Conduent Q2 Adj. Revenue $811M (-4.7% YoY); Adj. EBITDA margin 3.6%; guidance lowered

CONDUENT Inc

2024-Q2 EPS reported $1.51 revenue$1,749,000,000

GAAP revenue $828M (-9.5% YoY); Adj. revenue $811M (-4.7% YoY); GAAP net income $216M vs ($7M) prior year on divestiture gains.
Adj. EBITDA $29M (3.6% margin) vs $64M (7.5%) prior year; Adj. diluted EPS $(0.14).
Completed BenefitWallet transfer ($425M), closed Curbside/Public Safety sale ($230M); agreed to sell Casualty Claims ($240M).
Prepaid $300M Term Loan B; repurchased ~43.3M shares, including ~38M from Icahn for ~$132M.
FY 2024 outlook: Adj. revenue $3,325M-3,375M; Adj. EBITDA margin 4%-5%, down from 7.6% in FY23.

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