Xerox Holdings Corporation

10/29/2024 | Press release | Distributed by Public on 10/29/2024 04:34

Xerox Releases Third-Quarter Results

Norwalk, Conn. -

Financial Summary

Q3 2024

  • Revenue of $1.53 billion, down 7.5 percent, or 7.3 percent in constant currency.
  • GAAP net (loss) of $(1.2) billion, or $(9.71) per share, a decrease of $1.3 billion or $9.99 per share, year-over-year, respectively. This quarter includes an after-tax non-cash goodwill impairment charge of $1.0 billion, or $8.16 per share and a charge to tax expense related to the establishment of a valuation allowance of $161 million, or $1.29 per share.

  • Adjusted net income of $34 million, or $0.25 per share, down $43 million or $0.21 per share, year-over-year, respectively.

  • Adjusted operating margin of 5.2 percent, up 110 basis points year-over-year.

  • Operating cash flow of $116 million, down $8 million year-over-year.

  • Free cash flow of $107 million, down $5 million year-over-year.

  • Lowered 2024 revenue guidance to a decline of around 10% in constant currency, adjusted operating margin guidance to around 5.0%, and free cash flow guidance to a range of $450 to $500 million.

News Release Related Earnings Documents Webcast and Multimedia
Third-Quarter Results
(PDF, 623 KB)
(PDF, 1.8 MB)
(PDF, 928 KB)
Xerox Q3 2024 Financial Model
(PDF, 63 KB) or (Excel, 4.3MB)