What changed in this filing

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Item 1. Business

2023-02-22 compared with 2022-02-23 · 220 added, 217 removed, 185 unchanged (70% of the section changed)

In this Form 10-K, unless the content otherwise dictates, "Conduent", the "Company", "we" or "our" mean Conduent Incorporated and its consolidated subsidiaries.

As one of the largest business process services companies in the world, we deliver mission-critical services and solutions on behalf of businesses and governments – creating exceptional outcomes for our clients and the millions of people who count on them.

Through people, process, expertise in transaction-intensive processing and technology such as analytics and automation, our services and solutions create value by improving customer experience, increasing efficiencies, reducing costs and enabling revenue growth.

Eighty percent of Fortune 100 companies and over 500 government entities depend on us every day as their trusted partner to manage their business processes and essential interactions with their end-users.

With roots as one of the original pioneers in global business process outsourcing, we bring deep and diversified expertise across a broad range of industry segments.

Our commercial portfolio includes leading solutions in attractive markets such as customer experience management, transaction processing services, healthcare and human resource and learning services.

For example, we are a leading provider of medical bill review.

In 2021, we administered bill review for and repricing on approximately 28 million medical bills for over 3 million workers compensation claims in the U.S resulting in $18 billion of total bill reductions on behalf of our clients.

In addition, across our commercial and government businesses, we handled approximately 1.3 billion customer service interactions in 2021.

We serve a vast range of the public sector including market leading transportation and government solutions.

Our transportation portfolio includes Roadway Charging, Transit, Curbside Management and Public Safety solutions where we process nearly nine million tolling transactions every day.

Our government portfolio includes payments, healthcare and eligibility solutions where our systems process over 45% of Supplemental Nutrition Assistance Program (SNAP) payments on behalf of government entities.

We create value for our clients through efficient global service delivery combined with technology-enabled solutions and a personalized and seamless experience for the end-user.

We apply our expertise, technology and innovation to continually modernize our offerings for improved customer and constituent satisfaction and loyalty, increased process efficiency and rapid response to changing market dynamics.

With approximately 60,000 dedicated associates globally as of December 31, 2021, we focus on our clients' success across medium and large businesses and governments around the world.

Of our global team, 42% is in North America with the remainder located primarily in our delivery centers in Asia Pacific, Latin America and the Caribbean, and Europe.

We have received numerous recognitions over the past year for our culture and diversity/inclusion practices.

Conduent is a New York corporation, organized in 2016.

Our common stock began trading on January 3, 2017, on the New York Stock Exchange, under the ticker "CNDT".

In December 2019, Conduent changed the listing of its publicly traded common stock from the New York Stock Exchange to the NASDAQ Global Select Market (NASDAQ), where it remains listed under the ticker "CNDT".

CNDT 2021 Annual Report

As a global technology-led business process solutions company, Conduent delivers mission-critical services and solutions on behalf of businesses and governments to create exceptional outcomes for our clients and the millions of people who count on them.

Through people, process, expertise, analytics and automation, our services and solutions create value by elevating customer experiences, increasing efficiencies and reducing costs.

Eighty percent of Fortune 100 companies and over 600 government and transportation agencies depend on us each day as their trusted partner to manage their business processes and end-user interactions.

As a pioneer in global business process outsourcing, we deliver deep and transformative expertise across a wide range of industries globally in both the commercial and public sectors.

Each day, Conduent's services and solutions interact in the lives of millions of people in many ways — from safer, more seamless commutes that reduce congestion to streamlined benefits enrollment, digital payments, customer experiences and government healthcare claims.

Our commercial portfolio includes leading solutions in attractive growth markets, including customer experience management, business operations, healthcare and human capital solutions.

We are a leading provider of medical bill review.

In 2022, for example, we administered bill review for and repricing on approximately 28 million medical bills for over 3 million workers compensation claims in the U.S.

resulting in $20 billion of total bill reductions on behalf of our clients.

Our people, expertise and technology elevate experiences and outcomes every day across our commercial, government and transportation businesses, where we managed approximately 1.3 billion customer service interactions in 2022.

We serve a substantial portion of the public sector, providing market-leading transportation and government solutions such as smart mobility solutions that seamlessly connect travelers and digital benefit payments that constituents depend on every day.

Our transportation portfolio includes Road Usage Charging, Transit, Curbside Management, and Public Safety solutions.

We process nearly 12 million tolling transactions every day while helping to reduce congestion and greenhouse emissions through all-electronic tolling and other technology solutions.

Our government portfolio includes digital payments, child support payments, government healthcare solutions and eligibility and engagement solutions.

Our systems reliably process 43% of all Supplemental Nutrition Assistance Program (SNAP) payments on behalf of government entities, helping to ensure efficient delivery of benefits to the most vulnerable populations.

With approximately 62,000 associates globally as of December 31, 2022, we are dedicated to our clients' success.

Each day, our people and our technology-led solutions serve millions of end users on behalf of our clients.

Of our global team, 41% is in North America with the remainder located primarily in our delivery centers in Asia Pacific, Latin America, the Caribbean, and Europe.

We continue to be recognized for our commitment to fostering a culture of belonging and respect for diversity, equity and inclusion.

Our Strategic Focus

Our vision is to become the leading business services partner of choice for businesses and governments globally.

Through our dedicated associates, we deliver mission-critical services and solutions on behalf of businesses and governments, creating valuable outcomes for our clients and the millions of people who count on us.

To achieve this mission and purpose, we are focused on delivering outcomes simultaneously across three dimensions:

Our goal is to be the technology-led business services partner of choice for businesses and governments globally.

To achieve this, we focus on delivering outcomes across three critical dimensions:

Growth, Efficiency and Quality.

Our strategy is designed to deliver shareholder value by creating profitable growth, expanding operating margins, focusing on process efficiencies, and deploying a disciplined capital allocation strategy.

We have identified specific execution strategies across Growth, Efficiency and Quality.

Our opportunity for growth comes from understanding our clients’ businesses, strengthening our relationships, and driving valuable outcomes for our clients that enable them to reduce costs, improve efficiencies and customer experience and grow their businesses.

To capitalize on the growth opportunities, we are focused on the following strategies:

Our strategy is designed to deliver shareholder value by creating profitable growth, expanding operating margins, identifying process efficiencies, and employing a disciplined capital allocation strategy.

We have identified specific execution strategies and key performance indicators across Growth, Efficiency and Quality.

CNDT 2022 Annual Report

Our opportunity for growth stems from understanding our clients’ businesses and driving valuable outcomes for our clients to help them reduce costs, improve efficiencies and elevate customer experiences.

To capitalize on growth opportunities, we remain focused on several key strategies:

• Sales Performance Optimization :

The significant progress and investments in sales training and process improvements during the last couple of years, together with the foundational improvements in operational performance, have resulted in more selling opportunities for us to support the strategies of our existing clients with our portfolio of market-leading services and solutions.

In 2021 our add-on sales grew by 44% compared to 2020.

We continue to improve client responsiveness and increase sales coverage, including in international markets.

We are providing our sales team with regular training tailored for their roles, streamlined processes, and implemented systems to equip them with modern tools that enable them to perform their jobs more efficiently and effectively.

The dedication and expertise of our employees have resulted in Conduent serving 47 states and a majority of Fortune 100 companies, including:

We continue to optimize sales training, processes and account management to strengthen client and prospect relationships.

We have also invested in a growth acceleration team focused on business development.

This has resulted in more selling opportunities both with new clients as well as greater share of wallet with existing clients.

In 2022, our add-on sales grew by 10% compared to 2021 and the number of our top 100 clients with multiple service lines increased from 73 to 90.

We continue to improve our responsiveness to clients while expanding our sales coverage, including in international markets.

We provide our sales team with regular training tailored specifically for their roles, while also streamlining processes and equipping them with modern tools to support their performance.

Our team’s talent and dedication has resulted in Conduent serving 46 states, a majority of the Fortune 100, and other leading companies, including:

• 17 of the top 20 U.S.

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• Offering Development :

We have augmented our portfolio of services and solutions with innovative technology capabilities, including data analytics, robotic process automation (RPA) tools and machine learning capabilities, to create differentiated, high-value services for our clients and penetrate attractive market segments.

As we continued to improve our quality and efficiency in 2021, our clients have renewed contracts with us and given us more business in adjacent service lines, and we’ve gained new clients.

We are measuring more immediate success in “Growth” through revenue retention and new business signings, among other metrics.

We continue to find ways to reduce costs and deliver more effectively via increased efficiencies.

We have simplified and standardized our operating model by removing redundant management layers and implementing more robust processes to enable faster decision-making and greater transparency.

In addition, we aim to unlock further efficiencies through the following strategies:

We continue to augment our portfolio of services and solutions with innovative technology capabilities, including cloud, data analytics, automation tools and machine learning capabilities to create differentiated, high-value solutions for our clients and to enable greater penetration of attractive market segments.

In 2022, in response to our continued commitment to quality and efficiency, our clients have renewed contracts with us and given us more business in adjacent service lines, and we’ve gained new clients.

We measure success in “Growth” through revenue retention and new business signings, among other metrics.

We continue to identify ways to reduce costs and deliver solutions more efficiently.

We have simplified and standardized our operating model by removing redundant management layers and applying processes that enable faster decision-making and greater transparency and accountability.

In addition, we aim to achieve additional efficiencies through the following strategies:

• Automation :

We will continue to invest in embedding intelligent process automation capabilities into operations, including document processing and intelligent virtual assistant customer care tools.

Artificial intelligence and machine learning algorithms will complement RPA tools by improving processes through pattern recognition.

Additionally, we are exploiting synergies from sharing and coordinating automation capabilities across our enterprise.

We will continue to invest in embedding intelligent process automation into existing operations, including automated document management and customer experience.

Our automation tools increase productivity through advanced data extraction and handling of structured and unstructured data, improve workflow efficiency through business rules and task automation and increase operational accuracy through predictive analytics.

• Technology Consolidation :

We have identified and are rationalizing duplicative technology systems across our lines of business.

Centralizing technology systems will drive economies of scale, amplify the impact of investments, and will continue to strengthen consistent, resilient service delivery.

CNDT 2021 Annual Report

We have identified and are rationalizing redundant technology systems across our lines of business.

By centralizing technology systems to drive economies of scale, we amplify the impact of investments, and support consistent, resilient, and stable service delivery.

• Delivery Optimization :

We are continuing to drive efficiencies by delivering common processes with a shared services model that enables economies of scale.

We are driving progress in every process through process improvement methodologies and exploiting new staffing models including work from home and flexible “gig worker” models, and optimizing our geographic footprint.

We continue to respond with agility to clients’ shifting needs and have received positive client feedback for our services and proactivity throughout the COVID-19 pandemic.

We are measuring success in “Efficiency” by associate retention and improved adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) margin, among other metrics.

Our clients count on consistent, high-quality service delivery.

We continue to drive progress in increasing uptime, improving operational stability, and significantly boosting client confidence and satisfaction by focusing on the following strategies:

We continue to drive efficiencies by delivering common processes with a shared services model that enables economies of scale while also creating more accountability for client performance.

We have consistently improved our service level agreement (SLA) performance.

We drive progress through continuous process improvement, and capitalizing on a range of staffing models, including flexible work from home and hybrid work, and by optimizing our geographic footprint.

We continue to respond with agility to clients’ shifting needs and our Net Promoter Score (NPS) has increased by 30 points over the past three years.

We measure success in Efficiency through associate retention and adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) margin, among other metrics.

Our clients depend on stable, high-quality delivery of services.

We continue to drive progress by increasing system uptime, improving operational stability, and creating client confidence and satisfaction by focusing on the following strategies:

• Proactive, Real-time Monitoring of Applications and Service Performance :

We are investing in artificial intelligence and machine learning technologies to proactively monitor and prevent incidents.

We have a state-of-the-art global IT command center in Sandy, UT to deliver more seamless and reliable service to our global clients and continued to increase uptime in 2021.

We continue to invest in artificial intelligence and machine learning technologies to proactively monitor and prevent incidents.

CNDT 2022 Annual Report

Through our state-of-the-art global IT command center in Sandy, Utah - which delivers seamless and reliable service to our global clients - we continued to increase uptime in 2022 and we believe we will continue to do so in 2023.

• Data Center Optimization :

We continue to standardize our technology footprint to improve performance and lower costs.

As part of this, we have made significant progress in our data center optimization program to consolidate our multiple data centers into a select few.

For example, in 2021 we closed two of our largest facilities in the US, completing these highly complex closures that in turn drove a significant increase in service availability for our clients.

We have systematically consolidated the majority of our technology infrastructure into two state-of-the-art data centers that has resulted in increased processing speeds, redundancy and stability, improving performance for our clients.

• Improve End User Experience :

We are improving user interface/user experience across our offerings by expanding self-service tools, launching mobile apps and leveraging analytics to create deeper insights.

Our focus on quality is leading to improved client confidence and satisfaction.

The quality of our services is being recognized by clients including receiving the GM Supplier of the Year Award and the Toyota Financial Services Supplier Excellence Award.

We are measuring success in “Quality” by indicators such as service level agreement performance, technology incident rates, and client satisfaction.

Investments Strategy :

To achieve our business goals, we will invest in a disciplined manner, focused on allocating capital and investing to meet the needs of our clients and supporting our growth strategies.

We are enhancing both user interfaces and user experiences across our offerings by expanding self-service tools and mobile apps, and by leveraging deeper user insights through analytics.

Our focus on quality has resulted in continued client confidence and satisfaction.

We have been named GM Supplier of the Year and received the Toyota Financial Services Supplier Excellence Award, both for the second consecutive year.

We measure “Quality” by service level agreement performance, technology incident rates, and client satisfaction.

Investment Strategy :

To achieve our business goals, we have a disciplined investment strategy focused on allocating capital to meet the needs of our clients while supporting our growth strategies.

Our balanced investment approach falls into three broad categories:

• Opportunities to optimize, where we have significant scale and where we believe that with process improvements, automation, and an investment into the current offerings, we can improve the end-user experience, reduce our cost of delivery, expand our margins, and further capture additional share.

An example is high-volume outbound contact center services.

• Opportunities to enhance, where we have strong client relationships and a long history of servicing the markets we operate in, legacy technology that needs to be refreshed or modernized.

Examples such as benefit management services in the government sector for healthcare, unemployment insurance and child support fit into this category.

• Opportunities to expand, where we believe we can play and win, and we see the payback as more significant than the other businesses.

These businesses, augmented with new capabilities, and with the opportunity to be supplemented by modest acquisitions, will address market dynamics, and provide additional growth opportunities.

Our Healthcare and Transportation businesses are expansion opportunities.

• Opportunities to enhance, where we have strong client relationships, a long history of expertise in that market, and legacy technology that needs to be refreshed or modernized.

• Opportunities to expand, where we believe we can compete successfully, and we see the return on investment as more significant than the other businesses.

These businesses, augmented with new capabilities and geographic expansion, and with the opportunity to be supplemented by modest acquisitions, will address market dynamics and provide additional growth opportunities.

Our Market Opportunity

We are exposed to compelling growth across several end markets, including Healthcare, Transportation and Customer Experience Management.

We estimate our addressable market size in the global business process service industry to be over $200 billion in 2021, according to third-party industry reports.

We operate in markets with compelling growth opportunities, including healthcare, transportation and customer experience management.

We estimate our addressable market size in the global business process services industry to be $200 billion in 2022, according to third-party industry reports.

Many industry analysts and advisors place us as a leader across several segments in this large, diverse, and growing market.

CNDT 2021 Annual Report

Ongoing competitive pressures and increasing demand for further productivity gains have motivated businesses and government organizations to outsource elements of their day-to-day operations to accelerate performance and improve end-user experience.

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Increasing globalization has also required many companies to optimize cost structures to retain competitiveness and business process services have become a key component of this strategy.

The ongoing shift to next-generation software and automation technologies is driving greater demand for, and expectation of, efficiency and personalization by the constituents and customers of the businesses and governments we serve.

Business process services that streamline operational processes have the potential to meaningfully enhance productivity for businesses and governments and improve satisfaction for their customers and constituents.

Consumers and constituents of the businesses and governments we serve are demanding the efficiency and personalization of modern digital experiences.

Our technology-led business process solutions drive performance and value for both businesses and governments while providing an exceptional customer experience for their end users.

We have developed a strong leadership position in the markets that we operate in, with increased recognition across multiple stakeholders, as demonstrated by recognition from industry resources.

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• A leader in Healthcare:

• A leader in HR and Learning Services:

ISG, Everest Group, Brandon Hall Group;

Everest Group;

• A leader in HR Services:

• A leader in Customer Experience Services:

ISG, Gartner.

ISG, NelsonHall, Everest Group.

CNDT 2022 Annual Report

• Market Position:

• Everest Group Top 50 BPS Providers, #8;

• Gartner Market Share Analysis:

• Gartner Market Share:

BPO, Worldwide, #11;

• ISG’s Top 15 Sourcing Index Standouts – Managed Services, Global Market - The Building 15

• ISG’s Top 15 Service & Technology Provider Standouts – Managed Services, Americas - The Building 15.

We organize, manage and report our business through three reportable segments:

Commercial Industries:

Our Commercial Industries segment provides business process services and customized solutions to clients in a variety of industries.

Across the Commercial Industries segment, we operate on our clients’ behalf to deliver mission-critical solutions and services to reduce costs, improve efficiencies and enable revenue growth for our clients and better experiences for their consumers and employees.

Our Commercial Industries segment is our largest segment, with segment revenue for 2021 of $2,076 million, representing 50% of our total revenues.

Government Services:

Our Government Services segment provides government-centric business process services to U.S.

Our Commercial segment provides business process services and customized solutions to clients in a variety of commercial industries.

Across the Commercial segment, we operate on our clients’ behalf to deliver mission-critical solutions and services to reduce costs, improve efficiencies and enable revenue growth for our clients and better experiences for their consumers and employees.

Our Commercial segment is our largest segment, with segment revenue for 2022 of $1,992 million, representing 52% of our total revenues.

Our Government segment provides government-centric business process services to U.S.

federal, state, local and foreign governments for public assistance, health services, program administration, transaction processing and payment services.

Our solutions in this segment help governments respond to changing rules for eligibility and increasing citizen expectations.

Government Services segment revenue for 2021 was $1,318 million, representing 32% of our total revenues.

Our Government segment revenue for 2022 was $1,150 million, representing 30% of our total revenues.

Transportation:

Our Transportation segment provides systems and support, as well as revenue-generating services, to government clients.

On behalf of government agencies and authorities in the transportation industry, we deliver mission-critical public safety, mobility and payment solutions that improve automation, interoperability and decision-making to streamline operations, increase revenue and reduce congestion while creating safer communities and seamless travel experiences for consumers.

Our Transportation segment provides systems, support, and revenue-generating solutions to government transportation agency clients.

We deliver mission-critical public safety, mobility and digital payment solutions that streamline operations, increase revenue and reduce congestion while creating safe, seamless travel experiences for consumers and positively impacting the environment.

Transportation segment revenue for 2022 was $709 million, representing 18% of our total revenues.

We present segment financial information in Note 3 – Segment Reporting to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K, which is incorporated herein by reference.

CNDT 2021 Annual Report

We present segment financial information in Note 3 – Segment Reporting to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K.

Our Service Offerings

Commercial Industries

Our solutions and services include Customer Experience Management (CXM), Business Operations Solutions (BOS), Commercial Healthcare Solutions and Human Resources and Learning Services (HRLS).

Our technology-led solutions and services include Customer Experience Management (CXM), Business Operations Solutions (BOS), Healthcare Claims and Administration Solutions and Human Capital Solutions (HCS).

• Customer Experience Management

• We deliver a full range of omni-channel customer contact services, including customer care, technical support, loyalty management, and outbound and inbound sales.

• We deliver a full range of omni-channel customer contact services and customer communications, including customer care, technical support, loyalty management, and outbound and inbound sales.

We create better experiences across the customer lifecycle through a variety of channels including social media, chat, email, voice and virtual agent to help customers where and how they want to engage.

Through omni-channel communications, automation, and analytics, and labor efficiencies, we help our clients to reduce costs, enable scale and drive revenue growth and efficiencies.

Through omni-channel communications, automation, and analytics, as well as labor efficiencies, we help our clients to reduce costs, enable scale and drive revenue growth and efficiencies.

We serve marquee clients across multiple sectors including financial services, health and life sciences, manufacturing and automotive, aerospace and defense, consumer goods, retail, technology and telecom, travel, transportation, and hospitality sectors.

The CXM business generally generates income on a per call, per call center employee, or per percentage of sales made basis.

The CXM business generally generates income on a per call, per agent, or per percentage of sales made basis.

• Business Operations Solutions

• In our BOS business, we help our clients to transform business processes and drive efficiency, automation and scale across essential business functions.

We streamline mission-critical operations through our deep industry experience, understanding of our clients’ operations and the latest technology solutions, to reduce costs, improve security and enable revenue growth, while enhancing the end-user experience.

Our solutions span customer communications, automated document and data management, payments processing, and finance, accounting, and procurement.

We generate revenue in a variety of ways within this business, including per item handled, time and materials, and per service such as postage, web portal hosting or data storage.

• In our BOS business, we help our clients transform business processes and drive efficiency, automation and scale across essential business functions.

We streamline mission-critical operations through our deep industry experience, understanding of our clients’ operations and the latest technology solutions, to reduce costs, improve security and accuracy and enable revenue growth, while enhancing the end-user experience.

Our portfolio of solutions spans automated document and data management, payments processing, finance, accounting, and procurement and financial industry solutions.

We generate revenue in a variety of ways within this business, including per item handled, time and

CNDT 2022 Annual Report

materials, and per service such as postage, web portal hosting or data storage.

Our pricing can also be based on achieving specific outcomes for services rendered.

• Commercial Healthcare Solutions

• On behalf of the healthcare industry, we deliver administration, clinical support, and medical management solutions across the health ecosystem to reduce costs, increase compliance and enhance utilization, while improving health outcomes and experience for members and patients.

• Healthcare Claims and Administration Solutions

• On behalf of the healthcare and casualty insurance industries, we deliver administration, clinical support, bill review and medical management solutions across the health ecosystem to reduce costs, increase compliance and enhance utilization, while improving health outcomes and experiences for members and patients.

Our solutions span:

trials, sales, access, and adherence for pharmaceutical clients;

case management, performance management and patient safety for hospital clients;

medical bill review, claims processing, care integration, subrogation and payment integrity solutions for managed care companies;

and workers compensation medical bill review, mailroom/data capture and medical management services for claims payers and third-party administrators.

and workers compensation medical bill review, intake mailroom/data capture and medical management services for claims payers and third-party administrators.

Through our solutions provided to pharmaceutical clients, we generate revenue either based on a per employee, per transaction basis or a per resource per hour basis.

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Through our medical bill review, claims processing, and payment integrity solutions provided to managed care companies, we generate revenue on a per member per month basis for use of our platform, as a percentage of what we collect for the provider, or a monthly or annual fee.

• Human Resources and Learning Services

• We provide services to help our clients support their employees at all stages of employment from on-boarding through retirement.

Our solutions span Health Savings Account Solutions, Benefits Solutions, Human Resources (HR) and Payroll Solutions, and Learning Solutions.

On behalf of global organizations and governments, we deliver mission-critical, technology-enabled HR services and solutions that improve business processes across the employee journey to maximize business performance, while increasing employee satisfaction, engagement and overall well-being.

These solutions span health, benefits, payroll, onboarding and learning administration, annual enrollment, wealth and retirement, HR, talent, and workforce management.

• Human Capital Solutions

• We provide services to support our clients' employees at all stages of their employment from on-boarding through retirement.

Our solutions span Health Savings Account Solutions, Benefits Administration Solutions, Human Resources (HR) and Payroll Solutions, and Learning Solutions.

On behalf of global organizations and governments, we deliver mission-critical, technology-led HR services and solutions that improve business processes across the employee journey to maximize business performance, while increasing employee satisfaction, engagement, and overall well-being.

These solutions help empower more than 11 million employees and span health, benefits, payroll, onboarding and learning administration, annual enrollment, wealth and retirement, HR, talent, and workforce management.

Depending on the solution, we generate revenue in a variety of ways.

For our Health Savings Account (HSA) Solutions business, we generate revenue via account fees, interchange fees on debit cards, and interest-related revenues as a result of balance fees from depository banks that hold cash deposited into the Savings Account business.

CNDT 2021 Annual Report

• As of December 31, 2022, we managed approximately 900,000 active HSAs with $2.7 billion of assets under management.

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Within our Learning Solutions, we generate revenue principally by transaction-based pricing per unit of production along with fixed monthly governance fees.

Government Services

Our Government solutions and services include Government Healthcare Solutions and Government Service Solutions to streamline delivery of government services to constituents and families in need.

Our Government solutions and services include Government Healthcare Solutions and Government Service Solutions that streamline delivery of government benefits and programs to constituents and families in need.

• Government Healthcare Solutions

• We provide mission-critical program administration solutions for State Medicaid and federally-funded healthcare programs in 31 states, the District of Columbia and Puerto Rico and a federal program (US Dept of Labor), which includes nearly 49 million Medicaid recipients supported.

Our services include a range of innovative solutions such as Medicaid management, provider services, Medicaid business intelligence, pharmacy benefits management, eligibility and enrollment support, contact center services, application processing, premium billing, and case management solutions.

Our case management solutions provide disease surveillance and outbreak management to make it easy to process and access large volumes of digital data.

Foreign governments also use our disease surveillance and outbreak case management solution.

This can be used to track public health metrics (such as diseases like COVID-19, vitals, and birth defects), perform electronic visit verification, and more.

These services help states, counties, and countries optimize their costs by streamlining access to care and improving patient health outcomes through population health management, while helping families in need, by improving beneficiary support.

• We provide mission-critical program administration solutions for government healthcare programs in 46 states, the District of Columbia, and a federal program (U.S.

Department of Labor), which includes nearly 119 million recipients supported.

Our services include a range of innovative solutions such as Medicaid management, provider services, Medicaid business intelligence, pharmacy benefits management, eligibility and enrollment support, customer contact services, application processing, premium billing, and case management solutions.

Our Medicaid Suite is a modular SaaS solution for

CNDT 2022 Annual Report

state Medicaid agencies to transform from a legacy Medicaid Management Information System (MMIS) to a digital, interoperable, and scalable Medicaid Enterprise System.

Our case management solutions provide disease surveillance and outbreak management to make it easier to monitor, report and protect the health of communities globally.

and international governments depend on our disease surveillance and outbreak case management solution to track public health metrics, including COVID-19, vitals, and birth defects, provide contact tracing and understand outbreak dynamics.

These solutions help states, counties, and countries optimize their costs by streamlining access to care and improving patient health outcomes through population health management, while helping families in need by improving beneficiary support.

Within the Government Healthcare Solutions business, our revenue is primarily fixed fee or variable price based on a per call, per interaction or per member basis.

• Government Service Solutions

• With more than $125 billion disbursed annually, we are a leader in government payment disbursements for federally sponsored programs like Supplemental Nutrition Assistance Program (SNAP), commonly known as food stamps and Women, Infant and Children (WIC) as well as government-initiated cash disbursements such as child support and Unemployment Insurance (UI).

We deliver electronic payments for government services in 36 states, including 113 prepaid debit card programs, 24 Electronic Benefit Transfer (EBT) programs, 13 EBT for WIC programs and 6 Electronic Child Care programs.

• With $106 billion disbursed annually, we are a leader in government payment disbursements for federally sponsored programs including Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps, and Women, Infant and Children (WIC) as well as government-initiated cash disbursements such as child support and Unemployment Insurance (UI).

We deliver electronic payments for government services in 36 states, 23 Electronic Benefit Transfer (EBT) programs, 13 EBT for WIC programs and 6 Electronic Child Care programs.

In our SNAP payments solution, we generate revenue based on the number of cases or number of card holders.

Within our UI payment solution, we generate revenue based on interchange fees and spending on cards as a percentage of transactions.

Given the increased unemployment rates in the United States earlier in the pandemic as well as the federal stimulus supplemental benefits, this solution saw significantly increased activity in 2020 and 2021.

CNDT 2021 Annual Report

• We also offer a broad set of child support services predominately to State Disbursement Units (SDUs), including processing and distributing payment, child support payment cards, childcare credentialing and case management, among others, to help states comply with federal standards.

Within the child support solution, the way we generate revenue varies by state, but it is generally either per financial transaction, per call, fixed price, or for development.

• We also offer a broad set of child support services predominately to State Disbursement Units (SDUs), including processing and distributing payments, child support payment cards, childcare credentialing, and case management, among others, to help states comply with federal standards.

Within child support solutions, the way we generate revenue varies by state, but it is generally either per financial transaction, per call, fixed price, or for development of systems.

Transportation

On behalf of government agencies and authorities in the global transportation industry, we deliver fare collection, violation management, notification, mobility and payment solutions that improve automation, interoperability and decision-making to streamline operations, increase revenue and reduce congestion while creating safer communities and seamless travel experiences for consumers.

• Roadway Charging and Management Services

• Our electronic tolling, urban congestion management and mileage-based user solutions help clients keep up with an ever-changing environment and get more travelers where they need to go while generating revenue for much-needed infrastructure improvements.

On behalf of government agencies and transportation authorities around the world, we deliver solutions serving toll and fare collection, mobility and digital payments, violation and citation management, photo enforcement and interoperability that help streamline operations and increase revenue.

With an expanded focus on sustainability and enhancing the quality of life for citizens and communities around the world, our solutions help reduce congestion and greenhouse emissions, enhance public safety, and create seamless travel experiences for consumers throughout transportation ecosystems.

• Road Usage Charging and Management Solutions

• Our electronic tolling, urban congestion management and mileage-based user solutions help our clients get travelers to where they need to go while generating revenue for infrastructure improvements.

Our solutions include vehicle passenger detection systems, electronic toll collection, automated license plate recognition and congestion management solutions.

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The transaction-based component can be per account per month, per notice mailed, per active account, per violations fees received, or per image-based transaction.

Conduent manages 48% of the transactions of the top 10 U.S.

tolling agencies.

• Transit Solutions

• For today’s train, bus, subway, metro or other transit travelers, we aim to make journeys more personalized and convenient while increasing capacity and profitability for authorities and agencies.

We combine the latest in fare collection and intelligent mobility so that clients can get the added efficiency of having a single point of contact for all their transit solutions.

• For train, bus, subway, metro and other transit travelers, we help make journeys more personalized and convenient while increasing capacity and profitability for authorities and agencies.

We combine fare collection and intelligent mobility to provide clients with the added efficiency of a single point of management for all transit solutions.

Within transit, we primarily generate revenue via implementation of end projects (hardware and software, maintenance services, repair and sale of spare parts), and the building and operation of fare collection systems.

• Curbside Management Solutions

• We deliver intelligent curbside management systems that simplify parking programs and deliver convenient and hassle-free experience for drivers.

Our curbside solutions include citation and permit administration, parking enforcement, and curbside demand management.

In 2021, we processed over 8.2 million payments and collected over $700 million for citations and delinquent revenue collections.

We generate revenue based on violations issued, payment processing transactions, collections activities or a fixed fee for our service.

• We deliver intelligent curbside management systems that simplify parking programs and deliver convenient and hassle-free experiences for drivers.

Our curbside solutions include citation and permit

CNDT 2022 Annual Report

administration, parking enforcement, and curbside demand management.

In 2022, we processed over 8.7 million payments and collected nearly $757 million for citations and delinquent revenue collections.

We generate revenue based on violations issued, payment processing transactions, collections activities or a fixed fee for our services.

• Public Safety Solutions

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We provide data analytics, automated photo enforcement and other public safety solutions to make streets and communities safer.

Our photo enforcement systems include red light, fixed and mobile speed, school bus, work zone, school zone, bus lane only, high occupancy and other enforcement systems.

Our photo enforcement systems include red light, fixed and mobile speed, school bus, work zone, school zone, bus lane, high occupancy and other enforcement systems.

The majority of our contracts within this business are fixed fee based on the number of enforced locations.

• Commercial Vehicles

• Although a small part of our transportation business, we provide computer-aided dispatch/automatic vehicle location technology to help customers manage their fleet operations.

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• We provide computer-aided dispatch/automatic vehicle location technology to help clients manage their fleet operations.

Our Competitive Strengths

We possess certain competitive strengths that distinguish us from our competitors, including:

Leadership in attractive growth markets – We are a leading player in business process services delivering exceptional outcomes for our clients at an unparalleled scale.

We possess competitive strengths that distinguish us from our competitors, including:

Leadership in attractive growth markets:

We are a leader in business process solutions that deliver exceptional outcomes for our clients at an unparalleled scale.

Our clients continue to outsource key business processes to improve efficiencies and to accelerate performance and digital transformation.

Additionally, clients are moving beyond services for back-office functions in order to drive customer satisfaction and loyalty.

Additionally, clients are moving beyond services for back-office functions to drive customer satisfaction and loyalty.

The increase in globalization and cost competition continues to accelerate, forcing companies to seek ways to stay ahead of the competition.

These factors, along with clients and their customers demanding more personalized, seamless, and secure solutions, are collectively driving the ongoing shift to next-generation solutions and services.

Through our portfolio of services and solutions, we have reached significant scale in our interactions including:

• Healthcare – U.S.

healthcare spending is expected to rise from 17.7% of GDP in 2019 to 19.7% of GDP by 2028 and is projected to grow at an average rate of 5.4% per year between 2019-2028.

As one of the most regulated industries, healthcare providers must balance increased utilization with heightened complexity and new financial pressures such as government budget challenges to significantly reduce reimbursements, reimbursement penalties for hospital readmissions and the shift from fee-for-service to “value-based” population health management.

Through our portfolio of technology-led services and solutions, we have reached significant scale in our interactions including:

• Healthcare:

healthcare spending is expected to remain largely unchanged as a percentage of GDP (19.6% and 19.7% of GDP in 2030 and 2020, respectively) and is projected to grow at an average rate of 5.1% per year between 2021-2030.

We are widely recognized by industry analysts as a leader in healthcare payer operations, serving 17 of the top 20 U.S.

health plans and providing administrative and care management solutions to Medicaid programs and federally funded U.S.

government healthcare programs in 31 states, the District of Columbia and Puerto Rico.

Three out of every four U.S.

insured lives are served by Conduent.

Conduent’s healthcare capabilities have been recognized by NelsonHall, HfS Research and Everest Group.

• Transportation – Traffic congestion continues to increase as urbanization and changing demographics take hold globally.

health plans and providing administrative and mission-critical program administration solutions for government healthcare programs in 46 states, the District of Columbia, and a federal program (U.S.

Department of Labor), which includes nearly 119 million recipients supported.

Conduent’s healthcare capabilities have been recognized by ISG, HfS Research and Everest Group.

• Transportation:

Traffic congestion continues to increase due to urbanization and changing global demographics.

As a result, optimized transportation systems are becoming critical to increase efficiency while maintaining strict safety requirements.

Electronic toll collection, public transit and parking all represent key growth drivers as governments at all levels increasingly focus on transportation infrastructure.

Electronic toll collection, public transit and parking represent key growth drivers as governments at all levels increasingly focus on transportation infrastructure.

We are an award-winning innovator in parking management.

• Business Operations Solutions – We provide high volume print and mail services, enrollment processing and personalized and targeted marketing and communications to large corporations and are a leading provider in this market with more than 3.7 billion documents captured, indexed and classified annually.

Global delivery expertise – Our scale and global delivery network enables us to deliver our proprietary technology, differentiated service offerings and service capabilities expertly to clients around the world.

• Business Operations Solutions:

We provide high volume print and mail services, enrollment processing and personalized and targeted marketing and communications to large corporations and are a leading provider in this market with more than 3.6 billion documents captured, indexed and classified annually.

Global delivery expertise:

Our scale and global delivery capabilities enable us to deliver our proprietary technology and differentiated service offerings expertly to clients around the world.

We have operations in 25 countries including India, the Philippines, Jamaica, Guatemala, Mexico, Romania, the United Kingdom and several locations within the United States, providing our customers the option for "onshore", "nearshore" or "offshore" outsourced business process services.

This global delivery model enables us to leverage lower-cost production locations, consistent methodologies and processes, time zone advantages and business continuity plans.

This global delivery model allows us to leverage lower-cost production locations, consistent methodologies and processes, time zone advantages and business continuity plans.

As of December 31, 2022, 47% of our employees were located in high-cost countries and 53% were located in low-cost countries.

Differentiated suite of multi-industry service offerings at scale – We manage transaction-intensive processes and work directly with end-users to meet their needs often in real-time.

We believe we are unique in our ability to offer our clients these business process services on a large scale and with high quality.

Additionally, we can leverage our cross-industry services to bring the same scale and quality to our portfolio of industry-specific service offerings, such as healthcare claims management, employee benefits management and public transit fare collection.

Recurring revenue model supported by a loyal, diverse client base – We have a broad and diverse base of clients in countries across geographies and industries, including 80% of the Fortune 100, many Fortune 1,000 companies, midsize businesses and governmental entities.

Our close client relationships and successful client execution support our stable recurring revenue model and high renewal rates.

Differentiated technology-led suite of multi-industry solutions:

Through dedicated people, process expertise and technology, such as analytics and automation, Conduent services and solutions create value for our clients by

CNDT 2022 Annual Report

creating efficiencies, improving experiences, reducing costs and enabling revenue growth while better serving millions of end customers that depend on us.

We deliver performance by optimizing processes to be more efficient, flexible and secure.

We deliver value by driving valuable outcomes and reducing costs at scale.

We enhance the customer experience by improving experiences, engagement and loyalty of end users.

In fact, the number of our top 100 commercial clients who utilize Conduent for multiple service lines increased from 73 to 90 from 2021 to 2022.

Recurring revenue model supported by a loyal, diverse client base:

We have a broad and diverse base of clients across geographies and industries, including 80% of the Fortune 100 companies, many Fortune 1000 companies, midsize businesses and governmental entities.

Our clients are increasingly satisfied as evidenced by our NPS that has increased by 30 points over the past three years.

Our close client relationships and successful client execution support our stable recurring revenue model and high renewal rates.

Although we encounter competition in all areas of our portfolio, we are a leader in many categories.

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We consider our "onshore", “near shore” and “offshore” delivery capabilities to be a competitive advantage.

Our competitors range from large international companies to relatively small firms, and many of our competitors specialize in certain areas but none compete across all the same segments in total – for example, 73 of our top 100 commercial clients buy multiple service offerings.

Our competitors range from large international companies to relatively small firms.

Many of our competitors specialize in certain areas but none compete across all the same segments in our total portfolio.

Our competitors include:

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We market and sell our business process solutions and services to both potential and existing clients through our global sales and business development teams.

Additionally, we have dedicated “solution architects” who work with clients to better understand their business requirements and to develop custom-tailored solutions to meet their unique needs.

Our clients include commercial businesses of many sizes and industries as well as public sector enterprises.

Additionally, we have dedicated “solution architects” who work with clients to better understand their business requirements and tailor our standard solutions to meet their unique needs.

Our clients include small and large commercial businesses across many industries, as well as public sector agencies and enterprises.

Our solutions help solve clients' business issues and help them achieve their desired business outcomes.

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Intellectual Property

Our general policy is to seek patent protection for those inventions likely to be incorporated into our products and services or where obtaining such proprietary rights will improve our competitive position.

As of December 31, 2021, we own approximately 589 patents and have 59 pending applications.

Generally, our policy is to seek patent protection for those inventions likely to be incorporated into our products and services or where obtaining such proprietary rights will improve our competitive position.

As of December 31, 2022, we own approximately 607 U.S.

patents and have 31 pending applications.

Our patent portfolio evolves as new patents are awarded to us and as older patents expire.

These patents expire at various dates, generally 20 years from their original filing dates.

While we believe that our portfolio of patents and applications has value, in general, no single patent is essential to our business or any individual segment.

While we believe that our portfolio of patents and applications has value, in general, no single patent is essential to our business or to any individual segment of our business.

In addition, any of our proprietary rights could be challenged, invalidated, or circumvented, or may not provide significant competitive advantages.

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Our business relies on software provided to an approximately equal extent, by both internal development and external sourcing to deliver our services.

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We vigorously enforce and protect our trademarks.

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People and Culture

The skills, expertise, and experience of our talented and diverse global workforce allow us to deliver mission-critical services and solutions that drive exceptional client outcomes.

As of December 31, 2021, we have approximately 60,000 associates in 24 countries working towards a common vision and purpose, with 42% located in North America and the remainder located primarily in Asia Pacific, Latin America and the Caribbean, and Europe.

Our three reportable segments, Commercial Industries, Government Services and Transportation, house most of our associates with approximately 42,300, 6,000 and 4,000 associates, respectively.

As of December 31, 2022, we had approximately 62,000 associates in 25 countries working towards a common vision and purpose, with 41% located in North America and the remainder located primarily in Asia Pacific, Latin America and the Caribbean, and Europe.

Our three reportable segments, Commercial, Government and Transportation, house most of our associates with approximately 45,000, 6,000 and 4,000 associates, respectively.

Conduent Diversity & Inclusion (D&I)

We draw strength from the diversity of our global workforce, and we believe that creating an inclusive culture where all associates can bring their authentic selves to work creates value for all our stakeholders.

Our Employee Impact Groups (EIG) are at the heart of our efforts to develop an inclusive workplace.

In 2021, we added an eighth EIG that connects associates across generational and tenure segments, while growing overall EIG membership by over 100%.

Our EIGs curated over 80 hours of cultural activities to engage our associates and promote our core value of being open and inclusive.

Our EIGs have membership in every region wherein we have operations.

In addition, they deployed over 20 hours of professional development activities to respond specifically to the needs of our diverse workforce.

In addition, we identified leaders across the business to serve on our inaugural Global Diversity and Inclusion Council (GDIC).

The newly formed GDIC has been charged with working with functional business leaders to shape the deployment of the Enterprise Diversity and Inclusion Plan.

We are proud to have received several global workplace diversity awards, including our first designation as a “Best Places to Work for LGBTQ+ Equality” for 2022 by the Human Rights Campaign Foundation’s Corporate Equality Index in both the United States and its equivalent in Mexico, HRC Equidad MX.

Our eight Employee Impact Groups (EIGs) continue to play a vital role in creating an environment of belonging and inclusion through year-round activities that advance culture and professional development, create a sense of community, and impact business outcomes.

As part of our focus on D&I awareness and education, in 2022, we delivered extensive training on "inclusive leadership" and hosted panel discussions with members of our Board of Directors on a range of D&I topics.

We continue to advance our efforts towards embedding D&I in our talent management and recruiting practices and are proud to have received several global workplace diversity awards, including being recognized as a Top Employer for LGBT+ inclusion in India’s Workplace Equality Index (IWEI) 2022, a Best Place to Work for Disability Inclusion by the American Association of People with Disabilities and Disability:IN, and being named to Newsweek’s list of Top 100 Most Loved Workplaces.

Employee Learning and Development

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We are focused on building a workplace where our people can do their best work and have access to the learning tools and resources they need to excel in their role, stay competitive and grow their skill set.

We offer our associates modern, digital world-class learning platforms that help them learn anywhere, anytime on a wide range of topics including technology, professional and business-related.

We offer our associates modern, digital world-class learning platforms that help them learn anywhere, anytime on a wide range of topics including technology, professional and business-related themes.

We continue to invest in new, cutting-edge learning platforms to elevate their learning experience.

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Associate Engagement

We continuously seek and encourage feedback from our associates to inform our talent strategy and further strengthen our employee value proposition.

In 2021, we sustained a high-level of engagement despite a challenging pandemic year, as indicated by our Associate Experience Survey.

We saw a significant increase in overall engagement with our senior leaders across all survey categories, with 'clarity of direction' about our company and 'resources and support' to work effectively being amongst our highest scoring categories for all associates.

COVID-19 Pandemic (COVID)

As we continued to navigate the uncertainty of the pandemic in 2021, protecting the health and safety of our associates remained our top priority.

Our COVID case management tracking and reporting enabled us to monitor the impacts of COVID on our workforce and workplace and protect business continuity.

A small percentage of our essential workforce returned to onsite work with stringent safety protocols in place.

We continued to demonstrate resiliency, agility and prudence, enabling many of our associates to shift between onsite and remote work depending on local conditions.

We have continued taking steps to connect our associates with resources that support their health and well-being, including hosting several mental health webinars and extending our 2020 time-off plans to give our associates more

We continuously gather associate feedback through multiple touchpoints throughout the year and leverage that feedback to both inform our talent strategy and enhance our associate experience.

These touchpoints include both external recognition surveys as well as feedback gathered through internal pulse surveys, exit surveys, and our internal social platform used for open and transparent communications.

In 2022, Conduent was recognized among Newsweek’s Top 100 Most Loved Workplaces.

This recognition was based largely on direct feedback gathered from our associates indicating a strong "emotional connection" between associates and our Company.

CNDT 2022 Annual Report

options to take time off for COVID-related sickness/hardships.

Effective and constant communication regarding the state of the pandemic, local protocols and vaccine regulations has been a key element of our efforts to create the safest possible working environments for our associates.

We also instituted vaccine attestation in the majority of the global geographies where we operate enabling us to understand vulnerabilities in our workforce and workplace to minimize risks during COVID spikes.

The feedback from our associates continues to be positive, especially in terms of the Company’s efforts to provide a safe work environment.

continuously monitor our rankings and feedback from current associates on review sites such as Comparably.

In 2022 our year-over-year Comparably scores held steady, with our overall culture score in the top 5% of similar sized companies, and love of team, challenging work, and flexibility to do remote work cited among the positives.

Awards and Recognition

During 2021, Conduent has been honored to receive several prestigious awards related to our human capital management practices, including:

• Being named to Comparably’s 2021:

◦ Best Company for Working Women list;

◦ Best Company for Global Culture list;

◦ Best Company in New York list;

◦ Best Company for Diversity list;

◦ Best CEOs for Diversity list.

• Being named to Forbes’ 2021 Best Employers for Diversity list

• Being designated as a “Best Places to Work for LGBTQ+ Equality” for 2022 by the Human Rights Campaign Foundation’s (HRC) Corporate Equality Index in both the United States and in Mexico (through its HRC Equidad MX program).

During 2022, Conduent has been honored to receive several prestigious awards related to our culture, including:

• Being recognized as a Top Employer for LGBT+ Inclusion in the India Workplace Equality Index (IWEI) 2022;

• Being named to Newsweek's 2022 Top 100 Most Loved Workplaces;

• Being recognized among Comparably's list of 2022 Best CEOs for Women;

• Being recognized as a Best Place to Work for Disability Inclusion based on our Disability Equality Index score May 2022;

• Being named to Forbes' America's Best 500 Employers for Diversity 2022.

Corporate Ethics

We operate according to our Ethics and Compliance Program (Program), which is focused on sustaining an ethical culture and designed to meet general governance and specific industry, regulatory, and legal requirements.

The Program is based on our core values, including personal accountability, and overseen by Conduent’s Ethics Office.

Conduent’s Code of Business Conduct (Code) is the foundation of our Program.

Our Code embodies and reinforces Conduent’s commitment to the highest standards of integrity and sets forth our expectations for ethical leadership, job performance, and compliance with the Code and Company policies.

We operate according to our Ethics and Compliance Program, which is focused on sustaining an ethical culture and is designed to meet general governance and specific industry, regulatory, and legal requirements.

The Ethics and Compliance Program is based on our core values, including personal accountability, and overseen by Conduent’s Ethics Office.

Conduent’s Code of Business Conduct is the foundation of our Ethics and Compliance Program.

Our Code of Business Conduct embodies and reinforces Conduent’s commitment to the highest standards of integrity and sets forth our expectations for ethical leadership, job performance, and compliance with the Code of Business Conduct and Company policies.

It is designed to help associates recognize ethics and compliance issues before they arise and to deal appropriately with issues that occur.

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Our revenues can be affected by various factors such as our clients’ demand patterns for our services, which includes peak windows for benefit enrollment, new product launches by clients, and busy retail and travel seasons.

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Availability of Company Information

Our internet address is www.conduent.com .

In the Investor Information section of our Internet website, you will find our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our Proxy Statements and any amendments to these reports and statements.

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our Proxy Statements and any amendments to these reports and statements are found on the Investors section of our website.

We make these documents available free of charge as soon as we can after we have filed them with, or furnished them to, the SEC.

Our Corporate Social Responsibility Report can also be found in the Investor Information section of our Internet website.

Our Corporate Social Responsibility Report can also be found in the Investors section of our website.

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The SEC maintains an internet address (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

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Clifford Skelton* 67 President and Chief Executive Officer 2019 2019

Mark Brewer 57 Executive Vice President, Transportation 2020 2019

Louis Keyes 54 Executive Vice President, Chief Revenue Officer 2020 2020

Louis Keyes 55 Executive Vice President, Transportation Solutions 2022 2020

Mark King 57 Executive Vice President, Government Solutions 2022 2022

Randall King 57 Executive Vice President, Commercial Solutions 2022 2022

Michael Krawitz 53 Executive Vice President, General Counsel and Secretary 2019 2019

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Each of the officers named above has been an officer or an executive of Conduent or its subsidiaries for less than five years.

As of February 23, 2022, there are no family relationships among any of the executive officers named above and any of our directors.

As of February 22, 2023, apart from executive officers Mark King and Randall King, who are brothers, there are no family relationships among any of the executive officers named above and any of our directors.

Skelton was appointed Chief Operating Officer of Conduent in June 2019, Chief Executive Officer of Conduent in August 2019 and President of Conduent in May 2021.

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Skelton is a former Navy fighter pilot and served in the Navy for over 20 years.

Brewer joined Conduent as Chief Operating Officer Transportation in June 2019 and was appointed Executive Vice President and Global Head of Public Sector in November 2019.

He became Executive Vice President, Transportation & Head of Enterprise Accounts in October 2020, and currently serves as Executive Vice President, Transportation.

Prior to joining Conduent, he served as Senior Vice President and Managing Director of Diebold Nixdorf from 2018 to 2019.

Prior to that Mr.

Brewer was Global Vice President for DXC’s Technology, Enterprise Application and Cloud Businesses from 2016 to 2018.

He also held a variety of leadership roles at IBM Corporation for over 20 years, in Europe, Asia and the Americas.

Skelton earned his Bachelor of Arts degree from the University of Southern California and Master of Public Administration from Harvard University's John F.

Kennedy School of Government.

Keyes joined Conduent as Global Head of Sales in September 2019.

He was appointed Executive Vice President, Chief Revenue Officer in December 2020.

He was appointed Executive Vice President, Chief Revenue Officer in December 2020 and appointed Executive Vice President, Transportation Solutions in August 2022.

Prior to joining Conduent, he served as Executive Vice President, Chief Sales Officer at York Risk Services from October 2017 to September 2019.

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Keyes has also held senior executive leadership roles at Hewlett-Packard Enterprise Services and Electronic Data Systems Corporation.

Keyes earned his Bachelor of Arts degree from the University of Texas at Dallas.

Mark King joined Conduent in October of 2020 as Head of Government Solutions.

He was appointed Executive Vice President, Government Solutions in August 2022.

King has end-to-end responsibility over our portfolio of government solutions helping agencies across the U.S.

transform their operations, better serve constituents, and create more satisfying outcomes for people and communities served.

Prior to joining Conduent, Mr.

King was Head of Output Solutions at Fiserv where he was responsible for all aspects of the business, including product and account management, technology, operations, and financial performance.

King also served as Senior Vice President at Bank of America between 2001 and 2013.

King earned his Bachelor of Arts in Economics at University of North Carolina at Greensboro.

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Randall King joined Conduent in May 2020 as Global Head, End User Experience.

He was appointed Executive Vice President, Commercial Solutions in August 2022.

King has responsibility for our commercial solutions portfolio, including Customer Experience Management, Document Management/Automation and Finance, Accounting and Procurement offerings as well as Commercial Healthcare, Human Resources, Learning, Casualty Claims Solutions and Legal, Compliance and Analytics.

Prior to joining Conduent he worked for Bank of America, where he served as Chief Operating Officer for Consumer and Wealth Management, as part of the bank’s Global Business Services organization.

King earned his Bachelor of Science degree in Economics at North Carolina State University and completed the Operations Leadership Program at the University of Michigan’s Stephen M.

Ross School of Business.

Krawitz has served as Executive Vice President, General Counsel and Secretary since November 2019.

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Krawitz held leadership roles in public and private companies in the technology and finance sectors.

Krawitz began his career at Fried Frank and was educated at Cornell University and Harvard Law School.

Krawitz began his career at Fried Frank and earned his Bachelor of Arts in Economics and in Government from Cornell University and his Juris Doctor from Harvard Law School.

Prout joined Conduent as Head of Information Technology in June of 2019.

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Prout has also held various leadership positions at United Parcel Service.

Prout earned his Bachelor's degree in business management and programming from Southern Illinois University, Carbondale.

Wood has served as the Chief Financial Officer of Conduent since June 2021.

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From December 2016 to May 2020, Mr.

Wood served as Vice President & Chief Financial Officer of Fiserv Output Solutions, from March 2009 to December 2016, Mr.

Wood served as Vice President & Controller over several different operating groups and from January 2005 to March 2009, Mr.

Wood led International Finance & Accounting operations.

Wood is a Chartered Global Management Accountant with an MBA with distinction from Warwick Business School.

Wood served as Vice President & Chief Financial Officer of Fiserv Output Solutions.

From March 2009 to December 2016, he served as Vice President & Controller over several different operating groups, and from January 2005 to March 2009, he led International Finance & Accounting operations.

Wood is a Chartered Global Management Accountant with an MBA with distinction from Warwick Business School and a Bachelor of Science from the University of Birmingham in the United Kingdom.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business