DXC Delivers Solid First Quarter Results with EPS Growth, EBIT Margin Expansion and Adjusted Free Cash Flow Growth

     
Consolidated Statements of Operations

(preliminary and unaudited)

 
Three months ended
(in millions, except per-share amounts) June 30, 2017       July 1, 2016
 
Revenues $ 5,913   $ 1,930  
 
Costs of services 4,788 1,421
Selling, general and administrative 410 305
Depreciation and amortization 361 166
Restructuring costs 190 57
Interest expense 76 25
Interest income (16 ) (10 )
Other (income) expense, net (81 ) 2  
Total costs and expenses 5,728   1,966  
 
Income (loss) before income taxes 185 (36 )
Income tax expense (benefit) 12   (16 )
Net income (loss) 173 (20 )
Less: net income attributable to non-controlling interest, net of tax 14   1  
Net income (loss) attributable to DXC common stockholders $ 159   $ (21 )
 
Income (loss) per common share:
Basic: 0.56 (0.15 )
Diluted: 0.55 (0.15 )
 
Cash dividend per common share $ 0.18 $ 0.14
 
Weighted average common shares outstanding for:
Basic EPS 283.83 138.98
Diluted EPS 289.47 138.98
     
Selected Consolidated Balance Sheet Data

(preliminary and unaudited)

 
As of
(in millions) June 30, 2017       March 31, 2017
Assets
Cash and cash equivalents $ 2,517 $ 1,263
Receivables, net 5,776 1,643
Prepaid expenses 641 223
Other current assets 641   118
Total current assets 9,575 3,247
 
Intangible assets, net 6,850 1,794
Goodwill 8,774 1,855
Deferred income taxes, net 445 381
Property and equipment, net 3,334 903
Other assets 2,238   483
Total Assets $ 31,216   $ 8,663
 
Liabilities
Short-term debt and current maturities of long-term debt $ 1,203 $ 738
Accounts payable 1,961 410
Accrued payroll and related costs 912 248
Accrued expenses and other current liabilities 2,725 998
Deferred revenue and advance contract payments 1,164 518
Income taxes payable 126   38
Total current liabilities 8,091   2,950
 
Long-term debt, net of current maturities 6,249 2,225
Non-current deferred revenue 641 286
Non-current income tax liabilities and deferred tax liabilities 1,979 423
Other long-term liabilities 1,911   613
Total Liabilities 18,871   6,497
 
Total Equity 12,345 2,166
   
Total Liabilities and Equity $ 31,216   $ 8,663
     
Consolidated Statements of Cash Flows

(preliminary and unaudited)

 
Three months ended
(in millions) June 30, 2017       July 1, 2016
Cash flows from operating activities:
Net income (loss) $ 173 $ (20 )
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 363 169
Share-based compensation 40 14
Unrealized foreign currency exchange losses (132 ) 12
Other non-cash charges, net 13 (2 )
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Increase in assets (27 ) (42 )
Increase (decrease) in liabilities 104   (81 )
Net cash provided by operating activities 534   50  
 
Cash flows from investing activities:
Purchases of property and equipment (69 ) (58 )
Payments for outsourcing contract costs (23 ) (27 )
Software purchased and developed (47 ) (36 )
Cash acquired through Merger 974
Payments for acquisitions, net of cash acquired (423 )
Proceeds from sale of assets 9 5
Other investing activities, net 15   (10 )
Net cash provided by (used in) investing activities 859   (549 )
 
Cash flows from financing activities:
Borrowings of commercial paper 611 511
Repayments of commercial paper (553 ) (511 )
Borrowings under lines of credit 920
Repayment of borrowings under lines of credit (453 )
Borrowings on long-term debt, net of discount 13
Principal payments on long-term debt (151 ) (120 )
Proceeds from stock options and other common stock transactions 25 36
Taxes paid related to net share settlements of share-based compensation awards (62 ) (6 )
Repurchase of common stock (14 )
Dividend payments (20 ) (19 )
Other financing activities, net (4 ) (17 )
Net cash (used in) provided by financing activities (168 ) 354  
Effect of exchange rate changes on cash and cash equivalents 29   (33 )
Net increase (decrease) in cash and cash equivalents 1,254 (178 )
Cash and cash equivalents at beginning of year 1,263   1,178  
Cash and cash equivalents at end of period $ 2,517   $ 1,000  
 

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »



Review Article Be the first to review this article


Featured Video
Jobs
Transportation Specialist - Department of Transportation - (2100115) for City of San Jose at San José,, California
GIS Manager for Union County NC at Monroe, California
GIS Analyst for Union County NC at Monroe, California
Full Stack ArcGIS Software Developer for Patrick Engineering at Remote - preference for individual residing in Southeastern US (per below), Any State in the USA
ArcGIS Maps for SharePoint Product Engineer for ESRI at Redlands, California
GIS Manager - Technical Support Group / Public Works for City Of Topeka at Topeka, Kansas
Upcoming Events
INSPIRE Candidate Good Practice Webinar at Campus Ring 1 Bremen Bremen Germany - Feb 26, 2021
Milipol Asia-Pacific 2021 at Singapore - Mar 23 - 25, 2021
Geo Connect Asia 2021 at Suntec Singapore - Mar 24 - 25, 2021
University of Denver GIS Masters Degree Online



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise