- Total revenue of $3.24 billion, down 6% (4% on an organic
basis)(1)
- Diluted earnings per share was $0.14 vs. $0.17 in the prior
year quarter; Non-GAAP diluted earnings per share(2) was $0.74, up
17%
- Operating cash flow of $238 million, up 87%; Free Cash Flow
of $45 million(3)
- Increased the low end of the full year adjusted EBIT(4)
margin outlook range by 50 basis points to 6.5% - 7.0%
- Increased the low-end of the full-year non-GAAP diluted
EPS(2) outlook range by $0.25 to $2.75 - $3.00
- Increased full year free cash flow(3) outlook by $50 million
to approximately $450 million
DXC Technology (NYSE: DXC) today reported results for the first
quarter of fiscal year 2025.
"I am pleased with our first quarter results that came in ahead
of our expectations on top line, adjusted EBIT margin and adjusted
diluted EPS," said DXC Technology President and Chief Executive
Officer, Raul Fernandez. "Our performance is an early testament to
the improved execution by our teams along many fronts. Our teams
are focused on designing and implementing solutions that embed
engineering skills, AI and industry expertise to capture
opportunities in an expanding addressable market. As our enhanced
operating model gains traction, we believe it positions us well to
deliver greater value for our customers, improve financial
performance and drive long-term shareholder value.”
(1)
Revenue growth on an organic basis is a
non-GAAP measure and is calculated by restating current-period
activity using the prior fiscal period's foreign currency exchange
rates, adjusted for the impact of acquisitions and divestitures. A
reconciliation of GAAP to non-GAAP measure are attached to this
release.
(2)
Non-GAAP diluted earnings per share is a
non-GAAP measure. A reconciliation of GAAP diluted earnings per
share to non-GAAP diluted per share is attached to this
release.
(3)
Free cash flow is a non-GAAP measure. Free
cash flow for the first quarter of fiscal year 2025 is calculated
by subtracting capital expenditures (Purchase of Property, Plant
& Equipment, Transition and Transformation Contract Costs and
Software Purchased or Developed) of $193 million from cash flow
from operations of $238 million. Free cash flow for the first
quarter of fiscal year 2024 is calculated by subtracting capital
expenditures of $202 million from cash flow from operations of $127
million.
(4)
Adjusted EBIT and Adjusted EBIT margin are
non-GAAP measures. Reconciliations of GAAP Net Income to adjusted
EBIT are attached to this release.
Financial Highlights - First Quarter
Fiscal Year 2025
- Total revenue was $3.24 billion, down 6% year-over-year (4% on
an organic basis).(1)
- Net income of $25 million, down 40% year-over-year, with a
corresponding margin of 0.8%, compared to net income of $42 million
in the first quarter of fiscal 2024, or 1.2% of sales.
- EBIT was $89 million, down 6% year-over-year with a
corresponding margin of 2.8%. Adjusted EBIT(4) was $222 million,
down 1% year-over-year, with a corresponding margin of 6.9%.
- Diluted earnings per share was $0.14, down 18% year-over-year.
Non-GAAP diluted earnings per share(2) was $0.74, up 17%
year-over-year.
- Cash generated from operations was $238 million, up 87%
year-over-year. Free cash flow(3) was $45 million in the first
quarter of fiscal year 2025, as compared to using $75 million in
the first quarter of fiscal year 2024.
- Book to Bill ratio was 0.77x, compared to 0.89x in the first
quarter of fiscal year 2024.
Segment Highlights - First Quarter
Fiscal Year 2025
Global Business Services ("GBS")
- Revenue was $1.67 billion, down 2% year-over-year (up 1% on an
organic basis)(1)
- Segment profit was $181 million, down 6% year-over-year, with a
corresponding margin of 10.8%
- Book to Bill ratio of 0.83x, compared to 0.84x during the first
quarter of fiscal 2024
Global Infrastructure Services ("GIS")
- Revenue from GIS was $1.56 billion, down 10% year-over-year
(down 9% on an organic basis)(1)
- Segment profit was $114 million, up 25% year-over-year, with a
corresponding margin of 7.3%
- Book to Bill ratio of 0.70x, compared to 0.94x during the first
quarter of fiscal 2024
Full Year Fiscal 2025 and Second
Quarter Fiscal Year 2025 Outlook
Full Year Fiscal 2025
- Total revenue in the range of $12.74 billion and $13.02
billion, compared to the prior outlook of $12.67 billion to $12.95
billion, a decline of 6% to 4% on an organic basis(1)
- Adjusted EBIT margin(4) between 6.5% to 7.0%, compared to the
prior outlook of 6.0% to 7.0%
- Non-GAAP diluted EPS(2) in the range of $2.75 to $3.00,
compared to the prior outlook of $2.50 to $3.00
- Free Cash Flow(3) of approximately $450 million, up from the
prior outlook of approximately $400 million
Second Quarter Fiscal 2025
- Total revenue in the range of $3.19 billion and $3.22 billion,
a decline of 6.5% to 5.5% year-over-year on an organic
basis(1)
- Adjusted EBIT margin(4) between 6.5% to 7.0%
- Non-GAAP Diluted EPS(2) in the range of $0.70 to $0.75
Additional metrics for the second quarter and full fiscal
year 2025 outlook are presented in the table below.
Revenue
Q2 FY25 Outlook
FY25 Outlook
Lower End
Higher End
Lower End
Higher End
YoY Organic Revenue %
(6.5)%
(5.5)%
(6.0)%
(4.0)%
Acquisition & Divestitures Revenues
%
(0.1)%
(0.1)%
Foreign Exchange Impact on Revenues %
(0.6)%
(0.6)%
Others
Pension Income Benefit*
~$27
~$105
Net Interest Expense
~$21
~$80
Non-GAAP Tax Rate
~32%
~32%
Weighted Average Diluted Shares
Outstanding
~184
~184
Restructuring & TSI Expense
~$375
Capital Lease / Asset Financing
Payments
~$275
Foreign Exchange Assumptions
Current Estimate
Current Estimate
$/Euro Exchange Rate
$1.08
$1.08
$/GBP Exchange Rate
$1.28
$1.28
$/AUD Exchange Rate
$0.65
$0.65
*Pension benefit is split between Cost Of Sales (COS) & Other
Income:
Fiscal year 2025: Net pension
benefit of $105 million; $50 million service cost in COS, $155
million pension benefit in Other income
Fiscal year 2024: Net pension
benefit of $92 million; $53 million service cost in COS, $145
million pension benefit in Other income
DXC does not provide a reconciliation of non-GAAP measures that
it discusses as part of its guidance because certain significant
information required for such reconciliation is not available
without unreasonable efforts or at all, including, most notably,
the impact of significant non-recurring items. Without this
information, DXC does not believe that a reconciliation would be
meaningful.
Earnings Conference Call and Webcast
DXC Technology senior management will host a conference call and
webcast to discuss results at 5:00 p.m. EDT August 8, 2024. The
dial-in number for domestic callers is 888-330-2455. Callers who
reside outside of the United States should dial +1-240-789-2717.
The passcode for all participants is 4164760#. The webcast audio
and any presentation slides will be available through a link posted
on DXC Technology’s Investor Relations website.
A replay of the conference call will be available approximately
two hours after the conclusion of the call until 11:59 PM EDT on
August 15, 2024, at 800-770-2030 for domestic callers and at
+1-647-362-9199 for international callers. The replay passcode is
4164760. A transcript of the conference call will be posted on DXC
Technology’s Investor Relations website.
About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their
mission critical systems and operations while modernizing IT,
optimizing data architectures, and ensuring security and
scalability across public, private and hybrid clouds. The world’s
largest companies and public sector organizations trust DXC to
deploy services to drive new levels of performance,
competitiveness, and customer experience across their IT estates.
Learn more about how we deliver excellence for our customers and
colleagues at DXC.com.
Forward-Looking Statements
All statements in this press release that do not directly and
exclusively relate to historical facts constitute “forward-looking
statements.” Forward-looking statements often include words such as
“anticipates,” “believes,” “estimates,” “expects,” “forecast,”
“goal,” “intends,” “objective,” “plans,” “projects,” “strategy,”
“target,” and “will” and words and terms of similar substance in
discussions of future operating or financial performance.
Forward-looking statements include, among other things, statements
with respect to our future financial condition, results of
operations, cash flows, business strategies, operating efficiencies
or synergies, divestitures, competitive position, growth
opportunities, share repurchases, dividend payments, plans and
objectives of management and other matters. These statements
represent current expectations and beliefs, and no assurance can be
given that the results described in such statements will be
achieved. Such statements are subject to numerous assumptions,
risks, uncertainties and other factors that could cause actual
results to differ materially from those described in such
statements, many of which are outside of our control. Important
factors that could cause actual results to differ materially from
those described in forward-looking statements include, but are not
limited to: our inability to succeed in our strategic objectives;
the risk of liability, reputational damages or adverse impact to
business due to service interruptions, from security breaches,
cyber-attacks, other security incidents or disclosure of
confidential information or personal data; compliance, or failure
to comply, with obligations arising under new or existing laws,
regulations, and customer contracts relating to the privacy,
security and handling of personal data; our product and service
quality issues; our inability to develop and expand our service
offerings to address emerging business demands and technological
trends, including our inability to sell differentiated services
amongst our offerings; our inability to compete in certain markets
and expand our capacity in certain offshore locations and risks
associated with such offshore locations, such as the on-going
conflict between Russia and Ukraine; failure to maintain our credit
rating and ability to manage working capital, refinance and raise
additional capital for future needs; difficulty in understanding
the changes to our business model by financial or industry analysts
or our failure to meet our publicly announced financial guidance;
public health crises such as the COVID-19 pandemic; our
indebtedness and potential material adverse effect on our financial
condition and results of operations; the competitive pressures
faced by our business; our inability to accurately estimate the
cost of services, and the completion timeline of contracts; failure
by us or third party partners to deliver on commitments or
otherwise breach obligations to our customers; the risks associated
with climate change and natural disasters; increased scrutiny of,
and evolving expectations for, sustainability and environmental,
social, and governance initiatives; our inability to attract and
retain key personnel and maintain relationships with key partners;
the risks associated with prolonged periods of inflation or current
macroeconomic conditions, including the current decline in economic
growth rates in the United States and in other countries, the
possibility of reduced spending by customers in the areas we serve,
the uncertainty related to our cost-takeout efforts, continuing
unfavorable foreign exchange rate movements, and our ability to
close new deals in the event of an economic slowdown; the risks
associated with our international operations, such as risks related
to currency exchange rates; our inability to comply with existing
and new laws and regulations, including social and environmental
responsibility regulations, policies and provisions, as well as
customer and investor demands; our inability to achieve the
expected benefits of our restructuring plans; our inadvertent
infringement of third-party intellectual property rights or
infringement of our intellectual property rights by third parties;
our inability to procure third-party licenses required for the
operation of our products and service offerings; risks associated
with disruption of our supply chain; our inability to maintain
effective disclosure controls and internal control over financial
reporting; potential losses due to asset impairment charges; our
inability to pay dividends or repurchase shares of our common
stock; pending investigations, claims and disputes and any adverse
impact on our profitability and liquidity; disruptions in the
credit markets, including disruptions that reduce our customers’
access to credit and increase the costs to our customers of
obtaining credit; counterparty default risk in our hedging program;
our failure to bid on projects effectively; financial difficulties
of our customers and our inability to collect receivables; our
inability to maintain and grow our customer relationships over time
and to comply with customer contracts or government contracting
regulations or requirements; our inability to succeed in our
strategic transactions; changes in tax rates, tax laws, and the
timing and outcome of tax examinations; risks following the merger
of Computer Sciences Corporation (“CSC”) and Enterprise Services
business of Hewlett Packard Enterprise Company’s (“HPES”)
businesses, including anticipated tax treatment, unforeseen
liabilities, and future capital expenditures; risks following the
spin-off of our former U.S. Public Sector business (the “USPS”) and
its related mergers with Vencore Holding Corp. and KeyPoint
Government Solutions in June 2018 to form Perspecta Inc. (including
its successors and permitted assigns, “Perspecta”); volatility of
the price of our securities, which is subject to market and other
conditions. For a written description of these factors, see the
section titled “Risk Factors” in DXC’s Annual Report on Form 10-K
for the fiscal year ended March 31, 2024, and any updating
information in subsequent SEC filings.
No assurance can be given that any goal or plan set forth in any
forward-looking statement can or will be achieved, and readers are
cautioned not to place undue reliance on such statements which
speak only as of the date they are made. We do not undertake any
obligation to update or release any revisions to any
forward-looking statement or to report any events or circumstances
after the date of this press release or to reflect the occurrence
of unanticipated events except as required by law.
About Non-GAAP Measures
In an effort to provide investors with supplemental financial
information, in addition to the preliminary and unaudited financial
information presented on a GAAP basis, we have also disclosed in
this press release preliminary non-GAAP information including:
earnings before interest and taxes ("EBIT"), EBIT margin, adjusted
EBIT, adjusted EBIT margin, non-GAAP diluted EPS, organic revenues,
organic revenue growth, free cash flow, and non-GAAP tax rate.
We believe EBIT, EBIT margin, adjusted EBIT, adjusted EBIT
margin, and non-GAAP diluted EPS provide investors with useful
supplemental information about our operating performance after
excluding certain categories of expenses.
One category of expenses excluded from adjusted EBIT, adjusted
EBIT margin, and non-GAAP diluted EPS, incremental amortization of
intangible assets acquired through business combinations, which, if
included, may result in a significant difference in period over
period amortization expense on a GAAP basis. We exclude
amortization of certain acquired intangible assets as these
non-cash amounts are inconsistent in amount and frequency and are
significantly impacted by the timing and/or size of acquisitions.
Although DXC management excludes amortization of acquired
intangible assets primarily customer-related intangible assets from
its non-GAAP expenses, we believe that it is important for
investors to understand that such intangible assets were recorded
as part of purchase accounting and support revenue generation. Any
future transactions may result in a change to the acquired
intangible asset balances and associated amortization expense.
Another category of expenses excluded from adjusted EBIT,
adjusted EBIT margin, and non-GAAP diluted EPS, is impairment
losses, which, if included, may result in a significant difference
in period-over-period expense on a GAAP basis. We exclude
impairment losses as these non-cash amounts, reflect generally an
acceleration of what would be multiple periods of expense and are
not expected to occur frequently. Further assets such as goodwill
may be significantly impacted by market conditions outside of
management’s control.
We believe organic revenue growth provides investors with useful
supplemental information about our revenues after excluding the
effect of currency exchange rate fluctuations for currencies other
than U.S. dollars and the effects of acquisitions and divestitures
in the periods presented. See below for a description of the
methodology we use to present organic revenues.
Selected references are made to revenue growth on an “organic
basis” so that certain financial results can be viewed without the
impact of fluctuations in foreign currency rates and without the
impacts of acquisitions and divestitures, thereby providing
comparisons of operating performance from period to period of the
business that we have owned during all periods presented. Organic
revenue growth is calculated by dividing the year-over-year change
in GAAP revenues attributed to organic growth by the GAAP revenues
reported in the prior comparable period. Organic revenue is
calculated as constant currency revenue excluding the impact of
mergers, acquisitions or similar transactions until the one-year
anniversary of the transaction and excluding revenues of
divestitures during the reporting period. This approach is used for
all results where the functional currency is not the U.S.
dollar.
Free cash flow represents cash flow from operations, less
capital expenditures. Free cash flow is utilized by our management,
investors, and analysts to evaluate cash available to pay debt,
repurchase shares, and provide further investment in the
business.
There are limitations to the use of the non-GAAP financial
measures presented in this press release. One of the limitations is
that they do not reflect complete financial results. We compensate
for this limitation by providing a reconciliation between our
non-GAAP financial measures and the respective most directly
comparable financial measure calculated and presented in accordance
with GAAP. Additionally, other companies, including companies in
our industry, may calculate non-GAAP financial measures differently
than we do, limiting the usefulness of those measures for
comparative purposes between companies.
Condensed Consolidated Statements of
Operations
(preliminary and unaudited)
Three Months Ended
(in millions, except per-share
amounts)
June 30, 2024
June 30, 2023
Revenues
$
3,236
$
3,446
Costs of services
2,526
2,719
Selling, general and administrative
301
327
Depreciation and amortization
326
344
Restructuring costs
39
20
Interest expense
72
66
Interest income
(51
)
(49
)
Loss on disposition of businesses
—
5
Other income, net
(45
)
(64
)
Total costs and expenses
3,168
3,368
Income before income taxes
68
78
Income tax expense
43
36
Net income
25
42
Less: net (loss) income attributable to
non-controlling interest, net of tax
(1
)
6
Net income attributable to DXC common
stockholders
$
26
$
36
Income per common share:
Basic
$
0.14
$
0.17
Diluted
$
0.14
$
0.17
Weighted average common shares outstanding
for:
Basic EPS
179.66
210.11
Diluted EPS
182.93
213.75
Selected Condensed Consolidated Balance
Sheet Data
(preliminary and unaudited)
As of
(in millions)
June 30, 2024
March 31, 2024
Assets
Cash and cash equivalents
$
1,317
$
1,224
Receivables, net
2,996
3,253
Prepaid expenses
541
512
Other current assets
109
146
Total current assets
4,963
5,135
Intangible assets, net
2,011
2,130
Operating right-of-use assets, net
656
731
Goodwill
531
532
Deferred income taxes, net
823
804
Property and equipment, net
1,530
1,671
Other assets
2,820
2,857
Assets held for sale - non-current
19
11
Total Assets
$
13,353
$
13,871
Liabilities
Short-term debt and current maturities of
long-term debt
$
381
$
271
Accounts payable
676
846
Accrued payroll and related costs
595
558
Current operating lease liabilities
258
282
Accrued expenses and other current
liabilities
1,261
1,437
Deferred revenue and advance contract
payments
762
866
Income taxes payable
160
134
Total current liabilities
4,093
4,394
Long-term debt, net of current
maturities
3,766
3,818
Non-current deferred revenue
619
671
Non-current operating lease
liabilities
437
497
Non-current income tax liabilities and
deferred tax liabilities
546
556
Other long-term liabilities
789
869
Total Liabilities
10,250
10,805
Total Equity
3,103
3,066
Total Liabilities and Equity
$
13,353
$
13,871
Condensed Consolidated Statements of
Cash Flows
(preliminary and unaudited)
Three Months Ended
(in millions)
June 30, 2024
June 30, 2023
Cash flows from operating activities:
Net income
$
25
$
42
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
333
351
Operating right-of-use expense
80
90
Share-based compensation
23
23
Deferred taxes
(50
)
(50
)
Gain on dispositions
(1
)
(9
)
Provision for losses on accounts
receivable
7
2
Unrealized foreign currency exchange
loss
—
23
Impairment losses and contract
write-offs
4
7
Other non-cash charges, net
5
(2
)
Changes in assets and liabilities, net of
effects of acquisitions and dispositions:
Decrease in assets
161
63
Decrease in operating lease liability
(80
)
(90
)
Decrease in other liabilities
(269
)
(323
)
Net cash provided by operating
activities
238
127
Cash flows from investing activities:
Purchases of property and equipment
(48
)
(55
)
Payments for transition and transformation
contract costs
(38
)
(62
)
Software purchased and developed
(107
)
(85
)
Business dispositions
—
(7
)
Proceeds from sale of assets
5
11
Proceeds from short-term investing
—
(3
)
Other investing activities, net
—
2
Net cash used in investing activities
(188
)
(199
)
Cash flows from financing activities:
Borrowings of commercial paper
323
546
Repayments of commercial paper
(172
)
(305
)
Payments on finance leases and borrowings
for asset financing
(91
)
(131
)
Taxes paid related to net share
settlements of share-based compensation awards
(17
)
(33
)
Repurchase of common stock
(2
)
(285
)
Other financing activities, net
—
(2
)
Net cash provided by (used in) financing
activities
41
(210
)
Effect of exchange rate changes on cash
and cash equivalents
2
—
Net increase (decrease) in cash and cash
equivalents
93
(282
)
Cash and cash equivalents at beginning of
year
1,224
1,858
Cash and cash equivalents at end of
period
$
1,317
$
1,576
Segment Profit
We define segment profit as segment revenues less costs of
services, segment selling, general and administrative, depreciation
and amortization, and other income (excluding the movement in
foreign currency exchange rates on our foreign currency denominated
assets and liabilities and the related economic hedges). The
Company does not allocate to its segments certain operating
expenses managed at the corporate level. These unallocated costs
generally include certain corporate function costs, stock-based
compensation expense, pension and other post-retirement benefits
(“OPEB”) actuarial and settlement gains and losses, restructuring
costs, transaction, separation and integration-related costs, and
amortization of acquired intangible assets.
Three Months Ended
(in millions)
June 30, 2024
June 30, 2023
GBS profit
$
181
$
192
GIS profit
114
91
All other loss
(73
)
(59
)
Subtotal
$
222
$
224
Interest income
51
49
Interest expense
(72
)
(66
)
Restructuring costs
(39
)
(20
)
Transaction, separation and
integration-related costs
(7
)
(1
)
Amortization of acquired intangible
assets
(87
)
(89
)
Merger related indemnification
—
(11
)
Loss on disposition of businesses
—
(5
)
Impairment losses
—
(3
)
Income before income taxes
$
68
$
78
Segment profit margins
GBS
10.8
%
11.3
%
GIS
7.3
%
5.2
%
Reconciliation of Non-GAAP Financial Measures
Our non-GAAP adjustments include:
- Restructuring costs – includes costs, net of reversals, related
to workforce and real estate optimization and other similar
charges.
- Transaction, separation and integration-related (“TSI”) costs –
includes third party costs related to integration, separation,
planning, financing and advisory fees and other similar charges
associated with mergers, acquisitions, strategic investments, joint
ventures, and dispositions and other similar transactions incurred
within one year of such transactions closing, except for costs
associated with related disputes, which may arise more than one
year after closing.
- Amortization of acquired intangible assets – includes
amortization of intangible assets acquired through business
combinations.
- Merger related indemnification - in fiscal 2024, represents the
Company’s then current estimate of potential liability to HPE for a
tax related indemnification.
- Gains and losses on dispositions – gains and losses related to
dispositions of businesses, strategic assets and interests in less
than wholly-owned entities.
- Impairment losses – non-cash charges associated with the
permanent reduction in the value of the Company’s assets (e.g.,
impairment of goodwill and other long-term assets including fixed
assets and impairments to deferred tax assets for discrete changes
in valuation allowances). Future discrete reversals of valuation
allowances are likewise excluded.
- Tax adjustments – discrete tax adjustments to impair or
recognize certain deferred tax assets, adjustments for changes in
tax legislation and the impact of merger and divestitures. Income
tax expense of all other (non-discrete) non-GAAP adjustments is
based on the difference in the GAAP annual effective tax rate
(AETR) and overall non-GAAP provision (consistent with the GAAP
methodology).
Non-GAAP Results
A reconciliation of reported results to non-GAAP results is as
follows:
Three Months Ended June 30,
2024
(in millions, except per-share
amounts)
As
Reported
Restructuring
Costs
Transaction,
Separation and
Integration-Related
Costs
Amortization
of Acquired
Intangible
Assets
Non-GAAP
Results
Income before income taxes
$
68
$
39
$
7
$
87
$
201
Income tax expense
43
7
1
15
66
Net income
25
32
6
72
135
Less: net (loss) income attributable to
non-controlling interest, net of tax
(1
)
—
—
—
(1
)
Net income attributable to DXC common
stockholders
$
26
$
32
$
6
$
72
$
136
Effective Tax Rate
63.2
%
32.8
%
Basic EPS
$
0.14
$
0.18
$
0.03
$
0.40
$
0.76
Diluted EPS
$
0.14
$
0.17
$
0.03
$
0.39
$
0.74
Weighted average common shares outstanding
for:
Basic EPS
179.66
179.66
179.66
179.66
179.66
Diluted EPS
182.93
182.93
182.93
182.93
182.93
Three Months Ended June 30,
2023
(in millions, except per-share
amounts)
As
Reported
Restructuring
Costs
Transaction,
Separation and
Integration-Related
Costs
Amortization
of Acquired
Intangible
Assets
Merger Related
Indemnification
Gains and
Losses on
Dispositions
Impairment Losses
Tax
Adjustments
Non-GAAP
Results
Income before income taxes
$
78
$
20
$
1
$
89
$
11
$
5
$
3
$
—
$
207
Income tax expense
36
5
—
21
11
—
1
(3
)
71
Net income
42
15
1
68
—
5
2
3
136
Less: net income attributable to
non-controlling interest, net of tax
6
—
—
—
—
—
(4
)
—
2
Net income attributable to DXC common
stockholders
$
36
$
15
$
1
$
68
$
—
$
5
$
6
$
3
$
134
Effective Tax Rate
46.2
%
34.3
%
Basic EPS
$
0.17
$
0.07
$
0.00
$
0.32
$
0.00
$
0.02
$
0.03
$
0.01
$
0.64
Diluted EPS
$
0.17
$
0.07
$
0.00
$
0.32
$
0.00
$
0.02
$
0.03
$
0.01
$
0.63
Weighted average common shares outstanding
for:
Basic EPS
210.11
210.11
210.11
210.11
210.11
210.11
210.11
210.11
210.11
Diluted EPS
213.75
213.75
213.75
213.75
213.75
213.75
213.75
213.75
213.75
The above tables serve to reconcile the non-GAAP financial
measures to the most directly comparable GAAP measures. Please
refer to the “About Non-GAAP Measures” section of the press release
for further information on the use of these non-GAAP measures.
Offerings Details
(in millions)
Q1 FY25
Q4 FY24
Q3 FY24
Q2 FY24
Q1 FY24
Consulting & Engineering Services
$
1,284
$
1,321
$
1,314
$
1,323
$
1,316
Insurance Software & BPS
389
388
379
383
378
Cloud, ITO & Security
1,206
1,290
1,277
1,318
1,320
Modern Workplace
357
384
426
409
423
Subtotal
3,236
3,383
3,396
3,433
3,437
M&A and Divestitures
—
3
3
3
9
Total Revenues
3,236
3,386
3,399
3,436
3,446
Year-over-Year Organic Revenue
Growth
Three Months Ended
(in millions)
June 30, 2024
June 30, 2023
Total revenue growth
(6.1
)%
(7.0
)%
Foreign currency
1.4
%
0.7
%
Acquisition and divestitures
0.3
%
2.7
%
Organic revenue growth
(4.4
)%
(3.6
)%
GBS revenue growth
(1.8
)%
(3.1
)%
Foreign currency
1.8
%
0.8
%
Acquisition and divestitures
0.5
%
5.6
%
GBS organic revenue growth
0.5
%
3.3
%
GIS revenue growth
(10.3
)%
(10.6
)%
Foreign currency
1.0
%
0.7
%
Acquisition and divestitures
—
%
—
%
GIS organic revenue growth
(9.3
)%
(9.9
)%
EBIT and Adjusted EBIT
Three Months Ended
(in millions)
June 30, 2024
June 30, 2023
Net income
$
25
$
42
Income tax expense
43
36
Interest income
(51
)
(49
)
Interest expense
72
66
EBIT
89
95
Restructuring costs
39
20
Transaction, separation and
integration-related costs
7
1
Amortization of acquired intangible
assets
87
89
Merger related indemnification
—
11
Loss on disposition of businesses
—
5
Impairment losses
—
3
Adjusted EBIT
$
222
$
224
EBIT margin
2.8
%
2.8
%
Adjusted EBIT margin
6.9
%
6.5
%
Source: DXC Technology Category: Investor Relations
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240808715500/en/
Roger Sachs, CFA, VP of Investor Relations, +1-201-259-0801,
roger.sachs@dxc.com Sean B. Pasternak, Corporate Media Relations,
+1-647-975-7326, sean.pasternak@dxc.com
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