Achieved adjusted operating margin and free cash flow guidance in 2023; Guiding to another year of meaningful growth in adjusted operating income
Financial Summary
Q4 2023
- Revenue of $1.77 billion, down 9.1 percent year-over-year or down 10.6 percent in constant currency.
- GAAP net loss of $(58) million, or $(0.50) per share, down $179 million or $1.24 per share, year-over-year, respectively. This quarter includes an after-tax Restructuring and related costs, net charge of $78 million, or $0.62 per share, related to the recently announced workforce reduction.
- Adjusted net income of $56 million, or $0.43 per share, down $90 million or $0.46 per share, year-over-year, respectively.
- Adjusted operating margin of 5.4 percent, down 380 basis points year-over-year.
- Operating cash flow of $389 million, up $203 million year-over-year.
- Free cash flow of $379 million, up $211 million year-over-year.
FY 2023
- Revenue of $6.89 billion, down 3.1 percent year-over-year, or down 3.3 percent in constant currency.
- GAAP net income of $1 million, or $(0.09) per share, up $323 million or $2.06 per share, year-over-year, respectively. 2023 includes a Q4 after-tax Restructuring and related costs, net charge of $78 million, or $0.62 per share, related to the recently announced workforce reduction. 2022 includes an after-tax non-cash goodwill impairment charge of $395 million, or $2.54 per share.
- Adjusted net income of $287 million, or $1.82 per share, up $98 million or $0.70 per share, year-over-year, respectively.
- Adjusted operating margin of 5.6 percent, up 170 basis points year-over-year.
- Operating cash flow of $686 million, up $527 million year-over-year.
- Free cash flow of $649 million, up $547 million year-over-year.
NORWALK, Conn.--(BUSINESS WIRE)--Jan. 25, 2024-- Xerox Holdings Corporation (NASDAQ: XRX) today announced its 2023 fourth-quarter and full-year results and guidance for 2024.
“Last year, steps we took to structurally simplify our business impacted revenue but led to 170 basis points of adjusted operating margin expansion and laid the foundation for successful execution of our Reinvention,” said Steve Bandrowczak, chief executive officer at Xerox. “As we enter 2024, we are focused on stabilizing and strengthening our core Print business, driving enterprise-wide efficiency and productivity gains through our new Global Business Services organization, and further capturing opportunities in Digital and IT Services. We expect balanced execution on these priorities, supported by our new operating model, will yield significant progress towards our three-year adjusted operating income improvement target of $300 million above 2023 levels." more here
Fourth-Quarter Key Financial Results | ||||||||