$CNDT

CONDUENT Inc

CIK:0001677703|SEC Filings

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue	$ 531	$ 603	$ 1,118	$ 1,221
Operating Costs and Expenses
Cost of services (excluding depreciation and amortization)	435	489	897	995
Selling, general and administrative (excluding depreciation and amortization)	80	90	158	201
Research and development (excluding depreciation and amortization)	0	1	1	2
Depreciation and amortization	37	41	78	82
Restructuring and related costs	20	8	28	12
Interest expense	13	12	25	24
(Gain) loss on divestitures and transaction costs, net	2	4	3	6
Litigation settlements (recoveries), net	1	0	1	2
Other (income) expenses, net	0	1	3	2
Total Operating Costs and Expenses	588	646	1,194	1,326
Income (Loss) Before Income Taxes from Continuing Operations	(57)	(43)	(76)	(105)
Income tax expense (benefit) from continuing operations	12	(1)	15	(7)
Net Income (Loss) from Continuing Operations	(69)	(42)	(91)	(98)
Income (Loss) from Discontinued Operations, Net of Tax	(47)	2	(58)	7
Net Income (Loss)	$ (116)	$ (40)	$ (149)	$ (91)
Net Income (Loss) per Share:
Basic continuing operations (in USD per share)	$ (0.46)	$ (0.27)	$ (0.62)	$ (0.63)
Basic discontinued operations (in USD per share)	(0.30)	0.01	(0.37)	0.04
Basic (in USD per share)	(0.76)	(0.26)	(0.99)	(0.59)
Diluted continuing operations (in USD per share)	(0.46)	(0.27)	(0.62)	(0.63)
Diluted discontinued operations (in USD per share)	(0.30)	0.01	(0.37)	0.04
Diluted (in USD per share)	$ (0.76)	$ (0.26)	$ (0.99)	$ (0.59)

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash Flows from Operating Activities:

Net income (loss)

$ (149)

$ (91)

Adjustments required to reconcile net income (loss) to cash flows from operating activities:

Depreciation and amortization

Contract inducement amortization

Deferred income taxes

(7)

Stock-based compensation

Changes in operating assets and liabilities:

Accounts receivable

Other current and long-term assets

(69)

Accounts payable and accrued compensation and benefits costs

(24)

(37)

Other current and long-term liabilities

(9)

Net change in income tax assets and liabilities

(12)

Net cash provided by (used in) operating activities

(1)

(73)

Cash Flows from Investing Activities:

Cost of additions to land, buildings and equipment

(18)

(29)

Cost of additions to internal use software

(11)

(9)

Proceeds from divestitures

Net cash provided by (used in) investing activities

(26)

Cash Flows from Financing Activities:

Proceeds from revolving credit facility

125

Payments of revolving credit facility

(25)

(125)

Payments of debt

(10)

(15)

Dividends paid on preferred stock

(2)

(5)

Net cash provided by (used in) financing activities

(30)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

Increase (decrease) in cash, cash equivalents and restricted cash

(3)

(83)

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

243

377

Cash, Cash Equivalents and restricted Cash at End of period

^[1]

240

294

Amortization of debt financing costs

Proceeds from the issuance of debt

Payments for Repurchase of Equity

Payment For Excise Tax On Equity

Payments for Repurchase of Redeemable Noncontrolling Interest

(Gain) loss on divestitures and sales of fixed assets, net

$ (30)

$ (2)

[1]	Includes $12 million and $19 million of restricted cash as of June 30, 2026 and 2025, respectively, that were included in Other current assets on the respective Condensed Consolidated Balance Sheets.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets, Current [Abstract]
Cash and cash equivalents	$ 228	$ 233
Accounts receivable, net	337	341
Contract assets	10	53
Other current assets	136	125
Assets of discontinued operations held for sale	386	452
Total current assets	1,097	1,204
Land, buildings and equipment, net	152	167
Operating lease right-of-use assets	110	112
Deferred contract costs, net	72	74
Goodwill	614	617
Other long-term assets	200	223
Total Assets	2,245	2,397
Liabilities, Current [Abstract]
Current portion of long-term debt	21	22
Accounts payable	95	108
Accrued compensation and benefits costs	127	136
Contract liabilities	46	44
Other current liabilities	212	201
Liabilities of discontinued operations held for sale	206	217
Total current liabilities	707	728
Long-term debt	697	665
Deferred taxes	16	19
Operating lease liabilities	83	83
Other long-term liabilities	74	75
Total Liabilities	1,577	1,570
Contingencies
Series A convertible preferred stock	142	142
Common stock	2	2
Treasury stock, at cost	(235)	(235)
Additional paid-in capital	3,969	3,968
Retained earnings (deficit)	(2,767)	(2,613)
Accumulated other comprehensive loss	(443)	(437)
Total Equity	526	685
Total Liabilities and Equity	$ 2,245	$ 2,397
Shares of common stock issued (in shares)	155,521,000	154,709,000
Shares of common stock outstanding (in shares)	155,521,000	154,709,000
Shares of common stock authorized (in shares)	155,521,000	154,709,000
Shares of series A convertible preferred stock issued (in shares)	120,000	120,000
Shares of series A convertible preferred stock outstanding (in shares)	120,000	120,000
Shares of common stock held in treasury	70,097,000	70,097,000