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    Xerox Releases First-Quarter Results

    5/1/25 6:30:00 AM ET
    $XRX
    Computer peripheral equipment
    Technology
    Get the next $XRX alert in real time by email

    Reinvention drives momentum in Print and IT Solutions growth following ITsavvy acquisition

    Financial Summary

    Q1 2025

    • Revenue of $1.46 billion, down 3.0 percent, and 1.1 percent in constant currency.
    • GAAP net (loss) of $(90) million, or $(0.75) per share, improved by $23 million or $0.19 per share, year-over-year, respectively.
    • Adjusted net (loss) of $(4) million, or $(0.06) per share, declined by $15 million or $0.12 per share, year-over-year, respectively.
    • Adjusted operating margin of 1.5 percent, 70 basis points lower year-over-year.
    • Operating cash flow of $(89) million, lower by $10 million year-over-year.
    • Free cash flow of $(109) million, lower by $20 million year-over-year.

    Xerox Holdings Corporation (NASDAQ:XRX) today announced its 2025 first-quarter results.

    "In a quarter marked by increasing levels of macroeconomic and trade policy uncertainty, our team remained focused on what we can control: the balanced execution of our Reinvention and delivering client success," said Steve Bandrowczak, chief executive officer at Xerox. "Improved sales productivity, the successful integration of ITsavvy and other Reinvention-enabled operating efficiencies drove momentum in revenue and positive adjusted operating income in our seasonally lowest quarter. Reinvention is delivering improved operating predictability and sales momentum, positioning Xerox well for long-term growth in revenue and adjusted operating income."

    First-Quarter Key Financial Results

    (in millions, except per share data)

    Q1 2025

     

    Q1 2024

     

    B/(W)

    YOY

     

    % Change

    B/(W) YOY

    Revenue

    $1,457

     

    $1,502

     

    $(45)

     

    (3.0)% AC (1.1)% CC1

    Gross Profit

    $426

     

    $443

     

    $(17)

     

    (3.8)%

    Gross Margin

    29.2%

     

    29.5%

     

    (30) bps

     

     

    RD&E %

    2.9%

     

    3.3%

     

    40 bps

     

     

    SAG %

    25.9%

     

    26.4%

     

    50 bps

     

     

    Pre-Tax Loss2

    $(67)

     

    $(150)

     

    $83

     

    NM

    Pre-Tax Loss Margin2

    (4.6)%

     

    (10.0)%

     

    540 bps

     

     

    Gross Profit - Adjusted1

    $433

     

    $479

     

    $(46)

     

    (9.6)%

    Gross Margin - Adjusted1

    29.7%

     

    31.9%

     

    (220) bps

     

     

    Operating Income - Adjusted1

    $22

     

    $33

     

    $(11)

     

    (33.3)%

    Operating Income Margin - Adjusted1

    1.5%

     

    2.2%

     

    (70) bps

     

     

    GAAP Diluted Loss per Share2

    $(0.75)

     

    $(0.94)

     

    $0.19

     

    NM

    Diluted (Loss) Earnings Per Share - Adjusted1

    $(0.06)

     

    $0.06

     

    $(0.12)

     

    NM

    First-Quarter Segment Results

    (in millions)

    Q1 2025

     

    Q1 2024

     

    B/(W)

    YOY

     

    % Change

    B/(W) YOY

    Revenue

     

     

     

     

     

     

     

    Print and Other3

    $1,294

     

    $1,428

     

    $(134)

     

    (9.4)%

    IT Solutions3

    164

     

    74

     

    90

     

    121.6%

    Intersegment Elimination4

    (1)

     

    —

     

    (1)

     

    NM

    Total Revenue

    $1,457

     

    $1,502

     

    $(45)

     

    (3.0)%

    Profit

     

     

     

     

     

     

     

    Print and Other3

    $41

     

    $58

     

    $(17)

     

    (29.3)%

    IT Solutions3

    5

     

    (1)

     

    6

     

    NM

    Total Profit

    $46

     

    $57

     

    $(11)

     

    (19.3)%

    _____________

    (1)

     

    Refer to the "Non-GAAP Financial Measures" section of this release for a discussion of these non-GAAP measures and their reconciliation to the reported GAAP measures.

    (2)

     

    First quarter 2025 GAAP Diluted Loss per Share includes a charge to tax expense related to the establishment of $59 million in valuation allowances, or $0.47 per share, and $14 million of after-tax financing-related charges, or $0.11 per share, related to our recently completed debt offering. First quarter 2024 Pre-Tax Loss and Margin, and GAAP Diluted Loss per Share, include after-tax Reinvention-related charges of $100 million, or $0.81 per share, primarily related to the exit of certain Production Print manufacturing operations and geographic simplification.

    (3)

     

    First quarter 2025, the Company made a change to its reportable segments - Print and Other, and IT Solutions to align with a change in how the Chief Operating Decision Maker, our Chief Executive Officer, allocates resources and assesses performance against the Company's key growth strategies. Prior to this change, the company had two reportable segments - Print and Other, and XFS. As a result of this change, prior period reportable segment results have been recast to reflect the Company's current reportable segments. See Reportable Segments - 2024 Segment Review, and APPENDIX II - Reportable Segments.

    (4)

     

    Reflects primarily IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

    2025 Guidance

    • Revenue: low single-digit growth in constant currency1
    • Adjusted1 Operating Margin: at least 5.0%
    • Free cash flow1: $350 million to $400 million

    Guidance does not include any impact from the pending acquisition of Lexmark. Guidance further excludes potential adverse effects of tariff and trade policy, and the resultant impact on the macroeconomic outlook for the second half of the year, as tariff rates and trade policy remain fluid and unpredictable. We currently expect minimal tariff-related impacts to our financial results in Q2.

    We are working with supplier partners to minimize tariff-related cost increases and will monitor client sentiment and demand in response to price increases or surcharges used to mitigate the financial impact of future tariffs.

    Non-GAAP Measures

    This release refers to the following non-GAAP financial measures:

    • Adjusted1 Gross Profit and Margin, which exclude the inventory impact related to the exit of certain Production Print manufacturing operations, included in Cost of services, maintenance and rentals.
    • Adjusted1 EPS, which excludes Restructuring and related costs, net, Amortization of intangible assets, non-service retirement-related costs, and other discrete adjustments from GAAP EPS, as applicable.
    • Adjusted1 operating income and margin, which exclude the EPS adjustments noted above as well as the remainder of Other expenses, net from pre-tax loss and margin.
    • Constant currency (CC)1 revenue change, which excludes the effects of currency translation.
    • Free cash flow1, which is operating cash flow less capital expenditures.

    _________

    (1)

     

    Refer to the "Non-GAAP Financial Measures" section of this release for a discussion of these non-GAAP measures and their reconciliation to the reported GAAP measures.

    Forward Looking Statements

    This release and other written or oral statements made from time to time by management contain "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words "anticipate", "believe", "estimate", "expect", "intend", "will", "should", "targeting", "projecting", "driving" and similar expressions, as they relate to us, our performance and/or our technology, are intended to identify forward-looking statements. These statements reflect management's current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: Global macroeconomic conditions, including inflation, slower growth or recession, delays or disruptions in the global supply chain, higher interest rates, and wars and other conflicts, including the current conflict between Russia and Ukraine; our ability to succeed in a competitive environment, including by developing new products and service offerings and preserving our existing products and market share as well as repositioning our business in the face of customer preference, technological, and other change, such as evolving return-to-office and hybrid working trends; failure of our customers, vendors, and logistics partners to perform their contractual obligations to us; our ability to attract, train, and retain key personnel; execution risks around our Reinvention; the risk of breaches of our security systems due to cyber, malware, or other intentional attacks that could expose us to liability, litigation, regulatory action or damage our reputation; our ability to obtain adequate pricing for our products and services and to maintain and improve our cost structure; changes in economic and political conditions, trade protection measures, licensing requirements, and tax laws in the United States and in the foreign countries in which we do business; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; interest rates, cost of borrowing, and access to credit markets; risks related to our indebtedness; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; funding requirements associated with our employee pension and retiree health benefit plans; changes in foreign currency exchange rates; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; laws, regulations, international agreements and other initiatives to limit greenhouse gas emissions or relating to climate change, as well as the physical effects of climate change; and other factors as set forth from time to time in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The Company intends these forward-looking statements to speak only as of the date of this release and does not undertake to update or revise them as more information becomes available, except as required by law.

    Note: To receive RSS news feeds, visit https://www.news.xerox.com. For open commentary, industry perspectives and views, visit http://www.linkedin.com/company/xerox or http://www.youtube.com/XeroxCorp.

    Xerox® is a trademark of Xerox in the United States and/or other countries.

    XEROX HOLDINGS CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)

     

     

     

    Three Months Ended

    March 31,

    (in millions, except per-share data)

     

     

    2025

     

     

     

    2024

     

    Revenues

     

     

     

     

    Sales

     

    $

    557

     

     

    $

    523

     

    Services, maintenance, rentals and other(1)

     

     

    900

     

     

     

    979

     

    Total Revenues

     

     

    1,457

     

     

     

    1,502

     

    Costs and Expenses

     

     

     

     

    Cost of sales

     

     

    382

     

     

     

    340

     

    Cost of services, maintenance, rentals and other(1)

     

     

    649

     

     

     

    719

     

    Research, development and engineering expenses

     

     

    42

     

     

     

    49

     

    Selling, administrative and general expenses

     

     

    378

     

     

     

    397

     

    Restructuring and related costs, net

     

     

    (1

    )

     

     

    39

     

    Amortization of intangible assets

     

     

    10

     

     

     

    10

     

    Divestitures

     

     

    (4

    )

     

     

    54

     

    Other expenses, net

     

     

    68

     

     

     

    44

     

    Total Costs and Expenses

     

     

    1,524

     

     

     

    1,652

     

    Loss before Income Taxes(2)

     

     

    (67

    )

     

     

    (150

    )

    Income tax expense (benefit)

     

     

    23

     

     

     

    (37

    )

    Net Loss

     

     

    (90

    )

     

     

    (113

    )

    Less: Preferred stock dividends, net

     

     

    (4

    )

     

     

    (4

    )

    Net Loss attributable to Common Shareholders

     

    $

    (94

    )

     

    $

    (117

    )

     

     

     

     

     

    Basic Loss per Share

     

    $

    (0.75

    )

     

    $

    (0.94

    )

    Diluted Loss per Share

     

    $

    (0.75

    )

     

    $

    (0.94

    )

    __________

    (1)

     

    Services, maintenance, rentals and other revenues include financing revenue generated from direct and indirectly financed Xerox equipment sale transactions of $33 million and $42 million for the first quarter 2025 and 2024, respectively. Cost of services, maintenance, rentals and other include the related cost of financing of $22 million and $27 million for the first quarter 2025 and 2024, respectively.

    (2)

     

    Referred to as "Pre-tax loss" throughout the remainder of this document.

    XEROX HOLDINGS CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

     

     

     

    Three Months Ended

    March 31,

    (in millions)

     

     

    2025

     

     

     

    2024

     

    Net Loss

     

    $

    (90

    )

     

    $

    (113

    )

     

     

     

     

     

    Other Comprehensive Income (Loss), Net

     

     

     

     

    Translation adjustments, net

     

     

    105

     

     

     

    (32

    )

    Unrealized losses, net

     

     

    (2

    )

     

     

    (1

    )

    Changes in defined benefit plans, net

     

     

    (21

    )

     

     

    36

     

    Other Comprehensive Income, Net

     

     

    82

     

     

     

    3

     

     

     

     

     

     

    Comprehensive Loss, Net

     

    $

    (8

    )

     

    $

    (110

    )

    XEROX HOLDINGS CORPORATION

    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

     

    (in millions, except share data in thousands)

     

    March 31, 2025

     

    December 31, 2024

    Assets

     

     

     

     

    Cash and cash equivalents

     

    $

    336

     

     

    $

    576

     

    Accounts receivable (net of allowance of $68 and $69, respectively)

     

     

    819

     

     

     

    796

     

    Billed portion of finance receivables (net of allowance of $3 and $2, respectively)

     

     

    43

     

     

     

    48

     

    Finance receivables, net

     

     

    583

     

     

     

    608

     

    Inventories

     

     

    836

     

     

     

    695

     

    Other current assets

     

     

    250

     

     

     

    212

     

    Total current assets

     

     

    2,867

     

     

     

    2,935

     

    Finance receivables due after one year (net of allowance of $50 and $55, respectively)

     

     

    1,013

     

     

     

    1,089

     

    Equipment on operating leases, net

     

     

    248

     

     

     

    245

     

    Land, buildings and equipment, net

     

     

    195

     

     

     

    251

     

    Intangible assets, net

     

     

    228

     

     

     

    236

     

    Goodwill, net

     

     

    1,954

     

     

     

    1,937

     

    Deferred tax assets

     

     

    607

     

     

     

    615

     

    Other long-term assets

     

     

    1,099

     

     

     

    1,057

     

    Total Assets

     

    $

    8,211

     

     

    $

    8,365

     

    Liabilities and Equity

     

     

     

     

    Short-term debt and current portion of long-term debt

     

    $

    599

     

     

    $

    585

     

    Accounts payable

     

     

    1,120

     

     

     

    1,023

     

    Accrued compensation and benefits costs

     

     

    199

     

     

     

    227

     

    Accrued expenses and other current liabilities

     

     

    721

     

     

     

    784

     

    Total current liabilities

     

     

    2,639

     

     

     

    2,619

     

    Long-term debt

     

     

    2,699

     

     

     

    2,814

     

    Pension and other benefit liabilities

     

     

    1,077

     

     

     

    1,088

     

    Post-retirement medical benefits

     

     

    152

     

     

     

    154

     

    Other long-term liabilities

     

     

    363

     

     

     

    386

     

    Total Liabilities

     

     

    6,930

     

     

     

    7,061

     

     

     

     

     

     

    Noncontrolling Interests

     

     

    10

     

     

     

    10

     

     

     

     

     

     

    Convertible Preferred Stock

     

     

    214

     

     

     

    214

     

     

     

     

     

     

    Common stock

     

     

    126

     

     

     

    124

     

    Additional paid-in capital

     

     

    1,141

     

     

     

    1,137

     

    Retained earnings

     

     

    3,403

     

     

     

    3,514

     

    Accumulated other comprehensive loss

     

     

    (3,617

    )

     

     

    (3,699

    )

    Xerox Holdings shareholders' equity

     

     

    1,053

     

     

     

    1,076

     

    Noncontrolling interests

     

     

    4

     

     

     

    4

     

    Total Equity

     

     

    1,057

     

     

     

    1,080

     

    Total Liabilities and Equity

     

    $

    8,211

     

     

    $

    8,365

     

     

     

     

     

     

    Shares of Common Stock Issued and Outstanding

     

     

    125,780

     

     

     

    124,435

     

    XEROX HOLDINGS CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

     

     

     

    Three Months Ended

    March 31,

    (in millions)

     

     

    2025

     

     

     

    2024

     

    Cash Flows from Operating Activities

     

     

     

     

    Net Loss

     

    $

    (90

    )

     

    $

    (113

    )

     

     

     

     

     

    Adjustments to reconcile Net loss to Net cash used in operating activities

     

     

     

     

    Depreciation and amortization

     

     

    60

     

     

     

    59

     

    Provisions

     

     

    18

     

     

     

    57

     

    Net gain on sales of businesses and assets

     

     

    (3

    )

     

     

    —

     

    Divestitures

     

     

    (4

    )

     

     

    54

     

    Stock-based compensation

     

     

    12

     

     

     

    12

     

    Restructuring and asset impairment charges

     

     

    (1

    )

     

     

    31

     

    Payments for restructurings

     

     

    (18

    )

     

     

    (16

    )

    Non-service retirement-related costs

     

     

    18

     

     

     

    23

     

    Contributions to retirement plans

     

     

    (34

    )

     

     

    (31

    )

    Increase in accounts receivable and billed portion of finance receivables

     

     

    (12

    )

     

     

    (19

    )

    Increase in inventories

     

     

    (137

    )

     

     

    (133

    )

    Increase in equipment on operating leases

     

     

    (30

    )

     

     

    (22

    )

    Decrease in finance receivables

     

     

    128

     

     

     

    210

     

    Increase in other current and long-term assets

     

     

    (16

    )

     

     

    (2

    )

    Increase in accounts payable

     

     

    89

     

     

     

    17

     

    Decrease in accrued compensation

     

     

    (30

    )

     

     

    (86

    )

    Decrease in other current and long-term liabilities

     

     

    (48

    )

     

     

    (77

    )

    Net change in income tax assets and liabilities

     

     

    (2

    )

     

     

    (44

    )

    Net change in derivative assets and liabilities

     

     

    —

     

     

     

    6

     

    Other operating, net

     

     

    11

     

     

     

    (5

    )

    Net cash used in operating activities

     

     

    (89

    )

     

     

    (79

    )

    Cash Flows from Investing Activities

     

     

     

     

    Cost of additions to land, buildings, equipment and software

     

     

    (20

    )

     

     

    (10

    )

    Proceeds from sales of businesses and assets

     

     

    27

     

     

     

    4

     

    Acquisitions, net of cash acquired

     

     

    1

     

     

     

    —

     

    Other investing, net

     

     

    (2

    )

     

     

    (11

    )

    Net cash provided by (used in) investing activities

     

     

    6

     

     

     

    (17

    )

    Cash Flows from Financing Activities

     

     

     

     

    Net (payments) proceeds on debt

     

     

    (104

    )

     

     

    335

     

    Purchases of capped calls

     

     

    —

     

     

     

    (23

    )

    Dividends

     

     

    (39

    )

     

     

    (37

    )

    Payments to acquire treasury stock, including fees

     

     

    —

     

     

     

    (3

    )

    Other financing, net

     

     

    (16

    )

     

     

    (11

    )

    Net cash (used in) provided by financing activities

     

     

    (159

    )

     

     

    261

     

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

     

     

    1

     

     

     

    (10

    )

    (Decrease) increase in cash, cash equivalents and restricted cash

     

     

    (241

    )

     

     

    155

     

    Cash, cash equivalents and restricted cash at beginning of period

     

     

    631

     

     

     

    617

     

    Cash, Cash Equivalents and Restricted Cash at End of Period

     

    $

    390

     

     

    $

    772

     

    First Quarter 2025 Overview

    In the first quarter balanced execution, the benefits of last year's Reinvention-related organizational changes and ongoing Reinvention initiatives resulted in an improved revenue trajectory and another quarter of double-digit declines in operating expenses, excluding one-time Reinvention costs and the impact from the recent acquisition of ITsavvy. Sales productivity and services metrics improved year-over-year, and the ITsavvy integration and cost reduction programs are running ahead of Plan, placing us firmly on a near-term path for revenue stabilization and growth in adjusted1 operating income.

    Equipment sales of $284 million in the first quarter 2025 declined 2.1% in actual currency, or 0.7% in constant currency1, as compared to the first quarter 2024, an improvement in the pace of decline compared to recent quarters. The decline primarily reflects product mix and reductions in high-end installations, due to exit of certain production print manufacturing operations in the prior year. Total equipment installations increased approximately 24.0% year-over-year, due primarily to growth in entry level equipment and modest growth in mid-range equipment.

    Post-sale revenue of $1.2 billion declined 3.2% in actual currency, or 1.2% in constant currency1, as compared to first quarter 2024. First quarter 2025 post-sale revenue included an 8.2-percentage point benefit from the recent acquisition of ITsavvy. Excluding ITsavvy, post-sale revenue declined 11.4% in actual currency. The decline was primarily due to lower managed print services2 revenue. Reinvention-related actions and lower financing revenue also contributed to the decline. Excluding these effects and including growth in legacy IT Solutions' backlog3, post-sale revenue declined low single digits.

    Pre-tax loss of $67 million for the first quarter 2025 improved by approximately $83 million as compared to a pre-tax loss of $150 million in the first quarter 2024. Pre-tax loss margin improved 5.4% for the first quarter 2025 as compared to the first quarter 2024 and included a 0.6-percentage point benefit from the recent acquisition of ITsavvy. Further benefiting the first quarter 2025 was the exit of certain production print manufacturing operations in the prior year period and sales of certain direct business operations in Latin America, which resulted in a net disposal loss of $54 million in the first quarter 2024, lower Restructuring and related costs, net, as well as lower Selling, administrative and general expenses associated with productivity and cost savings related to the Company's Reinvention. These benefits were partially offset by higher Other expenses, net, primarily reflecting fees associated with the recently completed debt offering, and lower revenue and associated gross profit.

    Adjusted1 operating income of $22 million decreased by $11 million as compared to first quarter 2024, reflecting lower revenue and gross profit, as well as higher advertising expense, partially offset by productivity and cost savings related to the Company's Reinvention, lower bad debt expense and favorable currency.

    Given the evolving and fluid nature of proposed tariff policies, and the uncertain impact of future policy outcomes on macroeconomic conditions, we have not adjusted our full-year outlook. For the year, we expect Revenue to grow low single-digits in constant currency1, inclusive of a full year of revenue associated with the recent ITsavvy acquisition, adjusted1 operating margin of at least 5.0%, and free cash flow1 to be in a range of $350 to $400 million in 2025. Guidance does not include any impact from the pending acquisition of Lexmark. Guidance further excludes potential adverse effects of tariff and trade policy, and the resultant impact on the macroeconomic outlook for the second half of the year, as tariff rates and trade policy remain fluid and unpredictable. We currently expect minimal tariff-related impacts to our financial results in the second quarter of 2025.

    Tariffs

    Xerox's current exposure to purchases subject to reciprocal tariffs in the U.S., excluding China, is less than 10% of total company cost of sales. Following ongoing adjustments in manufacturing capacity, product purchases imported to the U.S. and subject to China tariffs is expected to be limited to a low single digit percentage of cost of sales by the end of 2025, impacting only select equipment, parts, and supplies. Plans are in place today to shift most China-produced goods to countries with lower tariffs. Revenues from Print Services and Financing, which is more than 60% of total Print revenue, has minimal reliance on imported products. In IT Solutions, tariff exposure varies by OEM partner, and we expect associated costs to be fully passed through to end users.

    Based on tariffs in place on May 1, the expected reduction in operating income, net of price and supply chain mitigation measures already in place or planned, associated with incremental tariff costs, would be around $50 million in 2025. If China tariffs are reduced from 145% to 60%, we expect to be able to offset the impact of tariffs through a comprehensive set of price increases, surcharges, geographic rebalancing and supply chain-related mitigation efforts, as well as incremental Reinvention-related savings.

    We are working with supplier partners to minimize tariff-related cost increases and will monitor client sentiment and demand in response to price increases or surcharges used to mitigate the financial impact of future tariffs.

    Lexmark Acquisition

    We continue to make progress toward the closing of Lexmark. We received several key regulatory approvals in the past few months, including clearance of HSR in the US, anti-trust clearance in the UK and Canada and the clearance of most major EU countries' Foreign Direct Investment regulatory processes. Remaining approvals are expected in the second quarter 2025. Outside of country-specific approvals, the last significant condition to close is the Ninestar shareholder vote and Chinese securities exchange approval, which is expected to take place in the coming months. We have secured 32% of the required shareholder vote as part of the acquisition agreement.

    We continue to expect over $1/share of accretion associated with the Lexmark transaction, despite a slightly higher than expected cost of funding and the potential for incremental tariff expenses. Importantly, based on U.S. tariffs currently proposed, we expect no impact from tariffs on Lexmark's branded business within a few quarters of acquisition close. Lexmark has a large manufacturing facility in Juarez, Mexico that can support all expected imports of branded product into the U.S. market on a USMCA compliant basis.

    Reportable Segment Change

    Beginning in the first quarter of 2025, the Company made a change to its reportable segments - Print and Other, and IT Solutions to align with a change in how the Chief Operating Decision Maker, our Chief Executive Officer, allocates resources and assesses performance against the Company's key growth strategies. Prior to this change, the company had two reportable segments - Print and Other, and XFS. As a result of this change, prior period reportable segment results have been conformed to reflect the Company's current reportable segments. See Reportable Segments - 2024 Segment Review, and APPENDIX II - Reportable Segments.

    __________

    (1)

     

    Refer to the "Non-GAAP Financial Measures" section for an explanation of the non-GAAP financial measure.

    (2)

     

    Previously known as contractual print services, and includes revenues from service, maintenance and rentals. IT solutions and digital services are not included in managed print services.

    (3)

     

    Order backlog is measured as the value of unfulfilled sales orders, shipped and non-shipped, received from our customers waiting to be installed, including orders with future installation dates. It includes printing devices as well as IT hardware.

    Financial Review

    Revenues

     

     

    Three Months Ended

    March 31,

     

     

     

     

     

    % of Total Revenue

    (in millions)

     

     

    2025

     

     

     

    2024

     

     

    %

    Change

     

    CC % Change

     

    2025

     

    2024

    Equipment sales

     

    $

    284

     

     

    $

    290

     

     

    (2.1)%

     

    (0.7)%

     

    19%

     

    19%

    Post sale revenue

     

     

    1,173

     

     

     

    1,212

     

     

    (3.2)%

     

    (1.2)%

     

    81%

     

    81%

    Total Revenue

     

    $

    1,457

     

     

    $

    1,502

     

     

    (3.0)%

     

    (1.1)%

     

    100%

     

    100%

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation to Condensed Consolidated Statements of Loss:

     

     

     

     

     

     

     

     

     

     

     

     

    Sales

     

    $

    557

     

     

    $

    523

     

     

    6.5%

     

    8.7%

     

     

     

     

    Less: IT Products(1)

     

     

    (105

    )

     

     

    (47

    )

     

    123.4%

     

    122.2%

     

     

    Less: Supplies, paper and other sales

     

     

    (168

    )

     

     

    (186

    )

     

    (9.7)%

     

    (5.9)%

     

     

    Equipment Sales

     

    $

    284

     

     

    $

    290

     

     

    (2.1)%

     

    (0.7)%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Services, maintenance, rentals and other(2),(3)

     

    $

    900

     

     

    $

    979

     

     

    (8.1)%

     

    (6.4)%

     

     

    Add: IT Products(1)

     

     

    105

     

     

     

    47

     

     

    123.4%

     

    122.2%

     

     

    Add: Supplies, paper and other sales

     

     

    168

     

     

     

    186

     

     

    (9.7)%

     

    (5.9)%

     

     

    Post Sale Revenue

     

    $

    1,173

     

     

    $

    1,212

     

     

    (3.2)%

     

    (1.2)%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Segments

     

     

     

     

     

     

     

     

     

     

     

     

    Print and Other(2)

     

    $

    1,294

     

     

    $

    1,428

     

     

    (9.4)%

     

    (7.6)%

     

    89%

     

    95%

    IT Solutions

     

     

    164

     

     

     

    74

     

     

    121.6%

     

    124.8%

     

    11%

     

    5%

    Intersegment elimination (4)

     

     

    (1

    )

     

     

    —

     

     

    NM

     

    NM

     

    —%

     

    —%

    Total Revenue(5)

     

    $

    1,457

     

     

    $

    1,502

     

     

    (3.0)%

     

    (1.1)%

     

    100%

     

    100%

    __________

    CC - See "Constant Currency" in the Non-GAAP Financial Measures section for a description of constant currency.

    (1)

     

    IT Products reflect IT hardware and software solutions provided by the IT Solutions segment. Refer to Reportable Segments - IT Solutions for further information.

    (2)

     

    Services, maintenance, rentals and other revenue include financing revenue generated from direct and indirectly financed Xerox equipment sale transactions of $33 million and $42 million for the first quarter 2025 and 2024, respectively.

    (3)

     

    Services, maintenance, rentals and other revenue include IT services support of $58 million and $27 million for the first quarter 2025 and 2024, respectively, provided by our IT Solutions segment.

    (4)

     

    Reflects primarily IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

    (5)

     

    Refer to Appendix II, Reportable Segments, for definitions.

    Costs, Expenses and Other Income

    Summary of Key Financial Ratios

    The following is a summary of key financial ratios used to assess our performance:

     

     

    Three Months Ended

    March 31,

    (in millions)

     

     

    2025

     

     

     

    2024

     

     

    B/(W)

     

    Gross Profit

     

    $

    426

     

     

    $

    443

     

     

    $

    (17

    )

     

    RD&E

     

     

    42

     

     

     

    49

     

     

     

    7

     

     

    SAG

     

     

    378

     

     

     

    397

     

     

     

    19

     

     

     

     

     

     

     

     

     

     

    Equipment Gross Margin

     

     

    27.9

    %

     

     

    31.0

    %

     

     

    (3.1

    )

    pts.

    Post sale Gross Margin

     

     

    29.6

    %

     

     

    29.1

    %

     

     

    0.5

     

    pts.

    Total Gross Margin

     

     

    29.2

    %

     

     

    29.5

    %

     

     

    (0.3

    )

    pts.

    RD&E as a % of Revenue

     

     

    2.9

    %

     

     

    3.3

    %

     

     

    0.4

     

    pts.

    SAG as a % of Revenue

     

     

    25.9

    %

     

     

    26.4

    %

     

     

    0.5

     

    pts.

     

     

     

     

     

     

     

     

     

    Pre-tax Loss

     

    $

    (67

    )

     

    $

    (150

    )

     

    $

    83

     

     

    Pre-tax Loss Margin

     

     

    (4.6

    )%

     

     

    (10.0

    )%

     

     

    5.4

     

    pts.

     

     

     

     

     

     

     

     

    Adjusted(1) Operating Income

     

    $

    22

     

     

    $

    33

     

     

    $

    (11

    )

     

    Adjusted(1) Operating Income Margin

     

     

    1.5

    %

     

     

    2.2

    %

     

     

    (0.7

    )

    pts.

    _____________

    (1)

     

    Refer to the "Non-GAAP Financial Measures" section for an explanation of the non-GAAP financial measure.

    Other Expenses, Net

     

     

    Three Months Ended

    March 31,

    (in millions)

     

     

    2025

     

     

     

    2024

     

    Non-financing interest expense

     

    $

    33

     

     

    $

    26

     

    Interest income

     

     

    (2

    )

     

     

    (3

    )

    Non-service retirement-related costs

     

     

    18

     

     

     

    23

     

    Currency losses, net

     

     

    —

     

     

     

    11

     

    Commitment fee expense

     

     

    18

     

     

     

    —

     

    Gain on early extinguishment of debt

     

     

    —

     

     

     

    (3

    )

    Gain on release of contingent consideration

     

     

    —

     

     

     

    (5

    )

    All other expenses, net

     

     

    1

     

     

     

    (5

    )

    Other expenses, net

     

    $

    68

     

     

    $

    44

     

    Reportable Segments

    Our business is organized to ensure we focus on efficiently managing operations while serving our customers and the markets in which we operate. We have two operating and reportable segments – Print and Other and IT Solutions.

    Segment Review

     

     

    Three Months Ended March 31,

    (in millions)

     

    Print and Other

     

    IT Solutions

     

    Total Segment

     

    Intersegment Elimination(1)

     

    Corporate Other(2)

     

    Total

    2025

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

    $

    1,294

     

     

    $

    164

     

     

    $

    1,458

     

     

    $

    (1

    )

     

    $

    —

     

     

    $

    1,457

     

    % of Total Revenue

     

     

    89

    %

     

     

    11

    %

     

     

    100

    %

     

     

     

     

     

     

    Segment Profit

     

     

    41

     

     

     

    5

     

     

     

    46

     

     

     

    —

     

     

     

    (24

    )

     

     

    22

     

    Segment Margin(3)

     

     

    3.2

    %

     

     

    3.1

    %

     

     

     

     

     

     

     

     

    1.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    2024

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

    $

    1,428

     

     

    $

    74

     

     

    $

    1,502

     

     

    $

    —

     

     

    $

    —

     

     

    $

    1,502

     

    % of Total Revenue

     

     

    95

    %

     

     

    5

    %

     

     

    100

    %

     

     

     

     

     

     

    Segment Profit

     

     

    58

     

     

     

    (1

    )

     

     

    57

     

     

     

    —

     

     

     

    (24

    )

     

     

    33

     

    Segment Margin(3)

     

     

    4.1

    %

     

     

    (1.4

    )%

     

     

     

     

     

     

     

     

    2.2

    %

    _____________

    (1)

     

    Reflects primarily IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

    (2)

     

    Corporate Other reflects certain administrative and general expenses, which primarily relate to corporate functions, and are not allocated to either of our reportable segments.

    (3)

     

    Segment margin is based on total revenue.

    Print and Other

    The Print and Other segment includes the design, development and sale of document management systems, supplies and services, as well as associated financing and technology-related offerings, digital and print-related software products and services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes Xerox Financial Services, our global financing solutions provider, which enables the sale of our equipment and services (previously reported as the XFS segment).

    Revenue

     

     

    Three Months Ended

    March 31,

     

     

    (in millions)

     

     

    2025

     

     

    2024

     

    %

    Change

    Equipment sales

     

    $

    284

     

    $

    290

     

    (2.1)%

    Post sale revenue (1)

     

     

    1,010

     

     

    1,138

     

    (11.2)%

    Total Print and Other Revenue

     

    $

    1,294

     

    $

    1,428

     

    (9.4)%

    _____________

    (1)

    Post sale revenue includes financing revenue generated from direct and indirectly financed Xerox equipment sale transactions of $33 million and $42 million for the first quarter 2025 and 2024, respectively.

    Detail by product group is shown below.

     

     

    Three Months Ended

    March 31,

     

     

     

     

     

    % of Equipment Sales

    (in millions)

     

     

    2025

     

     

    2024

     

    %

    Change

     

    CC % Change

     

    2025

     

     

    2024

     

    Entry

     

    $

    43

     

    $

    45

     

    (4.4)%

     

    (4.2)%

     

    15

    %

     

    15

    %

    Mid-range

     

     

    198

     

     

    193

     

    2.6%

     

    3.9%

     

    70

    %

     

    67

    %

    High-end

     

     

    40

     

     

    47

     

    (14.9)%

     

    (14.9)%

     

    14

    %

     

    16

    %

    Other

     

     

    3

     

     

    5

     

    (40.0)%

     

    (40.0)%

     

    1

    %

     

    2

    %

    Equipment Sales (1)

     

    $

    284

     

    $

    290

     

    (2.1)%

     

    (0.7)%

     

    100

    %

     

    100

    %

    _____________

    CC - See "Constant Currency" in the Non-GAAP Financial Measures section for a description of constant currency.

    (1) Refer to Appendix II, Reportable Segments, for definitions.

    IT Solutions

    The IT Solutions segment provides clients with global infrastructure technology solutions, with a focus on delivering business outcomes through a frictionless sales and service delivery experience. IT Solutions' offerings include the provision of hardware, software and associated services as well as product lifecycle, deployment and network monitoring services, and managed services. It is comprised of our recent acquisition of ITsavvy, as well as our Canadian IT Services provider Powerland, and our legacy XBS IT solutions.

    Revenue

     

     

    Three Months Ended

    March 31,

     

     

    (in millions)

     

     

    2025

     

     

    2024

     

    %

    Change

    IT Products(1)

     

    $

    105

     

    $

    47

     

    123.4%

    IT Services(2)

     

     

    58

     

     

    27

     

    114.8%

    Intersegment revenue (3)

     

     

    1

     

     

    —

     

    NM

    Total IT Solutions

     

    $

    164

     

    $

    74

     

    121.6%

    __________

    (1)

    IT Products reflect IT hardware and software solutions which include the sale of notebooks, network communications and other endpoint devices, desktop computers and other IT hardware. Software product sales include deployments of cloud and security solutions, endpoint security application suites, operating systems, other applications and network management solutions.

    (2)

    IT Services reflect revenue associated with the implementation of IT solutions, including product lifecycle, deployment and network monitoring services, and managed services.

    (3)

    Reflects primarily IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

    2024 Segment Review

    The following are our 2024 segment results, recast for comparison purposes, to reflect the changes made to segment reporting in 2025:

    (in millions)

     

    Print and

    Other

     

    IT

    Solutions

     

    Total

    Segment

     

    Intersegment Elimination(1)

     

    Corporate Other(2)

     

    Total

    Q1 2024

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

    $

    1,428

     

     

    $

    74

     

     

    $

    1,502

     

    $

    —

     

     

    $

    —

     

     

    $

    1,502

     

    Segment Profit

     

     

    58

     

     

     

    (1

    )

     

     

    57

     

     

    —

     

     

     

    (24

    )

     

     

    33

     

    Segment Margin(3)

     

     

    4.1

    %

     

     

    (1.4

    )%

     

     

     

     

     

     

     

     

    2.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q2 2024

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

    $

    1,494

     

     

    $

    84

     

     

    $

    1,578

     

    $

    —

     

     

    $

    —

     

     

    $

    1,578

     

    Segment Profit

     

     

    107

     

     

     

    1

     

     

     

    108

     

     

    —

     

     

     

    (23

    )

     

     

    85

     

    Segment Margin(3)

     

     

    7.2

    %

     

     

    1.2

    %

     

     

     

     

     

     

     

     

    5.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q3 2024

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

    $

    1,442

     

     

    $

    86

     

     

    $

    1,528

     

    $

    —

     

     

    $

    —

     

     

    $

    1,528

     

    Segment Profit

     

     

    103

     

     

    $

    —

     

     

     

    103

     

     

    —

     

     

     

    (23

    )

     

     

    80

     

    Segment Margin(3)

     

     

    7.1

    %

     

     

    —

    %

     

     

     

     

     

     

     

     

    5.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Q4 2024

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

    $

    1,500

     

     

    $

    114

     

     

    $

    1,614

     

    $

    (1

    )

     

    $

    —

     

     

    $

    1,613

     

    Segment Profit

     

     

    128

     

     

    $

    —

     

     

     

    128

     

     

    —

     

     

     

    (24

    )

     

     

    104

     

    Segment Margin(3)

     

     

    8.5

    %

     

     

    —

    %

     

     

     

     

     

     

     

     

    6.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    2024

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

    $

    5,864

     

     

    $

    358

     

     

    $

    6,222

     

    $

    (1

    )

     

    $

    —

     

     

    $

    6,221

     

    Segment Profit

     

     

    396

     

     

    $

    —

     

     

     

    396

     

     

    —

     

     

     

    (94

    )

     

     

    302

     

    Segment Margin(3)

     

     

    6.8

    %

     

     

    —

    %

     

     

     

     

     

     

     

     

    4.9

    %

    _____________

    (1)

     

    Reflects primarily IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

    (2)

     

    Corporate Other reflects certain administrative and general expenses, which primarily relate to corporate functions, and are not allocated to either of our reportable segments.

    (3)

     

    Segment margin is based on total revenue.

    Forward-Looking Statements

    This release and other written or oral statements made from time to time by management contain "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and involve certain risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend", "will", "would", "could", "can", "should", "targeting", "projecting", "driving", "future", "plan", "predict", "may" and similar expressions are intended to identify forward-looking statements. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. These statements reflect management's current beliefs and assumptions and are subject to a number of other factors that may cause actual results to differ materially.

    Such factors include but are not limited to: applicable market conditions; global macroeconomic conditions, including inflation, slower growth or recession, delays or disruptions in the global supply chain, higher interest rates, and wars and other conflicts, including the current conflict between Russia and Ukraine; our ability to succeed in a competitive environment, including by developing new products and service offerings and preserving our existing products and market share as well as repositioning our business in the face of customer preference, technological, and other change, such as evolving return-to-office and hybrid working trends; failure of our customers, vendors, and logistics partners to perform their contractual obligations to us; our ability to attract, train, and retain key personnel; execution risks around our Reinvention; the risk of breaches of our security systems due to cyber, malware, or other intentional attacks that could expose us to liability, litigation, regulatory action or damage our reputation; our ability to obtain adequate pricing for our products and services and to maintain and improve our cost structure; changes in economic and political conditions, licensing requirements, and tax laws in the United States and in the foreign countries in which we do business; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; interest rates, cost of capital, and access to credit markets; risks related to our indebtedness; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; funding requirements associated with our employee pension and retiree health benefit plans; changes in foreign currency exchange rates; the risk that we may be subject to new or heightened regulatory or operation risks as a result of our, or third parties,' use or anticipated use of artificial intelligence technologies; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; laws, regulations, international agreements and other initiatives to limit greenhouse gas emissions or relating to climate change, as well as the physical effects of climate change; our ability to successfully finance and close the acquisition of Lexmark, integrate the business, and realize the anticipated benefits thereof, including expected synergies; and other factors that are set forth from time to time in the Company's Securities and Exchange Commission filings, including the combined Annual Report on Form 10-K of Xerox Holdings and Xerox Corporation.

    These forward-looking statements speak only as of the date hereof or of the date to which they refer, and the Company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events or developments, except as required by law.

    Non-GAAP Financial Measures

    We have reported our financial results in accordance with generally accepted accounting principles (GAAP). In addition, we have discussed our financial results using the non-GAAP measures described below. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. Management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on these non-GAAP measures. Accordingly, we believe it is necessary to adjust several reported amounts, determined in accordance with GAAP, to exclude the effects of certain items as well as their related income tax effects.

    However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company's reported results prepared in accordance with GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our Condensed Consolidated Financial Statements prepared in accordance with GAAP.

    Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are set forth below, as well as in the first quarter 2025 presentation slides available at www.xerox.com/investor.

    Adjusted Earnings Measures

    • Adjusted Net Income and Earnings per share (Adjusted EPS)
    • Adjusted Effective Tax Rate

    The above measures were adjusted for the following items:

    Restructuring and related costs, net: Restructuring and related costs, net include restructuring and asset impairment charges as well as costs associated with our transformation programs beyond those normally included in restructuring and asset impairment charges. Restructuring consists of costs primarily related to severance and benefits paid to employees pursuant to formal restructuring and workforce reduction plans. Asset impairment includes costs incurred for those assets sold, abandoned or made obsolete as a result of our restructuring actions, exiting from a business or other strategic business changes. Additional costs for our transformation programs are primarily related to the implementation of strategic actions and initiatives and include third-party professional service costs as well as one-time incremental costs. All of these costs can vary significantly in terms of amount and frequency based on the nature of the actions as well as the changing needs of the business. Accordingly, due to that significant variability, we exclude these charges since we do not believe they provide meaningful insight into our current or past operating performance nor do we believe they are reflective of our expected future operating expenses as such charges are expected to yield future benefits and savings with respect to our operational performance.

    Amortization of intangible assets: The amortization of intangible assets is driven by our acquisition activity which can vary in size, nature and timing as compared to other companies within our industry and from period to period. The use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of intangible assets will recur in future periods.

    Non-service retirement-related costs: Our defined benefit pension and retiree health costs include several elements impacted by changes in plan assets and obligations that are primarily driven by changes in the debt and equity markets as well as those that are predominantly legacy in nature and related to employees who are no longer providing current service to the Company (e.g. retirees and ex-employees). These elements include (i) interest cost, (ii) expected return on plan assets, (iii) amortization of prior plan amendments, (iv) amortized actuarial gains/losses and (v) the impacts of any plan settlements/curtailments. Accordingly, we consider these elements of our periodic retirement plan costs to be outside the operational performance of the business or legacy costs and not necessarily indicative of current or future cash flow requirements. This approach is consistent with the classification of these costs as non-operating in Other expenses, net. Adjusted earnings will continue to include the service cost elements of our retirement costs, which is related to current employee service as well as the cost of our defined contribution plans.

    Transaction and related costs, net: Transaction and related costs, net are costs and expenses primarily associated with certain major or significant strategic M&A projects. These costs are primarily for third-party legal, accounting, consulting and similar types of professional services as well as potential legal settlements that may arise in connection with those M&A transactions. These costs are considered incremental to our normal operating charges and were incurred or are expected to be incurred solely as a result of the planned transactions. Accordingly, we exclude these expenses from our Adjusted Earnings Measures in order to evaluate our performance on a comparable basis.

    Discrete, unusual or infrequent items: We exclude these item(s), when applicable, given their discrete, unusual or infrequent nature and their impact on the comparability of our results for the period to prior periods and future expected trends.

    • Divestitures
    • Reinvention-related costs
    • Gain on early extinguishment of debt
    • Commitment fee expense
    • Inventory-related impact - exit of certain Production Print manufacturing operations
    • Deferred tax asset valuation allowance
    • Income tax on PARC donation

    Adjusted Operating Income and Margin

    We calculate and utilize adjusted operating income and margin measures by adjusting our reported pre-tax income (loss) and margin amounts. In addition to the costs and expenses noted above as adjustments for our adjusted earnings measures, adjusted operating income and margin also exclude the remaining amounts included in Other expenses, net, which are primarily non-financing interest expense and certain other non-operating costs and expenses. We exclude these amounts in order to evaluate our current and past operating performance and to better understand the expected future trends in our business.

    Adjusted Gross Profit and Margin

    We calculate non-GAAP gross Profit and Margin by excluding the inventory impact related to the exit of certain Production Print manufacturing operations, included in Cost of services, maintenance, rentals and other.

    Constant Currency (CC)

    To better understand trends in our business, we believe that it is helpful to adjust revenue to exclude the impact of changes in the translation of foreign currencies into U.S. dollars. We refer to this adjusted revenue as "constant currency." This impact is calculated by translating current period activity in local currency using the comparable prior year period's currency translation rate. This impact is calculated for all countries where the functional currency is not the U.S. dollar. Management believes the constant currency measure provides investors an additional perspective on revenue trends. Currency impact can be determined as the difference between actual growth rates and constant currency growth rates.

    Free Cash Flow

    To better understand trends in our business, we believe that it is helpful to adjust operating cash flows by subtracting amounts related to capital expenditures. Management believes this measure gives investors an additional perspective on cash flow from operating activities in excess of amounts required for reinvestment. It provides a measure of our ability to fund acquisitions and pay dividends.

    Adjusted Net (Loss) Income and EPS reconciliation

     

     

    Three Months Ended March 31,

     

     

    2025

     

    2024

    (in millions, except per share amounts)

     

    Net

    (Loss)

     

    Diluted

    EPS

     

    Net

    (Loss)

    Income

     

    Diluted

    EPS

    Reported(1)

     

    $

    (90

    )

     

    $

    (0.75

    )

     

    $

    (113

    )

     

    $

    (0.94

    )

    Adjustments:

     

     

     

     

     

     

     

     

    Inventory-related impact - exit of certain production print manufacturing operations(2)

     

     

    7

     

     

     

     

     

    36

     

     

     

    Restructuring and related costs, net

     

     

    (1

    )

     

     

     

     

    39

     

     

     

    Amortization of intangible assets

     

     

    10

     

     

     

     

     

    10

     

     

     

    Divestitures

     

     

    (4

    )

     

     

     

     

    54

     

     

     

    Non-service retirement-related costs

     

     

    18

     

     

     

     

     

    23

     

     

     

    Reinvention-related costs

     

     

    6

     

     

     

     

     

    —

     

     

     

    Transaction and related costs, net

     

     

    3

     

     

     

     

     

    —

     

     

     

    Commitment fee expense(3)

     

     

    18

     

     

     

     

     

    —

     

     

     

    Gain on early extinguishment of debt

     

     

    —

     

     

     

     

     

    (3

    )

     

     

    Deferred tax asset valuation allowance(4)

     

     

    50

     

     

     

     

     

    —

     

     

     

    Income tax on PARC donation(5)

     

     

    9

     

     

     

     

     

    —

     

     

     

    Income tax on adjustments(6)

     

     

    (30

    )

     

     

     

     

    (35

    )

     

     

    Adjusted

     

    $

    (4

    )

     

    $

    (0.06

    )

     

    $

    11

     

     

    $

    0.06

     

     

     

     

     

     

     

     

     

     

    Dividends on preferred stock used in adjusted EPS calculation(7)

     

     

     

    $

    4

     

     

     

     

    $

    4

     

    Weighted average shares for adjusted EPS(7)

     

     

     

     

    125

     

     

     

     

     

    125

     

    Fully diluted shares at end of period(8)

     

     

     

     

    126

     

     

     

     

     

    _____________

    (1)

     

    Net Loss and EPS. First quarter 2025 Net Loss and Diluted Loss per Share include a charge to tax expense related to the establishment of $59 million of valuation allowances, or $0.47 per share, and $14 million of after-tax financing-related charges, or $0.11 per share, related to our recently completed debt offering. First quarter 2024 Net Loss and Diluted Loss per Share include a $100 million after-tax Reinvention-related charge, or $0.81 per share, primarily related to the exit of certain Production Print manufacturing operations and geographic simplification.

    (2)

     

    Reflects inventory-related charges of approximately $7 million and $32 million and the cancellation of related purchase contracts of $0 and $4 million, as a result of the exit of certain production print manufacturing operations during the first quarter 2025 and 2024, respectively.

    (3)

     

    Primarily reflects fees associated with the recently completed private offering of $400 million in aggregate principal amount of 10.25% Senior Secured First Lien Notes and $400 million aggregate principal amount of 13.5% Senior Secured Second Lien Notes Due in 2031.

    (4)

     

    Reflects the establishment of a valuation allowance against certain deferred tax assets to reflect their realizability.

    (5)

     

    Reflects the change in the realizability of the PARC donation tax benefit recognized in the second quarter of 2023.

    (6)

     

    Refer to Adjusted Effective Tax Rate reconciliation.

    (7)

     

    For those periods that include the preferred stock dividend, the average shares for the calculations of diluted EPS exclude the 7 million shares associated with our Series A convertible preferred stock.

    (8)

     

    Reflects common shares outstanding at March 31, 2025, plus potential dilutive common shares used for the calculation of adjusted diluted EPS for the first quarter 2025. Excludes potentially dilutive common shares associated with our Series A convertible preferred stock, as well shares granted under stock-based compensation programs, all of which were anti-dilutive for the first quarter 2025.

    Adjusted Effective Tax Rate reconciliation

     

     

    Three Months Ended March 31,

     

     

    2025

     

    2024

    (in millions)

     

    Pre-Tax (Loss)

     

    Income Tax Expense (Benefit)

     

    Effective Tax Rate

     

    Pre-Tax (Loss) Income

     

    Income Tax (Benefit)

     

    Effective Tax

    Rate

    Reported(1)

     

    $

    (67

    )

     

    $

    23

     

     

    (34.3

    )%

     

    $

    (150

    )

     

    $

    (37

    )

     

    24.7

    %

    Income tax on PARC donation(2)

     

     

    —

     

     

     

    (9

    )

     

     

     

     

    —

     

     

     

    —

     

     

     

    Deferred tax asset valuation allowance(2)

     

     

    —

     

     

     

    (50

    )

     

     

     

     

    —

     

     

     

    —

     

     

     

    Non-GAAP adjustments(2)

     

     

    57

     

     

     

    30

     

     

     

     

     

    159

     

     

     

    35

     

     

     

    Adjusted(3)

     

    $

    (10

    )

     

    $

    (6

    )

     

    60.0

    %

     

    $

    9

     

     

    $

    (2

    )

     

    (22.2

    )%

    _____________

    (1)

     

    Pre-tax loss and income tax expense (benefit).

    (2)

     

    Refer to Adjusted Net (Loss) Income and EPS reconciliation for details.

    (3)

     

    The tax impact on Adjusted Pre-Tax (Loss) is calculated under the same accounting principles applied to the Reported Pre-Tax (Loss) Income under ASC 740, which employs an annual effective tax rate method to the results.

    Adjusted Operating Income and Margin reconciliation

     

     

    Three Months Ended March 31,

     

     

    2025

     

    2024

    (in millions)

     

    (Loss)

    Profit

     

    Revenue

     

    Margin

     

    (Loss)

    Profit

     

    Revenue

     

    Margin

    Reported(1)

     

    $

    (90

    )

     

    $

    1,457

     

     

     

    $

    (113

    )

     

    $

    1,502

     

     

    Income tax expense (benefit)

     

     

    23

     

     

     

     

     

     

     

    (37

    )

     

     

     

     

    Pre-tax loss

     

    $

    (67

    )

     

    $

    1,457

     

    (4.6

    )%

     

    $

    (150

    )

     

    $

    1,502

     

    (10.0

    )%

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

    Inventory-related impact - exit of certain production print manufacturing operations(2)

     

     

    7

     

     

     

     

     

     

     

    36

     

     

     

     

     

    Reinvention-related costs

     

     

    6

     

     

     

     

     

     

     

    —

     

     

     

     

     

    Restructuring and related costs, net

     

     

    (1

    )

     

     

     

     

     

     

    39

     

     

     

     

     

    Amortization of intangible assets

     

     

    10

     

     

     

     

     

     

     

    10

     

     

     

     

     

    Divestitures

     

     

    (4

    )

     

     

     

     

     

     

    54

     

     

     

     

     

    Transaction and related costs, net

     

     

    3

     

     

     

     

     

     

     

    —

     

     

     

     

     

    Other expenses, net (3),(4)

     

     

    68

     

     

     

     

     

     

     

    44

     

     

     

     

     

    Adjusted

     

    $

    22

     

     

    $

    1,457

     

    1.5

    %

     

    $

    33

     

     

    $

    1,502

     

    2.2

    %

    _____________

    (1)

     

    Net Loss.

    (2)

     

    Reflects inventory-related charges of approximately $7 million and $32 million and the cancellation of related purchase contracts of $0 and $4 million, as a result of the exit of certain production print manufacturing operations during the first quarter 2025 and 2024, respectively.

    (3)

     

    Includes non-service retirement-related costs.

    (4)

     

    Includes fees associated with the recently completed private offering of $400 million in aggregate principal amount of 10.25% Senior Secured First Lien Notes and $400 million aggregate principal amount of 13.5% Senior Secured Second Lien Notes Due in 2031.

    Adjusted Gross Profit and Margin

     

     

    Three Months Ended March 31,

    (in millions)

     

    2025

     

    2024

    Revenue(1)

     

    $

    1,457

     

     

     

     

    $

    1,502

     

     

     

    Cost of revenue (1)

     

     

    (1,031

    )

     

     

     

     

    (1,059

    )

     

     

    Gross Profit and Margin

     

     

    426

     

     

    29.2

    %

     

     

    443

     

     

    29.5

    %

    Adjustment

     

     

     

     

     

     

     

     

    Inventory impact related to the exit of certain Production Print manufacturing operations

     

     

    7

     

     

     

     

     

    36

     

     

     

    Adjusted Gross Profit and Margin

     

    $

    433

     

     

    29.7

    %

     

    $

    479

     

     

    31.9

    %

    _____________

    (1) Total Revenues and cost of revenues

    Free Cash Flow reconciliation

     

     

    Three Months Ended

    March 31,

    (in millions)

     

     

    2025

     

     

     

    2024

     

    Reported(1)

     

    $

    (89

    )

     

    $

    (79

    )

    Less: capital expenditures

     

     

    20

     

     

     

    10

     

    Free Cash Flow

     

    $

    (109

    )

     

    $

    (89

    )

    _____________

    (1) Net cash used in operating activities.

    GUIDANCE

    Adjusted Operating Income and Margin

     

     

    FY 2025

    (in millions)

     

    Profit

     

    Revenue (CC)(2,3)

     

    Margin

    Estimated(1)

     

    ~ $16

     

    ~ $6,350

     

    ~ 0.25%

    Adjustments:

     

     

     

     

     

     

    Restructuring and related costs, net

     

    30

     

     

     

     

    Amortization of intangible assets

     

    30

     

     

     

     

    Other expenses, net

     

    244

     

     

     

     

    Adjusted (4)

     

    ~ $320

     

    ~ $6,350

     

    At least 5.0%

    _____________

    (1) 

     

    Pre-tax income and Revenue

    (2)

     

    Full-year revenue reflects low single-digit growth in constant currency.

    (3)

     

    See "Constant Currency" in the Non-GAAP Financial Measures section for a description of constant currency.

    (4)

     

    Adjusted pre-tax income reflects the adjusted operating margin guidance of at least 5.0%.

    Free Cash Flow

    (in millions)

     

    FY 2025

    Operating Cash Flow (1)

     

    ~$420-$470

    Less: capital expenditures

     

    (70)

    Free Cash Flow

     

    ~$350-$400

    _____________

    (1) Net cash provided by operating activities.

    APPENDIX I

    Xerox Holdings Corporation

    Loss per Share

     

    (in millions, except per-share data, shares in thousands)

     

    Three Months Ended

    March 31,

     

     

     

    2025

     

     

     

    2024

     

    Basic Loss per Share:

     

     

     

     

    Net Loss

     

    $

    (90

    )

     

    $

    (113

    )

    Accrued dividends on preferred stock

     

     

    (4

    )

     

     

    (4

    )

    Adjusted net loss available to common shareholders

     

    $

    (94

    )

     

    $

    (117

    )

    Weighted average common shares outstanding

     

     

    125,194

     

     

     

    123,924

     

     

     

     

     

     

    Basic Loss per Share

     

    $

    (0.75

    )

     

    $

    (0.94

    )

     

     

     

     

     

    Diluted Loss per Share:

     

     

     

     

    Net Loss

     

    $

    (90

    )

     

    $

    (113

    )

    Accrued dividends on preferred stock

     

     

    (4

    )

     

     

    (4

    )

    Adjusted net loss available to common shareholders

     

    $

    (94

    )

     

    $

    (117

    )

    Weighted average common shares outstanding

     

     

    125,194

     

     

     

    123,924

     

    Common shares issuable with respect to:

     

     

     

     

    Stock Options

     

     

    —

     

     

     

    —

     

    Restricted stock and performance shares

     

     

    —

     

     

     

    —

     

    Convertible preferred stock

     

     

    —

     

     

     

    —

     

    Adjusted weighted average common shares outstanding

     

     

    125,194

     

     

     

    123,924

     

     

     

     

     

     

    Diluted Loss per Share

     

    $

    (0.75

    )

     

    $

    (0.94

    )

     

     

     

     

     

    The following securities were not included in the computation of diluted loss per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive:

    Stock options

     

     

    147

     

     

     

    216

     

    Restricted stock and performance shares

     

     

    16,415

     

     

     

    5,950

     

    Convertible preferred stock

     

     

    6,742

     

     

     

    6,742

     

    Convertible notes

     

     

    19,196

     

     

     

    19,196

     

    Total Anti-Dilutive Securities

     

     

    42,500

     

     

     

    32,104

     

     

     

     

     

     

    Dividends per Common Share

     

    $

    0.125

     

     

    $

    0.25

     

    APPENDIX II

    Xerox Holdings Corporation

    Reportable Segments

    Our reportable segments are aligned with how we manage the business and view the markets we serve. During the first quarter of 2025, the Company updated its reportable segments to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company's key growth strategies. As such, it was determined that there are two reportable segments - Print and Other, and IT Solutions. Prior to this change, the company had determined that there were two reportable segments - Print and Other, and Xerox Financial Solutions (XFS). As a result of this change, prior period reportable segment results have been recast to reflect the Company's current reportable segments. Refer to Reportable Segments - Segment Review, for additional information related to these two segments.

    Our Print and Other segment includes the design, development and sale of document management systems, supplies and services, as well as associated financing and technology-related offerings, digital and print-related software products and services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes Xerox Financial Services, our global financing solutions provider, primarily enabling the sale of our equipment and services (previously reported XFS segment). The product groupings range from:

    • "Entry", which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams.
    • "Mid-Range", which include A3 devices that generally serve large workgroup/work team environments as well as products in the Light Production product groups serving centralized print centers, print for pay and low volume production print establishments.
    • "High-End", which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises.

    Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers. Segment revenues also include commissions and other payments for the exclusive right to provide lease financing for Xerox products.

    Our IT Solutions segment provides clients with global infrastructure technology solutions, with a focus on delivering business outcomes through a frictionless sales and service delivery experience. IT Solutions' offerings include the provision of hardware, software and associated services as well as product lifecycle, deployment and network monitoring services, and managed services. It is comprised of our recent acquisition of ITsavvy, as well as our Canadian IT Services provider Powerland, and our legacy XBS IT solutions.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250501078427/en/

    Media Contact:

    Callie Ferrari, Xerox, +1-203-615-3363, [email protected]

    Investor Contact:

    David Beckel, Xerox, +1-203-849-2318, [email protected]

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