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Mar 31, 2022
Xerox Q1 2022 Earnings Report
Xerox's first quarter results were released with revenue in line with expectations, profits impacted by rising costs, and improving page volumes.
Key Takeaways
Xerox's first quarter revenue was $1.67 billion, a decrease of 2.5 percent year-over-year, or 0.7 percent in constant currency. The company reported a GAAP loss per share of $(0.38) and an adjusted loss per share of $(0.12). Despite inflationary pressure and increased logistics costs, the company maintains its revenue and cash flow guidance for 2022.
Revenue was $1.67 billion, down 2.5% year-over-year or 0.7% in constant currency.
GAAP loss per share was $(0.38), down $0.56 year-over-year, and adjusted loss per share was $(0.12), down $0.34 year-over-year.
Pre-tax margin was (5.3) percent, down 840 basis points, and adjusted operating margin was (0.2) percent, down 540 basis points year-over-year.
The company maintains its revenue and cash flow guidance for 2022.
Xerox
Xerox
Forward Guidance
Xerox is maintaining its revenue and cash flow guidance for 2022, assuming supply chain disruption will begin to subside and return to office trends will continue to improve in the second half of the year. Free cash flow guidance excludes payments associated with this quarter’s one-time product supply contract termination charge.
Positive Outlook
- Revenue of at least $7.1 billion in actual currency.
- Free cash flow of at least $400 million.
- Return at least 50% of free cash flow to shareholders.