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 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 2020-04-21 Other Events, Exhibits
8-K 2020-04-14 Other Events, Exhibits
8-K 2020-04-01 Off-BS Arrangement
8-K 2020-03-24 Off-BS Arrangement
8-K 2020-03-09 Enter Agreement, Regulation FD, Exhibits
8-K 2020-02-06 Earnings, Exhibits
8-K 2020-02-05 Officers, Exhibits
8-K 2019-12-18 Other Events
8-K 2019-11-11 Earnings, Exhibits
8-K 2019-09-11 Officers, Exhibits
8-K 2019-08-15 Other Events
8-K 2019-08-15 Shareholder Vote
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-06-14 Other Events
8-K 2019-06-14 Other Events, Exhibits
8-K 2019-05-23 Officers, Exhibits
8-K 2019-05-23 Earnings, Exhibits
8-K 2019-03-15 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2019-01-06 Enter Agreement, Other Events, Exhibits
8-K 2018-11-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-08 Other Events, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-10-24 Regulation FD
8-K 2018-10-24 Regulation FD
8-K 2018-10-12 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-09-26 Other Events, Exhibits
8-K 2018-09-24 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-09-19 Other Events, Exhibits
8-K 2018-08-22 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-16 Other Events, Exhibits
8-K 2018-08-15 Officers, Shareholder Vote, Other Events, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-07-17 Officers
8-K 2018-05-31 Enter Agreement, M&A, Exhibits
8-K 2018-05-24 Earnings, Exhibits
8-K 2018-05-11 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-15 Other Events, Exhibits
8-K 2018-03-15 Officers, Amend Bylaw, Exhibits
8-K 2018-03-07 Other Events, Exhibits
8-K 2018-02-08 Earnings, Exhibits
8-K 2018-01-22 Enter Agreement, Shareholder Rights, Other Events, Exhibits

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 - Sale of 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-10.1 a101fourthamendmenttop.htm
EX-10.2 a102seventhamendmentto.htm
EX-10.3 a103thirdarpeformanceg.htm
EX-31.1 dxc1231201910-qex311.htm
EX-31.2 dxc1231201910-qex312.htm
EX-32.1 dxc1231201910-qex321.htm
EX-32.2 dxc1231201910-qex322.htm

DXC Technology Earnings 2019-12-31

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

Document
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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, 2019
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
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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 class
Trading 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 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 Filer
x
 
 
Accelerated Filer
o
 
 
 
 
 
 
 
 
 
 
 
 
Non-accelerated Filer
o
 
 
Smaller 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

253,720,624 shares of common stock, par value $0.01 per share, were outstanding on January 31, 2020.



TABLE OF CONTENTS






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 Ended
 
Nine Months Ended
(in millions, except per-share amounts)
 
December 31, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
 
 
 
 
 
 
 
 
 
Revenues
 
$
5,021

 
$
5,178

 
$
14,762

 
$
15,473

 
 
 
 
 
 
 
 
 
Costs of services (excludes depreciation and amortization and restructuring costs)
 
3,827

 
3,725

 
11,128

 
11,110

Selling, general, and administrative (excludes depreciation and amortization and restructuring costs)
 
518

 
491

 
1,514

 
1,500

Depreciation and amortization
 
479

 
508

 
1,416

 
1,463

Goodwill impairment losses
 
53

 

 
2,940

 

Restructuring costs
 
74

 
76

 
248

 
418

Interest expense
 
93

 
81

 
288

 
249

Interest income
 
(33
)
 
(27
)
 
(130
)
 
(92
)
Gain on arbitration award
 

 

 
(632
)
 

Other income, net
 
(117
)
 
(145
)
 
(344
)
 
(336
)
Total costs and expenses
 
4,894

 
4,709

 
16,428

 
14,312

 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
127

 
469

 
(1,666
)
 
1,161

Income tax expense
 
37

 
3

 
191

 
205

Income (loss) from continuing operations
 
90

 
466

 
(1,857
)
 
956

Income from discontinued operations, net of taxes
 

 

 

 
35

Net income (loss)
 
90

 
466

 
(1,857
)
 
991

Less: net income attributable to non-controlling interest, net of tax
 
8

 
4

 
17

 
8

Net income (loss) attributable to DXC common stockholders
 
$
82

 
$
462

 
$
(1,874
)
 
$
983

 
 
 
 
 
 
 
 
 
Income (loss) per common share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.32

 
$
1.68

 
$
(7.20
)
 
$
3.38

Discontinued operations
 

 

 

 
0.12

 
 
$
0.32

 
$
1.68

 
$
(7.20
)
 
$
3.50

Diluted:
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.32

 
$
1.66

 
$
(7.20
)
 
$
3.33

Discontinued operations
 

 

 

 
0.12

 
 
$
0.32

 
$
1.66

 
$
(7.20
)
 
$
3.45




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 Ended
 
Nine Months Ended
(in millions)
 
December 31, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
90

 
$
466

 
$
(1,857
)
 
$
991

Other comprehensive income (loss), net of taxes:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of tax (1)
 
293

 
(64
)
 
87

 
(472
)
 
Cash flow hedges adjustments, net of tax (2) 
 
(8
)
 
14

 
(6
)
 
(16
)
 
Available-for-sale securities, net of tax (3)
 

 

 
2

 
(1
)
 
Pension and other post-retirement benefit plans, net of tax:
 
 
 
 
 
 
 
 
 
 
Prior service cost, net of tax (4)
 

 
(23
)
 

 
(23
)
 
 
Amortization of prior service cost, net of tax (5)
 
(2
)
 
(4
)
 
(6
)
 
(10
)
 
Pension and other post-retirement benefit plans, net of tax
 
(2
)
 
(27
)
 
(6
)
 
(33
)
Other comprehensive income (loss), net of taxes
 
283

 
(77
)
 
77

 
(522
)
Comprehensive income (loss)
 
373

 
389

 
(1,780
)
 
469

 
Less: comprehensive income attributable to non-controlling interest
 
39

 
9

 
26

 
8

Comprehensive income (loss) attributable to DXC common stockholders
 
$
334

 
$
380

 
$
(1,806
)
 
$
461

        

(1) Tax benefit related to foreign currency translation adjustments was $15 and $2 for the three and nine months ended December 31, 2019, respectively. There was no tax expense related to foreign currency translation adjustments during the three and nine months ended December 31, 2018.
(2) Tax (benefit) expense related to cash flow hedge adjustments was $(1) and $(1) for the three and nine months ended December 31, 2019, respectively, and $5 and $(5) for the three and nine months ended December 31, 2018, respectively.
(3) Tax expense related to available-for-sale securities was $0 and $1 for the three and nine months ended December 31, 2019, respectively. There was no tax expense related to available-for-sale securities during the three and nine months ended December 31, 2018.
(4) There was no tax benefit related to prior service costs during the three and nine months ended December 31, 2019. Tax benefit related to prior service costs was $5 and $5 for the three and nine months ended December 31, 2018, respectively.
(5) Tax benefit related to amortization of prior service costs was $0 and $1 for the three and nine months ended December 31, 2019, respectively, and $0 and $1 for the three and nine months ended December 31, 2018, 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, 2019
 
March 31, 2019
ASSETS
 
 
 

Current assets:
 
 
 
 
Cash and cash equivalents
 
$
2,560

 
$
2,899

Receivables and contract assets, net of allowance for doubtful accounts of $76 and $60
 
4,619

 
5,181

Prepaid expenses
 
660

 
627

Other current assets
 
344

 
359

Total current assets
 
8,183

 
9,066

 
 
 
 
 
Intangible assets, net of accumulated amortization of $4,262 and $3,399
 
6,140

 
5,939

Operating right-of-use assets, net
 
1,484

 

Goodwill
 
6,003

 
7,606

Deferred income taxes, net
 
372

 
355

Property and equipment, net of accumulated depreciation of $4,317 and $3,958
 
3,631

 
3,179

Other assets
 
3,786

 
3,429

Total Assets
 
$
29,599

 
$
29,574

 
 
 
 
 
LIABILITIES and EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Short-term debt and current maturities of long-term debt
 
1,581

 
1,942

Accounts payable
 
1,576

 
1,666

Accrued payroll and related costs
 
678

 
652

Current operating lease liabilities
 
498

 

Accrued expenses and other current liabilities
 
3,139

 
3,355

Deferred revenue and advance contract payments
 
1,069

 
1,630

Income taxes payable
 
243

 
208

Total current liabilities
 
8,784

 
9,453

 
 
 
 
 
Long-term debt, net of current maturities
 
7,315

 
5,470

Non-current deferred revenue
 
747

 
256

Non-current operating lease liabilities
 
1,097

 

Non-current income tax liabilities and deferred tax liabilities
 
1,189

 
1,184

Other long-term liabilities
 
1,366

 
1,486

Total Liabilities
 
20,498

 
17,849

 
 
 
 
 
Commitments and contingencies
 


 


 
 
 
 
 
DXC stockholders’ equity:
 
 
 
 
Preferred stock, par value $.01 per share, 1,000,000 shares authorized, none issued as of December 31, 2019 and March 31, 2019
 

 

Common stock, par value $.01 per share, 750,000,000 shares authorized, 255,605,750 issued as of December 31, 2019 and 270,213,891 issued as of March 31, 2019
 
3

 
3

Additional paid-in capital
 
10,701

 
11,301

(Accumulated deficit) retained earnings
 
(1,628
)
 
478

Accumulated other comprehensive loss
 
(176
)
 
(244
)
Treasury stock, at cost, 2,132,967 and 1,788,658 shares as of December 31, 2019 and March 31, 2019
 
(151
)
 
(136
)
Total DXC stockholders’ equity
 
8,749

 
11,402

Non-controlling interest in subsidiaries
 
352

 
323

Total Equity
 
9,101

 
11,725

Total Liabilities and Equity
 
$
29,599

 
$
29,574


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, 2019
 
December 31, 2018
Cash flows from operating activities:
 
 
 
 
Net (loss) income
 
$
(1,857
)
 
$
991

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
1,429

 
1,514

Goodwill impairment losses
 
2,940

 

Operating right-of-use expense
 
506

 

Share-based compensation
 
57

 
57

Loss (gain) on dispositions
 
6

 
(137
)
Unrealized foreign currency exchange loss (gain)
 
14

 
(32
)
Other non-cash charges, net
 
7

 
(21
)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
 
 
 
 
Decrease (increase) in assets
 
141

 
(1,012
)
Decrease in operating lease liability
 
(506
)
 

Decrease in other liabilities
 
(675
)
 
(325
)
Net cash provided by operating activities
 
2,062

 
1,035

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Purchases of property and equipment
 
(240
)
 
(219
)
Payments for transition and transformation contract costs
 
(220
)
 
(294
)
Software purchased and developed
 
(178
)
 
(183
)
Payments for acquisitions, net of cash acquired
 
(1,997
)
 
(332
)
Business dispositions
 

 
(65
)
Cash collections related to deferred purchase price receivable
 
513

 
761

Proceeds from sale of assets
 
55

 
283

Short-term investing
 
(75
)
 

Other investing activities, net
 
20

 
9

Net cash used in investing activities
 
(2,122
)
 
(40
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Borrowings of commercial paper
 
4,010

 
1,853

Repayments of commercial paper
 
(3,893
)
 
(1,853
)
Borrowings on long-term debt, net of discount
 
2,198

 
1,646

Principal payments on long-term debt
 
(1,029
)
 
(2,619
)
Payments on finance leases and borrowings for asset financing
 
(646
)
 
(710
)
Borrowings for USPS spin transaction
 

 
1,114

Proceeds from bond issuance
 

 
753

Proceeds from stock options and other common stock transactions
 
11

 
40

Taxes paid related to net share settlements of share-based compensation awards
 
(15
)
 
(52
)
Repurchase of common stock and advance payment for accelerated share repurchase
 
(736
)
 
(1,253
)
Dividend payments
 
(161
)
 
(159
)
Other financing activities, net
 
(44
)
 
57

Net cash used in financing activities
 
(305
)
 
(1,183
)
Effect of exchange rate changes on cash and cash equivalents
 
26

 
(66
)
Net decrease in cash and cash equivalents
 
(339
)
 
(254
)
Cash and cash equivalents at beginning of year
 
2,899

 
2,729

Cash and cash equivalents at end of period
 
$
2,560

 
$
2,475


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, 2019
(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
Shares
 
Amount
Balance at September 30, 2019
257,626

 
$
3

$
10,793

$
(1,668
)
$
(428
)
$
(150
)
$
8,550

$
320

$
8,870

Net income
 
 
 
 
82

 
 
82

8

90

Other comprehensive income
 
 
 
 
 
252

 
252

31

283

Share-based compensation expense
 
 
 
6

 
 
 
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 transactions
334

 
 


 
 
 

 

Dividends declared ($0.21 per share)
 
 
 
 
(54
)
 
 
(54
)
 
(54
)
Non-controlling interest distributions and other
 
 
 
 


 
 

(7
)
(7
)
Balance at December 31, 2019
255,606

 
$
3

$
10,701

$
(1,628
)
$
(176
)
$
(151
)
$
8,749

$
352

$
9,101

 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2018
(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
Shares
 
Amount
Balance at September 30, 2018
282,519

 
$
3

$
11,848

$
136

$
(382
)
$
(105
)
$
11,500

$
337

$
11,837

Net income
 
 
 
 
462

 
 
462

4

466

Other comprehensive loss