Implemented comprehensive changes to operating model; on track to meet Reinvention targets despite a challenging first quarter
APR 23, 2024 — EARNINGS/FINANCIAL
Norwalk, Conn. —
Financial Summary
Q1 2024
- Revenue of $1.50 billion, down 12.4 percent, or 13.2 percent in constant currency.
- GAAP net loss of $(113) million, or $(0.94) per share, a decrease of $184 million or $1.37 per share, year-over-year, respectively. This quarter includes after-tax Project Reinvention related charges of $100 million, or $0.80 per share.
- Adjusted net income of $11 million, or $0.06 per share, declined by $71 million or $0.43 per share, year-over-year, respectively.
- Adjusted operating margin of 2.2 percent, 470 basis points lower year-over-year.
- Operating cash flow of $(79) million, lower by $157 million year-over-year.
- Free cash flow of $(89) million, lower by $159 million year-over-year.
Source: Xerox Holdings Corporation
