secwatch.observer — SEC 8-K summary
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Issuer:     CONDUENT Inc (CNDT)
CIK:        0001677703
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001677703-24-000071
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Conduent Q1 revenue flat at $921M; GAAP net income $99M on BenefitWallet gain; Adj. EBITDA margin 7.5%, down from 9.8%
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- Revenue $921M flat YoY; GAAP net income $99M vs $(6)M loss, driven by $164M gain from BenefitWallet transfer.
- Adjusted EBITDA $69M (margin 7.5%) vs $90M (9.8%) prior year; FY24 Adj. EBITDA margin guided 8%-9%, down from 10.2%.
- New business signings ACV $99M; Net ARR metric TTM $17M; CEO cites sales lag due to timing of opportunities.
- Closed sale of Curbside Management and Public Safety; BenefitWallet final tranche expected in May; prepaid $259M Term Loan B.
- FY24 outlook: revenue $3.6B-$3.7B (vs $3.722B); Adj. FCF as % of Adj. EBITDA guided 5%-10%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1677703/000167770324000071/0001677703-24-000071-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1677703/000167770324000071/cndt-20240501.htm
  HTML page:      https://secwatch.observer/filing/0001677703-24-000071

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