Xerox Releases Fourth-Quarter and Full-Year Results

NORWALK, Conn., Jan. 26, 2022 — Xerox Holdings Corporation (NASDAQ: XRX) today announced its 2022 fourth-quarter and full-year results and guidance for 2023.

“Resilient demand and improvements in supply chain conditions drove solid Q4 growth in revenue and profits,” said Steve Bandrowczak, chief executive officer at Xerox. “Our employees and partners worked hard to deliver the highest level of revenue since the start of the pandemic, and I am proud of the focus and dedication which led to these results. As macroeconomic uncertainty extends through this year, we will continue working alongside our clients to develop and deploy essential workplace solutions and services, positioning Xerox for long-term growth in profitability.”

Financial Summary Q4 2022

  • Revenue of $1.94 billion, up 9.2 percent year-over-year or up 13.9 percent in constant currency.
  • GAAP earnings per share (EPS) of $0.74, up $4.71 year-over-year. Prior year Q4 GAAP EPS

    includes an after-tax non-cash goodwill impairment charge of $4.38 per share.

  • Adjusted EPS of $0.89, up $0.55 year-over-year.
  • Adjusted operating margin of 9.2 percent, up 440 basis points year-over-year.
  • Operating cash flow of $186 million, down $12 million year-over-year.
  • Free cash flow of $168 million, down $14 million year-over-year.

    FY 2022

  • Revenue of $7.11 billion, up 1.0 percent year-over-year, or up 4.8 percent in constant currency.
  • GAAP loss per share of $2.15, up $0.41 year-over-year. Both the current year and prior year include

    after-tax non-cash goodwill impairment charges of $2.54 and $4.08 per share, respectively.

  • Adjusted EPS of $1.12, down $0.39 year-over-year.
  • Adjusted operating margin of 3.9 percent, down 140 basis points year-over-year.
  • Operating cash flow of $159 million, down $470 million year-over-year.
  • Free cash flow of $143 million, excluding a one-time product supply termination charge, down $418

    million year-over-year.

View the complete report here.