Xerox Releases First-Quarter Results

Financial Results:

• $173 million of operating cash flow from continuing operations, down $49 million year-over-year, and $150 million of free cash flow, down $57 million year-over-year
• Adjusted operating margin of 4.7 percent, down 630 basis points year-over-year
• $1.86 billion of revenue, a decrease of 14.7 percent year-over-year or 13.9 percent in constant currency
• GAAP loss from continuing operations of $(0.03) per share, down $0.37 year-over-year, and adjusted earnings per share (EPS) of $0.21, down $0.45 year-over-year
• Withdraws 2020 financial guidance due to economic uncertainty caused by COVID-19