Xerox Holdings Corporation (NASDAQ:XRX) Q3 2024 Earnings Conference Call October 29, 2024 8:00 AM ET

Company Participants

Steve Bandrowczak - Chief Executive Officer
John Bruno - President, Chief Operating Officer
Xavier Heiss - Chief Financial Officer
David Beckel - Vice President, Investor Relations

Conference Call Participants

Ananda Baruah - Loop Capital
Erik Woodring - Morgan Stanley

Operator

Thank you for standing by, and welcome to Xerox Holdings Corporation’s third quarter earnings conference call.

At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question and answer session. To ask a question during this session, you’ll need to press star-one-one on your telephone. If your question has been answered and you’d like to remove yourself from the queue, simply press star-one-one again. As a reminder, today’s program is being recorded.

Now I’d like to introduce your host for today’s program, Mr. David Beckel, Vice President of Investor Relations. Please go ahead, sir.

David Beckel

Good morning everyone. I’m David Beckel, Vice President and Head of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation third quarter 2024 earnings release conference call, hosted by Steve Bandrowczak, Chief Executive Officer. He’s joined by John Bruno, President and Chief Operating Officer, and Xavier Heiss, Executive Vice President and Chief Financial Officer.

At the request of Xerox Holdings Corporation, today’s conference call is being recorded. Other recordings and/or rebroadcasting of this call are prohibited without the express 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 uncertain. Actual future financial results may be materially different than those expressed herein.

At this time, I’d like to turn the meeting over to Mr. Bandrowczak.

Steve Bandrowczak

Good morning and thank you for joining our Q3 2024 earnings call.

The benefits of reinvention are driving improved financial results, albeit at a slower pace than expected. Positive proof points from the quarter include a second consecutive period of moderating revenue declines, year-over-year improvements in adjusted operating income and income margin, and more than 100% free cash flow conversion from adjusted operating income; further, the pending acquisition of ITsavvy is expected to improve our mix of revenue from complementary value-add businesses with higher underlying rates of revenue growth.