Xerox 2009 Annual Report Download - page 9

7Xerox 2009 Annual Report
Ready for Real Business
As we look at the dynamics of the markets we serve and
understand deeply the challenges our customers face, the value
proposition that Xerox offers becomes clearer every day. We
know that the one thing that is predictable about business is that
it is fundamentally unpredictable. Successful businesses navigate
through this unpredictability by making sure the technology,
software and business processes that form the backbone of
their organizations are operating as effectively and efficiently
as possible. No one understands this better than Xerox.
We have the technology and services to take on all our
clients’ essential business processes, giving them the freedom
to focus on what matters most: their real business. It’s a
powerful statement and one that defines and differentiates
our new company.
Xerox is now a $22 billion firm that is the world’s leading global
enterprise for business process and document management.
With our strong leadership in document technology, services and
BPO, we are a major player in a $500 billion market – that’s four
times the size of the market we traditionally have been a part
of – and it’s a market that is growing by more than 5 percent per
year. Through our strong will to win, we are aggressively pursuing
more than our fair share of this sizable growth opportunity.
We know we speak for all Xerox people, now 130,000 strong,
when we say that we are ready for real business – for growing
our business and for creating value for our customers and our
shareholders. We take those obligations very seriously. In a
world of uncertainty, you can count on at least one thing – we
will do everything in our power to give you a good return on
your investment. That’s a promise.
Ursula M. Burns
Chief Executive Officer
Anne M. Mulcahy
Chairman
Adjusted Net Income – Xerox Full-Year 2009
(in millions, except per share amounts) Net Income EPS
Net Income – As Reported $ 485 0.55
Adjustments:
Q4 Acquisition-related costs 41 0.05
Net Income – As Adjusted $ 526 0.60
Adjusted Net Income – Xerox Full-Year 2008
(in millions, except per share amounts) Net Income EPS
Net Income – As Reported $ 230 0.26
Adjustments:
Q4 Restructuring and asset impairment charges 240 0.27
Q4 Equipment write-off 24 0.03
Q1 Provision for litigation matters 491 0.54
Net Income – As Adjusted $ 985 1.10
Adjusted Net Cash from Operating Activities
(in millions) Full-Year 2008
Operating Cash Flow – As Reported $ 939
Payments for securities litigation, net 615
Operating Cash – As Adjusted $ 1,554
Note: Color results exclude Global Imaging Systems performance.
* Non-GAAP Reconciliation
Effective at our Annual Meeting of Shareholders on May 20,
I will be stepping down as Chairman of the Board and as a
director of Xerox. Leaving Xerox is not easy, but the time is
right. This decision is made infinitely easier by the knowledge
that I turn the company over to a gifted leader at a point
when our strategy is sound, our financial position is strong,
and our opportunities for growth are considerable.
Few CEOs in our history have been better prepared to lead
Xerox than Ursula Burns. She knows the company inside
out and has a clear vision of where she wants to take it.
She respects our values and heritage, yet abhors the status
quo and embraces change. She has incredible intellect and
business savvy. And she has true passion to drive results and
create value for our customers and shareholders.
So, I leave Xerox with tremendous confidence, pride, and
gratitude. Confidence that the future of Xerox is in the
hands of a talented team and an outstanding leader. Pride
in all that we have accomplished over the past decade in
transforming Xerox and positioning it for growth and success
far into the future. And, gratitude to Xerox people, customers
and shareholders for their trust and loyalty. It has been a
true privilege to lead this great company.