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2019 Vault Rankings

At a Glance

Uppers

One of the most recognizable names in the business world

Solid benefits package and competitive pay

Plenty of opportunities for employees to advance

Downers

Several layoffs in the last three years

Doubts persist about Xerox's ability to compete in the changing world of technology

Because of its size, it can be easy for employees to get lost in the crowd

The Bottom Line

Xerox retains a strong brand identity, and working at this company is a nice addition to job hunters' résumés.

About Xerox Corporation

Xerox Corp. is not a copy of its former self. The company, whose name has been a synonym for “to copy,” remains a leading seller of copiers and printers, from basic black-and-white output to high-end color systems. These days, Xerox makes most of its revenue from its post-sale services such as document management, maintenance, supplies and paper, and financing. Xerox also sells software for automating and integrating print jobs from start to finish. Its products are used in offices of large and small- and medium-sized businesses and in production plants of commercial printing companies. US customers account for about 60% of revenue.

Operations

Xerox makes machines that make copies, print, send faxes, scan documents, and more, as well as the ink, paper, and support that keeps the equipment running. The company charges from a few hundred to thousands of dollars for its equipment, but it makes 80% of its revenue from those post-sale products and services.

Xerox manages its offerings in three segments: Intelligent Workplace Services, Workplace Solutions, and Product Solutions.

Intelligent Workplace Services helps customers get the most out of their printing and related document workflow and business processes

Workplace Solutions consists of Xerox’s Entry and Mid-Range equipment products, which share common technology, manufacturing, and product platforms.

Services offered by the Production Solutions business are for customers in the graphic communications, in-plant, and production print environments with high-volume printing requirements.

Geographic Reach

Although Xerox Corp. operates in more than 160 countries, about 60% of sales are from customers in the US. About 30% of sales are from Europe with the rest of the world accounting for the rest.

The company has primary facilities in Canada, France, India, Ireland, Jamaica, Guatemala, Mexico, the Netherlands, the Philippines, Romania, the UK, and the US.

Xerox outsources a significant amount of its manufacturing to third parties while maintaining its own production facilities in the US, Ireland, France, and the Netherlands.

Sales and Marketing

Xerox complements its global sales team and sales website with a network of third-party sales channels, such as independent agents, dealers, value-added resellers, and systems integrators.

The Xerox brand is well-known (the company has been around for about 115 years) and its customers are in a wide range of businesses that include banking, education, government, healthcare, manufacturing, and graphic arts.

Financial Performance

Xerox’s revenue remained on a years-long slide in 2018, falling to $9.8 billion, down 4% from 2017, as the company’s equipment business continued to lose ground. The company has shed about $2.8 billion of revenue since 2014.

In 2018, equipment sales were 7% lower than in 2017, although sales of entry and mid-level machines increased. Sales of higher-end higher margin equipment, however, dropped 9% for color systems and 18% for black-and-white systems. Revenue from the post-sale segment slipped 4% in 2018 from 2017 because of fewer signings and installations.

Xerox’s profit popped 85% higher to $361 million in 2018, up $166 million from 2017, boosted by cost reductions that offset revenue declines.

The company’s cash and equivalents stood at $1.1 billion in 2018 compared to $1.3 billion in 2017. Operations generated $1.1 billion in 2018, while investing activities used $29 million and financing activities used $1.3 billion (including $700 million in stock buybacks).

Xerox has substantial debt ($4.2 billion in long-term debt) and other obligations that could increase its vulnerability to economic downturns and limit its ability to obtain financing for working capital, capital expenditures, acquisitions, and other general corporate uses.

Strategy

Xerox is a well-known name in corporate America, but it might not carry the gleam of innovation that the company would like. Its sales have declined over the past five years as its copiers and printers have elicited little excitement in the market. The company is moving to change that with new technologies and increased efficiency.

Xerox prioritizes technology development in four areas: Digital packaging and print, 3D printing and digital manufacturing, artificial intelligence capabilities, and sensors and services for the Internet of Things. One of the company’s recent offerings was its ConnectKey software that allows Xerox devices to integrate into digital workflows.

The company is also taking steps to make its operations more efficient by increasing use of shared service centers, consolidating its IT infrastructure and real estate footprint, and speeding up its supply chain. It plans to get $640 million of cost savings in 2019 as part of $1.5 billion in savings between 2019 and 2021. In a related matter, Xerox plans to merge into a holding company, which, it said, would eliminate duplicate administrative requirements and costs. The move was approved by shareholders, but needs regulatory approval.

To improve its overall sales structure, Xerox reorganized its geographic units into two, the Americas and Europe, the Middle East, and Africa (EMEA). The Americas region combines the US, Canada, Mexico, Central and South America, while India becomes part of the EMEA region.

Mergers and Acquisitions

Xerox made no acquisitions in 2018. In 2017, it bought: Global Imaging Systems, a multiple-brand dealer in Iowa, and MT Business Technologies, a multi-brand dealer in Ohio; Intellinex, a Seattle-based provider of outsourced learning services; RSA Medical, a provider of health assessment and risk management for members interacting with health and life insurance companies; Healthy Communities Institute, a California-based company with a cloud platform for health analytics; and inVentiv Patient Access Solutions, a patient access and reimbursement services hub.

Company Background

The Haloid Co. was incorporated in 1906 to make and sell photographic paper. In 1935, it bought photocopier company Rectigraph, which led Haloid to buy a license for a process called electrophotography (renamed xerography from the ancient Greek words for "dry" and "writing") from the Battelle Memorial Institute in 1947.

Haloid commercialized xerography with the Model A copier in 1949 and the Xerox Copyflo in 1955, and by 1956 xerographic products represented 40% of sales. The company changed its name to Haloid Xerox in 1958 (Haloid was dropped from the name in 1961), and in 1959 it introduced the first simplified office copier. That machine took the world by storm, beating out such competing technologies as mimeograph (A.B.Dick), thermal paper (3M), and damp copy (Kodak). Sales soared to nearly $270 million in 1965.

Xerox Corporation

201 MERRITT 7
Norwalk, CT 06851-1056
Phone: 1 (203) 968-3000

Stats

Employer Type: Publicly Owned
Stock Symbol: XRX
Stock Exchange: , NYSE
CEO: Jeffrey Jacobson
Chairman: Robert J. Keegan
EVP and CFO: William F. Osbourn
Employees (This Location): 475
Employees (All Locations): 32,400

Major Office Locations

Norwalk, CT

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