Conduent Incorporated

Greetings and welcome to the Conduent First Quarter 2022 Earnings Announcement. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Giles Goodburn, Vice President of Investor Relations. Thank you, Giles. You may begin.

Thank you, Operator, and thanks everyone for joining us today to discuss Conduent's first quarter 2022 earnings. We hope you had a chance to review our press release issued earlier this afternoon. Joining me today is Cliff Skelton, our President and CEO, and Steve Wood, our CFO. Today's agenda is as follows. Cliff will provide an overview of our results and a business update. Steve will then walk you through the financials for the quarter, as well as providing a financial outlook. After that, we will take your questions. This call is being webcast. A copy of the slides used during this call, as well as the press release, were filed with the SEC this afternoon on Form 8K. This information, as well as the detailed financial metrics package, are available on the Investor Relations section of the Conduent website. During this call, we may make statements that are forward-looking. These forward-looking statements reflect management's current beliefs, assumptions, and expectations and are subject to a number of factors that may cause actual results to differ materially from those statements. Information concerning these factors is included in Condiment's annual report on Form 10-K filed with the SEC. We do not intend to update these forward-looking statements as a result of new information or future events or developments, except as required by law. The information presented today includes non-GAAP financial measures. Because these measures are not calculated in accordance with the US GAAP, they should be viewed in addition to and not as a substitute for the company's reported results. For more information regarding definitions of unknown GAAP measures and how we use them, as well as the limitations to their usefulness for comparative purposes, please see our press release. And now, I'd like to turn the call over to Cliff.

Thanks, Giles. Good afternoon, everyone, and welcome to Conduent's Q1 Earnings Review. We appreciate everyone joining us today. Turning to slide four, you're going to hear several important things from us today, starting with the fact that we had a solid quarter. Steve Wood is going to take you through the details. But we earned $960 million in revenue, $107 million in EBITDA, and achieved an 11.1% EBITDA margin. Importantly, it was one of the best, in fact, the best first quarter since spin for total contract value sales at $464 million, up 32% year-over-year and 58% sequentially. We also had an improvement in annual contract value, which we'll see when we get into the details in a minute. You can see on slide five that we also received a lot of recognition, including but not limited to GM Supplier of the Year for the second year in a row and other great accolades from advisory firms and other industry analysts. This recognition demonstrates the significant improvement we've made across all three of our business segments and the company in general. After Steve's detailed presentation on the financials, I'm going to take you through the fine points of what you may have read in one of our press releases that we have decided to separate our transportation business. Our expectation at this point is that we will focus on spin versus sale. I'm going to talk about the rationale for this decision. We're approaching this effort through a very disciplined set of routines around both transportation and the other two remaining segments of conduit in what will become two public companies. We're excited about what we think will be a great outcome for both entities. So with that, let me turn it over to Steve and let him take you through the details of the financial and sales results for the quarter, reaffirm our full year outlook for 2022, And then I'll come back and talk more about transportation and the separation. Of course, we'll take questions at the end. So Steve, why don't you take it from here?