DXC Technology Delivers Sequential Growth in Revenue, Bookings,

DXC Technology Delivers Sequential Growth in Revenue, Bookings, EBIT and Earnings per Share

Non-GAAP Results

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


	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


	Three Months Ended December 31, 2017
(in millions, except per-share amounts)	As Reported			Restructuring Costs		Transaction, Separation and Integration- Related Costs			Amortization of Acquired Intangible Assets		Pension and OPEB Actuarial and Settlement Gains			Tax Adjustment			Non-GAAP Results
Costs of services (excludes depreciation and amortization and restructuring costs)	$	4,051		$	—	$	—		$	—	$	—		$	—		$	4,051
Selling, general and administrative (excludes depreciation and amortization and restructuring costs)		447			—		(83	)		—		—			—			364
Income from continuing operations before income taxes		341			210		83			134		(17	)		—			751
Income tax (benefit) expense		(365	)		—		—			—		—			575			210
Income from continuing operations		706			210		83			134		(17	)		(575	)		541
Income from discontinued operations, net of tax		73			—		—			—		—			—			73
Net income		779			210		83			134		(17	)		(575	)		614
Less: net income attributable to non-controlling interest, net of tax		3								—		—			—			3
Net income attributable to DXC common stockholders	$	776		$	210	$	83		$	134	$	(17	)	$	(575	)	$	611

Effective Tax Rate		(107.0	)%															28.0	%

Basic EPS from continuing operations	$	2.46		$	0.74	$	0.29		$	0.47	$	(0.06	)	$	(2.01	)	$	1.89
Diluted EPS from continuing operations	$	2.43		$	0.72	$	0.29		$	0.46	$	(0.06	)	$	(1.98	)	$	1.86

Weighted average common shares outstanding for:
Basic EPS		285.38			285.38		285.38			285.38		285.38			285.38			285.38
Diluted EPS		289.77			289.77		289.77			289.77		289.77			289.77			289.77


	Nine Months Ended December 31, 2017
(in millions, except per-share amounts)	As Reported			Restructuring Costs		Transaction, Separation and Integration- Related Costs			Amortization of Acquired Intangible Assets		Pension and OPEB Actuarial and Settlement Gains			Tax Adjustment			Non-GAAP Results
Costs of services (excludes depreciation and amortization and restructuring costs)	$	12,230		$	—	$	—		$	—	$	—		$	—		$	12,230
Selling, general and administrative (excludes depreciation and amortization and restructuring costs)		1,484			—		(273	)		—		—			—			1,211
Income from continuing operations before income taxes		716			585		273			389		(17	)		—			1,946
Income tax (benefit) expense		(303	)		—		—			—		—			847			544
Income from continuing operations		1,019			585		273			389		(17	)		(847	)		1,402
Income from discontinued operations, net of tax		198			—		—			—		—			—			198
Net income		1,217			585		273			389		(17	)		(847	)		1,600
Less: net income attributable to non-controlling interest, net of tax		26			—		—			—		—			—			26
Net income attributable to DXC common stockholders	$	1,191		$	585	$	273		$	389	$	(17	)	$	(847	)	$	1,574

Effective Tax Rate		(42.3	)%															28.0	%

Basic EPS from continuing operations	$	3.48		$	2.05	$	0.96		$	1.37	$	(0.06	)	$	(2.98	)	$	4.83
Diluted EPS from continuing operations	$	3.43		$	2.02	$	0.94		$	1.34	$	(0.06	)	$	(2.93	)	$	4.75

Weighted average common shares outstanding for:
Basic EPS		284.70			284.70		284.70			284.70		284.70			284.70			284.70
Diluted EPS		289.53			289.53		289.53			289.53		289.53			289.53			289.53

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