Conduent Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Conduent Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

CONDUENT Inc (CNDT) filed a Annual Report (10-K) with the SEC on February 21, 2024. Conduent Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 100 Campus Drive, Florham Park, NJ. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Conduent Inc. is incorporated in New York.

Why It Matters

For investors and stakeholders tracking CONDUENT Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Conduent's financial health and strategic direction for investors and stakeholders. The detailed financial statements and risk factors within the report are crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — CONDUENT Inc shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various market and operational risks detailed in the 10-K, which could impact its ability to achieve its strategic objectives.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Conduent's financial health and identify potential investment risks and opportunities.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date of submission)
• 7389 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Conduent Inc. (company) — Filer name
• 100 Campus Drive, Florham Park, NJ (location) — Business address
• 2023-12-31 (date) — Fiscal year end
• 2024-02-21 (date) — Filing date
• NY (location) — State of incorporation

FAQ

Industry Context

Conduent operates within the business services sector, providing a range of technology-driven solutions and services to clients.

Regulatory Implications

The filing adheres to the regulations set forth by the Securities and Exchange Commission (SEC) for annual reports.

What Investors Should Do

1. Analyze Conduent's financial statements for the fiscal years 2023, 2022, and 2021 to identify trends in revenue, profitability, and debt.
2. Review the risk factors section to understand potential challenges and uncertainties facing the company.
3. Examine any disclosed executive compensation and business segment information for insights into management strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial and operational data for Conduent Inc.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value CNDT NASDAQ Global Select Mar
• $210 billion — usiness process services industry to be $210 billion in 2023, according to third-party indus
• $1,932 m — gment, with segment revenue for 2023 of $1,932 million, representing 51.9% of our total
• $1,094 m — Government segment revenue for 2023 was $1,094 million, representing 29.4% of our total
• $696 m — sportation segment revenue for 2023 was $696 million, representing 18.7% of our total

Filing Documents

• cndt-20231231.htm (10-K) — 2426KB
• exhibit19-insidertradingpo.htm (EX-19) — 90KB
• cndt-123123xex21.htm (EX-21) — 57KB
• cndt-123123xex23.htm (EX-23) — 3KB
• cndt-123123xex31a.htm (EX-31.A) — 10KB
• cndt-123123xex31b.htm (EX-31.B) — 10KB
• cndt-123123xex32.htm (EX-32) — 7KB
• exhibit97-recoupmentpolicy.htm (EX-97) — 70KB
• cndt-20231231_g1.jpg (GRAPHIC) — 566KB
• 0001677703-24-000037.txt (&nbsp;) — 14961KB
• cndt-20231231.xsd (EX-101.SCH) — 88KB
• cndt-20231231_cal.xml (EX-101.CAL) — 137KB
• cndt-20231231_def.xml (EX-101.DEF) — 366KB
• cndt-20231231_lab.xml (EX-101.LAB) — 1128KB
• cndt-20231231_pre.xml (EX-101.PRE) — 708KB
• cndt-20231231_htm.xml (XML) — 2435KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS From time to time, we and our representatives may provide information, whether orally or in writing, including certain statements in this Annual Report on Form 10-K (the "Form 10-K"), and in any exhibits to this Form 10-K, which are deemed to be "forward-looking" as defined in the Private Securities Litigation Reform Act of 1995 (the "Litigation Reform Act"). These forward-looking statements and other information are based on our beliefs as well as assumptions made by us using information currently available. 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 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 and could materially adversely affect our business, financial condition, results of operations, cash flows and liquidity. 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: government appropriations and termination rights contained in our government contracts; the competitiveness of the markets in which we operate and our ability to renew commercial and government contracts, including contracts awarded through competitive bidding processes; our ability to recover capital and other investments in conne

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity Matters 27 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 Part II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [RESERVED] 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 Item 9A.

Controls and Procedures

Controls and Procedures 92 Item 9B. Other Information 93 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 93 Part III Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94 Item 13. Certain Relationships, Related Transactions and Director Independence 94 Item 14. Principal Accountant Fees and Services 94 Part IV Item 15. Exhibits and Financial Statement Schedules 94 Item 16. Form 10-K Summary 95 Exhibit Index 96

Signatures

Signatures 99 CNDT 2023 Annual Report 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS In this Form 10-K, unless the content otherwise dictates, "Conduent", the "Company", "we" or "our" mean Conduent Incorporated and its consolidated subsidiaries. Our Business We deliver digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for our clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence ("AI"), machine learning, automation and advanced analytics to deliver mission-critical business process solutions. Through a dedicated global team of 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. As a pioneer in global business process outsourcing, we deliver deep expertise across a wide range of industries globally in both the commercial and public sectors. Each day, Conduent's solutions and services interact in the lives of millions of people in many ways — from safer, more seamless commutes that reduce congestion to streamlined benefits enrollment, digital payments, customer experiences and government healthcare claims. Our commercial portfolio includes leading solutions in attractive growth markets, including customer experience management, business operations, healthcare and human capital solutions. Our people, expertise and technology elevate experiences and outcomes every day. In 2023, we managed approximately 2.3 billion customer service interactions, captured and classified 5.4 billion documents, and supported millions of employees with HR services. We serve a substantial portion of the public sector, providing market-leading transportation and government offerings such as smart mobility solutions that seamlessly connect travelers and digital benefit payments that constituents depend on every day. Our transportation po

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