CONDUENT INCORPORATED (Exact name of registrant as specified in its charter)
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- Sibyl Lester
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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): February 22, 2017 CONDUENT INCORPORATED (Exact name of registrant as specified in its charter) New York (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 100 Campus Drive Florham Park, New Jersey (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: (908) Not Applicable (Former name or former address, if changed since last report) ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowing provisions(seegeneralinstructiona.2.below): WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR ) SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12) Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b)) Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))
2 Item Results of Operations and Financial Condition. OnFebruary22,2017,Registrantreleaseditsfourthquarter2016earningsandisfurnishingtotheSecuritiesandExchangeCommissionacopyoftheearnings pressreleaseasexhibit99.1tothisreportunderitem2.02ofform8-k. Item 7.01 Other Events. OnFebruary ,RegistranthelditsFourthQuarterandFullYear2016EarningsCall.AttachedasExhibit99.2isacopyofRegistrant sinvestorpresentation datedfebruary22,2017preparedforthefourthquarterandfullyear2016earningscall. TheinformationcontainedinItem2.02andItem7.01ofthisReportandinExhibit99.1andExhibit99.2tothisReportshallnotbedeemed filed withthe CommissionforpurposesofSection18oftheExchangeActof1934,asamended,orotherwisesubjecttotheliabilityofthatsection. Exhibit99.1andExhibit99.2tothisReportcontaincertainfinancialmeasuresthatareconsidered non-gaapfinancialmeasures asdefinedinthesecrules. Exhibit99.1andExhibit99.2tothisReportalsocontainthereconciliationofthesenon-GAAPfinancialmeasurestotheirmostdirectlycomparablefinancial measurescalculatedandpresentedinaccordancewithgenerallyacceptedaccountingprinciples,aswellasthereasonswhyregistrant smanagementbelievesthat presentationofthenon-gaapfinancialmeasuresprovidesusefulinformationtoinvestorsregardingregistrant sresultsofoperationsand,totheextentmaterial,a statementdisclosinganyotheradditionalpurposesforwhichregistrant smanagementusesthenon-gaapfinancialmeasures. Item Financial Statements and Exhibits. (d)exhibits. Exhibit No. Description 99.1 Registrant sfourthquarter2016earningspressreleasedatedfebruary22, Registrant sinvestorpresentationdatedfebruary22,2017 Forward Looking Statements Thisreportcontains forward-lookingstatements thatinvolverisksanduncertainties.thesestatementscanbeidentifiedbythefactthattheydonotrelatestrictly tohistoricalorcurrentfacts,butratherarebasedoncurrentexpectations,estimates,assumptionsandprojectionsaboutthebusinessprocessoutsourcingindustry andourbusinessandfinancialresults.forward-lookingstatementsoftenincludewordssuchas anticipates, estimates, expects, projects, intends, plans, believes andwordsandtermsofsimilarsubstanceinconnectionwithdiscussionsoffutureoperatingorfinancialperformance.aswithanyprojectionor forecast,forward-lookingstatementsareinherentlysusceptibletouncertaintyandchangesincircumstances.ouractualresultsmayvary
3 materiallyfromthoseexpressedorimpliedinourforward-lookingstatements.accordingly,unduerelianceshouldnotbeplacedonanyforward-lookingstatement madebyusoronourbehalf.importantfactorsthatcouldcauseouractualresultstodiffermateriallyfromthoseinourforward-lookingstatementsinclude governmentregulation,economic,strategic,politicalandsocialconditionsandthefollowingfactors,amongothers:competitivepressures;changesininterestin outsourcedbusinessprocessservices;ourabilitytoobtainadequatepricingforourservicesandtoimproveourcoststructure;theeffectsofanyacquisitions,joint venturesanddivestituresbyus;ourabilitytoattractandretainkeyemployees;ourabilitytoattractandretainnecessarytechnicalpersonnelandqualified subcontractors;adeclineinrevenuesfromoralossorfailureofsignificantclients;ourabilitytoestimatethescopeofworkorthecostsofperformanceinour contracts;thefailuretocomplywithlawsrelatingtoindividuallyidentifiableinformationandpersonalhealthinformationandlawsrelatingtoprocessingcertain financialtransactions,includingpaymentcardtransactionsanddebitorcreditcardtransactions;ourabilitytodeliveronourcontractualobligationsproperlyandon time;ourabilitytorenewcommercialandgovernmentcontractsawardedthroughcompetitivebiddingprocesses;increasesinthecostoftelephoneanddata servicesorsignificantinterruptionsinsuchservices;changesintaxandotherlawsandregulations;increasedvolatilityordecreasedliquidityinthecapitalmarkets, includinganylimitationonourabilitytoaccessthecapitalmarketsfordebtsecurities,refinanceouroutstandingindebtednessorobtainbankfinancingon acceptableterms;theimpactofterroristacts,hostilities,naturaldisasters(includingextremeweather)andpandemicviruses;changesinforeignexchangerates;our lackofanoperatinghistoryasanindependentpubliclytradedcompany;changesinu.s.gaaporotherapplicableaccountingpolicies;theotherrisksand uncertaintiesdetailedinthesectiontitled RiskFactors,thesectiontitled LegalProceedings,ourfinancialstatementsandtheaccompanyingnotesthereto,and theothersectionsofourregistrationstatementonform10,asamended,andthesectiontitled RiskFactors thesectiontitled Management sdiscussionand AnalysisofFinancialCondition,ourfinancialstatementsandtheaccompanyingnotesthereto,andtheothersectionsofourQuarterlyReportonForm10-Qfor thequarterendedseptember30,2016.wecautionyouthattheforegoinglistofimportantfactorsmaynotcontainallofthematerialfactorsthatareimportantto you.anyforward-lookingstatementsmadebyusinthiscurrentreportspeakonlyasofthedateonwhichtheyaremade.weareundernoobligationto,and expresslydisclaimanyobligationto,updateoralterourforward-lookingstatements,whetherasaresultofnewinformation,subsequenteventsorotherwise.
4 SIGNATURES PursuanttotherequirementsoftheSecuritiesExchangeActof1934,RegistranthasdulyauthorizedthisReporttobesignedonitsbehalfbytheundersignedduly authorized. Date:February22,2017 CONDUENTINCORPORATED By: /s/ Jay T. Chu JayT.Chu VicePresidentandChiefAccountingOfficer
5 Exhibit No. Description EXHIBIT INDEX 99.1 Registrant sfourthquarter2016earningspressreleasedatedfebruary22, Registrant sinvestorpresentationdatedfebruary22,2017
6 Exhibit 99.1 NewsfromConduent ForImmediateRelease ConduentIncorporated 100CampusDrive FlorhamPark,NJ ConduentAnnouncesFourthQuarterandFull-Year2016Results;ReaffirmsLong-TermOutlook Successfully Completed Spin-Off from Xerox; Listed as Independent Company on NYSE Fourthquarterandfull-yearfinancialresultsrepresentoperationswhilestillpartofXeroxCorporation FY2016revenuesof$6.408billion,adjustedrevenuesof$6.491billion;Q42016revenuesof$1.514billion,adjustedrevenuesof$1.597billion FY2016Profit(Loss)BeforeIncomeTaxof($1.227billion),whichincludes$935milliongoodwillimpairmentchargeand$161millionNYMMIScharge. FY2016adjustedEBITDAof$635million,adjustedEBITDAmarginof9.8%;Q42016adjustedEBITDAof$172million,adjustedEBITDAmarginof 10.8% FY2016GAAPEPS(Loss)of($4.85),adjustedEPSof$1.06;Q42016GAAPEPS(Loss)of($4.69),adjustedEPSof$0.29 Long-termfinancialoutlookremainsunchangedfromDecember5,2016InvestorEvent FLORHAMPARK,N.J.,Feb.22,2017 Conduent(NYSE:CNDT),aleadingproviderofdiversifiedbusinessprocessservices,todayannouncedfourthquarter andfull-year2016financialresultsreflectingitslastperiodaspartofxeroxcorporation. In2016,wewerefocusedonexecutingasuccessfulseparationfromXeroxtobecomeastand-alonepubliccompany, saidashokvemuri,ceoofconduent. As wemoveinto2017,wearealigningourgo-to-marketandcapitalallocationstrategieswiththecompetitiverequirementsofourindustry.ournear-termfocusison strengtheningclientrelationships,completingthebuild-outofourmanagementstructure,andcontinuingthesuccessofourstrategictransformationprogram criticalinreachingourmarginexpansiongoals. Fourth Quarter 2016 Results Fourthquarter2016GAAPrevenueswere$1.514billion.Operatingmarginwas(3.4)percent.ThecompanyreportedaGAAPEPS(Loss)of($4.69)which includestheimpactfromthegoodwillimpairmentchargeof$935million,$828millionnetofincometax($4.08pershare),andthenymmischargeof $161million,$98millionnetofincometax($0.48pershare).
7 Fourthquarteradjustedrevenueswere$1.597billion.Adjustedoperatingmarginwas6.8percent.AdjustedEBITDAwas$172million,withanadjustedEBITDA marginof10.8percent.thecompanyreportedadjustedearningspershareof$0.29. Conduentgenerated$146millionincashflowfromoperationsduringthefourthquarterandended2016withacashbalanceof$390million.Totaldebtwas approximately$2.0billionasofdecember31.inearlyjanuary,thecompanyborrowedanadditional$100milliononitstermloanb. Full-Year 2016 Results Full-year2016GAAPrevenueswere$6.408billion.Operatingmarginwas3.0percent.ThecompanyreportedaGAAPEPS(Loss)of($4.85),whichincludesthe impactfromthegoodwillimpairmentchargeof$935million,$828millionnetofincometax($4.08pershare),andthenymmischargeof$161million, $98millionnetofincometax($0.48pershare). Full-yearadjustedrevenueswere$6.491billion.Adjustedoperatingmarginwas5.5percent.AdjustedEBITDAwas$635million,withadjustedEBITDAmargin of9.8percent.thecompanyreportedadjustedearningspershareof$1.06. Conduentgenerated$108millionincashflowfromoperationsforthefull-year2016. Financial and Strategic Outlook Conduent slong-termfinancialoutlookremainsunchangedfromwhatwasoutlinedatthedecember2016investorevent,andthecompanyiscontinuingto executeagainstitsstrategictransformationprogram. Thestrategictransformationcontinuestoprogressasexpected.Oureffortsextendthroughouttheorganizationandarefocusedonmultipleaspectsofthebusiness, includingmodernizingplatforms,refocusingourinnovationgroup,andexpandingverticalizationinourcoremarkets, saidbrianwebbwalsh,conduentcfo. Theseinitiativeswillstrengthenourfoundationforthefuture. Conference Call Managementwillpresenttheresultsduringaconferencecallandwebcastat10a.m.Eastern. Thecallwillbeavailablebyliveaudiowebcastalongwiththenewsreleaseandonlinepresentationslidesathttps://investor.conduent.com/. Theconferencecallwillalsobeavailablebycalling (internationaldial-in )atapproximately9:45a.m.ET.TheconferenceIDforthis callis Arecordingoftheconferencecallwillbeavailablebycalling ,or after1:30p.m.ETonFebruary22,2017.ThereplayIDis Forinternationalcalls,pleaseselectadial-innumberfrom: availableuntil7:00p.m.etonmarch15,2017.
8 About Conduent Conduentisaleadingproviderofdiversifiedbusinessprocessserviceswithleadingcapabilitiesintransactionprocessing,automation,analyticsandconstituent experience.weworkwithbothgovernmentandcommercialcustomersinassistingthemtodeliverqualityservicestothepeopletheyserve. WemanageinteractionswithpatientsandtheinsuredforasignificantportionoftheU.S.healthcareindustry.Wearethecustomerinterfaceforlargesegmentsof thetechnologyindustryandtheoperationalandprocessingpartnerofchoiceforpublictransportationsystemsaroundtheworld. Whetherit sdigitalpayments,claimsprocessing,benefitadministration,automatedtolling,customercareordistributedlearning Conduentmanagesand modernizestheseinteractionstocreatevalueforbothourclientsandtheirconstituents.learnmoreatwww.conduent.com. Forward Looking Statements Thisnewsreleasecontains forward-lookingstatements thatinvolverisksanduncertainties.thesestatementscanbeidentifiedbythefactthattheydonotrelate strictlytohistoricalorcurrentfacts,butratherarebasedoncurrentexpectations,estimates,assumptionsandprojectionsaboutthebusinessprocessoutsourcing industryandourbusinessandfinancialresults.forward-lookingstatementsoftenincludewordssuchas anticipates, estimates, expects, projects, intends, plans, believes andwordsandtermsofsimilarsubstanceinconnectionwithdiscussionsoffutureoperatingorfinancialperformance.aswithanyprojectionor forecast,forward-lookingstatementsareinherentlysusceptibletouncertaintyandchangesincircumstances.ouractualresultsmayvarymateriallyfromthose expressedorimpliedinourforward-lookingstatements.accordingly,unduerelianceshouldnotbeplacedonanyforward-lookingstatementmadebyusoronour behalf.importantfactorsthatcouldcauseouractualresultstodiffermateriallyfromthoseinourforward-lookingstatementsinclude: governmentregulation,economic,strategic,politicalandsocialconditionsandthefollowingfactors; competitivepressures; changesininterestinoutsourcedbusinessprocessservices; ourabilitytoobtainadequatepricingforourservicesandtoimproveourcoststructure; theeffectsofanyacquisitions,jointventuresanddivestituresbyus; ourabilitytoattractandretainkeyemployees; ourabilitytoattractandretainnecessarytechnicalpersonnelandqualifiedsubcontractorsandtheirabilitytodeliverorperformasexpected; terminationright,auditsandinvestigationsassociatedwithgovernmentcontracts; adeclineinrevenuesfromoralossorfailureofsignificantclients; ourabilitytoestimatethescopeofworkorthecostsofperformanceinourcontracts; thefailuretocomplywithlawsrelatingtoindividuallyidentifiableinformationandpersonalhealthinformationandlawsrelatingtoprocessingcertain financialtransactions,includingpaymentcardtransactionsanddebitorcreditcardtransactions; ourabilitytodeliveronourcontractualobligationsproperlyandontime;
9 ourabilitytorenewcommercialandgovernmentcontractsawardedthroughcompetitivebiddingprocesses; increasesinthecostoftelephoneanddataservicesorsignificantinterruptionsinsuchservices; changesintaxandotherlawsandregulations; changesinu.s.gaaporotherapplicableaccountingpolicies;and otherfactorsthataresetforthinthe RiskFactors section;the LegalProceedings section,the ManagementDiscussionandAnalysisofFinancial ConditionandResultsofOperations sectionandothersectionsoftheconduentincorporatedform10registrationstatement,aswellasinour QuarterlyReportsonForm10-QandCurrentReportsonForm8-K. Thislistofimportantriskfactorsisnotintendedtobeexhaustive.Conduentisundernoobligationto,andexpresslydisclaimsanyobligationto,updateany forward-lookingstatementsasaresultofnewinformationorfutureeventsordevelopments,exceptasrequiredbylaw. Wecautionyouthattheforegoinglistofimportantfactorsmaynotcontainallofthematerialfactorsthatareimportanttoyou.Anyforward-lookingstatements madebyusinthiscurrentreportspeakonlyasofthedateonwhichtheyaremade.weareundernoobligationto,andexpresslydisclaimanyobligationto,update oralterourforward-lookingstatements,whetherasaresultofnewinformation,subsequenteventsorotherwise. Non-GAAP Financial Measures WehavereportedourfinancialresultsinaccordancewithU.S.generallyacceptedaccountingprinciples(GAAP).Inaddition,wehavediscussedourfinancial resultsusingthenon-gaapmeasuresdescribedbelow.webelievethesenon-gaapmeasuresallowinvestorstobetterunderstandthetrendsinourbusinessand tobetterunderstandandcompareourresults.accordingly,webelieveitisnecessarytoadjustseveralreportedamounts,determinedinaccordancewithgaap,to excludetheeffectsofcertainitemsaswellastheirrelatedtaxeffects.managementbelievesthatthesenon-gaapfinancialmeasuresprovideanadditionalmeans ofanalyzingthecurrentperiods resultsagainstthecorrespondingpriorperiods results.however,thesenon-gaapfinancialmeasuresshouldbeviewedin additionto,andnotasasubstitutefor,thecompany sreportedresultspreparedinaccordancewithu.s.gaap.ournon-gaapfinancialmeasuresarenotmeant tobeconsideredinisolationorasasubstituteforcomparableu.s.gaapmeasuresandshouldbereadonlyinconjunctionwithourconsolidatedfinancial StatementspreparedinaccordancewithU.S.GAAP.Ourmanagementregularlyusesoursupplementalnon-GAAPfinancialmeasuresinternallytounderstand, manageandevaluateourbusinessandmakeoperatingdecisions.thesenon-gaapmeasuresareamongtheprimaryfactorsmanagementusesinplanningforand forecastingfutureperiods.compensationofourexecutivesisbasedinpartontheperformanceofourbusinessbasedonthesenon-gaapmeasures.refertothe Non-GAAPFinancialMeasures sectionattachedtothisreleaseforadiscussionofthesenon-gaapmeasuresandtheirreconciliationtothereportedgaap measure. ###
10 Media Contacts: Investor Contact: Xerox andxeroxanddesign aretrademarksofxeroxintheunitedstatesand/orothercountries.conduentisatrademarkofconduentincorporatedinthe UnitedStatesand/orothercountries.
11 Conduent Incorporated Condensed Consolidated Statements of Income (Unaudited) Three Months Ended Year Ended December 31, December 31, (inmillions,exceptper-sharedata) % Change % Change Revenues Outsourcing $ 1,502 $ 1,717 (13)% $ 6,358 $6,609 (4)% Relatedparty (8)% (6)% Total Revenues 1,514 1,730 (12)% 6,408 6,662 (4)% Costs and Expenses Costofoutsourcing 1,383 1,432 (3)% 5,462 5,937 (8)% Relatedpartycostofservices 8 11 (27)% (10)% Researchanddevelopment 6 13 (54)% (40)% Selling,administrativeandgeneral (5)% (2)% Restructuringandrelatedcosts 44 (1) * (36)% Amortizationofintangibleassets % % Goodwillimpairment 935 * 935 * Separationcosts 10 * 44 * Relatedpartyinterest (4) 11 (136)% (57)% Otherexpenses,net % (11)% Total Costs and Expenses 2,655 1,722 54% 7,635 7,236 6% (Loss) Income Before Income Taxes (1) (1,141) 8 * (1,227) (574) 114% Incometaxbenefit (190) (1) * (244) (238) * (Loss) Income from Continuing Operations (951) 9 * (983) (336) 193% Lossfromdiscontinuedoperations,netoftax (14) (100)% (78) (100)% Net Loss $ (951) $ (5) * $ (983) $ (414) 137% Basic (Loss) Earnings per Share: Continuingoperations $ (4.69) $ 0.04 * $ (4.85) $ (1.65) * Discontinuedoperations (0.07) * (0.39) * Total Basic Loss per Share $ (4.69) $ (0.03) * $ (4.85) $ (2.04) * Diluted (Loss) Earnings per Share: Continuingoperations $ (4.69) $ 0.04 * $ (4.85) $ (1.65) * Discontinuedoperations (0.07) * (0.39) * Total Diluted (Loss) per Share $ (4.69) $ (0.03) * $ (4.85) $ (2.04) * * Percentchangenotmeaningful. (1) Referredtoas Pre-Tax(Loss)Income throughouttheremainderofthisdocument.
12 Conduent Incorporated Condensed Consolidated Balance Sheets (Unaudited) (inmillions,exceptsharedatainthousands) December 31, 2016 December 31, 2015 Assets Cashandcashequivalents $ 390 $ 140 Accountsreceivable,net 1,286 1,246 Relatedpartynotesreceivable 248 Othercurrentassets Totalcurrentassets 1,917 1,874 Land,buildingsandequipment,net Intangibleassets,net 1,144 1,425 Goodwill 3,889 4,872 Otherlong-termassets Total Assets $ 7,709 $ 9,058 Liabilities and Equity Short-termdebtandcurrentportionoflong-termdebt $ 28 $ 24 Relatedpartynotespayable 1,132 Accountspayable Accruedcompensationandbenefitscosts Unearnedincome Netpayabletoformerparentcompany 124 Othercurrentliabilities Totalcurrentliabilities 1,402 2,741 Long-termdebt 1, Pensionandotherbenefitliabilities Deferredtaxes Otherlong-termliabilities Total Liabilities 4,279 3,896 Series A Convertible Preferred Stock 142 Commonstock 2 Additionalpaid-incapital 3,812 Formerparentcompanyinvestment 5,343 Accumulatedothercomprehensiveloss (526) (181) Total Equity 3,288 5,162 Total Liabilities and Equity $ 7,709 $ 9,058 Sharesofcommonstockissuedandoutstanding 202,875
13 Conduent Incorporated Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended December 31, Year Ended December 31, (inmillions) Cash Flows from Operating Activities: Netloss $ (951) $ (5) $ (983) $ (414) Adjustmentsrequiredtoreconcilenetincometocashflowsfromoperatingactivities: Depreciationandamortization Goodwillimpairment Provisionforreceivables Deferredtaxexpense (4) (115) (4) (115) Netlossonsalesofbusinessesandassets Stock-basedcompensation 6 (14) Restructuringandassetimpairmentcharges 28 (1) Paymentsforrestructurings (9) (6) (46) (19) Contributionstodefinedbenefitpensionplans (2) (2) (6) (8) Decrease(increase)inaccountsreceivable (27) 239 Increaseinothercurrentandlong-termassets (20) (13) (90) (86) Increase(decrease)inaccountspayableandaccruedcompensation (60) 22 (Decrease)increaseinothercurrentandlong-termliabilities (46) 37 (210) 228 Netchangeinincometaxassetsandliabilities (197) 172 (117) (236) Otheroperating,net 1 (1) Netcashprovidedbyoperatingactivities Cash Flows from Investing Activities: Costofadditionstoland,buildingsandequipment (63) (35) (149) (158) Costofadditionstointernalusesoftware (8) (7) (39) (27) Proceedsfromsaleofbusinesses (53) 939 Acquisitions,netofcashacquired (2) (1) (197) Proceedsfrominvestments Netproceeds(payments)onrelatedpartynotesreceivable 205 (13) 248 (37) Otherinvesting,net 2 (1) 2 Netcashprovidedby(usedin)investingactivities 145 (55) Cash Flows from Financing Activities: Netproceedsondebt 1, , Netpaymentsondebt (14) (6) (32) (293) Netpaymentsonrelatedpartynotespayable (1,106) (107) (1,132) (91) Nettransferstoformerparent (804) (348) (588) (672) Excesstaxbenefitsfromstock-basedcompensation 3 6 Restrictedcash-relatedparty (18) (18) Otherfinancing 1 (1) Netcash(usedin)providedbyfinancingactivities (45) (453) 132 (1,023) Effectofexchangeratechangesoncashandcashequivalents (4) (3) (6) (11) Increase(decrease)increaseincashandcashequivalents 242 (23) 250 (19) Cashandcashequivalentsatbeginningofperiod Cash and Cash Equivalents at End of Period $ 390 $ 140 $ 390 $ 140
14 Non-GAAP Financial Measures WehavereportedourfinancialresultsinaccordancewithU.S.generallyacceptedaccountingprinciples(GAAP).Inaddition,wehavediscussedourfinancial resultsusingthenon-gaapmeasuresdescribedbelow,consistentwithxerox shistoricalpresentation.webelievethesenon-gaapmeasuresallowinvestorsto betterunderstandthetrendsinourbusinessandtobetterunderstandandcompareourresults.accordingly,webelieveitisnecessarytoadjustseveralreported amounts,determinedinaccordancewithgaap,toexcludetheeffectsofcertainitemsaswellastheirrelatedtaxeffects.managementbelievesthatthesenon- GAAPfinancialmeasuresprovideanadditionalmeansofanalyzingthecurrentperiods resultsagainstthecorrespondingpriorperiods results.however,these non-gaapfinancialmeasuresshouldbeviewedinadditionto,andnotasasubstitutefor,thecompany sreportedresultspreparedinaccordancewithu.s.gaap. Ournon-GAAPfinancialmeasuresarenotmeanttobeconsideredinisolationorasasubstituteforcomparableU.S.GAAPmeasuresandshouldbereadonlyin conjunctionwithourconsolidatedfinancialstatementspreparedinaccordancewithu.s.gaap.ourmanagementregularlyusesoursupplementalnon-gaap financialmeasuresinternallytounderstand,manageandevaluateourbusinessandmakeoperatingdecisions.thesenon-gaapmeasuresareamongtheprimary factorsmanagementusesinplanningforandforecastingfutureperiods.compensationofourexecutivesisbasedinpartontheperformanceofourbusinessbased onthesenon-gaapmeasures.also,non-gaapmeasuresarefootnoted,whereapplicableineachslideherein. TheseNon-GAAPfinancialmeasuresshouldbeviewedinadditionto,andnotasasubstitutefor,theCompany sreportedresultspreparedinaccordancewith GAAP.AreconciliationofthefollowingNon-GAAPfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordance withgaaparesetforthaspartoftheappendixtothispresentation. InconnectionwiththepreparationofourfinancialstatementsforthefiscalyearendedDecember31,2016,duringthefourthquarter,weperformedourannual goodwillimpairmenttest.followingthecompletionoftheimpairmenttest,wedeterminedthatwewillrecordanon-cashgoodwillimpairmentchargeof$935 million(approximately$828millionafter-taxor($4.08)pershare)inourcommercialsectorreportingunit.subsequenttothegoodwillimpairmentcharge,the CommercialSectorreportingunit sgoodwillbalanceisapproximately$908million.thisnon-cashchargeisattributableprimarilytoweakerthanexpected CommercialSectorrevenuesandoperatingprofits,includinginthefourthquarterof2016.Wedonotexpecttomakeanycurrentorfuturecashexpendituresasa resultofthisimpairment. WeareindiscussionswiththeStateofNewYorkregardingthestatusandscopeoftheHealthEnterpriseplatformproject,whichevolvedtoincludeoptionstonot fullycompletetheproject.basedonthosediscussions,webelieveitisprobablethatwewillnotfullycompletetheimplementationoftheplatforminnewyork. Asaresultofthesedevelopments,wewillrecordapre-taxchargeofapproximately$161million(approximately$98millionafter-taxor($0.48)pershare)inour fourth-quarter2016resultsreflectingestimatedassetimpairments,winddowncostsandotherimpactsfromthisproject.thechargeincludesapproximately$115 millionforthewrite-offofreceivablesandotherrelatedassetsandnon-cashimpairmentcharges,withtheremainderofthechargeexpectedtobecashoutflowsin futurequartersforwinddownandrelatedcosts. Lateinthethirdquarterof2015,wedeterminedthatwewouldnotfullycompleteHealthEnterpriseMedicaidplatformimplementationprojectsinCaliforniaand Montanaandrecordedachargeof$389million.Thechargeincludeda$116millionreductiontorevenueswiththeremaining$273millionrecordedtocostof outsourcing. AsaresultofthesignificantimpactoftheGoodwillImpairment,NYMMISChargeandHEChargeonourreportedrevenues,costsandexpensesaswellaskey metricsfortheperiod,wediscussour2016and2015resultsusingnon-gaapfinancialmeasuresthatexcludetheimpactoftheseitems,asdiscussedbelow. Adjusted Net Income (Loss), Adjusted Earnings per Share, and Adjusted Effective Tax Rate. WemakeadjustmentstoIncome(Loss)beforeIncomeTaxesforthefollowingitems,forthepurposeofcalculatingAdjustedNetIncome(Loss),Adjusted EarningsperShare,andAdjustedEffectiveTaxRate. In2016,weadjustedIncome(Loss)beforeIncomeTaxesfortheGoodwillImpairmentchargeof$935millionrecordedduringthefourthquarter2016. Alsoin2016,weadjustedIncome(Loss)beforeIncomeTaxesfortheNewYorkHealthEnterprise(NYMMIS)chargeof$161millionrecordedduringthefourth quarter2016.in2015,weadjustedincome(loss)beforeincometaxesforthehealthenterprise(he)chargeof$389millionrecordedduringthethirdquarter 2015.
15 Inadditiontotheitemsdiscussedabove,forthequarterandfullyearendedDecember31,2016and2015weAdjustedNetIncome(Loss),EarningsperShareand EffectiveTaxRateforthefollowingitems: Amortizationofintangibleassets.Theamortizationofintangibleassetsisdrivenbyacquisitionactivity,whichcanvaryinsize,natureandtimingas comparedtoothercompanieswithinourindustryandfromperiodtoperiod. Restructuringandrelatedcosts.Restructuringandrelatedcostsincluderestructuringandassetimpairmentchargesaswellascostsassociatedwithour StrategicTransformationprogram. Separationcosts.SeparationcostsareexpensesincurredinconnectionwithseparationfromXeroxCorporationintoaseparate,independent,publicly tradedcompany.separationcostsprimarilyrelatetothird-partyinvestmentbanking,accounting,legal,consultingandothersimilartypesofservices relatedtotheseparationtransactionaswellascostsassociatedwiththeoperationalseparationofthetwocompanies. Otherexpenses,net,excludingthirdpartyinterestexpense.Otherexpenses,netincludeslosses(gains)onsalesofbusinessesandassets,currency (gains)losses,net,litigationmattersandallotherexpenses,net. Adjusted Revenue, Costs and Expenses and Margin Adjusted Operating Income. WemakeadjustmentstoRevenue,CostsandExpensesandMarginforthe followingitems,forthepurposeofcalculatingadjustedoperatingincome. In2016,weadjustedIncome(Loss)beforeIncomeTaxesfortheGoodwillImpairmentchargeof$935millionrecordedduringthefourthquarter2016. AsaresultofthenatureandthesignificantimpactoftheNYMMISandHEchargesonourreportedrevenues,costsandexpenses,aswellaskeymetricsforthe period,wediscussedour2016and2015adjustedoperatingincomeafterexcludingtheimpactofthenymmisandhecharges.in2016,weadjustedoperating IncomebyadjustingIncome(Loss)beforeIncomeTaxesforthefourthquarterNYMMISchargeof$161million,whichincludedan$83millionreductionin revenues.in2015,weadjustedoperatingincomebyadjustingincome(loss)beforeincometaxesforthethirdquarterhechargeof$389million,which includeda$116millionreductioninrevenues. Inadditiontotheitemsdiscussedabove,forthethreemonthsandyearendedDecember31,2016and2015weAdjustedOperatingIncomeforthefollowingitems: AsdefinedaboveinAdjustedNetIncome(Loss),AdjustedEarningsperShare,andAdjustedEffectiveTaxRate: oamortizationofintangibleassets. orestructuringandrelatedcosts. oseparationcosts. WealsoadjustOperatingIncomefor: orelatedpartyinterest.includesinterestpaymentstoformerparent. ootherexpenses,net.includingthirdpartyinterest,losses(gains)onsalesofbusinessesandassets,currency(gains)losses,net,litigation mattersandallotherexpenses,net. Adjusted Revenues AsaresultofthenatureandthesignificantimpactoftheNYMMISandHEchargesonourreportedrevenues,wediscussedour2016and2015revenuesexcluding theimpactofthenymmisandhecharges.forthefourthquarterandfullyear2016,wereducedrevenuesby$83millionfornymmis.forthethirdquarter andfullyear2015,wereducedrevenuesby$116milliontoreflectthereductioninherevenues.
16 Adjusted EBITDA WeuseAdjustedEBITDAtoprovideadditionalinformationthatisusefultounderstandthefinancialcovenantscontainedintheCompany screditfacilityand indenture.wealsouseadjustedebitdaasanadditionalwayofassessingcertainaspectsofouroperationsthat,whenviewedwiththegaapresultsandthe accompanyingreconciliationstocorrespondinggaapfinancialmeasures,provideamorecompleteunderstandingofourcorebusiness.adjustedebitda representsincome(loss)beforeincometaxesadjustedforthefollowingitems: AsdefinedaboveinAdjustedNetIncome(Loss),AdjustedEarningsperShare,andAdjustedEffectiveTaxRatesectionorAdjustedRevenue,Costs andexpensesandmargin AdjustedOperatingIncomesection: othefourthquarterof2016goodwillimpairmentchargeandnymmischarge. othethirdquarter2015hecharge. oamortizationofintangibleassets. orestructuringandrelatedcosts. oseparationcosts. orelatedpartyinterest.includesinterestpaymentstoformerparent. ootherexpenses,net.includingthirdpartyinterest,losses(gains)onsalesofbusinessesandassets,currency(gains)losses,net,litigation mattersandallotherexpenses,net. WealsoadjustEBITDAfor: odepreciation onymmisdepreciation oheamortization AdjustedEBITDAisnotintendedtorepresentcashflowsfromoperations,operatingincome(loss)ornetincome(loss)asdefinedbyU.S.GAAPasindicatorsof operatingperformanceandarenotnecessarilycomparabletosimilarly-titledmeasuresreportedbyothercompanies.managementcautionsthatamountspresented inaccordancewithconduent sdefinitionadjustedebitdamaynotbecomparabletosimilarmeasuresdisclosedbyothercompaniesbecausenotallcompanies calculateadjustedebitdainthesamemanner. Adjusted Other Segment Revenue and Profit AsaresultofthenatureandthesignificantimpactoftheNYMMISandHEchargesonourOtherSegmentRevenueandProfit,wediscussOtherSegment RevenueandProfitexcludingtheimpactoftheNYMMISandHEcharges.In2016,weadjustedOtherSegmentbyadjustingforthefourthquarterNYMMIS chargeof$161million,whichincludedan$83millionreductioninrevenues.in2015,weadjustedothersegmentbyadjustingforthethirdquarterhechargeof $389million,whichincludeda$116millionreductioninrevenues. Free Cash Flow FreeCashFlowisdefinedascashflowsfromoperatingactivitiesasreportedontheconsolidatedstatementofcashflows,lesscostofadditionstoland,buildings andequipment,costofadditionstointernalusesoftwareandcapitalleaseadditions,plusproceedfromsalesofland,buildingandequipment.weusethenon- GAAPmeasureofFreeCashFlowasacriterionofliquidityandperformance-basedcomponentsofemployeecompensation.WeuseFreeCashFlowasameasure ofliquiditytodetermineamountswecanreinvestinourcorebusinesses,suchasamountsavailabletomakeacquisitions,investinland,buildingsandequipment andinternalusesoftware,makeprincipalpaymentsondebt,oramountswecanreturntoourstockholdersthroughdividendsand/orstockrepurchases.inorderto provideameaningfulbasisforcomparison,weareprovidinginformationwithrespecttoourfreecashflowforthethreemonthsandyearendeddecember31, 2016,reconciledforeachsuchperiodtocashflowprovidedbyoperatingactivities,whichwebelievetobethemostdirectlycomparablemeasureunderGAAP. Constant Currency Tobetterunderstandtrendsinourbusiness,webelievethatitishelpfultoadjustrevenuetoexcludetheimpactofchangesinthetranslationofforeigncurrencies intou.s.dollars.werefertothisadjustedrevenueas constantcurrency. Currencyimpactcanbedeterminedasthedifferencebetweenactualgrowthratesand constantcurrencygrowthrates.
17 Net (Loss) Income and EPS Reconciliation ThreeMonthsEnded YearEnded December31,2016 December31,2015 December31,2016 December31,2015 NetIncome NetIncome NetIncome NetIncome (inmillions) (Loss) EPS (Loss) EPS (Loss) EPS (Loss) EPS Reported(loss)incomefromcontinuingoperations $ (951) $ (4.69) $ 9 $ 0.04 $ (983) $ (4.85) $ (336) $ (1.65) Adjustments: Goodwillimpairment NYMMIScharge Amortizationofintangibleassets Restructuringandrelatedcosts 44 (1) HEcharge 389 Separationcosts Otherexpenses,netexcludingthirdpartyinterest(1) Incometaxadjustments(2) (231) (28) (335) (318) Adjusted $ 61 $ 0.29 $ 58 $ 0.28$ 223 $ 1.06 $ 174 $ 0.83 WeightedaveragesharesforadjustedEPS(3) 211, , , ,774 (1) Excludes third party interest expense of $11 million and $1 million for the three months ended December 31, 2016 and 2015, respectively and $14 million and $8 million for the year ended December 31, 2016 and 2015, respectively. (2) Refer to Effective Tax Rate reconciliation (3) Average shares for the calculations of adjusted EPS include 5.9 million of shares associated with our Series A convertible preferred stock. No dividends were declared or paid by Conduent in 2016.
18 Effective Tax Rate Reconciliation ThreeMonthsEnded ThreeMonthsEnded December31,2016 December31,2015 IncomeTax IncomeTax (inmillions) Pre-Tax Income(Loss) (Expense) Benefit EffectiveTax Rate Pre-Tax Income(Loss) (Expense) Benefit EffectiveTax Rate Reportedfromcontinuingoperations $ (1,141) $ (190) 16.7% $ 8 $ (1) -12.5% Non-GAAPadjustments(1) 1, Adjusted(2) $ 102 $ % $ 85 $ % YearEnded YearEnded December31,2016 December31,2015 IncomeTax IncomeTax (inmillions) Pre-Tax Income(Loss) (Expense) Benefit EffectiveTax Rate Pre-Tax Income(Loss) (Expense) Benefit EffectiveTax Rate Reportedfromcontinuingoperations $ (1,227) $ (244) 19.9% $ (574) $ (238) 41.5% Non-GAAPadjustments(1) 1, Adjusted(2) $ 314 $ % $ 254 $ % (1) Refer to Net (Loss) Income reconciliation for details. (2) The tax impact of Adjusted Pre-tax income from continuing operations is calculated under the same accounting principles applied to the As Reported Pre-tax income under ASC 740, which employs an annual effective tax rate method to the results.
19 Operating Income / Margin Reconciliation ThreeMonthsEnded ThreeMonthsEnded December31,2016 December31,2015 Pre-TaxProfit Pre-TaxProfit (inmillions) (Loss) Revenue Margin (Loss) Revenue Margin Reportedfromcontinuingoperations $ (1,141) $ 1, % $ 8 $ 1, % Adjustments: Goodwillimpairment 935 NYMMIS Amortizationofintangibleassets Restructuringandrelatedcosts 44 (1) Separationcosts 10 Relatedpartyinterest (4) 11 Otherexpenses,net(1) AdjustedOperatingIncome/Margin $ 109 $ 1, % $ 97 $ 1, % (1) Includes third party interest expense of $11 million and $1 million for the three months ended December 31, 2016 and 2015, respectively. YearEnded YearEnded December31,2016 December31,2015 Pre-TaxProfit Pre-TaxProfit (inmillions) (Loss) Revenue Margin (Loss) Revenue Margin Reportedfromcontinuingoperations $ (1,227) $ 6, % $ (574) $ 6, % Adjustments: Goodwillimpairment $ 935 $ Amortizationofintangibleassets NYMMIS Restructuringandrelatedcosts Separationcosts 44 Relatedpartyinterest HEcharge Otherexpenses,net(1) AdjustedOperatingIncome/Margin $ 354 $ 6, % $ 323 $ 6, % (1) Includes third party interest expense of $14 million and $8 million for the year ended December 31, 2016 and 2015, respectively.
20 Adjusted Revenue and EBITDA Q4 Q1 Q2 Q3 Q4 FY FY (inmillions) ReconciliationtoAdjustedRevenue TotalRevenueasreported $1,730 $1,685 $1,613 $1,596 $ 1,514 $6,662 $ 6,408 NYMMIScharge HEcharge 116 AdjustedRevenue $1,730 $1,685 $1,613 $1,596 $ 1,597 $6,778 $ 6,491 ReconciliationtoAdjustedEBITDA Pre-taxincome(loss)asreportedfromcontinuingoperations $ 8 $ (54) $ (34) $ 2 $(1,141) $ (574) $(1,227) Depreciation Amortization Goodwillimpairment Restructuringandrelatedcosts (1) Separationcosts Relatedpartyinterestexpense (4) NYMMIScharge NYMMISdepreciation (52) (52) HEcharge 389 HEdepreciation (34) Otherexpenses,net(1) (1) AdjustedEBITDA $ 168 $ 146 $ 148 $ 169 $ 172 $ 639 $ 635 AdjustedEBITDAMargin 9.7% 8.7% 9.2% 10.6% 10.8% 9.4% 9.8% (1) Includes third party interest expense as follows: $ 1 $ 1 $ 1 $ 1 $ 11 $ 8 $ 14
21 Other Segment Revenue and Profit Reconciliation Q4 Q1 Q2 Q3 Q4 FY FY (inmillions) ReconciliationtoOtherSegmentAdjustedRevenue OtherSegmentrevenueasreported $ 94 $108 $ 97 $ 92 $ 4 $ 289 $ 301 NYMMIScharge HEcharge 116 AdjustedOtherSegmentRevenue $ 94 $108 $ 97 $ 92 $ 87 $ 405 $ 384 ReconciliationtoOtherSegmentAdjustedProfit Segmentprofitasreported $ (20) $ (16) $ (37) $ (21) $(171) $(489) $(245) NYMMIScharge HEcharge 389 AdjustedOtherSegmentProfit $ (20) $ (16) $ (37) $ (21) $ (10) $(100) $ (84)
22 Free Cash Flow Reconciliation ThreeMonthsEnded YearEnded December31,2016 December31,2016 (inmillions) Cashflowsfromoperations $ 146 $ 108 CostofadditiontoLB&E (63) (149) Costofadditiontointernalusesoftwareandother (9) (40) FreeCashFlow $ 74 $ (81)
23 February22,2017ConduentQ4&FY2016EarningsResultsExhibit99.2
24 Forward-LookingStatementsThispresentationcontains forward-lookingstatements thatinvolverisksanduncertainties.thesestatementscanbeidentifiedbythefactthattheydonotrelatestrictlytohistoricalorcurrentfacts,butratherarebasedoncurrentexpectations,estimates,assumptionsandprojectionsaboutthebusinessprocessoutsourcingindustryandourbusinessandfinancialresults.forward-lookingstatementsoftenincludewordssuchas anticipates, estimates, expects, projects, intends, plans, believes andwordsandtermsofsimilarsubstanceinconnectionwithdiscussionsoffutureoperatingorfinancialperformance.aswithanyprojectionorforecast,forward-lookingstatementsareinherentlysusceptibletouncertaintyandchangesincircumstances.ouractualresultsmayvarymateriallyfromthoseexpressedorimpliedinourforward-lookingstatements.accordingly,unduerelianceshouldnotbeplacedonanyforward-lookingstatementmadebyusoronourbehalf.importantfactorsthatcouldcauseouractualresultstodiffermateriallyfromthoseinourforward-lookingstatementsinclude: governmentregulation,economic,strategic,politicalandsocialconditionsandthefollowingfactors; competitivepressures; changesininterestinoutsourcedbusinessprocessservices; ourabilitytoobtainadequatepricingforourservicesandtoimproveourcoststructure; theeffectsofanyacquisitions,jointventuresanddivestituresbyus; ourabilitytoattractandretainkeyemployees; ourabilitytoattractandretainnecessarytechnicalpersonnelandqualifiedsubcontractorsandtheirabilitytodeliverorperformasexpected; terminationright,auditsandinvestigationsassociatedwithgovernmentcontracts; adeclineinrevenuesfromoralossorfailureofsignificantclients; ourabilitytoestimatethescopeofworkorthecostsofperformanceinourcontracts; thefailuretocomplywithlawsrelatingtoindividuallyidentifiableinformationandpersonalhealthinformationandlawsrelatingtoprocessingcertainfinancialtransactions,includingpaymentcardtransactionsanddebitorcreditcardtransactions; ourabilitytodeliveron ourcontractualobligationsproperlyandontime; ourabilitytorenewcommercialandgovernmentcontractsawardedthroughcompetitivebiddingprocesses; increasesinthecostoftelephoneanddataservicesorsignificantinterruptionsinsuchservices; changesintaxandotherlawsandregulations; changesinu.s.gaaporotherapplicableaccountingpolicies;andotherfactorsthataresetforthinthe RiskFactors section;the LegalProceedings section,the ManagementDiscussionandAnalysisofFinancialConditionandResultsofOperations sectionandothersectionsoftheconduentincorporatedform10registrationstatement,aswellasinourquarterlyreportsonform10-qandcurrentreportsonform8-k.thislistofimportantriskfactorsisnotintendedtobeexhaustive.conduentisundernoobligationto,andexpresslydisclaimsanyobligationto,updateanyforward-lookingstatementsasaresultofnewinformationorfutureeventsordevelopments,exceptasrequiredbylaw.wecautionyouthattheforegoinglistofimportantfactorsmaynotcontainallofthematerialfactorsthatareimportanttoyou.anyforward-lookingstatementsmadebyusinthiscurrentreportspeakonlyasofthedateonwhichtheyaremade.weareundernoobligationto,andexpresslydisclaimanyobligationto,updateoralterourforward-lookingstatements,whetherasaresultofnewinformation,subsequenteventsorotherwise.non-gaapfinancialmeasureswehavereportedourfinancialresultsinaccordancewithu.s.generallyacceptedaccountingprinciples(gaap).inaddition,wehavediscussedourfinancialresultsusingthenon-gaapmeasuresdescribedbelowconsistentwithxerox shistoricalpresentation.webelievethesenon-gaapmeasuresallowinvestorstobetterunderstandthetrendsinourbusinessandtobetterunderstandandcompareourresults.accordingly,webelieveitisnecessarytoadjustseveralreportedamounts,determinedinaccordancewithgaap,toexcludetheeffectsofcertainitemsaswellastheirrelatedtaxeffects.managementbelievesthatthesenon-gaapfinancialmeasuresprovideanadditionalmeansof analyzingthecurrentperiods resultsagainstthecorrespondingpriorperiods results.however,thesenon-gaapfinancialmeasuresshouldbeviewedinadditionto,andnotasasubstitutefor,thecompany sreportedresultspreparedinaccordancewithu.s.gaap.ournon-gaapfinancialmeasuresarenotmeanttobeconsideredinisolationorasasubstituteforcomparableu.s.gaapmeasuresandshouldbereadonlyinconjunctionwithourconsolidatedcombinedfinancialstatementspreparedinaccordancewithu.s.gaap.ourmanagementregularlyusesoursupplementalnon-gaapfinancialmeasuresinternallytounderstand,manageandevaluateourbusinessandmakeoperatingdecisions.thesenon-gaapmeasuresareamongtheprimaryfactorsmanagementusesinplanningforandforecastingfutureperiods.compensationofourexecutivesisbasedinpartontheperformanceofourbusinessbasedonthesenon-gaapmeasures.also,non-gaapmeasuresarefootnoted,whereapplicable,ineachslideherein.cautionarystatements
25 ConduentFocus&VisionStrongclientrelationshipsandpositioninginthemarketInvestinpeople,technology,andprocessestoremainamarketleaderStrategictransformationprogramwellunderwayandon-trackReaffirmingfinancialgoalsfromDecemberinvestorevent
26 FY2016OverviewSuccessfulseparationandlistingonNYSE(NYSE:CNDT)LaunchedConduentasstand-alonecompanyMadeprogressinsecuringkeymanagementhiresContinuedprogressonstrategictransformationinitiative1PleaserefertoAppendixforNon-GAAPreconciliationsofadjustedrevenue,adjustedoperatingincome/margin,adjustedEBITDA/margin,andadjustedEPS2ConstantcurrencybasedonforeignexchangeratesasofDecember31,2016GAAP:$6.4BAdjusted1:$6.5B,(4.2%)or(3.3%CC2)Adjustedoperatingmargin15.5%,up70bpsfrom2015GAAPEPSloss($4.85)AdjustedEPS1$1.06Flatyear-over-yearonadollarbasisAdjustedEBITDAmargin9.8%,up40bpsfrom2015RevenueProfitabilityAdjustedEBITDA1KeyMessages
27 SourcesofTransformationSavingsthroughFY2018StrategicTransformationProgressandoutlookNear-termprioritiescontinuetobeoptimizing,drivingefficiencyandtakingoutcostsacrossIT,facilitiesandG&AContractremediationremainsakeyopportunityContinuetobalancereinvestmentandmarginexpansiontomeet2017andlong-termfinancialtargets(inmillions)SavingsFY2017CumulativeTarget~$430FY2018CumulativeTarget~$700On-tracktoachievelong-termcostsavingstarget
28 FuturePerformanceDriversRevenueGoalsMarginGoalsLargeandgrowingmarketopportunity;targetareasoffocusFocusportfolioonbusinesseswithmostattractivereturnprofilesOurstrategicplanisexpectedtodrivetop-andbottom-linegrowth,withcashflowreinvestedinhigh-returnopportunitiesOrganicandinorganicinvestmentsIncreasenewbusinesssignings;sustainrenewalratesStabilizerevenueanddrivegrowthovertimeSimplify,standardizeandstreamlineoperationsTurnaroundareasofunderperformanceReducemarginvolatility;delivercosttransformationFundinvestmentsanddrivemarginexpansionFreeCashFlowGoalsRevenuegrowthandcostsavingsfromstrategictransformationOne-timeimpactfromfactoringprogramandHEpaymentsdonotrecurRobust,consistentFreeCashFlowgenerationReinvestmentcapacity
29 Financials
30 FY2016PerformanceFY2016FinancialMetrics GAAP($inmillions,exceptpershareamounts)FY2015FY2016B/(W)Yr/YrRevenue$6,662$6,408(3.8%)Pretaxloss($574)($1,227)NMNetloss($336)($983)NMEPSloss($1.65)($4.85)NMFY2016FinancialMetrics Non-GAAP1($inmillions,exceptpershareamounts)FY2015FY2016B/(W)Yr/YrAdjustedrevenue$6,778$6,491(4.2%)Adjustednetincome$174$22328%AdjustedEBITDA$639$635FlatAdjustedEBITDAmargin9.4%9.8%40bpsAdjustedEPS$0.83$1.0628%AdjustedOperatingIncome1AdjustedRevenue1AdjustedEBITDA1Allresultsrepresentcontinuingoperations.Dollarvaluesforgraphsareinmillions1PleaserefertoAppendixforNon-GAAPreconciliationsofadjustedrevenue,adjustedoperatingincome/margin,adjustednetincome,adjustedEBITDA/margin,andadjustedEPS
31 Q42016Earnings1PleaserefertoAppendixforNon-GAAPreconciliationsofadjustedrevenue,adjustedgrossmargin,adjustedoperatingincome/margin,adjustedtaxrate,adjustednetincomeandadjustedEPSAdjustedOperatingmargin5.4%,up60bpsfrom2015GAAPEPS($4.85)Adj.EPS$1.06(inmillions)Q42016B/(W)Yr/YrCommentsGAAPrevenue$1,514($216)NYMMIS,volumes,contractrun-off,StudentLoanAdjustedrevenue11,597(133)Grossmargin8.1%(850bps)ReflectstheNYMMISchargeAdjustedgrossmargin117.8%120bpsSAG$169$8Adjustedoperatingincome1$109$12ImprovementreflectsstrategictransformationinitiativesAdjustedoperatingmargin16.8%120bpsAmortizationofintangibleassets$80($17)Increasereflectswrite-offofretiredbrandnamesRestructuringandrelatedcosts44(45)TransformationdrivenGoodwillimpairmentcharge935(935)ResultofannualgoodwillimpairmenttestRelatedpartyinterest(4)15Separationcosts10(10)Othernetexpense24(8)Pretaxloss($1,141)($1,149)GAAPEPSloss($4.69)($4.66)Adjustednetincome1$61$3Adjustedtaxrate140.2%(840bps)AdjustedEPS1$0.29$0.01Weightedavg.sharesoutstanding202.9-Adjustedweightedaveragesharesoutstanding211.2-
32 SegmentPerformanceRevenuein$M%SegmentMarginQ42016CommentaryProfitperformancenotimprovingasquicklyasexpectedImpactedbydelayedrampofnewbusinessandlowervolumesFocusoncosttransformation,contractremediationandbiddingnewbusinesswithappropriateprofitabilityandriskprofileRevenuedeclinedrivenbycontractrun-offandlowervolumesCostandproductivityinitiativesbenefitingmargins,withpositivemomentuminQ42016resultsQ42016CommentaryDollarvaluesforgraphsareinmillionsCommercialIndustriesHealthcare%revenuegrowth(3.7%)(6.7%)(7.8%)(10.2%)(1.9%)(7.1%)SegmentProfit$18$7$16$21$15$69$59%revenuegrowth5.0%(3.0%)(5.9%)(10.5%)0.4%(3.7%)SegmentProfit$44$37$37$38$47$157$159
33 SegmentPerformanceDollarvaluesforgraphsareinmillions1PleaserefertoappendixforNon-GAAPreconciliationsofadjustedrevenueandadjustedoperatingincome/margin2OthersegmentincludesHealthEnterpriseclientsinAK,CA,MT,ND,NH,NY,ourStudentLoanbusiness,non-allocatedcorporateexpensesandinter-segmenteliminationsQ42016CommentaryRevenuetrendstablein2016,butQ4declinedastheramp-upofnewbusinesswasmorethanoffsetbycontractrun-offMarginimprovementdrivenbybenefitfromstrategictransformationandotherproductivityinitiativesPublicSectorOther1,2StudentLoanbusinessremainsinrun-offHealthcareEnterprisefocusedonsupportingcurrentbookofbusinessandmovingtowardsprofitabilityAdjustedresultsexcludeimpactofNYMMIScontractinfull-yearandQ4of2016andHealthEnterpriseforfull-year2015Q42016CommentaryRevenuein$M%SegmentMargin111%revenuegrowth(0.2%)(1.4%)3.3%(0.7%)(2.3%)0.2%SegmentProfit$55$43$61$59$60$200$223%revenuegrowth13.7%(3.0%)(20.7%)(7.4%)(14.7%)(5.2%)Adj.Segment(Loss)($20)($16)($37)($21)($10)($100)($84)
34 2016FreeCashFlowimpactedby:Restructuringpayments($46M)Separationpayments($44M)MontanaandCaliforniaHEexits($155M)Reductioninfactoringprogram($130M)Leasebuyoutsassociatedwithseparation($47M),primarilyinLB&ECashFlow(inmillions)Q42016FY2016Netloss($951)($983)Depreciation&amortization196613Goodwillimpairment935935Stock-basedcompensation624Restructuringpayments(9)(46)Restructuringandassetimpairmentcharges2873Changeforincometaxassetsandliabilities(197)(117)Changeinnetworkingcapital140(393)Other(2)2OperatingCashFlow$146$108NetpurchaseofLB&E1andother(71)(188)Netproceedsfrominvestments,sales,andacquisitions11(43)Netpaymentsonrelatedpartynotesreceivable205247InvestingCashFlow$145$16CashfromFinancing($45)$132Effectofexchangeratesoncashandcashequivalents(4)(6)Beginningcashandcashequivalents148140Changeincashandcashequivalents242250EndingCashandCashEquivalents$390$390Memo:FreeCashFlow2$74($81)1Includescostofadditionstoland,buildingandequipment(LB&E)andinternalusesoftware2Freecashflowisdefinedasoperatingcashflowlesscostofadditionstoland,buildingandequipmentandinternalusesoftwareaswellascostofcapitalleaseinitiationsof$1MforQ4andfull-year.PleaserefertoappendixfortheNon-GAAPreconciliation
35 12/31/1612/31/16ProForma5Cash$390$329TotalDebt1$1,941$2, %SeniorNotesdue2024$510$510TermLoanA2due2021$7006$7006TermLoanB2due2023$750$850RevolvingCreditFacility3due2021$0$0CapitalLeases$43$43Currentnetleverageratio42.4x2.7xCapitalStructureOverviewDebtStructure($inmillions)1Totaldebtisnetofdeferredfinancingcosts2RevolvingcreditfacilityandTermLoanAinterestrateisLibor+225bps;TermLoanBisLibor+550bps3$750MofavailablecapacityunderRevolvingCreditFacilityasof12/31/20164Netdebt(totaldebtlesscash)dividedbyadjustedEBITDA5Adjustedtoreflectthepaymentof$161MtoXeroxaspartoftheseparationand$100MofTermLoanBborrowing6IncludesEUR260MCreditMetrics/StatisticsExpectedAnnualCashInterestExpense$ MPreferreddividend(annually)~$10MTargetNetLeverageRatio<2.5xAverageMaturityonOutstandingDebt~6.5yearsKeyMessagesStilltargetingtoreduceleverageratioovertimewithAdjustedEBITDAgrowthandrequireddebtpaymentsLiquidityincludes:$750Mofavailabilityunderrevolver(undrawnasof12/31/16)$329Mofproforma5cash(netofJanuarypaymentmadetoXeroxandadditional$100MTermLoanBborrowing)
36 UnchangedFinancialPerformanceGoals2017RenewalandRefocus2018Stabilization2019AccelerationRateofdeclinesimilarto2016levelsFlat/positivemomentumAcceleratingmomentumOrganicinvestmentwithmodesttuck-inM&AIncreasingorganicandinorganicinvestments20-30%ofAdjustedEBITDA25-35%ofAdjustedEBITDARevenueGrowthAdjustedEBITDAGrowthInvestmentsFreeCashFlowGrowth>5%Growth>10%ContinuedexpansionNote:PleaserefertoAppendixforAdjustedEBITDANon-GAAPreconciliations
37 Q&A
38 Appendix
39 FY2016Earnings(inmillions)FY2016B/(W)Yr/YrCommentsGAAPrevenue$6,408($254)Lowervolumes,contractrun-off,StudentLoanAdjustedrevenue16,491(287)ExcludesNY,CA,MTHEchargesGrossmargin14.2%390bpsReflects2016NYMMIScharge;2015CAandMTHEchargesAdjustedgrossmargin116.5%70bpsSAG$686$13Adjustedoperatingincome1$354$31ImprovementreflectsstrategictransformationinitiativesAdjustedoperatingmargin5.5%70bpsAmortizationofintangibleassets280(30)Increasereflectswrite-offofretiredbrandnamesRestructuringandrelatedcosts10158TransformationdrivenGoodwillimpairmentcharge935(935)ResultofannualgoodwillimpairmenttestRelatedpartyinterest2635Separationcosts44(44)Othernetexpense344Pretaxloss($1,227)($653)GAAPEPSloss($4.85)($2.81)Adjustednetincome1$223$49Adjustedeffectivetaxrate29.0%250bpsFavorableauditsettlementsAdjustedEPS1$1.06$0.23Weightedavg.sharesoutstanding202.9-Adjustedweightedaveragesharesoutstanding PleaserefertoAppendixforNon-GAAPreconciliationsofadjustedrevenue,adjustedgrossmargin,adjustedoperatingincome/margin,adjustedtaxrate,andadjustedEPS.
40 Non-GAAPFinancialMeasuresWehavereportedourfinancialresultsinaccordancewithU.S.generallyacceptedaccountingprinciples(GAAP).Inaddition,wehavediscussedourfinancialresultsusingthenon-GAAPmeasuresdescribedbelow,consistentwithXerox shistoricalpresentation.webelievethesenon-gaapmeasuresallowinvestorstobetterunderstandthetrendsinourbusinessandtobetterunderstandandcompareourresults.accordingly,webelieveitisnecessarytoadjustseveralreportedamounts,determinedinaccordancewithgaap,toexcludetheeffectsofcertainitemsaswellastheirrelatedtaxeffects.managementbelievesthatthesenon-gaapfinancialmeasuresprovideanadditionalmeansofanalyzingthecurrentperiods resultsagainstthecorrespondingpriorperiods results.however,thesenon-gaapfinancialmeasuresshouldbeviewedinadditionto,andnotasasubstitutefor,thecompany sreportedresultspreparedinaccordancewithu.s.gaap.ournon-gaapfinancialmeasuresarenotmeanttobeconsideredinisolationorasasubstituteforcomparableu.s.gaapmeasuresandshouldbereadonlyinconjunctionwithourconsolidatedfinancialstatementspreparedinaccordancewithu.s.gaap.ourmanagementregularlyusesoursupplementalnon-gaapfinancialmeasuresinternallytounderstand,manageandevaluateourbusinessandmakeoperatingdecisions.thesenon-gaapmeasuresareamongtheprimaryfactorsmanagementusesinplanningforandforecastingfutureperiods.compensationofourexecutivesisbasedinpartontheperformanceofourbusinessbasedonthesenon-gaapmeasures.also,non-gaapmeasuresarefootnoted,whereapplicableineachslideherein.thesenon-gaapfinancialmeasuresshouldbeviewedinadditionto,andnotasasubstitutefor,thecompany sreportedresultspreparedinaccordancewithgaap.areconciliationofthefollowingnon-gaapfinancialmeasurestothemostdirectlycomparablefinancialmeasurescalculatedandpresentedinaccordancewithgaaparesetforthaspartoftheappendixtothispresentation.inconnectionwiththepreparationof ourfinancialstatementsforthefiscalyearendeddecember31,2016,duringthefourthquarter,weperformedourannualgoodwillimpairmenttest.followingthecompletionoftheimpairmenttest,wedeterminedthatwewillrecordanon-cashgoodwillimpairmentchargeof$935million(approximately$828millionafter-taxor($4.08)pershare)inourcommercialsectorreportingunit.subsequenttothegoodwillimpairmentcharge,thecommercialsectorreportingunit sgoodwillbalanceisapproximately$908million.thisnon-cashchargeisattributableprimarilytoweakerthanexpectedcommercialsectorrevenuesandoperatingprofits,includinginthefourthquarterof2016.wedonotexpecttomakeanycurrentorfuturecashexpendituresasaresultofthisimpairment.weareindiscussionswiththestateofnewyorkregardingthestatusandscopeofthehealthenterpriseplatformproject,whichevolvedtoincludeoptionstonotfullycompletetheproject.basedonthosediscussions,webelieveitisprobablethatwewillnotfullycompletetheimplementationoftheplatforminnewyork.asaresultofthesedevelopments,wewillrecordapre-taxchargeofapproximately$161million(approximately$98millionafter-taxor($0.48)pershare)inourfourth-quarter2016resultsreflectingestimatedassetimpairments,winddowncostsandotherimpactsfromthisproject.thechargeincludesapproximately$115millionforthewrite-offofreceivablesandotherrelatedassetsandnon-cashimpairmentcharges,withtheremainderofthechargeexpectedtobecashoutflowsinfuturequartersforwinddownandrelatedcosts.lateinthethirdquarterof2015,wedeterminedthatwewouldnotfullycompletehealthenterprisemedicaidplatformimplementationprojectsincaliforniaandmontanaandrecordedachargeof$389million.thechargeincludeda$116millionreductiontorevenueswiththeremaining$273millionrecordedtocostsofoutsourcing.theremainderofthechargewasprimarilyrelatedtosettlementcostsincludingpaymentstosubcontractorsthatwouldresultincashoutflowsinfuturequartersasaresultofthesignificantimpact ofthegoodwillimpairment,nymmischargeandhechargeonourreportedrevenues,costsandexpensesaswellaskeymetricsfortheperiod,wediscussour2016and2015resultsusingnon-gaapfinancialmeasuresthatexcludetheimpactoftheseitems,asdiscussedbelow.adjustednetincome(loss),adjustedearningspershare,andadjustedeffectivetaxrate.wemakeadjustmentstoincome(loss)beforeincometaxesforthefollowingitems,forthepurposeofcalculatingadjustednetincome(loss),adjustedearningspershare,andadjustedeffectivetaxrate.in2016,weadjustedincome(loss)beforeincometaxesforthegoodwillimpairmentchargeof$935millionrecordedduringthefourthquarter2016.non-gaapfinancialmeasures
41 Alsoin2016,weadjustedIncome(Loss)beforeIncomeTaxesfortheNewYorkHealthEnterprise(NYMMIS)chargeof$161millionrecordedduringthefourthquarter2016.In2015,weadjustedIncome(Loss)beforeIncomeTaxesfortheHealthEnterprise(HE)chargeof$389millionrecordedduringthethirdquarter2015.Inadditiontotheitemsdiscussedabove,forthequarterandfullyearendedDecember31,2016and2015weAdjustedNetIncome(Loss),EarningsperShareandEffectiveTaxRateforthefollowingitems:Amortizationofintangibleassets.Theamortizationofintangibleassetsisdrivenbyacquisitionactivity,whichcanvaryinsize,natureandtimingascomparedtoothercompanieswithinourindustryandfromperiodtoperiod.Restructuringandrelatedcosts.RestructuringandrelatedcostsincluderestructuringandassetimpairmentchargesaswellascostsassociatedwithourStrategicTransformationprogram.Separationcosts.SeparationcostsareexpensesincurredinconnectionwithseparationfromXeroxCorporationintoaseparate,independent,publiclytradedcompany.Separationcostsprimarilyrelatetothird-partyinvestmentbanking,accounting,legal,consultingandothersimilartypesofservicesrelatedtotheseparationtransactionaswellascostsassociatedwiththeoperationalseparationofthetwocompanies.Otherexpenses,net,excludingthirdpartyinterestexpense.Otherexpenses,netincludeslosses(gains)onsalesofbusinessesandassets,currency(gains)losses,net,litigationmattersandallotherexpenses,net.AdjustedRevenue,CostsandExpensesandMargin AdjustedOperatingIncome.WemakeadjustmentstoRevenue,CostsandExpensesandMarginforthefollowingitems,forthepurposeofcalculatingAdjustedOperatingIncome.In2016,weadjustedIncome(Loss)beforeIncomeTaxesfortheGoodwillImpairmentchargeof$935millionrecordedduringthefourthquarter2016.AsaresultofthenatureandthesignificantimpactoftheNYMMISandHEchargesonourreportedrevenues,costsandexpenses,aswellaskeymetricsfortheperiod,wediscussedour2016and2015Adjusted OperatingIncomeafterexcludingtheimpactoftheNYMMISandHEcharges.In2016,weAdjustedOperatingIncomebyadjustingIncome(Loss)beforeIncomeTaxesforthefourthquarterNYMMISchargeof$161million,whichincludedan$83millionreductioninrevenues.In2015,weAdjustedOperatingIncomebyadjustingIncome(Loss)beforeIncomeTaxesforthethirdquarterHEchargeof$389million,whichincludeda$116millionreductioninrevenues.Inadditiontotheitemsdiscussedabove,forthethreemonthsandyearendedDecember31,2016and2015weAdjustedOperatingIncomeforthefollowingitems:AsdefinedaboveinAdjustedNetIncome(Loss),AdjustedEarningsperShare,andAdjustedEffectiveTaxRate:Amortizationofintangibleassets.Restructuringandrelatedcosts.Separationcosts.WealsoadjustOperatingIncomefor:RelatedPartyInterest.Includesinterestpaymentstoformerparent.Otherexpenses,net.Includingthirdpartyinterest,losses(gains)onsalesofbusinessesandassets,currency(gains)losses,net,litigationmattersandallotherexpenses,net.AdjustedRevenuesAsaresultofthenatureandthesignificantimpactoftheNYMMISandHEchargesonourreportedrevenues,wediscussedour2016and2015revenuesexcludingtheimpactoftheNYMMISandHEcharges.Forthefourthquarterandfullyear2016,wereducedrevenuesby$83millionforNYMMIS.Forthethirdquarterandfullyear2015,wereducedrevenuesby$116milliontoreflectthereductioninHErevenues.Non-GAAPFinancialMeasures
42 AdjustedEBITDAWeuseAdjustedEBITDAtoprovideadditionalinformationthatisusefultounderstandthefinancialcovenantscontainedintheCompany screditfacilityandindenture.wealsouseadjustedebitdaasanadditionalwayofassessingcertainaspectsofouroperationsthat,whenviewedwiththegaapresultsandtheaccompanyingreconciliationstocorrespondinggaapfinancialmeasures,provideamorecompleteunderstandingofourcorebusiness.adjustedebitdarepresentsincome(loss)beforeincometaxesadjustedforthefollowingitems:asdefinedaboveinadjustednetincome(loss),adjustedearningspershare,andadjustedeffectivetaxratesectionoradjustedrevenue,costsandexpensesandmargin AdjustedOperatingIncomesection:Thefourthquarterof2016GoodwillImpairmentChargeandNYMMIScharge.Thethirdquarter2015HEcharge.Amortizationofintangibleassets.Restructuringandrelatedcosts.Separationcosts.RelatedPartyInterest.Includesinterestpaymentstoformerparent.Otherexpenses,net.Includingthirdpartyinterest,losses(gains)onsalesofbusinessesandassets,currency(gains)losses,net,litigationmattersandallotherexpenses,net.WealsoadjustEBITDAfor:DepreciationNYMMISdepreciationHEamortizationAdjustedEBITDAisnotintendedtorepresentcashflowsfromoperations,operatingincome(loss)ornetincome(loss)asdefinedbyU.S.GAAPasindicatorsofoperatingperformanceandarenotnecessarilycomparabletosimilarly-titledmeasuresreportedbyothercompanies.ManagementcautionsthatamountspresentedinaccordancewithConduent sdefinitionadjustedebitdamaynotbecomparabletosimilarmeasuresdisclosedbyothercompaniesbecausenotallcompaniescalculateadjustedebitdainthesamemanner.adjustedothersegmentrevenueandprofitasaresultofthenatureandthesignificantimpactofthenymmisandhechargesonourothersegmentrevenueandprofit,wediscussothersegmentrevenueandprofitexcludingtheimpactofthenymmisandhecharges.in2016,weadjustedothersegmentbyadjustingfor thefourthquarternymmischargeof$161million,whichincludedan$83millionreductioninrevenues.in2015,weadjustedothersegmentbyadjustingforthethirdquarterhechargeof$389million,whichincludeda$116millionreductioninrevenues.freecashflowfreecashflowisdefinedascashflowsfromoperatingactivitiesasreportedontheconsolidatedstatementofcashflows,lesscostofadditionstoland,buildingsandequipment,costofadditionstointernalusesoftwareandcapitalleaseadditions,plusproceedfromsalesofland,buildingandequipment.weusethenon-gaapmeasureoffreecashflowasacriterionofliquidityandperformance-basedcomponentsofemployeecompensation.weusefreecashflowasameasureofliquiditytodetermineamountswecanreinvestinourcorebusinesses,suchasamountsavailabletomakeacquisitions,investinland,buildingsandequipmentandinternalusesoftware,makeprincipalpaymentsondebt,oramountswecanreturntoourstockholdersthroughdividendsand/orstockrepurchases.inordertoprovideameaningfulbasisforcomparison,weareprovidinginformationwithrespecttoourfreecashflowforthethreemonthsandyearendeddecember31,2016,reconciledforeachsuchperiodtocashflowprovidedbyoperatingactivities,whichwebelievetobethemostdirectlycomparablemeasureundergaap.constantcurrencytobetterunderstandtrendsinourbusiness,webelievethatitishelpfultoadjustrevenuetoexcludetheimpactofchangesinthetranslationofforeigncurrenciesintou.s.dollars.werefertothisadjustedrevenueas constantcurrency. Currencyimpactcanbedeterminedasthedifferencebetweenactualgrowthratesandconstantcurrencygrowthrates.Non-GAAPFinancialMeasures
43 Non-GAAPReconciliation:NetIncome(inmillions)NetIncome(Loss)EPSNetIncome(Loss)EPSNetIncome(Loss)EPSNetIncome(Loss)EPSReported(loss)incomefromcontinuingoperations(951)$(4.69)$9$0.04$(983)$(4.85)$(336)$(1.65)$Adjustments:Goodwillimpairment NYMMIScharge Amortizationofintangibleassets Restructuringandrelatedcosts44(1)101159HEcharge---389Separationcosts10-44-Otherexpenses,netexcludingthirdpartyinterest(1) Incometaxadjustments(2)(231)(28)(335)(318)Adjusted61$0.29$58$0.28$223$1.06$174$0.83$WeightedaveragesharesforadjustedEPS(3)211,247211,247210,774210,774YearEndedDecember31,2016December31,2015ThreeMonthsEnded(3)AveragesharesforthecalculationsofadjustedEPSinclude5.9millionofsharesassociatedwithourSeriesAconvertible(2)RefertoEffectiveTaxRatereconciliation(1)Excludesthirdpartyinterestexpenseof$11millionand$1millionforthethreemonthsendedDecember31,2016and2015,respectivelyand$14millionand$8millionfortheyearendedDecember31,2016and2015,respectively.December31,2016December31,2015
44 Non-GAAPReconciliation:EffectiveTaxRate(inmillions)Pre-TaxIncome(Loss)IncomeTax(Expense)BenefitEffectiveTaxRatePre-TaxIncome(Loss)IncomeTax(Expense)BenefitEffectiveTaxRateReportedfromcontinuingoperations(1,141)$(190)$16.7%8$(1)$-12.5%Non-GAAPadjustments(1)1, Adjusted(2)102$41$40.2%85$27$31.8%(inmillions)Pre-TaxIncome(Loss)IncomeTax(Expense)BenefitEffectiveTaxRatePre-TaxIncome(Loss)IncomeTax(Expense)BenefitEffectiveTaxRateReportedfromcontinuingoperations(1,227)$(244)$19.9%(574)$(238)$41.5%Non-GAAPadjustments(1)1, Adjusted(2)314$91$29.0%254$80$31.5% (1)RefertoNet(Loss)Incomereconciliationfordetails.December31,2016December31,2015(2)ThetaximpactofAdjustedPre-taxincomefromcontinuingoperationsiscalculatedunderthesameaccountingprinciplesappliedtotheAsReportedPre-taxincomeunderASC740,whichemploysanannualeffectivetaxratemethodtotheresults.ThreeMonthsEndedThreeMonthsEndedDecember31,2016December31,2015YearEndedYearEnded
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