Xerox 2011 Annual Report Download - page 10

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8
Opportunities Abound
We operate in a $600 billion market. We have a sound strategy to
aggressively pursue growth. We have an enviable value proposition
that helps our clients improve their business results. We have a
business model that is proven, flexible and robust. And we have
a unique blend of innovative technology, operational excellence
and a remarkable reservoir of expertise that resides in the minds
of our people.
Our priorities remain the same in 2012. They’re straightforward and
align with every business decision we make:
•Accelerategrowthinourservicesbusiness.
•Maintainourleadershipintechnology.
•Continueourfocusonoperationalexcellence.
•Expandearningsandgiveyouagoodreturnonyourinvestment.
To that end, in 2012 we expect to continue increasing earnings per
share. We’ll grow revenue and generate strong cash flow. By doing
so, we’ll provide further value to you through dividends and share
repurchase.
We are keenly aware that the world’s economies are still in recovery.
We are humbled by the strength of our competitors. And we know
that as good as we are today, we must be even better tomorrow.
That challenge galvanizes us. We wouldn’t have it any other way.
We’re excited about the extraordinary opportunity that stretches out
before us. Xerox people – now 140,000 strong – are ready to pursue
it aggressively on your behalf. We don’t take the trust you place in us
for granted. We’re ready for real business.
Ursula M. Burns
Chairman and Chief Executive Officer
(1) We have discussed our results using non-GAAP measures. Management believes that these non-GAAP financial measures provide an additional means of analyzing the current periods’ results against the
corresponding prior periods’ results. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.
Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements
prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions.
These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods.
A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are set forth on the following page.
In memory of David T. Kearns (1930–2011)
I would be remiss if I did not mention the passing of former Xerox chairman and CEO David Kearns this past year. David led
Xerox through a turbulent time – the decade of the 1980s – when we were buffeted by foreign competition that threatened
our survival. He overhauled our product line, focused on the customer and insisted on quality in all we did. He turned the
company around and did it without sacrificing our values. As he used to say: “I’m not interested in building a big company
but a great company.”
That is David’s legacy and it permeates Xerox still. We can think of no better way to honor his memory than to persevere
in his tradition – to create value for our customers and shareholders; to uphold the values he held dear such as diversity,
sustainability and community engagement; and to leave our company – and our world – better than we found them.