Company Quick10K Filing
DXC Technology
Price32.04 EPS-5
Shares263 P/E-7
MCap8,421 P/FCF4
Net Debt5,602 EBIT-607
TEV14,023 TEV/EBIT-23
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-05
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-07
10-K 2020-03-31 Filed 2020-06-01
10-Q 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-K 2019-03-31 Filed 2019-06-13
10-Q 2018-12-31 Filed 2019-02-08
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-K 2018-03-31 Filed 2018-05-29
10-Q 2017-12-31 Filed 2018-02-09
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-01-31 Filed 2017-03-31
8-K 2021-02-04 Earnings, Exhibits
8-K 2020-11-07
8-K 2020-11-05
8-K 2020-10-01
8-K 2020-09-24
8-K 2020-09-16
8-K 2020-08-13
8-K 2020-08-06
8-K 2020-07-20
8-K 2020-07-05
8-K 2020-05-28
8-K 2020-04-21
8-K 2020-04-14
8-K 2020-04-01
8-K 2020-03-24
8-K 2020-03-09
8-K 2020-02-06
8-K 2020-02-05
8-K 2019-12-18
8-K 2019-11-11
8-K 2019-09-11
8-K 2019-08-15
8-K 2019-08-15
8-K 2019-08-08
8-K 2019-06-14
8-K 2019-06-14
8-K 2019-05-23
8-K 2019-05-23
8-K 2019-03-15
8-K 2019-02-07
8-K 2019-01-06
8-K 2018-11-27
8-K 2018-11-08
8-K 2018-11-06
8-K 2018-10-24
8-K 2018-10-24
8-K 2018-10-12
8-K 2018-09-26
8-K 2018-09-24
8-K 2018-09-19
8-K 2018-08-22
8-K 2018-08-16
8-K 2018-08-15
8-K 2018-08-07
8-K 2018-07-17
8-K 2018-05-31
8-K 2018-05-24
8-K 2018-05-11
8-K 2018-03-15
8-K 2018-03-15
8-K 2018-03-07
8-K 2018-02-08
8-K 2018-01-22

DXC 10Q Quarterly Report

Part I
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Recent Accounting Pronouncements
Note 3 - Acquisitions
Note 4 - Divestitures
Note 5 - Earnings (Loss) per Share
Note 6 - Receivables
Note 7 - Leases
Note 8 - Fair Value
Note 9 - Derivative and Hedging Activities
Note 10 - Intangible Assets
Note 11 - Goodwill
Note 12 - Debt
Note 13 - Revenue
Note 14 - Restructuring Costs
Note 15 - Pension and Other Benefit Plans
Note 16 - Income Taxes
Note 17 - Stockholders' Equity
Note 18 - Stock Incentive Plans
Note 19 - Cash Flows
Note 20 - Segment Information
Note 21 - Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Default Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 dxc1231202010-qex311.htm
EX-31.2 dxc1231202010-qex312.htm
EX-32.1 dxc1231202010-qex321.htm
EX-32.2 dxc1231202010-qex322.htm

DXC Technology Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
35282114702017201820192020
Assets, Equity
10.07.65.12.70.2-2.22017201820192020
Rev, G Profit, Net Income
3.52.10.7-0.7-2.1-3.52017201820192020
Ops, Inv, Fin

dxc-20201231
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to ____________

Commission File No.: 001-38033
dxc-20201231_g1.jpg
DXC TECHNOLOGY COMPANY
(Exact name of registrant as specified in its charter)
Nevada
61-1800317
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1775 Tysons Boulevard
                      Tysons,Virginia
22102
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (703) 245-9675
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per share
DXC
New York Stock Exchange
2.750% Senior Notes Due 2025
DXC 25
New York Stock Exchange
1.750% Senior Notes Due 2026
DXC 26
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  x Yes  o No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes  o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filero
Non-accelerated Filer oSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
        Yes  x   No

254,593,993 shares of common stock, par value $0.01 per share, were outstanding on January 29, 2021.



TABLE OF CONTENTS
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PART I

ITEM 1. FINANCIAL STATEMENTS

Index to Condensed Consolidated Financial Statements
Page



1


DXC TECHNOLOGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Three Months EndedNine Months Ended
(in millions, except per-share amounts)December 31, 2020December 31, 2019December 31, 2020December 31, 2019
Revenues$4,288 $5,021 $13,344 $14,762 
Costs of services (excludes depreciation and amortization and restructuring costs)3,333 3,827 10,525 11,128 
Selling, general, and administrative (excludes depreciation and amortization and restructuring costs)517 518 1,595 1,514 
Depreciation and amortization475 479 1,492 1,416 
Goodwill impairment losses 53  2,940 
Restructuring costs104 74 441 248 
Interest expense82 93 284 288 
Interest income(28)(33)(76)(130)
Gain on disposition of businesses(2,046) (2,046) 
Gain on arbitration award   (632)
Other income, net(127)(117)(318)(344)
Total costs and expenses2,310 4,894 11,897 16,428 
Income (loss) before income taxes1,978 127 1,447 (1,666)
Income tax expense875 37 789 191 
Net income (loss)1,103 90 658 (1,857)
Less: net income attributable to non-controlling interest, net of tax5 8 9 17 
Net income (loss) attributable to DXC common stockholders$1,098 $82 $649 $(1,874)
Earnings (loss) per common share:
Basic$4.32 $0.32 $2.55 $(7.20)
Diluted$4.29 $0.32 $2.54 $(7.20)


The accompanying notes are an integral part of these condensed consolidated financial statements.




2



DXC TECHNOLOGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
Three Months EndedNine Months Ended
(in millions)
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
Net income (loss)$1,103 $90 $658 $(1,857)
Other comprehensive income, net of taxes:
Foreign currency translation adjustments, net of tax (1)
170 293 200 87 
Cash flow hedges adjustments, net of tax (2)
 (8)18 (6)
Available-for-sale securities, net of tax (3)
(11) (6)2 
Pension and other post-retirement benefit plans, net of tax:
Prior service cost, net of tax (4)
(1) (1) 
Amortization of prior service cost, net of tax (5)
(2)(2)(12)(6)
Pension and other post-retirement benefit plans, net of tax(3)(2)(13)(6)
Other comprehensive income, net of taxes156 283 199 77 
Comprehensive income (loss)1,259 373 857 (1,780)
Less: comprehensive income attributable to non-controlling interest6 39 12 26 
Comprehensive income (loss) attributable to DXC common stockholders$1,253 $334 $845 $(1,806)
        

(1) Tax benefit related to foreign currency translation adjustments was $9 and $31 for the three and nine months ended December 31, 2020, respectively, and $15 and $2 for the three and nine months ended December 31, 2019, respectively.
(2) Tax expense related to cash flow hedge adjustments was $0 and $6 for the three and nine months ended December 31, 2020, respectively. Tax benefit related to cash flow hedge adjustments was $1 and $1 for the three and nine months ended December 31, 2019, respectively.
(3) Tax benefit related to available-for-sale securities was $4 for the three and nine months ended December 31, 2020. Tax expense related to available-for-sale securities was $0 and $1 for the three and nine months ended December 31, 2019, respectively.
(4) There was no tax benefit related to prior service costs during the three and nine months ended December 31, 2020 and December 31, 2019, respectively.
(5) Tax benefit related to amortization of prior service costs was $1 and $3 for the three and nine months ended December 31, 2020, respectively, and $0 and $1 for the three and nine months ended December 31, 2019, respectively.

The accompanying notes are an integral part of these condensed consolidated financial statements.


3


DXC TECHNOLOGY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

As of
(in millions, except per-share and share amounts)December 31, 2020March 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$3,919 $3,679 
Receivables and contract assets, net of allowance of $199 and $74
4,130 4,392 
Prepaid expenses586 646 
Other current assets470 270 
Total current assets9,105 8,987 
Intangible assets, net of accumulated amortization of $4,545 and $4,347
4,019 5,731 
Operating right-of-use assets, net1,459 1,428 
Goodwill736 2,017 
Deferred income taxes, net315 265 
Property and equipment, net of accumulated depreciation of $4,295 and $3,818
3,321 3,547 
Other assets4,679 4,031 
Total Assets$23,634 $26,006 
LIABILITIES and EQUITY
Current liabilities:
Short-term debt and current maturities of long-term debt$795 $1,276 
Accounts payable852 1,598 
Accrued payroll and related costs741 630 
Current operating lease liabilities450 482 
Accrued expenses and other current liabilities3,285 2,801 
Deferred revenue and advance contract payments1,102 1,021 
Income taxes payable 1,045 87 
Total current liabilities8,270 7,895 
Long-term debt, net of current maturities5,444 8,672 
Non-current deferred revenue 666 735 
Non-current operating lease liabilities1,113 1,063 
Non-current income tax liabilities and deferred tax liabilities792 1,157 
Other long-term liabilities 1,354 1,355 
Total Liabilities17,639 20,877 
Commitments and contingencies
DXC stockholders’ equity:
Preferred stock, par value $.01 per share, 1,000,000 shares authorized, none issued as of December 31, 2020 and March 31, 2020
  
Common stock, par value $.01 per share, 750,000,000 shares authorized, 256,800,719 issued as of December 31, 2020 and 255,674,040 issued as of March 31, 2020
3 3 
Additional paid-in capital10,748 10,714 
Accumulated deficit(4,533)(5,177)
Accumulated other comprehensive loss(407)(603)
Treasury stock, at cost, 2,410,917 and 2,148,708 shares as of December 31, 2020 and March 31, 2020
(156)(152)
Total DXC stockholders’ equity5,655 4,785 
Non-controlling interest in subsidiaries340 344 
Total Equity5,995 5,129 
Total Liabilities and Equity$23,634 $26,006 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4


DXC TECHNOLOGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

Nine Months Ended
(in millions)December 31, 2020December 31, 2019
Cash flows from operating activities:
Net income (loss) $658 $(1,857)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization1,506 1,429 
Goodwill impairment losses 2,940 
Operating right-of-use expense 463 506 
Pension and other post-employment benefits, actuarial and settlement losses 2  
Share-based compensation42 57 
Deferred taxes(319)(28)
(Gain) loss on dispositions(2,023)6 
Provision for losses on accounts receivable52  
Unrealized foreign currency exchange (gain) loss(60)14 
Impairment losses and contract write-offs68 20 
Other non-cash charges, net(2)(13)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in assets88 141 
Decrease in operating lease liability(463)(506)
Increase (decrease) in other liabilities392 (647)
Net cash provided by operating activities404 2,062 
Cash flows from investing activities:
Purchases of property and equipment(215)(240)
Payments for transition and transformation contract costs(189)(220)
Software purchased and developed(209)(178)
Payments for acquisitions, net of cash acquired(10)(1,997)
Business dispositions4,942  
Cash collections related to deferred purchase price receivable159 513 
Proceeds from sale of assets27 55 
Short-term investing (75)
Other investing activities, net(5)20 
Net cash provided by (used in) investing activities4,500 (2,122)
Cash flows from financing activities:
Borrowings of commercial paper854 4,010 
Repayments of commercial paper(1,327)(3,893)
Borrowings under lines of credit 2,500  
Repayment of borrowings under lines of credit(4,000) 
Borrowings on long-term debt, net of discount993 2,198 
Principal payments on long-term debt(2,926)(1,029)
Payments on finance leases and borrowings for asset financing(694)(646)
Proceeds from stock options and other common stock transactions1 11 
Taxes paid related to net share settlements of share-based compensation awards(5)(15)
Repurchase of common stock and advance payment for accelerated share repurchase (736)
Dividend payments(53)(161)
Other financing activities, net(14)(44)
Net cash used in financing activities(4,671)(305)
Effect of exchange rate changes on cash and cash equivalents20 26 
Net increase (decrease) in cash and cash equivalents including cash classified within current assets held for sale253 (339)
Less: cash classified within current assets held for sale(13) 
Net increase (decrease) in cash and cash equivalents 240 (339)
Cash and cash equivalents at beginning of year3,679 2,899 
Cash and cash equivalents at end of period$3,919 $2,560 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5


DXC TECHNOLOGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited)

Three Months Ended December 31, 2020
(in millions, except shares in thousands)Common Stock
Additional
Paid-in Capital
 Retained Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive Loss
Treasury Stock (1)
Total
DXC Equity
Non-
Controlling Interest
Total Equity
SharesAmount
Balance at September 30, 2020256,522 $3 $10,746 $(5,631)$(562)$(155)$4,401 $350 $4,751 
Net income1,098 1,098 5 1,103 
Other comprehensive income155 155 1 156 
Share-based compensation expense1 1 1 
Acquisition of treasury stock(1)(1)(1)
Stock option exercises and other common stock transactions279 1 1 1 
Non-controlling interest distributions and other (16)(16)
Balance at December 31, 2020256,801$3 $10,748 $(4,533)$(407)$(156)$5,655 $340 $5,995 
Three Months Ended December 31, 2019
(in millions, except shares in thousands)Common Stock
Additional
Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive
Loss
Treasury Stock
Total
DXC Equity
Non-
Controlling Interest
Total Equity
SharesAmount
Balance at September 30, 2019257,626 $3 $10,793 $(1,668)$(428)$(150)$8,550 $320 $8,870 
Net income82 82 8 90 
Other comprehensive income252 252 31 283 
Share-based compensation expense6 6 6 
Acquisition of treasury stock(1)(1)(1)
Share repurchase program(2,354)(98)12 (86)(86)
Stock option exercises and other common stock transactions334 — — 
Dividends declared ($0.21 per share)
(54)(54)(54)
Non-controlling interest distributions and other (7)(7)
Balance at December 31, 2019255,606 $3 $10,701 $(1,628)$(176)$(151)$8,749 $352 $9,101 

    



The accompanying notes are an integral part of these condensed consolidated financial statements.












6



DXC TECHNOLOGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited)
Nine Months Ended December 31, 2020
(in millions, except shares in thousands)Common Stock
Additional
Paid-in Capital
 Retained Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive Loss
Treasury Stock (1)
Total
DXC Equity
Non-
Controlling Interest
Total Equity
SharesAmount
Balance at March 31, 2020255,674 $3 $10,714 $(5,177)$(603)$(152)$4,785 $344 $5,129 
Cumulative effect of adopting ASU 2016-13
(4)(4)(4)
Net income649 649 9 658 
Other comprehensive income196 196 3 199 
Share-based compensation expense33 33 33 
Acquisition of treasury stock(4)(4)(4)
Stock option exercises and other common stock transactions1,127 1 1 1 
Non-controlling interest distributions and other(1)(1)(16)(17)
Balance at December 31, 2020256,801 $3 $10,748 $(4,533)$(407)$(156)$5,655 $340 $5,995 
Nine Months Ended December 31, 2019
(in millions, except shares in thousands)Common Stock
Additional
Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated
Other
Comprehensive
Loss
Treasury Stock
Total
DXC Equity
Non-
Controlling Interest
Total Equity
SharesAmount
Balance at March 31, 2019270,214 $3 $