Conduent Incorporated

Greetings and welcome to the Conduent Q4 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. Should anyone 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, Joshua Overholt, Vice President of Investor Relations. Thank you. You may begin.

Thank you, Operator, and thank you, everyone, for joining us today to discuss Conduent's fourth quarter 2025 earnings. I am joined today by Harsha Agadi, our CEO, and Giles Goodburn, our CFO. We hope you've had a chance to review our press release issued earlier this morning. This call is being webcast, and a copy of the slides used during this call, as well as the press release, were filed with the SEC this morning on Form 8-K. 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 forward-looking statements. 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 Conduent'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 U.S. 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 our non-GAAP measures and how we use them, as well as limitations to their usefulness, For comparative purposes, please see our press release. And now, I would like to turn the call over to Harsh.

Thank you, Josh. I want to welcome our investors, analysts, and clients, as well as colleagues around the world to this call. I am confident you will be encouraged by what you hear as we discuss where Conduent is headed and how we intend to get there. I also want to say good morning, good afternoon, and good evening to my 51,000 Conduit colleagues across the globe. Over the past few weeks, I have been energized by the stories I have heard, stories of teams serving clients with commitment, resilience, and professionalism every single day. Thank you for what you do and for the pride you take in representing Conduit. Over the past three decades, I've had the opportunity to lead more than half a dozen companies across multiple sectors, both private and public. Most relevant, the conduit I have founded in the past and led a BPO that scaled globally and eventually listed on the NYSE. Through those experiences, I have learned what it takes to build organizations that move with deliberate speed and purpose, deliver measurable outcomes for clients, generate sustainable growth and free cash flow for investors, and create meaningful development opportunities for all our employees on a global scale. I'm here because I believe Conduent can deliver those same outcomes. My expectations are simple and my objectives are clear. It is to lead Conduent to consistent year-over-year revenue and EBITDA growth supported by very strong and durable free cash flow generation. In the BPO industry, these are not aspirational results. They are the natural results of a healthy business with clear strategy, disciplined execution, and a relentless focus on serving clients on a daily basis. As clients focus on their business, our focus is to provide seamless BPO and KPO services to enable their daily services smoothly to their clients. Having been in the role for less than 30 days at Conduent, it would be premature for me to present a fully detailed long-term plan for Conduent's return to sustained growth, improved earnings, and free cash flow. Ladies and gentlemen, this is a turnaround story. The work is underway and we will share it with you. What I can commit to today is full transparency and cadence. In addition to our normal earnings reports, we intend to host an analyst day in New York City where you will have the opportunity to meet our board and other members of the Conduent executive team and hear directly about our strategy, priorities, and execution plan. While the full plan is still being finalized, This is not my first turnaround. Having led multiple transformations in various sectors, I know there are decisive actions that must happen early. Actions that set direction, change momentum, and create the conditions for sustainable results. Those actions are already underway and they inform the priorities I am here to outline. First and foremost, we will move faster. That means faster decision making, faster execution, and faster improvement. The senior leadership team has already felt this increased pace, and we will only continue to accelerate it. The tone has to be set from the top. Opportunities do not wait. and neither will we. Our leaders are being empowered to act, and empowerment comes with clear accountability. We must move with speed to capitalize on the opportunities before us. Second, we will apply maximum financial discipline across every major decision, especially capital allocation. We will evaluate decisions, through multiple lenses, revenue growth, margin expansion, and free cash flow generation. This framework will guide how we allocate capital, rationalize parts of the portfolio, manage working capital, and prioritize investments. Third, we will lower our cost structure. This includes reducing corporate overhead particularly with an SG&A, and taking a hard look at our entire technology spend and stack. However, we will not compromise quality or client outcomes, but we must be more efficient in how we deliver our solutions. At current levels, corporate overhead and technology expense as a percentage of revenue must come down. Fourth, we will continue to rationalize our portfolio. My goal for Conduent is clear. Organic revenue growth resulting in strong free cash flow. To get there, we are reviewing every business, categorizing each as either fix, sell, or grow. Businesses that are categorized as fixed will operate under formal improvement plans with clear metrics, timelines, leadership accountability goes hand in hand with that. Businesses that are in the category of sale will be actively marketed with a focus on executing transactions efficiently and at fair value. Proceeds will be first used to reduce debt, followed by multiple other priorities. The third is growing the businesses that are identified to grow will receive the required investments as well as be unconstrained so that they can grow. Fifth, our qualified ACV plan today stands at $3.2 billion. Our priority is better conversion rates. Going forward, our priority is not just building pipelines, but consistently converting it. Across each of our businesses, pipeline development and execution will improve in a way that supports sustainable revenue growth. Finally, we will simplify and strengthen our organization. To deliver on these priorities, we will become a nimbler company with fewer layers, lower costs, and clear accountability. We will reduce organizational complexity that slows decision-making and empowers our leaders with full P&L ownership. I would now like to hand over to Giles to continue the update on the earnings calls as he will be giving you a very clear update on Q4, which was not under my CEO leadership. Thank you, Giles.