Xerox Releases Fourth-Quarter and Full-Year Results

Jan 22, 2024 — Norwalk, Conn. —  Financial Summary

Q4 2023 

  • Revenue of $1.77 billion, down 9.1 percent year-over-year or down 10.6 percent in constant currency.
  • GAAP net loss of $(58) million, or $(0.50) per share, down $179 million or $1.24 per share, year-over-year, respectively. This quarter includes an after-tax Restructuring and related costs, net charge of $78 million, or $0.62 per share, related to the recently announced workforce reduction.
  • Adjusted net income of $56 million, or $0.43 per share, down $90 million or $0.46 per share, year-over-year, respectively.  
  • Adjusted operating margin of 5.4 percent, down 380 basis points year-over-year.
  • Operating cash flow of $389 million, up $203 million year-over-year.
  • Free cash flow of $379 million, up $211 million year-over-year.

FY 2023

  • Revenue of $6.89 billion, down 3.1 percent year-over-year, or down 3.3 percent in constant currency.
  • GAAP net income of $1 million, or $(0.09) per share, up $323 million or $2.06 per share, year-over-year, respectively. 2023 includes a Q4 after-tax Restructuring and related costs, net charge of $78 million, or $0.62 per share, related to the recently announced workforce reduction. 2022 includes an after-tax non-cash goodwill impairment charge of $395 million, or $2.54 per share.
  • Adjusted net income of $287 million, or $1.82 per share, up $98 million or $0.70 per share, year-over-year, respectively. 
  • Adjusted operating margin of 5.6 percent, up 170 basis points year-over-year.
  • Operating cash flow of $686 million, up $527 million year-over-year.  
  • Free cash flow of $649 million, up $547 million year-over-year.

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