Company: CNDT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001677703-25-000029
Chunk: 85

Company: CONDUENT Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 85
---
 evaluating management’s assessment of whether the internal reorganization qualifies for recognition of a built-in capital loss; and (iii) evaluating third-party opinions used by management to support recognition of the built-in capital loss related to the internal reorganization. Professionals with specialized skill and knowledge were used to assist in evaluating management’s judgments in applying relevant tax laws and regulations in determining the built-in capital loss to be recognized related to the internal reorganization.

/s/ PricewaterhouseCoopers LLP

Florham Park, New JerseyFebruary 19, 2025

We have served as the Company’s auditor since 2016. 

CNDT 2024 Annual Report49

REPORTS OF MANAGEMENT

Management's Responsibility for Financial Statements 

Our management is responsible for the integrity and objectivity of all information presented in this annual report. The consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and include amounts based on management's best estimates and judgments. Management believes the consolidated financial statements fairly reflect the form and substance of transactions and that the financial statements fairly represent the Company's financial position and results of operations. 

The Audit Committee of the Board of Directors, which is composed solely of independent directors, meets regularly with the independent registered public accountants, PricewaterhouseCoopers LLP, the internal auditors and representatives of management to review accounting, financial reporting, internal control and audit matters, as well as the nature and extent of the audit effort. The Audit Committee is responsible for the engagement of the independent registered public accountants. The independent registered public accountants and internal auditors have free access to the Audit Committee.

 /s/    CLIFFORD SKELTON/s/    STEPHEN WOODPresident and Chief Executive OfficerExecutive Vice President and Chief Financial Officer/s/    GEORGE ABATEVice President and Chief Accounting Officer

CNDT 2024 Annual Report50

CONDUENT INCORPORATED

CONSOLIDATED STATEMENTS OF INCOME (LOSS)  Year Ended December 31,(in millions, except per-share data)202420232022Revenue$3,356 $3,722 $3,858 Operating Costs and ExpensesCost of services (excluding depreciation and amortization)2,730 2,888 3,018 Selling, general and administrative (excluding depreciation and amortization)455 458 440 Research and development (excluding depreciation and amortization)6 7 7 Depreciation and amortization204