Free Cash Flow ExpectationsOngoing restructuring, cost reductions, and declining core print trends, paired with efforts to ramp IT Services are negatively impacting prior FCF expectations.
IT Services GrowthThe IT Services segment remains small, and there is a need for confirmation of meaningful revenue growth from cross-sell traction across the combined company.
Market ConditionsRecent 2Q Print results point to Print demand remaining challenged, while China continues to weigh on industry results with ongoing aggressive pricing.