DXC Technology Reports Third Quarter Fiscal Year 2023 Results

Non-GAAP Results

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

 

 

Three Months Ended December 31, 2022

(in millions, except per-share amounts)

 

As

Reported

 

Restructuring

Costs

 

Transaction,

Separation and

Integration-Related Costs

 

Amortization

of Acquired

Intangible

Assets

 

Merger Related Indemnification and Arbitration Loss

 

Gains and Losses on Dispositions

 

Impairment Losses

 

Non-GAAP

Results

Income before income taxes

 

$

102

 

$

49

 

$

6

 

$

100

 

$

20

 

$

9

 

$

8

 

$

294

Income tax expense (benefit)

 

 

41

 

 

 

10

 

 

 

1

 

 

 

20

 

 

 

4

 

 

 

(7

)

 

 

1

 

 

 

70

 

Net income

 

 

61

 

 

 

39

 

 

 

5

 

 

 

80

 

 

 

16

 

 

 

16

 

 

 

7

 

 

 

224

 

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

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Net income attributable to DXC common stockholders

 

$

59

 

 

$

39

 

 

$

5

 

 

$

80

 

 

$

16

 

 

$

16

 

 

$

7

 

 

$

222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

 

40.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

0.26

 

 

$

0.17

 

 

$

0.02

 

 

$

0.35

 

 

$

0.07

 

 

$

0.07

 

 

$

0.03

 

 

$

0.97

 

Diluted EPS

 

$

0.25

 

 

$

0.17

 

 

$

0.02

 

 

$

0.34

 

 

$

0.07

 

 

$

0.07

 

 

$

0.03

 

 

$

0.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

229.54

 

 

 

229.54

 

 

 

229.54

 

 

 

229.54

 

 

 

229.54

 

 

 

229.54

 

 

 

229.54

 

 

 

229.54

 

Diluted EPS

 

 

233.00

 

 

 

233.00

 

 

 

233.00

 

 

 

233.00

 

 

 

233.00

 

 

 

233.00

 

 

 

233.00

 

 

 

233.00

 

 

 

 

Nine Months Ended December 31, 2022

(in millions, except per-share amounts)

 

As

Reported

 

Restructuring

Costs

 

Transaction,

Separation and

Integration-Related Costs

 

Amortization

of Acquired

Intangible

Assets

 

Merger Related Indemnification, Arbitration Loss, and SEC Matter

 

Gains and

Losses on

Dispositions

 

Impairment Losses

 

Pension and OPEB Actuarial and Settlement Gains and Losses

 

Non-GAAP

Results

Income before income taxes

 

$

278

$

135

 

$

12

 

$

305

 

$

38

 

$

12

 

$

8

 

$

1

 

$

789

Income tax expense

 

 

86

 

 

 

28

 

 

 

2

 

 

 

62

 

 

 

7

 

 

 

24

 

 

 

1

 

 

 

 

 

 

210

 

Net income (loss)

 

 

192

 

 

 

107

 

 

 

10

 

 

 

243

 

 

 

31

 

 

 

(12

)

 

 

7

 

 

 

1

 

 

 

579

 

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

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

Net income (loss) attributable to DXC common stockholders

 

$

188

 

 

$

107

 

 

$

10

 

 

$

243

 

 

$

31

 

 

$

(12

)

 

$

7

 

 

$

1

 

 

$

575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

 

30.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

0.82

 

 

$

0.46

 

 

$

0.04

 

 

$

1.05

 

 

$

0.13

 

 

$

(0.05

)

 

$

0.03

 

 

$

0.00

 

 

$

2.49

 

Diluted EPS

 

$

0.80

 

 

$

0.46

 

 

$

0.04

 

 

$

1.04

 

 

$

0.13

 

 

$

(0.05

)

 

$

0.03

 

 

$

0.00

 

 

$

2.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

230.65

 

 

 

230.65

 

 

 

230.65

 

 

 

230.65

 

 

 

230.65

 

 

 

230.65

 

 

 

230.65

 

 

 

230.65

 

 

 

230.65

 

Diluted EPS

 

 

234.38

 

 

 

234.38

 

 

 

234.38

 

 

 

234.38

 

 

 

234.38

 

 

 

234.38

 

 

 

234.38

 

 

 

234.38

 

 

 

234.38

 

 

 

 

Three Months Ended December 31, 2021

(in millions, except per-share amounts)

 

As

Reported

 

Restructuring

Costs

 

Transaction,

Separation and

Integration-Related Costs

 

Amortization

of Acquired

Intangible

Assets

 

Gains and Losses on Dispositions

 

Debt

Extinguishment

Costs

 

Pension and OPEB Actuarial and Settlement Losses

 

Tax Adjustment

 

Non-GAAP

Results

Income before income taxes

 

$

166

 

$

36

 

$

11

 

$

106

 

$

4

 

$

2

 

$

7

 

 

 

$

332

Income tax expense

 

 

64

 

 

 

4

 

 

 

1

 

 

 

13

 

 

 

 

 

 

 

 

 

1

 

 

 

10

 

 

 

93

 

Net income

 

 

102

 

 

 

32

 

 

 

10

 

 

 

93

 

 

 

4

 

 

 

2

 

 

 

6

 

 

 

(10

)

 

 

239

 

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

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

Net income attributable to DXC common stockholders

 

$

98

 

 

$

32

 

 

$

10

 

 

$

93

 

 

$

4

 

 

$

2

 

 

$

6

 

 

$

(10

)

 

$

235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

 

38.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

0.39

 

 

$

0.13

 

 

$

0.04

 

 

$

0.37

 

 

$

0.02

 

 

$

0.01

 

 

$

0.02

 

 

$

(0.04

)

 

$

0.94

 

Diluted EPS

 

$

0.38

 

 

$

0.13

 

 

$

0.04

 

 

$

0.36

 

 

$

0.02

 

 

$

0.01

 

 

$

0.02

 

 

$

(0.04

)

 

$

0.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

250.27

 

 

 

250.27

 

 

 

250.27

 

 

 

250.27

 

 

 

250.27

 

 

 

250.27

 

 

 

250.27

 

 

 

250.27

 

 

 

250.27

 

Diluted EPS

 

 

254.82

 

 

 

254.82

 

 

 

254.82

 

 

 

254.82

 

 

 

254.82

 

 

 

254.82

 

 

 

254.82

 

 

 

254.82

 

 

 

254.82

 

 

 

 

Nine Months Ended December 31, 2021

(in millions, except per-share amounts)

 

As

Reported

 

Restructuring

Costs

 

Transaction,

Separation and

Integration-Related Costs

 

Amortization

of Acquired

Intangible

Assets

 

Gains and

Losses on

Dispositions

 

Impairment Losses

 

Debt

Extinguishment

Costs

 

Pension and OPEB Actuarial and Settlement Losses

 

Tax Adjustment

 

Non-GAAP

Results

Income before income taxes

 

$

342

 

$

248

 

$

23

 

$

325

 

$

(343

)

 

$

10

 

$

311

 

$

7

 

$

 

 

$

923

Income tax expense

 

 

145

 

 

 

48

 

 

 

6

 

 

 

63

 

 

 

(91

)

 

 

2

 

 

 

73

 

 

 

1

 

 

 

(18

)

 

 

229

 

Net income

 

 

197

 

 

 

200

 

 

 

17

 

 

 

262

 

 

 

(252

)

 

 

8

 

 

 

238

 

 

 

6

 

 

 

18

 

 

 

694

 

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

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

Net income attributable to DXC common stockholders

 

$

188

 

 

$

200

 

 

$

17

 

 

$

262

 

 

$

(252

)

 

$

8

 

 

$

238

 

 

$

6

 

 

$

18

 

 

$

685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

 

42.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

0.74

 

 

$

0.79

 

 

$

0.07

 

 

$

1.04

 

 

$

(1.00

)

 

$

0.03

 

 

$

0.94

 

 

$

0.02

 

 

$

0.07

 

 

$

2.71

 

Diluted EPS

 

$

0.73

 

 

$

0.78

 

 

$

0.07

 

 

$

1.02

 

 

$

(0.98

)

 

$

0.03

 

 

$

0.92

 

 

$

0.02

 

 

$

0.07

 

 

$

2.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

252.44

 

 

 

252.44

 

 

 

252.44

 

 

 

252.44

 

 

 

252.44

 

 

 

252.44

 

 

 

252.44

 

 

 

252.44

 

 

 

252.44

 

 

 

252.44

 

Diluted EPS

 

 

257.59

 

 

 

257.59

 

 

 

257.59

 

 

 

257.59

 

 

 

257.59

 

 

 

257.59

 

 

 

257.59

 

 

 

257.59

 

 

 

257.59

 

 

 

257.59

 


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