Xerox Releases Third-Quarter Results

Financial Results


  • $106 million of operating cash flow from continuing operations, down $242 million year-over-year and up $72 million from the second quarter
  • $88 million of free cash flow, down $243 million year-over-year and up $73 million from the second quarter
  • Adjusted operating margin of 7.4 percent, down 460 basis points year-over-year and up 320 basis points from the second quarter
  • $1.77 billion of revenue, down 18.9 percent year-over-year or 19.7 percent in constant currency and up $302 million from the second quarter
  • GAAP earnings per share (EPS) from continuing operations of $0.41 per share, down $0.27 year-over-year and up $0.30 from the second quarter, and adjusted EPS of $0.48, down $0.32 year-over-year and up $0.33 from the second quarter

NORWALK, Conn.--(BUSINESS WIRE)--$XRX #Xerox--Xerox Holdings Corporation (NYSE: XRX) announced its third-quarter 2020 financial results.

The flexibility and financial discipline we have built in our company enabled us to increase earnings and cash flow sequentially. While we can’t reliably predict the ongoing economic impact of the pandemic, we are prepared to respond however events unfold and are committed to delivering positive cash flow and earnings in the fourth quarter. Investments in digital solutions and services are paying off as companies prepare for a more hybrid work experience that shifts seamlessly between the office and home,” said Xerox Vice Chairman and CEO John Visentin.

Third-Quarter Key Financial Results - Continuing Operations

(in millions, except per share data)

   

Q3 2020

 

 

Q3 2019

 

 

B/(W)

YOY

 

 

% Change

YOY

Revenue

   

$1,767

 

 

$2,179

 

 

$(412)

 

 

(18.9)% AC

(19.7)% CC1

Gross Margin

   

36.8%

 

 

40.0%

 

 

(320) bps

 

 

 

RD&E %

   

4.3%

 

 

4.6%

 

 

30 bps

 

 

 

SAG %

   

25.1%

 

 

23.4%

 

 

(170) bps

 

 

 

Pre-Tax Income

   

$119

 

 

$223

 

 

$(104)

 

 

(46.6)%

Pre-Tax Income Margin

   

6.7%

 

 

10.2%

 

 

(350) bps

 

 

 

Operating Income - Adjusted1

   

$131

 

 

$262

 

 

$(131)

 

 

(50.0)%

Operating Margin - Adjusted1

   

7.4%

 

 

12.0%

 

 

(460) bps

 

 

 

GAAP EPS

   

$0.41

 

 

$0.68

 

 

$(0.27)

 

 

(39.7)%

EPS - Adjusted1

   

$0.48

 

 

$0.80

 

 

$(0.32)

 

 

(40.0)%

Business Highlights

  • Added or renewed contracts with Fortune 500 and public sector clients such as Aflac, Bell Canada, Mizuho Bank, the State of Illinois, the Texas Health and Human Services Commission, Purolator, the Union of Public Purchasing Groups in France and the Government of Bangladesh
  • Grew market share in production in the region Xerox serves and grew share in entry segments in both the Americas and EMEA. Maintained the top market share position in production in the Americas and EMEA, and maintained overall market share leadership for equipment sales revenue in the Americas, according to the most recent IDC data.2
  • Awarded a contract from the Defense Advanced Research Projects Agency to develop the next phase of the Ocean of Things, its project to expand what scientists know about the seas
  • Expanded the company’s software portfolio with the launch of DocuShare® Go, a cloud-based, SaaS content management platform focused on the small and medium-sized business that automates how users organize, share, collaborate and back up business-critical content
  • Honored with several industry awards including "Best Innovation Project of the Year" by Health Tech Digital and named one of the “World's Most Sustainably Managed Companies” by The Wall Street Journal
  • Established a new diversity, inclusion and belonging roadmap, focusing on areas where Xerox can make the biggest impact within the company and society, including a partnership with A Better Chance, a nonprofit dedicated to increasing education, access and opportunity for young people of color

___________________________

(1) 

 

Refer to the “Non-GAAP Financial Measures” section of this release for a discussion of these non-GAAP measures and their reconciliation to the reported GAAP measures.

(2) 

 

Data Source: Xerox analysis of IDC WW Quarterly Hardcopy Peripherals Tracker, Q2 2020 using custom categories and segments.

About Xerox

Xerox Holdings Corporation makes every day work better. We are a workplace technology company building and integrating software and hardware for enterprises large and small. As customers seek to manage information across digital and physical platforms, Xerox delivers a seamless, secure and sustainable experience. Whether inventing the copier, the Ethernet, the laser printer or more, Xerox has long defined the modern work experience. Learn how that innovation continues at xerox.com.

Non-GAAP Measures

This release refers to the following non-GAAP financial measures:

  • Adjusted EPS, which excludes restructuring and related costs, the amortization of intangible assets, non-service retirement-related costs, transaction and related costs, net and other discrete adjustments from GAAP earnings per share from continuing operations.
  • Adjusted operating income/margin, which exclude the EPS adjustments noted above as well as the remainder of other expenses, net from pre-tax income/margin.
  • Constant currency (CC) revenue change, which excludes the effects of currency translation.
  • Free cash flow, which is operating cash flow from continuing operations less capital expenditures.

Refer to the “Non-GAAP Financial Measures” section of this release for a discussion of these non-GAAP measures and their reconciliation to the reported GAAP measures.

Forward-Looking Statements

This release, and other written or oral statements made from time to time by management contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should”, "targeting", "projecting", "driving" and similar expressions, as they relate to us, our performance and/or our technology, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: the effects of the COVID-19 pandemic on our and our customers' businesses and the duration and extent to which this will impact our future results of operations and overall financial performance; our ability to address our business challenges in order to reverse revenue declines, reduce costs and increase productivity so that we can invest in and grow our business; our ability to attract and retain key personnel; changes in economic and political conditions, trade protection measures, licensing requirements and tax laws in the United States and in the foreign countries in which we do business; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; changes in foreign currency exchange rates; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual property rights; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; the risk that partners, subcontractors and software vendors will not perform in a timely, quality manner; actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings from restructuring actions; the risk that confidential and/or individually identifiable information of ours, our customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security systems due to cyber attacks or other intentional acts; reliance on third parties, including subcontractors, for manufacturing of products and provision of services; the exit of the United Kingdom from the European Union; our ability to manage changes in the printing environment and expand equipment placements; interest rates, cost of borrowing and access to credit markets; funding requirements associated with our employee pension and retiree health benefit plans; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; any impacts resulting from the restructuring of our relationship with Fujifilm Holdings Corporation; and the shared services arrangements entered into by us as part of Project Own It. Additional risks that may affect Xerox’s operations and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of Xerox Holdings Corporation’s and Xerox Corporation's 2019 Annual Report on Form 10-K, as well as in Xerox Holdings Corporation's and Xerox Corporation's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

These forward-looking statements speak only as of the date of this release or as of the date to which they refer, and Xerox assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

Note: To receive RSS news feeds, visit https://www.news.xerox.com. For open commentary, industry perspectives and views, visit http://twitter.com/xerox, http://www.facebook.com/XeroxCorp, https://www.instagram.com/xerox/, http://www.linkedin.com/company/xerox, http://www.youtube.com/XeroxCorp.

Xerox® and DocuShare® are trademarks of Xerox in the United States and/or other countries.

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

(in millions, except per-share data)

 

2020

 

2019

 

2020

 

2019

Revenues

 

 

 

 

 

 

 

 

Sales

 

$

651

 

 

$

784

 

 

$

1,676

 

 

$

2,308

 

Services, maintenance and rentals

 

1,061

 

 

1,335

 

 

3,246

 

 

4,130

 

Financing

 

55

 

 

60

 

 

170

 

 

184

 

Total Revenues

 

1,767

 

 

2,179

 

 

5,092

 

 

6,622

 

Costs and Expenses

 

 

 

 

 

 

 

 

Cost of sales

 

476

 

 

503

 

 

1,201

 

 

1,492

 

Cost of services, maintenance and rentals

 

611

 

 

771

 

 

1,875

 

 

2,398

 

Cost of financing

 

29

 

 

33

 

 

89

 

 

98

 

Research, development and engineering expenses

 

76

 

 

100

 

 

236

 

 

280

 

Selling, administrative and general expenses

 

444

 

 

510

 

 

1,411

 

 

1,573

 

Restructuring and related costs

 

20

 

 

27

 

 

64

 

 

176

 

Amortization of intangible assets

 

13

 

 

9

 

 

34

 

 

35

 

Transaction and related costs, net

 

(6

 

4

 

 

18

 

 

8

 

Other expenses, net

 

(15

 

(1

 

15

 

 

76

 

Total Costs and Expenses

 

1,648

 

 

1,956

 

 

4,943

 

 

6,136

 

Income before Income Taxes & Equity Income(1)

 

119

 

 

223

 

 

149

 

 

486

 

Income tax expense

 

29

 

 

66

 

 

36

 

 

106

 

Equity in net income of unconsolidated affiliates

 

 

 

1

 

 

2

 

 

5

 

Income from Continuing Operations

 

90

 

 

158

 

 

115

 

 

385

 

Income from discontinued operations, net of tax

 

 

 

64

 

 

 

 

157

 

Net Income

 

90

 

 

222

 

 

115

 

 

542

 

Less: Income from continuing operations attributable to noncontrolling interests

 

 

 

1

 

 

 

 

3

 

Less: Income from discontinued operations attributable to noncontrolling interests

 

 

 

 

 

 

 

4

 

Net Income Attributable to Xerox Holdings

 

$

90

 

 

$

221

 

 

$

115

 

 

$

535

 

 

 

 

 

 

 

 

 

 

Amounts Attributable to Xerox Holdings:

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

90

 

 

$

157

 

 

$

115

 

 

$

382

 

Net income from discontinued operations

 

 

 

64

 

 

 

 

153

 

Net Income Attributable to Xerox Holdings

 

$

90

 

 

$

221

 

 

$

115

 

 

$

535

 

 

 

 

 

 

 

 

 

 

Basic Earnings per Share:

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.41

 

 

$

0.70

 

 

$

0.49

 

 

$

1.66

 

Discontinued operations

 

 

 

0.29

 

 

 

 

0.68

 

Total Basic Earnings per Share

 

$

0.41

 

 

$

0.99

 

 

$

0.49

 

 

$

2.34

 

 

 

 

 

 

 

 

 

 

Diluted Earnings per Share:

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.41

 

 

$

0.68

 

 

$

0.49

 

 

$

1.62

 

Discontinued operations

 

 

 

0.28

 

 

 

 

0.65

 

Total Diluted Earnings per Share

 

$

0.41

 

 

$

0.96

 

 

$

0.49

 

 

$

2.27

 

___________________________

(1) 

 

Referred to as “Pre-Tax Income” throughout the remainder of this document.

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

(in millions)

 

2020

 

2019

 

2020

 

2019

Net Income

 

$

90

 

 

$

222

 

 

$

115

 

 

$

542

 

Less: Income from continuing operations attributable to noncontrolling interests

 

 

 

1

 

 

 

 

3

 

Less: Income from discontinued operations attributable to noncontrolling interests

 

 

 

 

 

 

 

4

 

Net Income Attributable to Xerox Holdings

 

90

 

 

221

 

 

115

 

 

535

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income (Loss), Net

 

 

 

 

 

 

 

 

Translation adjustments, net

 

179

 

 

(155

 

7

 

 

(122

Unrealized gains, net

 

1

 

 

1

 

 

4

 

 

3

 

Changes in defined benefit plans, net

 

(92

 

(48

 

42

 

 

(38

Other Comprehensive Income (Loss), Net

 

88

 

 

(202

 

53

 

 

(157

Less: Other comprehensive income, net from continuing operations attributable to noncontrolling interests

 

 

 

1

 

 

 

 

1

 

Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings

 

88

 

 

(203

 

53

 

 

(158

 

 

 

 

 

 

 

 

 

Comprehensive Income, Net

 

178

 

 

20

 

 

168

 

 

385

 

Less: Comprehensive income, net from continuing operations attributable to noncontrolling interests

 

 

 

2

 

 

 

 

4

 

Less: Comprehensive income, net from discontinued operations attributable to noncontrolling interests

 

 

 

 

 

 

 

4

 

Comprehensive Income, Net Attributable to Xerox Holdings

 

$

178

 

 

$

18

 

 

$

168

 

 

$

377

 

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

(in millions, except share data in thousands)

 

September 30, 2020

 

December 31, 2019

Assets

 

 

 

 

Cash and cash equivalents

 

$

3,242

 

 

$

2,740

 

Accounts receivable (net of allowances of $63 and $55, respectively)

 

895

 

 

1,236

 

Billed portion of finance receivables (net of allowances of $4 and $3, respectively)

 

111

 

 

111

 

Finance receivables, net

 

1,066

 

 

1,158

 

Inventories

 

978

 

 

694

 

Other current assets

 

249

 

 

201

 

Total current assets

 

6,541

 

 

6,140

 

Finance receivables due after one year (net of allowances of $138 and $86, respectively)

 

1,899

 

 

2,082

 

Equipment on operating leases, net

 

301

 

 

364

 

Land, buildings and equipment, net

 

412

 

 

426

 

Intangible assets, net

 

240

 

 

199

 

Goodwill

 

3,996

 

 

3,900

 

Deferred tax assets

 

573

 

 

598

 

Other long-term assets

 

1,390

 

 

1,338

 

Total Assets

 

$

15,352

 

 

$

15,047

 

Liabilities and Equity

 

 

 

 

Short-term debt and current portion of long-term debt

 

$

1,218

 

 

$

1,049

 

Accounts payable

 

1,018

 

 

1,053

 

Accrued compensation and benefits costs

 

276

 

 

349

 

Accrued expenses and other current liabilities

 

815

 

 

984

 

Total current liabilities

 

3,327

 

 

3,435

 

Long-term debt

 

3,836

 

 

3,233

 

Pension and other benefit liabilities

 

1,675

 

 

1,707

 

Post-retirement medical benefits

 

336

 

 

352

 

Other long-term liabilities

 

512

 

 

512

 

Total Liabilities

 

9,686

 

 

9,239

 

 

 

 

 

 

Convertible Preferred Stock

 

214

 

 

214

 

 

 

 

 

 

Common stock

 

214

 

 

215

 

Additional paid-in capital

 

2,719

 

 

2,782

 

Treasury stock, at cost

 

(150

 

(76

Retained earnings

 

6,258

 

 

6,312

 

Accumulated other comprehensive loss

 

(3,593

 

(3,646

Xerox Holdings shareholders’ equity

 

5,448

 

 

5,587

 

Noncontrolling interests

 

4

 

 

7

 

Total Equity

 

5,452

 

 

5,594

 

Total Liabilities and Equity

 

$

15,352

 

 

$

15,047

 

 

 

 

 

 

Shares of common stock issued

 

213,964

 

 

214,621

 

Treasury stock

 

(8,007

 

(2,031

Shares of Common Stock Outstanding

 

205,957

 

 

212,590

 

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

(in millions)

 

2020

 

2019

 

2020

 

2019

Cash Flows from Operating Activities

 

 

 

 

 

 

 

 

Net Income

 

$

90

 

 

$

222

 

 

$

115

 

 

$

542

 

Income from discontinued operations, net of tax

 

 

 

(64

)

 

 

 

(157

)

Income from continuing operations

 

90

 

 

158

 

 

115

 

 

385

 

Adjustments required to reconcile Net income to Cash flows from operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

90

 

 

104

 

 

272

 

 

332

 

Provisions

 

23

 

 

16

 

 

124

 

 

58

 

Net gain on sales of businesses and assets

 

(28

)

 

(19

)

 

(29

)

 

(20

)

Stock-based compensation

 

8

 

 

11

 

 

32

 

 

41

 

Restructuring and asset impairment charges

 

20

 

 

8

 

 

47

 

 

80

 

Payments for restructurings

 

(11

)

 

(17

)

 

(63

)

 

(71

)

Defined benefit pension cost

 

9

 

 

21

 

 

46

 

 

89

 

Contributions to defined benefit pension plans

 

(33

)

 

(37

)

 

(97

)

 

(107

)

(Increase) decrease in accounts receivable and billed portion of finance receivables

 

(96

)

 

51

 

 

332

 

 

60

 

(Increase) decrease in inventories

 

(49

)

 

15

 

 

(274

)

 

31

 

Increase in equipment on operating leases

 

(31

)

 

(41

)

 

(86

)

 

(113

)

Decrease in finance receivables

 

31

 

 

5

 

 

221

 

 

124

 

Decrease (increase) in other current and long-term assets

 

17

 

 

(14

)

 

2

 

 

1

 

Increase (decrease) in accounts payable

 

90

 

 

22

 

 

(69

)

 

(24

)

Decrease in accrued compensation

 

(20

)

 

(16

)

 

(149

)

 

(99

)

(Decrease) increase in other current and long-term liabilities

 

(16

)

 

26

 

 

(146

)

 

19

 

Net change in income tax assets and liabilities

 

10

 

 

41

 

 

13

 

 

30

 

Net change in derivative assets and liabilities

 

1

 

 

5

 

 

(1

)

 

15

 

Other operating, net

 

1

 

 

9

 

 

23

 

 

15

 

Net cash provided by operating activities of continuing operations

 

106

 

 

348

 

 

313

 

 

846

 

Net cash provided by operating activities of discontinued operations

 

 

 

8

 

 

 

 

49

 

Net cash provided by operating activities

 

106

 

 

356

 

 

313

 

 

895

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

 

Cost of additions to land, buildings, equipment and software

 

(18

)

 

(17

)

 

(60

)

 

(48

)

Proceeds from sales of businesses and assets

 

27

 

 

20

 

 

29

 

 

21

 

Acquisitions, net of cash acquired

 

 

 

 

 

(193

)

 

(42

)

Other investing, net

 

 

 

1

 

 

1

 

 

1

 

Net cash provided by (used in) investing activities

 

9

 

 

4

 

 

(223

)

 

(68

)

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

Net proceeds (payments) on debt

 

1,077

 

 

2

 

 

769

 

 

(399

)

Dividends

 

(61

)

 

(61

)

 

(176

)

 

(183

)

Payments to acquire treasury stock, including fees

 

(150

)

 

(68

)

 

(150

)

 

(368

)

Other financing, net

 

(10

)

 

(10

)

 

(19

)

 

(33

)

Net cash provided by (used in) financing activities

 

856

 

 

(137

)

 

424

 

 

(983

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

12

 

 

(20

)

 

(12

)

 

(13

)

Increase (decrease) in cash, cash equivalents and restricted cash

 

983

 

 

203

 

 

502

 

 

(169

)

Cash, cash equivalents and restricted cash at beginning of period

 

2,314

 

 

776

 

 

2,795

 

 

1,148

 

Cash, Cash Equivalents and Restricted Cash at End of Period(1)

 

$

3,297

 

 

$

979

 

 

$

3,297

 

 

$

979

 

___________________________

(1) 

 

Balance at September 30, 2019 includes $1 associated with discontinued operations.

Impact of COVID-19 on Our Business Operations

In response to the COVID-19 pandemic, we have prioritized the health and safety of our employees, customers and partners to support their needs in the current hybrid environment so work can be done flawlessly, migrating between the workplace and the home-office. While we continue to implement actions to mitigate the effects of the pandemic on our business and operations, the uncertainty around its trajectory, duration and economic impact make it difficult for the company to predict its full impact on our business operations and financial performance. As a result, we are not providing specific financial guidance at this time.

During the third quarter, corresponding with business reopenings, the rate of decline of equipment installations (including in areas of our business that support our hybrid workplace initiatives) improved, as did printed-page volumes. These operational improvements resulted in a moderation of our rate of revenue decline during the third quarter as compared to the second quarter, which gives us confidence in the resilience and readiness of our business to recover as progress is made to control the pandemic and as businesses and economies reopen. We have modeled the impacts on our business of numerous recovery scenarios and expect to deliver positive earnings and free cash flow in the fourth quarter. However, the ongoing resurgence of the virus around the globe, and the impact it is having in forcing new restrictions and lockdowns, leads us to anticipate that our revenues will continue to decline significantly as compared to the prior year, as businesses hold off or delay purchases until there is a more certain path to controlling the pandemic and to economic recovery.

During the current year, the most significant impact from the pandemic has been on sales of our equipment and unbundled supplies. However, due to their transactional nature, these revenues experienced the largest recovery during the third quarter and we expect that they will continue to fluctuate and gradually improve concurrent with business reopenings. Our bundled services contracts, on average, include a minimum fixed charge and a significant variable component based on print volumes. The variable charges are impacted by our customers' employees not being in the office using our equipment due to lock-downs or capacity restrictions in office buildings. We expect that this contractual relationship will continue to enable us to ramp up and support our customers' needs as businesses resume operations.

We have a strong balance sheet and sufficient liquidity, including access to our undrawn $1.8 billion revolver. We further strengthened our liquidity by refinancing our 2020 debt maturities in the third quarter 2020 and early-redeeming a portion of our 2021 debt maturities in October with the proceeds from the issuance of new senior unsecured notes and from a finance receivables securitization. With our Project Own It transformation and cost savings, we built a more flexible cost structure, and have also focused our efforts on incremental actions to prioritize and preserve cash as we manage through the pandemic. These actions include the use of available temporary government assistance measures and furlough programs, and the reduction of discretionary spend such as near term targeted marketing programs, the use of contract employees, and the temporary suspension of 401(k) matching contributions, as well as lower compensation incentives consistent with lower sales and operating results.

Government Assistance and Furlough Programs

In response to the COVID-19 pandemic, various governments have enacted or continue to contemplate temporary measures to provide aid and economic stimulus directly to companies through cash grants and credits or indirectly through payments to temporarily furloughed employees.

On March 27, 2020, in response to the COVID-19 pandemic, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). In addition to including temporary changes to income and non-income-based tax laws, the CARES Act provides refundable employee retention credits and defers the requirement to remit the employer-paid portion of social security payroll taxes. Similar pay protection programs were enacted in Canada and Europe that primarily provide direct grants to companies to cover the salary and wages of employees (retained or temporarily furloughed). During third quarter 2020, we recognized savings of approximately $35 million from these temporary measures in the U.


Contacts

Media Contact:
Caroline Gransee-Linsey, Xerox, +1-203-849-2359, Caroline.Gransee-Linsey@xerox.com

Investor Contact:
Ann Pettrone, Xerox, +1-203-849-2590, Ann.Pettrone@xerox.com


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