The current analysis focuses on Xerox Holdings Corporation, known as Xerox. It is an American company headquartered in Norwalk, Connecticut, dealing with digital equipment and serving more than 160 countries. The company's performance over the past years has placed it in the Fortune 500 companies. The company has grown over the past years to be a leading global brand highly recognized in the various countries where the company has its operations. According to the company's fundamental aspects like profitability, return, and brand name, Xerox is a reputable company with a high return for its investors. The analysis will inform the management of the best course of action that will contribute to long term success. Similarly, it will present a glimpse of performance drivers, and the management will use the data to make appropriate decisions to enhance operational results.
Income Statement
Xerox reported a decline in its sales for the past five years. The company recorded $11.47 billion as sales revenues in 2015, but over the years, the figure continued dropping to $9.07 billion in 2019. On average, the revenue declined by 6%, meaning that if the company maintains the same trend in the future, its sales revenues will decline to $7.08 in 2023. The projections are based on a 6% decline each year, which is the average for the past five years. The same applies to the cost f goods sold, where the value declined in the past five years from a high of $7.05 in 2015 to $5.553 in 2019. If a similar trend persists into the foreseeable future, the cost of goods will decline to $4.31 in 2023. On average, the company's sales revenues and cost of goods declined by 6% in five years, meaning that the income was not adversely affected. The gross income declined by an average of 5% in the five years, with 2019 reporting the lowest value, whereas 2015 had the highest income. If the gross income continues dropping at the same rate for the next three years, the company will record $2.88 billion as net income in 2023.
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The company's expenses declined in the period under review from $3.25 billion in 2015 to $2.4 billion in 2019. On average, the expenses dropped by 7% in the five years under review, and if the same trend continues, the company will record $1.795 billion in 2023. Such changes and other adjustments in the non-operating interest income increased from $6 billion in 2015 to $16 billion in 2019. If the trend persists in the next three years, Xerox will report $20.97 billion in 2023. The same applies to pre-tax income, where the company recorded an increase in the last five years, and if the situation persists, the company will record $1077 as pre-tax income. The consolidated income changed from 866 million in 2015 to 651 million in 2019. The projections show that the consolidated income will be 853.33 million in 2023. The net income also recorded a similar pattern and will remain largely unchanged. The projections show that the net income will be $849 million in 2023, which is almost the same as the net income for 2015.
Balance Sheet
Xerox's balance sheet shows that some items have changed over time, with others recording minimal changes. For example, cash and short term investment and accounts receivables recorded small changes. The total current assets reported less than 1% change for the five years under review. Property plant and equipment also remained unchanged for the five years under review. According to the projections, property, plant, and equipment will remain unchanged unless they acquire or sell some of its plants and equipment. The total assets declined from $24.54 in 2015 to $15.05 billion in 2019. There was a 12% decline in the period under review, meaning that if the trend persists, the company's total assets will be $9.02 billion in 2023.
Short term and long term debt recorded little changes in the five years. However, 2019 saw the company borrow more funds to finance its activities. Other liabilities like dividends payable, accrued payroll, and miscellaneous current liabilities changed slightly. On average, the total current liabilities decline by 7% from 2014 to 2019. Likewise, the total liabilities declined by 13% in the period under review. The company's equity, stock, and retained earnings changed in the course of the five years. Similarly, shareholders' equity declined from $9.42 in 2015 to $5.8 billion in 2019. The total equity was $947 by 2015 but the value declined to $5.82 in 2019. A similar trend was observable in liabilities and shareholders' equity, where the value declined from $25.54 in 2015 to $14.05 in 2019.
Cash Flow Statement
The items on the cash flow statement reported changes in the five years. The net operating cash flow was $1.61 billion in 2015 and $1.33 in 2019. The net operating cash flows over sales was 14.05% in 2015 and 14.70% in 2019. The financial statements show that the company spent more on capital items than the rest of the years. According to the financial statement, the expenditures declined, with 2019 reporting the lowest figure of $65. Capital expenditure over sales was 1.29% in 2015 and 0.72% in 2019. Likewise, the sale of fixed assets and businesses was highest in 2015 compared to the rest of the years. Net investing cash flows reported significant variations in the five years, with 2014 recording the highest value, followed by 2017 and 2019. The company issued long-term debt and changed others, thus realigning its activities to reflect a changing environment.
Selected Ratio Analysis
The current analysis focuses on selected ratios like the current ratio, which shows a growing trend from 2015-2019. IT indicates that the company has adequate current assets to cater to the needs of current liabilities, which are due in a short time. The higher the ratio, the better for the company since it will be able to meet its working capital needs in time. Long-term debt to capital shows the volume of debt used to finance its projects. Debt to equity shows that the company does not have additional risks due to the debt it owns. A higher debt to equity is ideal since it enables a company to finance its activities using internal sources, thus reducing debt financing risks. Xerox has maintained a high gross margin; thus, it can easily remain profitable creating value for the shareholders. The company's operating margin is also high, which indicates its ability to raise funds and use them for the intended purpose. Asset turnover shows the efficiency f Xerox in utilizing its assets efficiently to generate revenue. Return on equity shows that the investors will receive higher returns by investing in the company. The return on investment is also high, showing that the company can guarantee its shareholders high.
The current analysis uses horizontal financial statement analysis, enabling the analyst to compare the financial statements for the past five years and present the findings. Similarly, the analysis projects selected financial statement data for three years to determine its future performance. Similarly, the paper includes ratio analysis to establish the efficiency and effectiveness of the company. The analysis will inform the management of the best course of action that will contribute to long term success. Similarly, it will present a glimpse of performance drivers, and the management will use the data to make appropriate decisions to enhance operational results.
References
XEROX (2019) Xerox Holdings Corporation Annual report. Form 10-K. Retrieved from https://s3.amazonaws.com/cms.ipressroom.com/84/files/20203/2019-Xerox-Annual-Report.pdf?Signature=h9oK0DuoDHwFqvWyqahHXdrcjVc%3D&Expires=1607716743&AWSAccessKeyId=AKIAJX7XEOOELCYGIVDQ&versionId=xH_Aabz.456CfXIXBnROwmBwr2gugUaH&response-content-disposition=application/pdf
Yahoo Finance (2020). Xerox Holdings Corporation (XRX). Retrieved from https://finance.yahoo.com/quote/XRX/financials?p=XRX
Appendices
Xerox Income Statement
| 2015 | 2015 | 2017 | 2018 | 2018 | ||||||||
| Sales/Revenue | 11.47 | 10.77 | 10.27 | 9.83 | 9.07 | -6% | -5% | -4% | -8% | 8.5258 | 8.014252 | 7.533397 |
| 7.05 | 6.71 | 6.25 | 6.01 | 5.53 | ||||||||
| Cost of Goods Sold (COGS) incl. D&A | -5% | -7% | -4% | -8% | 5.1982 | 4.886308 | 4.59313 | |||||
| 6.46 | 6.14 | 5.72 | 5.48 | 5.1 | ||||||||
| COGS excluding D&A | -5% | -7% | -4% | -7% | 4.845 | 4.5543 | 4.281042 | |||||
| 590 | 563 | 523 | 531 | 435 | ||||||||
| Depreciation & Amortization Expense (Millions) | -7% | 2% | -18% | |||||||||
| 437 | 424 | 401 | 397 | 385 | ||||||||
| Depreciation | -3% | -5% | -1% | -3% | ||||||||
| 153 | 139 | 122 | 129 | 45 | ||||||||
| Amortization of Intangibles | -9% | -12% | 6% | -65% | ||||||||
| 4.42 | 4.07 | 4.02 | 3.82 | 3.53 | ||||||||
| Gross Income | -8% | -1% | -5% | -8% | 3.3535 | 3.185825 | 3.026534 | |||||
| 3.25 | 3.08 | 2.86 | 2.72 | 2.4 | ||||||||
| SG&A Expense | -5% | -7% | -5% | -12% | 2.232 | 2.07576 | 1.930457 | |||||
| 385 | 381 | 334 | 325 | 311 | ||||||||
| Research & Development | -1% | -12% | -3% | -4% | ||||||||
| 2.87 | 2.7 | 2.53 | 2.39 | 2.09 | ||||||||
| Other SG&A | -6% | -6% | -6% | -13% | ||||||||
| 8 | 92 | 289 | 223 | |||||||||
| Unusual Expense | ||||||||||||
| -8 | -92 | -289 | 858 | 915 | ||||||||
| EBIT after Unusual Expense | 1050% | 214% | -397% | 7% | ||||||||
| -27 | -154 | -189 | -163 | - | ||||||||
| Non-Operating Income/Expense | 470% | 23% | -14% | |||||||||
| 6 | 5 | 8 | 15 | 16 | ||||||||
| Non-Operating Interest Income | -17% | 60% | 88% | 7% | 17.12 | 18.3184 | 19.60069 | |||||
| 216 | 181 | 119 | 112 | 109 | ||||||||
| Interest Expense | -16% | -34% | -6% | -3% | ||||||||
| 216 | 181 | 119 | 112 | 109 | ||||||||
| Gross Interest Expense | -16% | -34% | -6% | -3% | ||||||||
| Pretax Income | 924 | 568 | 570 | 598 | 822 | |||||||
| Pretax Income | -39% | 0% | 5% | 37% | 879.54 | 941.1078 | 1006.985 | |||||
| 193 | 62 | 481 | 257 | 179 | #DIV/0! | |||||||
| Income Tax | -68% | 676% | -47% | -30% | ||||||||
| -263 | - | 20 | 76 | 12 | ||||||||
| Income Tax - Current Domestic | #VALUE! | #VALUE! | 280% | -84% | ||||||||
| 73 | 71 | 62 | 46 | 43 | ||||||||
| Income Tax - Current Foreign | -3% | -13% | -26% | -7% | ||||||||
| 376 | 4 | 420 | 78 | 119 | ||||||||
| Income Tax-Deferred Domestic | -99% | 10400% | -81% | 53% | ||||||||
| 7 | -13 | -21 | 57 | 5 | ||||||||
| Income Tax-Deferred Foreign | -286% | 62% | -371% | -91% | ||||||||
| 135 | 127 | 115 | 33 | 8 | ||||||||
| Equity in Affiliates | -6% | -9% | -71% | -76% | ||||||||
| 866 | 633 | 204 | 374 | 651 | ||||||||
| Consolidated Net Income | -27% | -68% | 83% | 74% | 696.57 | 745.3299 | 797.503 | |||||
| 18 | 11 | 12 | 13 | 3 | 0 | 0 | ||||||
| Minority Interest Expense | -39% | 9% | 8% | -77% | 3.21 | 3.4347 | 3.675129 | |||||
| 848 | 622 | 192 | 361 | 648 | 0 | 0 | ||||||
| Net Income | -27% | -69% | 88% | 80% | 693.36 | 741.8952 | 793.8279 | |||||
| -374 | -1.09 | 3 | - | 705 | ||||||||
| Extraordinaries & Discontinued Operations | -100% | -375% | ||||||||||
| 101 | - | - | - | 629 | ||||||||
| Extra Items & Gain/Loss Sale Of Assets | ||||||||||||
| -475 | -1.09 | 3 | - | 76 | ||||||||
| Discontinued Operations | -100% | -375% | ||||||||||
| 474 | -471 | 195 | 361 | 1.35 | ||||||||
| Net Income After Extraordinaries | -199% | -141% | 85% | -100% | ||||||||
| 24 | 24 | 14 | 14 | 14 | ||||||||
| Preferred Dividends | 0% | -42% | 0% | 0% | ||||||||
| 349 | -495 | 181 | 347 | 710 | ||||||||
| Net Income Available to Common | -242% | -137% | 92% | 105% | ||||||||
| 1.31 | -1.95 | 0.71 | 1.4 | 3.2 | ||||||||
| EPS (Basic) | -249% | -136% | 97% | 129% | ||||||||
| Basic Shares Outstanding | 266.13 | 253.39 | 254.34 | 248.71 | 221.97 | |||||||
| Basic Shares Outstanding | -5% | 0% | -2% | -11% | ||||||||
| EPS (Diluted) | 1.3 | -1.95 | 0.71 | 1.38 | 3.2 | |||||||
| EPS (Diluted) | -250% | -136% | 94% | 132% | ||||||||
| 269.06 | 256 | 256.57 | 251.66 | 221.97 | ||||||||
| Diluted Shares Outstanding | -5% | 0% | -2% | -12% | ||||||||
| 1.76 | 1.55 | 1.68 | 1.64 | 1.57 | ||||||||
| EBITDA | -12% | 8% | -2% | -4% | ||||||||
| - | -11.71% | 8.31% | -2.68% | -3.91% | ||||||||
| EBITDA Growth | #VALUE! | -171% | -132% | 46% | ||||||||
| - | - | - | - | 17.35% | ||||||||
| EBITDA Margin | ||||||||||||
| Ratio | 2015 | 2016 | 2017 | 2018 | 2019 |
| Current ratio | 1.2724 | 1.5024 | 1.9081 | 1.4497 | 1.7875 |
| Debt to Capital | 0.4002 | 0.5168 | 0.4873 | 0.4483 | 0.3576 |
| Debt to equity | 0.769 | 1.2731 | 1.0018 | 0.9956 | 0.7373 |
| Gross margin | 39.965 | 36.969 | 40.747 | 40.044 | 40.26 |
| Operating margin | 10.52 | 11.197 | 11.25 | 10.61 | 13.016 |
| Asset turnover | 0.4489 | 0.5967 | 0.6266 | 0.6496 | 0.6025 |
| Return on equity | 9.2136 | 13.3347 | 1.3225 | 6.152 | 11.64 |
| Return on Asset | 3.2888 | 3.5067 | 0.439 | 2.0842 | 4.3264 |
| Return on investment | 5.322 | 6.166 | 0.6516 | 3.2556 | 7.2005 |
Xerox Balance Sheet
| ITEM | 2015 | 2016 | 2017 | 2018 | 2019 | ||||
| 0% | |||||||||
| Cash & Short Term m Investments | 1.37 | 2.4 | 1.29 | 1.09 | 2.74 | ||||
| Cash & Short Term m Investments | 75% | -46% | -16% | 151% | |||||
| Cash Only | 1.31 | 2.32 | 1.29 | 1.09 | 2.74 | ||||
| Cash Only | 77% | -44% | -16% | 151% | |||||
| Short-Term m Investments | 55 | 88 | - | - | - | ||||
| Short-Term m Investments | 60% | #VALUE! | #VALUE! | ||||||
| Total Accounts Receivable | 2.56 | 2.54 | 2.83 | 2.61 | 2.53 | ||||
| Total Accounts Receivable | -1% | 11% | -8% | -3% | |||||
| Accounts Receivables, Net | 2.55 | 2.31 | 2.79 | 2.6 | 2.51 | ||||
| Accounts Receivables, Net | -9% | 21% | -7% | -3% | |||||
| Accounts Receivables, Gross | 2.62 | 2.37 | 2.85 | 2.66 | 2.56 | ||||
| Accounts Receivables, Gross | -10% | 20% | -7% | -4% | |||||
| ad Debt/Doubtful Accounts | -74 | -64 | -59 | -56 | -55 | ||||
| ad Debt/Doubtful Accounts | -14% | -8% | -5% | -2% | |||||
| Other Receivable | 12 | 233 | 43 | 14 | 27 | ||||
| Other Receivable | 1842% | -82% | -67% | 93% | |||||
| Accounts Receivable Turnover | 4.48 | 4.24 | 3.63 | 3.76 | 3.58 | ||||
| Accounts Receivable Turnover | -5% | -14% | 4% | -5% | |||||
| Inventories | 901 | 841 | 915 | 818 | 694 | ||||
| Inventories | -7% | 9% | -11% | -15% | |||||
| Finished Goods | 751 | 713 | 777 | 699 | 576 | ||||
| Finished Goods | -5% | 9% | -10% | -18% | |||||
| Work in Progress | 51 | 47 | 49 | 49 | 47 | ||||
| Work in Progress | -8% | 4% | 0% | -4% | |||||
| Raw materials | 99 | 81 | 89 | 70 | 71 | ||||
| Raw materials | -18% | 10% | -21% | 1% | |||||
| Other Current Assets | 1.86 | 1.21 | 192 | 179 | 174 | ||||
| Other Current Assets | -35% | 15768% | -7% | -3% | |||||
| miscellaneous Current Assets | 1.81 | 1.16 | 149 | 148 | 145 | ||||
| miscellaneous Current Assets | -36% | 12745% | -1% | -2% | |||||
| Total Current Assets | 6.69 | 6.99 | 5.23 | 4.7 | 6.14 | ||||
| Total Current Assets | 4% | -25% | -10% | 31% | |||||
| Net Property, Plant & Equipment | 1.21 | 1.14 | 1.08 | 0.941 | 1.11 | ||||
| Net Property, Plant & Equipment | -6% | -5% | -13% | 18% | |||||
| Property, Plant & Equipment - Gross | 4.73 | 4.6 | 4.62 | 4.33 | 4.46 | ||||
| Property, Plant & Equipment - Gross | -3% | 0% | -6% | 3% | |||||
| buildings | 919 | 892 | 909 | 793 | 794 | ||||
| buildings | -3% | 2% | -13% | 0% | |||||
| Land & Improvements | 21 | 20 | 22 | 12 | 12 | ||||
| Land & Improvements | -5% | 10% | -45% | 0% | |||||
| Other Property, Plant & Equipment | 1.01 | 965 | 897 | 835 | 745 | ||||
| Other Property, Plant & Equipment | 95445% | -7% | -7% | -11% | |||||
| Accumulated Depreciation | 3.52 | 3.47 | 3.54 | 3.39 | 3.35 | ||||
| Accumulated Depreciation | -1% | 2% | -4% | -1% | |||||
| Total Investments and Advances | 1.6 | 1.51 | 1.48 | 1.47 | 102 | ||||
| Total Investments and Advances | -6% | -2% | -1% | 6839% | |||||
| Other Long-Term m Investments | 221 | 217 | 75 | 63 | 56 | ||||
| Other Long-Term m Investments | -2% | -65% | -16% | -11% | |||||
| Long-Term m Note Receivables | 2.62 | 2.43 | 2.33 | 2.16 | 2.08 | ||||
| Long-Term m Note Receivables | -7% | -4% | -7% | -4% | |||||
| Intangible Assets | 4.56 | 4.3 | 4.41 | 4.24 | 4.22 | ||||
| Intangible Assets | -6% | 3% | -4% | 0% | |||||
| Net Goodwill | 3.95 | 3.79 | 3.93 | 3.87 | 3.9 | ||||
| Net Goodwill | -4% | 4% | -2% | 1% | |||||
| Net Other Intangibles | 612 | 516 | 477 | 374 | 321 | ||||
| Net Other Intangibles | -16% | -8% | -22% | -14% | |||||
| Other Assets | 7.41 | 210 | 388 | 634 | 795 | ||||
| Other Assets | 2734% | 85% | 63% | 25% | |||||
| Total Assets | 25.54 | 18.05 | 15.95 | 14.87 | 15.05 | ||||
| Total Assets | -29% | -12% | -7% | 1% | |||||
| LIABILITIES AND CAPITAL | |||||||||
| ITE | 2015 | 2016 | 2017 | 2018 | 2019 | ||||
| ITE | 0% | 0% | 0% | 0% | |||||
| ST Debt & Current Portion LT Debt | 962 | 1.01 | 282 | 961 | 1.14 | ||||
| ST Debt & Current Portion LT Debt | -100% | 27821% | 241% | -100% | |||||
| Short Term m Debt | 3 | 4 | 6 | - | 87 | ||||
| Short Term m Debt | 33% | 50% | |||||||
| Current Portion of Long Term m Debt | 959 | 1.01 | 276 | 961 | 1.05 | ||||
| Current Portion of Long Term m Debt | -100% | 27227% | 248% | -100% | |||||
| Accounts Payable | 1.34 | 1.13 | 1.11 | 1.09 | 1.05 | ||||
| Accounts Payable | -16% | -2% | -2% | -4% | |||||
| Income Tax Payable | 28 | 45 | 7 | 33 | 7 | ||||
| Income Tax Payable | 61% | -84% | 371% | -79% | |||||
| Other Current Liabilities | 2.92 | 2.47 | 1.34 | 1.17 | 1.24 | ||||
| Other Current Liabilities | -15% | -46% | -13% | 6% | |||||
| Dividends Payable | 85 | 91 | 73 | 69 | 66 | ||||
| Dividends Payable | 7% | -20% | -5% | -4% | |||||
| Accrued Payroll | 406 | 420 | 444 | 349 | 349 | ||||
| Accrued Payroll | 3% | 6% | -21% | 0% | |||||
| miscellaneous Current Liabilities | 2.43 | 1.96 | 0.827 | 748 | 822 | ||||
| miscellaneous Current Liabilities | -19% | -58% | 90347% | 10% | |||||
| Total Current Liabilities | 5.25 | 4.65 | 2.74 | 3.25 | 3.44 | ||||
| Total Current Liabilities | -11% | -41% | 19% | 6% | |||||
| Long-Term m Debt | 6.32 | 5.31 | 5.24 | 4.27 | 3.5 | ||||
| Long-Term m Debt | -16% | -1% | -19% | -18% | |||||
| Long-Term m Debt excl. Capitalized Leases | 6.32 | 5.31 | 5.24 | 4.27 | 3.23 | ||||
| Long-Term m Debt excl. Capitalized Leases | -16% | -1% | -19% | -24% | |||||
| Non-Convertible Debt | 6.32 | 5.31 | 5.24 | 4.27 | 3.23 | ||||
| Non-Convertible Debt | -16% | -1% | -19% | -24% | |||||
| Capitalized Lease Obligations | - | - | - | - | 5 | ||||
| Capitalized Lease Obligations | |||||||||
| Provision for Risks & Charges | 3.16 | 2.95 | 2.27 | 1.84 | 2.07 | ||||
| Provision for Risks & Charges | -7% | -23% | -19% | 13% | |||||
| Deferred Taxes | -1.4 | -1.43 | -984 | -689 | -561 | ||||
| Deferred Taxes | 2% | 68711% | -30% | -19% | |||||
| Deferred Taxes - Credits | 51 | 42 | 42 | 51 | 37 | ||||
| Deferred Taxes - Credits | -18% | 0% | 21% | -27% | |||||
| Deferred Taxes - Debt | 1.45 | 1.47 | 1.03 | 740 | 598 | ||||
| Deferred Taxes - Debt | 1% | -30% | 71745% | -19% | |||||
| Other Liabilities | 1.3 | 136 | 152 | 207 | 201 | ||||
| Other Liabilities | 10362% | 12% | 36% | -3% | |||||
| Other Liabilities (excl. Deferred Income) | 1.3 | 136 | 152 | 207 | 201 | ||||
| Other Liabilities (excl. Deferred Income) | 10362% | 12% | 36% | -3% | |||||
| Total Liabilities | 16.08 | 13.09 | 10.44 | 9.62 | 9.24 | ||||
| Total Liabilities | -19% | -20% | -8% | -4% | |||||
| Preferred Stock (Carrying Value) | 349 | 214 | 214 | 214 | 214 | ||||
| Preferred Stock (Carrying Value) | -39% | 0% | 0% | 0% | |||||
| Redeemable Preferred Stock | 349 | 214 | 214 | 214 | 214 | ||||
| Redeemable Preferred Stock | -39% | 0% | 0% | 0% | |||||
| Coon Equity (Total) | 9.07 | 4.71 | 5.26 | 5.01 | 5.59 | ||||
| Coon Equity (Total) | -48% | 12% | -5% | 12% | |||||
| Coon Stock Par/Carry Value | 1.01 | 254 | 255 | 232 | 215 | ||||
| Coon Stock Par/Carry Value | 25049% | 0% | -9% | -7% | |||||
| Retained Earnings | 9.69 | 4.93 | 4.86 | 5.07 | 6.31 | ||||
| Retained Earnings | -49% | -1% | 4% | 24% | |||||
| Cumulative Translation Adjustment/Unrealized For. Exch. Gain | -2.4 | -2.26 | -1.78 | -2.02 | -1.96 | ||||
| Cumulative Translation Adjustment/Unrealized For. Exch. Gain | -6% | -21% | 13% | -3% | |||||
| Unrealized Gain/Loss marketable Securities | 1 | -13 | -12 | 4 | -2 | ||||
| Unrealized Gain/Loss marketable Securities | -1400% | -8% | -133% | -150% | |||||
| Revaluation Reserves | - | - | - | - | - | ||||
| Revaluation Reserves | |||||||||
| Treasury Stock | - | - | - | -55 | -76 | ||||
| Treasury Stock | 38% | ||||||||
| Total Shareholders' Equity | 9.42 | 4.92 | 5.47 | 5.22 | 5.8 | ||||
| Total Shareholders' Equity | -48% | 11% | -5% | 11% | |||||
| Total Shareholders' Equity / Total Assets | 36.89% | 27.27% | 34.30% | 35.09% | 38.55% | #DIV/0! | |||
| Total Shareholders' Equity / Total Assets | -26% | 26% | 2% | ||||||
| Accumulated minority interest | 43 | 38 | 37 | 34 | 7 | ||||
| Accumulated minority interest | -12% | -3% | -8% | -79% | |||||
| Total Equity | 9.47 | 4.96 | 5.51 | 5.25 | 5.81 | #DIV/0! | |||
| Total Equity | -48% | 11% | -5% | 11% | |||||
| Liabilities & Shareholders' Equity | 25.54 | 18.05 | 15.95 | 14.87 | 15.05 | #DIV/0! | |||
| Liabilities & Shareholders' Equity | -29% | -12% | -7% | 1% | |||||
|
Xerox Corporation CASH FLW STATEMENT |
|||||||||
| ITEM | 2015 | 2016 | 2017 | 2018 | 2019 | ||||
| 0% | |||||||||
| Net Income before Extra ordinaries | 866 | -460 | 207 | 374 | 1.36 | ||||
| Net Income before Extra ordinaries | -153% | -145% | 81% | -100% | |||||
| Depreciation, Depletion & Amortization | 590 | 563 | 527 | 526 | 430 | ||||
| Depreciation, Depletion & Amortization | -5% | -6% | 0% | -18% | |||||
| Depreciation and Depletion | 437 | 424 | 401 | 397 | 385 | ||||
| Depreciation and Depletion | -3% | -5% | -1% | -3% | |||||
| Amortization of Intangible Assets | 153 | 139 | 126 | 129 | 45 | ||||
| Amortization of Intangible Assets | -9% | -9% | 2% | -65% | |||||
| Deferred Taxes & Investment Tax Credit | 383 | -9 | 399 | 135 | 124 | ||||
| Deferred Taxes & Investment Tax Credit | -102% | -4533% | -66% | -8% | |||||
| Deferred Taxes | 383 | -9 | 399 | 135 | 124 | ||||
| Deferred Taxes | -102% | -4533% | -66% | -8% | |||||
| Other Funds | 309 | 1.26 | -664 | 103 | -517 | ||||
| Other Funds | -100% | -52798% | -116% | -602% | |||||
| Funds from Operations | 2.15 | 1.35 | 469 | 1.14 | 1.4 | ||||
| Funds from Operations | -37% | 34641% | -100% | 23% | |||||
| Changes in Working Capital | -537 | -254 | -736 | 2 | -65 | ||||
| Changes in Working Capital | -53% | 190% | -100% | -3350% | |||||
| Receivables | 169 | 245 | -367 | 196 | 111 | ||||
| Receivables | 45% | -250% | -153% | -43% | |||||
| Accounts Payable | -125 | -244 | -15 | -18 | -47 | ||||
| Accounts Payable | 95% | -94% | 20% | 161% | |||||
| Other Assets/Liabilities | -480 | -262 | -258 | -99 | -144 | ||||
| Other Assets/Liabilities | -45% | -2% | -62% | 45% | |||||
| Net Operating Cash Flow | 1.61 | 1.1 | -0.267 | 1.14 | 1.33 | ||||
| Net Operating Cash Flow | -32% | -124% | -527% | 17% | |||||
| Net Operating Cash Flow / Sales | 14.05% | 10.17% | -2.60% | 11.60% | 14.70% | ||||
| Net Operating Cash Flow / Sales | -28% | -126% | -546% | 27% | |||||
| INVESTING ACTIVITIES | |||||||||
| ITE | 2015 | 2016 | 2017 | 2018 | 2019 | ||||
| ITE | 0% | 0% | 0% | 0% | |||||
| Capital Expenditures | -148 | -138 | -105 | -90 | -65 | ||||
| Capital Expenditures | -7% | -24% | -14% | -28% | |||||
| #DIV/0! | |||||||||
| Capital Expenditures / Sales | -1.29% | -1.28% | -1.02% | -0.92% | -0.72% | ||||
| Capital Expenditures / Sales | -1% | -20% | -10% | -22% | |||||
| Capital Expenditures (Fixed Assets) | -84 | -93 | -105 | -90 | -65 | ||||
| Capital Expenditures (Fixed Assets) | 11% | 13% | -14% | -28% | |||||
| Capital Expenditures (Other Assets) | -64 | -45 | - | - | - | ||||
| Capital Expenditures (Other Assets) | -30% | ||||||||
| Net Assets from Acquisitions | -13 | -30 | -87 | - | -42 | ||||
| Net Assets from Acquisitions | 131% | 190% | #VALUE! | ||||||
| Sale of Fixed Assets & businesses | 92 | 25 | 23 | 59 | 21 | ||||
| Sale of Fixed Assets & businesses | -73% | -8% | 157% | -64% | |||||
| Other Uses | - | -254 | - | - | - | ||||
| Other Uses | |||||||||
| Other Sources | 19 | - | 128 | - | - | ||||
| Other Sources | |||||||||
| Net Investing Cash Flow | 508 | -397 | 165 | -29 | 2.15 | ||||
| Net Investing Cash Flow | -178% | -142% | -118% | -107% | |||||
| Net Investing Cash Flow Growth | - | -178.15% | 141.56% | -117.58% | 7506.90% | ||||
| Net Investing Cash Flow Growth | -179% | -183% | -6485% | ||||||
| Net Investing Cash Flow / Sales | 4.43% | -3.69% | 1.61% | -0.30% | 23.69% | ||||
| Net Investing Cash Flow / Sales | -183% | -144% | -119% | -7997% | |||||
| FINANCING ACTIVITIES | |||||||||
| ITEM | 2015 | 2016 | 2017 | 2018 | 2019 | ||||
| ITE | 0% | 0% | 0% | 0% | |||||
| Cash Dividends Paid - Total | -326 | -331 | -291 | -269 | -243 | ||||
| Cash Dividends Paid - Total | 2% | -12% | -8% | -10% | |||||
| Coon Dividends | -302 | -307 | -274 | -255 | -243 | ||||
| Coon Dividends | 2% | -11% | -7% | -5% | |||||
| Preferred Dividends | -24 | -24 | -17 | -14 | - | ||||
| Preferred Dividends | 0% | -29% | -18% | ||||||
| Change in Capital Stock | -1.33 | 8 | - | -700 | -600 | ||||
| Change in Capital Stock | -702% | -14% | |||||||
| Repurchase of Coon & Preferred Stk. | -51 | -1 | - | - | - | ||||
| Repurchase of Coon & Preferred Stk. | -98% | ||||||||
| Sale of Coon & Preferred Stock | -1.28 | 9 | - | -700 | -600 | ||||
| Sale of Coon & Preferred Stock | -803% | -14% | |||||||
| Proceeds from Stock Options | -1.28 | 9 | - | -700 | -600 | ||||
| Proceeds from Stock Options | -803% | -14% | |||||||
| Other Proceeds from Sale of Stock | - | - | - | - | - | ||||
| Other Proceeds from Sale of Stock | |||||||||
| Issuance/Reduction of Debt, Net | -370 | 925 | -822 | -307 | -950 | ||||
| Issuance/Reduction of Debt, Net | -350% | -189% | -63% | 209% | |||||
| Change in Current Debt | -147 | 1.89 | 2 | -5 | - | ||||
| Change in Current Debt | -101% | 6% | -350% | ||||||
| Change in Long-Term Debt | -223 | -963 | -824 | -302 | -950 | ||||
| Change in Long-Term Debt | 332% | -14% | -63% | 215% | |||||
| Issuance of Long-Term Debt | 1.08 | 25 | 1.01 | 9 | 10 | ||||
| Issuance of Long-Term Debt | 2215% | -96% | 791% | 11% | |||||
| Reduction in Long-Term Debt | -1.3 | -988 | -1.83 | -311 | -960 | ||||
| Reduction in Long-Term Debt | 75900% | -100% | 16895% | 209% | |||||
| Other Funds | -44 | -18 | 128 | -25 | -41 | ||||
| Other Funds | -59% | -811% | -120% | 64% | |||||
| Other Uses | -63 | -18 | - | -25 | -41 | ||||
| Other Uses | -71% | 64% | |||||||
| Other Sources | 19 | - | 128 | - | - | ||||
| Other Sources | |||||||||
| Net Financing Cash Flow | -2.07 | 584 | -985 | -1.3 | -1.83 | ||||
| Net Financing Cash Flow | -28313% | -269% | -100% | 41% | |||||
| Net Financing Cash Flow / Sales | -18.09% | 5.42% | -9.60% | -13.23% | -20.23% | ||||
| Net Financing Cash Flow / Sales | -130% | -277% | 38% | 53% | |||||
| Exchange Rate Effect | -77 | -30 | 53 | -30 | - | ||||
| Exchange Rate Effect | -61% | -277% | -157% | ||||||
| Net Change in Cash | -32 | 1.25 | -1.03 | -220 | 1.65 | ||||
| Net Change in Cash | -104% | -182% | 21259% | -101% | |||||
| Free Cash Flow | 1.53 | 1 | -372 | 1.05 | 1.27 | ||||
| Free Cash Flow | -35% | -37300% | -100% | 21% | |||||
| Free Cash Flow Yield | - | - | - | - | 12.52 | ||||
| Free Cash Flow Yield | |||||||||
