First Quarter 2018 Highlights
Strong start to operating cash flow, at $216 million in the quarter
Continued revenue growth in managed document services and Global Imaging Systems operations
Adjusted operating margin of 10.4 percent, down 0.6 points year-over-year; operating margin, excluding equity income, up 0.5 points
Core operating profit, excluding equity income, grew 5 percent year-over-year
more detail at: https://www.news.xerox.com/internal_redirect/cms.ipressroom.com.s3.amazonaws.com/84/files/20184/New-Release-May-2-2018-Xerox-Reports-First-Quarter-2018-Results.pdf
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Highlights from the quarter include: *Raising 2021 billings guidance to $980-1,020 million and unlevered free cash flow guidance to 12-14% of billings *Strong billings growth across the Company of 25% in Q2 and 21% YTD as demand for teaching and learning solutions grows with students returning to classrooms this fall *Annualized Recurring Revenue (ARR)2 growth accelerated 106% bringing ARR to $77 million, or 8% of trailing twelve-month billings. Net Retention Rate (NRR)2 was 154% *Trailing twelve-month free cash flow of $101 million, an improvement of $29 million compared to the first quarter of 2021, reflecting strong operating leverage and the benefits of 2020 actions to align HMH’s cost structure with its Digital First, Connected strategy *Gross leverage ratio of 1.8x, below HMH’s target leverage ratio of 2.0x adjusted EBITDA
Costco Wholesale Corporation announced that Craig Jelinek has confirmed his intention to step down as Chief Executive Officer, effective January 1, 2024. The Board of Directors has elected Ron Vachris, President and Chief Operating Officer since February 2022, as President and Chief Executive Officer, effective January 1, 2024. Craig and Ron have worked hand in hand over the last twenty-one months in Ron's role as president and for many years before that. This is the culmination of the long-standing succession plan that Craig has discussed with the Board. Ron is a Costco veteran, with over forty years of service to the Company, starting as a forklift driver, and subsequently serving in every major role related to Costco's business operations and merchandising activities. "Costco has a very strong culture and a deep bench of management talent," said Craig Jelinek. "I have total confidence in Ron and feel that we are fortunate as a Company to have an executive of his caliber to succeed me."
In the age of digital dominance, a surprising and heartwarming trend defies the wave—millennials’ and Gen Z’s preference for physical greeting cards. Even though these generations are digital natives, recent studies and surveys reveal that many prefer the tangible charm and personalization of paper greeting cards over their e-counterparts. According to a recent poll from online card and gift giant Shutterfly1, more than half (54%) of Americans say they still mail their greeting cards versus sending via digital and social platforms. The new survey of 2,000 U.S. adults split evenly by generation revealed that two out of three prefer to receive physical cards as opposed to digital ones, including younger respondents who are millennials (62%) or are part of Gen Z (59%). Personalization was a big deal to survey respondents, preferring to include family, vacation, or pet photos with cards.