Company: CNDT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001677703-25-000029
Chunk: 70

Company: CONDUENT Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 70
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 present certain key metrics, including Signings and Net ARR Activity below. The metrics for all periods presented below have been recast to remove the activity related to the BenefitWallet Portfolio, the Casualty Claims Solutions business and the Curbside Management and Public Safety Solutions businesses.

Signings

Signings are defined as estimated future revenues from contracts signed during the period, including renewals of existing contracts. Total Contract Value ("TCV") is the estimated total contractual revenue related to signed contracts. TCV signings is defined as estimated future revenues from contracts signed during the period, including renewals of existing contracts. Due to the inconsistency of when existing contracts end, quarterly and yearly comparisons are not a good measure of renewal performance. New business Annual Contract Value ("ACV") is calculated as TCV divided by the contract term, in months, multiplied by 12 for an annual measure. 

CNDT 2024 Annual Report39

Signing information for the years ended December 31, 2024 and 2023 is as follows:

Year Ended December 31,2024 vs. 2023(in millions)20242023$ Change% ChangeNew business ACV$485 $605 $(120)(20)%New business TCV$969 $2,104 $(1,135)(54)%Renewals TCV1,657 2,059 (402)(20)%Total Signings$2,626 $4,163 $(1,537)(37)%New business annual recurring revenue (ARR) signings(1)$228 $287 $(59)(21)%New business non-recurring revenue (NRR) signings(2)$309 $589 $(280)(48)%

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(1)Recurring revenue signings are for new business contracts longer than one year.

(2)Non-recurring revenue signings are for contacts shorter than one year.

The total new business pipeline at the end of December 31, 2024 and 2023 was $22.2 billion and $22.8 billion, respectively. Total new business pipeline is defined as total new business TCV pipeline of deals in all sell stages. This extends past the next twelve-month period to include total pipeline, excluding the impact of divested business as required.

Net ARR Activity

Net ARR Activity is a metric that is defined as Projected Annual Recurring Revenue ("ARR") for contracts signed in the prior 12 months, less the annualized impact of any client losses, contractual volume and price changes, and