Conduent Incorporated reported a revenue of $3.36 billion for the fiscal year ending December 31, 2024, marking a 10% decrease from the previous year's revenue of $3.72 billion. The decline was attributed primarily to the impact of divestitures, including the transfer of the BenefitWallet Portfolio and the sale of the Curbside Management and Public Safety Solutions and Casualty Claims Solutions businesses. Despite these losses, the company achieved a net income of $426 million, a significant turnaround from a net loss of $296 million in 2023, driven by gains from divestitures and reduced operating costs.
In terms of operational changes, Conduent executed several strategic divestitures in 2024, including the sale of its BenefitWallet Portfolio for $425 million, the Curbside Management and Public Safety Solutions businesses for $230 million, and the Casualty Claims Solutions business for $224 million. These divestitures were part of a broader portfolio rationalization strategy aimed at focusing on core business areas. The company also utilized proceeds from these sales to prepay $502 million of its Term Loan B and $137 million of its Term Loan A, thereby reducing its debt burden.
Conduent's workforce remained stable at approximately 56,000 employees, with nearly 40% based in North America. The company processed around 2.3 billion customer service interactions and managed nearly 450 million Medicaid claims in 2024. The commercial segment generated $1.61 billion in revenue, while the government and transportation segments contributed $984 million and $586 million, respectively. The company reported a significant increase in its Net Promoter Score (NPS), reflecting improved customer satisfaction and engagement.
Looking ahead, Conduent aims to enhance its growth trajectory by focusing on key areas such as government healthcare solutions and transportation services. The company anticipates that its ongoing investments in artificial intelligence and automation will drive operational efficiencies and improve service delivery. Management expressed optimism about the potential for new business signings, particularly in the government sector, and plans to continue leveraging its technology-led solutions to capture market opportunities.
Overall, Conduent's strategic initiatives, including divestitures and a focus on core competencies, are expected to position the company for future growth, despite the challenges faced in the previous fiscal year. The company remains committed to enhancing shareholder value through disciplined capital allocation and operational improvements.
About CONDUENT Inc
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