• Like Teleperformance or Concentrix, but expanded to include managing complex processes such as healthcare claims, government benefits, and transportation payment systems.
• Think of it like ADP, but for a much broader range of essential business processes beyond HR, including customer service, insurance claims, and government benefit programs.

Conduent (CNDT) provides a range of business process services, categorized as follows:

• Customer Experience Services: Manages customer interactions through contact centers, digital channels, and customer relationship management solutions.
• Healthcare Services: Provides claims processing, pharmacy solutions, and patient support for healthcare payers and providers.
• Transportation Solutions: Delivers electronic tolling, transit fare collection, and parking management systems for government agencies.
• Government Program Administration: Administers government benefit programs, payment processing, and citizen services for state and local agencies.

Conduent (CNDT) primarily sells its business process solutions and services to other organizations, not directly to individuals.

Its major customers fall into two primary categories:

• Government Entities: Conduent serves a wide range of government agencies and departments, providing solutions for payments, benefits administration, eligibility, constituent services, and transportation. These customers include:
  • Federal government agencies
  • State governments (e.g., for Medicaid, SNAP, child support, transportation solutions)
  • Local municipalities (e.g., for parking, tolling, constituent services)
  These entities are not public companies and therefore do not have stock symbols.
• Commercial Enterprises: Conduent provides various business process outsourcing (BPO) services, including customer experience management, finance & accounting, HR services, and legal solutions, to large companies across diverse industries globally. While specific names of individual major commercial customers are generally not publicly disclosed by Conduent due to client confidentiality and the diversified nature of their client base, their customers include large corporations in sectors such as:
  • Healthcare
  • Financial Services
  • Retail & Consumer Goods
  • Automotive
  • Utilities & Communications
  • Transportation
  Many of these commercial clients are publicly traded companies; however, Conduent does not typically identify them by name as "major customers" in its public filings unless a single client represents a significant percentage of total revenue, which is uncommon for a diversified BPO provider. Therefore, specific names and symbols of major customer companies cannot be provided.

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Cliff Skelton, President and Chief Executive Officer

Cliff Skelton is responsible for Conduent's strategic transformation, focusing on stabilizing operations, driving growth through digital-first solutions, and enhancing shareholder value. Prior to joining Conduent, he held numerous executive leadership positions in the financial services industry, including President of Fiserv Output Solutions, where he drove top-line and bottom-line growth. He also held leadership roles at Ally Financial and Bank of America, and a General Manager role at Microsoft. Before his corporate career, Skelton served over 20 years as a naval officer and fighter pilot, commanding a Navy F/A-18 squadron, flying with the United States Navy Flight Demonstration Squadron (The Blue Angels), and participating in the 1997-98 White House Fellows program.

Giles Goodburn, Chief Financial Officer

Giles Goodburn has global responsibility for Conduent's finance, treasury, investor relations, mergers and acquisitions, tax, and audit functions. He is a proven finance executive with a track record of driving business transformation and efficient finance operations in complex multi-national organizations. Prior to his current role as CFO, he served as Conduent's Head of Investor Relations and Corporate FP&A for five years. Before joining Conduent, Goodburn was CFO of a business segment and Vice President, Finance and Operations at Travelers, and held various finance leadership positions, including CFO of business segments, at GE Capital.

Adam Appleby, Group President, Public Sector Solutions

Adam Appleby has global, end-to-end responsibility for Conduent's Public Sector Solutions portfolio, including Government Healthcare, Eligibility and Enrollment, Payments and Child Support, as well as Road Usage Charging and Transit. He focuses on driving strategic business transformation, client relationships, and solution and service innovation. His background includes serving as President of Conduent Transportation Solutions and Chief Operating Officer within both Conduent's Commercial and Transportation Solutions businesses. Previously, he held roles such as Chief Operations Officer, General Manager, and SVP Business Transformation and Process Improvement at Fiserv, Chief Operating Officer at Altisource Asset Management, and various leadership positions including Mortgage Operations Executive and Enterprise Risk Officer at Ally Bank.

Michael Krawitz, General Counsel and Secretary

Michael Krawitz oversees Conduent's global legal and enterprise risk functions, managing corporate governance, risk, ethics, privacy, contracting, government affairs, and all legal initiatives. He has over 20 years of experience serving large-scale multinational companies, with extensive knowledge in areas such as M&A, corporate governance, and compliance. Prior to Conduent, Krawitz served as General Counsel and Corporate Secretary at York Risk Services, where he worked extensively with the company's private equity owners. He also served as general counsel for companies in finance and technology sectors, and was previously CEO of Digital Angel Corp. and Applied Digital Solutions, Inc. He has also served on the board for Positive ID Corporation.

Tracy Yelencsics, Chief Marketing Officer

Tracy Yelencsics leads Conduent's centralized Marketing, Communications, and Revenue/Sales Operations functions, and manages the office of the CEO. She is responsible for developing and implementing the marketing and communications strategy to build brand awareness globally, and for overseeing sales process design, quota and territory planning, sales training, and enablement. Tracy has deep marketing experience, having been part of the senior team that established Conduent as a company. Before Conduent, she held numerous marketing leadership roles at Xerox, including leading the global brand, division marketing and communications, and product portfolio marketing, as well as roles in engineering, product delivery, and operations.

1. Cybersecurity and Data Breaches: Conduent is exposed to substantial risks related to cybersecurity incidents and data breaches. In January 2025, the company experienced a major cyberattack that resulted in the exposure of protected health information for over 10.5 million patients, with the intrusion beginning as early as October 2024. This breach has led to significant financial costs, including an anticipated $25 million for notification requirements by the first quarter of 2026, with potential total costs exceeding $50 million when factoring in litigation and settlements. Multiple class-action lawsuits have been filed against Conduent following the incident, and there is a considerable risk of reputational damage and regulatory scrutiny. The company has a history of ransomware attacks, indicating an ongoing vulnerability in this area.
2. Declining Revenue, Negative Cash Flow, and Financial Leverage: Conduent exhibits signs of financial distress, with a Piotroski F-Score of 4 (moderate financial health) and an Altman Z-Score of 0.22, placing it in a "distress zone" that suggests a potential risk of bankruptcy within two years. The company has experienced a 3-year revenue growth rate of -3.4%, indicating a sustained decline in sales. In 2025, Conduent lowered its full-year adjusted revenue guidance, signaling ongoing challenges in growth. Furthermore, the company reported negative Adjusted Free Cash Flow in the third quarter of 2025, implying it is burning cash to sustain operations and fund growth. Conduent also carries significant indebtedness and elevated leverage, which could be exacerbated by a failure to convert adjusted profits into real cash or by macroeconomic pressures impacting customer budgets.
3. Dependence on Key Clients and Government Contracts: A substantial portion of Conduent's revenue is derived from a limited number of clients, creating a risk if these contracts are lost or if there is a reduction in business from significant clients. As a provider of services to government agencies, Conduent's government contracts are subject to specific risks, including termination rights, audits, and investigations, which could adversely affect its operations and financial results.

Conduent (NASDAQ: CNDT) operates within the global business process services (BPS) industry, providing a range of solutions across commercial, government, and transportation sectors.

The company's main products and services encompass areas such as customer experience management, business operations solutions, healthcare claims and administration, human capital solutions, government healthcare and service solutions, road usage charging, transit solutions, and public safety solutions.

The estimated addressable market size for Conduent in the global business process services industry is $210 billion in 2024.

Conduent (NASDAQ: CNDT) anticipates several key drivers for future revenue growth over the next two to three years:

1. Expansion of AI-Driven Offerings and Technology Licensing: Conduent is actively integrating artificial intelligence into its solutions and has begun licensing its software with built-in AI to clients. This strategic focus on AI initiatives is expected to drive margin expansion and unlock new revenue opportunities for the company. Conduent has also launched an AI experience center to showcase its capabilities to major clients.
2. Continued Growth in the Transportation Segment: The Transportation segment has demonstrated significant growth, with a 14.9% year-over-year revenue increase in Q3 2025. This growth is attributed to strong net ramp activity, including equipment sales, and new client acquisitions. Conduent has secured new logo wins and reported a 320% year-to-date increase in this area.
3. Increase in New Business Signings and Pipeline Expansion: Despite facing some governmental delays, Conduent maintains a robust qualified Annual Contract Value (ACV) pipeline, reported at $3.4 billion, reflecting a 9% year-over-year increase. New business signings in ACV reached $111 million in Q3 2025, with strong performance in the public sector. The company is actively pursuing new opportunities across its segments, particularly in the federal space.
4. Turnaround and Improved Performance in the Commercial Segment: While the Commercial segment has experienced some lag in sales, management expects the growth gap to narrow sequentially throughout the first half of 2025, with a return to growth anticipated in the second half of 2025. This improvement is expected to be driven by revised go-to-market strategies, upgraded business development leadership, and enhanced product penetration efforts, leading to better sales performance and retention.

Share Repurchases

• On May 20, 2025, Conduent's Board authorized a three-year share repurchase program for up to $50 million of its common stock.
• In Q3 2025, Conduent repurchased approximately 4.7 million shares of common stock at an average price of $2.70.
• On June 10, 2024, the company repurchased 38,149,336 shares for $132.38 million from Carl C. Icahn and his affiliates at $3.47 per share.

Share Issuance

• The number of shares outstanding increased by 7.42% in 2022 and 27.27% in 2021.
• Approximately 80% of the 2025 annual short-term incentive target for named executive officers will be paid in common stock as performance-based restricted awards.

Inbound Investments

• As of February 2025, Conduent was reportedly exploring a potential sale after receiving acquisition interest, including from several private equity firms, with a possible deal in the upcoming weeks.

Outbound Investments

• On May 3, 2024, Conduent announced the sale of its Casualty Claims Solutions business to MedRisk for $240 million.
• On February 8, 2022, Conduent sold its Midas suite of patient safety, quality, and advanced analytics solutions to Symplr Software, Inc. for $322 million in cash.
• The company has engaged in divestitures as part of its strategy to streamline its portfolio and improve profitability and growth.

Capital Expenditures

• Capital expenditures for the last 12 months (as of November 2025) were -$33.00 million.
• In Q3 2025, capital expenditure was 3.8% of revenue.
• Conduent has achieved 87% of its $1 billion capital allocation target, focusing on cash generation, pipeline expansion, and evolving solutions with new innovation, including AI initiatives.