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  "documentTitle": "Xerox Corporation (XRX)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-04-17 00:00:00",
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  "notes": "The slide uses a red box highlight to draw attention to the stagnant operating profit margins despite reported cost savings.",
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      "text": "$1.23B of \"cost cuts\" but only 30 bps or ~$30M of margin improvement",
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      "text": "$1.23B of “cost cuts” but only 30 bps or ~$30M of margin improvement",
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      "text": "Adjusted Operating Profit Margin: $30M",
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      "text": "Source: Xerox 2017 10-K",
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      "kind": "table",
      "text": "Select Xerox Financials table showing Revenue, COGS, Gross Profit, SG&A, Operating Cash Flow, Adjusted Operating Profit, and Gross Cost Savings from 2015-2017.",
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      "text": "In fact, only $30M of management's apparent $1.23B of \"cost cuts\" over the past two years flowed to the bottom line",
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