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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, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                        to
xrx-20210930_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) 849-5216
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Xerox Holdings Corporation
Common Stock, $1 par valueXRXNasdaq Global Select Market
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, 2021
Xerox Holdings Corporation Common Stock, $1 par value 178,512,056 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 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 Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, and Xerox Holdings Corporation’s and Xerox Corporation’s combined 2020 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 we assume no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
Throughout this combined Quarterly Report on Form 10-Q (combined Form 10-Q), references to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries. References herein to “we,” “us,” “our,” the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to “Xerox Holdings Corporation” refer to the stand-alone parent company and do not include its subsidiaries. References to “Xerox Corporation” refer to the stand-alone company and do not include subsidiaries.
Xerox Holdings Corporation's primary direct operating subsidiary is Xerox and therefore Xerox reflects nearly all of Xerox Holdings' operations.

Xerox 2021 Form 10-Q 1


XEROX HOLDINGS CORPORATION
XEROX CORPORATION
FORM 10-Q
September 30, 2021
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 combined Form 10-Q unless expressly noted.
 
Xerox 2021 Form 10-Q 2


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)2021202020212020
Revenues
Sales$657 $651 $1,929 $1,676 
Services, maintenance and rentals1,046 1,061 3,166 3,246 
Financing55 55 166 170 
Total Revenues1,758 1,767 5,261 5,092 
Costs and Expenses
Cost of sales498 476 1,386 1,201 
Cost of services, maintenance and rentals662 611 1,971 1,875 
Cost of financing29 29 85 89 
Research, development and engineering expenses82 76 235 236 
Selling, administrative and general expenses413 444 1,295 1,411 
Restructuring and related costs, net10 20 39 64 
Amortization of intangible assets13 13 42 34 
Transaction and related costs, net (6) 18 
Other expenses, net(33)(15)(28)15 
Total Costs and Expenses1,674 1,648 5,025 4,943 
Income before Income Taxes and Equity Income84 119 236 149 
Income tax (benefit) expense(4)29 19 36 
Equity in net income of unconsolidated affiliates1  2 2 
Net Income89 90 219 115 
Less: Net loss attributable to noncontrolling interests(1) (1) 
Net Income Attributable to Xerox Holdings$90 $90 $220 $115 
Basic Earnings per Share$0.48 $0.41 $1.12 $0.49 
Diluted Earnings per Share$0.48 $0.41 $1.10 $0.49 



The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Xerox 2021 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)2021202020212020
Net Income$89 $90 $219 $115 
Less: Net loss attributable to noncontrolling interests(1) (1) 
Net Income Attributable to Xerox Holdings90 90 220 115 
Other Comprehensive (Loss) Income, Net(1)
Translation adjustments, net(125)179 (122)7 
Unrealized gains (losses), net4 1 (3)4 
Changes in defined benefit plans, net51 (92)122 42 
Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings(70)88 (3)53 
Comprehensive Income, Net19 178 216 168 
Less: Comprehensive loss, net attributable to noncontrolling interests(1) (1) 
Comprehensive Income, Net Attributable to Xerox Holdings$20 $178 $217 $168 
_____________
(1) Refer to Note 18 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, 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 2021 Form 10-Q 4


XEROX HOLDINGS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions, except share data in thousands)September 30,
2021
December 31,
2020
Assets
Cash and cash equivalents$2,209 $2,625 
Accounts receivable (net of allowance of $62 and $69, respectively)
891 883 
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)
100 99 
Finance receivables, net1,039 1,082 
Inventories788 843 
Other current assets209 251 
Total current assets5,236 5,783 
Finance receivables due after one year (net of allowance of $123 and $129, respectively)
1,936 1,984 
Equipment on operating leases, net254 296 
Land, buildings and equipment, net370 407 
Intangible assets, net216 237 
Goodwill4,066 4,071 
Deferred tax assets511 508 
Other long-term assets1,492 1,455 
Total Assets$14,081 $14,741 
Liabilities and Equity
Short-term debt and current portion of long-term debt$646 $394 
Accounts payable1,032 983 
Accrued compensation and benefits costs262 261 
Accrued expenses and other current liabilities844 840 
Total current liabilities2,784 2,478 
Long-term debt3,673 4,050 
Pension and other benefit liabilities1,381 1,566 
Post-retirement medical benefits333 340 
Other long-term liabilities491 497 
Total Liabilities8,662 8,931 
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 5)10  
Convertible Preferred Stock214 214 
Common stock182 198 
Additional paid-in capital2,080 2,445 
Treasury stock, at cost(87) 
Retained earnings6,348 6,281 
Accumulated other comprehensive loss(3,335)(3,332)
Xerox Holdings shareholders’ equity5,188 5,592 
Noncontrolling interests7 4 
Total Equity5,195 5,596 
Total Liabilities and Equity$14,081 $14,741 
Shares of common stock issued182,217 198,386 
Treasury stock(3,731) 
Shares of Common Stock Outstanding178,486 198,386 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Xerox 2021 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)2021202020212020
Cash Flows from Operating Activities
Net Income$89 $90 $219 $115 
Adjustments required to reconcile Net income to Cash flows from operating activities
Depreciation and amortization79 90 249 272 
Provisions4 23 38 124 
Net gain on sales of businesses and assets(39)(28)(40)(29)
Stock-based compensation14 8 44 32 
Restructuring and asset impairment charges3 20 28 47 
Payments for restructurings(12)(11)(61)(63)
Defined benefit pension cost(3)9 (5)46 
Contributions to defined benefit pension plans(33)(33)(102)(97)
(Increase) decrease in accounts receivable and billed portion of finance receivables(67)(96)(30)332 
Decrease (increase) in inventories6 (49)10 (274)
Increase in equipment on operating leases(29)(31)(92)(86)
Decrease in finance receivables21 31 33 221 
(Increase) decrease in other current and long-term assets(2)17 64 2 
Increase (decrease) in accounts payable107 90 74 (69)
Decrease in accrued compensation(21)(20)(56)(149)
(Decrease) increase in other current and long-term liabilities(12)(16)80 (146)
Net change in income tax assets and liabilities(13)10 (11)13 
Net change in derivative assets and liabilities1 1 (1)(1)
Other operating, net7 1 (10)23 
Net cash provided by operating activities100 106 431 313 
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software(19)(18)(52)(60)
Proceeds from sales of businesses and assets38 27 39 29 
Acquisitions, net of cash acquired(1) (38)(193)
Other investing, net  (3)1 
Net cash provided by (used in) investing activities18 9 (54)(223)
Cash Flows from Financing Activities
Net proceeds from short-term debt1 1 1 1 
Proceeds from issuance of long-term debt311 1,849 311 1,854 
Payments on long-term debt(236)(773)(445)(1,086)
Dividends(49)(61)(157)(176)
Payments to acquire treasury stock, including fees(87)(150)(500)(150)
Other financing, net14 (10)(3)(19)
Net cash (used in) provided by financing activities(46)856 (793)424 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(13)12 (13)(12)
Increase (decrease) in cash, cash equivalents and restricted cash59 983 (429)502 
Cash, cash equivalents and restricted cash at beginning of period2,203 2,314 2,691 2,795 
Cash, Cash Equivalents and Restricted Cash at End of Period$2,262 $3,297 $2,262 $3,297 





The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Xerox 2021 Form 10-Q 6


XEROX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2021202020212020
Revenues
Sales$657 $651 $1,929 $1,676 
Services, maintenance and rentals1,046 1,061 3,166 3,246 
Financing55 55 166 170 
Total Revenues1,758 1,767 5,261 5,092 
Costs and Expenses
Cost of sales498 476 1,386 1,201 
Cost of services, maintenance and rentals662 611 1,971 1,875 
Cost of financing29 29 85 89 
Research, development and engineering expenses82 76 235 236 
Selling, administrative and general expenses413 444 1,295 1,411 
Restructuring and related costs, net10 20 39 64 
Amortization of intangible assets13 13 42 34 
Transaction and related costs, net (6) 18 
Other expenses, net(33)(15)(28)15 
Total Costs and Expenses1,674 1,648 5,025 4,943 
Income before Income Taxes and Equity Income84 119 236 149 
Income (benefit) tax expense(4)29 19 36 
Equity in net income of unconsolidated affiliates1  2 2 
Net Income89 90 219 115 
Less: Net loss attributable to noncontrolling interests(1) (1) 
Net Income Attributable to Xerox$90 $90 $220 $115 









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

Xerox 2021 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)2021202020212020
Net Income$89 $90 $219 $115 
Less: Net loss attributable to noncontrolling interests(1) (1) 
Net Income Attributable to Xerox90 90 220 115 
Other Comprehensive (Loss) Income, Net(1)
Translation adjustments, net(125)179 (122)7 
Unrealized gains (losses), net4 1 (3)4 
Changes in defined benefit plans, net51 (92)122 42 
Other Comprehensive (Loss) Income, Net Attributable to Xerox(70)88 (3)53 
Comprehensive Income, Net19 178 216 168 
Less: Comprehensive loss, net attributable to noncontrolling interests(1) (1) 
Comprehensive Income, Net Attributable to Xerox$20 $178 $217 $168 
_____________
(1) Refer to Note 18 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, 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 2021 Form 10-Q 8


XEROX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions)September 30,
2021
December 31,
2020
Assets
Cash and cash equivalents$2,209 $2,625 
Accounts receivable (net of allowance of $62 and $69, respectively)
891 883 
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)
100 99 
Finance receivables, net1,039 1,082 
Inventories788 843 
Other current assets209 251 
Total current assets5,236 5,783 
Finance receivables due after one year (net of allowance of $123 and $129, respectively)
1,936 1,984 
Equipment on operating leases, net254 296 
Land, buildings and equipment, net370 407 
Intangible assets, net216 237 
Goodwill4,066 4,071 
Deferred tax assets511 508 
Other long-term assets