Financial Data and Key Metrics Changes - Revenue for 2023 was $6.89 billion, a decline of 3.1% in actual currency and 3.3% in constant currency, with adjusted EPS at $1.82, an increase of $0.70 year-over-year [5][6] - Free cash flow reached $649 million, an increase of $547 million over 2022, and adjusted operating margin improved to 5.6%, up 170 basis points year-over-year [6][11] - In Q4, adjusted EPS was $0.43, down $0.46 from the prior year, with a GAAP loss per share of $0.50, reflecting a $78 million after-tax restructuring charge [26][36] Business Line Data and Key Metrics Changes - Equipment sales in Q4 were $458 million, down 17.3% year-over-year, primarily due to backlog reductions [26][27] - Post-sales revenue was $1.3 billion, a decline of 5.8% in actual currency year-over-year, impacted by non-strategic revenue reductions [27][28] - FITTLE origination volume declined 25% year-over-year, while captive product origination increased by 2% [31] Market Data and Key Metrics Changes - Revenue from core businesses grew low-single-digit in Q4 when excluding the effects of backlog and non-strategic items, indicating stable demand [29] - Both regions experienced revenue declines in actual and constant currency, with significant impacts from non-strategic items [28][29] Company Strategy and Development Direction - The company is focused on a multi-year strategy called "reinvention" aimed at repositioning for sustainable growth, emphasizing client success and operational efficiency [6][11] - A significant reorganization was announced, shifting to a business unit-led operating model to enhance client-centricity and operational efficiency [12][20] - The company aims to achieve $300 million in net adjusted operating income improvements above 2023 levels by 2026, with over one-third expected in 2024 [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macroeconomic environment but expressed confidence in achieving profit and cash flow targets through operational discipline [4][6] - The company expects revenue to decline by 3% to 5% in constant currency in 2024, with core business revenue expected to be roughly flat year-over-year [34][36] - Free cash flow is projected to be at least $600 million in 2024, with plans for strategic reinvestment and shareholder returns [36][69] Other Important Information - The company reduced total debt by more than $600 million in 2023 and plans to continue this trend while maintaining a balanced capital structure [11][33] - The focus on client outcomes has improved the Net Promoter Score and revenue renewal rates above 100% across large account contract renewals [9][10] Q&A Session Summary Question: Revenue headwinds and their timeline for resolution - Management indicated that backlog impacts are expected to normalize by the end of Q2 2024, with other non-strategic items phasing out throughout the year [40][41] Question: Profit forecast for 2024 - Management confirmed expectations for operating profit to increase by $80 million to $100 million year-over-year, driven by margin improvements [42][43] Question: Revenue guidance context - Management noted that while there are macroeconomic challenges, strong signings and backlog in services provide a foundation for stability and growth [51][52] Question: Cash flow guidance for 2024 - Management explained that the $600 million cash flow guidance accounts for restructuring costs and increased pension contributions, with a conversion rate from operating income to free cash flow expected to remain strong [53][54] Question: Renewal rates for large and SMB customers - Management stated that large customers represent about one-third of overall revenue, with significant opportunities for growth in both large and SMB segments [56][57] Question: Trajectory of gross margins and OpEx - Management expects slight expansion in gross margins and significant improvements in OpEx due to restructuring and simplification efforts [60][62] Question: Capital allocation priorities - Management confirmed that there are no plans for buybacks in 2024, focusing instead on strategic reinvestment and debt reduction [66][67]

Xerox Holdings Corporation (XRX) reported $1.77 billion in revenue for the quarter ended December 2023, representing a year-over-year decline of 9.1%. EPS of $0.43 for the same period compares to $0.89 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.79 billion, representing a surprise of -1.60%. The company delivered an EPS surprise of -15.69%, with the consensus EPS estimate being $0.51.While investors scrutinize revenue and earnings changes year-over-year and how they compar ...

Xerox Holdings Corporation (XRX) came out with quarterly earnings of $0.43 per share, missing the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.89 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -15.69%. A quarter ago, it was expected that this company would post earnings of $0.34 per share when it actually produced earnings of $0.46, delivering a surprise of 35.29%.Over the last four quarters, t ...

Earnings Presentation Q4 2023 Results Forward-Looking Statements This presentation and other written or oral statements made from time to time by management contain “forward looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should”, “targeting”, “projecting”, “driving” and similar expressions, as they relate to us, our performance and/or our technology, are intended to identify forward-looking s ...

Key PointsXerox stock is one of those boring classic names that could hold a ton of deep value in today's market.Management and some other big Wall Street players see the beginning of a turnaround, mainly after financials bumped higher.Its attractive dividend yield is only one of the many votes of confidence management sends to the market.5 stocks we like better than JPMorgan Chase & Co.Has the effect of growth and hype preference faded off from the 2022-2023 mania in sectors like technology stocks and, mor ...

Wall Street analysts forecast that Xerox Holdings Corporation (XRX) will report quarterly earnings of $0.51 per share in its upcoming release, pointing to a year-over-year decline of 42.7%. It is anticipated that revenues will amount to $1.79 billion, exhibiting a decline of 7.6% compared to the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this ti ...

NORWALK, Conn.--(BUSINESS WIRE)--Xerox Holdings Corporation (NASDAQ: XRX) will host a live audio webcast with online presentation slides at 8 a.m. ET on Thursday, January 25th, to discuss the company’s 2023 fourth-quarter and full-year results. A news release containing this information will be issued earlier that day at 6:30 a.m. ET. WHEN: 8 a.m. ET, Thursday, January 25th, 2024   WHAT: Review of Xerox’s 2023 fourth-quarter and full-year results   WHO: ...

Xerox Holdings Corporation (XRX) has performed well in the past month and has the potential to increase momentum in the near term. If you haven’t taken advantage of its share price appreciation yet, it’s time you add the stock to your portfolio.Why an Attractive Pick?Share Price Appreciation: A glimpse at the company’s price trend reveals that the stock has had an impressive run lately. XRX returned 7.6% in the past month, which compares favorably with the 2.5% rise of the industry it belongs to and the 1.7 ...

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: September 30, 2023 ☐ 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 orga ...

Earnings Presentation Q3 2023 Results Forward-Looking Statements This presentation and other written or oral statements made from time to time by management contain “forward looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should”, “targeting”, “projecting”, “driving” and similar expressions, as they relate to us, our performance and/or our technology, are intended to identify forward-looking s ...