Improved revenue trajectory driven by resilience in demand amid a challenging macro environment
Financial Summary
- $1.75 billion of revenue, down 0.4 percent year-over-year or up 4.7 percent in constant currency.
- GAAP (loss) earnings per share (EPS) of $(2.48), down $2.96 year-over-year. GAAP EPS includes an after-tax non-cash goodwill impairment charge of $395 million or $2.54 per share.
- Adjusted EPS of $0.19, down $0.29 year-over-year.
- Adjusted operating margin of 3.7 percent, down 50 basis points year-over-year.
- Operating cash flow use of $8 million, lower by $108 million year-over-year.
- Free cash flow use of $18 million, lower by $99 million year-over-year.
- Lowered 2022 revenue guidance to a range of $7.0B to $7.1B in actual currency; lowered 2022 free cash flow guidance to at least $125 million.
Xerox Holdings Corporation XRX today announced its 2022 third-quarter results.
"Over the past few months, I've met in-person with customers, partners and employees across the globe and I've gained greater insight into the range of opportunities we have to grow our business," said Steve Bandrowczak, chief executive officer at Xerox. "Top-line strength and cost discipline resulted in sequential improvement to our adjusted operating margin this quarter, but profitability remains challenged by persistently high inflation and continued supply chain constraints. In the near-term, we are focused on improving operating margins and free cash flow amid a challenging macroeconomic environment. Longer-term, I am confident we can expand and capture more of the addressable market within – and create value for – our existing client base by further embedding our offerings into their workflows." more here