Conduent Q3 revenue falls 13% to $807M; Adj. EBITDA margin drops to 4.1%; cuts FY2024 margin outlook

CONDUENT Inc

2024-Q3 EPS reported $2.22 revenue$2,556,000,000

GAAP net income $123M vs loss $289M YoY on gain from Casualty Claims sale ($224M); adjusted diluted EPS -$0.14 vs -$0.09.
Adjusted EBITDA $32M (-46.7% YoY); margin 4.1% (down 310 bps); FY2024 outlook cut to 3.75%-4.0% margin.
Completed divestiture of Casualty Claims Solutions for $224M; used proceeds to prepay $38M Term Loan B and $37M Term Loan A.
New business signings ACV $111M; Net ARR TTM $46M; Commercial improved but Government segment lagged.
Appointed new Group President of Commercial and new President of Government Solutions during the quarter.

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