Company: CNDT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001677703-25-000076
Chunk: 104

Company: CONDUENT Inc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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5 and December 31, 2024, total cash and cash equivalents were $277 million and $366 million, respectively. We also have a $550 million revolving line of credit for our various cash needs, of which $10 million was used for letters of credit. The net amount available to be drawn upon under our revolving line of credit as of March 31, 2025, was $540 million. 

CNDT Q1 2025 Form 10-Q28

As of March 31, 2025, our total principal debt outstanding was $657 million, of which $26 million was due within one year. Refer to Note 7 – Debt in the Condensed Consolidated Financial Statements for additional debt information.

To provide financial flexibility and finance certain investments and projects, we may continue to utilize external financing arrangements. However, we believe that our cash on hand, projected cash flow from operations, sound balance sheet and our revolving line of credit will continue to provide sufficient financial resources to meet our expected business obligations for at least the next twelve months.

Cash Flow Analysis

The following table summarizes our cash flows, as reported in our Condensed Consolidated Statement of Cash Flows in the accompanying Condensed Consolidated Financial Statements:

 Three Months Ended March 31,(in millions)20252024Better (Worse)Net cash provided by (used in) operating activities$(58)$(37)$(21)Net cash provided by (used in) investing activities$(17)$143 (160)Net cash provided by (used in) financing activities$(10)$(199)189 

Operating activities

The net increase in cash used in operating activities of $21 million, compared to the prior year period, was primarily due to a $22 million United States federal tax refund related to the 2018 tax year received in the first quarter of 2024.

Investing activities

Investing cash flow decreased by $160 million mainly due to $164 million of proceeds received from the BenefitWallet Portfolio transfer in the first quarter of 2024.

Financing activities

The decrease in cash used in financing activities was due to the voluntary prepayment of $164 million of debt using the proceeds received from the BenefitWallet Portfolio transfer in the first quarter of 2024. Additionally, the prior year included $17 million of treasury stock purchases under the program that was completed in September 2024.

Sales of Accounts Receivable

We have entered into a factoring agreement in the normal course of business as part of our