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  "documentTitle": "Xerox Corporation (XRX)",
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  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-04-17 00:00:00",
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  "notes": "Uses a waterfall bridge to visualize the reconciliation of operating margin between 2016 and 2017.",
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      "kind": "callout",
      "text": "“Currency headwinds” and “declines in revenues” only account for 22% of the offsets — the full “cost savings” were in reality offset by ~$556M of “cost creep”",
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      "text": "\"Currency headwinds\" and \"declines in revenues\" only account for 22% of the offsets — the full \"cost savings\" were in reality offset by ~$556M of \"cost creep\"",
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      "kind": "disclaimer",
      "text": "1) 2016 Adjusted Operating Margin per page 37 of Xerox 2017 10-K... [list of sources]",
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      "text": "Operating Margin: $556M",
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      "kind": "quote",
      "text": "We're in the third year of the 3-year program. We target $475 million this year. That's on top of $680 million done last year and then $550 million in 2016. Those costs have not flowed all to the bottom line on our side, because we're offsetting whether it's currency headwinds, declines in revenues, this past year, about 4.7% in constant currency.",
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      "text": "\"We're in the third year of the 3-year program. We target $475 million this year. That's on top of $680 million done last year and then $550 million in 2016. Those costs have not flowed all to the bottom line on our side, because we're offsetting whether it's currency headwinds, declines in revenues, this past year, about 4.7% in constant currency.\" — William Osbourn, Xerox CFO",
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      "text": "Xerox management touts $680M of cost savings in 2017, but ~$556M of those cost savings were offset by opaque “cost creep”",
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