ||||
| Debt Issuance Costs | (22) | (21) | (20) | (18) | (15) | (11) | (9) | (7) | (6) | (5) | (4) | (4) |
Cash Flows
| Back | |||||||||||||||||||||
| Cash Flow | |||||||||||||||||||||
| ($ in millions) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | ||||||
| Cash Flows from Operating Activities: | |||||||||||||||||||||
| Net income (loss) | $ (6) | $ (7) | $ (289) | $ 6 | $ (296) | $ 99 | $ 216 | $ 123 | $ (12) | $ 426 | $ (51) | $ (40) | $ (46) | $ (33) | $ (170) | ||||||
| Depreciation and amortization | 61 | 57 | 81 | 65 | 264 | 62 | 51 | 44 | 47 | 204 | 48 | 48 | 48 | 50 | 194 | ||||||
| Contract inducement amortization | 1 | 1 | 1 | - | 3 | 1 | - | 1 | 1 | 3 | - | 1 | 1 | 1 | 3 | ||||||
| Goodwill impairment | - | - | 287 | - | 287 | - | - | - | 28 | 28 | - | - | - | - | - | ||||||
| Write-off of deferred cloud computing implementation costs | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Deferred income taxes | (8) | (6) | (9) | (31) | (54) | 13 | 5 | 5 | (28) | (5) | (8) | 1 | 4 | (19) | (22) | ||||||
| (Gain) loss from investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Amortization of debt financing costs | 1 | 1 | 1 | 1 | 4 | 1 | 1 | 1 | - | 3 | - | 1 | - | - | 1 | ||||||
| Loss on extinguishment of debt | - | - | - | - | - | 2 | 3 | 1 | 2 | 8 | - | - | 1 | - | 1 | ||||||
| (Gain) loss on divestitures and sales of fixed assets, net | - | - | - | - | - | (164) | (369) | (194) | 3 | (724) | - | 2 | - | - | 2 | ||||||
| Stock-based compensation | 2 | 6 | 5 | 6 | 19 | 3 | 5 | 6 | 5 | 19 | 3 | 5 | 5 | 6 | 19 | ||||||
| Allowance for credit losses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||
| Accounts receivable | 42 | 8 | (31) | 7 | 26 | (52) | 59 | (1) | 28 | - | 34 | 16 | 28 | (30) | (12) | 2 | |||||
| Other current and long-term assets | (33) | (27) | (55) | 4 | (111) | (23) | (30) | (33) | 26 | (60) | (45) | (24) | (32) | 68 | (33) | ||||||
| Accounts payable and accrued compensation and benefits costs | (65) | (3) | 13 | 3 | (52) | (10) | (18) | 11 | 3 | (14) | (6) | (31) | 20 | 5 | (12) | ||||||
| Restructuring liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||
| Other current and long-term liabilities | (9) | (32) | 5 | 34 | (2) | (6) | (23) | 17 | 1 | (11) | (13) | 4 | (8) | (43) | (60) | ||||||
| Net change in income tax assets and liabilities | 2 | (8) | (20) | 27 | 1 | 37 | 59 | 6 | (63) | 39 | (2) | (10) | (2) | 16 | 2 | ||||||
| Other operating, net | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Net cash provided by (used in) operating activities | (12) | (10) | (11) | 122 | 89 | (37) | (41) | (13) | 41 | (50) | (58) | (15) | (39) | 39 | (73) | ||||||
| Cash Flows from Investing Activities: | |||||||||||||||||||||
| Cost of additions to land, buildings and equipment | (11) | (9) | (13) | (18) | (51) | (13) | (18) | (8) | 11 | (28) | (14) | (15) | (15) | (15) | (59) | ||||||
| Proceeds from sale of land, buildings and equipment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Cost of additions to internal use software | (11) | (11) | (9) | (11) | (42) | (8) | (7) | (8) | (5) | (28) | (4) | (5) | (6) | (7) | (22) | ||||||
| Payments for acquisitions, net of cash acquired | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Proceeds from divestitures and sale of assets, net of cash | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Proceeds from divestitures | - | - | - | - | - | 164 | 435 | 224 | 28 | 851 | 1 | 52 | - | - | 53 | ||||||
| Proceeds from investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Other investing, net | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Net cash provided by (used in) investing activities | (22) | (20) | (22) | (29) | (93) | 143 | 410 | 208 | 34 | 795 | (17) | 32 | (21) | (22) | (28) | ||||||
| Cash Flows from Financing Activities: | |||||||||||||||||||||
| Proceeds from revolving credit facility | - | - | - | - | - | - | 30 | 50 | - | 80 | 50 | 75 | 134 | - | 259 | ||||||
| Payments of revolving credit facility | - | - | - | - | - | - | (30) | (50) | - | (80) | (50) | (75) | - | (25) | (150) | ||||||
| Proceeds from the issuance of debt, net | - | - | - | - | - | - | - | - | - | - | - | 4 | - | 1 | 5 | ||||||
| Payments of debt | (10) | (10) | (10) | (11) | (41) | (175) | (328) | (84) | (89) | (676) | (8) | (7) | (86) | (4) | (105) | ||||||
| Payments of debt issuance costs | - | - | - | - | - | - | - | - | - | - | - | - | (3) | (1) | (4) | ||||||
| Premium on debt redemption | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Payment of contingent consideration related to acquisition | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Net payments to former parent company | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Treasury stock purchases | - | (1) | (6) | (20) | (27) | (17) | (151) | (14) | - | (182) | - | (7) | (13) | (5) | (25) | ||||||
| Excise tax payment on treasury stock purchases | - | - | - | - | - | - | - | - | - | - | - | (2) | - | - | (2) | ||||||
| Taxes paid for settlement of stock-based compensation | (7) | 1 | (1) | - | (7) | (5) | - | - | (4) | (9) | - | - | - | (2) | (2) | ||||||
| Dividends paid on preferred stock | (2) | (3) | (2) | (3) | (10) | (2) | (3) | (2) | (3) | (10) | (2) | (3) | (2) | (3) | (10) | ||||||
| (Repurchase of) contribution from noncontrolling interest | - | - | 3 | 1 | 4 | - | - | - | - | - | - | (5) | - | - | (5) | ||||||
| Other financing | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Net cash provided by (used in) financing activities | (19) | (13) | (16) | (33) | (81) | (199) | (482) | (100) | (96) | (877) | (10) | (20) | 30 | (39) | (39) | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2 | 1 | (1) | 4 | 6 | (2) | (4) | 2 | (6) | (10) | 1 | 4 | - | 1 | 6 | ||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (51) | (42) | (50) | 64 | (79) | (95) | (117) | 97 | (27) | (142) | (84) | 1 | (30) | (21) | (134) | ||||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 598 | 547 | 505 | 455 | 598 | 519 | 424 | 307 | 404 | 519 | 377 | 293 | 294 | 264 | 377 | ||||||
| Cash, Cash Equivalents and Restricted Cash at End of period | $ 547 | $ 505 | $ 455 | $ 519 | $ 519 | $ 424 | $ 307 | $ 404 | $ 377 | $ 377 | $ 293 | $ 294 | $ 264 | $ 243 | $ 243 | ||||||
| Operating Cash Flow | $ (12) | $ (10) | $ (11) | $ 122 | $ 89 | $ (37) | $ (41) | $ (13) | $ 41 | $ (50) | $ (58) | $ (15) | $ (39) | $ 39 | $ (73) | ||||||
| Cost of additions to land, buildings and equipment | (11) | (9) | (13) | (18) | (51) | (13) | (18) | (8) | 11 | (28) | (14) | (15) | (15) | (15) | (59) | ||||||
| Proceeds from sales of land, buildings and equipment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Cost of additions to internal use software | (11) | (11) | (9) | (11) | (42) | (8) | (7) | (8) | (5) | (28) | (4) | (5) | (6) | (7) | (22) | ||||||
| #REF! | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Free Cash Flow | $ (34) | $ (30) | $ (33) | $ 93 | $ (4) | $ (58) | $ (66) | $ (29) | $ 47 | $ (106) | $ (76) | $ (35) | $ (60) | $ 17 | $ (154) | ||||||
| Transaction costs | 1 | 2 | 3 | 3 | 9 | 3 | 8 | 7 | 2 | 20 | 4 | 3 | 2 | 5 | 14 | ||||||
| Transaction costs tax benefit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Vendor financed lease payments | (4) | (3) | (5) | (3) | (15) | (5) | (4) | (5) | (3) | (17) | (4) | (3) | (3) | (3) | (13) | ||||||
| Texas litigation settlements (recoveries) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Direct response costs - cyber event payments | - | - | - | - | - | - | - | - | - | - | 2 | - | 7 | 8 | 17 | ||||||
| Tax payment related to divestitures and litigation recoveries | - | 5 | - | - | 5 | - | 7 | 21 | 16 | 44 | - | - | - | 1 | 1 | ||||||
| Proceeds from failed sale-leaseback transactions | - | - | - | - | - | - | - | - | - | - | - | 5 | - | - | 5 | ||||||
| Deferred compensation tax benefit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Deferred compensation payments and adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Adjusted Free Cash Flow | $ (37) | $ (26) | $ (35) | $ 93 | $ (5) | $ (60) | $ (55) | $ (6) | $ 62 | $ (59) | $ (74) | $ (30) | $ (54) | $ 28 | $ (130) |
AEBITDA to AFCF
| Back | |||||||||||||||||||||
| Adjusted EBITDA to Adjusted Free Cash Flow | |||||||||||||||||||||
| ($ in millions) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | ||||||
| Adjusted EBITDA | $ 60 | $ 59 | $ 60 | $ 68 | $ 247 | $ 36 | $ 24 | $ 32 | $ 32 | $ 124 | $ 37 | $ 37 | $ 40 | $ 50 | $ 164 | ||||||
| Less cash tax (paid) received | (4) | (15) | (4) | 5 | (18) | 22 | (18) | (28) | (20) | (44) | (5) | (9) | (8) | (8) | (30) | ||||||
| Less cash interest | (17) | (34) | (20) | (35) | (106) | (18) | (26) | (7) | (21) | (72) | (3) | (19) | (3) | (20) | (45) | ||||||
| less cash restructuring | (10) | (15) | (14) | (10) | (49) | (9) | (8) | (7) | (6) | (30) | (8) | (6) | (9) | (10) | (33) | ||||||
| Net working capital and other adjustments | (41) | (5) | (33) | 94 | 15 | (68) | (13) | (3) | 56 | (28) | (79) | (18) | (59) | 27 | (129) | ||||||
| Operating Cash Flow | (12) | (10) | (11) | 122 | 89 | (37) | (41) | (13) | 41 | (50) | (58) | (15) | (39) | 39 | (73) | ||||||
| Less Capex | (22) | (20) | (22) | (29) | (93) | (21) | (25) | (16) | 6 | (56) | (18) | (20) | (21) | (22) | (81) | ||||||
| Proceeds from sale of land, buildings and equipment | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Free Cash Flow | (34) | (30) | (33) | 93 | (4) | (58) | (66) | (29) | 47 | (106) | (76) | (35) | (60) | 17 | (154) | ||||||
| Texas litigation settlements (recoveries) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Direct response costs - cyber event payments | - | - | - | - | - | - | - | - | - | - | 2 | - | 7 | 8 | 17 | ||||||
| Tax payment related to divestitures and litigation recoveries | - | 5 | - | - | 5 | - | 7 | 21 | 16 | 44 | - | - | - | 1 | 1 | ||||||
| Proceeds from failed sale-leaseback transactions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Other charges (M&A, etc.) | (3) | (1) | (2) | - | (6) | (2) | 4 | 2 | (1) | 3 | - | 5 | (1) | 2 | 6 | ||||||
| Adjusted Free Cash Flow | (37) | (26) | (35) | 93 | (5) | (60) | (55) | (6) | 62 | (59) | (74) | (30) | (54) | 28 | (130) |
Operational Data
| Back | |||||||||||||||||||||
| Operational Metrics | |||||||||||||||||||||
| (TCV $ in millions) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | ||||||
| Excluding Divestitures Impact: | |||||||||||||||||||||
| Total Contract Value (TCV) | $ 567 | $ 1,829 | $ 700 | $ 1,067 | $ 4,163 | $ 538 | $ 515 | $ 894 | $ 679 | $ 2,626 | $ 523 | $ 792 | $ 459 | $ 637 | $ 2,411 | ||||||
| New Business | 237 | 1,344 | 266 | 257 | 2,104 | 143 | 273 | 235 | 318 | 969 | 280 | 323 | 246 | 269 | 1,118 | ||||||
| Renewals | 330 | 485 | 434 | 810 | 2,059 | 395 | 242 | 659 | 361 | 1,657 | 243 | 469 | 213 | 368 | 1,293 | ||||||
| Annual Contract Value; New Business | $ 123 | $ 204 | $ 141 | $ 137 | $ 605 | $ 96 | $ 141 | $ 111 | $ 137 | $ 485 | $ 109 | $ 145 | $ 111 | $ 152 | $ 517 | ||||||
| Annual Recurring Revenue Signings; New Business | $ 59 | $ 107 | $ 53 | $ 68 | $ 287 | $ 31 | $ 61 | $ 63 | $ 73 | $ 228 | $ 53 | $ 66 | $ 64 | $ 54 | $ 237 | ||||||
| Non-Recurring Revenue Signings; New Business | $ 66 | $ 353 | $ 96 | $ 74 | $ 589 | $ 71 | $ 109 | $ 50 | $ 79 | $ 309 | $ 59 | $ 111 | $ 56 | $ 101 | $ 327 | ||||||
| Employees (Approx.: Quarter-end) | |||||||||||||||||||||
| Commercial Industries | 42,200 | 40,900 | 42,200 | 42,400 | 42,400 | 40,000 | 38,500 | 39,800 | 40,600 | 40,600 | 37,800 | 38,300 | 38,200 | 37,300 | 37,300 | ||||||
| Government Services | 5,400 | 5,100 | 5,100 | 5,400 | 5,400 | 5,600 | 5,700 | 5,400 | 5,300 | 5,300 | 5,300 | 5,000 | 5,100 | 4,800 | 4,800 | ||||||
| Transportation | 3,900 | 4,100 | 4,200 | 4,300 | 4,300 | 4,000 | 3,500 | 3,400 | 3,400 | 3,400 | 3,400 | 3,400 | 3,300 | 3,100 | 3,100 | ||||||
| Corporate | 7,100 | 7,200 | 7,200 | 7,200 | 7,200 | 7,100 | 7,000 | 6,800 | 6,800 | 6,800 | 6,400 | 6,400 | 6,200 | 1,800 | 1,800 | ||||||
| Divestitures** | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Total | 58,600 | 57,300 | 58,700 | 59,300 | 59,300 | 56,700 | 54,700 | 55,400 | 56,100 | 56,100 | 52,900 | 53,100 | 52,800 | 47,000 | 47,000 | ||||||
| % of Labor in High Cost Country | 44 % | 45 % | 47 % | 47 % | 50 % | 46 % | 45 % | 45 % | 44 % | 44 % | 42 % | 41 % | 40 % | 38 % | 38 % | ||||||
| Client Concentration (% of total) | |||||||||||||||||||||
| Top 5 Clients | 17.0 % | 15.0 % | 17.0 % | 18.0 % | 18.0 % | 15.0 % | 14.0 % | 14.0 % | 15.0 % | 15.0 % | 17.0 % | 17.0 % | 18.0 % | 17.0 % | 17.0 % | ||||||
| Top 20 Clients | 37.0 % | 35.0 % | 38.0 % | 38.0 % | 38.0 % | 35.0 % | 35.0 % | 36.0 % | 37.0 % | 37.0 % | 38.0 % | 41.0 % | 42.0 % | 41.0 % | 41.0 % | ||||||
| Top 50 Clients | 58.0 % | 57.0 % | 60.0 % | 58.0 % | 58.0 % | 54.0 % | 56.0 % | 57.0 % | 58.0 % | 58.0 % | 59.0 % | 64.0 % | 64.0 % | 56.0 % | 56.0 % | ||||||
| Real Estate Sqf (thousands) | |||||||||||||||||||||
| Including Divested Assets | 5,271 | 5,145 | 5,028 | 4,932 | 4,932 | 4,860 | 4,693 | 4,801 | 4,712 | 4,712 | 4,665 | 4,568 | 4,572 | 4,506 | 4,506 | ||||||
| Excluding Divested Assets | 5,271 | 5,145 | 5,028 | 4,932 | 4,932 | 4,860 | 4,633 | 4,740 | 4,652 | 4,652 | 4,575 | 4,478 | 4,482 | 4,417 | 4,417 | ||||||
| **Other represents employees associated with various divestitures in the periods prior to leaving Conduent |
Segments Data
| Back | |||||||||||||||||||||
| Segment Summary | |||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | |||||||
| Revenue | |||||||||||||||||||||
| Commercial Industries | $ 442 | $ 406 | $ 397 | $ 423 | $ 1,668 | $ 419 | $ 388 | $ 385 | $ 414 | $ 1,606 | $ 402 | $ 365 | $ 367 | $ 377 | $ 1,511 | ||||||
| Government Services | 264 | 270 | 290 | 270 | 1,094 | 258 | 245 | 255 | 226 | 984 | 216 | 238 | 238 | 230 | 922 | ||||||
| Transportation | 117 | 139 | 144 | 158 | 558 | 144 | 141 | 141 | 160 | 586 | 133 | 151 | 162 | 163 | 609 | ||||||
| Divestitures | 99 | 100 | 101 | 102 | 402 | 100 | 54 | 26 | - | 180 | - | - | - | - | - | ||||||
| Corporate | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Total Revenue | $ 922 | $ 915 | $ 932 | $ 953 | $ 3,722 | $ 921 | $ 828 | $ 807 | $ 800 | $ 3,356 | $ 751 | $ 754 | $ 767 | $ 770 | $ 3,042 | ||||||
| Segment Profit (Loss) ($) | |||||||||||||||||||||
| Commercial Industries | $ 13 | $ 19 | $ (19) | $ 23 | $ 36 | $ 19 | $ 14 | $ 15 | $ 29 | $ 77 | $ 16 | $ 7 | $ 17 | $ 26 | $ 66 | ||||||
| Government Services | 73 | 67 | 84 | 60 | 284 | 42 | 38 | 50 | 36 | 166 | 28 | 49 | 48 | 50 | 175 | ||||||
| Transportation | (9) | 3 | (5) | 4 | (7) | (6) | (3) | (6) | (10) | (25) | (2) | - | (3) | (7) | (12) | ||||||
| Divestitures | 23 | 27 | 26 | 27 | 103 | 24 | 8 | 3 | - | 35 | - | - | - | - | - | ||||||
| Corporate | (70) | (79) | (75) | (80) | (304) | (72) | (71) | (70) | (74) | (287) | (78) | (67) | (70) | (70) | (285) | ||||||
| Total | $ 30 | $ 37 | $ 11 | $ 34 | $ 112 | $ 7 | $ (14) | $ (8) | $ (19) | $ (34) | $ (36) | $ (11) | $ (8) | $ (1) | $ (56) | ||||||
| NY MMIS/HE charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Other adjustments | - | - | - | 6 | 6 | - | - | - | 4 | 4 | - | - | - | - | - | ||||||
| CA MMIS charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Total Adjusted | $ 30 | $ 37 | $ 11 | $ 40 | $ 118 | $ 7 | $ (14) | $ (8) | $ (15) | $ (30) | $ (36) | $ (11) | $ (8) | $ (1) | $ (56) | ||||||
| Segment Margin (%) | |||||||||||||||||||||
| Commercial Industries | 2.9 % | 4.7 % | (4.8)% | 5.4 % | 2.2 % | 4.5 % | 3.6 % | 3.9 % | 7.0 % | 4.8 % | 4.0 % | 1.9 % | 4.6 % | 6.9 % | 4.4 % | ||||||
| Government Services | 27.7 % | 24.8 % | 29.0 % | 22.2 % | 26.0 % | 16.3 % | 15.5 % | 19.6 % | 15.9 % | 16.9 % | 13.0 % | 20.6 % | 20.2 % | 21.7 % | 19.0 % | ||||||
| Transportation | (7.7)% | 2.2 % | (3.5)% | 2.5 % | (1.3)% | (4.2)% | (2.1)% | (4.3)% | (6.3)% | (4.3)% | (1.5)% | - % | (1.9)% | (4.3)% | (2.0)% | ||||||
| Divestitures | 23.2 % | 27.0 % | 25.7 % | 26.5 % | 25.6 % | 24.0 % | 14.8 % | 11.5 % | - % | 19.4 % | - % | - % | - % | - % | - % | ||||||
| Corporate | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | ||||||
| Total | 3.3 % | 4.0 % | 1.2 % | 3.6 % | 3.0 % | 0.8 % | (1.7)% | (1.0)% | (2.4)% | (1.0)% | (4.8)% | (1.5)% | (1.0)% | (0.1)% | (1.8)% | ||||||
| Adjusted Government Services | 0.276515151515151 | 0.248148148148148 | 0.289655172413793 | 0.222222222222222 | 0.259597806215722 | 16.3 % | 15.5 % | 19.6 % | 15.9 % | 16.9 % | 13.0 % | 20.6 % | 20.2 % | 0.217391304347826 | 0.189804772234273 | ||||||
| Adjusted Other | 0.232323232323232 | 0.27 | 0.257425742574257 | 0.264705882352941 | 0.256218905472637 | 24.0 % | 14.8 % | 11.5 % | - % | 19.4 % | - % | - % | - % | 0 | 0 | ||||||
| Total Adjusted | 3.3 % | 4.0 % | 1.2 % | 4.2 % | 3.2 % | 0.8 % | (1.7)% | (1.0)% | (1.9)% | (0.9)% | (4.8)% | (1.5)% | (1.0)% | (0.1)% | (1.8)% | ||||||
| Segment Depreciation & Amortization (including contract inducement) | |||||||||||||||||||||
| Commercial Industries | $ 28 | $ 23 | $ 48 | $ 30 | $ 129 | $ 26 | $ 22 | $ 20 | $ 24 | $ 92 | $ 24 | $ 20 | $ 20 | $ 24 | $ 88 | ||||||
| Government Services | 10 | 10 | 11 | 10 | 41 | 13 | 11 | 10 | 10 | 44 | 10 | 11 | 13 | 12 | 46 | ||||||
| Transportation | 6 | 6 | 8 | 6 | 26 | 7 | 6 | 6 | 6 | 25 | 8 | 8 | 7 | 7 | 30 | ||||||
| Divestitures | 7 | 7 | 6 | 8 | 28 | 9 | 3 | 1 | - | 13 | - | - | - | - | - | ||||||
| Corporate | 9 | 10 | 8 | 9 | 36 | 7 | 7 | 7 | 7 | 28 | 6 | 9 | 8 | 8 | 31 | ||||||
| Total | $ 60 | $ 56 | $ 81 | $ 63 | $ 260 | $ 62 | $ 49 | $ 44 | $ 47 | $ 202 | $ 48 | $ 48 | $ 48 | $ 51 | $ 195 | ||||||
| Segment Adjusted EBITDA ($) | |||||||||||||||||||||
| Commercial Industries | $ 41 | $ 42 | $ 29 | $ 53 | $ 165 | $ 45 | $ 36 | $ 35 | $ 53 | $ 169 | $ 40 | $ 27 | $ 37 | $ 50 | $ 154 | ||||||
| Government Services | 83 | 77 | 95 | 70 | 325 | 55 | 49 | 60 | 46 | 210 | 38 | 60 | 61 | 62 | 221 | ||||||
| Transportation | (3) | 9 | 3 | 10 | 19 | 1 | 3 | - | (4) | - | 6 | 8 | 4 | - | 18 | ||||||
| Divestitures | 30 | 34 | 32 | 35 | 131 | 33 | 11 | 4 | - | 48 | - | - | - | - | - | ||||||
| Corporate | (61) | (69) | (67) | (65) | (262) | (65) | (64) | (63) | (63) | (255) | (47) | (58) | (62) | (62) | (229) | ||||||
| Total | $ 90 | $ 93 | $ 92 | $ 103 | $ 378 | $ 69 | $ 35 | $ 36 | $ 32 | $ 172 | $ 37 | $ 37 | $ 40 | $ 50 | $ 164 | ||||||
| Total Segment Profit (Loss) | $ 30 | $ 37 | $ 11 | $ 34 | $ 112 | $ 7 | $ (14) | $ (8) | $ (19) | $ (34) | $ (36) | $ (11) | $ (8) | $ (1) | $ (56) | ||||||
| Segment depreciation and amortization (including contract inducements) | 60 | 56 | 81 | 63 | 260 | 62 | 49 | 44 | 47 | 202 | 48 | 48 | 48 | 51 | 195 | ||||||
| Adjustments: | |||||||||||||||||||||
| Other adjustments | - | - | - | 6 | 6 | - | - | - | 4 | 4 | - | - | - | - | - | ||||||
| Direct response costs - cyber event | - | - | - | - | - | - | - | - | - | - | 25 | - | - | - | 25 | ||||||
| Abandonment of Cloud Computing Project | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| NY MMIS/HE charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| CA MMIS charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Total Adjusted EBITDA | $ 90 | $ 93 | $ 92 | $ 103 | $ 378 | $ 69 | $ 35 | $ 36 | $ 32 | $ 172 | $ 37 | $ 37 | $ 40 | $ 50 | $ 164 | ||||||
| 9.8 % | 10.2 % | 9.9 % | 10.8 % | 10.2 % | 7.5 % | 4.2 % | 4.5 % | 4.0 % | 5.1 % | 4.9 % | 4.9 % | 5.2 % | 6.5 % | 5.4 % | |||||||
| Segment EBITDA (%) | |||||||||||||||||||||
| Commercial Industries | 9.3 % | 10.3 % | 7.3 % | 12.5 % | 9.9 % | 10.7 % | 9.3 % | 9.1 % | 12.8 % | 10.5 % | 10.0 % | 7.4 % | 10.1 % | 13.3 % | 10.2 % | ||||||
| Government Services | 31.4 % | 28.5 % | 32.8 % | 25.9 % | 29.7 % | 21.3 % | 20.0 % | 23.5 % | 20.4 % | 21.3 % | 17.6 % | 25.2 % | 25.6 % | 27.0 % | 24.0 % | ||||||
| Transportation | (2.6)% | 6.5 % | 2.1 % | 6.3 % | 3.4 % | 0.7 % | 2.1 % | - % | (2.5)% | - % | 4.5 % | 5.3 % | 2.5 % | - % | 3.0 % | ||||||
| Divestitures | 30.3 % | 34.0 % | 31.7 % | 34.3 % | 32.6 % | 33.0 % | 20.4 % | 15.4 % | - % | 26.7 % | - % | - % | - % | - % | - % | ||||||
| Corporate | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | ||||||
| Total | 9.8 % | 10.2 % | 9.9 % | 10.8 % | 10.2 % | 7.5 % | 4.2 % | 4.5 % | 4.0 % | 5.1 % | 4.9 % | 4.9 % | 5.2 % | 6.5 % | 5.4 % | ||||||
| Total Adjusted EBITDA | 9.8 % | 10.2 % | 9.9 % | 10.8 % | 10.2 % | 7.5 % | 4.2 % | 4.5 % | 4.0 % | 5.1 % | 4.9 % | 4.9 % | 5.2 % | 6.5 % | 5.4 % |
Segments excl Divestitures
| All numbers adjusted to remove divestitures. | Back | ||||||||||||||||||||
| Segment Summary | |||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | |||||||
| Commercial Industries: | |||||||||||||||||||||
| Segment Revenue | $ 442 | $ 406 | $ 397 | $ 423 | $ 1,668 | $ 419 | $ 388 | $ 385 | $ 414 | $ 1,606 | $ 402 | $ 365 | $ 367 | $ 377 | $ 1,511 | ||||||
| Total Adjusted Segment Revenue | $ 442 | $ 406 | $ 397 | $ 423 | $ 1,668 | $ 419 | $ 388 | $ 385 | $ 414 | $ 1,606 | $ 402 | $ 365 | $ 367 | $ 377 | $ 1,511 | ||||||
| Segment Profit | $ 13 | $ 19 | $ (19) | $ 23 | $ 36 | $ 19 | $ 14 | $ 15 | $ 29 | $ 77 | $ 16 | $ 7 | $ 17 | $ 26 | $ 66 | ||||||
| Segment depreciation and amortization (including contract inducements) | 28 | 23 | 48 | 30 | 129 | 26 | 22 | 20 | 24 | 92 | 24 | 20 | 20 | 24 | 88 | ||||||
| Adjusted Segment EBITDA | $ 41 | $ 42 | $ 29 | $ 53 | $ 165 | $ 45 | $ 36 | $ 35 | $ 53 | $ 169 | $ 40 | $ 27 | $ 37 | $ 50 | $ 154 | ||||||
| Adjusted Segment EBITDA Margin | 9.3 % | 10.3 % | 7.3 % | 12.5 % | 9.9 % | 10.7 % | 9.3 % | 9.1 % | 12.8 % | 10.5 % | 10.0 % | 7.4 % | 10.1 % | 13.3 % | 10.2 % | ||||||
| Government Services: | |||||||||||||||||||||
| Segment Revenue | $ 264 | $ 270 | $ 290 | $ 270 | $ 1,094 | $ 258 | $ 245 | $ 255 | $ 226 | $ 984 | $ 216 | $ 238 | $ 238 | $ 230 | $ 922 | ||||||
| Total Adjusted Segment Revenue | $ 264 | $ 270 | $ 290 | $ 270 | $ 1,094 | $ 258 | $ 245 | $ 255 | $ 226 | $ 984 | $ 216 | $ 238 | $ 238 | $ 230 | $ 922 | ||||||
| Segment Profit | $ 73 | $ 67 | $ 84 | $ 60 | $ 284 | $ 42 | $ 38 | $ 50 | $ 36 | $ 166 | $ 28 | $ 49 | $ 48 | $ 50 | $ 175 | ||||||
| Segment depreciation and amortization (including contract inducements) | 10 | 10 | 11 | 10 | 41 | 13 | 11 | 10 | 10 | 44 | 10 | 11 | 13 | 12 | 46 | ||||||
| NY MMIS/HE charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Adjusted Segment EBITDA | $ 83 | $ 77 | $ 95 | $ 70 | $ 325 | $ 55 | $ 49 | $ 60 | $ 46 | $ 210 | $ 38 | $ 60 | $ 61 | $ 62 | $ 221 | ||||||
| Adjusted Segment EBITDA Margin | 31.4 % | 28.5 % | 32.8 % | 25.9 % | 29.7 % | 21.3 % | 20.0 % | 23.5 % | 20.4 % | 21.3 % | 17.6 % | 25.2 % | 25.6 % | 27.0 % | 24.0 % | ||||||
| Transportation: | |||||||||||||||||||||
| Segment Revenue | $ 117 | $ 139 | $ 144 | $ 158 | $ 558 | $ 144 | $ 141 | $ 141 | $ 160 | $ 586 | $ 133 | $ 151 | $ 162 | $ 163 | $ 609 | ||||||
| Total Adjusted Segment Revenue | $ 117 | $ 139 | $ 144 | $ 158 | $ 558 | $ 144 | $ 141 | $ 141 | $ 160 | $ 586 | $ 133 | $ 151 | $ 162 | $ 163 | $ 609 | ||||||
| Segment Profit | $ (9) | $ 3 | $ (5) | $ 4 | $ (7) | $ (6) | $ (3) | $ (6) | $ (10) | $ (25) | $ (2) | $ - | $ (3) | $ (7) | $ (12) | ||||||
| Segment depreciation and amortization (including contract inducements) | 6 | 6 | 8 | 6 | 26 | 7 | 6 | 6 | 6 | 25 | 8 | 8 | 7 | 7 | 30 | ||||||
| Adjusted Segment EBITDA | $ (3) | $ 9 | $ 3 | $ 10 | $ 19 | $ 1 | $ 3 | $ - | $ (4) | $ - | $ 6 | $ 8 | $ 4 | $ - | $ 18 | ||||||
| Adjusted Segment EBITDA Margin | (2.6)% | 6.5 % | 2.1 % | 6.3 % | 3.4 % | 0.7 % | 2.1 % | - % | (2.5)% | - % | 4.5 % | 5.3 % | 2.5 % | - % | 3.0 % | ||||||
| Divestitures: | |||||||||||||||||||||
| Revenue | $ 99 | $ 100 | $ 101 | $ 102 | $ 402 | $ 100 | $ 54 | $ 26 | $ - | $ 180 | $ - | $ - | $ - | $ - | $ - | ||||||
| Divestitures | (99) | (100) | (101) | (102) | (402) | (100) | (54) | (26) | - | (180) | - | - | - | - | - | ||||||
| Total Adjusted Revenue | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | ||||||
| Segment Profit | $ 23 | $ 27 | $ 26 | $ 27 | $ 103 | $ 24 | $ 8 | $ 3 | $ - | $ 35 | $ - | $ - | $ - | $ - | $ - | ||||||
| Segment depreciation and amortization (including contract inducements) | 7 | 7 | 6 | 8 | 28 | 9 | 3 | 1 | - | 13 | - | - | - | - | - | ||||||
| CA MMIS charge (credit) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Segment EBITDA Before Adjustments for Divestitures | 30 | 34 | 32 | 35 | 131 | 33 | 11 | 4 | - | 48 | - | - | - | - | - | ||||||
| Divestitures | (23) | (27) | (26) | (27) | (103) | (24) | (8) | (3) | - | (35) | - | - | - | - | - | ||||||
| Divestitures depreciation and amortization | (7) | (7) | (6) | (8) | (28) | (9) | (3) | (1) | - | (13) | - | - | - | - | - | ||||||
| Adjusted Segment EBITDA | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | ||||||
| Adjusted Segment EBITDA Margin | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | ||||||
| Unallocated Costs | |||||||||||||||||||||
| Corporate Revenue | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | ||||||
| Total Adjusted Corporate Revenue | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | ||||||
| Corporate Profit | (70) | (79) | (75) | (80) | $ (304) | (72) | (71) | (70) | (74) | $ (287) | (78) | (67) | (70) | (70) | $ (285) | ||||||
| Other adjustments | - | - | - | 6 | $ 6 | - | - | - | 4 | $ 4 | - | - | - | - | $ - | ||||||
| Direct response costs - cyber event | - | - | - | - | $ - | - | - | - | - | $ - | 25 | - | - | - | $ 25 | ||||||
| Abandonment of Cloud Computing Project | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Corporate Depreciation and Amortization | 9 | 10 | 8 | 9 | 36 | 7 | 7 | 7 | 7 | 28 | 6 | 9 | 8 | 8 | 31 | ||||||
| Adjusted Corporate EBITDA | $ (61) | $ (69) | $ (67) | $ (65) | $ (262) | $ (65) | $ (64) | $ (63) | $ (63) | $ (255) | $ (47) | $ (58) | $ (62) | $ (62) | $ (229) | ||||||
| Total Adjusted EBITDA | $ 60 | $ 59 | $ 60 | $ 68 | $ 247 | $ 36 | $ 24 | $ 32 | $ 32 | $ 124 | $ 37 | $ 37 | $ 40 | $ 50 | $ 164 | ||||||
| Total Adjusted EBITDA | 7.3 % | 7.2 % | 7.2 % | 8.0 % | 7.4 % | 4.4 % | 3.1 % | 4.1 % | 4.0 % | 3.9 % | 4.9 % | 4.9 % | 5.2 % | 6.5 % | 5.4 % |
Horizontal Revenue
| All numbers adjusted to remove divestitures. | |||||||||||||||||||||
| Back | |||||||||||||||||||||
| Back | |||||||||||||||||||||
| Horizontal Revenue | |||||||||||||||||||||
| ($ in millions) | |||||||||||||||||||||
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | |||||||
| Consolidated Summary | $ 922 | $ 915 | $ 932 | $ 953 | $ 3,722 | $ 921 | $ 828 | $ 807 | $ 800 | $ 3,356 | $ 751 | $ 754 | $ 767 | $ 770 | $ 3,042 | ||||||
| Commercial Industries | 442 | 406 | 397 | 423 | 1,668 | 419 | 388 | 385 | 414 | 1,606 | 402 | 365 | 367 | 377 | 1,511 | ||||||
| Government Services | 264 | 270 | 290 | 270 | 1,094 | 258 | 245 | 255 | 226 | 984 | 216 | 238 | 238 | 230 | 922 | ||||||
| Transportation | 117 | 139 | 144 | 158 | 558 | 144 | 141 | 141 | 160 | 586 | 133 | 151 | 162 | 163 | 609 | ||||||
| Other Segment | 99 | 100 | 101 | 102 | 402 | 100 | 54 | 26 | - | 180 | - | - | - | - | - | ||||||
| Commercial Industries | $ 442 | $ 406 | $ 397 | $ 423 | $ 1,668 | $ 419 | $ 388 | $ 385 | $ 414 | $ 1,606 | $ 402 | $ 365 | $ 367 | $ 377 | $ 1,511 | ||||||
| Customer Experience Management | 176 | 142 | 144 | 155 | 617 | 151 | 127 | 125 | 146 | 549 | 144 | 122 | 122 | 127 | 515 | ||||||
| BPaaS | 127 | 132 | 127 | 135 | 521 | 126 | 127 | 125 | 128 | 506 | 117 | 115 | 117 | 116 | 465 | ||||||
| Integrated Digital Solutions | 139 | 132 | 126 | 133 | 530 | 142 | 134 | 135 | 140 | 551 | 141 | 128 | 128 | 134 | 531 | ||||||
| 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Government Services | $ 264 | $ 270 | $ 290 | $ 270 | $ 1,094 | $ 258 | $ 245 | $ 255 | $ 226 | $ 984 | $ 216 | $ 238 | $ 238 | $ 230 | $ 922 | ||||||
| Government Healthcare Solutions | 143 | 151 | 159 | 152 | 605 | 153 | 137 | 137 | 124 | 551 | 126 | 137 | 132 | 137 | 532 | ||||||
| Government Services Solutions | 121 | 119 | 131 | 118 | 489 | 105 | 108 | 118 | 102 | 433 | 90 | 101 | 106 | 93 | 390 | ||||||
| Transportation | $ 117 | $ 139 | $ 144 | $ 158 | $ 558 | $ 144 | $ 141 | $ 141 | $ 160 | $ 586 | $ 133 | $ 151 | $ 162 | $ 163 | $ 609 | ||||||
| Road Usage Charging & Management Solutions | 75 | 81 | 81 | 80 | 317 | 67 | 60 | 58 | 59 | 244 | 65 | 59 | 60 | 54 | 238 | ||||||
| Transit Solutions | 40 | 56 | 61 | 76 | 233 | 76 | 81 | 83 | 101 | 341 | 68 | 92 | 102 | 109 | 371 | ||||||
| Curbside management solutions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Public safety solutions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||
| Commercial Vehicles | 2 | 2 | 2 | 2 | 8 | 1 | - | - | - | 1 | - | - | - | - | - | ||||||
| Other Segment | $ 99 | $ 100 | $ 101 | $ 102 | $ 402 | $ 100 | $ 54 | $ 26 | $ - | $ 180 | $ - | $ - | $ - | $ - | $ - | ||||||
| Divestitures | 99 | 100 | 101 | 102 | 402 | 100 | 54 | 26 | - | 180 | - | - | - | - | - |
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