Xerox Corp · Q1 2022 earnings

Briefing

Xerox's first quarter results were released with revenue in line with expectations, profits impacted by rising costs, and improving page volumes.

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.

Headline financials

Revenue & EPS history

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.