XRX Xerox Corporation

Xerox is a print technology and intelligent work solutions leader. Our experience and broad customer base gives us a unique perspective and understanding of the inner-workings of business, and our technology allows us to add intelligence to the development of solutions to connect the physical and digital worlds of work. We apply our expertise in imaging and printing, data analytics, and the development of secure and automated solutions to help our customers improve productivity and increase client satisfaction. Every day, our innovative technologies and intelligent work solutions - Powered by Xerox ® - help people communicate and work better. In our core market, we compete with our traditional print technology and related services. This core market is estimated at approximately $67 billion(1) . Our primary offerings in this core environment span three main areas: Intelligent Workplace Services (formerly Managed Document Services (MDS)), Workplace Solutions and Production Solutions (formerly Graphic Communications). Our Intelligent Workplace Services offerings help customers, ranging from small businesses to global enterprises, optimize their printing and related document workflow and business processes. Xerox led the establishment of this expanding market and continues as the industry leader. Our Workplace Solutions and Production Solutions offerings support the work processes of our customers by providing them with solutions built upon our broad portfolio of industry-leading printing and workflow offerings.

Company profile

Ticker

XRX

Exchange

NYSE

Website

www.xerox.com

CEO

Giovanni Visentin

Incorporated in

New York

Location

Connecticut

Fiscal year end

Dec 31

Sector

Electronic Technology > Computer Peripherals

Industry (SEC)

Computer Peripheral Equipment, NEC

Xerox • Stratasys • Logitech International • Fortinet • Palo Alto Networks • ForeScout • Identiv • FireEye • Key Tronic • Immersion ...

SEC CIK

0000108772

Corporate docs

Articles of Incorporation & Bylaws

IRS number

160468020

XRX stock data

S&P 500

1M 1Y 2Y 5Y

Calendar

7 May 20

10 Jul 20

31 Dec 20

News

Company financial data Financial data

Chart XRX financial data

Quarter (USD)	Mar 20	Dec 19	Sep 19	Jun 19
Revenue	1.86B	2.37B	2.2B	2.29B
Net income	-2M	819M	222M	184M
Diluted EPS	-0.03	3.53	0.96	0.77
Net profit margin	-0.11%	34.54%	10.09%	8.04%
Net change in cash	-118M	1.82B	210M	-11M
Cash on hand	2.62B	2.74B	922M	712M
Cost of revenue

Annual (USD)	Dec 19	Dec 18	Dec 17	Dec 16
Revenue	9.07B	9.83B	10.27B	10.77B
Net income	1.36B	374M	207M	-460M
Diluted EPS	5.8	1.38	0.71	-1.93
Net profit margin	15.01%	3.80%	2.02%	-4.27%
Operating income*	1.06B	797M	-9M	-1.34B
Net change in cash	1.66B	-212M	-930M	995M
Cash on hand	2.74B	1.08B	1.29B	2.22B
Cost of revenue			3.58B	3.73B

Financial data from Xerox earnings reports. *Asterisk values are approximate.

Recent insider trades

XRX insider ownership history Insider history

Date	Owner	Security	Transaction	Code	10b5-1	$Price	#Shares	$Value	#Remaining
1 Jan 20	Osbourn William F Jr	Common Stock	Payment of exercise	Dispose F	No	36.87	15,031	554.19K	29,239
1 Jan 20	Osbourn William F Jr	RSU	Option exercise	Dispose M	No	36.87	40,820	1.51M	100,566
1 Jan 20	Osbourn William F Jr	Common Stock	Option exercise	Aquire M	No	36.87	40,820	1.51M	44,270
1 Oct 19	Louis Pastor	Common Stock	Payment of exercise	Dispose F	No	29.47	7,499	221K	12,119
1 Oct 19	Louis Pastor	Common Stock	Option exercise	Aquire M	No	29.47	19,618	578.14K	19,618
1 Oct 19	Louis Pastor	RSU	Option exercise	Dispose M	No	29.47	19,618	578.14K	27,267
10 Sep 19	Herve Tessler	Common Stock	Sell	Dispose S	No	31.2188	32,200	1.01M	11,804
1 Jul 19	Bandrowczak Steven John	Common Stock	Payment of exercise	Dispose F	No	36.24	1,072	38.85K	2,346
1 Jul 19	Mancini Joseph H.	XSIP - Spouse Common Stock	Option exercise	Dispose M	No	0	1,954	0	0
1 Jul 19	Bandrowczak Steven John	RSU	Option exercise	Dispose M	No	36.24	3,418	123.87K	164,141

Data from 3, 4 and 5 filings. Stock values as filed, not updated for current price.

Institutional ownership Q4 2019

XRX institutional ownership history Ownership history

0.0% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	6	17	-64.7%
Opened positions	2	5	-60.0%
Closed positions	13	417	-96.9%
Increased positions	0	1	EXIT
Reduced positions	1	6	-83.3%

13F shares	Current	Prev Q	Change
Total value	2.93M	23.12M	-87.3%
Total shares	79.57K	711.99K	-88.8%
Total puts	0	0
Total calls	0	0
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Gulf International Bank	47.05K	$1.73M	0.0%
Foster & Motley	16.09K	$593K	-14.2%
Becker Capital Management	11.2K	$413K	NEW
ITUB Itau Unibanco Holding	4.21K	$155K	NEW
Vectors Research Management	1.03K	$38K	0.0%
Proequities	0	$0

Largest transactions	Shares	Bought/sold	Change
California State Teachers Retirement System	0	-330.49K	EXIT
Advisors Asset Management	0	-211.69K	EXIT
Cibc World Markets	0	-44.42K	EXIT
Voloridge Investment Management	0	-17.4K	EXIT
MCQEF Macquarie	0	-16.33K	EXIT
Fruth Investment Management	0	-12.31K	EXIT
Boltwood Capital Management	0	-11.2K	EXIT
Becker Capital Management	11.2K	+11.2K	NEW
ITUB Itau Unibanco Holding	4.21K	+4.21K	NEW
Foster & Motley	16.09K	-2.66K	-14.2%

Data from 13F filings. Stock values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

Ikon Office Solutions • Canon • HP • Ricoh • Bitstream • Presstek • American TonerServ • CynergisTek • Global Imaging Systems • ARC Document Solutions

Risks

If we are unsuccessful at addressing our business challenges, our business and results of operations may be adversely affected and our ability to invest in and grow our business could be limited.
We may be unable to attract and retain key personnel while our business model undergoes significant changes.
Our business, results of operations and financial condition may be negatively impacted by conditions abroad, including local economic and political environments, fluctuating foreign currencies and shifting regulatory schemes.
Tariffs or other restrictions on foreign imports could negatively impact our financial performance.
We operate globally and changes in tax laws could adversely affect our results.
If we fail to successfully develop new products, technologies and service offerings and protect our intellectual property rights, we may be unable to retain current customers and gain new customers and our revenues would decline.
Our government contracts are subject to termination rights, audits and investigations, which, if exercised, could negatively impact our reputation and reduce our ability to compete for new contracts.
We face significant competition and our failure to compete successfully could adversely affect our results of operations and financial condition.
Our profitability is dependent upon our ability to obtain adequate pricing for our products and services and to improve our cost structure.
We may not achieve some or all of the expected benefits of our restructuring plans and our restructuring may adversely affect our business.
We are subject to laws of the United States and foreign jurisdictions relating to individually identifiable information, and failure to comply with those laws could subject us to legal actions and negatively impact our operations.
We have outsourced a significant portion of our manufacturing operations and increasingly rely on third-party manufacturers, subcontractors and suppliers.
We need to successfully manage changes in the printing environment and market because our operating results may be negatively impacted by lower equipment placements and usage trends.
Our ability to fund our customer financing activities at economically competitive levels depends on our ability to borrow and the cost of borrowing in the credit markets.
Our significant debt could adversely affect our financial health and pose challenges for conducting our business.
We need to maintain adequate liquidity in order to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations, such as payment of dividends to the extent declared by our Board of Directors. If we fail to comply with the covenants contained in our various borrowing agreements, it may adversely affect our liquidity, results of operations and financial condition.
Our business, results of operations and financial condition may be negatively impacted by legal and regulatory matters.
The United Kingdom leaving the E.U. could adversely affect us.

Content analysis ?

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. sophomore Avg

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Removed: abetted, abetting, absence, Absolute, accountability, achieved, achievement, ACS, add, adding, administration, admission, advance, agreed, aided, aiding, allege, alleging, amendment, annualized, appeal, appease, appellate, appointing, appointment, approval, approving, argument, arrive, Attorney, Austria, award, awarded, bargain, Belgium, blended, Blodgett, bridge, bring, bylaw, Bywater, cancellation, Carlo, case, certainty, Certificate, certified, Chief, Circuit, classify, cliff, closing, combine, comparability, comparative, complementary, compounded, conclude, Conduent, conform, conformed, constituted, consummate, contemplated, contest, continuously, controversy, correction, corroborated, council, covenant, curve, daily, David, dealing, decision, deeming, deficiency, degree, delivered, Denmark, denying, Department, depriving, determinable, director, discontinuance, discovery, dismissing, dissolve, dissolved, district, divested, divestiture, Division, earn, effected, eligible, eliminated, enforcing, engineering, enjoin, enjoined, entitled, entitling, equal, exceed, exceeding, Exemption, exercise, exhaustion, expedient, expedited, expired, explicitly, expressed, extension, failing, faith, false, fee, Finland, flat, focusing, found, fraud, fundamentally, Germany, grant, Greece, guarantor, guaranty, heard, hearing, HHSC, historically, holder, holding, Holland, Human, implicit, implicitly, inception, inclined, Incorporation, indemnified, independent, injunctive, intercompany, interpolated, Italy, JPY, Judicial, Kathryn, Latin, lessor, linear, LLC, Luca, Lynn, Maestri, making, Mary, matched, MDS, Medicaid, memorandum, met, metric, misleading, modest, Monte, monthly, moved, multiplied, negligence, negotiating, newly, nomination, Norway, noticing, obligated, occurrence, October, OEM, Oklahoma, opportunity, opposition, oral, ordering, originally, orthodontic, overachievement, pace, package, parent, partial, payout, perfect, petition, Portugal, practical, pre, pretext, preventing, Prevention, priced, proceed, proxy, PS, PSs, punitive, purportedly, purporting, ranging, rationale, realigned, reargue, rebranded, recipient, recognizing, recommendation, recoverable, referenced, refine, refusing, renew, renewing, reorganization, repaid, replacing, representative, request, residual, resolve, retained, retrospectively, reversed, reversing, ruled, ruling, Scanlon, scheduling, separately, September, settling, simulation, small, smaller, Southern, Spain, speed, standalone, stated, stay, staying, stipulated, stipulation, stranded, Substandard, substantially, suspended, sustaining, Sweden, Switzerland, symbol, tested, thirty, ticker, trailing, transitioning, translate, transparency, Treasury, trial, TSR, unappealable, unconsolidated, undiscounted, unlawful, untimely, Ursula, usable, vehicle, versa, vest, vice, violated, waive, waiver, weight, weighted, willfully, withdrawn, wrongdoing, XRX, Zapfel

From filing 10-Q 2020 Q1