Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Corporate Information
Stock Exchange Information
Xerox Holdings Corporation's common stock (XRX) is listed on the New York Stock Exchange.
There is no established public trading market for Xerox Corporation's common stock, as all of the outstanding Xerox common stock is held solely by Xerox Holdings.
Common Shareholders of Record
See Item 6 - Selected Financial Data, Xerox Holdings Corporation Five Years in Review - Common Shareholders of Record at Year-End, for additional information.
Performance Graph
Total Return to Shareholders
Year Ended December 31,
(Includes reinvestment of dividends) 2015 2016 2017 2018 2019 2020
Xerox Holdings Corporation $ 100.00 $ 86.14 $ 112.82 $ 79.66 $ 153.17 $ 101.69
S&P 500 Index 100.00 111.96 136.40 130.42 171.49 203.04
S&P 500 Information Technology Index 100.00 113.85 158.06 157.60 236.86 340.83
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Source: Standard & Poor's Investment Services
Notes: Graph assumes $100 invested on December 31, 2015 in Xerox Holdings, the S&P 500 Index and the S&P 500 Information Technology
Index, respectively, and assumes dividends are reinvested.
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Sales Of Unregistered Securities During The Quarter Ended December 31, 2020
During the quarter ended December 31, 2020, Xerox Holdings Corporation issued the following securities in transactions that were not registered under the Securities Act of 1933, as amended (the Act).
Dividend Equivalent
(a) Securities issued on October 30, 2020: Xerox Holdings Corporation issued 2,357 deferred stock units (DSUs), representing the right to receive shares of Common Stock, par value $1 per share, at a future date.
(b) No underwriters participated. The shares were issued to each of the non-employee Directors of Xerox Holdings Corporation: Jonathan Christodoro, Keith Cozza, Joseph J. Echevarria, Nicholas Graziano, Cheryl Gordon Krongard and Scott Letier.
(c) The DSUs were issued at a deemed purchase price of $18.71 per DSU (aggregate price $44,099), based upon the market value on the date of record, in payment of the dividend equivalents due to DSU holders pursuant to Xerox Holdings Corporation’s 2004 Equity Compensation Plan for Non-Employee Directors (as amended and restated in 2019 (the 2019 Restatement)).
(d) Exemption from registration under the Act was claimed based upon Section 4(2) as a sale by an issuer not involving a public offering.
Issuer Purchases of Equity Securities During the Quarter Ended December 31, 2020
In January 2021, the Xerox Holdings Corporation's Board of Directors authorized an additional $100 million of share repurchase authority, bringing the total authorization of the already existing share repurchase program to $1.1 billion (excluding fees and expenses).
Repurchases of Xerox Holdings Corporation’s Common Stock, par value $1 per share, include the following:
Board Authorized Share Repurchase Program:
Total Number of Shares Purchased Average Price Paid per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2)(3)
October 1 through 31 7,587,174 $ 19.71 7,587,174 $ 400,450,199
November 1 through 30 — — — 400,450,199
December 1 through 31 — — — 400,450,199
Total 7,587,174 7,587,174
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(1) Exclusive of fees and costs.
(2) Of the $1.1 billion of share repurchase authority previously granted by the Xerox Holdings Corporation's Board of Directors, exclusive of fees and expenses, approximately $600 million has been used through December 31, 2020. Repurchases may be made on the open market, or through derivative or negotiated contracts. Open-market repurchases will be made in compliance with the Securities and Exchange Commission’s Rule 10b-18, and are subject to market conditions, as well as applicable legal and other considerations.
(3) Balances do not include the $100 million of additional share repurchase authority authorized in January 2021.
Repurchases Related to Stock Compensation Programs (1) :
Total Number of Shares Purchased Average Price Paid per Share (2)
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
October 1 through 31 9,104 $ 18.30 n/a n/a
November 1 through 30 — — n/a n/a
December 1 through 31 758 22.48 n/a n/a
Total 9,862
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(1) These repurchases are made under a provision in our restricted stock compensation programs for the indirect repurchase of shares through a net-settlement feature upon the vesting of shares in order to satisfy minimum statutory tax-withholding requirements.
(2) Exclusive of fees and costs.
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Item 6. Selected Financial Data
Xerox Holdings Corporation
Five Years in Review
(in millions, except per-share data) 2020 2019 2018 2017 2016
Per-Share Data
Income from continuing operations
Basic $ 0.85 $ 2.86 $ 1.17 $ 0.20 $ 1.81
Diluted 0.84 2.78 1.16 0.20 1.79
Net Income (Loss) Attributable to Xerox Holdings
Basic 0.85 6.03 1.40 0.71 (1.95)
Diluted 0.84 5.80 1.38 0.71 (1.93)
Common stock dividends declared 1.00 1.00 1.00 1.00 1.24
Operations
Revenues $ 7,022 $ 9,066 $ 9,662 $ 9,991 $ 10,440
Sales 2,449 3,227 3,454 3,412 3,532
Services, maintenance and rentals 4,347 5,595 5,940 6,285 6,583
Financing 226 244 268 294 325
Income from continuing operations 192 651 310 70 486
Income from continuing operations - Xerox Holdings 192 648 306 66 483
Net income (loss) 192 1,361 374 207 (468)
Net income (loss) - Xerox Holdings 192 1,353 361 195 (471)
Financial Position (1)(2)
Working capital $ 3,305 $ 2,705 $ 1,462 $ 2,507 $ 2,357
Total Assets 14,741 15,047 14,874 15,946 18,051
Consolidated Capitalization (1)
Short-term debt and current portion of long-term debt $ 394 $ 1,049 $ 961 $ 282 $ 1,011
Long-term debt 4,050 3,233 4,269 5,235 5,305
Total Debt (2)
4,444 4,282 5,230 5,517 6,316
Convertible preferred stock 214 214 214 214 214
Xerox Holdings shareholders' equity 5,592 5,587 5,005 5,256 4,709
Noncontrolling interests 4 7 34 37 38
Total Consolidated Capitalization $ 10,254 $ 10,090 $ 10,483 $ 11,024 $ 11,277
Selected Data and Ratios
Common shareholders of record at year-end 23,916 25,398 26,742 28,752 31,803
Book value per common share $ 28.19 $ 26.28 $ 21.80 $ 20.64 $ 18.57
Year-end common stock market price $ 23.19 $ 36.87 $ 19.76 $ 29.15 $ 23.00
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(1) Balance sheet amounts prior to 2019 include balances related to our investments in XIP and Fuji Xerox, which were sold in November 2019. Refer to Note 6 - Divestitures in our Consolidated Financial Statements for additional information.
(2) As a result of the adoption of ASC 842, Leases effective January 1, 2019, finance lease obligations are reported in Other current and Long-term liabilities. Prior to 2019, finance lease obligations are included in Debt. Refer to Note 1 - Basis of Presentation and Summary of Significant Accounting Policies and, Note 11 - Lessee, in our Consolidated Financial Statements for additional information.
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Xerox Corporation
Five Years in Review
(in millions) 2020 2019 2018 2017 2016
Operations
Revenues $ 7,022 $ 9,066 $ 9,662 $ 9,991 $ 10,440
Sales 2,449 3,227 3,454 3,412 3,532
Services, maintenance and rentals 4,347 5,595 5,940 6,285 6,583
Financing 226 244 268 294 325
Income from continuing operations 193 651 310 70 486
Income from continuing operations - Xerox 193 648 306 66 483
Net income (loss) 193 1,361 374 207 (468)
Net income (loss) - Xerox 193 1,353 361 195 (471)
Financial Position (1)(2)
Working capital $ 3,395 $ 2,771 $ 1,462 $ 2,507 $ 2,357
Total Assets 14,730 15,047 14,874 15,946 18,051
Consolidated Capitalization (1)
Short-term debt and current portion of long-term debt $ 394 $ 1,049 $ 961 $ 282 $ 1,011
Long-term debt 2,557 3,233 4,269 5,235 5,305
Total Debt (2)
2,951 4,282 5,230 5,517 6,316
Convertible preferred stock — — 214 214 214
Xerox shareholders' equity 7,381 5,867 5,005 5,256 4,709
Noncontrolling interests 4 7 34 37 38
Total Consolidated Capitalization $ 10,336 $ 10,156 $ 10,483 $ 11,024 $ 11,277
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(1) Balance sheet amounts prior to 2019 include balances related to our investments in XIP and Fuji Xerox, which were sold in November 2019. Refer to Note 6 - Divestitures in our Consolidated Financial Statements for additional information.
(2) As a result of the adoption of ASC 842, Leases effective January 1, 2019, finance lease obligations are reported in Other current and Long-term liabilities. Prior to 2019, finance lease obligations are included in Debt. Refer to Note 1 - Basis of Presentation and Summary of Significant Accounting Policies and Note 11 - Lessee, in our Consolidated Financial Statements for additional information.
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