Why does everyone keep bringing up XFS? Xerox sold that off to PEAC two years ago, and PEAC has managed to do nothing but run it into the ground. Why is the activist investor so hellbent on talking up an entity that doesn’t exist anymore?
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Hilarious. XBS has been dead for 3+ years, cascading downward for ages. Acting like any finance company can save a sales org that still acts like it is 1983
@ba If they were any good they would have been sold by now.
I want my money, and I want it now.
They sold off about 2/3rds of the customer lease recievables to peac/marlin. But there's another billion there on "the books" that would appear to be fast cash now ala JD Wentworth. One could assume though these are the sub prime or non standard lease agreements at peac/marlin didnt want. Think of all the customers possibly in y2y auto renewals with no idea, or big accounts with embedded labor arrangements in the monthly payment. Peac would have looked at the portfolio and (if any logic was applied) taken the easiest transferable ones.
Its just hilarious that XFS became the mandatory funding partner for captive XBS folks in 2021, only for Xerox to realize they didnt have the cash on hand to fund/wait for those annuities to properly mature and net. By 2023-2024 they were throwing the recievables overboard for pennies on the dollar.
The one valuable thing Xerox actually had was the local sales and service network, but theyve hollowed it out so bad that LP has to sit there and talk about new rep ""ramp time" being an excuse for falling sales. Nope nope nope, the salesforce was already suffering from terrible outsourcing, product, consolidation and offboarding decisions at the xerox corporate level. Every reinvention was do more with less. So all the good sellers and managers left. Those poor souls left are not capable of retaining clients, crossselling into IT, or frankly earning renewals without major price cuts. Its a circular and exponential failure.
Now that 4qtrs of fake lexmark revenue "growth" are over - the real math is showing again.