Xerox Holdings Corp Q3 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 if I can start on Project Reinvention. Can you just help us understand, when you're thinking about the $300 million of improvement there how should we think about impact on profitability of a sale or essentially benefit to cost of goods sold or gross profit relative to how much of this is an improvement on OpEx? And any thoughts around how long these changes on the go-to-market take for you and how sort of the timing of this $300 million should we be expecting in terms of the linearity of the improvement through the next couple or 3 years? And I have a follow-up. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 24, 2023 / 12:00PM, XRX.OQ - Q3 2023 Xerox Holdings Corp Earnings Call

Question: Samik Chatterjee - JPMorgan Chase & Co, Research Division - Analyst : Got it, got it. And for my follow-up, you did mention the weakness you're seeing in the transaction business, and I think particularly in EMEA is what you're calling out. I just wanted to understand the nature of what you're hearing from your customers. Is it really a budget consideration and pushing some of those sales out to next year? Or are they rethinking sort of their installed base or something else on a more structural basis on the devices or printer front? Any insights there, please?