Conduent Incorporated - CNDT STOCK NEWS

Conduent (Nasdaq: CNDT) has formed an alliance with Envisio Solutions to enhance its Healthy Communities Institute (HCI) services. This partnership aims to utilize Envisio’s performance management technology for improved data aggregation and actionable insights in public health management during the COVID-19 pandemic. With over 115 million lives impacted across 530 counties, the collaboration seeks to address health disparities, boost community health confidence, and effectively manage reopening strategies. A demo of the new strategy tracking technology is scheduled for June 25, 2020.

Conduent (Nasdaq: CNDT) enhanced the Brescia Metro transit system in Italy by implementing an account-based ticketing system. This innovative solution allows users to pay via contactless credit/debit cards and mobile wallets, streamlining access for approximately 50,000 daily riders. The project, completed in under three months, aims to modernize transit services while promoting contactless payments, pivotal during the COVID-19 pandemic. Conduent's system reflects a commitment to improving urban mobility and aligns with European standards in transport technology.

Conduent (Nasdaq: CNDT) has been recognized in Training Industry Inc.'s 2020 Top Training Companies™ list for the training outsourcing sector. The company excels in delivering learning services to a diverse audience, achieving a 60% reduction in content development time. Annually, Conduent manages over 20 million hours of learning content. The selection criteria included industry impact, service capability, company growth potential, and client strength. Conduent's innovative approach supports continuous learning and adapts to remote workforce training needs during COVID-19.

Conduent Transportation (CNDT) announced a collaboration with Arizona's court system and PayNearMe, allowing citizens to pay parking tickets and fines using cash at stores like 7-Eleven and Family Dollar. This initiative aims to assist unbanked individuals and reduce transportation costs while adhering to COVID-19 safety protocols. The program facilitates quick payments without traveling to courthouses, as users can pay via barcodes provided on court notices. The initiative is part of Arizona's commitment to leveraging technology for accessible court services.

Conduent Incorporated (Nasdaq: CNDT) has launched a redesigned BenefitWallet^® mobile app, enhancing user experience for its one million members. The app allows easy access to Health Savings Account (HSA), Flexible Spending Account (FSA), and Health Reimbursement Arrangement (HRA) balances, enabling quick reimbursement for eligible healthcare expenses. This update aligns with COVID-19 related changes in IRS regulations. Conduent also introduced a COVID-19 microsite to inform members about legislative changes and provide resources for managing their health accounts effectively.

Conduent (CNDT) announced new contact tracing staffing solutions to assist public health agencies in combating COVID-19. The company offers three levels of skilled support, including general contact support and trained contact tracers. Conduent's Maven disease surveillance software is now available on Microsoft Azure, enhancing tracking and reporting capabilities for health authorities. To encourage swift implementation, Conduent is waiving software fees for qualified agencies until June 30, 2020. This initiative aims to strengthen local efforts in managing COVID-19 cases as communities begin to reopen.

Conduent has partnered with the USDA to expand online SNAP e-commerce capabilities, benefiting millions of households in 13 additional states, including Connecticut, Georgia, and Ohio. This initiative aims to facilitate online grocery shopping for SNAP recipients, minimizing their exposure to COVID-19. Conduent currently processes SNAP benefits in 23 states and has been involved in e-commerce since April 2019. The USDA recently announced a 40% increase in monthly SNAP benefits, enhancing support for families in need.

Conduent Incorporated (Nasdaq: CNDT) introduced its new cloud-based Legal Invoice Analytics platform on May 12, 2020, designed for corporate legal teams to streamline invoice review and control legal expenditures. This technology enables law departments to cut costs by up to 10% and reduce review time by 80%. As organizations face financial challenges during the COVID-19 pandemic, this solution offers analytics-driven insights to enhance compliance and performance while managing legal budget constraints effectively.

Conduent reported Q1 2020 revenues of $1,051 million, a 9.2% decline year-over-year, impacted by COVID-19, leading to an estimated $14 million revenue loss. Despite challenges, the company achieved a 44% increase in new business signings compared to Q1 2019, totaling $324 million. Operating cash flow decreased to $(192) million, while adjusted EBITDA fell to $96 million. CEO Cliff Skelton emphasized ongoing client support and transitioning towards a 'new normal.' The company has borrowing access of $150 million and is focusing on cost management and operational efficiency.