XRX - Xerox Holdings Corporation (XRX) Q1 2024 Earnings Call Transcript
2024-04-23 11:41:08 ET
Xerox Holdings Corporation (XRX)
Q1 2024 Earnings Conference Call
April 23, 2024, 08:00 AM ET
Company Participants
David Beckel - VP, IR
Steve Bandrowczak - CEO
John Bruno - President and COO
Xavier Heiss - EVP and CFO
Conference Call Participants
Ananda Baruah - Loop Capital
Samik Chatterjee - JPMorgan
Erik Woodring - Morgan Stanley
Presentation
Operator
Thank you for standing by. Welcome to the Xerox Holdings Corporation's First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this program is being recorded.
And now I'd like to introduce your host for today's program, Mr. David Beckel, Vice President, Investor Relations. Please go ahead, sir.
David Beckel
Good morning, everyone. I'm David Beckel, Vice President and Head of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation first quarter 2024 earnings release conference call, hosted by Steve Bandrowczak, Chief Executive Officer. He's joined by John Bruno, President and Chief Operating Officer; 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 express permission of Xerox.
During this call, Xerox executives will refer to slides that are available on the web at www.xerox.com/investor and will make comments that contain forward-looking statements, which, by their nature, address matters that are in the future and are uncertain. Actual future financial results may be materially different than those expressed herein.
At this time, I'd like to turn the meeting over to Mr. Bandrowczak.
Steve Bandrowczak
Good morning, and thank you for joining our Q1 2024 earnings call.
This past quarter, our organization implemented one of its most intense periods of structural change in recent history. As part of reinvention, we redesigned and restructured our organization from top to bottom, letting a lot of good people go in the process. This work was hard but necessary to position Xerox for long-term success as we navigate the secular challenges associated with print and repositioning our business for long-term sustainable growth.
Summarizing results for the quarter, revenue of $1.5 billion decreased 12.4% in actual currency and 13.2% in constant currency. Excluding the impact of backlog reductions in the prior year quarter and the intentional de-emphasis of certain non-strategic businesses, revenue declined mid-single digits. Adjusted EPS was $0.06, $0.43 lower year-over-year. Free cash flow was the use of $89 million, a decrease of $159 million compared to Q1 of last year, and adjusted operating margin of 2.2% was lower year-over-year by 470 basis points....
Xerox Holdings Corporation (XRX) Q1 2024 Earnings Call Transcript