EXHIBIT 99.1 News from Conduent Conduent Incorporated 100 Campus Drive, Suite 200 Florham Park, NJ 07932 www.conduent.com | --- | |--------------------------------------------------------------------| | | | Conduent Reports Second Quarter 2024 Financial Results | | Key Q2 2024 Highlights | | • Revenue: $828M | | • Adj. Revenue : $811M (1) | | • Pre-tax Income: $300M | | (1) • Adj. EBITDA Margin : 3.6% | | (2) • New Business Signings ACV : $142M | | (2) • Net ARR Activity Metric (TTM): $(49)M | FLORHAM PARK, ...

Key Q2 2024 Highlights Revenue: $828M Adj. Revenue(1): $811M Pre-tax Income: $300M Adj. EBITDA Margin(1): 3.6% New Business Signings ACV(2): $142M Net ARR Activity Metric(2) (TTM): $(49)M FLORHAM PARK, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- 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 ...

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About HealthEquity HealthEquity and its subsidiaries administer HSAs and various other consumer-directed benefits for over 16 million accounts, working in close partnership with employers, benefits advisors, and health and retirement plan providers who share our unwavering commitment to our mission to save and improve lives by empowering healthcare consumers. Through cutting-edge solutions, innovation, and a relentless focus on improving health outcomes, we empower individuals to take control of their healt ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM 10-Q _______________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Florham Park, New Jersey 07932 (Address of principal executive offices) (Zip Code) CONDUENT INCORPORATED (Exact Name of Registrant as specified in its charter) New York 81-2983623 For the quarterly period ended: March 31, 2024 (State or other jurisdiction of incorporation or or ...

Conduent, Inc. (NASDAQ:CNDT) Q1 2024 Earnings Conference Call May 1, 2024 9:00 AM ET Company Participants Giles Goodburn - VP, Corporate FP&A and IR Stephen Wood - EVP, CFO & Principal Accounting Officer Clifford Skelton - President, CEO & Director Conference Call Participants Patrick McCann - Noble Capital Markets Marc Riddick - Sidoti & Company Operator Greetings, and welcome to the Conduent Q1 2024 Earnings Announcement. [Operator Instructions]. As a reminder, this conference is being recorded. It is now ...

Revenue Performance - Revenue for Q1 2024 was $921 million, a slight decrease of 0.1% from $922 million in Q1 2023[2] - Revenue for the three months ended March 31, 2024, was $921 million, slightly down from $922 million in the same period in 2023[43] - Revenue at Constant Currency for the three months ended March 31, 2024, was $919 million, compared to $925 million for the same period in 2023[43] - Revenue for Q1 2024 was $921 million, compared to $3,722 million for FY 2023[77] Income and Earnings - Net income for Q1 2024 was $99 million, compared to a net loss of $6 million in Q1 2023, indicating a significant turnaround[2] - Basic and diluted net income per share for Q1 2024 was $0.46, compared to a loss of $0.04 per share in Q1 2023[2] - Net Income for the three months ended March 31, 2024, was $99 million, compared to a loss of $6 million for the same period in 2023[43] - Adjusted diluted EPS from continuing operations was $0.46, a significant improvement from $(0.04) in the previous year[49] - GAAP net income for Q1 2024 was $99 million, a significant improvement from a loss of $6 million in Q1 2023[82] Operating Costs and Expenses - Total operating costs and expenses decreased to $794 million in Q1 2024 from $930 million in Q1 2023, representing a reduction of approximately 14.6%[2] - Adjusted Operating Income for the three months ended March 31, 2024, was $7 million, compared to $30 million for the same period in 2023[40] - Adjusted EBITDA for the three months ended March 31, 2024, was $69 million, down from $90 million in the same period in 2023[40] - Adjusted EBITDA for Q1 2024 was $69 million, down 23.3% from $90 million in Q1 2023, with an adjusted EBITDA margin of 7.5%[82][85] Cash Flow and Liquidity - Cash and cash equivalents decreased to $415 million as of March 31, 2024, down from $498 million at the end of 2023[8] - The company reported a net cash used in operating activities of $37 million for Q1 2024, compared to $12 million used in Q1 2023[11] - Cash flow from operating activities was $(37) million, a decline of 208% compared to $(12) million in Q1 2023[82] - Cash flows from investing activities showed a net inflow of $143 million in Q1 2024, compared to a net outflow of $22 million in Q1 2023[11] - Conduent's total liquidity position remains strong at nearly $1.0 billion, with long-dated debt maturities[86] Debt and Equity - Long-term debt reduced to $1,083 million as of March 31, 2024, down from $1,248 million at the end of 2023, reflecting a decrease of approximately 13.2%[8] - The company’s total equity increased to $705 million as of March 31, 2024, up from $633 million at the end of 2023[8] - The company prepaid $259 million of principal on its Term Loan B following the BenefitWallet portfolio transfer[84] Future Outlook - FY 2024 revenue outlook is projected between $3,600 million and $3,700 million[68] - Adjusted EBITDA margin for FY 2024 is expected to be between 8% and 9%[68] - Adjusted free cash flow as a percentage of adjusted EBITDA is projected to improve to 5% - 10% for FY 2024[68] - 2024 is expected to be the trough in the company's growth turnaround, with continued progress anticipated along its 3-year journey[78] Business Developments - New business signings annual contract value (ACV) reached $99 million in Q1 2024[77] - Net annual recurring revenue (ARR) activity metric for the trailing twelve months (TTM) was $17 million[77] - The company completed the first tranche of the BenefitWallet portfolio transfer, receiving $164 million, and expects to finalize the third tranche by the end of Q2 2024[83][84] - The company partnered with Microsoft and Oracle to enhance innovation and streamline transaction processing[90] - Conduent repurchased approximately 4.8 million shares of common stock during Q1 2024[89]

Business solutions and services company Conduent launched an artificial intelligence-focused agreement with Microsoft.The partnership, announced in a Monday (April 29) press release, will begin by exploring generative AI use for healthcare claims management, customer service and fraud detection.“Generative AI has the power to transform how businesses and organizations operate — serving as a force-multiplier to improve efficiencies and enhance customer experiences across a range of industries,” Svetlana Rezn ...

Powerful cloud database service now available in the U.K., bringing the total to three cloud regions available with 12 more planned AUSTIN, Texas, April 23, 2024 /PRNewswire/ -- Global businesses across every vertical industry including Conduent, Vodafone, and Voya Financial are adopting Oracle Database@Azure to accelerate their cloud migrations. Oracle Database@Azure delivers all the performance, scale, and availability advantages of Oracle Database on Oracle Cloud Infrastructure (OCI) with the comprehens ...

Financial Performance - The company's total revenue for 2023 was $3.72 billion, with the Commercial segment contributing $1.932 billion, representing 51.9% of total revenues[50]. - Conduent's revenue for 2023 was $3,722 million, a decrease of 3.5% from $3,858 million in 2022[217]. - The company's net loss for 2023 was $296 million, compared to a net loss of $182 million in 2022, resulting in a diluted loss per share of $1.41[217]. - Total operating costs and expenses increased to $4,054 million in 2023 from $3,985 million in 2022, primarily driven by higher costs of services and goodwill impairment[217]. - Goodwill impairment for 2023 was $287 million, down from $358 million in 2022[217]. - Interest expense rose to $111 million in 2023, compared to $84 million in 2022, reflecting increased borrowing costs[217]. - The company reported a significant increase in restructuring and related costs, which rose to $62 million in 2023 from $39 million in 2022[217]. Market and Business Operations - Conduent's addressable market size in the global business process services industry is estimated to be $210 billion in 2023[48]. - The Transportation segment generated revenue of $696 million in 2023, accounting for 18.7% of total revenues[60]. - Government segment revenue for 2023 was $1,094 million, representing 29.4% of total revenues[129]. - The company serves 9 of the top 10 U.S. health plans and provides solutions for nearly 119 million recipients across various government healthcare programs[70]. - The company generates revenue from its Benefits Solutions based on the number of employees and retirees supported, as well as per transaction fees for client life events[67]. - The company has a recurring revenue model supported by a diverse client base, with a Net Promoter Score (NPS) increase of nearly 30 points since 2017[72]. Client Engagement and Satisfaction - Conduent's Net Promoter Score (NPS) has increased by nearly 30 points since 2017, reflecting improved client satisfaction[28]. - The company aims to enhance operational efficiency through automation and technology consolidation, targeting improved margins and reduced costs[41][42]. Strategic Focus and Investments - Conduent has signed agreements to divest its Curbside Management and Public Safety Solutions businesses, indicating a strategic focus on core operations[35]. - The company signed $2,257 million of new business TCV in 2023, a 20% increase compared to the prior year[132]. - Total new business pipeline at the end of 2023 was $24.8 billion, up from $22.6 billion in 2022[133]. - The company continues to invest in new learning platforms to enhance employee skill sets and engagement[127]. Workforce and Operations - The company employs approximately 59,000 associates globally, dedicated to delivering mission-critical services[36]. - As of December 31, 2023, 47% of the company's employees were located in high-cost countries, while 53% were in low-cost countries[86]. - The company employs approximately 59,000 associates across 26 countries, with 41% located in North America[106]. - Approximately 2 million learning assets were completed in 2023, indicating a strong engagement in employee development[127]. Financial Position and Debt - Net cash provided by operating activities for the year ended 2023 was $89 million, a decrease of $55 million compared to 2022[137]. - Total outstanding debt as of December 31, 2023, was $1,300 million, with $559 million forecasted for future interest payments[140]. - Cash and cash equivalents totaled $498 million as of December 31, 2023, expected to satisfy cash requirements over the next 12 months[153]. - The consolidated weighted-average interest rates for total debt were approximately 8.58% for the 2021 Term A Loan due 2026 and 9.78% for the 2021 Term B Loan due 2028[193]. - As of December 31, 2023, $743 million of the total debt of $1,300 million carried variable interest rates[193]. Legal and Risk Factors - The company is involved in various claims and legal proceedings, which may materially impact its financial position[183]. - The company’s ability to recover capital and other investments in connection with contracts is subject to risk, particularly with significant capital investments made for outsourcing contracts[158]. - The company’s results of operations may be adversely affected by geopolitical events, macroeconomic conditions, and natural disasters[159]. - The company relies significantly on third-party providers, and any failure in their performance could materially affect its financial condition[161]. - The company’s business model depends on retaining existing clients and attracting new work, which is crucial for growth[164]. Tax and Deferred Assets - The gross deferred tax assets amounted to $253 million with valuation allowances of $100 million as of December 31, 2023[169]. - Unrecognized tax benefits were $10 million, $12 million, and $23 million at December 31 for the years 2023, 2022, and 2021, respectively[170]. Innovation and Intellectual Property - The company holds approximately 631 U.S. patents and has 7 pending applications as of December 31, 2023[104].