Xerox Holdings Corporation (NASDAQ:XRX) Q2 2023 Earnings Conference Call July 25, 2023 8:00 AM ET
Company Participants
David Beckel - VP & Head of IR
Steve Bandrowczak - CEO
Xavier Heiss - EVP & CFO
Conference Call Participants
Ananda Baruah - Loop Capital
Maya Neuman - Morgan Stanley
Samik Chatterjee - JPMorgan
Shannon Cross - Credit Suisse
Operator
Welcome to the Xerox Holdings Corporation Second Quarter 2023 Earnings Release Conference Call. After the presentation, there will be a question-and-answer session. [Operator Instructions]
At this time, I'd like to turn the meeting over to Mr. David Beckel, Vice President and Head of Investor Relations. Sir, the floor is yours.
David Beckel
Good morning, everyone. I'm David Beckel, Vice President of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation second quarter 2023 earnings release conference call hosted by Steve Bandrowczak, Chief Executive Officer. He is joined by 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 expressed 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.
This time, I'd like to turn the meeting over to Mr. Bandrowczak.
Steve Bandrowczak
Good morning, and thank you for joining our Q2 2023 earnings call. I'm pleased to report another quarter of year-over-year growth in revenue, profits, profit margins and cash flow. Consistent with recent quarters, these positive results reflect our team's balanced execution, amid a dynamic macroeconomic backdrop.
Summarizing results for the quarter, revenue of $1.75 billion grew 0.5% in constant currency and 0.4% in actual currency. Adjusted EPS was $0.44, $0.31 higher year-over-year. Free cash flow was $88 million compared to negative $98 million in the prior year quarter and adjusted operating margin of 6.1% was higher year-over-year by 410 basis points. This quarter and throughout this past year, demand for our products and services has remained resilient, particularly for our value-added print and digital services and among our mid-market clients.
Our ability to consistently deliver growth in revenue, profits and cash flow through a challenging operating environment is the result of an intense focus on three strategic priorities; client success, profitability and shareholder returns. A benefit of a renewed focus on client success beyond the positive impact on revenue and profits is an employee base that genuinely seeks to empower clients and partners with essential products and services for today's workforce.