As of 2024, nearly 5,000 needy, elderly, blind or disabled individuals in American Samoa receive ASNAP benefits from the government. These benefits provide essential food assistance to supplement their nutritional needs. Supported by Conduent, ASNAP recipients will be able to receive their benefits through safer and more secure Electronic Benefits Transfer (EBT) cards.
Rather than waiting for paper vouchers to use their benefits, ASNAP recipients will now be able to buy groceries and other items with electronic EBT cards. The conversion to cards will eliminate the risk of losing funds if paper vouchers are lost. Recipients will be able to track and manage their benefits through an online portal, and a new mobile application will allow users to access their benefits information and customer service support directly from their smartphones. The department will also be able to utilize the portal to access information about recipient management and card issuance and comply with federal reporting requirements.
“We are very excited to have selected an experienced company who can provide comprehensive and reliable EBT solutions for the ASNAP, and who can serve as a true partner over the life of the contract,” said DHSS Director Muavaefa’atasi John E. Suisala. “With over 25 years of government payment card experience and secure and reliable technology, we are confident that Conduent will meet all cardholder and retailer needs, along with our expectations for improved services for our clients through the use of EBT cards and mobile apps to improve their shopping experience. This project will also eliminate the need for clients to physically pick up benefits each month and is very timely, as we celebrate 30 years of ASNAP in American Samoa.”
“We recognize the importance of being able to provide secure, reliable disbursement solutions that deliver important benefits to individuals who rely on them daily, and we are proud to now deliver those same assurances to the government and people of American Samoa,” said Wade Fairey, General Manager, Payments and Child Support Solutions at Conduent. “By leveraging Conduent’s proven solutions to streamline benefits delivery and management, we are improving efficiency, making it easier and more convenient for people to access their benefits, and enhancing the overall well-being and security of the agencies we serve.”
Conduent’s Government Solutions provide U.S. agencies with solutions for healthcare claims administration, government benefit payments, eligibility and enrollment, and child support. Conduent is a leader in government payment disbursements, delivering electronic payments for services in 37 states and supporting critical, federally sponsored programs like the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF).
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 55,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
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.
Sale aligns with Conduent’s strategy to streamline its portfolio, focusing on core capabilities and advancing synergistic growth.
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced that it has completed the sale of its Casualty Claims Solutions Business to MedRisk , the nation’s largest managed care organization dedicated to the physical rehabilitation of workers’ compensation patients. The transaction was initially announced on May 3, 2024.
“This completed divestiture is the third in our portfolio optimization plan, allowing us to further improve our balance sheet and advance our capital allocation strategy,” said Cliff Skelton, President and Chief Executive Officer at Conduent. “Our priority now is to ensure a seamless transition for our teammates and our clients.”
MedRisk is acquiring Conduent’s workers’ compensation and auto casualty bill review solutions and services, inclusive of the Strataware portfolio of products and technology.
Conduent will continue to provide mailroom services for casualty claim clients and will now serve MedRisk as one of its clients.
Additional details of the transaction are outlined in Conduent’s 8-K filed with the U.S. Securities and Exchange Commission (SEC) today.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com .
Forward-Looking Statements
This press release, any exhibits or attachments to this release, and other public statements we make may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. 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,” “strategy,” 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. All statements other than statements of historical fact included in this press release or any attachment to this press release are forward-looking statements, including, but not limited to, statements regarding the sale of Conduent’s Casualty Claims Solutions business to MedRisk, such as Conduent’s focus on continuing to provide a seamless transition for team members and clients while advancing its goals for deployable capital and Conduent’s strategy to streamline its portfolio, focus on core capabilities and advance synergistic growth, as well as to streamline its business portfolio, enhance its focus on core capabilities and increase agility. 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: Conduent’s ability to realize the benefits anticipated from the sale of its Casualty Claims Solutions Business; unexpected cost, liabilities or delays in connection with the transaction; the significant transaction costs associated with the transaction; negative effects of the consummation of the transaction on the market price of our common stock or operating results, including as a result of changes in key customer, supplier, employee or other business relationships; the risk of litigation or regulatory actions; our inability to retain and hire key personnel; the risk that certain contractual restrictions contained in the definitive transaction agreement could adversely affect our ability to pursue business opportunities or strategic transactions; 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 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.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
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.
Q2 beat. The company delivered solid Q2 with revenue of $828 million, slightly better than our forecast of $812 million, and adj. EBITDA of $35 million, 84% better than our estimate of $19 million. Importantly, we believe the company is nearing the trough of its operating results as its divestiture activity appears to be winding down.
Favorable trends emerging. Importantly, the Commercial segment, the company’s largest by revenue, appears to be trending positively. Management highlighted that new business signings rebounded in Q2. Additionally, the Transportation segment is positioned for sequential revenue growth in the back half of the year, buoyed by a large contract in Australia.
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.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
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.
Q2 beat. The company reported Q2 results that were better than our estimates. Revenue of $828 million was better than our forecast of $812 million and adj. EBITDA of $35 million exceeded our estimate of $19 million. Figure #1 Q2 Results illustrates how the results compared with our estimates. Notably, upheaval to the business caused by the divestitures underway make for choppy near term quarterly results. In our view, investors should focus more on how the company will look after the transition.
At the trough? With adj. EBITDA margins of 4.2% in the quarter, we believe the company’s results are roughly at a trough. Management indicated that margins will likely improve sequentially in future quarters as the company eliminates post-divestiture cost redundancies and executes its cost-saving strategies.
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.
FLORHAM PARK, N.J., Aug. 07, 2024 — Conduent (NASDAQ: CNDT), a global technology-led business process solutions and services company, today announced its second quarter 2024 financial results.
Cliff Skelton, Conduent President and Chief Executive Officer stated, “We are pleased to report that our Adjusted Revenue and Adjusted EBITDA exceeded expectations, with upside from here. Meanwhile, as anticipated, Q2 represented the low point in our previously communicated growth trajectory. Commercial sales were stronger on both a year-over-year and sequential basis and although Government sales is off to a slower than anticipated start to the year, our overall sales pipeline remains strong as does our balance sheet.”
“Our strategy also remains on track. Targeted divestitures and a balanced use of capital have allowed us to reduce debt and share count, and will allow us to reduce capital intensity and improve cash conversion over time. Our streamlined portfolio and the infusion of new and proven leadership position us well for the future as we advance our solution sets and leverage our strong culture.”
Key Financial Q2 2024 Results
($ in millions, except margin and per share data)
Q2 2024
Q2 2023
Current Quarter Y/Y B/(W)
Revenue
$828
$915
(9.5)%
Adjusted Revenue(1)
$811
$851
(4.7)%
GAAP Net Income (Loss)
$216
$(7)
n/m
Adjusted EBITDA(1)
$29
$64
(54.7)%
Adjusted EBITDA Margin (1)
3.6%
7.5%
(390) bps
GAAP Income (Loss) Before Income Tax
$300
$(7)
n/m
GAAP Diluted EPS
$1.07
$(0.04)
n/m
Adjusted Diluted EPS(1)
$(0.14)
$0.01
n/m
Cash Flow from Operating Activities
$(41)
$(10)
(310.0)%
Adjusted Free Cash Flow(1)
$(55)
$(26)
(111.5)%
Performance Commentary During the second quarter of 2024, the company completed the transfer of the BenefitWallet portfolio, receiving the remaining $261 million of the aggregate purchase price of $425 million.
The divestiture of the Curbside Management and Public Safety businesses was announced on December 28, 2023 and closed on April 30, 2024 with a purchase price of $230 million, $61 million of which is deferred over the next nine months.
The company entered into a definitive agreement to sell its Casualty Claims Solutions business on May 3, 2024 for $240 million in cash, subject to certain purchase price adjustments, which is expected to close during the third quarter of 2024.
Also, during the second quarter of 2024, the company used the proceeds from the completed divestitures to prepay $300 million of principal of the Term Loan B.
On June 8, 2024 Conduent entered into a share purchase agreement to repurchase all of the shares of the company’s common stock beneficially owned by Carl Icahn and affiliates. The aggregate purchase price for the repurchase from Carl Icahn and affiliates was approximately $132 million.
Pre-tax income (loss) for the second quarter of 2024 was $300 million versus $(7) million in the prior year period. This increase is primarily driven by the gain on the transfer of the BenefitWallet portfolio and the sale of the Curbside Management and Public Safety businesses.
Second quarter’s Adjusted EBITDA of $29 million and Adjusted EBITDA Margin of 3.6% exceeded the company’s expectations.
Revenue and Adjusted Revenue for the second quarter of 2024 also exceeded the company’s expectations.
Conduent’s liquidity position remains strong with long-dated debt maturities and a modest net leverage ratio.
In the second quarter of 2024, the company repurchased approximately 43.3 million shares of its common stock in connection with its ongoing share repurchase program, including approximately 38 million shares of its common stock repurchased from Carl Icahn and affiliates, as mentioned above.
Additional Q2 2024 Performance Highlights
Conduent achieved several milestones in technology-led solutions, operational excellence and culture, including:
Recognized as a Leader in Multi-Process HR Transformation Services for Large Enterprises by NelsonHall;
Named to Newsweek’s Top 100 Global Most Loved Workplaces® for 2024 for second consecutive year;
Selected to provide Business Intelligence and Data Management technology services to Colorado Department of Health Care Policy and Financing;
Implemented technologies for South Carolina Department of Social Services to combat fraud and enhance security for its EBT program;
Significantly expanded relationship with one of the largest health insurance companies in the U.S. including both CXM and multichannel communications solutions; and
Implemented Express Lanes tolling system for Virginia Department of Transportation.
FY 2024 Outlook(2,3)
FY 2023 Actuals
FY 2024 Outlook(2,3)
Adj. Revenue(1)
$3,466M
$3,325M – $3,375M
Adj. EBITDA(1) / Adj. EBITDA Margin(1)
$264M / 7.6%
4% – 5%
(1) Refer to Appendix for definition and complete non-GAAP reconciliations of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS and Adjusted Free Cash Flow.
(2) Refer to Appendix for definition.
(3) Refer to Appendix for additional information regarding non-GAAP outlook.
Conference Call Management will present the results during a conference call and webcast on August 7, 2024 at 9:00 a.m. ET.
The call will be available by live audio webcast along with the news release and online presentation slides at https://investor.conduent.com/.
The conference call will also be available by calling 877-407-4019 toll-free. If requested, the conference ID for this call is 13747159.
The international dial-in is 1-201-689-8337. The international conference ID is also 13747159. A recording of the conference call will be available by calling 1-877-660-6853 three hours after the conference call concludes. The replay ID is 13747159.
The telephone recording will be available until August 21, 2024.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 55,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Non-GAAP Financial Measures We have reported our financial results in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP). In addition, we have discussed our financial results using non-GAAP measures. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. Accordingly, we believe it is necessary to adjust several reported amounts, determined in accordance with U.S. GAAP, to exclude the effects of certain items as well as their related tax effects. Management believes that these non-GAAP financial measures provide an additional means of analyzing the results of the current period against the corresponding prior period. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, our reported results prepared in accordance with U.S. GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures and should be read only in conjunction with our Condensed Consolidated Financial Statements prepared in accordance with U.S. GAAP. Our management regularly uses our non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. Providing such non-GAAP financial measures to investors allows for a further level of transparency as to how management reviews and evaluates our business results and trends. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. Refer to the “Non-GAAP Financial Measures” section attached to this release for a discussion of these non-GAAP measures and their reconciliation to the reported U.S. GAAP measures.
Forward-Looking Statements
This press release, any exhibits or attachments to this release, and other public statements we make may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “expectations,” “in front of us,” “plan,” “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” “continue to,” “looking to continue,” “endeavor,” “if,” “growing,” “projected,” “potential,” “likely,” “see,” “ahead,” “further,” “going forward,” “on the horizon,” “as we progress,” “going to,” “path from here forward,” “think,” “path to deliver,” “from here,” 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. All statements other than statements of historical fact included in this press release or any attachment to this press release are forward-looking statements, including, but not limited to, statements regarding our financial results, condition and outlook; changes in our operating results; general market and economic conditions; our portfolio rationalization plans; our share repurchases; strength of our sales pipeline and balance sheet; our growth strategy; expectations regarding our trajectory toward top line growth, sequential margin improvement, less capital intensity and improved cash flow conversion; statements regarding portfolio divestitures, such as the sale of our Casualty Claims Solutions business, including all statements regarding anticipated timing of closing of and receipt of proceeds related to such divestitures; Conduent’s liquidity position remaining strong; progress that we’re making towards our billion dollars of deployable capital; and our projected financial performance for the full year 2024 and 2025, including all statements made under the section captioned “FY 2024 Outlook” within this release. 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: risks related to pending dispositions, including the company’s ability to realize the benefits anticipated from the sale of our Casualty Claims Solutions business to MedRisk, including as a result of a delay or failure to obtain certain required regulatory approvals or the failure of any other condition to the closing of the transaction such that the closing of the transaction is delayed or does not occur; unexpected costs, liabilities or delays in connection with the proposed transaction, the significant transaction costs associated with the proposed transaction, negative effects of the announcement, pendency or consummation of the transaction on the market price of our common stock or operating results, including as a result of changes in key customer, supplier, employee or other business relationships, the risk of litigation or regulatory actions, our inability to retain and hire key personnel, the risk that certain contractual restrictions contained in the definitive transaction agreement during the pendency of the proposed transaction could adversely affect our ability to pursue business opportunities or strategic transactions; risks related to recently completed dispositions including the transfer of our BenefitWallet HSA, MSA and flexible spending account portfolio and the sale of our Curbside Management and Public Safety Solutions businesses, including but not limited to our ability to realize the benefits anticipated from such transactions, unexpected costs, liabilities or delays in connection with such transactions, and the significant transaction costs associated with such transactions; our ability to renew commercial and government contracts, including contracts awarded through competitive bidding processes; our ability to recover capital and other investments in connection with our contracts; our reliance on third-party providers; risk and impact of geopolitical events and increasing geopolitical tensions (such as the wars in the Ukraine and Middle East), macroeconomic conditions, natural disasters and other factors in a particular country or region on our workforce, customers and vendors; our ability to deliver on our contractual obligations properly and on time; changes in interest in outsourced business process services; claims of infringement of third-party intellectual property rights; our ability to estimate the scope of work or the costs of performance in our contracts; the loss of key senior management and our ability to attract and retain necessary technical personnel and qualified subcontractors; our failure to develop new service offerings and protect our intellectual property rights; our ability to modernize our information technology infrastructure and consolidate data centers; expectations relating to environmental, social and governance considerations; utilization of our stock repurchase program; the failure to comply with laws relating to individually identifiable information and personal health information; the failure to comply with laws relating to processing certain financial transactions, including payment card transactions and debit or credit card transactions; breaches of our information systems or security systems or any service interruptions; our ability to comply with data security standards; developments in various contingent liabilities that are not reflected on our balance sheet, including those arising as a result of being involved in a variety of claims, lawsuits, investigations and proceedings; risks related to divestitures and acquisitions; risk and impact of potential goodwill and other asset impairments; our significant indebtedness and the terms of such indebtedness; our failure to obtain or maintain a satisfactory credit rating and financial performance; our ability to obtain adequate pricing for our services and to improve our cost structure; our ability to collect our receivables, including those for unbilled services; a decline in revenues from, or a loss of, or a reduction in business from or failure of significant clients; fluctuations in our non-recurring revenue; increases in the cost of voice and data services or significant interruptions in such services; our ability to receive dividends or other payments from our subsidiaries; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections in our 2023 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 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.
The 2024 designation is the third consecutive year Conduent was named a best place to work. Conduent earned top scores for the United States, India and the Philippines.
The Disability Equality Index is the world’s most comprehensive benchmarking tool for Fortune 1000 companies to measure disability workplace inclusion inside their organization and to assess performance across industry sectors.
“On the 10th anniversary of the Disability Equality Index, we’re extremely proud of the 542 national and international companies that are taking a proactive role in leading progress towards disability inclusion, setting a benchmark for others to follow. Their dedication to fostering inclusive workplaces not only attracts top talent but also drives innovation and creates sustainable performance in today’s global market,” said Jill Houghton, President and CEO of Disability:IN.
“It is an honor to receive top scores on the Disability Equality Index in recognition of Conduent’s commitment to disability inclusion. We will continue our efforts to create a welcoming, supportive, and accessible workplace for our associates of all abilities – one where everyone feels empowered to thrive. Through programs such as our Employee Impact Groups, accessibility awareness and education, mental health sessions, and flexible work, we continue to build a culture where everyone is valued, has a sense of belonging and can bring their authentic selves to work,” said Rob Houser, Global Head of Strategy and Executive Sponsor of Conduent’s Employee DisAbility Impact Group.
The 2024 Index measured: Culture & Leadership; Enterprise-Wide Access; Employment Practices (Benefits; Recruitment; Employment, Education, Retention & Advancement, Accommodations); Community Engagement; Supplier Diversity; and Responsible Procurement (Non-Weighted).
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
About the Disability Equality Index®
The Disability Equality Index has become the leading independent, third-party resource for the annual benchmarking of corporate disability inclusion policies and programs and is now trusted by more than 70% of the United States Fortune 100 and nearly half of the Fortune 500. Such companies must increasingly consider how emerging global reporting directives and stakeholder expectations surrounding social and corporate governance factors impact their operational, cultural, reputational and financial performance.
The Disability Equality Index is an objective, reflective, forward-thinking, and confidential disability rating tool designed to assist business in advancing inclusion practices. It is a comprehensive benchmark that helps companies build a roadmap of measurable, tangible actions across five scored categories: Culture & Leadership, Enterprise-Wide Access, Employment Practices, Community Engagement, and Supplier Diversity. Participating companies receive a score, on a scale of zero (0) to 100, with those scoring 80 or higher earning the distinction of “Best Places to Work for Disability Inclusion” for the benchmark year.
Findings from a two-year Global Disability Equality Index pilot informed the launch of a scored benchmark that opened in 2024 to seven new countries in addition to the United States. These include: Brazil, Canada, Germany, India, Japan, the Philippines, and the United Kingdom. Now in its 10th year, the Disability Equality Index has grown nearly 7x since 2015, expanding from 80 companies in its first year to 542 in 2024. Collectively, the 2024 edition received 753 submissions spanning the eight benchmarked countries.
About the American Association of People with Disabilities (AAPD)
AAPD is a convener, connector, and catalyst for change, increasing the political and economic power for people with disabilities. As a national cross-disability rights organization AAPD advocates for full civil rights for the 60+ million Americans with disabilities. Learn more at: www.aapd.com
About Disability:IN®
Disability:IN is a global organization driving disability inclusion and equality in business. More than 500 corporations partner with Disability:IN to create long-term business and social impact through the world’s most comprehensive disability inclusion benchmarking and reporting tool, the Disability Equality Index; best-in-class conferences and programs; expert counsel and engagement; and public policy leadership. Join us at disabilityin.org/AreYouIN #AreYouIN.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, plans to report its second-quarter 2024 financial results on Wednesday, August 7, 2024 before market open. Management will present the results during a conference call and webcast at 9:00 a.m. ET.
The call will be available by live audio cast along with the news release and online presentation slides at https://investor.conduent.com.
The conference call will also be available by calling 877-407-4019 toll free. If requested, the conference ID is 13747159.
The international dial-in is +1 201-689-8337. The international conference ID is also 13747159.
A recording of the conference call will be available by calling 877-660-6853 three hours after the conference call concludes. The access ID for the recording is 13747159.
The call recording will be available until August 21, 2024.
We look forward to your participation.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
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.
Spanning 241 miles, the turnpike now features open-road E-ZPass® tolling lanes and a gated exit system using Automated Toll Payment Machines
The modernization is the largest construction project in Ohio Turnpike history since the toll road was completed in 1955
FLORHAM PARK, N.J.– Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated (Nasdaq: CNDT), today announced the completion of a modernized toll collection infrastructure for the Ohio Turnpike. Conduent upgraded 216 lanes on the 241-mile-long turnpike to include self-service and collector-operated toll plazas, as well as open-road, automated tolling options for vehicles using E-ZPass® transponders.
The new system, managed by the Ohio Turnpike and Infrastructure Commission (OTIC), will help increase traffic flow and vehicle throughput, while providing for operational efficiencies – all leading to more convenience and an improved experience for motorists. According to OTIC, the modernization is the largest construction project in Ohio Turnpike history since the toll road was completed in 1955.
“The Conduent team has shown great partnership, professionalism and expertise throughout our implementation and go-live of the modernized toll collection system on the Ohio Turnpike,” said Ferzan M. Ahmed, P.E., Executive Director at OTIC. “Working closely with our staff, Conduent has implemented Ohio’s first open road tolling system that will help increase traffic flow and provide operational efficiencies.”
As a key part of the implementation, Conduent installed and will maintain state-of-the-art, open-road tolling lanes for E-ZPass customers, and separate lanes with Automated Toll Payment Machines that accept coins, cash, and credit or debit cards. The machines will be equipped in the future to enable contactless payments using smartphones and digital wallets. The open-road tolling solution, meanwhile, incorporates LiDAR (Light Detection and Ranging)-based scanners with proven performance and accuracy. Automated License Plate Recognition technology will also be used to account for vehicles driving through E-ZPass lanes without a transponder.
“Since 2020, our team has partnered with OTIC to make this new tolling infrastructure a reality, and we are proud to complete such an important project on one of the longest-running toll roads in the country,” said Adam Appleby, Group President, Public Sector Solutions. “Today’s announcement reinforces our leadership in providing tolling solutions that bring lasting value for agencies and the customers who experience the true benefits of modern mobility.”
This Ohio project follows another recently announced implementation, in which Conduent launched an Express Lanes tolling system for the Virginia Department of Transportation (VDOT). That system enables flexible, dynamic pricing and license plate image reviews, helping to improve the flow of traffic and relieve congestion for VDOT.
Conduent Transportation is a leading provider of streamlined, high-volume mobility services and solutions, spanning road usage charging and advanced transit systems, that enhance the services provided by transportation agencies to benefit the citizens who use them. For over 50 years, the company has helped clients advance transportation solutions in more than 20 countries.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Three-phased project begins with implementation of contactless open payment system in advance of the 2024 Olympic Summer Games
GUILHERAND-GRANGES, France & FLORHAM PARK, N.J. — Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated (Nasdaq: CNDT), today announced that Saint-Étienne Métropole (SEM), the public transportation authority for the city of Saint-Étienne and its surrounding metropolitan area in east-central France, has selected Conduent for a three-phase transformation of its STAS bus and tram network. SEM serves a population of more than 400,000.
In phase one, Conduent implemented an open payment system that allows passengers, on all of the network’s lines, to pay using validators installed on buses and trams. Payments can be made with contactless EMV (Europay, Mastercard and Visa) debit and credit cards, and NFC-enabled digital wallets such as Apple Pay, Google Pay and Samsung Pay. More than 300 validators were installed in this first phase, with one on each bus and at least two on each tram, in time for Saint-Étienne to play its role as a host city for the Summer Olympic Games.
In phase two, during 2025, Conduent will complete the implementation of its ATLAS ® Ops back-office system as well as associated equipment, thus renewing the network’s entire ticketing system. This phase will include the start of interoperability with the contactless cards used for the regional Oùra system. Regional interoperability will then be enhanced in early 2026 during a third phase, which will enable the use of regional 2D barcode tickets via a mobile application.
“As a host city for the upcoming 2024 Olympic Summer Games in France, we are anticipating a significant increase in the use of our transportation network. SEM is looking ahead at the opportunity and wants to ensure that riders, whether they are residents of Saint-Étienne Métropole or visitors, can easily and quickly utilize our transit network,” said Luc François, Vice President of Transport and Mobility at SEM. “This is just the first phase of a significant upgrade, to be implemented by Conduent, that will modernize our network, as well as make it a more efficient and accessible public transportation system.”
Upon completion of all three phases, SEM will have the following new equipment across its network:
1,100 validators on board buses and trams
68 ticket vending machines
75 point of sale terminals in retailers
26 point of sale terminals in transport operator ticket offices
55 inspection terminals
“Conduent is honored that Saint-Étienne Métropole has selected us for this project,” said Jean Charles Zaia, President, Transit Solutions at Conduent. “When complete, the transformation of Saint-Étienne’s bus and tram network will enhance the customer experience and provide a network that is more customer-friendly, easily accessible and modern.”
Following Rennes, Marseille and Grenoble, Saint-Étienne is the latest French metropolitan area to implement a Conduent contactless open payment system on its public transport network. Conduent’s open payment solutions are also deployed in Pays Basque, France, as well as in Mexico, the United States, Belgium, Australia and Italy.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
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.
Conduent will replace the state’s legacy system with an advanced solution for managing child support cases, to include enhanced features for parents
New contract builds upon Conduent’s ongoing work with Wisconsin’s state child support program, helping children and families in need
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced its selection by the Wisconsin Department of Children and Families (DCF) to design, develop and implement a modernized child support system. The new system, called THRIVE, will transform child support service delivery for children and families across the state while providing enhanced features for parents.
DCF’s modernization project will integrate national best practices utilizing the latest technology and automation, plus data analytics, to meet the ongoing needs of the child support program, while ensuring flexibility for future system enhancements. Conduent will replace Wisconsin’s legacy system with an advanced solution that combines reliable, certified programming with a modern architecture and offers new self-service features for parents, including an online customer portal and a mobile app.
The new contract builds upon Conduent’s 25-year relationship with Wisconsin, providing State Disbursement Unit services to help ensure that collected funds are delivered to families in need.
“The Wisconsin Bureau of Child Support has a successful and long-standing partnership with Conduent,” said Phyllis Fuller, Director of DCF’s Bureau of Child Support. “I appreciate the opportunity to work with Conduent in developing a new case and financial management system for serving the families of Wisconsin.”
“We’re grateful for the opportunity to serve Wisconsin, supporting DCF as it facilitates the modernization of the state’s child support program,” said Kim Newsom Bridges, Senior Director, Child Support Solutions at Conduent. “We applaud DCF for taking the steps necessary to better serve constituents, and we appreciate the trust placed in Conduent to help the department achieve its vision in the years to come.”
The planned modernization for Wisconsin follows Conduent’s success in developing and deploying two federally certified, statewide child support system projects, supporting Delaware and South Carolina . In 2023, Conduent also announced the implementation of an advanced cloud-based system for New Hampshire’s Department of Health and Human Services.
Conduent is a trusted operations partner to child support agencies across the country, helping them improve technology and services for children and families. The company has processed approximately $126 billion in child support payments in the last 10 years.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Company builds on 38-year history of providing innovative Medicaid management solutions to Montana Department of Public Health and Human Services
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced a three-year Pharmacy Benefit Management (PBM) contract renewal with the Montana Department of Public Health and Human Services (MDPHHS). The renewal builds on Conduent’s nearly 38-year relationship with the MDPHHS of providing advanced Medicaid management solutions to further the agency’s mission to deliver healthcare services that help improve and protect the health and safety of Montanans.
As part of the Conduent Medicaid Suite (CMdS), the pharmacy module helps MDPHHS reduce costs and streamline operations within its PBM model with advanced applications for point of sale, prior authorization, rebate, data analytics, consumer relationship management and prospective and retrospective drug review functions. Conduent will also continue to provide medical authorization, precertification, payment method development and inpatient call center services.
The company’s comprehensive PBM system was among the first to be certified in the state of Montana and the first instance of an individual Medicaid management module to earn federal certification.
“Our successful, long-term relationship with Montana reflects our commitment to providing effective solutions and on-going innovations that enable the Montana Department of Public Health and Human Services to continue to manage pharmacy benefits with transparency and cost-effectiveness,” said Lydie Quebe, General Manager, Government Healthcare Solutions at Conduent.
In addition to supporting pharmacy benefit management and claims processing, Conduent provides a range of government solutions including Medicaid enrollment and eligibility support, critical payment disbursement solutions, and child support solutions. The company supports approximately 41 million residents across various government health programs. Visit Conduent Government Healthcare Solutions to learn more.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
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.
In time for summer, Venice public transportation network users can now pay for fares using contactless credit and debit cards
MILAN & FLORHAM PARK, N.J. — Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated (Nasdaq: CNDT), today announced the launch of a contactless open payment system on the Venice transportation network managed by Azienda Veneziana della Mobilità (AVM).
The new EMV (Europay, Mastercard and Visa) open payment system allows passengers to pay with contactless credit and debit cards, offering easier access to AVM’s local public transport service in the metropolitan area of Venice, as well as the integrated mobility services in the urban area. The Conduent system also enables travelers to use NFC-enabled devices such as smartphones and smartwatches with digital wallets.
To support AVM’s transportation modernization initiative, Conduent supplied over 2,200 validators, which enable fare payment on Venice’s fleet of 149 vessels (water buses, speedboats, motorboats and ferries), more than 150 wharfs, 540 buses, 20 trams and two people movers. The validators offer a single point of validation not only for credit and debit cards but for all other media, such as Venezia Unica cards and electronic tickets. Approximately 180 million passengers travel on the Venice public transport network every year.
In addition, the system enables AVM to offer best fare pricing for the first time. Best fare pricing ensures that customers are automatically charged the lowest available price for the journeys taken each day.
“It’s been a few busy months of work that has made EMV technology a reality on the whole transport network managed by AVM,” said Giovanni Seno, General Manager of Gruppo AVM. “I thank all the company teams who have worked hard to achieve this important result, putting professionalism, competence and the desire to improve into their daily work. We have progressively improved the customer experience of the new validators – also listening to feedback received from passengers – and we are looking forward to the summer season with an innovation that has enormous potential, both in terms of market penetration and in terms of impact on our organization.”
“Conduent is honored to be part of AVM’s modernization program to enhance and elevate the network and experience for their passengers,” said Jean-Charles Zaia, President, Transit Solutions at Conduent. “Conduent contactless open payment systems, deployed around the world, are enhancing the services that transportation networks provide to benefit the passengers who use them.”
With Venice, Conduent has further expanded its deployment of EMV contactless open payment systems in the Veneto region, after implementing similar systems in Belluno and Verona . Conduent has also deployed contactless open payment systems in many cities in the Lombardy and Liguria regions.
Conduent Transportation and Elavon, as well as Visa, were selected by AVM in December 2022 to provide a convenient EMV payment system across its public transportation network.
Conduent Transportation is a leading provider of streamlined, high-volume mobility services and solutions, spanning road usage charging and advanced transit systems, that enhance the services provided by transportation agencies to benefit the citizens who use them. For over 50 years, the company has helped clients advance transportation solutions in more than 20 countries.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com .
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Conduent named a leader in Cost Optimization Capability in 2024 NEAT
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced that NelsonHall, a global analyst firm, has named the company a market leader in its 2024 NelsonHall Evaluation and Assessment Tool (NEAT) for CX Services Transformation. This year’s report evaluated 17 companies on their customer experience (CX) services across a range of criteria.
This year’s NEAT report identified Conduent as a leader for:
Expertise in knowledge management transformation with implementations across multiple verticals
Strong employee training and learning practice with technology interventions
CX transformation offerings, such as knowledge management, training, work from home and quality assurance
Strong portfolio of sector-specific CX services in the high-growth healthcare, travel and transportation verticals
Ivan Kotzev, Lead CX Services Analyst at NelsonHall, said, “Brands increasingly understand the need to change entire journeys and customer experiences spanning different internal functions and external ecosystems. Conduent’s CX consulting and advisory approach aims to tackle this fundamental change in the CX industry, and it is productizing its CX consulting services as part of the larger market shift to ‘as-a-service’ transformation.”
“Strategic organizations have recognized the many benefits of outsourcing their CX services including improved customer satisfaction, cost reduction, increased sales, expanded access to leading technology, scalability and geographical diversification,” said Randall King, Executive Vice President and President of Commercial Solutions at Conduent. “We value NelsonHall’s thoughtful evaluation of the CX marketplace and their analysis that Conduent, as a leader, can be the answer for organizations looking for reduced upfront capital investments, flexibility in the face of external instability and accelerated technology access and scale.”
In one example for a leading global logistics company, Conduent was able to help its client cost effectively and quickly scale both English and Spanish customer service. Conduent was able to achieve 40% cost savings, while delivering lower handle times and consistent high quality for multiple lines of business including customer service and retail store calls in English and Spanish. The Conduent CX team was able to achieve these outcomes using a unique combination of technology and data analytics to deliver targeted coaching, focus on efficiencies and develop innovative onboarding processes.
NelsonHall defines leaders for their ability to meet future client requirements as well as delivering immediate benefits to its CX services clients.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
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.
