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(4) Refer to Appendix for Non-GAAP Outlook. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions, and providing such non-GAAP financial measures to investors allows for a further level of transparency as to how management reviews and evaluates our business results and trends. (2) Included in Depreciation and amortization on the Consolidated Statements of Income (Loss). hb```%,@( 313 0 obj <>/Filter/FlateDecode/ID[<28E402DF5CB4D847AC696F8DC6F3621F>]/Index[294 28]/Info 293 0 R/Length 98/Prev 118551/Root 295 0 R/Size 322/Type/XRef/W[1 3 1]>>stream We refer to this adjusted revenue as constant currency. Currency impact is determined as the difference between actual growth rates and constant currency growth rates. Once the store . CONDUENT INCORPORATED Adjusted EBITDA Margin is Adjusted EBITDA divided by revenue or adjusted revenue, as applicable. % (3) Normalized for the impact of payment of deferred payroll taxes primarily related to the CARES Act of $32M in 2021 and $27M in 2022, Adjusted Free Cash Flow as a percentage of Adjusted EBITDA for 2021 is approximately 25% and approximately 22% in 2022. The metric is for indicative purposes only. Learn more at www.conduent.com. At Conduent, you are part of a team, making a difference in the lives of millions every day. Restructuring and related costs include restructuring and asset impairment charges as well as costs associated with our strategic transformation program. Promote health and wellness benefits We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise. 1. Cliff Skelton, Conduent President and CEO stated, "In 2021, we met or exceeded our commitments. This metric excludes COVID-related volume impacts and non-recurring revenue signings. This represents Goodwill impairment charges related to the unanticipated losses of certain customer contracts, lower potential future volumes and lower than expected new customer contracts for all reporting units.