07.26.22
Xerox Holdings Corporation announced its 2022 second-quarter results.
Xerox reported $1.75 billion of revenue, down 2.6% year-over-year or up 1.1% in constant currency. Adjusted operating margin was 2%, down 500 basis points year-over-year. Free cash flow use was $98 million, lower by $296 million year-over-year.
“While we mourn the passing of our leader and friend, John Visentin, we continue to be guided by – and benefit from – the four strategic initiatives he articulated for returning Xerox to long-term, sustainable growth,” said Xerox interim CEO Steve Bandrowczak. “Our revenue grew in constant currency in the second quarter, driven by improving demand for our products and services and the realization of pricing growth. Inflation and supply chain challenges affected margins this quarter, but we expect sequential margin improvement throughout the remainder of the year as we realize further price increases, Project Own It savings, and benefits from a more favorable supply chain environment. Strong demand and line of sight to margin improvement give us confidence to reiterate full-year guidance.”
Xerox reported $1.75 billion of revenue, down 2.6% year-over-year or up 1.1% in constant currency. Adjusted operating margin was 2%, down 500 basis points year-over-year. Free cash flow use was $98 million, lower by $296 million year-over-year.
“While we mourn the passing of our leader and friend, John Visentin, we continue to be guided by – and benefit from – the four strategic initiatives he articulated for returning Xerox to long-term, sustainable growth,” said Xerox interim CEO Steve Bandrowczak. “Our revenue grew in constant currency in the second quarter, driven by improving demand for our products and services and the realization of pricing growth. Inflation and supply chain challenges affected margins this quarter, but we expect sequential margin improvement throughout the remainder of the year as we realize further price increases, Project Own It savings, and benefits from a more favorable supply chain environment. Strong demand and line of sight to margin improvement give us confidence to reiterate full-year guidance.”