04.23.24
Xerox Holdings Corporation announced its 2024 first-quarter results.
Revenue was $1.5 billion, down 12.4%, or 13.2% in constant currency. GAAP net loss was $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 related charges of $100 million, or $0.80 per share. Adjusted net income was $11 million, or $0.06 per share, declining by $71 million or $0.43 per share, year-over-year, respectively. Adjusted operating margin was 2.2%, 470 basis points lower year-over-year.
Operating cash flow of $(79) million, lower by $157 million year-over-year. Free cash flow was $(89) million, lower by $159 million year-over-year.
“This quarter, Xerox orchestrated one of its most intense periods of structural change in recent history, continuing the hard work required to reposition our business for long-term, sustainable growth. We implemented comprehensive and strategic operating model changes to align our organization more closely with our buyers’ needs and improve efficiency,” said Steve Bandrowczak, CEO at Xerox.
“While results were below our expectations in Q1, I have full confidence we have the right team and the right strategy to execute Xerox’s Reinvention and deliver on our adjusted operating income targets,” Bandrowczak added.
Revenue was $1.5 billion, down 12.4%, or 13.2% in constant currency. GAAP net loss was $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 related charges of $100 million, or $0.80 per share. Adjusted net income was $11 million, or $0.06 per share, declining by $71 million or $0.43 per share, year-over-year, respectively. Adjusted operating margin was 2.2%, 470 basis points lower year-over-year.
Operating cash flow of $(79) million, lower by $157 million year-over-year. Free cash flow was $(89) million, lower by $159 million year-over-year.
“This quarter, Xerox orchestrated one of its most intense periods of structural change in recent history, continuing the hard work required to reposition our business for long-term, sustainable growth. We implemented comprehensive and strategic operating model changes to align our organization more closely with our buyers’ needs and improve efficiency,” said Steve Bandrowczak, CEO at Xerox.
“While results were below our expectations in Q1, I have full confidence we have the right team and the right strategy to execute Xerox’s Reinvention and deliver on our adjusted operating income targets,” Bandrowczak added.