Company sees improving page volumes and record backlog; profits impacted by rising costs
Financial Summary
$1.67 billion of revenue, down 2.5 percent year-over-year or 0.7 percent in constant currency.
GAAP (loss) earnings per share (EPS) of $(0.38), down $0.56 year-over-year, and adjusted (loss) per share of $(0.12), down $0.34 year-over-year.
Pre-tax margin of (5.3) percent, down 840 basis points, and adjusted operating margin of (0.2) percent, down 540 basis points year-over-year.
$66 million of operating cash flow, down $51 million year-over-year.
$50 million of free cash flow, down $50 million year-over-year.
NORWALK, Conn., April 21, 2022--(BUSINESS WIRE)--Xerox Holdings Corporation (NASDAQ: XRX) today announced its 2022 first-quarter results.
"Revenue was in line with expectations this quarter despite an increasingly volatile operating environment," said Xerox Vice Chairman and CEO John Visentin. "Underlying demand for our products and services remains strong, as indicated by our growing backlog and growth in post-sale revenue. Broad-based inflationary pressure and increased logistics costs from supply chain disruption resulted in an operating loss, but we expect to offset most of these cost increases over time with price actions and additional Project Own It savings. We remain focused on executing the strategic roadmap presented at our Investor Day in February and are committed to monetizing our investments in new businesses in ways that maximize shareholder value read more here