Xerox Releases First-Quarter Results 2024

Implemented comprehensive changes to operating model; on track to meet Reinvention targets despite a challenging first quarter

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.

Related Earnings Documents

Xerox Q1 2024 Earnings Presentation

(PDF, 1.8 MB)

Xerox Q1 2024 Non-GAAP Measures

(PDF, 933 KB)

Xerox Q1 2024 Financial Model

(PDF, 179 KB) or (Excel, 4.29 MB)

Webcast and Multimedia

Webcast Replay: Conference Call