and you, Steve, good Thank morning, everyone.
Steve due the taken supply product metrics As key equipment our mentioned, a to all year. price last we cost across in and delivered actions quarter demand and strong of growth chain-related stable for services, costs benefit of improvement environment another and and supply
of constant posted in last and and the revenue, the to half growth second QX, with post both sales start in revenue In year. quarter of of sales year the carried consecutive experienced constant in momentum the third fourth quarter consecutive total Starting growth we this growth over we equipment currency currency in revenue.
currency of quarter and reflected negatively digital at and X.X% impacted growth currency point by this and flows product actual XXX services. of print was headwinds growth order supplies, equipment contractual Revenue healthy in improved basis
profitability. margins price and million operating higher mix, debt to costs profit and increases, a in driven on including by sales expense, expense. a quarter of reduction in logistic We in Turning growth operating second bad $XX year-over-year improvement delivered a favorable consecutive equipment lower reduction
cost improved year and margin chain-related supply partially increases. over product by taken in XXX cost driven benefits price ongoing improved Gross These were quarter, associated action the mainly and prior product with currency basis offset points lower costs, by mix. benefits XXXX,
were and of by margin X.X% expenses points partially XXX from current cost lower by lower year-over-year actions, of losses in net expenses increased million price of basis quarter. chain-related Partially associated to supply points basis $XX effect points reduction XXX debt benefit offset offsetting from XXX were lower expense operating Adjusted currency. cost other debt, points basis lower core XXX with the increases. due $XX driven this year-over-year, from million from interest currency points Adjusted net basis bad basis XX improvement,
current The compared rate reflects quarter benefit the same tax decrease rate quarter last XX.X% certain unrecognized on in Adjusted positions benefit in year of quarter. was the tax in the year. prior nonrecurring tax the in redetermination XX.X% from to
year driven termination interest the prior to adjusted same the due rate, higher $X.XX $X.XX the as on expense of offset quarter. $X.XX currency. the contract partially lower EPS higher higher prior was well the $X.XX in lower by share by factors was income, Adjusted a operating net earnings in of first expense as tax per quarter than GAAP year,
now me in review cash and profitability Let detail. more flow revenue,
Turning as consecutive or XX% equipment. supply QX in in by driven and chain AX to Growth $XXX declined normalize. equipment device both in currency. higher-margin in particularly color production product further of for the availability million the third and our was grew EMEA, quarter XX% better actual constant year-over-year for revenue, Backlog sales of conditions roughly currency, Americas
return backlog to our levels, QX. which from typical range million of expect by to million end $XXX to We the $XXX
a to down AX for equipment. and continued work-from-home our Entry as due mix benefit quarter Equipment installation for production strongest the were revenue of product was color Installation shipments slightly on trends. this outpaced price greater and as of high-margin, normalization well installation due of ongoing the mid-range to stoppage year-over-year the Russia production increases. equipment of Office of growth
macro of X.X% and revenue by $X.XX and growth by Go currency. of Contractual currency X.X% of in driven and Post was declined the Inspire, lower partially to as largest sale and a contractual workers digital grew print print increases. the sales most including currency sales Post at hardware. in offset a billion IT actual only in constant year offerings constant digital in the due services, constant of for acquisition has year-over-year growth and price consumable office services despite grown a revenue, our our part than return source pace modest currency and expansion more or services, in large of to of digital uncertainty consistent stable
by prior of faster acquisition post improvement aided mid-single-digit Geographically, activity. including print office-related Go grew the Growth growth, further than constant this the due an quarter sales to grew Inspire. in slightly both Americas in EMEA regions was currency. stronger year
a larger in cash year. $XX now decrease cash QX. cash million cash a in strategic use Operating QX million, use and flow reduction flow cash prior driven Free was was buying and $XXX QX, year-over-year. compared was action greater $XX flow. product payable in of capital availability, the Working of by review of million inventory, Let’s resulting of flow, reflecting $XX to cash in higher year-over-year in $XX for a positioning million in accounts million ahead by $XX million
receivable net reflecting of the higher cash payment in million partially of funding quarter offsetting source operating cash higher recently program source source of year, offset $XXX compared of a was timing benefit liability unfavorable lease also this the were of income finance a our of with to The signed in by prior of greater $X this the cash cash operating operating Positively placements. million HPS, from use assets effect Finance receivable. resulted a on activity this quarter. of other
of due a $XX of the and and were activity million this M&A Investing quarter, CapEx. the of cash in a to XXXX includes million cash of $XXX debt. of to million which of million $XXX activity lower consumed Financing cash activity compared use approximately use $XXX $XX lower of million remaining prior year notes the payment of secured
paid shares. and not quarter, $XX we any million the totaling dividends During did repurchase
profitability. to margin Turning basis for adjusted reasons year-over-year QX discussed. expanded points operating previously profit XXX
uncertainty. base We carefully cost in macro are monitoring context our the of
mentioned, reflects It ongoing Own years. in prior by Project the with benefit Steve improvement operating quarter profitability discipline this As associated instilled
our We cost flexible. strategic to also in base XXXX benefited more from actions make taken
driven do we operating specific cost continuous year, increase we expect deliver not expected savings our are an culture cost on to expected cost product to gross efficiency reductions. efficiencies of in low- support XXXX, for to providing margin the While XXXX growth are in by These an of despite for improvement mid-single-digit cost. official target
We effort a flexible more ability are confident simplification of diversification cost sourcing. business greater in structure, increases on more your to [ph] cost product product offset price through fit contractual ongoing than increases, future our
Turning product origination, XX% function dealers XX%, particularly origination vendors, Xerox year-over-year. to in in mid-market. channel volume growth new and which non-Xerox third-party higher Captive segment. Non-captive includes FITTLE were revenue, grew XX% currency FITTLE of due equipment originations grew the on in third-party of a down finance the close the on dealer HPS XX% sequentially to to finance actual existing equipment origination. origination Despite QX receivable X% runoff and in continued relationships funding of of were FITTLE assets origination. activity, up growth
costs, including operating reduction which Xerox declined reflect FITTLE $XX year-over-year. revenue, year-over-year revenue funding fees, lower commission partially and expense. installs in new by intersegment was prior a Segment in to profit higher down bad X.X%, debt the to with This higher lower XXX mainly $X partially Segment X% associated in was by points offset million, a down decline decline million borrowing agreement. higher revenue, QX, basis due period. lease due in was margin those offset receivable equipment
X.X% million resulting margin profit year. mix taken QX. versus lower supplies, XXX improved Other the quarter, $XXX logistic Other Print prior and Print grew expansion price and product revenue segment an and year-over-year, profit improved the cost benefit basis and segment in last by in in actions points year driven of cost
million of to debt cash, portfolio, securitization. the debt of of due $XXX outstanding $X.X capital remaining bonds $XXX consists the debt debt. support $X.X roughly restricted secured asset million of the the our $XXX million around prior and on with is remaining cash of to allocated cash, Turning senior business. Net finance billion ended of from Total cash our QX FITTLE lease was from billion to structure. the attributable million unsecured repayment $XXX of on million around notes a core We down core XXXX mainly QX quarter. of with and around reduction level equivalent $XXX to
maturity balanced XX over with months. ladder years coming due a the over the next bond next have no few We debt
I Finally, guidance. address will
and for single remains down outlook reflect Our with macroeconomics for stable to unchanged to revenue contingency low continue demand flat at environment potential a some digits weakness.
benefited labor from margin, margin quarter. The said, in after across to to benefited a quarter. operating the not income cost operating excluding future to we is and QX favorable which with success of by may repeat future expected X.X% of margin as QX position. from equipment on range previously bad of item Regarding efficiency benefit also a This mainly revenue higher-than-expected X.X%. QX mix, currency, normalize ongoing debt reflects the from That partially QX a margin as well even better-than-expected at in profit in programs, margin to increase operating profitability unfavorable guidance mentioned X% are profit a which credit open number lower profit guidance increasing adjusting QX. greater-than-expected least offset affect associated
The were could no our be activity. adjusted conversion, macroeconomic receivable for change which guidance, operating excluding income, operating outcomes the uncertainty XXX% cash flow did indicated to still largely to profit affect margin is expected changes made profit which our the range finance of We free cash but to of free assumption to flow year. reflects degree of not XX%
open the now Q&A. for line We’ll
