Xerox 2015 Annual Report Download - page 7

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Strategic Transformation Program
In conjunction with the separation announcement, we also launched a
strategic transformation program targeting incremental savings of
$600 million over three years. This brings our total cumulative savings
target to $2.4 billion during this period, which includes our ongoing
productivity initiatives.
This plan is company-wide and will include a thorough review of how
we work and how we operate. Bottom line, we’re not only optimizing
our portfolio and capital structure, we also are driving a strategic
transformation. This will competitively position both companies and set
them up for success during the separation process and beyond.
The Year Ahead
2016 will be a defining year for Xerox.
We are dedicated to delivering on our commitments to our shareholders,
clients and employees while successfully executing the separation and
implementing the first phase of our three-year strategic transformation
program.
On behalf of the Xerox Board of Directors, I am confident that the plan
to separate into two strong, independent companies is the right path
forward to improve the value we deliver to customers and partners,
increase returns for shareholders, and become the employer of choice in
the document technology and BPO industries.
I hope you share our excitement about our company’s new path forward.
Our efforts to transform Xerox are under way, and we appreciate your
continued support during this journey.
Ursula M. Burns
Chairman and Chief Executive Officer
Ursula M. Burns
Xerox 2015 Annual Report 5
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 Page 7.
“… I hope you share our excitement about our
company’s new path forward. Our efforts to
transform Xerox are under way, and we appreciate
your continued support during this journey.”