Xerox Holdings Corp (XRX)

[polkamatic]

Xerox Releases Third-Quarter Results

Tue, October 26, 2021, 6:30 AM
NORWALK, Conn., October 26, 2021--(BUSINESS WIRE)--Xerox Holdings Corporation (NASDAQ: XRX) today announced 2021 third-quarter results.
Xerox Releases Third-Quarter Results
"Our revenue this quarter was essentially flat year-over-year, despite a deterioration in global supply chain conditions and the Delta variant, which caused delays in many of our clients’ plans to return employees to the workplace," said Xerox Vice Chairman and CEO John Visentin. "As a result of these ongoing challenges, we are revising our revenue guidance lower, but we are maintaining our free cash flow guidance of at least $500 million. Our focus on generating cash allows us to preserve, and in some cases increase, investments in innovation, while continuing to return more than 50% of free cash to shareholders and pursue M&A."

Non-GAAP Measures

This release refers to the following non-GAAP financial measures:

Adjusted EPS, which excludes Restructuring and related costs, net, Amortization of intangible assets, non-service retirement-related costs, Transaction and related costs, net and other discrete adjustments from GAAP-EPS, as applicable.

Adjusted operating margin and income, which exclude the EPS adjustments noted above as well as the remainder of Other expenses, net from pre-tax income and margin.

Constant currency (CC) revenue change, which excludes the effects of currency translation.

Free cash flow, which is operating cash flow less capital expenditures.

Refer to the "Non-GAAP Financial Measures" section of this release for a discussion of these non-GAAP measures and their reconciliation to the reported GAAP measures.