Release – Conduent Completes $447 Million Refinancing, Advancing Deleveraging and De-Risking

October 23, 2026

Conduent Incorporated (Nasdaq: CNDT) (“Conduent” or the “Company”), a global technology-enabled operating partner, today announced the successful closing of a comprehensive $447 million refinancing transaction. The transaction extends the Company’s $357 million revolving credit facility through May 2029 and adds $90 million in additional commitments from its existing bank lenders, including a $15 million letter of credit facility, reflecting confidence in the Company’s strategy. Together with the Company’s recent and announced divestitures, including the use of proceeds to repay debt, these actions advance Conduent’s strategy to delever and de-risk its business and create greater flexibility to execute ASCEND 2026–28, the Company’s strategic plan outlined at its recent Investor Day.

The transaction establishes new revolving credit facilities with a group of existing bank lenders and rolls certain commitments under the existing revolver into the new facilities, extending maturities from October 2026 and May 2028 to May 2029.

The transaction builds on Conduent’s recently completed sale of its Public Transit business and the announced sale of its Tolling business. Together, these portfolio actions and the refinancing are expected to reduce the Company’s surety bond and letter-of-credit portfolio by approximately $550 million upon completion of the announced Tolling sale, significantly reducing financial encumbrances and releasing capital currently supporting those instruments.

With maturities extended to 2029, Conduent can continue investing in its core businesses and executing ASCEND 2026–28, the Company’s plan to accelerate profitable growth by standardizing its operations, specializing in the core solutions where it can lead and win, and scaling its go-to-market capabilities. The Company’s government and commercial programs, which millions of people rely on every day, continue without interruption.

“Deleveraging and de-risking are important priorities as we advance ASCEND 2026–28. We’ve extended our maturities, secured additional commitments from our banking partners and used divestiture proceeds to repay debt. Together with a meaningful reduction in our surety bond and letter-of-credit requirements, these actions strengthen our financial foundation and give us greater flexibility to invest in our core businesses and execute our strategy. They also support our mission to be the premier AI-led and technology-enabled business process partner for Government and Commercial clients, helping them modernize operations, enhance customer and constituent experiences, and achieve measurable business outcomes. Our banking partners’ commitment of new capital reflects their confidence in our strategy and our ability to execute ASCEND 2026–28,” said Harsha V. Agadi, Conduent President and Chief Executive Officer.

Lazard served as strategic advisor to Conduent.

About Conduent
Conduent is a global technology-enabled operating partner that helps businesses and governments simplify complexity, modernize mission-critical operations and deliver measurable outcomes through AI, automation, data and human expertise. Learn more at www.conduent.com.

Forward-Looking Statements
This press release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. The words “anticipate,” “believe,” “estimate,” “expect,” “plan,” “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” “continue to,” “endeavor,” “if,” “growing,” “projected,” “potential,” “likely,” “see,” “ahead,” “further,” “going forward,” “on the horizon,” and similar expressions (including the negative and plural forms of such words and phrases), as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but may not be limited to, statements regarding the Company’s Public Transit and Tolling business sales and our ability to meet the requirements and obligations under the new revolving credit facilities entered into in connection with the Transaction. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, many of which are outside of our control, that could cause actual results to differ materially from those expected or implied by such forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make. 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: our significant indebtedness and the terms of such indebtedness; our ability to refinance, extend or replace our indebtedness on acceptable terms or at all; our failure to obtain or maintain a satisfactory credit rating and financial performance; and other factors that are set forth in the “Risk Factors” and other sections of our 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. Any forward-looking statements made by us in this press release speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether because of new information, subsequent events or otherwise, except as required by law.

Note: To receive RSS news feeds, visit www.news.conduent.com . For open commentary, industry perspectives and views, visit https://x.com/Conduent , http://www.linkedin.com/company/Conduent or http://www.facebook.com/Conduent .

Trademarks
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Media Contact:
Remy Kaul, Conduent, [email protected]

Investor Relations Contact:
Nick Goel, Conduent, [email protected]

Release – Conduent Teams with New Jersey to Roll Out Chip-Enabled SNAP Cards to Prevent EBT Theft

October 20, 2026

Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced its collaboration with the New Jersey Department of Human Services to provide people in need across the state with chip-enabled EBT cards designed to prevent benefit theft and protect their funds. The new cards, which are available to clients of the Supplemental Nutrition Assistance Program (SNAP) and the Work First New Jersey (WFNJ) cash assistance program, also allow for tap-to-pay functionality – making it the first Conduent-supported state to include this capability.

“We are excited to make these more secure cards available to all residents who participate in SNAP or the WFNJ program. The chip-enabled cards provide an added layer of security and are an important tool in our ongoing efforts to safeguard benefits and protect residents who rely on this assistance from this type of widespread benefit fraud,” said New Jersey Human Services Commissioner Stephen Cha.

EBT cards for SNAP and other benefits have traditionally relied on magnetic stripes that are vulnerable to skimming, where criminals install devices on point-of-sale terminals or ATMs to steal card information. With chips, New Jersey cardholders can now insert their cards into the terminals rather than swiping them, adding a critical layer of protection.

Beneficiaries in New Jersey can also use their EBT cards to access benefits using tap-to-pay functionality. This means cardholders can simply tap their cards at enabled terminals, reducing the risk of benefit theft while improving speed and ease of use.

Cardholders should continue to lock their card when not in use. New Jersey EBT cards can be locked and unlocked at NJFamiliesFirst.gov or by using the ConnectEBT app, which is available in Apple App Store or Google Play Store. In addition to engaging card lock features, cardholders should always maintain the privacy of their four-digit personal identification number (PIN) and identifying card information.

“As thieves increasingly have targeted taxpayer-funded government benefits in recent years, chip-enabled payment technology has emerged as a key tool to reduce EBT theft, improve account security and ensure critical funds go to rightful recipients,” said Anna Sever, President, Government Solutions at Conduent. “Conduent is proud to help states deploy this technology that also offers more flexible, fast and convenient payment options, such as tap-to-pay.”

Aside from New Jersey, Conduent continues to work with several other states that have transitioned, or are in the process of transitioning, to chip-enabled cards. Earlier this year, the company announced a collaboration with Alabama to become the second state to roll out chipped EBT cards to all its beneficiaries statewide.

The chip-enabled technology is among Conduent’s VeriSight Anti-Fraud Solutions , a suite of innovative offerings that help agencies address fraud and theft risks in public benefit programs. The suite also includes the lock and unlock capabilities with ConnectEBT, plus adaptive theft detection tools for EBT customer service centers that can identify and block suspicious activity, such as unusual phone numbers or high call volumes.

Conduent is a national leader in government payment disbursements, having disbursed approximately $80 billion in government benefit payments in 2025. Conduent also supports U.S. government agencies with end-to-end solutions for healthcare claims processing, eligibility and enrollment, and child support administration.

About Conduent

Conduent is a global technology-enabled operating partner that helps businesses and governments simplify complexity, modernize mission-critical operations and deliver measurable outcomes through AI, automation, data and human expertise. Learn more at www.conduent.com .

Note: To receive RSS news feeds, visit www.news.conduent.com . For open commentary, industry perspectives and views, visit https://x.com/Conduent , http://www.linkedin.com/company/Conduent or http://www.facebook.com/Conduent .

Trademarks

Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Media Contact:
Neil Franz, Conduent, [email protected] , +1-240-687-0127

Investor Relations Contact:
Nick Goel, Conduent, [email protected]

Salesforce to Acquire Braze for $5.7 Billion as AI-Powered Marketing Competition Intensifies

The $47.50-per-share deal represents a 58% premium as Salesforce expands its customer engagement capabilities and strengthens its position in AI-driven enterprise software.

Salesforce (NYSE: CRM) has announced an agreement to acquire customer engagement platform Braze (NASDAQ: BRZE) for approximately $5.66 billion in enterprise value, marking another major investment in artificial intelligence and enterprise software. The all-cash transaction, announced October 20, offers Braze shareholders $47.50 per share, representing a roughly 58% premium to the company’s previous closing price of $30.04.

The acquisition is designed to strengthen Salesforce’s marketing technology capabilities by combining its customer relationship management platform with Braze’s real-time customer engagement tools. The deal reflects growing demand for AI-powered software that helps businesses personalize customer interactions, improve marketing efficiency, and increase customer retention.

Braze specializes in helping companies communicate with customers across multiple digital channels, including email, mobile applications, websites, text messaging, and WhatsApp. Its technology analyzes customer behavior and allows businesses to deliver personalized messages based on individual preferences, purchasing activity, and engagement patterns.

The company serves approximately 2,770 customers, including Canva, Instacart, Urban Outfitters, Venmo, and Equinox. Its AI-powered platform, BrazeAI, helps businesses determine the most effective content, communication channels, and timing for customer interactions.

For Salesforce, the acquisition represents an opportunity to expand its Marketing Cloud platform while integrating Braze’s capabilities with its broader artificial intelligence strategy. Salesforce has increasingly focused on developing autonomous AI agents through Agentforce, enabling businesses to automate customer service, sales, and marketing activities.

Combining these technologies could allow businesses to move beyond traditional marketing automation toward more intelligent systems capable of responding to customer behavior in real time. For example, an AI-powered platform could identify when a customer abandons an online purchase and automatically deliver a personalized offer through the most effective communication channel.

The transaction also highlights intensifying competition across the enterprise software industry as major technology providers race to incorporate artificial intelligence into their products. Companies are investing heavily in automation, predictive analytics, and customer data platforms to help businesses improve productivity and generate measurable returns from AI adoption.

Investor reaction reflected the significant premium attached to the acquisition. Braze shares surged approximately 51% in early trading following the announcement, while Salesforce shares declined around 2% as investors evaluated the purchase price and potential integration costs.

The acquisition values Braze at more than six times projected annual revenue, illustrating the substantial valuations being placed on software companies offering differentiated AI capabilities and recurring subscription revenue.

For investors, the transaction reinforces the strategic importance of customer data and personalized engagement as businesses increasingly adopt artificial intelligence. It also raises questions about whether larger software companies can successfully integrate acquired technologies while maintaining profitability and delivering meaningful returns on investment.

The deal is expected to close during Salesforce’s fiscal year 2028, subject to shareholder approval, regulatory clearance, and customary closing conditions. Salesforce indicated that the acquisition is not expected to change its fiscal 2027 financial guidance.

The $5.7 billion transaction underscores a broader shift in enterprise technology, where artificial intelligence is transforming how companies interact with customers. As competition intensifies, businesses offering advanced automation, real-time analytics, and AI-driven personalization could become increasingly attractive acquisition targets for larger technology companies seeking to expand their capabilities.

Conduent (CNDT) – Conduent Moves To Resolve Major Litigation Overhang


Monday, October 19, 2026

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Reaches $80 million class action settlement. Conduent agreed to settle consolidated class action litigation related to its previously disclosed January 2025 cybersecurity incident. The incident involved unauthorized access to the company’s networks beginning in October 2024 and exposed personal information belonging to approximately 62 million individuals. The agreement remains subject to court approval.

Addresses significant litigation exposure. The settlement seeks to resolve litigation stemming from the cybersecurity incident, including claims involving Conduent and affected clients. Upon final approval, the agreement would release Conduent, its affected clients, and their affected customers from covered claims arising from the incident. We believe the agreement provides greater visibility into a significant legal uncertainty that has weighed on the company’s broader turnaround efforts.


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Resources Connection (RGP) – Pricing Holds as the Recovery Remains Elusive


Friday, October 09, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. Resources Connection’s first-quarter results were within management’s revenue and gross margin outlook, while lower operating expenses helped profitability exceed our July projections. However, the Company has yet to demonstrate sustained revenue improvement. We believe pricing discipline and ongoing cost actions provide a foundation for recovery, but weak consultant utilization and recent cash consumption leave less room for an extended turnaround.

1Q27 Results. Revenue was $98.1 million compared to $120.2 million in 1Q26 and our $100 million estimate. Adjusted EBITDA was a loss of $3.6 million compared to $3.1 million in 1Q26 and our projected $5.5 million loss. Adjusted net loss was $0.16/sh. versus EPS of $0.03 in 1Q26 and our $0.22/sh. loss estimate. The earnings improvement relative to our forecast is encouraging, although it does not change the need for higher billable activity.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Conduent (CNDT) – Transit Sale Closes; Deleveraging Story Advances


Wednesday, October 07, 2026

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

George Proost, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Transit sale completed. Conduent completed the previously announced sale of its public transit and fare collection business to Modaxo on October 1. In our view, the closing represents another important step in the company’s efforts to simplify its portfolio, reduce financial leverage, and focus resources on its core Commercial and Government businesses.

$125 million earmarked for debt reduction. Conduent received $140 million in cash consideration at closing and expects to use $125 million of net proceeds to repay borrowings under its revolving credit facility. We view the debt reduction favorably and believe the improved balance sheet should enhance the company’s financial flexibility as management executes its ASCEND strategy.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – Momentum Continues


Tuesday, September 29, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A New Task Order. DLH has been awarded a task order to provide risk management framework and cybersecurity operations support services to the National Institutes of Health (“NIH”) Center for Information Technology (“CIT”). CIT provides the NIH community with a secure and reliable IT infrastructure in support of its mission-critical research activities. In our view, not only does the award expand DLH’s support for NIH, but the award aligns with management’s strategy to grow technology-powered solutions in core markets.

Details. Notably, the task order is new work for DLH. The award has a potential value of $19.1 million inclusive of all option periods. The base period and multiple options aggregate to a three-year period of performance. This new business comes hot on the heels of recent awards for DLH, supporting our thesis that the multi-year lull in awards has broken. We anticipate DLH to continue to win its fair share of business going forward.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

The AI Jobs Debate Is More Complicated Than It Looks

The early success of Meta’s Muse AI agent has reignited a question that has been building all year: if AI tools can perform tasks inside a company quickly and cheaply, how much longer do companies keep paying humans to do the same work? Apollo Global Management’s chief economist addressed that tension directly in a recent interview, suggesting the labor market impact of tools like Muse is still a waiting game, one where the full effect simply hasn’t shown up in the data yet.

The case for concern is real and growing. Block, the payments company led by Jack Dorsey, cut 40% of its staff this year. Layoffs have swept through Amazon, Dell, Oracle, Coinbase, Cloudflare, and Meta itself, several of which we’ve tracked closely as part of the broader corporate efficiency wave reshaping how companies think about headcount in the AI era. Uber recently announced it would cut 10% of its workforce to capture what it described as significant efficiencies. These are not struggling companies making defensive cuts, they are profitable, growing businesses choosing to operate with fewer people even as they invest heavily in AI capability, a pattern that has now repeated across enough companies to look structural rather than coincidental.

Staffing and workforce advisory firms sit closest to this shift and are worth watching as a real-time indicator of how it plays out. Companies like Kelly Services and Resources Connection, both providers of staffing and flexible workforce solutions, along with Information Services Group, which advises corporations on technology sourcing and digital transformation decisions, are positioned to see these dynamics well before they show up in national jobs data. If companies are genuinely substituting AI for headcount at scale, these firms would likely see it first in shifting client demand for permanent placements versus flexible or project-based talent.

But the labor market data complicates the doom-and-gloom narrative considerably. Through August, the US economy added roughly 640,000 net nonfarm payroll jobs, averaging about 80,000 new positions per month, numbers that don’t reflect a labor market in collapse. Apollo’s economist made a useful distinction on this point, noting that while tools like Muse will genuinely eliminate some jobs, the new products and business activity AI enables will also create employment elsewhere, meaning this isn’t simply a displacement story, it’s a broader story about how AI reshapes business dynamics and, ultimately, aggregate employment in ways that cut in both directions simultaneously.

There’s an added wrinkle worth watching closely. A recent Gartner survey projects that by 2029, roughly 30% of employees laid off due to AI will need to be rehired, at meaningfully higher cost than their original positions carried. That’s a notable admission that some of this year’s efficiency-driven cuts may prove to be overcorrections, companies discovering that certain roles genuinely required human judgment or oversight AI couldn’t fully replace, and having to pay a premium to bring that expertise back.

For investors, this debate is no longer background noise, it’s showing up directly in the data that moves markets. Monthly jobs reports, which we’ve covered closely as they’ve swung between blowout beats and unexpected losses this year, are taking on greater weight precisely because AI-driven labor market shifts are becoming a genuine wildcard in how those numbers get interpreted. For companies in the small and microcap space, this dynamic cuts two ways worth watching. Smaller companies with leaner existing headcount may be structurally better positioned to adopt AI efficiently without the large-scale layoffs playing out at bigger firms, while companies specifically building AI tools, agents, and workflow automation software for business customers sit squarely in the path of demand created by this exact shift. Whether AI ultimately proves to be a net job destroyer or a net job reshuffler remains genuinely unresolved, and that uncertainty itself is becoming a market-moving variable heading into the final months of the year.

Xerox Holdings Corporation (XRX) – A Clearer Path Through the Turnaround


Monday, September 21, 2026

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

George Proost, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Xerox Roadshow. On September 16th, Louis Pastor, CEO, Chuck Butler, CFO, and Greg Stein, SVP & Head of IR, presented to investors at a non-deal roadshow in St. Louis. The presentation highlighted the company’s turnaround strategy, focusing on its efforts to stabilize revenue, expand margins, and reduce debt.

Broadening the revenue base. Earlier this month, the company announced a strategic partnership with Flint Group Digital Xeikon to utilize its digital press technology in Xerox-branded products. The partnership bolsters Xerox’s position in the production print market by providing access to digital packaging, labels, and commercial print without the cost of developing the technology internally.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

GDEV (GDEV) – Profitability Outpaces Growth As Bookings Soften


Wednesday, August 26, 2026

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 Results. GDEV reported Q2 revenue of $93.6 million, down 22%, and adj. EBITDA of $20.1 million, only down 7% year over year. Notably, the year-over-year revenue decrease was primarily driven by a decline in bookings. As illustrated in Figure #1 Q2 Results, both revenue and adj. EBITDA missed our estimates of $115 million and $26 million, respectively, though adj. EBITDA proved far more resilient than revenue.

Marketing discipline held margins. That resilience was largely due to lower selling and marketing expenses, which fell 38% to $32.7 million from $52.5 million, lifting the adj. EBITDA margin to roughly 21% from 18% even as revenue declined. The reduction stems from the company’s more disciplined strategy for user acquisition, which focuses on higher-value cohorts rather than volume.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Xerox Holdings Corporation (XRX) – Reinvention Creates a Path to Sustainable Earnings Growth


Tuesday, August 18, 2026

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating coverage with an Outperform rating and a $5 price target. Our constructive view reflects the company’s multiyear transformation through the Lexmark acquisition, expansion of IT Solutions and Digital Services, and continued focus on operating efficiency. We believe these initiatives can moderate revenue declines, improve profitability and cash generation, and ultimately support a multiyear earnings recovery and valuation re-rating.

Lexmark Integration Positioned to Drive Significant Profit Growth. The acquisition of Lexmark expands Xerox’s global scale and is expected to generate at least $350 million in gross cost synergies by the end of 2027. In our view, it provides a clear path toward ameaningful improvement in operating leverage and competitive positioning.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

ACCO Brands (ACCO) – Further Expansion into Accessories


Monday, August 17, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Trust Acquisition. On Friday, ACCO announced it has entered into a definitive agreement to acquire Trust, a European provider of computer and gaming accessories. The transaction is valued at approximately $57 million. The transaction will be financed through borrowings under ACCO’s revolving credit facility, with limited impact on pro forma leverage. The transaction is expected to close in late third quarter or early fourth quarter.

Who is Trust? Founded in 1983 and headquartered in the Netherlands, Trust is a well-recognized consumer electronics brand with more than 40 years of presence in PC accessories, gaming, smart home, and mobile accessories. The company offers a comprehensive product portfolio spanning keyboards, mice, headsets, speakers, webcams, chargers, and gaming peripherals, sold through a broad network of leading retailers, e-commerce platforms, and B2B channels. Trust operates an asset-light model with outsourced manufacturing and scalable sourcing and serves customers in Europe and Latin America.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Conduent (CNDT) – Positioned for a Stronger Second Half


Wednesday, August 12, 2026

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

George Proost, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 results reflect ongoing transformation. Continuing operations revenue declined 11.9% to $531 million, while adjusted EBITDA was $16 million, or a 3.0% margin. Commercial remained pressured by contract losses and lower volumes, while Government results reflected the timing of Medicaid implementation activity.

Guidance supports a stronger second half. Management established 2026 continuing operations guidance of $2.15-$2.25 billion of revenue and $140-$170 million of adjusted EBITDA, implying a roughly 7% EBITDA margin at the midpoint. Our estimates of $2.21 billion and $157 million, respectively, are modestly above the midpoint of guidance.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.