Xerox Holdings Corporation (XRX) Earnings Call Transcript & Summary

Good morning, and welcome to Xerox's 2025 Annual Meeting of Shareholders. I'm Scott Letier, Chairman of the Board of Xerox Holdings Corporation, and I'll be chairing today's meeting. With me today are the following directors and members of the Xerox management team: Steve Bandrowczak, Chief Executive Officer; John Bruno, President and Chief Operating Officer. Also joining us are key following -- are following key members of the management team: Mirlanda Gecaj, Executive Vice President and Chief Financial Officer; Louis Pastor, Executive Vice President, Chief Administrative Officer and Global Head of Operations; Flor Colón, Chief Legal Officer and Corporate Secretary. And finally, we are joined by David Charles from PricewaterhouseCoopers, the company's independent auditor. I'll now turn it over to Flor, who will handle the business of the meeting today.

Thank you, Scott, and welcome to everyone who is joining us today. The proxy materials were made available to all shareholders of record of the company as of the close of business on March 28, 2025, the record date set by the Board of Directors for the purpose of voting at this meeting. Joanne Vogel of Broadridge Financial Solutions has provided an executed and notarized affidavit of mailing. John Merva of American Election Services has been appointed to act as Inspector of Election. He has subscribed his oath of office and submitted his report as follows. There were 125,779,735 shares of common stock outstanding on March 28, 2025. The holders of approximately 96,207,757 shares are represented at this meeting, which is approximately 76% of the outstanding shares of common stock. Accordingly, a quorum is present, and I now declare that this meeting is legally convened. This meeting is being recorded. Those who were not able to attend today's meeting will be able to listen to the recording posted on the Xerox website following the meeting. As we go through the formal business of the meeting, I'd like to remind everyone that only shareholders may ask questions. Please limit questions to each specific proposal as presented. If you have a general comment or question, there will be a general question-and-answer period at the end of the meeting. If you would like to speak or ask a question, please go to the microphone located in the aisle, state your name and the name of the organization you are representing, if any. Please limit your comments and questions to no more than 3 minutes. For those shareholders who wish to vote in person, there are ballots available. Please raise your hand if you need a ballot, and we will bring one to you. Those ballots will be collected when we have completed our discussion on the proposals. I will now present the proposals to be voted upon. Each proposal has been provided in the proxy statement for this annual meeting. Proposal 1. The first item is the election of the 9 nominees named in the proxy statement for a 1-year term as director. Proposal 2. The second item is the ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2025. Proposal 3. The third item is the approval on an advisory basis of the 2024 compensation of the company's named executive officers. Proposal 4. The fourth item is the approval of an amendment to the Xerox Holdings Corporation 2024 Equity and Performance Incentive Plan to increase share reserve. I move for the approval of proposals 1, 2, 3 and 4 as set forth in the proxy statement for this annual meeting. Are there any questions or comments about any of the foregoing proposals? We have received no questions or comments regarding the proposals. With the discussion of the proposals now concluded, we will proceed to the voting. The polls are now open. If there's any shareholder who would like to vote now, please stand so that we can collect your ballot and make sure your vote is counted. The ballots are in. I now declare the polls closed. The Inspector of Election has presented his preliminary report to me. I will now present the results. I declare that all of the directors nominated by the Board have been elected; the selection of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2025 has been ratified; the 2024 compensation of our named executive officers has been approved; and an amendment to the Xerox Holdings Corporation 2024 Equity and Performance Incentive Plan to increase share reserve has been approved. Now I'll turn the meeting back to Mr. Letier, Scott to close the meeting.

Thank you, Flor. There being no further business to come before the meeting, the meeting is adjourned. Thank you very much for being with us today.