Q2 2024 Xerox Holdings Corp Earnings Call Transcript
Key Points
- Sequential improvements in adjusted operating income margin, cash flow, and revenue validate strategic changes.
- Free cash flow increased by $27 million compared to Q2 of last year.
- Momentum in equipment orders and pipeline, new product launches, and improved sales processes are expected to drive stronger revenue growth in the second half of the year.
- The company has identified more than $700 million in cost reduction initiatives between 2023 and 2026.
- The introduction of AI-assisted multifunctional printers is expected to enhance product offerings and drive growth.
- Revenue of $1.6 billion decreased 10% year-over-year in actual and constant currency.
- Adjusted EPS was $0.29, $0.15 lower year-over-year, primarily due to higher taxes and interest.
- Adjusted operating margin of 5.4% was lower year-over-year by 70 basis points.
- Full-year revenue, adjusted operating income, and free cash flow guidance were lowered.
- Higher freight and product costs are expected to impact margins.
Welcome to the Xerox Holdings Corporation's second quarter 2024 earnings release conference call. (Operator Instructions) At this time, I'd like to turn the program over to Mr. David Beckel, Vice President and Head of Investor Relations. Please go ahead, sir.
Good morning, everyone. I'm David Beckel, Vice President and Head of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation second quarter 2024 earnings release conference call hosted by Steven Bandrowczak, Chief Executive Officer. He's joined by John Bruno, President and Chief Operating Officer; and Xavier Heiss, Executive Vice President and Chief Financial Officer. At the request of Xerox Holdings Corporation, today's conference call is being recorded.
Other recording and/or rebroadcasting of this call are prohibited without the expressed permission of Xerox. During the call, Xerox executives will refer to slides that are available on the web at
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