Xerox reported revenue of $1.77 billion in Q4 2023, down 9.1% year-over-year or 10.6% in constant currency. GAAP net loss was $58 million, down $179 million or $1.24 per share, year over-year. This quarter includes an after-tax restructuring and related costs net charge of $78 million, or $0.62 per share, related to the recently announced workforce reduction.
Adjusted net income was $56 million, down $90 million or $0.46 per share, year-over-year. Adjusted operating margin was 5.4%, down 380 basis points year-over-year. Operating cash flow was $389 million, up $203 million year-over-year, with free cash flow of $379 million, up $211 million year-over-year.
For the fiscal year of 2023, revenue was $6.89 billion, down 3.1% year-over-year or down 3.3% in constant currency. GAAP net income was $1 million, up $323 million or $2.06 per share, year-over-year, including a Q4 after-tax restructuring and related costs net charge of $78 million, or $0.62 per share, related to the recently announced workforce reduction.
As Xerox enters 2024, the company is focused on stabilizing and strengthening its core Print business, driving enterprise-wide efficiency and productivity gains through its new Global Business Services organization, and capturing opportunities in Digital and IT Services. The company expects balanced execution on these priorities, supported by its new operating model, to yield significant progress towards its three-year adjusted operating income improvement target of $300 million above 2023 levels.
Source: Xerox
Source: Ink World
