0001677703-25-000126
SEC filingConduent's Q2 2025 Notes show $1.5B remaining performance obligations, $275M cash, and $661M total debt with no revolver borrowings.
As of June 30, 2025, Conduent held $275 million in cash and cash equivalents, down from $366 million at December 31, 2024. Total assets stood at $2.488 billion, with total liabilities of $1.569 billion. Shareholders' equity was $777 million, including $142 million of Series A convertible preferred stock. The company had $661 million in principal debt outstanding, comprising $82 million Term Loan A due 2026, $520 million Senior Notes due 2029, $44 million in finance lease obligations, and $15 million in other debt. Current maturities were $28 million. The $550 million revolving credit facility had no outstanding borrowings, with $10 million utilized for letters of credit, leaving $540 million available. The company was in compliance with all debt covenants.
The Notes disclose $1.5 billion in remaining performance obligations (RPO) as of June 30, 2025, representing estimated future revenue from unsatisfied or partially satisfied performance obligations. Approximately 71% ($1.065 billion) is expected to be recognized over the next two years. Additionally, the company had $566 million in outstanding surety bonds and $120 million in letters of credit issued to secure contractual performance. No other purchase commitments or contractual obligations were explicitly detailed in the Notes.
During the six months ended June 30, 2025, Conduent repurchased $8 million of treasury stock (no new authorization disclosed). Preferred stock dividends totaled $5 million ($20 per share quarterly). Debt activity included $4 million in proceeds from issuance, $15 million in repayments, and $125 million in revolver borrowings and repayments (net zero). Capital expenditures were $38 million ($29 million on land, buildings, and equipment; $9 million on internal-use software), representing 2.5% of revenue. No common stock dividends were declared.
Note 4 provides segment-level detail for the three reportable segments: Commercial, Government, and Transportation. For Q2 2025, Commercial revenue was $365 million (segment profit $7 million), Government $238 million (profit $49 million), and Transportation $151 million (profit $0 million). Segment expenses are broken down into wages and benefits, services and supplies, rent/lease/maintenance, other operating expense, and depreciation/amortization. No geographic revenue breakdown is provided in the Notes. The Divestitures segment (BenefitWallet, Curbside, Casualty) had zero revenue in Q2 2025 versus $54 million in Q2 2024.