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Dear Fellow Shareholders,
The one thing that’s predictable about business is that it’s
fundamentally unpredictable. It’s constantly changing – by chance
and by design. And, macro forces bring new challenges every day.
This was certainly the case in 2011 – a pivotal year of transformation
for our business, and a year when – all said and done – Xerox people
delivered solid financial results, made measured progress, and
continued to build our company into the world’s leading enterprise
for business process and document management. Here is a brief
summary of how we performed:
•Wedeliveredadjustedearningspershareof$1.081 – up 15
percent1 over the previous year.
•Totalrevenueforthefullyearwas$22.6billion–uptwopercent
pro-forma.1
•Wegenerated$2billionincashfromoperations.
•Adjustednetincomeof$1.6billion1 was up 21 percent.1
•Weresumedoursharerepurchaseprogramin2011andmade
a sizable investment in it, as well as paying $265 million in
dividends – tangible signs of our commitment to return value
to our shareholders.
Delivering on Commitments
Throughout the year, our business faced challenges stemming from
global economic uncertainty as well as the impact on our supply
chain from the earthquake in Japan. Despite these pressures, I’m
pleased with our 2011 results, but far from satisfied. I’m impatient
by nature and, therefore, very focused on speeding up our progress.
As a company, we’re doing this through the following strategies.
While the statements themselves seem relatively simple, the
complexity is in the detail, and our priorities are clearly centered
on the implementation.
First: Accelerating our services business. We set out to grow
services faster by diversifying our offerings and expanding globally.
More of our total revenue now comes from services than technology.
In 2011, revenue from services grew six percent pro-forma1. And,
through expanded sales activities, we won a considerable amount of
new business – increasing our new business signings by 14 percent.
Letter to Shareholders
Ursula M. Burns
Chairman and Chief Executive Officer
3Xerox 2011 Annual Report