ROCHESTER . NEW YORK—  Xerox saw a drop in profits and sales in its latest quarter. $1.78 billion of revenue in Q4, down 7.9 percent year-over-year; $7.04 billion of FY revenue, up 0.2 percent year-over-year, or down 1.4 percent in constant currency. Q4 adjusted operating margin of 4.8 percent, down 470 basis points year-over-year; FY adjusted operating margin of 5.3 percent, down 130 basis points year-over-year. $182 million of free cash flow in Q4, down $39 million year-over-year; $561 million of FY free cash flow, up $87 million year-over-year. Delivered $375 million of targeted 2021 gross cost savings through Project Own It, or $1.8 billion since inception. The Xerox also noted that supply chain disruptions affected the fourth quarter, and the company expects they will remain a challenge through the first half of this year. Xerox says  the Omicron variant continued to negatively affect businesses in terms of getting people back in the office, which has impacted printing volumes.