Good morning, and welcome to the Conduent Third Quarter 2023 Earnings Announcement. [Operator Instructions] As a reminder, this conference is being recorded. At this time, I would like to hand the call over to Giles Goodburn, Vice President of Investor Relations. Thank you. You may begin.

Thank you, operator, and thanks everyone, for joining us today to discuss Conduent's Third Quarter 2023 Earnings. We hope you had a chance to review our press release issued earlier this morning. 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. Cliff will then provide his closing comments. 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 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 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 the limitation to their usefulness for comparative purposes, please see our press release. And now I would like to turn the call over to Cliff.

Thank you, Giles. Welcome everyone to Conduent’s Q3 earnings call. Well, these are certainly interesting and not always positive times we live in, so I hope you and your families are well. I'll turn it over to Steve in a moment for the detailed financials. But let me first say that today marks my 18th quarterly earnings since arriving here at Conduent. I can tell you we've come a long way since August of 2019. It will always feel like work in progress, but since then we've accomplished a lot. We upgraded our systems and stabilized our environments. We optimized our infrastructure, including reducing our datacenter footprint by 80% with around 29 datacenter closures. We've re-engineered our sales team, sustaining 2020's 2X improvement in TCV. We now retain and sell more business than we lose as demonstrated by our net ARR number each quarter. Our net promoter score increased by 30 points, and we received several supplier excellence awards from clients. Our [taken up stat] availability is 3.9 plus, and we're now almost entirely a cloud-enabled company. We've upgraded and continue to upgrade talent. We have a healthy culture built on teamwork and personal accountability. And we're finally beginning to outrun the revenue lost from the days of poorer quality. The journey has now shifted to new challenges not yet satisfied. We need a more nimble portfolio of solutions and go-to-market capabilities, and that is underway. We need to double down on our best technologies and solutions and continue to grow in areas we've always excelled at. We're on that. We need to capitalize on breakthrough capabilities like immediate payments, and we're certainly on that. We communicated these imperatives in March of this year, and we continue to execute on those commitments. But we have more to do before the…

Thanks, Chris. As we have done in the past, we are reporting both GAAP and non-GAAP numbers. The reconciliations are in our press release and in the appendix of the presentation. Let's turn to slide 5 and go over some of the key themes from our sales metrics. The punchline for Q3 is that our sales performance mirrored what we saw in the first two quarters of 2023. With the Government and Transportation segments generally outperforming the prior year compares and offsetting this, we've continued to see some softness in parts of Commercial segment sales. As Cliff mentioned, there's plenty of deal activity in commercial, but there's smaller deals. Cliff referred to them as singles and doubles. And at least to date this year, we're lacking the same quantity of larger deals we saw in 2022. As I said last quarter, in the Commercial segment, we're seeing longer decision-making cycles and slightly more cautious buying behavior. We think driven by broader macro concerns consistent with others in our industry. The pipeline is still strong, but deals are taking a little longer than expected to close, and it's changed are likely mix of full year sales, as we don't necessarily see this correcting itself in the next couple of quarters. In Q3, overall ACV was $154 million, as compared to $191 million in Q3, 2022. Year-to-date, we're at 91% of last year's ACV attainment through the first three quarters. TCV was $316 million in the quarters compared to $347 million in Q3, 2022, and for TCV year-to-date, we're at 160% of last year's attainment through the first three quarters of 2023, driven primarily by the large long-term transit deal in Australia, which we announced in the second quarter, and which we are now underway with implementing. We had a very strong…

Thanks, Steve. As mentioned, we're pleased with the top line revenue and EBITDA in Q3 with more consistent performance expected ahead of us. Meanwhile, we appreciate your attention amidst very trying times in the world, is times like this where all you can do as a company is stay the course, execute against a stated strategy, focus and keep optimistic. In fact, we do feel optimistic about the work we're doing in 2023 and how it impacts the remainder of the year into 2024. And our ability to hit the 2025 financial exit rate Steve articulated in our March Investor briefing. The journey is in full swing. Thanks again for being here today. And that concludes our Q3, 2023 Conduent Earnings Call.

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

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