Xerox Releases Third-Quarter Results, Raises 2019 Guidance

Third-Quarter 2019 Financial Summary:

• $356 million of operating cash flow, up $82 million year-over-year, and $339 million of free cash flow, up $88 million year-over-year

• GAAP earnings per share (EPS) of $0.96, up $0.62 year-over-year, and adjusted EPS of $1.08, up $0.23 year-over-year (YOY)

• $2.2 billion of revenue in the quarter, a decrease of 6.5 percent in actual currency, or 5.3 percent in constant currency, year-over-year

• Increasing 2019 guidance for GAAP EPS to $3.10 - $3.20, adjusted EPS to $4.00 - $4.10, operating cash flow to $1.2 - $1.3 billion and free cash flow to $1.1 - $1.2 billion

• Completed $368 million of share repurchases through the third quarter, expecting at least $600 million in total for the year