Norwalk, CT (Feb. 23, 2022) — Xerox Holdings Corporation (NASDAQ: XRX) is hosting an Investor Day today to share plans for creating long-term shareholder value, including strategies to grow the Print & Services business and specific growth and commercialization strategies for new businesses and innovations. Xerox will also provide a long-range financial forecast for each of its businesses, encompassing plans for growth in print and beyond. The event is being hosted at the Nasdaq Marketsite in New York, New York.
“At Xerox, innovation is the core of what we do and who we are. We’ve continued investing in innovation throughout the pandemic and global supply chain disruptions, and today we are pleased to share our progress,” said John Visentin, vice chairman and CEO, Xerox. “We are using innovation to drive growth in Print & Services, IT and Digital Services, as well as in our new disruptive businesses, CareAR and FITTLE, and in several transformative endeavors at PARC.”
As part of its Investor Day, Xerox will introduce FITTLE, a rebrand of Xerox Financial Services (XFS), a leading provider of innovative business financing solutions to help organizations of all sizes adapt and grow. The evolution to FITTLE reflects Xerox’s breadth of offerings and expansion into new market segments.
The event also includes:
Review of Xerox’s three-year financial outlook:
- Revenue of at least $7.1 billion in actual currency in 2022, with expected low to mid-single digit annual growth through 2024
- Adjusted operating margin expansion of more than 200 basis points
- Free cash flow generation of at least $400 million in 2022, and $450 million to $500 million annually through 2024
- Expected return of at least 50% of free cash flow to shareholders
A detailed review of newly stood up businesses and their respective growth strategies:
- FITTLE – Introduction of a new name for this business, which will increasingly target financing opportunities beyond Xerox equipment and services.
- CareAR – Will play a leading role in developing the Service Experience Management market, which is expected to grow to $80 billion by 2028, with its AR/VR and AI-driven visual support platform.
- PARC – Venture ecosystem that drives commercial applications of PARC’s research efforts across the IoT, additive manufacturing and cleantech industries.
Financial outlooks for Print & Services, FITTLE, CareAR and PARC, along with KPI’s and financial metrics to enable a sum-of-the-parts valuation of Xerox.
Investment strategy for driving long-term growth, including an expansion of IT Services, deployment of Digital Services that fulfill clients evolving workplace needs and investments to scale, commercialize and eventually monetize our new businesses.
A live webcast of today’s event along with the relevant presentation material will be available on Xerox’s Investor Relations website here. A replay of the Investor Day presentation and presentation material will be accessible for at least 90 days.
About Xerox Holdings Corporation (NASDAQ: XRX)
For more than 100 years, Xerox has continually redefined the workplace experience. Harnessing our leadership position in office and production print technology, we’ve expanded into software and services to sustainably power today’s workforce. From the office to industrial environments, our differentiated business solutions and financial services are designed to make every day work better for clients — 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.