Xerox Holdings Corp Q2 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Samik Chatterjee - JPMorgan Chase & Co, Research Division - Analyst : I guess for the first one, I'm just curious how you're thinking about seasonality through the remaining 2 quarters of the year. I know you mentioned seasonality to be lower for 3Q, but more curious if you can dive into that for equipment in the $420 million of revenue you quoted in this quarter, is that sort of -- is there a tailwind there from backlog digestion? And should we expect normal seasonality even in rare in relation to equipment sales for the rest of the year? Or should we be sort of looking at it ex backlog, maybe any insights on what that underlying demand is looking for equipment sales relative to the revenue profile you have now, which might be benefiting from backlog? I have a follow-up, please.

Question: Samik Chatterjee - JPMorgan Chase & Co, Research Division - Analyst : Got it. Got it. And then Xavier, on the cash flow, you've done, I think, around $150 million of free cash flow in the first half, if I'm calculating it right, and that leaves about $450 million to be done in the second half. Can you just walk us through sort of the half over half, how you're thinking about working capital finance receivables sort of what plays into that significant improvement into the second half?