Xerox Is Changing - One To Watch
Tal Davidson • 20 Comments
Tal Davidson • 20 Comments
Xerox: A Sick Dog With Too Many Fleas
John Zhang • 21 Comments
John Zhang • 21 Comments
Yesterday, 8:56 AM
- Xerox (NYSE:XRX) announces that William Osbourn will be the CFO following the completion of the planned separation into two publicly-traded companies at year end. Current CFO Leslie Varon plans to retire after the separation occurs.
- Osbourne joins Xerox following a 13-year career at Time Warner Cable, including a stint as co-CFO.
- Source: Press Release
Wed, Nov. 23, 8:23 AM
- Xerox (NYSE:XRX) agrees to pay $2.4M to settle Massachusetts prosecutors’ accusations that the company mistreated student debtors in violation of state laws banning unfair and deceptive practices.
- XRX allegedly took months to process debtors’ applications to make reduced payments under a federal program, charged excessive fees, harassed borrowers with phone calls, and overcharged active-duty service members in violation of federal law, according to the Massachusetts Attorney General.
- XRX has been in the student loan business since its 2010 purchase of Affiliated Computer Services; in January, XRX decided to split into two companies, forming Conduent Inc., which took over the student loan unit and other divisions that specialize in business services.
Mon, Nov. 7, 7:05 AM
Mon, Oct. 31, 4:59 PM
- Xerox (NYSE:XRX) says it settled with one of its biggest shareholders who had sued the company to block a plan to spin off its document outsourcing business into a new publicly traded company.
- Investor Darwin Deason, who owns ~6% of XRX shares, had sued seeking to block a reorganization that would effectively reverse XRX's $6.2B takeover of Affiliated Computer Services, which he founded.
- Under the terms of the settlement, Deason will get 180K shares of XRX preferred stock and 120K preferred shares of the new company, Conduent.
Fri, Oct. 28, 7:42 AM
- Xerox (NYSE:XRX) reports revenue fell 4% on an adjusted constant currency basis in Q3.
- Services revenue grew 1% to $2.4B (+2% in constant currency).
- Document technology revenue squeezed 9% to $1.63B (-7% in constant currency).
- Equipment sales decreased 8% to $613M (-7% in constant currency).
- Annuity revenue declined 2% to $3.6B (-1% in constant currency).
- Adjusted gross margin rate +10 bps to 31.3%.
- Adjusted SG&A expense rate expanded 40 bps 19.3%.
- Operating margin rate down 20 bps to 9.2%.
- Q4 Guidance: Diluted EPS: $0.11 to $0.14; Adjusted EPS: $0.32 to $0.35.
- FY2016 Guidance: Diluted EPS: $0.45 to $0.48; Adjusted EPS: $1.11 to $1.14; Cash flow from operations: $950M to $1.2B; Free cash flow: $600M to $850M.
- XRX -1.46% premarket.
Fri, Oct. 28, 6:48 AM
Thu, Oct. 27, 5:30 PM
Wed, Oct. 19, 4:26 PM
Mon, Oct. 17, 12:50 PM
- Appearing on CNBC following David Tepper ("pretty cautious, not downright bearish"), Carl Icahn says a lot of companies are "way overvalued."
- "Uniquely undervalued," however, are Xerox (NYSE:XRX), Cheniere (NYSEMKT:LNG), and AIG, says Icahn.
- Herbalife (NYSE:HLF): "I don't understand why there's a 25M share short position ... Could be the mother of all short squeezes."
- Twitter (NYSE:TWTR)? "I haven't looked at Twitter. I'm not going to comment."
Thu, Oct. 13, 5:42 PM
- Xerox's (NYSE:XRX) largest individual shareholder, billionaire Darwin Deason, has filed a lawsuit that seeks to block the company's plan to spin off its document outsourcing business into a new publicly traded company.
- Deason, who owns a 6.1% stake in XRX, claims the company would exchange $300M worth of preferred shares he owns for a stake in the legacy copier and printer business instead of in Conduent, which he says is the faster growing business.
- XRX says the lawsuit is without merit, and expects to complete the planned split on schedule.
- XRX’s biggest institutional investor is Carl Icahn's hedge fund which held a nearly 10% stake as of June 30 and has supported the company's break-up plan.
Fri, Jul. 29, 7:07 AM
- Xerox (NYSE:XRX) reports revenue fell 4% on a constant currency basis in Q2.
- Services revenue declined 2% to $2.47B (-1% in constant currency).
- Document technology revenue decreased 7% to $1.75B (-6% in constant currency).
- Equipment sales dropped 6% to $675M (-5% in constant currency).
- Annuity revenue squeezed 4% to $3.71B (-3% in constant currency).
- Adjusted gross margin rate increased 20 bps to 31.4%.
- Adjusted SG&A expense rate improved 30 bps 19.3%.
- Operating margin rate expanded 80 bps to 9.3%.
- Q3 Guidance: Diluted EPS: $0.14 to $0.16; Adjusted EPS: $0.26 to $0.28.
- FY2016 Guidance: Diluted EPS: $0.45 to $0.55; Adjusted EPS: $1.10 to $1.20; Cash flow from operations: $950M to $1.2B; Free cash flow: $600M to $850M.
Fri, Jul. 29, 6:46 AM
Thu, Jul. 28, 5:30 PM
Wed, Jul. 20, 3:22 PM
Thu, Jul. 14, 11:19 PM
- Xerox (NYSE:XRX) has rejected a bid to merge its document business with R.R. Donnelley (NASDAQ:RRD), WSJ reports.
- XRX has attracted interest in potential deals since announcing plans in January to split into two businesses, and RRD, which also is in the process of breaking up, expressed interest in combining its operations with XRX’s remaining copier business, according to the report.
- XRX's board reportedly reviewed the proposal with its advisers before telling RRD today it was not interested, believing its own breakup plan is less risky.
Mon, Jul. 11, 4:43 PM