#finance

Anybody in Finance worried? They have automated so many reports it feels like they are preparing to RIF us.

SteveB,

You just reported Q3’25 results.

Let’s strip out the “reinvention” slogans and talk GAAP facts.

Because GAAP is the real score: it shows what a company truly earns and spends, with no special adjustments or “creative” add-backs.

Here are the questions employees and investors deserve answers to:

⸻

Q3 GAAP gross margin was 22.7%, not the ~29% “adjusted” number repeated on calls.

When will Xerox return to even 25% GAAP gross margin?

If not in 2026, what is the plan?

⸻

GAAP operating results remain NEGATIVE before interest expense in pro-forma terms.

How do you claim “positive operating momentum” when GAAP still shows operating LOSSES?

⸻

Xerox already took a ~$1B goodwill impairment in Q3’24.

Analysts expect another ~$1B in Q4’25.

After ~$2B in goodwill impairment in two years, how can you claim the strategy has created value?

⸻

Quarterly interest expense: ~$70M

Annual interest burden: ~$280M

How does Xerox service this debt load when GAAP operating income is NEGATIVE?

⸻

2025 Free Cash Flow (FCF) guidance cut to $150M, while cash generation relies heavily on receivables liquidation (~$400M).

Once receivables are gone, what funds operations?

When does Xerox produce true operating cash, not working-capital pull-forward?

⸻

Cash at Q3’25: ~$535M

Expected Q4 hit from impairment, restructuring, interest: > $1B

How many quarters of runway remain before EXTERNAL CAPITAL becomes MANDATORY?

⸻

Headline revenue +28% was entirely acquisition-driven.

Pro-forma organic revenue: -8%.

When does Xerox deliver organic growth — without buying it?

⸻

Legacy print equipment installs declined 24%; core print post-sale revenue -5%.

At what point do you acknowledge the print decline is STRUCTURAL, not “delayed demand”?

⸻

Synergies raised to >$300M, but integration costs are front-loaded and recurring.

What percent of announced synergies have actually hit GAAP results?

Not adjusted — GAAP. Give the number.

⸻

Moving SMB accounts to partners, closing direct touchpoints, offshoring operations.

Is this a transformation — or a cost-collapse to survive declining print economics?

⸻

Xerox booked a valuation allowance against deferred tax assets.

If the future is so bright, why does your own accounting tell us future taxable profits are uncertain?

⸻

1200+ roles eliminated.

Yet no GAAP earnings improvement.

How many more jobs must be cut before the financials turn? Or is cost-cutting the strategy?

⸻

Final Question:

When will Xerox return to GAAP profitability and positive GAAP operating cash flow without working-capital burn?

Provide a quarter and a number.

No slogans. No AI buzzwords. No “Reinvention” language.

Just GAAP math, dates, and accountability.

Employees, customers, and investors deserve nothing less.

https://investors.xerox.com/news-releases/news-release-details/xerox-releases-third-quarter-results-1

It's a question, not a statement.

We know they skipped the Goodwill testing and put it off until Q4. We also know they are required to do it once a year, and they absolutely have to in Q4.

If I'm reading this thing right, the Goodwill far exceeds the Total Equity. I know a lot of the one time losses will be gone on the Q4 call, but still, the EV could go to 0 or negative.

To pay me severance????

For everyone getting all bricked up about billion dollar investment announcements - just ask yourself some simple questions - where is the money? Do you see it anywhere on our books? Where is the new customer demanding any kind of capacity add?

I can tell you all day that I’m PLANNING to buy a lambo in the future - but you shouldn’t get too excited until you see it in my driveway.

It’s Q4 and it’s bleak - don’t believe the hype.

https://www.wsj.com/business/c-suite/fiserv-erases-30-billion-in-market-value-after-new-ceo-pulls-guidance-63c8ba9f?st=erghX1&reflink=desktopwebshare_permalink

The collapse of Fiserv should be a warning sign for every US citizen. The executive branch of the US Government is operating in the same way as Fiserv...even some of the same players are involved. The outcome will be the same. Find a safe haven for your assets and buckle in because this will be a wild ride!

Well, CEO decides to sell over 12,000 Xerox patents……..water next ???

https://www.businesswire.com/news/home/20251029989279/en/IPValue-Acquires-Major-Patent-Portfolio-from-Xerox

Curious if anyone knows what’s going on with finance?

LOB: CLT

Did anyone get notified they were impacted today? Or will we be told tomorrow?

For FP&A, do teams experience layoffs if their business partners are experiencing layoffs, or is it across the board? Any one who was here during 2015 have some intel?

Another round of layoffs starting today. No love for tenure employees as three of my closest friends have been impacted

AI spending -

Is driving the stock market (for now) but be aware.

The (7) Major Debt bubbles.

U.S. economic-financial system.

Debt bubbles (ultimately) lead to crashes (especially in the stock market).

Total household debt - $18.4 Trillion, and (rising) as of 2025 2nd quarter (a record).

It has been proven time-and-time again in U.S. history.

All of these are at (record) levels.

List of (current) U.S. debt bubbles -

U.S. National debt - $37.9 Trillion, and (rising) exponentially per usdebtclock (add another $3.74 Trillion (minimum) from the Trump Tax bill). Financed by outside Investors (a record).

U.S. mortgage debt - $12.94 Trillion, and (rising) as of 2025 2nd quarter (a record).

U.S. credit card debt - $1.33 Trillion, and (rising) as of 2025 3rd quarter (a record).

U.S. automotive debt - $1.66 Trillion, and (rising) as of 2025 3rd quarter (a record).

U.S. student loan debt - $1.81 Trillion, and (rising) as of 2025 3rd quarter (a record).

There is also (record) debt ($1.13 Trillion, September 2025 per FINRA) in the stock market by Investors financing purchases.

The U.S. Government shutdown (still ongoing) proves the U.S. National debt part (even more).

These are the facts.

Finance already runs super lean and has many lower level analyst spots open. Will it be spread even thinner in the lower positions? Will Sr Managers be mostly affected? I would assume that it isn’t the first to be cut..

For those of you that own stock in Humana, are you pleased with this year’s stock’s position? What are your feelings about 2026, in regards to Humana’s stock’s position?

i heard they take 50%??????? can we defer this for 2026 as i'll have low income that year

JPMorgan analyst Sebastiano Petti:

"We anticipate that Schulman will pursue an assertive strategy to accelerate Verizon's fiber footprint growth, with a heightened focus on convergence to lower churn and enhance consumer segment volumes and share. However, increased capital expenditures to support footprint expansion are likely to pressure free cash flow and impede the company's de-leveraging trajectory. As a result, we would not be surprised if Verizon suspends dividend growth to prioritize investment in growth initiatives and/or discretionary share buybacks."

https://www.investors.com/news/technology/att-stock-verizon-stock-dividend-tmobile-stock-new-ceo/?src=A00220

Anyone know anting about Finance?

Not sure how these folks plan to survive. Most of their field personnel are financing the company because they don't pay their expenses on time. The hard part of working here is when they tell to find another vendor because they haven't paid the other 3 yet and the vendors won't do work for us any longer. I've never seen a business function the way this one does, and I don't think it will keep this pace long!

Are we paying attention to FRED - why are banks frantically sell off Treasury bonds and Mortgages?

Banks are saying they have a capital and liquidity issue. They are selling off all their bonds (like taking your gold and diamonds to a pawn shop) and mortgage securities (like taking your clothes, food, and furniture).

USAA (and navy fed) is in a worst case scenario as most of our deposits come DoD / Government pay (or social security) food stamps no longer being paid out, etc.

2021: zero banks went to repo market to sell or "pawn" assets
2022: zero banks went to repo market to sell or "pawn"assets
2023:zero banks went to repo market to sell or "pawn"assets
2024:zero banks went to repo market to sell or "pawn"assets
2025:zero banks went to repo market to sell or "pawn"assets
2025: Sept $6.5B in treasury and $1.5B in Mortgage Backed)
October: $6.6B in treasury and $8.6B in Mortgage Backed)

Also, look at the dates - its right before pay day. USAA was expecting $7B in direct deposits on the 30th and 15th. In Sept we utilized the remaining liquidity we had and went to repo market. In oct looks like we sold a LOT and are paycheck to paycheck.

Layoffs will be the least of our problems - hint, change your direct deposit to your alternate bank. Another hint, yea someone will most likely bail us out - but with their company.

(this topic is much deeper and more complex) this is just the high points with a few facts.

https://www.newyorkfed.org/markets/desk-operations/repo

Apparently the comments about the Hermes belt crossed the line.

if they were good, there would have been posts all over.

i’m guessing 1.6

Judge lets $67.5M premium financing lawsuit against MassMutual, Penn Mutual move forward

(Source:https://insurancenewsnet.com/innarticle/montana-funeral-directors-67-5m-premium-financing-suit-proceeds)

I’ve seen some people mentioning Finance. Who else?
Good luck to us all.

I’ve seen many stock market analyst calls where turnaround, reinvention, etc are claimed. Same with initiatives like OwnIT, re-imagine, etc. Also revenue promises from things never really monetized: 3D print, digital paper, etc. I observe Wall Street eats it up and then, when these things didn’t deliver - silence. Maybe now that dividend and finances r in the toilet we might see a strong sell opinion? Not holding my breath.

Did Citi mistakenly wire $250 Billion to hedge fund last week?

If you make 2 or 3x the average household income in the USA, then you should be saving and index investing that extra 50 or 66 percent. If you don't, you are living a risky existence for stupid material things that mean nothing in the long run. Look at all of these posts here on the layoff forum. Realize that you are only 1 bad management decision away from earning a goose egg for a living. I retired at age 52. Because I earned several millions in about 20 years of working as a software developer at Fidelity Investments, by investing in index funds. I didn't want to retire but my stupid boss wanted to PIP me. And I had enough money. And I had enough of his BS. And I had an option to get out of the working world entirely. Because of simple decisions like driving a 20 year old car. And working on it myself. And investing in index funds. So simple. The future is never guaranteed. The present is your zone to make the most of, in the best interest of your future self. Layoff forum is just a wake up call to make your future financially secure.

Qualcomm CEO Cristiano R. Amon sold 150,000 shares of company stock on October 1, 2025, for a total of approximately (\$24.8) million. This transaction was reported in a filing with the SEC. After the sale, Amon still held 149,304 shares in the company.

What is going on? Does he really need that much cash?
 

With the Execs bringing on more friends at the top in to non existent roles the share price is tanking. Results are due on the 30th Oct, Ra wul going to talk a load of AI, swinging it out as much as he can. This is getting worse than Sallys Ex Accenture gang milking raid. Nobody is buying the fried chicken excuses.

Acrisure is right now cutting 400+ accounting jobs. Good jobs, well paid (relatively) - this is all gone - last day will be in Q1 2026... they are saying it's AI, workflows, tech advancements, etc... it's about 2% of the totalk workforce but I think it'll be more than this. They are just starting and it'll get worse.

Barron's:

• Genius or Cliff Dive (Larry Ellison’s $300 billion dollar AI Power Play)

Oracle is riding the AI wave like a rocket, with the stock up 373% in 3 years, a reported $300 billion dollar OpenAI contract, and a backlog exploding to $455 billion dollars.

Larry Ellison, 81 and still in attack mode, is turning Oracle into the supplier of choice for AI builders, not a rival. The playbook is simple: data plus compute equals destiny. The company is loading up on capacity and customers, while Ellison pursues strategic side quests that protect the core, from the TikTok USA bid to deep ties with Skydance and Paramount.

The bill is massive. Oracle is taking on more than 90B dollars in long-term debt, sold 18B dollars in bonds in September, and could see gross margins fall from about 72 percent to about 52 percent by 2029 even as revenue soars.

If OpenAI and a few whales deliver, Ellison’s biggest bet becomes his legacy, with scale lifting profits over time. If contracts wobble or capex drags, customer concentration plus leverage becomes the plot twist. Translation: Oracle is trading margin now for AI dominance later, and Wall Street is watching.

Source:

https://www.barrons.com/articles/larry-ellison-oracle-56e03912

Barron's:
Genius or Cliff Dive (Larry Ellison’s $300 billion dollar AI Power Play)

Oracle is riding the AI wave like a rocket, with the stock up 373% in 3 years, a reported $300B dollar OpenAI contract, and a backlog exploding to 455B dollars.

Larry Ellison, 81 and still in attack mode, is turning Oracle into the supplier of choice for AI builders, not a rival. The playbook is simple: data plus compute equals destiny. The company is loading up on capacity and customers, while Ellison pursues strategic side quests that protect the core, from the TikTok USA bid to deep ties with Skydance and Paramount.

The bill is massive. Oracle is taking on more than 90B dollars in long-term debt, sold 18B dollars in bonds in September, and could see gross margins fall from about 72 percent to about 52 percent by 2029 even as revenue soars.

If OpenAI and a few whales deliver, Ellison’s biggest bet becomes his legacy, with scale lifting profits over time. If contracts wobble or capex drags, customer concentration plus leverage becomes the plot twist. Translation: Oracle is trading margin now for AI dominance later, and Wall Street is watching.

Source:

https://www.barrons.com/articles/larry-ellison-oracle-56e03912

Who can do that?

What are you doing with your shares of ILMN? I’ve got shares from vested RSUs and ESPPs. I’ve been just buying and holding. Anybody else have a more thoughtful strategy?

Didn’t take long for us to hit another 52 week low - $3.38 officially registered today.
My guess is we’ll be below $3 by earnings call time later this month. WOW!!

Amon got the insider information to sell the shares?
Is more storm coming?

https://finance.yahoo.com/news/qualcomm-incorporated-qcom-sued-over-144828731.html

It's coming -

PROJECT: FLEET AUTOMATION 2025
Strategic Labor Cost Reduction Through Autonomous Vehicle Implementation
DOCUMENT: ATT-FLEET-OPT-2025-CONF
SCOPE: 20,000 VEHICLES | 20,000 TECHNICIANS
VERSION: 3.0

💰 PROJECTED ANNUAL SAVINGS: $176M - $264M through transit wage reclassification

Current Hourly Rate
$45 - $60
per hour during transit
Proposed Hourly Rate
$7.25 - $15*
minimum wage during transit
Hourly Savings
$37.75 - $52.75
per technician hour
Daily Savings per Tech
$75 - $158
(2-3 hours transit daily)

EXECUTIVE SUMMARY

This initiative targets the reclassification of 2-3 daily transit hours from premium technician rates ($45-$60/hr) to minimum wage ($7.25-$15/hr), generating massive labor cost savings while maintaining current service levels through autonomous vehicle deployment.

EXECUTIVE SUMMARY

This initiative targets the reclassification of 2-3 daily transit hours from premium technician rates ($45-$60/hr) to minimum wage ($7.25-$15/hr), generating massive labor cost savings while maintaining current service levels through autonomous vehicle deployment.
CORE FINANCIAL STRATEGY

Current Cost: $45-$60/hr × 2.5 hours × 20,000 technicians = $2.25M-$3M DAILY transit cost
Optimized Cost: $7.25-$15/hr × 2.5 hours × 20,000 technicians = $362K-$750K DAILY transit cost
Daily Savings: $1.5M - $2.5M per day
Annual Impact: $176M - $264M (250 working days)

ANNUAL SAVINGS CALCULATION

20,000 technicians × 2.5 hours transit/day × 250 days/year = 12,500,000 transit hours annually

Current Cost: 12,500,000 hours × $52.50/hr (avg) = $656,250,000

Proposed Cost: 12,500,000 hours × $11.13/hr (avg min wage) = $139,125,000

ANNUAL SAVINGS: $517,125,000
COST-BENEFIT ANALYSIS
Implementation Costs:

Autonomous Vehicle Fleet: $400M (20,000 vehicles @ $20,000 each)
Technology Infrastructure: $50M
Training & Transition: $25M
Legal & Compliance: $15M
Total Implementation: $490M

Financial Returns:

Year 1 Savings: $517M (after 6-month ramp)
Year 2+ Savings: $620M+ (full implementation)
ROI Period: 10.5 months
5-Year Net Savings: $2.6B+

WAGE RECLASSIFICATION STRATEGY
TRANSIT TIME = MINIMUM WAGE TIME
Autonomous vehicle operation redefines transit as "non-productive time," enabling legal wage reduction to minimum levels while technicians are between job sites.
JOB SITE TIME = PREMIUM WAGE TIME
Technicians continue receiving $45-$60/hr only when physically at customer locations performing skilled work.
UNION IMPACT MITIGATION
Removing "driving" as a skilled trade function eliminates union jurisdiction over 20-30% of current compensated hours.

RISK MANAGEMENT & MITIGATION

Legal Challenges: $15M legal fund, precedent research, state-by-state compliance
Union Response: Phased implementation, "modernization" messaging, individual agreements
Employee Morale: Retention bonuses for high performers, career path emphasis
Public Relations: "Innovation leadership" narrative, environmental benefits focus

COMMUNICATION STRATEGY

External: "Industry-leading technology adoption," "Sustainable fleet management," "Work-life balance enhancement"

Internal: "Modernized work models," "Competitive positioning," "Efficiency optimization," "Career development focus"
KEY MESSAGE: "We're investing $490M in cutting-edge technology to improve our operations and remain industry leaders."
🎯 FINANCIAL IMPACT: $517M ANNUAL SAVINGS | 10.5 MONTH ROI | $2.6B 5-YEAR VALUE