Xerox Claims to Be Resilient Enough to Survive COVID-19

Xerox Claims to Be Resilient Enough to Survive COVID-19
—Q1 Results Sharply Impacted by COVID-19

Xerox reports a declining performance in the first quarter of 2020 (Q1, 2020) due to the impact of the COVID-19 crisis. However, the company claims to “have a strong balance sheet and resilient operations to manage through the crisis and its four strategic initiatives continue to progress and guide our longer-term transformation.”

Some highlights of the 2020 Q1 report include:

• $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%, down 630 basis points year-over-year
• $1.86 billion of revenue, a decrease of 14.75 year-over-year or 13.95 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

More details:

• Xerox News Release
• Xerox Quarterly Summary 1Q2020

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