Xerox records Q1 GAAP net loss of US$113M or loss of US$0.94 per share, a decrease of US$184M or US$1.37 per share, year-over-year; company posts Q1 revenue of US$1.50B, down 12.4% year-over-year

NORWALK, Connecticut , April 23, 2024 (press release) –

Financial Summary

Q1 2024

• Revenue of $1.50 billion, down 12.4 percent, or 13.2 percent in constant currency.
• GAAP net loss of $(113) million, or $(0.94) per share, a decrease of $184 million or $1.37 per share, year-over-year, respectively. This quarter includes after-tax Project Reinvention related charges of $100 million, or $0.80 per share.  
• Adjusted net income of $11 million, or $0.06 per share, declined by $71 million or $0.43 per share, year-over-year, respectively.
• Adjusted operating margin of 2.2 percent, 470 basis points lower year-over-year.
• Operating cash flow of $(79) million, lower by $157 million year-over-year.
• Free cash flow of $(89) million, lower by $159 million year-over-year.
   

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