UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to XEROX HOLDINGS CORPORATION XEROX CORPORATION (Exact Name of Registrant as specified in its charter) New York 001-39013 83-3933743 New York 001-04471 16-04680 ...

Xerox Holdings Corporation (NASDAQ:XRX) Q1 2020 Earnings Conference Call April 28, 2020 8:00 AM ET Company Participants John Visentin - Vice Chairman & Chief Executive Officer Bill Osbourn - Chief Financial Officer Ann Pettrone - Director, Corporate Finance Conference Call Participants Katy Huberty - Morgan Stanley Matt Cabral - Credit Suisse Jim Suva - Citigroup Investment Shannon Cross - Cross Research Paul Chung - JP Morgan Ananda Baruah - Loop Capital Operator Good morning, and welcome to the Xerox Hol ...

Financial Performance and Cost Savings - Xerox completed the sale of its 25% equity interest in Fuji Xerox for approximately $2.2 billion and its 51% partnership interest in Xerox International Partners for approximately $23 million in November 2019[11] - Project Own It delivered approximately $1 billion in savings during the 18-month period ending December 31, 2019, with $640 million saved in fiscal year 2019[14] - Xerox expects to deliver approximately $450 million in cost savings in 2020 and a total of $1.5 billion for the full 3-year Project Own It program ending in 2021[14] - Xerox's 2019 revenues totaled $9.1 billion, with approximately $6 thousand attributable to Sudan due to legacy distribution agreements[29] - The company's adjusted pre-tax income and revenue from continuing operations were $1,192 million and $9,066 million, respectively, for the year ended December 31, 2019[189] Market and Revenue Diversification - Xerox's core printer market is estimated at approximately $68 billion, while adjacent growth markets of Software and Services are estimated at approximately $34 billion[13] - Approximately 75% of Xerox's revenues come from post-sale revenue, which is its most profitable revenue stream[18] - Xerox's revenue is diversified across geographies and industries, with approximately 40% generated outside the U.S.[23] - Xerox's geographic footprint spans approximately 160 countries, enabling it to deliver technology and solutions globally[12] - Xerox is expanding into adjacent markets, including Digital Packaging and Print, AI Workflow Assistants, 3D Printing/Digital Manufacturing, IT services, and software[44] Strategic Investments and Acquisitions - Xerox acquired Rabbit Office Automation and Heritage Business Systems, Inc. in 2019 to further penetrate the SMB market[19] - Xerox proposed a business combination transaction with HP Inc. in November 2019[19] - Xerox is investing in key growth areas such as digital packaging, AI, IoT, 3D printing, and cleantech to drive innovation and revenue growth[17] - Xerox plans to extend its presence in the SMB market through organic and inorganic investments, eCommerce expansion, and innovation in areas like digital packaging, AI workflow assistants, 3D printing, and IoT services[48] Operational Efficiency and Restructuring - Xerox's restructuring efforts, including Project Own It, aim to reduce costs and improve operational efficiency, but expected benefits may not be fully realized[45] - Xerox's restructuring initiatives, including offshoring and outsourcing, may lead to business disruptions and inefficiencies during transitional periods[46] - Xerox's strategy includes improving revenue growth through software enhancements in multifunction devices, expanding color printing capabilities, and leveraging managed print services with new digital and security features[48] Intellectual Property and Innovation - Xerox was awarded 429 U.S. utility patents in 2019, with a total of 9,274 U.S. design and utility patents held as of December 31, 2019[24] - Xerox's intellectual property rights are critical to its competitive position, and challenges or failures in protecting these rights could adversely affect operations[44] Environmental and Regulatory Compliance - Xerox achieved a 16% reduction in Greenhouse gas emissions from operations using a 2016 baseline, aiming for a 25% reduction by 2025[26] - The company is subject to environmental regulations, including the European Union's Energy-Related Products Directive (ERP) and REACH Regulation, which could lead to restrictions or bans on certain chemical usage[52] - Xerox is subject to laws and regulations regarding individually identifiable information, and non-compliance could lead to legal actions, fines, and reputational harm[46] Financial Risks and Debt Management - Xerox's Total Finance assets amounted to $3.7 billion at the end of 2019, including $3.4 billion in finance receivables and $364 million in equipment on operating leases[32] - Xerox has significant debt, which could increase vulnerability to economic conditions, limit financing options, and reduce cash flow flexibility for other purposes[50] - Xerox's defined benefit pension and retiree-health benefit plans are underfunded by approximately $1.2 billion as of December 31, 2019, leading to potential future funding requirements[51] - Xerox's $1.8 billion credit facility contains financial maintenance covenants, including maximum leverage and minimum interest coverage ratios, which the company was in compliance with as of December 31, 2019[51] - The consolidated average interest rate associated with the company's total debt for 2019, 2018, and 2017 approximated 4.9%, 4.6%, and 4.6%, respectively[191] - As of December 31, 2019, $200 million of the company's total debt of $4.3 billion carried variable interest rates[191] - A 10% change in market interest rates would change the fair values of the company's fixed-rate financial instruments by approximately $58 million[191] Foreign Currency and Trade Risks - A significant portion of Xerox's revenue is generated from operations outside the U.S., with exposure to foreign currency fluctuations, particularly the Japanese yen, euro, and British pound[41] - Xerox uses currency derivative contracts to hedge foreign currency risks but does not hedge translation effects of international revenues and expenses[41] - The company's foreign currency-denominated assets and liabilities are economically hedged, with a 10% appreciation or depreciation in foreign currency exchange rates impacting the cumulative translation adjustment portion of equity by approximately $311 million[190] - The net amount invested in foreign subsidiaries and affiliates, primarily Xerox Limited and Xerox Canada Inc., was approximately $3.1 billion at December 31, 2019[190] - Xerox faces risks from potential tariffs, import/export restrictions, and changes in U.S. and international trade policies[42] - The company faces risks associated with Brexit, including potential disruptions in the supply chain and regulatory changes in the United Kingdom[53] Cybersecurity and Data Privacy - Xerox faces risks related to cybersecurity breaches, which could result in service interruptions, legal actions, and reputational damage[47] - Xerox is subject to laws and regulations regarding individually identifiable information, and non-compliance could lead to legal actions, fines, and reputational harm[46] Government Contracts and Legal Risks - Xerox relies on government contracts, which are subject to termination, audits, and investigations, potentially impacting revenue and reputation[44] - The company's operations are subject to a complex system of commercial and trade regulations around the world, with potential risks from violations of laws such as the U.S. Foreign Corrupt Practices Act[52] Manufacturing and Supply Chain - Xerox's largest manufacturing site is in Webster, N.Y., producing key components and consumables for products like the Xerox iGen, Nuvera, and Baltoro printer systems[33] - Xerox's global distribution model includes the Americas and EMEA regions, with a focus on streamlining the supply chain and providing consistent customer experiences[29] - Xerox has outsourced a significant portion of its manufacturing operations to third parties, such as Fuji Xerox Co., Ltd., which poses risks related to manufacturing methods, customer demand responsiveness, and supply chain disruptions[48] Employee and Retirement Benefits - Xerox had approximately 27,000 employees worldwide as of December 31, 2019[37] - Non-service retirement-related costs were $18 million, $150 million, and $188 million for the years ended December 31, 2019, 2018, and 2017, respectively[189] Shareholder Returns and Cash Flow - Xerox aims to return at least 50% of its free cash flow (Operating cash flows from continuing operations less capital expenditures) to shareholders through dividends and share repurchases[18] Product and Service Offerings - Xerox Services includes Intelligent Workplace Services (IWS) and Digital Services, leveraging software capabilities in Workflow Automation, Personalization, and Content Management Solutions[21] - Workplace Solutions comprises Entry and Mid-Range product groups, with revenues from product sales, supplies, technical service, and financing[21] - Graphic Communications and Production Solutions cater to high-volume printing needs, offering a broad portfolio of presses and solutions for full-color, on-demand printing[21] Market Challenges and Competitive Landscape - Xerox faces challenges due to declining installations and printed pages, fewer devices per location, and increased electronic documentation[39] - Xerox's profitability depends on obtaining adequate pricing for products and services and improving cost structure through initiatives like Project Own It[45]

Xerox Holdings Corporation (NASDAQ:XRX) Q4 2019 Results Conference Call January 28, 2020 8:00 AM ET Company Participants John Visentin - Vice Chairman and CEO Bill Osbourn - CFO Ann Pettrone - Director, Corporate Finance Conference Call Participants Matt Cabral - Credit Suisse Ananda Baruah - Loop Capital Shannon Cross - Cross Research Katy Huberty - Morgan Stanley Paul Coster - JP Morgan Operator Good morning and welcome to the Xerox Holdings Corporation Fourth Quarter 2019 Earnings Release Conference Call ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to XEROX HOLDINGS CORPORATION XEROX CORPORATION (Exact Name of Registrant as specified in its charter) New York 001-39013 83-3933743 New York 001-04471 16-0 ...

Xerox Holdings Corporation (NASDAQ:XRX) Q3 2019 Results Earnings Conference Call October 29, 2019 8:00 AM ET Company Participants John Visentin - Vice Chairman and CEO Bill Osbourn - CFO Ann Pettrone - Director-Corporate Finance Conference Call Participants Matt Cabral - Credit Suisse Ananda Baruah - Loop Capital Shannon Cross - Cross Research Jim Suva - Citigroup Katy Huberty - Morgan Stanley Operator Good morning, and welcome to the Xerox Holdings Corporation Third Quarter 2019 Earnings Release Conference ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to XEROX HOLDINGS CORPORATION XEROX CORPORATION (Exact Name of Registrant as specified in its charter) New York 001-39013 83-3933743 New York 001-04471 16-046802 ...

Xerox Corporation (NASDAQ:XRX) Q2 2019 Earnings Conference Call July 30, 2019 8:00 AM ET Company Participants John Visentin – Vice Chairman and Chief Executive Officer Bill Osbourn – Chief Financial Officer Ann Pettrone – Director-Corporate Finance Conference Call Participants Shannon Cross – Cross Research Matt Cabral – Credit Suisse Ananda Baruah – Loop Capital Jim Suva – Citigroup Paul Chung – JPMorgan Katy Huberty – Morgan Stanley Operator Good morning, and welcome to the Xerox Corporation Second Quarte ...