$CNDT
CONDUENT Inc

2024 Q3 Form 10-Q Financial Statement

#000167770324000116 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $807.0M $828.0M
YoY Change -13.41% -9.51%
Cost Of Revenue $656.0M $677.0M
YoY Change -9.39% -3.84%
Gross Profit $151.0M $151.0M
YoY Change -27.4% -28.44%
Gross Profit Margin 18.71% 18.24%
Selling, General & Admin $115.0M $115.0M
YoY Change 0.0% -2.54%
% of Gross Profit 76.16% 76.16%
Research & Development $1.000M $1.000M
YoY Change -50.0% 0.0%
% of Gross Profit 0.66% 0.66%
Depreciation & Amortization $44.00M $51.00M
YoY Change -45.68% -10.53%
% of Gross Profit 29.14% 33.77%
Operating Expenses $116.0M $116.0M
YoY Change -0.85% -2.52%
Operating Profit $35.00M $35.00M
YoY Change -61.54% -61.96%
Interest Expense $16.00M $19.00M
YoY Change -42.86% -29.63%
% of Operating Profit 45.71% 54.29%
Other Income/Expense, Net
YoY Change
Pretax Income $159.0M $300.0M
YoY Change -150.8% -4385.71%
Income Tax $36.00M $84.00M
% Of Pretax Income 22.64% 28.0%
Net Earnings $123.0M $216.0M
YoY Change -142.56% -3185.71%
Net Earnings / Revenue 15.24% 26.09%
Basic Earnings Per Share $0.75 $1.10
Diluted Earnings Per Share $0.72 $1.07
COMMON SHARES
Basic Shares Outstanding 162.4M shares 204.6M shares
Diluted Shares Outstanding 171.2M shares 202.1M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $393.0M $300.0M
YoY Change -12.86% -40.0%
Cash & Equivalents $393.0M $300.0M
Short-Term Investments
Other Short-Term Assets $372.0M $342.0M
YoY Change 35.27% 38.46%
Inventory
Prepaid Expenses
Receivables $528.0M $518.0M
Other Receivables $128.0M $104.0M
Total Short-Term Assets $1.445B $1.352B
YoY Change -5.86% -10.88%
LONG-TERM ASSETS
Property, Plant & Equipment $174.0M $179.0M
YoY Change -27.8% -28.97%
Goodwill $642.0M $637.0M
YoY Change -3.89% -34.13%
Intangibles $15.00M $15.00M
YoY Change -55.88% -58.33%
Long-Term Investments
YoY Change
Other Assets $391.0M $422.0M
YoY Change -16.09% -13.7%
Total Long-Term Assets $1.396B $1.428B
YoY Change -13.35% -26.24%
TOTAL ASSETS
Total Short-Term Assets $1.445B $1.352B
Total Long-Term Assets $1.396B $1.428B
Total Assets $2.841B $2.780B
YoY Change -9.69% -19.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $133.0M $136.0M
YoY Change -19.88% -19.53%
Accrued Expenses $432.0M $414.0M
YoY Change -3.57% -3.94%
Deferred Revenue $115.0M $95.00M
YoY Change 16.16% 18.75%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $26.00M $33.00M
YoY Change -35.0% -19.51%
Total Short-Term Liabilities $827.0M $819.0M
YoY Change 2.73% 3.02%
LONG-TERM LIABILITIES
Long-Term Debt $718.0M $789.0M
YoY Change -43.29% -38.07%
Other Long-Term Liabilities $78.00M $83.00M
YoY Change -8.24% 2.47%
Total Long-Term Liabilities $78.00M $83.00M
YoY Change -8.24% 2.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $827.0M $819.0M
Total Long-Term Liabilities $78.00M $83.00M
Total Liabilities $1.818B $1.883B
YoY Change -23.74% -21.02%
SHAREHOLDERS EQUITY
Retained Earnings -$2.418B -$2.539B
YoY Change -15.22% -0.86%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $210.0M $196.0M
YoY Change 2900.0% 19500.0%
Treasury Stock Shares
Shareholders Equity $877.0M $751.0M
YoY Change
Total Liabilities & Shareholders Equity $2.841B $2.780B
YoY Change -9.69% -19.49%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $123.0M $216.0M
YoY Change -142.56% -3185.71%
Depreciation, Depletion And Amortization $44.00M $51.00M
YoY Change -45.68% -10.53%
Cash From Operating Activities -$13.00M -$41.00M
YoY Change 18.18% 310.0%
INVESTING ACTIVITIES
Capital Expenditures $16.00M $25.00M
YoY Change -27.27% 25.0%
Acquisitions
YoY Change
Other Investing Activities $224.0M $435.0M
YoY Change
Cash From Investing Activities $208.0M $410.0M
YoY Change -1045.45% -2150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0M -482.0M
YoY Change 525.0% 3607.69%
NET CHANGE
Cash From Operating Activities -13.00M -41.00M
Cash From Investing Activities 208.0M 410.0M
Cash From Financing Activities -100.0M -482.0M
Net Change In Cash 95.00M -113.0M
YoY Change -293.88% 162.79%
FREE CASH FLOW
Cash From Operating Activities -$13.00M -$41.00M
Capital Expenditures $16.00M $25.00M
Free Cash Flow -$29.00M -$66.00M
YoY Change -12.12% 120.0%

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<div style="margin-bottom:9pt"><span style="color:#0066cc;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Use of Estimates</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, the Company evaluates its estimates, including those related to fair values of financial instruments, goodwill and intangible assets, income taxes and contingent liabilities, among others. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</span></div>
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OtherPreferredStockDividendsAndAdjustments
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CY2024Q2 cndt Adjusted Net Income Loss Available To Common Shareholders Basic
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213000000 usd
CY2023Q2 cndt Adjusted Net Income Loss Available To Common Shareholders Basic
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2024Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 usd
CY2023Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
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CY2024Q2 cndt Adjusted Net Income Available To Common Shareholders Diluted
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CY2023Q2 cndt Adjusted Net Income Available To Common Shareholders Diluted
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
194539000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
218394000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
5393000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
202081000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
218394000 shares
CY2024Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.10
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2024Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
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CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11916000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18378000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18378000 shares
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
109000000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
70000000 usd
CY2024Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
10000000 usd
CY2023Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
38000000 usd
CY2024Q2 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
8000000 usd
CY2023Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
8000000 usd
CY2024Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
7000000 usd
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
21000000 usd
CY2024Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
104000000 usd
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
0 usd
CY2024Q2 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
104000000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
54000000 usd
CY2024Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
7000000 usd
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1000000 usd
CY2024Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
18000000 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
328000000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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cndt-063024xex31a.htm Edgar Link pending
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cndt-20240630_cal.xml Edgar Link unprocessable
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