Xerox Releases First-Quarter Results, Affirms Guidance

NORWALK, Conn., April 20, 2021 — Xerox Holdings Corporation (NYSE: XRX) today announced 2021 first-quarter results.

“In the first quarter, in an environment where many offices remained closed, we grew equipment sales and IT Services revenue year-over-year. I am proud of how our employees have continued to deliver for our customers during the pandemic. We made progress toward standing up XFS, Xerox Software and PARC Innovation as separate businesses, which we now expect to complete in calendar year 2021,” said Xerox Vice Chairman and CEO John Visentin. “With small and medium-sized business and enterprise clients planning to return more employees to the office, our differentiated offerings are well-positioned to serve their growing needs. The strength of our performance, portfolio and strategy gives us confidence we will return Xerox to growth in 2021.”

Financial Summary

  • $1.71 billion of revenue, down 8.1 percent year-over-year or 10.4 percent in constant currency.
  • GAAP earnings per share (EPS) of $0.18, up $0.21 year-over-year, and adjusted EPS of $0.22, up $0.01 year-over-year.
  • Adjusted operating margin of 5.2 percent, up 50 basis points year-over-year.
  • $117 million of operating cash flow, down $56 million year-over-year.
  • $100 million of free cash flow, down $50 million year-over-year.

Visit Xerox’s investor relations site for the full report.

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