Xerox Releases Third-Quarter Results

NORWALK, Conn., October 24th, 2023 — Xerox Holdings Corporation (NASDAQ: XRX) today announced
its 2023 third-quarter results.
“Growth in adjusted profit, EPS and free cash flow reflects solid execution of our strategic priorities amid
a challenging macro backdrop,” said Steve Bandrowczak, chief executive officer at Xerox. “As we
continue simplifying and focusing our operations, Reinvention will reposition our business to enable
sustainable profit improvement and revenue growth through the expansion of services that best serve our clients’ needs.”

  • Revenue of $1.65 billion, down 5.7 percent, or 7.4 percent in constant currency.
  • GAAP net income of $49 million, or $0.28 per share, up $432 million or $2.76 per share, year-over-year, respectively.
  • Adjusted net income of $77 million, or $0.46 per share, up $44 million or $0.27 per share, year-over-year, respectively.
  • Adjusted operating margin of 4.1 percent, up 40 basis points year-over-year.
  • Operating cash flow of $124 million, up $132 million year-over-year.
  • Free cash flow of $112 million, up $130 million year-over-year.
  • Announces Reinvention, expected to deliver improvement in adjusted operating income of at least $300 million by 2026.

2023 Guidance

  • Revenue: flat to down low-single-digits in constant currency
  • Adjusted Operating Margin: 5.5% to 6.0%
  • Free cash flow: at least $600 million

See the full earnings announcement here.

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