Xerox Announces Second-Quarter Results, Delivers Increased Cash Flow, Earnings Growth and Margin Expansion

Second-Quarter 2019 Financial Summary:

• $313 million of operating cash flow, up $78 million year-over-year, and $297 million of free cash flow, up $94 million year-over-year
• GAAP earnings per share (EPS) of $0.77, up $0.35 year-over-year, and adjusted EPS of $0.99, up $0.19 year-over-year
• Adjusted operating margin of 12.7 percent, up 170 basis points year-over-year
• $2.3 billion of revenue in the quarter, a decrease of 8.8 percent in actual currency, or 7.2 percent in constant currency, year-over-year
• Adjusting full-year revenue guidance to approximately 6 percent down at constant currency
• Maintaining full-year guidance for EPS, adjusted operating margin and free cash flow
• Completed $300 million of share repurchases year-to-date, expecting at least $600 million in total for the year