Business
Xerox Releases Second-Quarter Results, Raises 2023 Guidance
Resilient demand and balanced execution drive growth in revenue and profits Financial Summary Q2 2023 Revenue of $1.75 billion, up 0.4 percent, or 0.5
About this update from Xerox Holdings Corporation
[{"type":"text","content":"\nResilient demand and balanced execution drive growth in revenue and profits\n\n\nFinancial Summary\nQ2 2023\n\n\n\nRevenue of $1.75 billion, up 0.4 percent, or 0.5 percent in constant currency.\n\n\n\nGAAP (loss) earnings per share (EPS) of $(0.41), down $0.36 year-over-year.\n\n\n\nAdjusted EPS of $0.44, up $0.31 year-over-year.\n\n\n\nAdjusted operating margin of 6.1 percent, up 410 basis points year-over-year.\n\n\n\nOperating cash flow of $95 million, up $180 million year-over-year.\n\n\n\nFree cash flow of $88 million, up $186 million year-over-year.\n\n\n\nIncreasing guidance for adjusted operating margin to a range of 5.5% to 6.0%, and free cash flow to at least $600 million.\n\n\n\n NORWALK, Conn.--(BUSINESS WIRE)--\nXerox Holdings Corporation (NASDAQ: XRX) today announced its 2023 second-quarter results.\n\n\n“Over the last 12 months, Xerox has taken significant steps to strengthen its operating and financial discipline, leading to another quarter of profitable growth amid a dynamic macroeconomic backdrop,” said Steve Bandrowczak, chief executive officer at Xerox. “I’m proud of the part all Xerox employees and partners have played in our continued success. An improved operating system leaves us well positioned to pursue growth opportunities as we focus on meeting clients’ evolving needs in today’s hybrid workplace.”\n\n\nSecond-Quarter Key Financial Results\n\n\n\n\n(in millions, except per share data)\n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\nQ2 2022\n\n\n\n\n\n\nB/(W)\nYOY\n\n\n\n\n\n\n% Change\nB/(W) YOY\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$1,754\n\n\n\n\n\n\n$1,747\n\n\n\n\n\n\n$7\n\n\n\n\n\n\n0.4% AC\n0.5% CC(1)\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n34.0%\n\n\n\n\n\n\n31.9%\n\n\n\n\n\n\n210 bps\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nRD&E %\n\n\n\n\n\n\n3.2%\n\n\n\n\n\n\n4.8%\n\n\n\n\n\n\n160 bps\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nSAG %\n\n\n\n\n\n\n24.7%\n\n\n\n\n\n\n26.3%\n\n\n\n\n\n\n160 bps\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nPre-Tax (Loss)\n\n\n\n\n\n\n$(89)\n\n\n\n\n\n\n$(5)\n\n\n\n\n\n\n$(84)\n\n\n\n\n\n\nNM\n\n\n\n\n\n\n\n\nPre-Tax (Loss) Margin\n\n\n\n\n\n\n(5.1)%\n\n\n\n\n\n\n(0.3)%\n\n\n\n\n\n\n(480) bps\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOperating Income - Adjusted (1)\n\n\n\n\n\n\n$107\n\n\n\n\n\n\n$35\n\n\n\n\n\n\n$72\n\n\n\n\n\n\n205.7%\n\n\n\n\n\n\n\n\nOperating Income Margin - Adjusted (1)\n\n\n\n\n\n\n6.1%\n\n\n\n...