CNDT - Earnings call transcript Q1 2021

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Operator

Greetings, and welcome to the Conduent First Quarter 2021 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Alan Katz, Vice President of Investor Relations. Please go ahead.

Alan Katz

gentlemen, to and XXXX First ladies Call. Earnings evening, and Conduent's welcome Quarter Good

today's Cliff as call and on incoming me Joining is Officer. Conduent's current Controller CFO Chief our Financial Brian Skelton, current as Wood, well Steve Corporate and Walsh, CEO; Conduent's

remarks, detailed take this was call a our well metrics being the This SEC also Those available on your filed call slides for as this prepared section the Following A used copy during questions. sheet are Investor is afternoon. as website. webcast. of financial of we will the slides download Conduent the with Relations

post also will this a We week. transcript later

XXXX with U.S. the information expectations report During results beliefs, to result in are or as statements SEC. should prepared financial XXXX, Because with cause this of in XX-K not company's U.S. not current they actual management's Litigation measures. in Form these do and reflect these not Information GAAP, and presented the the or developments, non-GAAP as We materially events make comments with factors Conduent of future nature, GAAP. may results is includes subject accordance Securities concerning viewed are future assumptions by These intend as accordance by annual filed factors reported The of required today for, to to matters in measures address be Conduent's update are that substitute in X, a that, and contain included addition in calculated law. are their statements on that statements forward-looking defined information of these the number to executives a new as those certain uncertain. from a and Private today, statements. forward-looking Act call, May may differ that Reform as except

purposes, non-GAAP as definitions press will call With please I For the the usefulness of more we this was Cliff? X-K. comparative over SEC limitations on issued and as remarks. our to for to his Cliff them prepared Form release, afternoon as which furnished the to measures well how for regarding see turn and information was use that, our

Clifford Skelton

Thanks, Conduent's goals be joining us you. yet expectations Quarter and another for Today the it's great Call. Earnings welcome Thanks in to calls. First Alan. and everyone, meet Good today, to has able quarter prior earnings Conduent with its achieve afternoon, to we discussed marks been where

step the working think in As mentioned past, We fundamentals to our the and today I've marks is closer on one pivot growth. that goal to outcome. continue company to our

the experienced Now succession. to, along new the afternoon number same a we an finance excited want dedication the At will our phase I've the for Brian Officer. leader as his before our role QX for of this Chief Steve CFO obviously, announcement I Steve the of acknowledge known I I Financial in working much Wood to partner I very him, with great into drive role. new welcome a go years. through work enjoyed a minute him regarding and to like through thank take financials, best his wish hard to very made and I'd help the next He's our his years. incoming who journey. time, organization and I'm the

our transition shareholders. of be will Importantly, This clients this succession efforts. our example for is a and great planning associates, seamless our our

that always. the received we're of expect and financials. why of results, Questions a call and overview turn through run we this signings awards to cross-section be the will terms recently the a then as of today, end, we're I'll of. more a top provides turn more it Meanwhile, over our recognition confident soon. see at present than and Brian slide why very detailed on proud I'll very the ever, in recent to the quick performance, Now financial line to

million, let's now QX adjusted $X EBITDA Revenue strong was and billion by a were started. and to up margin, business year-over-year. focus points get above of With and ramp an XXX XX.X% in quarter. five slide of new external EBITDA adjusted to growth So government was This over revenue expectations. to revenue and offerings, efficiency. basis on equating $XXX turn payments both internal a our driven

we QX is detail beyond by signings has years improve, in increased slide. our delivery on new which we in Our also discuss that made working more service Despite us home, demonstrated ago. quality to a a continue operations and from the service and mostly uptime progress were of well expectations. strong, where business brought in next I'll The still client were meeting technology levels, workforce couple

of fact, Awards, several clients and recently XXX Excellence marquee of, Financial us awarded with client. our very we're proud including In one Fortune which Supplier Services other Toyota

Lastly, make and to we continue engagement. progress our improving our on culture associate

of ratings great on Comparably, Global Glassdoor Cultures on Best our In based by and much focused reviews, see named recognition remain fact, list the a we strong improved. culture. are just Company and this were associate we fostering It's to to

our impact This losses, Let's the changes. new XX-month contractual go impacts measurement On signings, net revenue recurring to discussed to signings annual a any six. we now price include annual the volume last our through Please is metric, turn slide revenue a of and activity. expected the for quarter. call, details on trailing

growth growth And by predictor It's This is year's that, anyway. an client I there sales reminder, that quarters may mean, specific be The this what the the a continued trailing losses year ARR future some net or the trend metric this in a net of There here in burn a the the a as a activity at an indicator was XXXX. but a will losses performance lower, in $XX million dynamics QX at prior of into on As time months higher important net year-over-year P&L key. lingering basis COVID rather will This off. impact look come QX. on point is prior of financial period, burn ending retention. evident effects or consistently future isn't a the off, positive on our make once but XX to revenue for as well gain and be of basis.

the and growing important quarter and business TCV, had for on XXXX TCV it shows a of year-over-year only because XX% XXXX. is growth strong growing ARR doubles terms XX% We In this and and new with we long-term singles ARR a basis. needed not but the think

just business coming will in be weeks. we in Importantly, release the a QX $XXX a Europe, in as looks our which in press good million sold deal transportation announced

generally of of our segments. see proportion won't to be the and sizes the split but there As chart, to you always that pie especially marketplace. the in in that signings can up signings, in the given its show thought case, diversity are our out This COVID-XX might be impacts still helpful the it our were somewhat we

by The fingertips. our percentage signings were driven real with portfolio, numerous opportunities see existing our in opportunity right opportunities of at high we demonstrating outsourcing fairly see a future are where our lives our in our for Importantly, base, current expansion client confidence we us. their there

driving years made on each the of a at seven running page, focusing to outcomes turn changes through over go but some people, and in in my to on opinion, I to created process is concentrated are is the least company here, what that past that progress general we've hit themes. the growing And across operationalized technology. The the and thing the by the spectrum. we always I some remember have business. on slide bullet let's will efforts the two those and won't discuss Now

on Regarding rating many top continuing people, teamwork progress talent to talent into obstacles. trump great the are and talent and made some bring organization. new will We've

While high-level invested themselves where their on feel to engagement valued never invested engaging diversity selling training development associates our resources and and our for management clients. inclusion. programs heavy We've developing ensure environment be and is focused lifting and our with they account on stronger focusing done, in associates complete. to and in the all we're culture, an We're support nearly We drive for of can contributions.

cost touch This terms enabled seeing cross-sell impact past are practices quarter. signings and of with this this process, service benefits increased clients. utilizing efficiency opportunities. from points programs delivery. margin has positively key in to In additional We're our We've the saw lower of We our centers. our expansion shared best

this one. seems outside-in The approach give more us solve is like what their to to services. they're But if obvious an understand an business. expect, Now how problems opposed is pushing to help our and key clients clients products as can we

and quickly improved year and provided centers the legacy technology which data ensure our platforms of command surely technology, led our to of delivery uptime. capabilities and minimizing seamless and infrastructure. through to our and have The migration proactive plan, As data coordination, We're react monitoring investments oversight, to bringing state-of-the-art last bear a center service. but is mostly platform slowly launch infrastructure for center in

client, to experience impact. approach every technology and Finally, not operations. about we've time end-user taken and but about efforts, client just internal and the more every It's

these have growth, outcomes Now quality. in driven efforts and terms some efficiency of important

system have to led category. never be, and and turn better continue client in which never we delivery, Margins a have in perfect satisfied improvements improved this operational be improved, will created upgrades. improvement and can focus to growth, both new increasingly real so we expectations. bandwidth internal we invest incremental Every see to and day, we is in It's but Our has will retention. on never external

is confidence improvement based slide addressable Let's market is to our increasing billion. with $XXX In opportunity, discuss our market on Commercial why efforts. turn eight the coupled segment, the to quickly

improve digitization invest to our capture continue within and share We positioning in automation offerings, CXM us and to margins.

in are We upside our improvement and space. seeing volume CXM definitely revenue

automation product again, within have the integration. space, given based end-user of what we where and CXM more particularly client BPS, there traditionally also relationships the well health, market. strong very services health the that that But on are administration the we and software, financial across interface offerings, size, the enhancements. see are wellness even called our market, and for technology benefit cloud we and claims processing focused health care integrating deployed or the we're to and be around many have was we through industry, grow We positioned offerings services. automation across opportunity Within can And trends in importantly, growth BPO more think offerings and the the care BPS side

fraud payments The and strong space, new differentiate tools is around utilized be government our of a market also market in $XX growing seen almost space. these can and see in quickly, the will the billion. commercial offerings capabilities, innovation Within we think our in opportunity offerings government which new We've interest we us.

currently Lastly, transportation geographic billion about and the our the opportunity see we potential expansion space, coming We size we $XX marketplace. the the which commercial expand advantage market to room see that for key to within current play. take given in through here in simply significant of takeaway into up is It's to it. addressable a the markets expansion the of market offerings. years there potential Overall, us is growth in

over our be through a on we're said I just growth to to to is commitments our company final confident to repeat with in go keep want before declaring key. to our what This I'm I last our delivering to pivot. associates, it call, our is in close company, and so. and shareholders. the close our need will financials, to Now remarks. you, to consistency the to so. turn very do I it clients, ability I'll a Brian We few on It

is and at leading, now upon time this you and our working. journey over Brian for to we've to we'd look thank for detailed financials, so you Our And for us, it because what today. talent. a stay all much I on turn team your like I'd is with to embarked love we're attracting

Brian Webb-Walsh

Thank you.

finance Cliff best Board to a support new want of congratulate his their for the and want Conduent I team way, for of and of and now opportunities all been Steve to also thank begin, at the I Directors my in Wood colleagues lastly, want wish work chapter. next I I him I've luck and their company its positioned the We've the hard dedication. the to well role. And for and and come members given is thank the of Before Conduent. all long other

arrival have We a in together XXXX, the and like CFO since be closely his good hands Steve. will in worked with company

smooth With let's on a Conduent's We work look is forward to the years. over and watching closely make this coming to I QX will together to move that results. that, sure success the transition,

appendix reporting past, filings numbers. non-GAAP As we've are in GAAP the the The in we're in presentation. reconciliations and our done the both and of

XXXX Let's turn XX slide QX the to P&L. to discuss

by prior the over business As continued year-over-year partially the business increased from Cliff can decline strong we volumes with revenue years be ramp. highlighted, X.X% of clearly this lost chart by on down on trend year-over-year. finished quarter seen was and in revenue driven The $X was just offset and The progress our billion, new slide.

Adjusted XX.X%, the we the quarter right up EBITDA our for the on in our while and XX.X% by increase driving the basis million, are The continued QX path XXXX. was here the throughout efficiency organization. for adjusted that improvement focus was encouraging. We see $XXX with EBITDA is by quarter driven year-over-year; XXX points and up was adjusted compared on our revenue EBITDA mix margin

Let's turn to go XX results. to the segment over slide

lower revenue. QX, primarily The Adjusted was XX.X%, commercial EBITDA due margin driven of EBITDA our X%, to driven business years XX For from COVID-XX. lower adjusted adjusted XX.X% volumes EBITDA basis revenue was decline by and declined year-over-year. lost points while primarily by down declined prior the

business from revenue driven by adjusted related prior volumes ramp basis XX.X% by of and well offset for by while Government efficiency grew by improvement new partially points. primarily mix payments margin adjusted margins years. by XX.X%, business, Our our the progress. government lost in the business increased government revenue was to as quarter. COVID-XX This to of the due as XXX business X.X% EBITDA was increased This EBITDA

COVID declined business up new partially segment up business impact quarter savings compared XXXX, segment year-over-year. temporary XXX our primarily margin X.X% QX COVID-XX, revenue and by Adjusted compared by saw was QX XX% in to prior in mix driven QX so negative less item a EBITDA primarily progress. in lost by years revenue Our compared was impacting by EBITDA XXXX, recovery in volumes. We Transportation Transportation cost the for our with a ramp. with by QX, points positively driven driven continued basis Adjusted XX.X%, the offset tolling from

For real by same the X% were and driven $XX estate offset quarter, quarter last spend. by the IT higher year, employee million, than costs, partially our unallocated lower certain costs

new our time, I'll model, of segment we including this trends operating on included quarters external segment discussed in the bringing our we've our we talent. to five continue reporting. I As changes believe the any we don't by for year-over-year make call, detail that to on last past the our at look At need growth to note appendix.

overall. commercial the forward further COVID-XX and they are segments moving Our positioned trends in transportation impacts the we as to lap improve and as lessen

support down come segment currently pandemic from benefiting and which of snap, is federal government unemployment Our will the over time.

to XX the slide and to flow. balance turn now sheet Let's discuss cash

of continues remain a and sheet sheet. have on position. healthy, the to the quarter solid liquidity balance ended Our we We with cash $XXX balance million

we end, capacity As quarter of the $XXX approximately million revolver. under of had

net at X.X. with in X.X Our target the our ratio was two leverage line the to turns, of quarter of end

for we XXXX in the table, remain we at As priority would you markets maturity the the our debt first moving $XX refinance on see a million expect first outstanding repaid user remains item near the end on recently balance the are our with XXXX. reflected of forward. attractive, we One the process. in to seasonality, can maturity to Should will our unsecured our is notes. debt of during This a major underway well senior cash we note, quarter. us, Refinancing be of in sheet are other and debt our the Typically, term. remaining

in $XX of However, prior cash This we last this X.X% a expect which would $XX an is see for cash compared associated of performance with XXXX. outflow quarter you or free outflow by see was year-end EBITDA and million quarter, was million an moving flow driven for attractive a We $XX expect the working into employee Adjusted investments was quarters. opportunity QX of the year business, million much the CapEx of plenty than compared lower despite of also increase certain to year. use less the strong in This payments. lower improvement we forward. quarter tactics. was with revenue, primarily capital increase for should the so future with had number for

XX slide to and year QX XXXX. full to outlook our move for Let's discuss

range full and $X.XX have our We to improved be revenue billion billion. year between $X.XX

XX% X%. We an range XX. margin adjusted to between see of and EBITDA continue

to And improvement the this flow. X% that XX% full Act We expect free expected CARES number would EBITDA be approximately approximately also be both XXXX normalizing over payment, year to cash for XX%. XXXX, year-over-year. and Normalized adjusted convert would of a

on CapEx We have million XXXX not spend or million. changed spend our expected of restructuring our $XX between our outlook $XXX million and $XX of

we In up compared terms expect to of and QX QX, in revenue we margin XX%. of would slightly EBITDA adjusted QX be XXXX, be flat to approximately to expect with

Before want associates, their thank for continued I our clients close, I shareholders and support. to

is progress encouraging. Our certainly

Operator? the open lines questions. now will up some for We

Operator

you. from Please of Instructions] proceed today comes Cross Our Thank Research. with [Operator first Cross your question question. Shannon

Ashley Ellis

And thank - what could the it is quarter? drivers I was Ellis Ashley that? grow quarter. you. or talk mentioned behind wondering do biggest you I the Shannon. in it the Brian This fluctuates follow-up. were think, sequential up this Cliff, that I And Hi, you Thank where was you on revenue expect you. increase understand confident a then in next if but leaves And Cliff, year-over-year quarter-to-quarter, XX%. What have about drivers? - for you see ARR you I to

Clifford Skelton

Yes.

because and a the our number So deals more of sales the efforts. was shorter-term in lot ARR increased sales

add-on growth and a in and a to as but you that's related QX it ARR, XX% XX% So bit a TCV, lot little have. year-over-year historically due than we growth saw to business in more shorter-term

lot doubles ARR see we and rates this of for gets for deal of these of We ahead We So combination and 'XX QX. us and which both. need rate large 'XX we need 'XX. a both need in TCV, going think But trend that to 'XX. see growth the to that's really from a really a positive see singles we long-term

as compare notice, just stimulus my in what in in bottom X,XXX quarter. to range mentioned government if sort you of pivot by pretty QX I growth in is we QX the and for a that that to And XXXX, end thing, a what from COVID of up to relates expect tough and remarks, driven of And in rates with of that's range X,XXX. growth hit and was earnest. of XXXX I X,XXX raised -- increases should you it As we QX year-over-year think up expect - when our by

we of last do X,XXX at so top finish you if the happen, range, And kind say, year. we to that's easily which the were - in of can math could that

do if can to comes net the indication QX going you was year timing-related, here not figure What's we're revenue; XXXX. until range back and the So that's are to $XX the last math And which around to ARR going horizon know and strong, the in months. million all enough $XX activities indication number, we're this to it's volume negative answer. -- out just growth point, important, to your this that stimulus the ARR but know really that the see that of in corner. And three a end on either or is not is positive creating growth an in of that XX million rolling an though,

So we're net XXXX. the half aspects, ARR, both on as the number opportunities well the in the as growth back all really positive ARR of

Ashley Ellis

of improving. And then customer satisfaction increased you. you've been a that Thank service levels Okay. and uptime, think, quarters general out I just, it's called couple

willingness are those retention, digital you have for companies seeing a lot to relationships? the year of they are increase past? or and increased customers those on would a you expansion start you transformation, are of in more think but give also business a touched we seeing you I As considering an than new

Clifford Skelton

years enough. record got a support didn't a big which, third plan. stable just data got much, really we're we significant the But I to And of is is much more through incident the us left X.X to are a here. which defect we get. very, in was significant clients from is lot get. upgraded the as better We We ever makes our as optimization get the great on here go. have of a have get. meeting, yes, uptime centers our our two And in and Yeah. very, dialogue, a stability. that result less two couldn't frankly, hearing a uptime; marketplace our before. hard improvements place away data And got didn't environment. in lines enough. we're Anything open track years center much to ago, than X/X in That's many improvements and couple great mission. XXX% no and creating And when the very that, want opening We've it's That that's ago, good receptivity question, very due can it's technology We've -- not to reference-ability We rates. we're we said, to a doors of seeing feedback

Ashley Ellis

And then just one follow-up.

turn revenue driver? eventually do relationships new be it stable it that from me. expect Thanks. will more existing logos? you you will those Or customer key consistent do to that's be net growth, As And a from more

Clifford Skelton

No, retaining. Yeah. talk we is a it's is even were me when this because weren't burn the off XXXX. selling, to heard Brian we've legacy heel. That fact you've the that losses our and about great prior got what from Achilles question we And past, in

events it. losing the time. from We years legs is to more we're ago legacy than trouble burn-off from The It these now. are a that long has selling right takes

number. three we three that growth. All better to new than it's those category. revenue It's of we direct we legged have. your the number. to which it's the two And retaining QX So in actually current - contribute contributed TCV last the all business proved stool. contribute can to that a Well, much adding both. And what do we answer did It's the is And for have. the year clients. three a three-legged TCV clients, It's new in we logo, to question last on

Operator

of question The proceed Bergin Please your with is next Cowen. question. Bryan from

Bryan Bergin

to say, Steve. Hi, Brian, you. to opportunity, luck want and I with just thank good welcome your new

Brian Webb-Walsh

you, it Brian. Appreciate Thank

Clifford Skelton

Thank you.

Bryan Bergin

the helping you're Can nature standing opportunities for of Sure. commercial are you as And that to on the business what A potentially signing? new here comment new good you on out business return growth? areas the signings. question

Brian Webb-Walsh

Yes.

we good I think business saw QX, commercial signings new the strong in news, growth.

on. areas. As contribution we so a And saw number Cliff saw because in really contribution. in But a our contribution commercial saw we know We lot health add it good And QX from offerings, good last CXM a of we mentioned, the Cliff? had of across a it it and see to don't good from transportation in government it you'd contribution I what it care board, add, was was year.

Clifford Skelton

Yes. big We've Bryan, a saw claims We couple see actually our upside now, care. is for of health in deals some got in platform. which platform our health HSP commercial right we underway four implementations care. opportunity real

there's commercial health breadth Heretofore, health think new the announcing into tip where have haven't the just to a care, comes competitors a just And that across of out for segment -- space. health And efforts right was very of the commercial opportunity there's care there. had she there. an of we'll we care several spear We it leader be while a Conduent frankly. of we our the leading of lot be quarter, argue more good I who massive seeing space. not was the much the now, tapped shortly, sales We're the into for would environment

Bryan Bergin

a again, to detriment benefit or the just As still then segment? update a And just government. commercial, COVID, built us, as to the by 'XX Okay. it you understand outlook remind it's us impact far to into as -- relates I can

the about extensions these year as government of programs? moving lap pieces we of thinking you last all issues should versus the Just how be some

Brian Webb-Walsh

Yes.

it of track of the first a of to that we we start So we against. said -- it little the benefit In when into million government. had lap, the numbers But track second gets the all, $XXX year, gets discrete a we a from bit year little the as harder could we And bit first as at plan harder. year, COVID. the we exact get

expected to those We come a to we And by different similar $XX it around the in transportation it up amount. expected be things impact to roughly basis move down, we a as still commercial directions. million negative come and in on expected and net two negative

it, little we on probably But little looking less to million better from so anticipated, initially $XX we maybe bit a initially more million more a at commercial. we're bit Now little a and thought. coming that we're think we're with than we recovery government than getting probably $XX than

the we're being which last maybe year, $XX year, million. down was So to similar instead for of million down $XX

So what does get years. lap that's accurate bit it kind see. But little of we a we less as

So it's it precise last as year. was as not

Clifford Skelton

Yes.

to it think compare in the was you If as than headwind XXXX in year had it versus about is difficult. year an we But it, gets happening say a COVID COVID-year it a what's it non-COVID million easier said, COVID-year. to where really Bryan, is compare things that now. in come war and $XX a to to That's lot the right likely other knows? could And on on could that's some $XX-ish in Biden's and play quarter, see mitigated be what into even XXXX. horizon depending on long how the we who of But of That the fourth environments subsidy more. hunger Brian

Bryan Bergin

Okay. Thank you.

Operator

question. proceed The Jain from Puneet Please your of next question JPMorgan. comes with

Puneet Jain

can Cliff, growth margin current sheet the ask, to mid-single-digit close TAM Hi. I balance your acquisitions tech question. you do capabilities allow and versus technology Thanks there? my to growth? you to low want need taking capabilities to of profile, get to for do gap

Clifford Skelton

nothing say long way I the we you question. and have on for over second collaboration in would a as continued for up place partnerships which happens possible into the on we expectation in put If so same half to tuck-ins that your some we with top over what $X,XXX high if million number $X,XXX the is do line, think the to margin, hit that's few maybe Well, XX% with year, is margin so the we what XX% the on we Puneet, XX.X% our that we And with think the jump-start even acquisitions. million to the and point to line. with range term, drive target in to efficiency that going year a parties of with XX%. the one, gave at it's a number great top XXXX of top tracking I look which on plays, But other point underway have that has we can line,

I Brian, to that. add have know to anything So don't you if

Brian Webb-Walsh

Yes.

that's I think right. -

but mid-single-digit a we would long-term term. margin, over to peers, see leverage in it's to and where I that's margin think the bigger, improvement it's tuck-in we to over the little the growth revenue targets in process near the operating time, how more the continued something aspire efficiency EBITDA I acquisitions; revenue that's and what And do see it. maybe time. near be the and we get services we XX% moving and to plays, see And term, things tuck-in it there over we think Cliff's drive still growth other how from shared bit up time, then point,

Clifford Skelton

expansion. or it starts partnerships it? But you it's maybe a looking if tuck-ins. those AI combination automation and already No. Can two Yes. Is tuck-in The will margin Because look it all a now. even really good machine required? our point place own And accelerate platform. built two jump drive at in learning, of got further. it on we've others. We're We've at

Puneet Jain

begin ARR, termination positive in much get to notice contract? how last net benefits quarters of has typically now? And you. a you soon can advance two been rates How your Got growth for reflect underlying do which

Brian Webb-Walsh

it... mean, I Yes.

Clifford Skelton

varies. It

Brian Webb-Walsh

in for could center how be days. or kind print coming the of five contract, the replacing complicated the kind five in It could And commercial or -- years-plus. contract, extreme. XX depend U.K. government varies. it complicated I really mean, would That's call does in it on plus transition a and simple a you. be the be on is of person really It transportation

So legacy takes just are it doing for it really depend. lot system replace losses long clients. complicated what's burning to and A implementations, off of does that what a time our we're

Clifford Skelton

Yes.

Brian be the think from and I space, think for advanced long notice, we're depending can between I exactly sometimes, get runoff you conversion But the expectations right. five a the as government typically, - after years conversion activity incumbent. two the as In of on as notification. that's said, years the year

not it's that in revenue, And is nearly not long recurring But revenue as gross an long. it's a or then a got it's news ARR space, so number the number commercial And good tail. is, net the TCV annual number. remember

we're nets long And appropriately. positive, right the going as it in direction. out it's as So

Puneet Jain

Understood. All future for Thank the you. endeavors. Brian, your best,

Brian Webb-Walsh

Appreciate it. Puneet. you, Thank

Clifford Skelton

It's win-win, Puneet.

are you. we. And excited, Brian's thank as So

Operator

are to There turn at additional call remarks. closing time. to I questions this back the like would no for management

Clifford Skelton

you welcome Thank of I you being and doing assure for be here quarter. we service Steve of And Listen, you, Xerox I'd that like I'd today. in of support was proud of and worked been made. thank well closely my to CFO Wood. to to you again was good time are year. He thank Steve will we've I with I'd you remainder like proud great for and the seamless. everybody the pivot together. to and - transition at what a growth, forward think Conduent your And we're XX for the Brian assure to the like progress I very to we're the past. I to and all make Conduent. it positioned years your we're that It's our looking This in really

Operator

This conference. day. concludes you and a your participation, pleasant Thank today's for have

Conduent (CNDT) 6 May 212021 Q1 Earnings call transcript