conduent pay dates 2020

The government through the Treasury has just released the proposed pay dates for civil servants for the whole of the year 2020. But our talent focus goes beyond the senior leadership team. It's not a median number. Thanks for taking my question. Just a couple things -- a couple of components there. We anticipate that revenue will decline between 6.4% and 7.4%, which would be approximately $4.1 billion to $4.15 billion for the year. Okay. Downvote 2. So some of that decline in EBITDA should come back as we go throughout this year. - Low pay, lots of schedule changes. As we've done in the past, we are reporting both GAAP and non-GAAP numbers. Adjusted EBITDA was up 3% compared with Q3 2020, driven by the cost savings program. For the convenience of timekeepers, each biweekly pay period appears as two separate weeks, with the beginning and ending dates indicated for each week. So we do see even improving -- the conversion rate improving over time. But the bottom line, before I turn it over to Brian, is we have more work to do across these three pillars of growth, efficiency and quality. I'll also go through some of the improvements we're seeing from our operations and our delivery teams as well as give you a flyby of the organization and process model changes we've made here in 2020. Government adjusted EBITDA increased by 27.7%, while adjusted EBITDA margin of 31% increased by 640 basis points. In terms of our 2021 priorities, we'll use the same people, process and technology levers to better serve our clients. So the positive impact from COVID in Q4 from government is likely to be lower than Q3. Despite all of the challenges that COVID-19 has brought, our business is showing tremendous resiliency. As a follow-up to previous earnings conversations, I'll also quickly touch on a new key performance indicator which will replace what we previously reported as renewal rate. As we show on the debt maturity table, our first major debt maturity isn't until the end of 2022, and we will opportunistically look to refinance all or a portion of our debt over the course of the next 12 months. When is Conduent's next earnings date? Govt release Civil Servants pay dates for the year 2020. Thank you for joining. So Mayank we -- in the analysis around the segments, we give the COVID impacts. Overall, year-to-date, our new business signings are around 180% of what we signed in the exact same first three quarters of last year. Thanks for taking my question. Unfortunately, COVID has thrown a significant wrench into it because it creates quite a bit of uncertainty in the assumptions we put into the equation. But if the trend stays positive it's definitely a leading indicator that we're on the right track to growth. Looking at the 2020 results, excluding the impact of COVID, revenue would have declined 4.1% in 2020 and Q4 revenue would have declined just 0.5% compared to 2019. It's best because you have them, the worst is that it is very minimal. Returns as of 02/26/2021. As Cliff discussed, we had another strong quarter, with results coming in above both internal and external expectations. So let's turn to Slide six, and we'll discuss in a more detailed way our strong sales quarter. For the full year, our unallocated costs were $294 million, 2.3% lower than 2019. We also expect to convert approximately 20% of full year adjusted EBITDA and free cash flow. As you may know, most of our business is at the state and local level, but these federal subsidies flow through the states. But there'll be a lot more to talk about in Q1 once we have more certainty from COVID and once we have this equation drawn out. We achieved revenue of just over $1 billion and an adjusted EBITDA margin of 12.6%. Brian, can you talk about various puts and takes that gets you to the top end versus the low end of your revenue growth guidance, it looks like you plan to start the year with minus 3% to minus 4% which is at the low end of annual growth expectations when the comps will be toughest. But in parallel, to your point on either tuck-ins or other acquisitions or other M&A activity. We think the sweet spot is about four, where we got a lot of these singles and doubles that are hitting about three-year contract duration, and then you get some of the big ones that will skew the average up a little bit. All in, this resulted in a $17 million negative revenue impact to this segment. And does it indicate lower pricing pressure as renewals come a little bit more far out? Brian Webb-Walsh -- Chief Financial Officer. So the $60 million encompasses the activity during the last calendar year. We're certainly taking advantage of that in our sales efforts. Conduent Incorporated (NASDAQ:CNDT)Q4 2020 Earnings CallFeb 18, 2021, 5:00 p.m. Cliff? And somewhat similar to Shannon's question, so as you think about 2021 priorities and need for investments in the business, is there way to estimate incremental investments you need to make in technology and whatever that number is, will that show up in the capex or opex, is there any way we can track that number? You've probably heard us said in past earnings that in parallel to our growth efforts, our success is heavily dependent on the continued improvement of the fundamentals, think of it as sort of the foundational rails that company operates on, and I believe we made real progress in that category in 2020. We're in a much better place due to a lot of things, the quality of our recent upgrades in talent and the quality of our operations and technology platform. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. I know -- with some of the federal supplement through the FEMA program, I know there was some kind of time drags and delays in getting people some of those extra funds. This concludes our question-and-answer session. We expect to launch into 2021 with about 120 with constant sort of improvement across the sales force resident along the way and into the future. I'd like to now turn it over to Brian for a detailed look at our financials and I'd like to thank everybody for joining us today. We will also post a transcript later this week. And once we get COVID under control and understand exactly what the impacts are from COVID, which is very uncertain, as you can imagine, we'll know exactly what that means for the growth rate in 2021. We really do feel good about 2020. But remember, it's not a timing indicator, that's an indicator of future growth but not an indicator of when. The full year COVID impact was approximately a negative $85 million, excluding the COVID impact full year revenue would have been down approximately 4.1% better than the 6% to 8% initial guidance range that we gave a year ago. So we're feeling really good about the opportunity going forward. During this call, Conduent executives may make comments that contain certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 that by their nature address matters that are in the future and are uncertain. But I wanted to ask about revenue attrition. Good learning place. We have also provided an outlook on cash conversion from adjusted EBITDA for the year. Good evening, ladies and gentlemen, and welcome to Conduent's fourth quarter and full year 2020 earnings call. So we certainly look forward to updating you next time. So we're staying consistent in our approach. Good afternoon, everyone, and welcome to Conduent's fourth quarter and full year earnings call. In our commercial business, we signed a contract with a very large healthcare client in the payer space to expand our payment integrity offer to a new division for them. So that's one indicator you should consider. Thanks, Alan. So it's Brian. Shannon Cross -- Cross Research -- Analyst. And so we see some pretty consistent performance coming out of our sales force. Q4 new business TCV signings were $519 million and the $1.9 billion in full year signings, I just mentioned, represents an increase of 94% compared to full year 2019. Yes. So I would say in 2021, we're certainly always open to considering lots of things. As discussed last quarter, we have allocated a significant amount of our previously unallocated expenses to the segments. So there is less cost actions just to maintain operating leverage. The first to get their pay deposited are members of the Zimbabwe Defence Forces i.e. Those slides as well as a detailed financial metrics sheet are available for download on the Investor Relations section of the Conduent website. This change is due to the need for IPS to disable the outdated Transport Layer Security (TLS) 1.0. As Cliff highlighted, we finished the year strong with results coming in at or above the high end of the outlook that we gave at the start of the year. Look, I'd like to thank everybody for joining us today. And as -- your guess is as good as ours as to what might change in the subsidy equation at the federal level. Where do you think you are in terms of the overall transition that you wanted to make in the business and I'm thinking at what point can we start looking forward to the potential for acquisitions to add new capabilities or investing in new areas? We want both. The net ARR activity number provides the net ARR from trailing 12 months of sales, won and lost revenue from renewals, including price changes and newly contracted volume changes, all of which should be realized in the P&L over time. And lastly, we drove utilization of shared services to improve efficiency and leverage best practices. So let me give you a few examples of the types of deals we signed in Q3. Yes. Now while 75% of our associates are still working from home, we've been able to meet the vast majority of client expectations despite the remote working conditions. Obviously, given the current environment, these assumptions could change. Capex for the year was $139 million or 3.3% of revenue. As stated on the last call, this is now expected to be closer to a two percentage point impact in 2020 as we continue to benefit from transition work this year. And the second point is on capex last year we constrained capex because of the uncertainty around COVID and we decreased it down to $140 million. Please go ahead. It's primarily two major things I'll point out, one is, in 2020, we had about a $55 million benefit from the Cares Act being able to defer payroll taxes, half of that gets paid back at the end of this year, that's about $27 million outflow this year versus a $55 million inflow last year. Regarding process improvement, we standardized our governance process around client implementations and technology changes. Conduent Incorporated (NASDAQ:CNDT)Q3 2020 Earnings CallNov 5, 2020, 5:00 p.m. We now see ourselves exceeding $140 million in savings, which was the top end of the range we described to you on the last call. But let me just say, retention has significantly improved on a year-over-year basis. I'd like to turn the floor back over to Cliff for any further closing comments. I would say over time, we think the conversion rate gets better once to Cares Act repayment is behind us, which the second half gets paid in 2022. [Operator Instructions] The first question today comes from Shannon Cross of Cross Research. Regarding the quarter, it was a strong one. As mentioned from a cost perspective in 2020, we now expect to overachieve the high end of the $120 million to $140 million range we gave in the Q2 earnings call, and we're expecting the bulk of these savings to be permanent and bleed into 2021, as you would expect. We're encouraging teamwork, openness and improved communication, all of which seems to be driving improvement to associate engagement. Let me -- the answer is sort of. Our 2020 priorities were centered on driving value for our clients, addressing COVID specific challenges and improving our operating model. Yeah. Joining me on today's call is Cliff Skelton, Conduent's CEO; and Brian Walsh, Conduent's CFO. A copy of the slides used during this call was filed with the SEC this afternoon. Government adjusted EBITDA increased by 66%, while adjusted EBITDA margins of 36.8% increased by 13 percentage points. As we've done in the past, we are reporting both GAAP and non-GAAP numbers. Joining me on today's call is Cliff Skelton, Conduent's CEO; and Brian Walsh, Conduent's CFO. Regarding technology, our data center modernization efforts continue to go well. You mentioned it's better than last year, but is it at a place where you like it to be? They believe in the promise of the future, and they're already adding value. So the 25% that we have working from offices are really required personnel that need to be there. In some cases, the remote workforce is going to be more allowed. So what gets you to the top end from Q1 levels? Information concerning these factors is included in Conduent Annual Report on Form 10-K filed with the SEC. So that number was lower and our losses were much higher. Your line is now live. So Zack, the sales journey here is both from a new business global sales organization perspective as well as an account management and add-on basis. We’re motley! What I would say is, we're confident that all the vectors are lined up for growth in 2022, but there is just no way I can predict it with certainty until a lot of these unknowns become more clear. Thank you. Associate satisfaction will always remain critical to our future success, and we're going to stay focused on that as we are today. Conduent Incorporated (NASDAQ:CNDT) Q4 2020 Earnings Conference Call February 18, 2021 5:00 PM ET. Let me give you just a few examples of the types of deals we signed in the fourth quarter. And so what I would tell you is retention is better. Following our prepared remarks, we will take your questions. A question on -- a couple of questions around the sales force. Good evening. Yeah. So if I were to guess, I think it's somewhere in the middle. And then, of course, there's the unknowns of COVID. Working at Conduent was okay, but had I been offered something else during working there I would definitely have taken it. Those aren't expected to repeat in Q4. While we historically have been very strong in the transit space in Europe, we're pleased to be able to expand our offerings in public safety. TLS 1.1 and SSL 3.0. Good evening, ladies and gentlemen, and welcome to Conduent's fourth quarter and full year 2020 earnings call. I want to remind you that at the beginning of the year, we had anticipated that the California Medicaid contract would have a three percentage point negative impact to total company year-over-year top line decline. Conduent Pay & Benefits reviews. And are you seeing more broad-based contribution? As I discussed earlier, the margin improvement was due to higher volumes from COVID-19-related work and our cost savings program. And we think it was really unacceptable, the amount of attrition. That's helpful. Adjusted EBITDA was up 8.3% compared to 2019, driven by revenue mix and the cost savings program. The adjusted EBITDA decline was primarily driven by COVID-19 and a nonrecurring client item, and these impacts were partially offset by our cost actions. Just wanted to touch on the margins. Thanks, Cliff. The information presented today includes non-GAAP financial measures. Employees who are unable to have an account at a financial institution to receive their pay can use the Conduent Way2Go Paycard. So a lot of our investments do show up as capex, but there are also opex investments that we're making. Good to speak with you. As Brian and I will discuss in a few minutes, we delivered results that surpassed even our initial outlook from February of last year, and we closed out the year stronger and better as a company. We delivered on our commitments to our clients, to our associates and to our investors, and I'm proud of every one of our 60,000 plus teammates. We see that path to stabilizing revenue, then showing growth. It’s why a majority of Fortune 100 companies and over 500 governments depend on us when it matters most. We're leveraging a new shared service model to drive process improvement and cost containment. Another component in the equation to answer your question is when is the burn off from previous losses. These statements reflect management's current beliefs, assumptions and expectations as of today, November 5, 2020, and are subject to a number of factors that may cause actual results to differ materially from those statements. This is actually Kyle Peterson on for Mayank. In my remarks today, as always, I'll review the high level financials as well as the sales and operational performance in 2020. So what I can say unequivocally is the ramp-off of business from 2020 to 2021 is much less than we had between 2019 and 2020. From a technology perspective, our goal was consistent and high quality service delivery. Has there been any timing volatility that we need to keep in mind? Now let's turn to slide six to discuss that growth and that retention in more detail. And just a follow-up, are clients starting to dictate the mix of remote services versus on-site delivery within new contracts? The next question comes from Bryan Bergin of Cowen. A very nice quarter. In our commercial business, we signed a learning contract with a very large global aircraft and defense manufacturer, where we will be running end-to-end management of learning providers. However, despite the pandemic headwinds, we are quite proud of how the year ended for us. The following chart lists the 2020 pay periods. In terms of the Fed stimulus, can you provide any color in terms of how you're thinking about impacting your 1Q and then the full year outlook? We're starting to mute the downward slide from previously lost business. Hi. And then finally Brian on the free cash flow conversion, you give a few numbers, but I want to get clarity on why is the conversion rate going to be that much lower in 2021 based on your guidance versus what you delivered in 2020? Let's turn to slide 10 to go over the segment results. So those would be the things that would get us to the high-end and the worst case would be lower volumes on the government side, less funding coming from the government, higher COVID impacts because transportation and commercial are taking longer to come back and maybe weaker new business that will get us kind of to the worst case. Now these are proven leaders in the marketplace who have come to Conduent because they believe in the dream. 4 answers. Last year in the-all of second half last year, it was below three years. If we have a big sales year, it's going to require more capex as a percentage of that capex budget. On the total company, COVID-19 had approximately a $3 million positive impact on revenue driven by higher COVID-related volumes in our government segment, mostly offset by lower volumes in our transportation and commercial segments.

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