Xerox Holdings Corporation had a solid year in 2020, as it reported 2020 fourth-quarter and full-year results and guidance for 2021.
Xerox reported $1.93 billion in revenue in Q4 2020, which was an increase of 9.2% compared to Q3 and down 21% year over year. For the full year, Xerox had $7.022 billion of revenue, down 22.5% year over year.
The company reported $221 million of free cash flow in Q4, up $133 million from Q3 and down $160 million year over year. For all of 2020, the company had $474 million of free cash flow, down $705 million.
“Times of adversity requires working in unison, and I couldn’t be prouder of the way our team came together. We put our strategy to the test in 2020, delivering positive earnings per share and free cash flow, while returning capital to shareholders and continuing to invest in our future. The team’s discipline allowed us to turn on a dime, tightly controlling expenses while steadfastly supporting clients,” said Xerox Vice Chairman and CEO John Visentin. “Though the impact of the pandemic continues in 2021, we expect to return to growth this year as we increase the breadth of offerings and reach new customers in existing and new businesses.”
There are changes ahead. Xerox announced its intention to stand up its Software, Financing and Innovation organizations as separate and distinct businesses by 2022.
- The Software business includes DocuShare, a cloud-based content management system; XMPie, software that supports multichannel marketing campaigns; and CareAR, an augmented reality business Xerox acquired in late 2020;
- Xerox Financial Services (XFS) will become a global payment solutions business, offering leasing for Xerox and third-party technology and office equipment;
- The Palo Alto Research Center (PARC) has been advancing the company’s innovation portfolio, including 3D Printing and Digital Manufacturing, IoT Sensors and Services, and Clean Technology.
