Xerox Releases First-Quarter Results

Financial Summary

Q1 2023

• Revenue of $1.72 billion, up 2.8 percent year-over-year or up 5.5 percent in constant currency.

• GAAP earnings per share (EPS) of $0.43, up $0.81 year-over-year.

• Adjusted EPS of $0.49, up $0.61 year-over-year.

• Adjusted operating margin of 6.9 percent, up 710 basis points year-over-year.

• Operating cash flow of $78 million, up $12 million year-over-year.

• Free cash flow of $70 million, up $20 million year-over-year.
• Donated Palo Alto Research Center (PARC) to SRI International in April, providing Xerox greater capacity to pursue innovation projects in Print, IT, and Digital Services.
• Repaid $450 million of debt during the quarter.