Xerox Holdings Corporation reports on a workplace technology business built around print, digital, software-enabled services, integrated IT infrastructure and hybrid-workplace solutions for enterprises, governments, graphic communications providers and channel partners. News about XRX commonly covers quarterly results, margin trends, revenue trajectory, cash flow, debt reduction and guidance.
Recurring developments also include the integration of Lexmark, board and executive leadership changes, dividends on common stock and Series A convertible perpetual preferred stock, warrant distributions tied to the capital structure, and financing or licensing actions involving Xerox intellectual property assets.
Xerox Holdings Corporation (NASDAQ: XRX) announced a quarterly dividend of $0.25 per share on Common Stock, payable on May 1, 2023, for shareholders of record by March 31, 2023. Additionally, the board declared a dividend of $20.00 per share on Series A Convertible Perpetual Preferred Stock, payable on April 3, 2023, to shareholders of record on March 15, 2023. This reflects Xerox's commitment to returning income to shareholders amidst its ongoing innovations in various technologies.
Xerox Holdings Corporation (NASDAQ: XRX) reported a significant bounce back in Q4 2022, achieving revenues of $1.94 billion, a 9.2% increase year-over-year. The company highlighted GAAP EPS of $0.74, marking a turnaround from a $3.97 loss in the previous year. Adjusted EPS improved to $0.89, up $0.55 year-over-year. However, full-year results showed FY 2022 revenue at $7.11 billion, up only 1.0%, with GAAP loss per share at $2.15. The company anticipates flat to low-single-digit revenue growth for 2023, while aiming for an adjusted operating margin of at least 4.7% and free cash flow of at least $500 million.
Xerox Holdings Corporation (NASDAQ: XRX) will host a live audio webcast on January 26, 2023, at 8 a.m. ET to discuss its 2022 fourth-quarter and full-year results. A news release will be distributed earlier that day at 6:30 a.m. ET. CEO Steve Bandrowczak and CFO Xavier Heiss will lead the presentation, which aims to provide insights into the company's performance. Investors can access the webcast through the provided links. For over a century, Xerox has been innovating in office and production technologies, now expanding into software and services for improved workplace experiences.
Xerox Holdings Corporation (NASDAQ: XRX) has signed a Forward Funding Agreement with PEAC Solutions to support the growth of its FITTLE business, a provider of equipment leasing solutions. This deal allows FITTLE to sell up to $600 million in lease receivables to PEAC Solutions, which will purchase them monthly. The agreement is expected to enhance FITTLE's capital, enabling expansion in financing for business customers. Additionally, Xerox plans to reduce commitments under its revolving credit facility by 50%, optimizing cash flow for continuous growth.
Xerox Holdings Corporation (NASDAQ: XRX) appointed John Bruno as President and Chief Operating Officer, effective immediately. This follows the promotion of Steven Bandrowczak to Chief Executive Officer. Bruno, who has 30 years of experience with Fortune 500 companies, will work on shaping Xerox's global strategy and improving operational performance. He previously served as COO and CEO of Data & Analytic Services at Aon. The leadership change aims to enhance the client-centric operating model and customer experience at Xerox.
Xerox has officially spun out Novity™, a start-up from its Palo Alto Research Center, specializing in industrial predictive maintenance technology. This development showcases PARC's ability to incubate and commercialize innovative technologies. Novity aims to enhance industrial operations through its TruPrognostics™ engine, which predicts equipment failures with over 90% accuracy using machine learning and physics-based models. Following this spin-out, Xerox retains a minority stake in Novity, indicating its continued interest in the technology's growth.
Xerox reported Q3 2022 earnings with revenue of $1.75 billion, down 0.4% year-over-year, but up 4.7% in constant currency. GAAP EPS was $(2.48), a decline of $2.96 YOY, impacted by a $395 million goodwill impairment. Adjusted EPS fell 60.4% to $0.19. Operating cash flow usage increased to $(8 million), and free cash flow usage was $(18 million). The company lowered its 2022 revenue guidance to $7.0B - $7.1B and free cash flow guidance to at least $125 million.
Xerox Holdings Corporation (NASDAQ: XRX) announced a quarterly dividend of $0.25 per share for its common stock, payable on January 31, 2023, to shareholders of record as of December 31, 2022. Additionally, a dividend of $20.00 per share has been declared for the Series A Convertible Perpetual Preferred Stock, payable on January 3, 2023, to shareholders of record on December 15, 2022. This reflects the company's commitment to returning value to shareholders while maintaining a strong position in digital transformation.
Xerox Holdings Corporation (NASDAQ: XRX) has released its 2022 Global Corporate Social Responsibility (CSR) Report, highlighting its commitment to achieving Net Zero emissions by 2040. The company initiated global climate change awareness training for all employees and reduced energy consumption by 12.8% in 2021 compared to 2020. Other initiatives include engaging over 500 employees in volunteer work and enhancing workforce diversity. Xerox is also collaborating with the EPA on ENERGY STAR criteria for remanufactured products, showcasing its dedication to sustainability.
Xerox Holdings Corporation (NASDAQ: XRX) will host a live audio webcast on October 25, 2022, at 8 a.m. ET to discuss its 2022 third-quarter results. A news release detailing these results will be available earlier that day at 6:30 a.m. ET. Company executives participating include Steve Bandrowczak, the CEO, and Xavier Heiss, the CFO.
For further details, interested parties can join the webcast through the provided link.