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Xerox Releases Fourth-Quarter, Full-Year 2021 Results

For full year 2022, Xerox had $7.04 billion of revenue, up 0.2% year-over-year.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Xerox Holdings Corporation announced 2021 fourth-quarter and full-year results and guidance for 2022.

In the fourth quarter of 2021, Xerox reported $1.78 billion of revenue, down 7.9% year-over-year, or down 7.4% in constant currency. For full year 2022, Xerox had $7.04 billion of revenue, up 0.2% year-over-year, or down 1.4% in constant currency.

Xerox’s Q4 adjusted operating margin was 4.8%, down 470 basis points year-over-year, and fiscal year 2021 adjusted operating margin was 5.3%, down 130 basis points year-over-year. Xerox earned $198 million of operating cash flow in Q4, down $37 million year-over-year, and $629 million of FY operating cash flow, up $81 million year-over-year. Xerox had $182 million of free cash flow in Q4, down $39 million year-over-year, and $561 million of FY free cash flow, up $87 million year-over-year.

“Our team’s focus and dedication drove improved results in 2021 despite ongoing challenges caused by the pandemic and global supply chain disruptions,” said John Visentin, Xerox vice chairman and CEO. “Our ability to increase free cash flow, while investing for sustainable, long-term growth and improving our operations, highlights the quality of our team and strategy. We stood up Xerox Financial Services, CareAR and Innovation (PARC), while laying the foundation for growth in print, digital solutions and IT services.” 

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