The following is a summary of the Xerox Holdings Corporation (XRX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Xerox reported Q1 revenue of $1.5 billion, a decrease of 12.4% in actual currency and 13.2% in constant currency.

• Adjusted EPS was $0.06, a notable drop of $0.43 compared to last year.

• Free cash flow saw an unfavorable shift to negative $89 million, marking a reduction of $159 million from Q1 of the previous year.

• Adjusted operating margin stood at 2.2%, lower by 470 basis points year-over-year.

• The company maintains a target of achieving a full-year adjusted operating income of at least 7.5% in 2024, largely due to aggressive cost-reduction measures.

• It projects free cash flow to be at least $600 million in 2024, aided by a decline in the finance receivable balance.

Business Progress:

• Xerox is undergoing considerable structural changes including a company-wide reorganization designed to stimulate revenue, operating margins, and free cash flow.

• The firm has instigated a global partner ecosystem to broaden the circulation of its products.

• Xerox is working towards simplification across geographies, models, and product offerings.

• 'Project Reinvention' initiatives are ongoing, which are anticipated to result in a $100 million year-over-year net operating improvement.

• Investments focused on higher ROIC projects and acquisitions underpin Xerox's commitment to long-term growth.

• Xerox shows great emphasis on debt reduction with a planned payout of the remaining $300 million debt in May.

• The company is operationalizing their strategy of Global Business Services (GBS), aimed at improving coordination and operational efficiency.

• Xerox continues to invest heavily in sustainability efforts including contributions to climate change transparency and performance.

More details: Xerox IR

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