Ink World Staff10.27.20
Xerox Holdings Corporation announced its third-quarter 2020 financial results.
Xerox reported $1.77 billion of revenue, down 18.9% year-over-year or 19.7% in constant currency and up $302 million from the second quarter. It had an adjusted operating margin of 7.4%, down 460 basis points year-over-year and up 320 basis points from the second quarter.
Xerox reported $106 million of operating cash flow from continuing operations, down $242 million year-over-year and up $72 million from the second quarter, as well as $88 million of free cash flow, down $243 million year-over-year and up $73 million from the second quarter.
“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 John Visentin, Xerox vice chairman and CEO.
Xerox reported $1.77 billion of revenue, down 18.9% year-over-year or 19.7% in constant currency and up $302 million from the second quarter. It had an adjusted operating margin of 7.4%, down 460 basis points year-over-year and up 320 basis points from the second quarter.
Xerox reported $106 million of operating cash flow from continuing operations, down $242 million year-over-year and up $72 million from the second quarter, as well as $88 million of free cash flow, down $243 million year-over-year and up $73 million from the second quarter.
“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 John Visentin, Xerox vice chairman and CEO.