DXC Technology Reports Third Quarter Fiscal 2020 Results

Adjusted Free Cash Flow

A reconciliation of net cash provided by operating activities to adjusted free cash flow is as follows:

(in millions)

 

Three Months Ended

December 31, 2019

 

Nine Months Ended

December 31, 2019

Net cash provided by operating activities

 

$

477

 

 

$

2,062

 

Net cash used in investing activities (1)

 

(75

)

 

(2,047

)

Acquisitions, net of cash acquired

 

76

 

 

1,997

 

Payments on capital leases and other long-term asset financings

 

(225

)

 

(646

)

Payments on transaction, separation and integration-related costs

 

68

 

 

203

 

Payments on restructuring costs

 

76

 

 

273

 

Gain on arbitration award

 

 

 

(632

)

Adjusted free cash flow

 

$

397

 

 

$

1,210

 

__________  

(1) Excludes short-term investments.

Non-GAAP Results

A reconciliation of reported results to non-GAAP results is as follows:

 

 

Three Months Ended December 31, 2019

(in millions, except per-share amounts)

 

As

Reported

 

Restructuring

Costs

 

Transaction,

Separation and

Integration-

Related Costs

 

Amortization of

Acquired

Intangible Assets

 

Goodwill

Impairment

Losses

 

Tax

Adjustment

 

Non-GAAP

Results

Costs of services (excludes depreciation and amortization and restructuring costs)

 

$

3,827

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

3,827

 

Selling, general and administrative (excludes depreciation and amortization and restructuring costs)

 

518

 

 

 

 

(68

)

 

 

 

 

 

 

 

450

 

Income from continuing operations before income taxes

 

127

 

 

74

 

 

68

 

 

146

 

 

53

 

 

 

 

468

 

Income tax expense

 

37

 

 

10

 

 

16

 

 

34

 

 

53

 

 

(10

)

 

140

 

Net income

 

90

 

 

64

 

 

52

 

 

112

 

 

 

 

10

 

 

328

 

Less: net income attributable to non-controlling interest, net of tax

 

8

 

 

 

 

 

 

 

 

 

 

 

 

8

 

Net income attributable to DXC common stockholders

 

$

82

 

 

$

64

 

 

$

52

 

 

$

112

 

 

$

 

 

$

10

 

 

$

320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

29.1

%

 

 

 

 

 

 

 

 

 

 

 

29.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS from continuing operations

 

$

0.32

 

 

$

0.25

 

 

$

0.20

 

 

$

0.44

 

 

$

 

 

$

0.04

 

 

$

1.25

 

Diluted EPS from continuing operations

 

$

0.32

 

 

$

0.25

 

 

$

0.20

 

 

$

0.44

 

 

$

 

 

$

0.04

 

 

$

1.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

255.09

 

 

255.09

 

 

255.09

 

 

255.09

 

 

255.09

 

 

255.09

 

 

255.09

 

Diluted EPS

 

256.05

 

 

256.05

 

 

256.05

 

 

256.05

 

 

256.05

 

 

256.05

 

 

256.05

 

 

 

Nine Months Ended December 31, 2019

(in millions, except per-share amounts)

 

As

Reported

 

Restructuring

Costs

 

Transaction,

Separation and

Integration-

Related Costs

 

Amortization of

Acquired

Intangible Assets

 

Goodwill

Impairment

Losses

 

Gain on

Arbitration

Award

 

Tax

Adjustment

 

Non-GAAP

Results

Costs of services (excludes depreciation and amortization and restructuring costs)

 

$

11,128

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

11,128

 

Selling, general, and administrative (excludes depreciation and amortization and restructuring costs)

 

1,514

 

 

 

 

(226

)

 

 

 

 

 

 

 

 

 

1,288

 

(Loss) income from continuing operations before income taxes

 

(1,666

)

 

248

 

 

226

 

 

435

 

 

2,940

 

 

(632

)

 

 

 

1,551

 

Income tax expense

 

191

 

 

42

 

 

43

 

 

99

 

 

53

 

 

 

 

(39

)

 

389

 

Net (loss) income

 

(1,857

)

 

206

 

 

183

 

 

336

 

 

2,887

 

 

(632

)

 

39

 

 

1,162

 

Less: net income attributable to non-controlling interest, net of tax

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

Net (loss) income attributable to DXC common stockholders

 

$

(1,874

)

 

$

206

 

 

$

183

 

 

$

336

 

 

$

2,887

 

 

$

(632

)

 

$

39

 

 

$

1,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

(11.5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

25.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS from continuing operations

 

$

(7.20

)

 

$

0.79

 

 

$

0.70

 

 

$

1.29

 

 

$

11.09

 

 

$

(2.43

)

 

$

0.15

 

 

$

4.40

 

Diluted EPS from continuing operations

 

$

(7.20

)

 

$

0.79

 

 

$

0.70

 

 

$

1.28

 

 

$

11.03

 

 

$

(2.42

)

 

$

0.15

 

 

$

4.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

260.24

 

 

260.24

 

 

260.24

 

 

260.24

 

 

260.24

 

 

260.24

 

 

260.24

 

 

260.24

 

Diluted EPS

 

260.24

 

 

261.69

 

 

261.69

 

 

261.69

 

 

261.69

 

 

261.69

 

 

261.69

 

 

261.69

 

 

 

Three Months Ended December 31, 2018

(in millions, except per-share amounts)

 

As

Reported

 

Restructuring

Costs

 

Transaction,

Separation and

Integration-

Related Costs

 

Amortization of

Acquired

Intangible Assets

 

Tax

Adjustment

 

Non-GAAP

Results

Costs of services (excludes depreciation and amortization and restructuring costs)

 

$

3,725

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

3,725

 

Selling, general and administrative (excludes depreciation and amortization and restructuring costs)

 

491

 

 

 

 

(107

)

 

 

 

 

 

384

 

Income from continuing operations before income taxes

 

469

 

 

76

 

 

107

 

 

134

 

 

 

 

786

 

Income tax expense

 

3

 

 

18

 

 

26

 

 

36

 

 

77

 

 

160

 

Income from continuing operations

 

466

 

 

58

 

 

81

 

 

98

 

 

(77

)

 

626

 

Income from discontinued operations, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

466

 

 

58

 

 

81

 

 

98

 

 

(77

)

 

626

 

Less: net income attributable to non-controlling interest, net of tax

 

4

 

 

 

 

 

 

 

 

 

 

4

 

Net income attributable to DXC common stockholders

 

$

462

 

 

$

58

 

 

$

81

 

 

$

98

 

 

$

(77

)

 

$

622

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

0.6

%

 

 

 

 

 

 

 

 

 

20.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS from continuing operations

 

$

1.68

 

 

$

0.21

 

 

$

0.29

 

 

$

0.36

 

 

$

(0.28

)

 

$

2.26

 

Diluted EPS from continuing operations

 

$

1.66

 

 

$

0.21

 

 

$

0.29

 

 

$

0.35

 

 

$

(0.28

)

 

$

2.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for:

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

275.66

 

 

275.66

 

 

275.66

 

 

275.66

 

 

275.66

 

 

275.66

 

Diluted EPS

 

278.99

 

 

278.99

 

 

278.99

 

 

278.99

 

 

278.99

 

 

278.99

 

 

 

Nine Months Ended December 31, 2018

(in millions, except per-share amounts)

 

As

Reported

 

Restructuring

Costs

 

Transaction,

Separation and

Integration-

Related Costs

 

Amortization of

Acquired Intangible

Assets

 

Tax

Adjustment

 

Non-GAAP

Results

Costs of services (excludes depreciation and amortization and restructuring costs)

 

$

11,110

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

11,110

 

Selling, general, and administrative (excludes depreciation and amortization and restructuring costs)

 

1,500

 

 

 

 

(305

)

 

 

 

 

 

1,195

 

Income from continuing operations before income taxes

 

1,161

 

 

418

 

 

305

 

 

401

 

 

 

 

2,285

 

Income tax expense

 

205

 

 

100

 

 

72

 

 

101

 

 

44

 

 

522

 

Income from continuing operations

 

956

 

 

318

 

 

233

 

 

300

 

 

(44

)

 

1,763

 

Income from discontinued operations, net of tax

 

35

 

 

 

 

 

 

 

 

 

 

35

 

Net income

 

991

 

 

318

 

 

233

 

 

300

 

 

(44

)

 

1,798

 

Less: net income attributable to non-controlling interest, net of tax

 

8

 

 

 

 

 

 

 

 

 

 

8

 

Net income attributable to DXC common stockholders

 

$

983

 

 

$

318

 

 

$

233

 

 

$

300

 

 

$

(44

)

 

$

1,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

17.7

%

 

 

 

 

 

 

 

 

 

22.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS from continuing operations

 

$

3.38

 

 

$

1.13

 

 

$

0.83

 

 

$

1.07

 

 

$

(0.16

)

 

$

6.26

 

Diluted EPS from continuing operations

 

$

3.33

 

 

$

1.12

 

 

$

0.82

 

 

$

1.05

 

 

$

(0.15

)

 

$

6.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for:

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

280.47

 

 

280.47

 

 

280.47

 

 

280.47

 

 

280.47

 

 

280.47

 

Diluted EPS

 

284.70

 

 

284.70

 

 

284.70

 

 

284.70

 

 

284.70

 

 

284.70

 


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