OCT 24, 2023.
Xerox Delivers Growth in Profitability and Cash Flow; Announces Reinvention to Drive Sustainable Profit
Improvement and Revenue Growth.
Financial Summary
Q3 2023
- Revenue was $1.65 billion, down 5.7%, or down 7.4% in constant currency;
- GAAP net income was $49 million, or $0.28 per share, up $432 million, or $2.76 per share, from the prior year, respectively;
- Adjusted net income was $77 million, or $0.46 per share, up $44 million, or $0.27 per share, respectively;
- Adjusted operating margin was 4.1 percent, up 40 basis points from last year;
- Operating cash flow was $124 million, up $132 million from the prior year;
- Free cash flow was $112 million, up $130 million from the prior year;
- Announces that Reinvention is expected to deliver at least $300 million in improved adjusted operating income by 2026.
