Plans to create separate Software, Financing and Innovation businesses, launch corporate venture capital fund

Financial Summary

• $235 million of operating cash flow from continuing operations in Q4, up $129 million from Q3 and down $163 million year-over-year (YOY); $548 million of full-year (FY) operating cash flow from continuing operations, down $696 million YOY.
• $221 million of free cash flow in Q4, up $133 million from Q3 and down $160 million YOY; $474 million of FY free cash flow, down $705 million YOY.
• Q4 adjusted operating margin of 9.5 percent, up 210 basis points from Q3 and down 730 basis points YOY; FY adjusted operating margin of 6.6 percent, down 650 basis points YOY.
• Q4 GAAP earnings per share (EPS) from continuing operations of $0.36, down $0.05 from Q3 and down $0.81 YOY; FY GAAP EPS from continuing operations of $0.84, down $1.94 YOY.
• Q4 adjusted EPS of $0.58, up $0.10 from Q3 and down $0.75 YOY; FY adjusted EPS of $1.41, down $2.14 YOY.
• $1.930 billion of Q4 revenue, up 9.2 percent or 8.5 percent in constant currency compared to Q3 and down 21.0 percent or 22.3 percent in constant currency YOY.
• $7.022 billion of FY revenue, down 22.5 percent YOY or 22.7 percent in constant currency YOY.
• Delivered $450 million of gross savings in 2020 under Project Own It.
• Returned 112 percent of free cash flow to shareholders in 2020.

SOURCE Xerox

Team Xerox: 2020 In Review XEROX VIDEO