CONDUENT Inc (CNDT) [Rocket]

In millions, except per share items	Mar-31-23	Dec-31-22	Sep-30-22	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21
	8-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q
Revenues:
Government services			291	279	286		346	336
Other			686	649	681		692	690
Total revenues	922	986	977	928	967	1,048	1,038	1,026
Revenue growth [+]	-4.7%	-5.9%	-5.9%	-9.6%	-5.9%	-0.7%	-0.3%	1.0%
Government services			-15.9%	-17.0%	-8.9%		-0.6%	1.5%
Cost of goods sold	727	782	754	727	755	803	776	772
Gross profit	195	204	223	201	212	245	262	254
Gross margin	21.1%	20.7%	22.8%	21.7%	21.9%	23.4%	25.2%	24.8%
Selling, general and administrative [+]	111	108	117	113	102	162	131	125
General and administrative		108				162
Research and development	2	2	2	2	1	1	2	1
Other operating expenses	-28	30		-4	-27	26	4	5
EBITDA [+]	110	64	104	90	136	56	125	123
EBITDA growth	-19.1%	14.3%	-16.8%	-26.8%	19.3%	-57.6%	-11.3%	26.8%
EBITDA margin	11.9%	6.5%	10.6%	9.7%	14.1%	5.3%	12.0%	12.0%
Depreciation	61	60	52	50	55	55	53	54
EBITA	49	4	52	40	81	1	72	69
EBITA margin	5.3%	0.4%	5.3%	4.3%	8.4%	0.1%	6.9%	6.7%
Amortization of intangibles		2	2	3	6	32	31	32
EBIT [+]	49	2	50	37	75	-31	41	37
EBIT growth	-34.7%	-106.5%	22.0%	0.0%	294.7%	-282.4%	41.4%	-305.6%
EBIT margin	5.3%	0.2%	5.1%	4.0%	7.8%	-3.0%	3.9%	3.6%
Non-recurring items [+]	29	183	4	11	9	20	10	8
Restructuring charges	29	15	4	11	9	14	10	8
Loss (gain) on sale of business		-158
Legal settlement		-32
Interest expense	27	25	22	18	19	17	12	13
Interest expense	27	25	22	18	19	17	12	13
Other income (expense), net [+]	-1	-159	-1	-3	163	14		3
Gain (loss) on sale of business			-1	-3	163	1		1
Litigation settlement		31		-3	-28			1
Gain (loss) on debt retirement						-13		-2
Other	-1
Pre-tax income	-8	-365	23	5	210	-54	19	19
Income taxes	-2	-32	8	5	74	-14	8	7
Tax rate	25.0%	8.8%	34.8%	100.0%	35.2%	25.9%	42.1%	36.8%
Net income	-6	-333	15	0	136	-40	11	12
Net margin	-0.7%	-33.8%	1.5%	0.0%	14.1%	-3.8%	1.1%	1.2%

Basic EPS [+]	($0.04)	($1.54)	$0.07	$0.00	$0.63	($0.19)	$0.05	$0.06
Growth	-106.3%	720.3%	34.4%	-100.0%	-1317.7%	259.0%	-254.6%	-123.2%
Diluted EPS [+]	($0.04)	($1.54)	$0.07	$0.00	$0.61	($0.19)	$0.05	$0.05
Growth	-106.6%	720.3%	36.6%	-100.0%	-1272.1%	259.0%	-249.6%	-122.3%

Dividends per share	$0.01

Shares outstanding (basic) [+]	150	216	216	216	216	213	213	212
Growth	-30.4%	1.5%	1.5%	1.5%	1.5%	1.3%	1.6%	1.6%
Shares outstanding (diluted) [+]	150	216	219	216	224	213	220	220
Growth	-33.0%	1.5%	-0.2%	-2.1%	5.5%	1.3%	5.1%	5.3%

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