UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to XEROX HOLDINGS CORPORATION XEROX CORPORATION (Exact Name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organiza ...

Core Insights - Xerox Holdings Corporation reported disappointing first-quarter 2024 results, with both earnings and revenues falling short of the Zacks Consensus Estimate [1] - The stock declined 2.6% since the earnings release on April 23, and has depreciated 21.5% year to date, contrasting with a 0.4% growth in the industry [1] Revenue Performance - Total revenues for the quarter were $1.5 billion, missing the consensus mark by 4.8% and decreasing 12.4% year over year [1] - Post-sale revenues were $1.2 billion, down 8.5% year over year, primarily due to reductions in nonstrategic, lower margin paper and IT endpoint device placements [2] - Equipment sales fell 25.8% year over year to $290 million, lagging behind estimates due to backlog reduction and geographic simplification [2] - Print and Other segment revenues totaled $1.43 billion, down 12.6% year over year, while Xerox Financial Services revenues were $91 million, down 10.8% year over year [2] Operating Performance - Adjusted operating income was $33 million, representing a 72% decline year over year, with an adjusted operating margin of 2.2%, up 470 basis points year over year [4] Balance Sheet and Cash Flow - Xerox ended the quarter with cash and cash equivalents of $685 million, an increase from $519 million at the end of the previous quarter [5] - The company reported operating cash outflow of $79 million and free cash outflow of $89 million for the quarter [5] 2024 Guidance - Xerox anticipates a revenue decline of 3% to 5% on a constant currency basis for 2024, with an adjusted operating margin of at least 7.5% and free cash flow of at least $600 million [6]

Core Viewpoint - Xerox reported disappointing earnings, with a significant drop in share price following the announcement, indicating ongoing struggles in the printing and document management sector [1]. Financial Performance - Analysts expected adjusted first-quarter earnings of approximately $0.35 per diluted share and revenue of around $1.53 billion, but actual earnings were only $0.06 per diluted share with revenue at $1.5 billion [2]. - Despite the earnings miss, management maintained its full-year guidance, although the company is undergoing significant changes, including a 15% workforce reduction announced four months ago [2]. Business Transformation - Xerox is restructuring its business by adding a new global business services (GBS) group to streamline operations and reduce costs, absorbing noncore functions from existing segments [2][3]. - The company is also divesting from unprofitable markets, particularly in South America, and considering the cancellation of underperforming product lines [4]. Future Outlook - The COO indicated that revenue is expected to decline in 2024 as cost-cutting measures are implemented, but the goal is to emerge with a more profitable business model [4]. - The CFO attributed low sales and high operating expenses in the first quarter to workforce reductions and ongoing reorganization efforts [4]. Market Performance - Over the past three years, Xerox has seen a 38% decline in stock price, reflecting the challenges faced in maintaining a viable document management business [5].

Xerox Holdings Corporation (NASDAQ:XRX) Q1 2024 Earnings Conference Call April 23, 2024 8:00 AM ET Company Participants David Beckel - VP, IR Steve Bandrowczak - CEO John Bruno - President and COO Xavier Heiss - EVP and CFO Conference Call Participants Ananda Baruah - Loop Capital Samik Chatterjee - JPMorgan Erik Woodring - Morgan Stanley Operator Thank you for standing by. Welcome to the Xerox Holdings Corporation's First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this pr ...

The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Xerox Holdings presently has an excellent rank, in the top 25% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.But making Xerox Holdings an even more inter ...

Xerox Holdings Corporation (XRX) reported $1.5 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 12.4%. EPS of $0.06 for the same period compares to $0.49 a year ago.The reported revenue represents a surprise of -4.80% over the Zacks Consensus Estimate of $1.58 billion. With the consensus EPS estimate being $0.38, the EPS surprise was -84.21%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations t ...

EXHIBIT 99.1 News from Xerox Holdings Corporation Xerox Releases First-Quarter Results Implemented comprehensive changes to operating model; on track to meet Reinvention targets despite a challenging first quarter Financial Summary Q1 2024 • Revenue of $1.50 billion, down 12.4 percent, or 13.2 percent in constant currency. • GAAP net loss of $(113) million, or $(0.94) per share, a decrease of $184 million or $1.37 per share, year-over-year, respectively. This quarter includes after-tax Project Reinvention r ...

Company Performance - Xerox Holdings Corporation (XRX) closed at $16.21, reflecting a -0.98% change from the previous day, underperforming the S&P 500's gain of 0.03% [1] - The stock has decreased by 0.61% over the past month, compared to the Industrial Products sector's gain of 0.39% and the S&P 500's loss of 0.9% [1] - The upcoming earnings per share (EPS) is projected to be $0.37, indicating a 24.49% decrease year-over-year, with revenue expected at $1.58 billion, an 8.01% decline from the same quarter last year [1] Full Year Estimates - For the full year, the Zacks Consensus Estimates project an EPS of $2.27 and revenue of $6.56 billion, showing changes of +24.73% and -4.79% respectively from the previous year [2] Analyst Estimates and Valuation - Recent changes in analyst estimates for Xerox Holdings Corporation reflect near-term business trends, with positive revisions indicating a favorable outlook on business health and profitability [2] - The Zacks Rank system currently rates Xerox Holdings Corporation at 3 (Hold), with the consensus EPS estimate remaining unchanged over the last 30 days [3] - The company's Forward P/E ratio is 7.2, aligning with the industry's average Forward P/E of 7.2 [3] Industry Context - The Office Supplies industry, part of the Industrial Products sector, holds a Zacks Industry Rank of 103, placing it in the top 41% of over 250 industries [3]

Xerox Holdings Corporation (XRX) shares have had an impressive run over the past year, gaining 21%.Xerox yesterday revealed its plan to shift operations in Peru and Ecuador to Productive Business Solutions (PBS), a longstanding partner of the company. The financial terms of the deal have been kept under wraps.As part of the deal, Xerox's staff in Peru and Ecuador will transition to PBS, which will then serve as the exclusive distribution partner for Xerox in these regions. The transaction is anticipated to ...

NORWALK, Conn.--(BUSINESS WIRE)--Xerox Holdings Corporation (NASDAQ: XRX) (“Xerox Holdings”) today announced the consideration payable in connection with the previously announced cash tender offers for the 2024 Notes and 2025 Notes (each as defined below). The table below sets forth the Total Consideration (as defined below) for each series of Notes. Title of Security CUSIP Number Principal Amount Outstanding U.S. Treasury Reference Security Bloomberg Reference Page Fixed Spread Early T ...