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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, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                        to
xrx-20200930_g1.jpg
XEROX HOLDINGS CORPORATION
XEROX CORPORATION
 (Exact Name of Registrant as specified in its charter)

New York001-3901383-3933743
New York001-0447116-0468020
(State or other jurisdiction of incorporation or organization)(Commission File Number)(IRS Employer Identification No.)
P.O. Box 4505, 201 Merritt 7
Norwalk, Connecticut 06851-1056
(Address of principal executive offices)
(203) 968-3000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $1 par valueXRXNew York Stock Exchange
Title of each classTrading SymbolName of each exchange on which registered
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Xerox Holdings Corporation Yes  No               Xerox Corporation Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
Xerox Holdings Corporation Yes  No               Xerox Corporation Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.            
Xerox Holdings CorporationXerox Corporation
Large accelerated filerLarge accelerated filer
Accelerated filerAccelerated filer
Non-accelerated filerNon-accelerated filer
Smaller reporting companySmaller reporting company
Emerging growth companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Xerox Holdings Corporation o      Xerox Corporation o
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Xerox Holdings Corporation Yes  No               Xerox Corporation Yes  No 
Class Outstanding at October 31, 2020
Xerox Holdings Corporation Common Stock, $1 par value 198,384,932 shares




CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This document, and other written or oral statements made from time to time by management contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should”, “targeting”, “projecting”, “driving” and similar expressions, as they relate to us, our performance and/or our technology, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: the effects of the COVID-19 pandemic on our and our customers' businesses and the duration and extent to which this will impact our future results of operations and overall financial performance; our ability to address our business challenges in order to reverse revenue declines, reduce costs and increase productivity so that we can invest in and grow our business; our ability to attract and retain key personnel; changes in economic and political conditions, trade protection measures, licensing requirements and tax laws in the United States and in the foreign countries in which we do business; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; changes in foreign currency exchange rates; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual property rights; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; the risk that partners, subcontractors and software vendors will not perform in a timely, quality manner; actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings from restructuring actions; the risk that confidential and/or individually identifiable information of ours, our customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security systems due to cyber attacks or other intentional acts; reliance on third parties, including subcontractors, for manufacturing of products and provision of services; the exit of the United Kingdom from the European Union; our ability to manage changes in the printing environment and expand equipment placements; interest rates, cost of borrowing and access to credit markets; funding requirements associated with our employee pension and retiree health benefit plans; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; any impacts resulting from the restructuring of our relationship with Fujifilm Holdings Corporation; and the shared services arrangements entered into by us as part of Project Own It. Additional risks that may affect Xerox’s operations and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of this combined Quarterly Report on Form 10-Q, Xerox Holdings Corporation’s and Xerox Corporation’s combined Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 and Xerox Holdings Corporation’s and Xerox Corporation’s combined 2019 Annual Report on Form 10-K, as well as in Xerox Holdings Corporation’s and Xerox Corporation’s Current Reports on Form 8-K filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document or as of the date to which they refer, and Xerox assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

Xerox 2020 Form 10-Q
1


XEROX HOLDINGS CORPORATION
XEROX CORPORATION
FORM 10-Q
September 30, 2020
TABLE OF CONTENTS
 
 Page
For additional information about Xerox Holdings Corporation and Xerox Corporation and access to our Annual Reports to Shareholders and SEC filings, free of charge, please visit our website at www.xerox.com/investor. The content of our website is not incorporated by reference into this Form 10-Q unless expressly noted.
 
Xerox 2020 Form 10-Q
2


PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS

XEROX HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per-share data)2020201920202019
Revenues
Sales$651 $784 $1,676 $2,308 
Services, maintenance and rentals1,061 1,335 3,246 4,130 
Financing55 60 170 184 
Total Revenues1,767 2,179 5,092 6,622 
Costs and Expenses
Cost of sales476 503 1,201 1,492 
Cost of services, maintenance and rentals611 771 1,875 2,398 
Cost of financing29 33 89 98 
Research, development and engineering expenses76 100 236 280 
Selling, administrative and general expenses444 510 1,411 1,573 
Restructuring and related costs20 27 64 176 
Amortization of intangible assets13 9 34 35 
Transaction and related costs, net(6)4 18 8 
Other expenses, net(15)(1)15 76 
Total Costs and Expenses1,648 1,956 4,943 6,136 
Income before Income Taxes and Equity Income119 223 149 486 
Income tax expense29 66 36 106 
Equity in net income of unconsolidated affiliates 1 2 5 
Income from Continuing Operations90 158 115 385 
Income from discontinued operations, net of tax 64  157 
Net Income90 222 115 542 
Less: Income from continuing operations attributable to noncontrolling interests 1  3 
Less: Income from discontinued operations attributable to noncontrolling interests   4 
Net Income Attributable to Xerox Holdings$90 $221 $115 $535 
Amounts Attributable to Xerox Holdings:
Income from continuing operations$90 $157 $115 $382 
Income from discontinued operations 64  153 
Net Income Attributable to Xerox Holdings$90 $221 $115 $535 
Basic Earnings per Share:
Continuing operations$0.41 $0.70 $0.49 $1.66 
Discontinued operations 0.29  0.68 
Total Basic Earnings per Share$0.41 $0.99 $0.49 $2.34 
Diluted Earnings per Share:
Continuing operations$0.41 $0.68 $0.49 $1.62 
Discontinued operations 0.28  0.65 
Total Diluted Earnings per Share$0.41 $0.96 $0.49 $2.27 



The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Xerox 2020 Form 10-Q
3


XEROX HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2020201920202019
Net Income$90 $222 $115 $542 
Less: Income from continuing operations attributable to noncontrolling interests 1  3 
Less: Income from discontinued operations attributable to noncontrolling interests   4 
Net Income Attributable to Xerox Holdings90 221 115 535 
Other Comprehensive Income (Loss), Net(1)
Translation adjustments, net179 (155)7 (122)
Unrealized gains, net1 1 4 3 
Changes in defined benefit plans, net(92)(48)42 (38)
Other Comprehensive Income (Loss), Net88 (202)53 (157)
Less: Other comprehensive income, net from continuing operations attributable to noncontrolling interests 1  1 
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings88 (203)53 (158)
Comprehensive Income, Net178 20 168 385 
Less: Comprehensive income, net from continuing operations attributable to noncontrolling interests 2  4 
Less: Comprehensive income, net from discontinued operations attributable to noncontrolling interests   4 
Comprehensive Income, Net Attributable to Xerox Holdings$178 $18 $168 $377 
_____________
(1) Refer to Note 19 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2020 Form 10-Q
4


XEROX HOLDINGS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions, except share data in thousands)September 30,
2020
December 31,
2019
Assets
Cash and cash equivalents$3,242 $2,740 
Accounts receivable (net of allowances of $63 and $55, respectively)(1)
895 1,236 
Billed portion of finance receivables (net of allowances of $4 and $3, respectively)(1)
111 111 
Finance receivables, net1,066 1,158 
Inventories978 694 
Other current assets249 201 
Total current assets6,541 6,140 
Finance receivables due after one year (net of allowances of $138 and $86, respectively)(1)
1,899 2,082 
Equipment on operating leases, net301 364 
Land, buildings and equipment, net412 426 
Intangible assets, net240 199 
Goodwill3,996 3,900 
Deferred tax assets573 598 
Other long-term assets1,390 1,338 
Total Assets$15,352 $15,047 
Liabilities and Equity
Short-term debt and current portion of long-term debt$1,218 $1,049 
Accounts payable1,018 1,053 
Accrued compensation and benefits costs276 349 
Accrued expenses and other current liabilities815 984 
Total current liabilities3,327 3,435 
Long-term debt3,836 3,233 
Pension and other benefit liabilities1,675 1,707 
Post-retirement medical benefits336 352 
Other long-term liabilities512 512 
Total Liabilities9,686 9,239 
Commitments and Contingencies (See Note 21)
Convertible Preferred Stock214 214 
Common stock214 215 
Additional paid-in capital2,719 2,782 
Treasury stock, at cost(150)(76)
Retained earnings6,258 6,312 
Accumulated other comprehensive loss(3,593)(3,646)
Xerox Holdings shareholders’ equity5,448 5,587 
Noncontrolling interests4 7 
Total Equity5,452 5,594 
Total Liabilities and Equity$15,352 $15,047 
Shares of common stock issued213,964 214,621 
Treasury stock(8,007)(2,031)
Shares of Common Stock Outstanding205,957 212,590 
_____________
(1) Allowances at September 30, 2020 determined in accordance with ASU 2016-13 adopted effective January 1, 2020 - refer to Notes 2, 8 and 9 for additional information.


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Xerox 2020 Form 10-Q
5


XEROX HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2020201920202019
Cash Flows from Operating Activities
Net income$90 $222 $115 $542 
Income from discontinued operations, net of tax (64) (157)
Income from continuing operations90 158 115 385 
Adjustments required to reconcile Net income to Cash flows from operating activities
Depreciation and amortization90 104 272 332 
Provisions23 16 124 58 
Net gain on sales of businesses and assets(28)(19)(29)(20)
Stock-based compensation8 11 32 41 
Restructuring and asset impairment charges20 8 47 80 
Payments for restructurings(11)(17)(63)(71)
Defined benefit pension cost9 21 46 89 
Contributions to defined benefit pension plans(33)(37)(97)(107)
(Increase) decrease in accounts receivable and billed portion of finance receivables(96)51 332 60 
(Increase) decrease in inventories(49)15 (274)31 
Increase in equipment on operating leases(31)(41)(86)(113)
Decrease in finance receivables31 5 221 124 
Decrease (increase) in other current and long-term assets17 (14)2 1 
Increase (decrease) in accounts payable90 22 (69)(24)
Decrease in accrued compensation(20)(16)(149)(99)
(Decrease) increase in other current and long-term liabilities(16)26 (146)19 
Net change in income tax assets and liabilities10 41 13 30 
Net change in derivative assets and liabilities1 5 (1)15 
Other operating, net1 9 23 15 
Net cash provided by operating activities of continuing operations106 348 313 846 
Net cash provided by operating activities of discontinued operations 8  49 
Net cash provided by operating activities106 356 313 895 
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software(18)(17)(60)(48)
Proceeds from sales of businesses and assets27 20 29 21 
Acquisitions, net of cash acquired  (193)(42)
Other investing, net 1 1 1 
Net cash provided by (used in) investing activities9 4 (223)(68)
Cash Flows from Financing Activities
Net proceeds from short-term debt1  1  
Proceeds from issuance of long-term debt1,849 2 1,854 7 
Payments on long-term debt(773) (1,086)(406)
Dividends(61)(61)(176)(183)
Payments to acquire treasury stock, including fees(150)(68)(150)(368)
Other financing, net(10)(10)(19)(33)
Net cash provided by (used in) financing activities856 (137)424 (983)
Effect of exchange rate changes on cash, cash equivalents and restricted cash12 (20)(12)(13)
Increase (decrease) in cash, cash equivalents and restricted cash983 203 502 (169)
Cash, cash equivalents and restricted cash at beginning of period2,314 776 2,795 1,148 
Cash, Cash Equivalents and Restricted Cash at End of Period(1)
$3,297 $979 $3,297 $979 
_____________
(1) Balance at September 30, 2019 includes $1 associated with discontinued operations.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Xerox 2020 Form 10-Q
6


XEROX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2020201920202019
Revenues
Sales$651 $784 $1,676 $2,308 
Services, maintenance and rentals1,061 1,335 3,246 4,130 
Financing55 60 170 184 
Total Revenues1,767 2,179 5,092 6,622 
Costs and Expenses
Cost of sales476 503 1,201 1,492 
Cost of services, maintenance and rentals611 771 1,875 2,398 
Cost of financing29 33 89 98 
Research, development and engineering expenses76 100 236 280 
Selling, administrative and general expenses444 510 1,411 1,573 
Restructuring and related costs20 27 64 176 
Amortization of intangible assets13 9 34 35 
Transaction and related costs, net(6)4 18 8 
Other expenses, net(26)(1)4 76 
Total Costs and Expenses1,637 1,956 4,932 6,136 
Income before Income Taxes and Equity Income130 223 160 486 
Income tax expense29 66 36 106 
Equity in net income of unconsolidated affiliates 1 2 5 
Income from Continuing Operations101 158 126 385 
Income from discontinued operations, net of tax 64  157 
Net Income101 222 126 542 
Less: Income from continuing operations attributable to noncontrolling interests 1  3 
Less: Income from discontinued operations attributable to noncontrolling interests   4 
Net Income Attributable to Xerox$101 $221 $126 $535 
Amounts Attributable to Xerox:
Net income from continuing operations$101 $157 $126 $382 
Net income from discontinued operations 64  153 
Net Income Attributable to Xerox$101 $221 $126 $535 



The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2020 Form 10-Q
7


XEROX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2020201920202019
Net Income$101 $222