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Conduent Incorporated (NASDAQ: CNDT) is the world's largest provider of diversified business process services. The company excels in transaction processing, automation, analytics, and constituent experience. Conduent collaborates with both government and commercial customers to enhance the delivery of services to their respective client bases. It plays a pivotal role in the U.S. healthcare industry by managing interactions with patients and the insured. Additionally, it serves as the customer interface for large segments of the technology industry and is a key operational and processing partner for public transportation systems globally.
Conduent offers a broad range of services including digital payments, claims processing, benefit administration, automated tolling, customer care, and distributed learning. These services are designed to create value for both clients and their constituents by modernizing and managing interactions effectively. Customers include Fortune 100 companies and more than 600 government and transportation agencies.
The company operates through three key segments: Commercial Industries, Government Services, and Transportation, with the majority of its revenue generated in the United States. Conduent's significant recent achievement includes successfully migrating its on-premises Oracle Exadata environment to the cloud using Oracle Database@Azure. This migration has significantly improved application performance and enabled real-time transaction processing, enhancing the services provided to its clients.
To stay updated on the latest developments, visit www.conduent.com.
Conduent (Nasdaq: CNDT) has completed the sale of its Casualty Claims Solutions Business to MedRisk, as part of its strategy to streamline its portfolio and focus on core capabilities. This marks the third divestiture in Conduent's portfolio optimization plan, aimed at improving its balance sheet and advancing its capital allocation strategy. The transaction, initially announced on May 3, 2024, includes the transfer of Conduent's workers' compensation and auto casualty bill review solutions, along with the Strataware product portfolio. Conduent will continue to provide mailroom services for casualty claim clients and will now serve MedRisk as a client. Additional details of the transaction are available in Conduent's 8-K filing with the SEC.
Conduent (NASDAQ: CNDT) reported its Q2 2024 financial results, with revenue of $828 million and adjusted revenue of $811 million. The company's pre-tax income was $300 million, with an adjusted EBITDA margin of 3.6%. New business signings ACV reached $142 million. Conduent completed the transfer of the BenefitWallet portfolio for $425 million and sold its Curbside Management and Public Safety businesses for $230 million. The company used proceeds to prepay $300 million of Term Loan B and repurchased shares from Carl Icahn for $132 million. Despite a slower start in Government sales, commercial sales improved year-over-year and sequentially. Conduent maintains a strong liquidity position and updated its FY 2024 outlook with adjusted revenue between $3,325-$3,375 million and adjusted EBITDA margin of 4-5%.
Conduent has been recognized as a 'Best Place to Work for Disability Inclusion' for the third consecutive year, achieving top scores on the 2024 Disability Equality Index in the U.S., Philippines, and India. This distinction, awarded by the American Association of People with Disabilities, highlights Conduent's commitment to fostering an inclusive workplace.
The Disability Equality Index, celebrating its 10th anniversary, is a comprehensive benchmarking tool for Fortune 1000 companies to measure disability workplace inclusion. It assessed various aspects including culture, leadership, accessibility, employment practices, community engagement, and supplier diversity.
Conduent's efforts in creating a supportive environment for employees of all abilities include Employee Impact Groups, accessibility awareness programs, mental health sessions, and flexible work options. The company aims to continue building a culture where everyone feels valued and empowered to thrive.
Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, has announced it will report its second-quarter 2024 financial results on Wednesday, August 7, 2024 before market open. The company will host a conference call and webcast at 9:00 a.m. ET to present the results.
Investors can access the live audio cast, news release, and online presentation slides at https://investor.conduent.com. The conference call can be joined by calling 877-407-4019 (toll-free) or +1 201-689-8337 (international), using the conference ID 13747159. A recording of the call will be available until August 21, 2024, accessible by calling 877-660-6853 with the access ID 13747159.
Conduent Transportation has completed a major modernization of the Ohio Turnpike's toll collection infrastructure, spanning 241 miles. The project, the largest construction effort since the turnpike's completion in 1955, includes upgrades to 216 lanes with self-service and collector-operated toll plazas, as well as open-road automated tolling for E-ZPass® users.
Key features of the new system include:
- Open-road tolling lanes with LiDAR-based scanners
- Automated Toll Payment Machines accepting coins, cash, and cards
- Future capability for contactless payments
- Automated License Plate Recognition technology
The modernization aims to increase traffic flow, improve operational efficiency, and enhance the overall motorist experience on the Ohio Turnpike.
Conduent Transportation, a unit of Conduent Incorporated (Nasdaq: CNDT), has been chosen by Saint-Étienne Métropole (SEM) to transform its STAS bus and tram network in a three-phase project. The first phase, already implemented, introduces an open payment system allowing passengers to pay using contactless EMV cards and digital wallets on all network lines. This upgrade comes in time for Saint-Étienne's role as a host city for the 2024 Olympic Summer Games.
The second phase in 2025 will involve implementing Conduent's ATLAS® Ops back-office system and renewing the entire ticketing system. The third phase in early 2026 will enhance regional interoperability. Upon completion, the network will feature 1,100 validators, 68 ticket vending machines, and various point-of-sale terminals, significantly modernizing the public transportation system serving over 400,000 people.
Conduent Incorporated (Nasdaq: CNDT) has been selected by the Wisconsin Department of Children and Families (DCF) to modernize the state's child support system. The new system, called THRIVE, will replace the legacy system with an advanced solution featuring enhanced self-service options for parents, including an online portal and mobile app. This project builds on Conduent's 25-year relationship with Wisconsin, where it has been providing State Disbursement Unit services.
The modernization aims to integrate national best practices, utilizing the latest technology, automation, and data analytics. Conduent's selection follows its successful implementation of federally certified statewide child support systems in Delaware and South Carolina, as well as a cloud-based system in New Hampshire. Over the past decade, Conduent has processed approximately $126 billion in child support payments nationwide.
Conduent (Nasdaq: CNDT) has announced a three-year renewal of its Pharmacy Benefit Management (PBM) contract with the Montana Department of Public Health and Human Services (MDPHHS). This renewal, which extends a 38-year relationship, aims to enhance Medicaid management in Montana. Conduent’s Medicaid Suite (CMdS) will continue to help MDPHHS reduce costs and streamline operations through advanced applications including point of sale, prior authorization, rebate management, and data analytics. Additionally, Conduent will provide services such as medical authorization, precertification, and call center support. This contract underscores Conduent's commitment to transparency and cost-effectiveness in managing pharmacy benefits in Montana.
Conduent Transportation has launched a contactless open payment system on Venice's public transportation network, managed by AVM. The new EMV (Europay, Mastercard, and Visa) system allows passengers to pay for fares using contactless credit and debit cards, as well as NFC-enabled devices like smartphones and smartwatches. Conduent deployed over 2,200 validators across AVM's fleet, including water buses, speedboats, motorboats, ferries, buses, trams, and people movers. This system aims to modernize transportation in Venice, supporting 180 million passengers annually and offering best fare pricing to ensure the lowest available price for journeys taken each day. Conduent has previously implemented similar systems in Belluno and Verona, further expanding its reach in the Veneto region.
Conduent has been recognized as a leader in the 2024 NelsonHall Evaluation and Assessment Tool (NEAT) for CX Services Transformation. The report evaluated 17 companies on their customer experience (CX) services. Conduent excelled in knowledge management transformation, employee training, and sector-specific CX services, particularly in healthcare, travel, and transportation. The company's approach to CX consulting and advisory aims to transform customer journeys and experiences. Conduent was noted for achieving 40% cost savings for a global logistics company while enhancing service quality and efficiency through technology and data analytics.
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