{"id":48618,"date":"2022-01-27T08:36:46","date_gmt":"2022-01-27T16:36:46","guid":{"rendered":"http:\/\/www.enxmag.com\/twii\/?p=48618"},"modified":"2022-01-27T08:36:48","modified_gmt":"2022-01-27T16:36:48","slug":"xerox-releases-fourth-quarter-and-full-year-results","status":"publish","type":"post","link":"http:\/\/www.enxmag.com\/twii\/news\/2022\/01\/xerox-releases-fourth-quarter-and-full-year-results\/","title":{"rendered":"Xerox Releases Fourth-Quarter and Full-Year Results"},"content":{"rendered":"\n

Norwalk, CT (Jan 25, 2022)<\/em> \u2014 Xerox Holdings Corporation (NASDAQ: XRX) today announced 2021 fourth-quarter and full-year results and guidance for 2022.<\/p>\n\n\n\n

\u201cOur team\u2019s focus and dedication drove improved results in 2021 despite ongoing challenges caused by the pandemic and global supply chain disruptions,\u201d said Xerox Vice Chairman and CEO John Visentin. \u201cOur ability to increase free cash flow, while investing for sustainable, long-term growth and improving our operations, highlights the quality of our team and strategy. We stood up Xerox Financial Services, CareAR and Innovation (PARC), while laying the foundation for growth in print, digital solutions and IT services. We look forward to sharing more detail about our long-term plans and strategies for monetizing our investments in growth at our Investor Day in February.\u201d<\/p>\n\n\n\n

Financial Summary<\/strong><\/p>\n\n\n\n

\u2022 $1.78 billion of revenue in Q4, down 7.9 percent year-over-year, or down 7.4 percent in constant currency; $7.04 billion of FY revenue, up 0.2 percent year-over-year, or down 1.4 percent in constant currency.
\u2022 Q4 and FY GAAP (loss)\/earnings per share (EPS) of $(3.97) and $(2.56), down $4.33 and $3.40 year-over-year, respectively. Both Q4 and FY GAAP EPS include an after-tax non-cash goodwill impairment charge of $750 million or $4.38 and $4.08 per share, respectively.
\u2022 Q4 and FY adjusted EPS of $0.34 and $1.51, down $0.24 and up $0.10 year-over-year, respectively.
\u2022 Q4 adjusted operating margin of 4.8 percent, down 470 basis points year-over-year; FY adjusted operating margin of 5.3 percent, down 130 basis points year-over-year.
\u2022 $198 million of operating cash flow in Q4, down $37 million year-over-year; $629 million of FY
operating cash flow, up $81 million year-over-year.
\u2022 $182 million of free cash flow in Q4, down $39 million year-over-year; $561 million of FY free cash flow, up $87 million year-over-year.
\u2022 Delivered $375 million of targeted 2021 gross cost savings through Project Own It, or $1.8 billion since inception.
\u2022 Returned more than $1 billion to shareholders, close to double FY 2021 free cash flow.<\/p>\n\n\n\n

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2022 Guidance<\/strong>
The company expects to grow revenue in 2022. Guidance assumes supply chain and pandemic-related disruptions persist through the first half of the year. The company also expects to generate at least $400 million of free cash flow, inclusive of incremental cash investments in new businesses.<\/p>\n\n\n\n

\u2022 Revenue of at least $7.1 billion in actual currency
\u2022 Free cash flow of at least $400 million
\u2022 Return at least 50% of free cash flow to shareholders<\/p>\n\n\n\n

Non-GAAP Measures<\/strong>
This release refers to the following non-GAAP financial measures:<\/p>\n\n\n\n

\u2022 Adjusted EPS, which excludes the Goodwill impairment charge as well as Restructuring and related
costs, net, Amortization of intangible assets, Transaction and related costs, net, non-service
retirement-related costs, and other discrete adjustments from GAAP-EPS, as applicable.
\u2022 Adjusted operating margin and income, which exclude the EPS adjustments noted above as well
as the remainder of Other expenses, net from pre-tax (loss) income and margin.
\u2022 Constant currency (CC) revenue change, which excludes the effects of currency translation.
\u2022 Free cash flow, which is operating cash flow less capital expenditures.<\/p>\n\n\n\n

###<\/p>\n\n\n\n

About Xerox Holdings Corporation<\/strong>
For more than 100 years, Xerox<\/a> has continually redefined the workplace experience. Harnessing our leadership position in office and production print technology, we\u2019ve expanded into software and services to power today\u2019s workforce. From the office to industrial environments, our differentiated business solutions and financial services are designed to make every day work better for clients \u2014 no matter where that work is being done. Today, Xerox scientists and engineers are continuing our legacy of innovation with disruptive technologies in digital transformation, augmented reality, robotic process automation, additive manufacturing, Industrial Internet of Things and cleantech.<\/p>\n","protected":false},"excerpt":{"rendered":"

Norwalk, CT (Jan 25, 2022) \u2014 Xerox Holdings Corporation (NASDAQ: XRX) today announced 2021 fourth-quarter and full-year results and guidance for 2022. \u201cOur team\u2019s focus and dedication drove improved results in 2021 despite ongoing challenges caused by the pandemic and global supply chain disruptions,\u201d said Xerox Vice Chairman and CEO John Visentin. \u201cOur ability to increase free cash flow, while investing for sustainable, long-term growth and improving our operations, highlights the quality of our team and strategy. We stood up Xerox Financial Services, CareAR and Innovation (PARC), while laying the foundation for growth in print, digital solutions and IT services. We look forward to sharing more detail about our long-term plans and strategies for monetizing our investments in growth at our Investor Day in February.\u201d Financial Summary \u2022 $1.78 billion of revenue in Q4, down 7.9 percent year-over-year, or down 7.4 percent in constant currency; $7.04 billion of FY revenue, up 0.2 percent year-over-year, or down 1.4 percent in constant currency.\u2022 Q4 and FY GAAP (loss)\/earnings per share (EPS) of $(3.97) and $(2.56), down $4.33 and $3.40 year-over-year, respectively. Both Q4 and FY GAAP EPS include an after-tax non-cash goodwill impairment charge of $750 million or $4.38 and $4.08 per share, respectively.\u2022 Q4 and FY adjusted EPS of $0.34 and $1.51, down $0.24 and up $0.10 year-over-year, respectively.\u2022 Q4 adjusted operating margin of 4.8 percent, down 470 basis points year-over-year; FY adjusted operating margin of 5.3 percent, down 130 basis points year-over-year.\u2022 $198 million of operating cash flow in Q4, down $37 million year-over-year; $629 million of FYoperating cash flow, up $81 million year-over-year.\u2022 $182 million of free cash flow in Q4, down $39 million year-over-year; $561 million of FY free cash flow, up $87 million year-over-year.\u2022 Delivered $375 million of targeted 2021 gross cost savings through Project Own It, or $1.8 billion since inception.\u2022 Returned more than $1 billion to shareholders, close to double FY 2021 free cash flow. 2022 GuidanceThe company expects to grow revenue in 2022. Guidance assumes supply chain and pandemic-related disruptions persist through the first half of the year. The company also expects to generate at least $400 million of free cash flow, inclusive of incremental cash investments in new businesses. \u2022 Revenue of at least $7.1 billion in actual currency\u2022 Free cash flow of at least $400 million\u2022 Return at least 50% of free cash flow to shareholders Non-GAAP MeasuresThis release refers to the following non-GAAP financial measures: \u2022 Adjusted EPS, which excludes the Goodwill impairment charge as well as Restructuring and relatedcosts, net, Amortization of intangible assets, Transaction and related costs, net, non-serviceretirement-related costs, and other discrete adjustments from GAAP-EPS, as applicable.\u2022 Adjusted operating margin and income, which exclude the EPS adjustments noted above as wellas the remainder of Other expenses, net from pre-tax (loss) income and margin.\u2022 Constant currency (CC) revenue change, which excludes the effects of currency translation.\u2022 Free cash flow, which is operating cash flow less capital expenditures. ### About Xerox Holdings CorporationFor more than 100 years, Xerox has continually redefined the workplace experience. Harnessing our leadership position in office and production print technology, we\u2019ve expanded into software and services to power today\u2019s workforce. From the office to industrial environments, our differentiated business solutions and financial services are designed to make every day work better for clients \u2014 no matter where that work is being done. Today, Xerox scientists and engineers are continuing our legacy of innovation with disruptive technologies in digital transformation, augmented reality, robotic process automation, additive manufacturing, Industrial Internet of Things and cleantech.<\/p>\n","protected":false},"author":66,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[86],"tags":[362],"_links":{"self":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/48618"}],"collection":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/comments?post=48618"}],"version-history":[{"count":1,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/48618\/revisions"}],"predecessor-version":[{"id":48621,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/48618\/revisions\/48621"}],"wp:attachment":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media?parent=48618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/categories?post=48618"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/tags?post=48618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}