Xerox Holdings Corp 10-Q for FY2024 Q1

Xerox Holdings Corp (XRX)

10-Q 2024-05-01 For: 2024-03-31

Added on April 07, 2026

About this 10-Q

Xerox Holdings Corp filed this 10-Q on May 1, 2024, covering the quarter ended March 31, 2024 (FY2024 Q1).

Headline figures

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.5B; down 12.4% from $1.72B a year earlier
Net loss: $113M; compared with net income of $71M a year earlier
Diluted EPS: -$0.94; compared with $0.43 a year earlier

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New York	001-39013	83-3933743
New York	001-04471	16-0468020
(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 and Zip Code)

(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 value	XRX	Nasdaq Global Select Market
(Title of each class)	(Trading Symbol)	(Name of each exchange on which registered)



Class						Outstanding at April 30, 2024
Xerox Holdings Corporation Common Stock, $1 par value						124,198,432 shares


		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited)	3
	Xerox Holdings Corporation Condensed Consolidated Statements of (Loss) Income	3
	Xerox Holdings Corporation Condensed Consolidated Statements of Comprehensive (Loss) Income	4
	Xerox Holdings Corporation Condensed Consolidated Balance Sheets	5
	Xerox Holdings Corporation Condensed Consolidated Statements of Cash Flows	6
	Xerox Corporation Condensed Consolidated Statements of (Loss) Income	7
	Xerox Corporation Condensed Consolidated Statements of Comprehensive (Loss) Income	8
	Xerox Corporation Condensed Consolidated Balance Sheets	9
	Xerox Corporation Condensed Consolidated Statements of Cash Flows	10
	Notes to Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
	Capital Resources and Liquidity	54
	Financial Risk Management	58
	Non-GAAP Financial Measures	59
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	62
Item 4.	Controls and Procedures	62
Part II — Other Information
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	64
Signatures		65


	Three Months Ended March 31,
(in millions, except per-share data)		2024		2023
Revenues
Sales		$	523	$	659
Services, maintenance and rentals		937		1,004
Financing		42		52
Total Revenues		1,502		1,715
Costs and Expenses
Cost of sales		340		425
Cost of services, maintenance and rentals		692		665
Cost of financing		27		36
Research, development and engineering expenses		49		64
Selling, administrative and general expenses		397		407

Restructuring and related costs, net		39		2
Amortization of intangible assets		10		11

Divestitures		54		—
Other expenses, net		44		20
Total Costs and Expenses		1,652		1,630
(Loss) Income before Income Taxes		(150)		85
Income tax (benefit) expense		(37)		14



Net (Loss) Income		(113)		71

Less: Preferred stock dividends, net		(4)		(4)
Net (Loss) Income Attributable to Common Shareholders		$	(117)	$	67









Basic (Loss) Earnings per Share		$	(0.94)	$	0.43





Diluted (Loss) Earnings per Share		$	(0.94)	$	0.43


	Three Months Ended March 31,
(in millions)		2024		2023
Net (Loss) Income		$	(113)	$	71




Other Comprehensive (Loss) Income, Net(1)
Translation adjustments, net		(32)		93
Unrealized (losses) gains, net		(1)		4
Changes in defined benefit plans, net		36		(14)
Other Comprehensive Income, Net		3		83



Comprehensive (Loss) Income, Net		$	(110)	$	154


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


XEROX HOLDINGS CORPORATION
XEROX CORPORATION
(Exact Name of Registrant as specified in its charter)


(in millions, except share data in thousands)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	685	$	519
Accounts receivable (net of allowance of $65 and $64, respectively)	846		850
Billed portion of finance receivables (net of allowance of $3 and $4, respectively)	67		71
Finance receivables, net	783		842
Inventories	736		661

Other current assets	231		234
Total current assets	3,348		3,177
Finance receivables due after one year (net of allowance of $85 and $88, respectively)	1,408		1,597
Equipment on operating leases, net	257		265
Land, buildings and equipment, net	245		266

Intangible assets, net	165		177
Goodwill, net	2,720		2,747
Deferred tax assets	749		745
Other long-term assets	1,052		1,034
Total Assets	$	9,944	$	10,008
Liabilities and Equity
Short-term debt and current portion of long-term debt	$	405	$	567
Accounts payable	1,046		1,044
Accrued compensation and benefits costs	213		306


Accrued expenses and other current liabilities	774		862
Total current liabilities	2,438		2,779
Long-term debt	3,199		2,710
Pension and other benefit liabilities	1,183		1,216
Post-retirement medical benefits	167		171
Other long-term liabilities	352		360
Total Liabilities	7,339		7,236

Commitments and Contingencies (See Note 21)

Noncontrolling Interests	10		10

Convertible Preferred Stock	214		214

Common stock	124		123

Additional paid-in capital	1,099		1,114

Retained earnings	4,828		4,977
Accumulated other comprehensive loss	(3,673)		(3,676)
Xerox Holdings shareholders’ equity	2,378		2,538
Noncontrolling interests	3		10
Total Equity	2,381		2,548
Total Liabilities and Equity	$	9,944	$	10,008



Shares of Common Stock Issued and Outstanding	124,185		123,144



	2024		2023
Balance at January 1st,	$	136	$	135
Customer contract costs deferred	15		16
Amortization of customer contract costs	(16)		(16)
Other(1)	(1)		(1)
Balance at March 31st,	$	134	$	134


	Three Months Ended March 31,
	2024									2023
	Print and Other			XFS			Total			Print and Other			XFS			Total
External revenue	$	1,411		$	91		$	1,502		$	1,613		$	102		$	1,715
Intersegment revenue(1)	19			—			19			23			—			23
Total Segment revenue	$	1,430		$	91		$	1,521		$	1,636		$	102		$	1,738

Segment profit	$	33		$	—		$	33		$	100		$	18		$	118
Segment margin(2)	2.3		%	—		%	2.2		%	6.2		%	17.6		%	6.9		%

Depreciation and amortization	$	49		$	—		$	49		$	53		$	—		$	53


Interest income	—			42			42			—			52			52
Interest expense	—			27			27			—			39			39


		Three Months Ended March 31,
	Location in Statements of (Loss) Income		2024		2023
Revenue from sales type leases	Sales		$	162	$	230


Interest income on lease receivables	Financing		42		52


Lease income - operating leases	Services, maintenance and rentals		41		40
Variable lease income	Services, maintenance and rentals		13		17
Total Lease income			$	258	$	339


	March 31, 2024		December 31, 2023
Invoiced	$	715	$	710
Accrued(1)	196		204
Allowance for doubtful accounts	(65)		(64)
Accounts receivable, net	$	846	$	850


	2024		2023
Balance at January 1st	$	64	$	52
Provision	6		3
Charge-offs	(3)		(5)
Recoveries and other(1)	(2)		3
Balance at March 31st	$	65	$	53


	March 31, 2024		December 31, 2023
Gross receivables	$	2,602	$	2,899
Unearned income	(256)		(297)
Subtotal	2,346		2,602
Residual values	—		—
Allowance for doubtful accounts	(88)		(92)
Finance receivables, net	2,258		2,510
Less: Billed portion of finance receivables, net	67		71
Less: Current portion of finance receivables not billed, net	783		842
Finance receivables due after one year, net	$	1,408	$	1,597


	Three Months Ended March 31,
(in millions)		2024		2023
Cash Flows from Operating Activities
Net (Loss) Income		$	(113)	$	71


Adjustments required to reconcile Net (loss) income to cash flows (used in) provided by operating activities
Depreciation and amortization		59		64
Provisions		57		—


Divestitures		54		—

Stock-based compensation		12		14

Restructuring and asset impairment charges		31		1
Payments for restructurings		(16)		(6)
Non-service retirement-related costs		23		(1)
Contributions to retirement plans		(31)		(17)
(Increase) decrease in accounts receivable and billed portion of finance receivables		(19)		39
Increase in inventories		(133)		(64)
Increase in equipment on operating leases		(22)		(40)
Decrease in finance receivables		210		160
(Increase) decrease in other current and long-term assets		(2)		3
Increase (decrease) in accounts payable		17		(41)
Decrease in accrued compensation		(86)		(16)
Decrease in other current and long-term liabilities		(77)		(128)
Net change in income tax assets and liabilities		(44)		18
Net change in derivative assets and liabilities		6		13
Other operating, net		(5)		8


Net cash (used in) provided by operating activities		(79)		78
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software		(10)		(8)
Proceeds from sales of businesses and assets		4		1


Acquisitions, net of cash acquired		—		(7)


	Three Months Ended March 31,
		2024		2023
Primary geographical markets(1):
United States		$	811	$	947
Europe		451		474
Canada		121		144
Other		119		150
Total Revenues		$	1,502	$	1,715

Major product and services lines:
Equipment		$	290	$	391
Supplies, paper and other sales(2)		233		268
Maintenance agreements(3)		387		409
Service arrangements(4)		473		495
Rental and other		77		100
Financing		42		52

Total Revenues		$	1,502	$	1,715

Sales channels:

Direct equipment lease(5)		$	162	$	230
Distributors & resellers(6)		215		260
Customer direct		146		169
Total Sales(7)		$	523	$	659


	March 31, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	40	$	81	$	46	$	51	$	34	$	12	$	264
Average Credit Risk	24		79		32		44		19		8		206
High Credit Risk	9		30		31		21		16		6		113
Total	$	73	$	190	$	109	$	116	$	69	$	26	$	583
Charge-offs	$	—	$	—	$	—	$	—	$	—	$	1	$	1

United States (Indirect)
Low Credit Risk	$	19	$	103	$	57	$	34	$	14	$	3	$	230
Average Credit Risk	16		88		53		30		10		2		199
High Credit Risk	1		10		6		4		2		—		23
Total	$	36	$	201	$	116	$	68	$	26	$	5	$	452
Charge-offs	$	—	$	2	$	2	$	1	$	—	$	1	$	6

Canada
Low Credit Risk	$	8	$	40	$	22	$	13	$	7	$	3	$	93
Average Credit Risk	9		59		32		16		10		4		130
High Credit Risk	2		6		4		3		4		1		20
Total	$	19	$	105	$	58	$	32	$	21	$	8	$	243
Charge-offs	$	—	$	—	$	1	$	—	$	—	$	—	$	1

EMEA
Low Credit Risk	$	37	$	232	$	163	$	92	$	38	$	16	$	578
Average Credit Risk	26		177		131		61		28		13		436
High Credit Risk	3		18		16		10		5		2		54
Total	$	66	$	427	$	310	$	163	$	71	$	31	$	1,068
Charge-offs	$	1	$	2	$	1	$	—	$	—	$	—	$	4







Total Finance Receivables
Low Credit Risk	$	104	$	456	$	288	$	190	$	93	$	34	$	1,165
Average Credit Risk	75		403		248		151		67		27		971


	December 31, 2023
	2023		2022		2021		2020		2019		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	122	$	51	$	61	$	43	$	17	$	3	$	297
Average Credit Risk	104		35		49		23		9		2		222
High Credit Risk	34		36		25		22		6		3		126
Total	$	260	$	122	$	135	$	88	$	32	$	8	$	645
Charge-offs	$	1	$	1	$	1	$	1	$	1	$	2	$	7

United States (Indirect)
Low Credit Risk	$	136	$	77	$	48	$	22	$	6	$	—	$	289
Average Credit Risk	111		69		41		15		6		—		242
High Credit Risk	12		8		6		2		1		—		29
Total	$	259	$	154	$	95	$	39	$	13	$	—	$	560
Charge-offs	$	4	$	3	$	3	$	2	$	2	$	3	$	17

Canada
Low Credit Risk	$	45	$	24	$	16	$	9	$	4	$	—	$	98
Average Credit Risk	63		36		18		12		6		—		135
High Credit Risk	6		5		4		5		1		1		22
Total	$	114	$	65	$	38	$	26	$	11	$	1	$	255
Charge-offs	$	—	$	—	$	—	$	2	$	—	$	1	$	3

EMEA
Low Credit Risk	$	251	$	182	$	110	$	48	$	19	$	6	$	616
Average Credit Risk	192		148		73		36		17		3		469
High Credit Risk	19		16		11		7		4		—		57
Total	$	462	$	346	$	194	$	91	$	40	$	9	$	1,142
Charge-offs	$	3	$	8	$	4	$	2	$	—	$	—	$	17







Total Finance Receivables
Low Credit Risk	$	554	$	334	$	235	$	122	$	46	$	9	$	1,300
Average Credit Risk	470		288		181		86		38		5		1,068


	March 31, 2024
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	24	$	5	$	5	$	34	$	549	$	583	$	41
Indirect	11		3		2		16		436		452		—






Total United States	35		8		7		50		985		1,035		41
Canada	5		2		1		8		235		243		14





EMEA(1)	8		2		1		11		1,057		1,068		10

Total	$	48	$	12	$	9	$	69	$	2,277	$	2,346	$	65

	December 31, 2023
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	24	$	6	$	5	$	35	$	610	$	645	$	41
Indirect	16		3		3		22		538		560		—






Total United States	40		9		8		57		1,148		1,205		41
Canada	6		1		1		8		247		255		10





EMEA(1)	7		2		1		10		1,132		1,142		10

Total	$	53	$	12	$	10	$	75	$	2,527	$	2,602	$	61


	March 31, 2024		December 31, 2023
Finished goods	$	630	$	528
Work-in-process	49		47
Raw materials(1)	57		86
Total Inventories	$	736	$	661


	March 31, 2024		December 31, 2023
Equipment on operating leases	$	1,010	$	1,074
Accumulated depreciation	(753)		(809)
Equipment on operating leases, net	$	257	$	265


	Severance and Related Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2023	$	129	$	—	$	129
Provision	9		—		9
Reversals	(4)		—		(4)
Net current period charges(1)	5		—		5
Charges against reserve and currency	(16)		—		(16)
Balance at March 31, 2024	$	118	$	—	$	118


	Location in Statement of Cash Flows	Three Months Ended March 31,
Source/(Use)			2024		2023
Provision for receivables	Operating		$	14	$	(5)
Provision for inventory	Operating		43		5
Depreciation of buildings and equipment	Operating		14		16
Depreciation and obsolescence of equipment on operating leases	Operating		28		27
Amortization of internal use software	Operating		7		10

Amortization of acquired intangible assets	Operating		10		11
Amortization of patents(1)	Operating		2		2
Amortization of customer contract costs(2)	Operating		16		16

Cost of additions to land, buildings and equipment	Investing		(8)		(6)
Cost of additions to internal use software	Investing		(2)		(2)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing		(11)		(3)
Common stock dividends - Xerox Holdings	Financing		(33)		(41)
Preferred stock dividends - Xerox Holdings	Financing		(4)		(4)


Payments to noncontrolling interests	Financing		(1)		(1)

Repurchases related to stock-based compensation - Xerox Holdings	Financing		(9)		(6)


	March 31, 2024
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(3)		Expected Maturity
U.S.(4)

January 2022	$	183	$	2	$	35	6.71	%	2024
September 2021	73		—		4		6.73	%	2024
Total U.S.	256		2		39

Canada(4)
July 2023	76		—		66		6.39	%	2026


France
November 2023	205		—		148		5.39	%	2025


Total	$	537	$	2	$	253


Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	Three Months Ended March 31,
			2024		2023
Foreign exchange contracts – forwards	Other expenses, net – Currency losses, net		$	(8)	$	(5)


	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents(1)	$	685	$	685	$	519	$	519
Accounts receivable, net	846		846		850		850
Short-term debt and current portion of long-term debt	405		410		567		567
Long-term Debt
Xerox Holdings Corporation	2,022		1,984		1,497		1,410
Xerox Corporation	1,090		997		1,096		1,023
Xerox - Other Subsidiaries(2)	87		88		117		117
Long-term debt	$	3,199	$	3,069	$	2,710	$	2,550


























	Three Months Ended March 31,
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
Components of Net Periodic Benefit Costs:	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	1	$	1	$	—	$	—
Interest cost	27		27		45		46		2		3
Expected return on plan assets	(23)		(25)		(48)		(56)		—		—
Recognized net actuarial loss (gain)	5		3		16		1		(3)		(2)
Amortization of prior service cost (credit)	—		—		1		1		(4)		(4)
Recognized settlement loss	5		5		—		—		—		—

Defined benefit plans	14		10		15		(7)		(5)		(3)
Defined contribution plans	3		4		5		6		n/a		n/a
Net Periodic Benefit Cost (Credit)	17		14		20		(1)		(5)		(3)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Net actuarial gain(1)	(8)		(7)		—		—		—		—

Amortization of net actuarial (loss) gain	(10)		(8)		(16)		(1)		3		2
Amortization of prior service (cost) credit	—		—		(1)		(1)		4		4

Total Recognized in Other Comprehensive Income(2)	(18)		(15)		(17)		(2)		7		6
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income	$	(1)	$	(1)	$	3	$	(3)	$	2	$	3


	Three Months Ended March 31,				Year Ended December 31,
	2024		2023		Estimated 2024		2023
U.S. plans	$	18	$	6	$	100	$	53
Non-U.S. plans	6		7		30		28
Total Pension plans	24		13		130		81
Retiree Health	7		4		20		21
Total Retirement plans	$	31	$	17	$	150	$	102


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2023	$	123	$	1,114	$	—	$	4,977	$	(3,676)	$	2,538	$	10	$	2,548

Comprehensive (loss) income, net	—		—		—		(113)		3		(110)		—		(110)
Cash dividends declared - common(3)	—		—		—		(32)		—		(32)		—		(32)
Cash dividends declared - preferred(4)	—		—		—		(4)		—		(4)		—		(4)


Purchases of capped calls(5)	—		(17)		—		—		—		(17)		—		(17)
Stock option and incentive plans, net	1		2		—		—		—		3		—		3



Transactions with noncontrolling interests	—		—		—		—		—		—		(6)		(6)
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)

Balance at March 31, 2024	$	124	$	1,099	$	—	$	4,828	$	(3,673)	$	2,378	$	3	$	2,381


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2023	123,144	—
Stock based compensation plans, net	1,041	—


Balance at March 31, 2024	124,185	—


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2023	$	3,485	$	2,959	$	(3,676)	$	2,768	$	10	$	2,778


Comprehensive (loss) income, net	—		(113)		3		(110)		—		(110)


Dividends declared to parent	—		(35)		—		(35)		—		(35)

Transfers to parent	(20)		—		—		(20)		—		(20)






Transactions with noncontrolling interests	—		—		—		—		(6)		(6)
Distributions to noncontrolling interests	—		—		—		—		(1)		(1)
Balance at March 31, 2024	$	3,465	$	2,811	$	(3,673)	$	2,603	$	3	$	2,606


	March 31, 2024		December 31, 2023
Cumulative translation adjustments	$	(2,078)	$	(2,046)
Other unrealized losses, net	(4)		(3)
Benefit plans net actuarial losses and prior service credits	(1,591)		(1,627)
Total Accumulated Other Comprehensive Loss	$	(3,673)	$	(3,676)


	March 31, 2024		December 31, 2023
Tax contingency - unreserved	$	370	$	375
Escrow cash deposits	24		24
Surety bonds	101		104
Letters of credit	21		22
Liens on Brazilian assets	—		—


	Three Months Ended March 31,							% of Total Revenue
(in millions)		2024		2023		% Change		CC % Change		2024		2023
Equipment sales		$	290	$	391	(25.8)	%	(26.3)	%	19	%	23	%
Post sale revenue		1,212		1,324		(8.5)	%	(9.3)	%	81	%	77	%
Total Revenue		$	1,502	$	1,715	(12.4)	%	(13.2)	%	100	%	100	%

Reconciliation to Condensed Consolidated Statements of (Loss) Income:
Sales		$	523	$	659	(20.6)	%	(21.3)	%
Less: Supplies, paper and other sales		(233)		(268)		(13.1)	%	(14.1)	%

Equipment sales		$	290	$	391	(25.8)	%	(26.3)	%

Services, maintenance and rentals		$	937	$	1,004	(6.7)	%	(7.4)	%
Add: Supplies, paper and other sales		233		268		(13.1)	%	(14.1)	%
Add: Financing		42		52		(19.2)	%	(20.8)	%

Post sale revenue		$	1,212	$	1,324	(8.5)	%	(9.3)	%

Segments
Print and Other		$	1,430	$	1,636	(12.6)	%			95	%	95	%
Xerox Financial Services (XFS) (1)		91		102		(10.8)	%			6	%	6	%
Intersegment elimination(2)		(19)		(23)		(17.4)	%			(1)	%	(1)	%
Total Revenue(3)		$	1,502	$	1,715	(12.4)	%			100	%	100	%


	Three Months Ended March 31,						% of Equipment Sales
(in millions)		2024		2023		% Change	CC % Change	2024	2023
Entry		$	45	$	62	(27.4)%	(27.2)%	15%	16%
Mid-range		193		252		(23.4)%	(24.0)%	67%	64%
High-end		47		73		(35.6)%	(35.9)%	16%	19%
Other		5		4		25.0%	25.0%	2%	1%
Equipment sales(1)(2)		$	290	$	391	(25.8)%	(26.3)%	100%	100%


	Three Months Ended March 31,				Change
(in millions)	2024		2023


Net cash (used in) provided by operating activities	$	(79)	$	78	$	(157)



Net cash used in investing activities	(17)		(17)		—

Net cash provided by (used in) financing activities	261		(505)		766
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(10)		2		(12)

Increase (decrease) in cash, cash equivalents and restricted cash	155		(442)		597
Cash, cash equivalents and restricted cash at beginning of period	617		1,139		(522)
Cash, Cash Equivalents and Restricted Cash at End of Period	$	772	$	697	$	75


3.1						Restated Certificate of Incorporation of Xerox Holdings Corporation as of May 19, 2022 (conformed copy).
						Incorporated by reference to Exhibit 3.1 to Xerox Holdings Corporation’s Current Report on Form 8-K dated May 25, 2022. See SEC File Numbers 001-39013.
3.2						Restated Certificate of Incorporation of Xerox Corporation filed with the Department of State of New York on July 31, 2019.
						Incorporated by reference to Exhibit 3.2 to Xerox Corporation’s Report on Form 8-K dated July 31, 2019. See SEC File Number 001-04471.
3.3						Amended and Restated By-Laws of Xerox Holdings Corporation dated February 17, 2022.
						Incorporated by reference to Exhibit 3(b)(2) to Xerox Holdings Corporation’s and Xerox Corporation’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2021. See SEC file Numbers 001-39013 and 001-04471.
3.4						Amended and Restated By-Laws of Xerox Corporation dated July 22, 2021.
						Incorporated by reference to Exhibit 3.3 to Xerox Holdings Corporation’s and Xerox Corporation’s combined Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. See SEC File Numbers 001-39013 and 001-04471.
10.1						Termination of Consulting Services, dated December 29, 2023, by and between Xerox Holdings Corporation and Louie Pastor.
						Incorporated by reference to Exhibit 10.1 to Xerox Holdings Corporation’s and Xerox Corporation’s combined Current Report on Form 8-K dated December 29, 2023. See SEC File Number 001-39013.
10.2						Offer Letter, dated December 29, 2023, by and between Xerox Corporation and Louie Pastor.
						Incorporated by reference to Exhibit 10.2 to Xerox Holdings Corporation’s and Xerox Corporation’s combined Current Report on Form 8-K dated December 29, 2023. See SEC File Number 001-39013.
10.3						Form of Change in Control Severance Agreement, effective January 1, 2024, as approved by the Compensation Committee of the Board of Directors of Xerox Holdings Corporation .
						Incorporated by reference to Exhibit 10.3 to Xerox Holdings Corporation’s and Xerox Corporation’s combined Current Report on Form 8-K dated December 29, 2023. See SEC File Number 001-39013.
10.4						General Release, Non-Competition and Non-Solicitation Agreement, between Xerox Corporation and Joanne Collins Smee, dated January 10, 2024.
						Incorporated by reference to Exhibit 10.1 to Xerox Holdings Corporation’s and Xerox Corporation’s combined Current Report on Form 8-K dated January 10, 2024. See SEC File Number 001-39013.
10.5						Indenture, dated March 11, 2024 (the “Indenture”), among Xerox Holdings Corporation, as issuer, Xerox Corporation and Xerox Business Solutions, LLC, as guarantors, and U.S. Bank Trust Company, National Association, as trustee.
						Incorporated by reference to Exhibit 4.1 to Xerox Holdings Corporation’s and Xerox Corporation’s combined Current Report on Form 8-K dated March 11, 2024. See SEC File Number 001-39013.
10.6						Form of 3.75% Convertible Senior Note due 2030 (included in Exhibit 4.1).
						Incorporated by reference to Exhibit 4.2 to Xerox Holdings Corporation’s and Xerox Corporation’s combined Current Report on Form 8-K dated March 11, 2024. See SEC File Number 001-39013 .
10.7						Indenture, dated March 20, 2024 (the “Indenture”), by and among Xerox Holdings Corporation, as issuer, Xerox Corporation and Xerox Business Solutions, LLC, as guarantors, and U.S. Bank Trust Company, National Association, as trustee.
						Incorporated by reference to Exhibit 4.1 to Xerox Holdings Corporation’s and Xerox Corporation’s combined Current Report on Form 8-K dated March 20, 2024. See SEC File Number 001-39013.
10.8						Form of 8.875% Senior Note due 2029 (included in Exhibit 4.1).
						Incorporated by reference to Exhibit 4.2 to Xerox Holdings Corporation’s and Xerox Corporation’s combined Current Report on Form 8-K dated March 20, 2024. See SEC File Number 001-39013.
31(a)(1)						Certification of Xerox Holdings Corporation CEO pursuant to Rule 13a-14(a) or Rule 15d-14(a).
31(a)(2)						Certification of Xerox Corporation CEO pursuant to Rule 13a-14(a) or Rule 15d-14(a).
31(b)(1)						Certification of Xerox Holdings Corporation CFO pursuant to Rule 13a-14(a) or Rule 15d-14(a).
31(b)(2)						Certification of Xerox Corporation CFO pursuant to Rule 13a-14(a) or Rule 15d-14(a).
32(a)						Certification of Xerox Holdings Corporation CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32(b)						Certification of Xerox Corporation CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Calculation Linkbase Document
101.LAB						Inline XBRL Taxonomy Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Presentation Linkbase Document
101.DEF						Inline XBRL Taxonomy Definition Linkbase Document
104						The Cover Page Interactive Data File from this Quarterly Report on Form 10-Q, (formatted as Inline XBRL and contained in Exhibit 101).


XEROX HOLDINGS CORPORATION (Registrant)

By:			/S/ MIRLANDA GECAJ
			Mirlanda Gecaj Vice President and Chief Accounting Officer (Principal Accounting Officer)