Throughout the Management's Discussion and Analysis (MD&A), references to "Xerox Holdings " refer toXerox Holdings Corporation and its consolidated subsidiaries while references to "Xerox" refer toXerox Corporation and its consolidated subsidiaries. References herein to "we," "us," "our," the "Company" refer collectively to bothXerox Holdings and Xerox unless the context suggests otherwise. References to "Xerox Holdings Corporation " refer to the stand-alone parent company and do not include its subsidiaries. References to "Xerox Corporation " refer to the stand-alone company and do not include its subsidiaries. Currently,Xerox Holdings' primary direct operating subsidiary is Xerox and Xerox reflects nearly all ofXerox Holdings' operations. Accordingly, the following MD&A primarily focuses on the operations of Xerox and is intended to help the reader understand Xerox's business and its results of operations and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, the Condensed Consolidated Financial Statements and the accompanying notes. Throughout this MD&A, references are made to various notes in the Condensed Consolidated Financial Statements which appear in Item 1 of this Quarterly Report on Form 10-Q, and the information contained in such notes is incorporated by reference into the MD&A in the places where such references are made. In connection withXerox Holdings Corporation's announcement of the formation of the CareAR software business in the third quarter 2021, the ownership ofCareAR Holdings LLC was transferred fromXerox Holdings Corporation toXerox Corporation . Refer to Note 1 - Basis of Presentation in the Condensed Consolidated Financial Statements for additional information regarding the change in ownership ofCareAR Holdings LLC . Currency Impact To understand the trends in the business, we believe that it is helpful to analyze the impact of changes in the translation of foreign currencies intoU.S. Dollars on revenue and expenses. We refer to this analysis as "constant currency", "currency impact" or "the impact from currency." This impact is calculated by translating current period activity in local currency using the comparable prior year period's currency translation rate. This impact is calculated for all countries where the functional currency is the local country currency. We do not hedge the translation effect of revenues or expenses denominated in currencies where the local currency is the functional currency. Management believes the constant currency measure provides investors an additional perspective on revenue trends. Currency impact can be determined as the difference between actual growth rates and constant currency growth rates. Xerox 2021 Form 10-Q 41 -------------------------------------------------------------------------------- Impact of COVID-19 on Our Business Operations In response to the COVID-19 pandemic, we continue to prioritize the health and safety of our employees, customers and partners and support their needs so they can perform their work flawlessly, whether in the workplace or a remote location. During the third quarter 2021, our business continued to be impacted by the COVID-19 pandemic. The prolonged and extensive impact of the Delta variant drove many of our customers to delay their plans to return employees to workplaces. As a result, while we continued to see a correlation between the roll-out of vaccinations, the return of employees to the workplace, and the gradual recovery of our post sale revenues, the marginal improvement in our page-volume-driven post sale revenues was less than previously anticipated. In addition, global supply chain issues, created in part by the COVID-19 pandemic, have resulted in an unprecedented level of disruption that has led to shortages and transportation delays of our products and third-party IT hardware. This has resulted in lower than anticipated equipment and IT sales, higher transportation and logistics costs and growth of our order backlog1 at the end of the quarter, as our customers continued to invest in our print technology and services. We expect the ongoing effects of the COVID-19 pandemic, including the potential emergence of new variants, as well as global supply chain disruptions, to delay economic recovery and continue to affect our revenues and margins into 2022. We have a strong balance sheet and sufficient liquidity, including approximately$2.3 billion of cash and cash equivalents and access to our undrawn$1.8 billion revolver. With our Project Own It transformation and cost savings, we have built a leaner and more flexible cost structure. In addition, in response to the COVID-19 pandemic, various governments continued to employ temporary measures to provide aid and economic stimulus directly to companies through cash grants and credits or indirectly through payments to temporarily furloughed employees. We recognized savings from the use of such measures in theU.S. ,Canada andEurope . We continue to monitor government programs and actions being implemented, or expected to be implemented, to counter the economic impacts of the COVID-19 pandemic. The savings from temporary government assistance were recorded as follows in the Condensed Consolidated Statements of Income:
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