Xerox Delivers Growth in Profitability and Cash Flow

Q3 2023

  • 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, yearover-year, respectively.
  • Adjusted net income of $77 million, or $0.46 per share, up $44 million or $0.27 per share, yearover-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.

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.”
details at: https://s3.amazonaws.com/cms.ipressroom.com/84/files/20239/3Q2023-XRX-Earnings+Release.pdf

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