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 2020-09-30 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 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 - Assets Held for Sale
Note 5 - 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
Note 22 - Subsequent Events
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-10.1 dxc930202010qex101.htm
EX-10.2 dxc930202010-qex102.htm
EX-10.3 dxc930202010-qex103.htm
EX-31.1 dxc930202010-qex311.htm
EX-31.2 dxc930202010-qex312.htm
EX-32.1 dxc930202010-qex321.htm
EX-32.,2 dxc930202010-qex322.htm

DXC Technology Earnings 2020-09-30

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-20200930
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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 September 30, 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-20200930_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
Securities registered pursuant to Section 12(g) of the Act: None

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

254,412,158 shares of common stock, par value $0.01 per share, were outstanding on October 30, 2020.



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 EndedSix Months Ended
(in millions, except per-share amounts)September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Revenues$4,554 $4,851 $9,056 $9,741 
Costs of services (excludes depreciation and amortization and restructuring costs)3,563 3,679 7,192 7,301 
Selling, general, and administrative (excludes depreciation and amortization and restructuring costs)539 489 1,078 996 
Depreciation and amortization525 467 1,017 937 
Goodwill impairment losses 2,887  2,887 
Restructuring costs265 32 337 174 
Interest expense96 104 202 195 
Interest income(25)(67)(48)(97)
Gain on arbitration award (632) (632)
Other income, net(103)(109)(191)(227)
Total costs and expenses4,860 6,850 9,587 11,534 
Loss before income taxes(306)(1,999)(531)(1,793)
Income tax (benefit) expense(60)116 (86)154 
Net loss(246)(2,115)(445)(1,947)
Less: net (loss) income attributable to non-controlling interest, net of tax(2)4 4 9 
Net loss attributable to DXC common stockholders$(244)$(2,119)$(449)$(1,956)
Loss per common share:
Basic$(0.96)$(8.19)$(1.77)$(7.44)
Diluted$(0.96)$(8.19)$(1.77)$(7.44)


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




2



DXC TECHNOLOGY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited)
Three Months EndedSix Months Ended
(in millions)
September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Net loss$(246)$(2,115)$(445)$(1,947)
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments, net of tax (1)
33 (71)30 (206)
Cash flow hedges adjustments, net of tax (2)
7 (2)18 2 
Available-for-sale securities, net of tax (3)
1 1 5 2 
Pension and other post-retirement benefit plans, net of tax:
Amortization of prior service cost, net of tax (4)
(1)(3)(10)(4)
Pension and other post-retirement benefit plans, net of tax(1)(3)(10)(4)
Other comprehensive income (loss), net of taxes40 (75)43 (206)
Comprehensive loss(206)(2,190)(402)(2,153)
Less: comprehensive income (loss) attributable to non-controlling interest1 6 6 (13)
Comprehensive loss attributable to DXC common stockholders$(207)$(2,196)$(408)$(2,140)
        

(1) Tax (benefit) expense related to foreign currency translation adjustments was $(15) and $(22) for the three and six months ended September 30, 2020, respectively, and $25 and $13 for the three and six months ended September 30, 2019, respectively.
(2) Tax expense related to cash flow hedge adjustments was $3 and $6 for the three and six months ended September 30, 2020, respectively. There was no tax expense related to cash flow hedge adjustments during the three and six months ended September 30, 2019.
(3) There was no tax expense related to available-for-sale securities during the three and six months ended September 30, 2020. Tax expense related to available-for-sale securities was $0 and $1 for the three and six months ended September 30, 2019, respectively.
(4) Tax benefit related to amortization of prior service costs was $1 and $2 for the three and six months ended September 30, 2020, respectively, and $1 and $1 for the three and six months ended September 30, 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)September 30, 2020March 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$3,079 $3,679 
Receivables and contract assets, net of allowance of $162 and $74
4,194 4,392 
Prepaid expenses604 646 
Other current assets335 270 
Assets held for sale125  
Total current assets8,337 8,987 
Intangible assets, net of accumulated amortization of $4,364 and $4,347
4,146 5,731 
Operating right-of-use assets, net1,555 1,428 
Goodwill725 2,017 
Deferred income taxes, net292 265 
Property and equipment, net of accumulated depreciation of $4,198 and $3,818
3,417 3,547 
Other assets4,360 4,031 
Assets held for sale - non-current 2,838  
Total Assets$25,670 $26,006 
LIABILITIES and EQUITY
Current liabilities:
Short-term debt and current maturities of long-term debt$1,622 $1,276 
Accounts payable1,345 1,598 
Accrued payroll and related costs756 630 
Current operating lease liabilities461 482 
Accrued expenses and other current liabilities3,203 2,801 
Deferred revenue and advance contract payments974 1,021 
Income taxes payable 111 87 
Liabilities related to assets held for sale184  
Total current liabilities8,656 7,895 
Long-term debt, net of current maturities8,046 8,672 
Non-current deferred revenue 697 735 
Non-current operating lease liabilities1,192 1,063 
Non-current income tax liabilities and deferred tax liabilities917 1,157 
Other long-term liabilities 1,325 1,355 
Liabilities related to assets held for sale - non-current86  
Total Liabilities20,919 20,877 
Commitments and contingencies
DXC stockholders’ equity:
Preferred stock, par value $.01 per share, 1,000,000 shares authorized, none issued as of September 30, 2020 and March 31, 2020
  
Common stock, par value $.01 per share, 750,000,000 shares authorized, 256,521,547 issued as of September 30, 2020 and 255,674,040 issued as of March 31, 2020
3 3 
Additional paid-in capital10,746 10,714 
Accumulated deficit(5,631)(5,177)
Accumulated other comprehensive loss(562)(603)
Treasury stock, at cost, 2,327,868 and 2,148,708 shares as of September 30, 2020 and March 31, 2020
(155)(152)
Total DXC stockholders’ equity4,401 4,785 
Non-controlling interest in subsidiaries350 344 
Total Equity4,751 5,129 
Total Liabilities and Equity$25,670 $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)

Six Months Ended
(in millions)September 30, 2020September 30, 2019
Cash flows from operating activities:
Net loss $(445)$(1,947)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization1,025 946 
Goodwill impairment losses 2,887 
Operating right-of-use expense 307 340 
Pension & other post-employment benefits, actuarial & settlement losses 2  
Share-based compensation36 48 
Loss (gain) on dispositions14 (4)
Provision for losses on accounts receivable45  
Unrealized foreign currency exchange gain(43)(50)
Impairment losses and contract write-offs42 11 
Other non-cash charges, net(5)(9)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in assets57 167 
Decrease in operating lease liability(307)(340)
Decrease in other liabilities(137)(464)
Net cash provided by operating activities591 1,585 
Cash flows from investing activities:
Purchases of property and equipment(156)(192)
Payments for transition and transformation contract costs(136)(158)
Software purchased and developed(102)(126)
Payments for acquisitions, net of cash acquired(10)(1,921)
Cash collections related to deferred purchase price receivable159 371 
Proceeds from sale of assets8 40 
Short-term investing (75)
Other investing activities, net3 14 
Net cash used in investing activities(234)(2,047)
Cash flows from financing activities:
Borrowings of commercial paper830 2,879 
Repayments of commercial paper(508)(2,866)
Borrowings under lines of credit 2,500  
Repayment of borrowings under lines of credit(2,750) 
Borrowings on long-term debt, net of discount993 2,198 
Principal payments on long-term debt(1,476)(519)
Payments on finance leases and borrowings for asset financing(487)(421)
Proceeds from stock options and other common stock transactions 10 
Taxes paid related to net share settlements of share-based compensation awards(3)(12)
Repurchase of common stock and advance payment for accelerated share repurchase (650)
Dividend payments(53)(107)
Other financing activities, net(9)(32)
Net cash (used in) provided by financing activities(963)480 
Effect of exchange rate changes on cash and cash equivalents9 (37)
Net decrease in cash and cash equivalents including cash classified within current assets held for sale(597)(19)
Less: cash classified within current assets held for sale(3) 
Net decrease in cash and cash equivalents (600)(19)
Cash and cash equivalents at beginning of year3,679 2,899 
Cash and cash equivalents at end of period$3,079 $2,880 

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 September 30, 2020
(in millions, except shares in thousands)Common Stock
Additional
Paid-in Capital
 Accumulated Deficit
Accumulated
Other
Comprehensive Loss
Treasury Stock (1)
Total
DXC Equity
Non-
Controlling Interest
Total Equity
SharesAmount
Balance at June 30, 2020256,383 $3 $10,729 $(5,386)$(599)$(154)$4,593 $349 $4,942 
Net loss(244)(244)(2)(246)
Other comprehensive income37 37 3 40 
Share-based compensation expense17 17 17 
Acquisition of treasury stock(1)(1)(1)
Stock option exercises and other common stock transactions139   
Non-controlling interest distributions and other(1)(1)(1)
Balance at September 30, 2020256,522$3 $10,746 $(5,631)$(562)$(155)$4,401 $350 $4,751 
Three Months Ended September 30, 2019
(in millions, except shares in thousands)Common Stock
Additional
Paid-in Capital
Retained Earnings
Accumulated
Other
Comprehensive
Loss
Treasury Stock
Total
DXC Equity
Non-
Controlling Interest
Total Equity
SharesAmount
Balance at June 30, 2019263,709 $3 $10,916 $494 $(351)$(149)$10,913 $304 $11,217 
Net loss(2,119)(2,119)4 (2,115)
Other comprehensive loss(77)(77)2 (75)
Share-based compensation expense31 31 31 
Acquisition of treasury stock(1)(1)(1)
Share repurchase program(6,220)(161)11 (150)(150)
Stock option exercises and other common stock transactions137 7 7 7 
Dividends declared ($0.21 per share)
(54)(54)(54)
Non-controlling interest distributions and other 10 10 
Balance at September 30, 2019257,626 $3 $10,793 $(1,668)$(428)$(150)$8,550 $320 $8,870 

    



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)
Six Months Ended September 30, 2020
(in millions, except shares in thousands)Common Stock
Additional
Paid-in Capital
 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 loss(449)(449)4 (445)
Other comprehensive income41 41 2 43 
Share-based compensation expense32 32 32 
Acquisition of treasury stock(3)(3)(3)
Stock option exercises and other common stock transactions848   
Non-controlling interest distributions and other(1)(1)(1)
Balance at September 30, 2020256,522$3 $10,746 $(5,631)$(562)$(155)$4,401 $350 $4,751 
Six Months Ended September 30, 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 $11,301