Investor Relations

December 2021 -- This is the second in a series of Innovation Spotlight Reports that provide deep dives into Xerox's investments in disruptive technologies across software, augmented reality (AR), artificial intelligence (AI), additive manufacturing, industrial Internet of things (IoT), and cleantech. In this Spotlight report, we focus on Xerox's newly formed Software business, CareAR Holdings ("CoreAR") and discuss how CareAR leverages PARC’s (Palo Alto Research Center) AI capabilities to differentiate and extend its platform.

“Our revenue this quarter was essentially flat year-over-year, despite a deterioration in global supply chain conditions and the Delta variant, which caused delays in many of our clients’ plans to return employees to the workplace. As a result of these ongoing challenges, we are revising our revenue guidance lower, but we are maintaining our free cash flow guidance of at least $500 million. Our focus on generating cash allows us to preserve, and in some cases increase, investments in innovation, while continuing to return more than 50% of free cash to shareholders and pursue M&A.” - Xerox Vice Chairman and CEO John Visentin.

Announcing the formation of CareAR, A Xerox Company, which consolidates CareAR, Inc., DocuShare and XMPie under a single holding company. CareAR received a $700 million post-money valuation following a $10 million equity investment from ServiceNow. "Xerox has positioned CareAR to deliver capabilities that service-intensive industries need, with real-time instruction, visual tools and access to data at the tip of any user’s fingertips, all driven by predictive artificial intelligence. By creating a platform that is intuitive to a digitally native workforce, and with investment from ServiceNow, we believe CareAR will define and grow the Service Experience Management category, disrupting industries at a time when it’s needed most.” - Vice Chairman and CEO, John Visentin