| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers X > Headlines for Xerox Holdings Corp. > News item |
Xerox has no unsecured debt due this year; inflation increases costs
By Devika Patel
Knoxville, Tenn., April 25 – Xerox Holdings Corp. has no unsecured debt maturities for the rest of the year, and management is pleased with the company’s bond maturity ladder.
“We have a balanced bond maturity ladder and no unsecured maturities for the remainder of the year,” executive vice president and chief financial officer Xavier Heiss said on the company’s first quarter ended March 31 earnings conference call on April 21.
Management was surprised by how much inflation affected Xerox’s cost base during the quarter. Price hikes are planned.
“Going into the quarter, we knew supply chain constraints and investments in new businesses would weigh on our margins,” vice chairman and chief executive officer John Visentin said on the call.
“What was unexpected was the magnitude and intensity of inflationary pressure across our cost base and the growth and supply chain costs.
“We expect the margin dilutive effects of supply chain costs and new business investments to subside as constraints ease and our new businesses scale.
“The effect of inflationary pressure is more difficult to predict, but we plan to offset most inflation-related cost growth with price adjustments,” Visentin said.
Cash and cash equivalents were $1,681,000,000 as of March 31, 2022, compared to $1.84 billion as of Dec. 31, 2021.
Long-term debt was $2,821,000,000 as of March 31, 2022, compared to $3,596,000,000 as of Dec. 31, 2021.
Short-term debt and current portion of long-term debt were $1.45 billion as of March 31, 2022, compared to $650 million as of Dec. 31, 2021.
As of March 31, 2022, the company had $214 million of outstanding convertible preferred stock, unchanged from Dec. 31, 2021.
Xerox is a Norwalk, Conn.-based supplier of print and digital document products and services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.