Zimbabwe National Army (ZNA) and Air Force of Zimbabwe (AFZ)- 15 May 2020 Police, Prisons and Health – 15 May 2020 Education – 19 May 2020 Rest of the civil servants- 22 May 2020 Pensioners- 26 May 2020 . Adjusted EBITDA for the full year was $480 million, down 2.6% year-over-year, while our adjusted EBITDA margin for the year was 11.5%, up 40 basis points compared to 2019. So we expect the rate of revenue decline to improve in Q4 versus Q3 just normalizing for COVID. Restructuring spend for the quarter was $20 million, driven by our cost and expense reduction program, data center migration and transformation program. In our commercial business, we signed a learning contract with a very large global aircraft and defense manufacturer, where we will be running end-to-end management of learning providers. And while it's in the rear view mirror, we're proud of everything, but it's time to hit the ground running here and drive value for our clients and winning the marketplace in 2021. As previously mentioned, we give a little more context around net new business as a replacement for renewal rate. Our next question today is coming from Shannon Cross from Cross Research. We have the details of this change in our metrics file. (Banks have up to 3 business days to post to accounts) CHECK MAIL DATES SUGGESTED BILL DATES. This is Zack Ajzenman in for Bryan. And we actually expect the net impact from COVID to be negative. Unfortunately, COVID has thrown a significant wrench into it because it creates quite a bit of uncertainty in the assumptions we put into the equation. As you can tell, we doubled the new business signings. So if I were to guess, I think it's somewhere in the middle. Upvote. Also, our adjusted EBITDA range implies a higher outlook than the guidance we gave at that time. But the bottom line, before I turn it over to Brian, is we have more work to do across these three pillars of growth, efficiency and quality. This change is due to the need for IPS to disable the outdated Transport Layer Security (TLS) 1.0. Adjusted free cash flow was $130 million for the quarter and $145 million for the year and $85 million increase over 2019. 2020 turned out to be a strong year, both revenue and adjusted EBITDA came in higher than our pre-COVID expectations and in line with the outlook that we gave on our Q3 call back in November. Our balance sheet continues to remain healthy and we have a solid liquidity position. So let me quickly go over the agenda before we dive into the details. Great. But in the commercial space, we're seeing a lot more activity, we're seeing it in healthcare, we're seeing it in call centers. Got it. Operator? I wouldn't look at it as completely cereal, Shannon. Let me -- the answer is sort of. Unfortunately -- and all the things you just mentioned contributed to that. Government adjusted EBITDA increased by 66%, while adjusted EBITDA margins of 36.8% increased by 13 percentage points. And as you know, in the government segments, sort of the RFP activity is somewhat seasonal and kind of lumpy. A question on -- a couple of questions around the sales force. Shannon Cross -- Cross Research -- Analyst. We have approximately $35 million of transition revenue associated with this contract that will negatively impact the first three quarters of 2021 on a year-over-year basis. And also, can you talk about the sales team attribution to bookings in Q3? It’s why a majority of Fortune 100 companies and over 500 governments depend on us when it matters most. Shannon Cross -- Cross Research -- Analyst. So if you adjust for those, instead of being down, transportation would have been up on a full year basis. Our government business grew by 9.1% for the quarter. If I could just sneak in one more clarification, what was the constant currency decline in 4Q? Our newly opened IT command center is adding value, especially in the way of improved performance levels. So attach whatever analogy or metaphor or a growth story that suits you, but to use my own, it's clear to me that our ship is turning. Please go ahead. In my remarks today, as always, I'll review the high level financials as well as the sales and operational performance in 2020. And then Cliff, can you update us on the demand environment and the pipeline by the business segment? Good afternoon, everyone, and welcome to Conduent's Q3 Earnings Call. And does it indicate lower pricing pressure as renewals come a little bit more far out? Conduent is scheduled to release its next quarterly earnings announcement on Thursday, May 6th 2021. Hey. And then your average contract duration was four years versus below three years. But the bottom line answer to your question is much improved. It's all part of the game that they have to play as a state leader and trying to get more business and more people to work in their state or their local community. And -- but a good indication of the incremental investment this year versus last year is the capex number, and again some of that is to support new business and some of it is for technology investments. And it seems like you're on track for that. It's not a median number. Adjusted EBITDA was up 3% compared with Q3 2020, driven by the cost savings program. And the second point is on capex last year we constrained capex because of the uncertainty around COVID and we decreased it down to $140 million. Again Puneet, I would say, our sales efforts have a lot more focus on commercial or a lot more opportunity in commercial than we would have had in 2020 and those products board much faster. And so what we saw in Q3 is the duration of the contracts are about a year less, about four -- a little over four years versus a little over five years in Q2. I want to thank our associates, shareholders and clients for their continued support. When is Conduent's next earnings date? However, despite the pandemic headwinds, we are quite proud of how the year ended for us. Now as it relates to the ramp, obviously, the smaller ones ramp faster. While it was a great quarter, I'll say again that more important than one or two or even three quarters is consistency. Now Slide four just gives you a bit of narrative feedback from our clients and our associates. Caymus is a great example of that. Conduent-FMA CANNOT reimburse you. Adjusted EBITDA declined 31.4% while the adjusted EBITDA margin of 11.9% was down 390 basis points year-over-year. So maybe if we think about the past, I don't know, three, four quarters and where that number was or maybe even go back eight quarters, I'm just curious as to how it sort of trended relative to revenue or what the timing is? So in parallel, we've got -- while we may consider inorganic opportunities, we need to prove to you that we can grow the company organically at the same time. We anticipate that revenue will decline between 6.4% and 7.4%, which would be approximately $4.1 billion to $4.15 billion for the year. I think that said, my thought is what you expect from us is prove that we can grow this thing organically. Thanks for taking my question. Thanks, Cliff. Thanks for taking my question. Thank you very much. We're standardizing the processes and the governance around client implementations and contract ramp. And it shows the pluses and minuses between new business ARR, losses, price changes, volume changes and it was -- to replace sort of the renewal rate that really had so many gaps in it. For the convenience of timekeepers, each biweekly pay period appears as two separate weeks, with the beginning and ending dates indicated for each week. For more information regarding definitions of our non-GAAP measures and how we use them, as well as limitations as to their usefulness for comparative purposes, please see our press release which was issued this afternoon and was furnished to the SEC on Form 8-K. With that, I will turn the call over to Cliff for his prepared remarks. In our case, discretionary volume this year is holding its own. Yes, good context. Brian? But we think around 11% margin compared to 11.25% to 11.75% for this year, we'd probably be closer to 11% margin, maybe a bit better next year. Right now, we're at 25%. So that's one indicator you should consider. As we've discussed in the past, growth is always simple to describe and difficult to achieve. Adjusted EBITDA margin for the quarter was 20%, up 310 basis points year-over-year. And it was great to see solid bookings not just on a year-on-year basis but also relative to revenue base. Working at Conduent was okay, but had I been offered something else during working there I would definitely have taken it. So those would be the points I'd make on one timers. 2020 revenue was $4.16 billion and adjusted EBITDA was $480 million, equating to a margin of 11.5% for the year. capex was $35 million for the quarter or 3.4% of revenue. We'll measure specific commitments from and to clients post-sale to ensure revenue ramp is more predictable.
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