CONDUENT Inc (CNDT) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-05-18	Dec-31-17	Dec-31-16
	10-K	10-K	10-K	10-K	10-K	8-K	10-K	10-K
Revenues:
Commercial Industries				2,385	2,550		2,685	2,827
Government services				1,263	1,351		1,433	1,575
Transportation Services				781	729		767	766
Other	7	70	72	38	763		1,137
Other	3,851	4,070	4,091					1,240
Total revenues	3,858	4,140	4,163	4,467	5,393	5,393	6,022	6,408
Revenue growth [+]	-6.8%	-0.6%	-6.8%	-17.2%	-10.4%		-6.0%	-3.8%
Commercial Industries				-6.5%	-5.0%		-5.0%	-30.4%
Government services				-6.5%	-5.7%		-9.0%
Transportation Services				7.1%	-5.0%		0.1%
Other	-90.0%	-2.8%	89.5%	-95.0%	-32.9%
Cost of goods sold	3,018	3,138	3,209	3,494	4,182	4,182	4,730	5,174
Gross profit	840	1,002	954	973	1,211	1,211	1,292	1,234
Gross margin	21.8%	24.2%	22.9%	21.8%	22.5%	22.5%	21.5%	19.3%
Selling, general and administrative	440	544	468	479	560	560	611	679
Research and development	7	4	1	8	11	11	12	31
Other operating expenses	-1	36	1	-10	221	597	94	20
EBITDA [+]	394	418	484	496	419	43	575	504
EBITDA growth	-5.7%	-13.6%	-2.4%	18.4%	-27.1%		14.1%	98.4%
EBITDA margin	10.2%	10.1%	11.6%	11.1%	7.8%	0.8%	9.5%	7.9%
Depreciation	217	217	220	213	218	460	252	331
EBITA	177	201	264	283	201	-417	323	173
EBITA margin	4.6%	4.9%	6.3%	6.3%	3.7%	-7.7%	5.4%	2.7%
Amortization of intangibles	13	135	239	246	242		243	280
EBIT [+]	164	66	25	37	-41	-417	80	-107
EBIT growth	148.5%	164.0%	-32.4%	-190.2%	-151.3%		-174.8%	-69.1%
EBIT margin	4.3%	1.6%	0.6%	0.8%	-0.8%	-7.7%	1.3%	-1.7%
Non-recurring items [+]	207	51	104	2,065	350	81	-41	1,080
Asset impairment	358			1,952				935
Restructuring charges	39	45	67	71	81	81	12	145
Loss (gain) on sale of business	-158	3	17	25	42		-42
Legal settlement	-32	3	20	17	227		-11
Interest expense	84	55	60	78	112		137	40
Interest expense	84	55	60	78	112		137	40
Other income (expense), net [+]		15			108	103
Litigation settlement								40
Gain (loss) on debt retirement		-15			-108	-108
Other						-5
Pre-tax income	-127	-25	-139	-2,106	-395	-395	-16	-1,227
Income taxes	55	3	-21	-172	21	21	-193	-244
Tax rate			15.1%	8.2%			1206.3%	19.9%
Earnings from continuing ops	-182	-28	-118	-1,934	-416	-416	177	-983
Earnings from discontinued ops							0
Net income	-182	-28	-118	-1,934	-416	-416	177	-983
Net margin	-4.7%	-0.7%	-2.8%	-43.3%	-7.7%	-7.7%	2.9%	-15.3%

Basic EPS [+]	($0.84)	($0.13)	($0.56)	($9.24)	($2.02)	($2.06)	$0.87	($4.85)
Growth	540.5%	-76.6%	-93.9%	357.7%	-332.7%		-117.9%	192.6%
Diluted EPS [+]	($0.84)	($0.13)	($0.56)	($9.24)	($2.02)	($2.06)	$0.86	($4.85)
Growth	540.5%	-76.6%	-93.9%	357.7%	-335.9%		-117.7%	192.6%

Dividends per share						$0.05

Shares outstanding (basic) [+]	216	213	210	209	206	202	204	203
Growth	1.5%	1.3%	0.3%	1.6%	1.0%		0.6%	0.0%
Shares outstanding (diluted) [+]	216	213	210	209	206	202	207	203
Growth	1.5%	1.3%	0.3%	1.6%	-0.4%		1.9%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.