$DXC
DXC Technology Co

2017 Q1 Form 10-Q Financial Statement

#000119312517104403 Filed on March 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $4.147B $1.917B $4.472B
YoY Change -7.27% 9.86% 129.45%
Cost Of Revenue $3.569B $1.347B $3.985B
YoY Change -10.44% 8.89% 153.5%
Gross Profit $578.0M $570.0M $487.0M
YoY Change 18.69% 12.2% 29.18%
Gross Profit Margin 13.94% 29.73% 10.89%
Selling, General & Admin $353.0M $333.0M $383.0M
YoY Change -7.83% 23.79% -25.92%
% of Gross Profit 61.07% 58.42% 78.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $333.0M $164.0M $475.0M
YoY Change -29.89% -19.21% 99.58%
% of Gross Profit 57.61% 28.77% 97.54%
Operating Expenses $353.0M $1.867B $383.0M
YoY Change -7.83% 332.18% -47.03%
Operating Profit -$30.00M $176.0M -$174.0M
YoY Change -82.76% 131.58% -49.71%
Interest Expense $66.00M $33.00M -$32.00M
YoY Change -306.25% -237.5% 14.29%
% of Operating Profit 18.75%
Other Income/Expense, Net -$26.00M -$38.00M
YoY Change -31.58%
Pretax Income -$56.00M $50.00M -$212.0M
YoY Change -73.58% 6.38% -45.08%
Income Tax -$19.00M $13.00M -$34.00M
% Of Pretax Income 26.0%
Net Earnings -$37.00M $31.00M -$178.0M
YoY Change -79.21% -81.87% -43.31%
Net Earnings / Revenue -0.89% 1.62% -3.98%
Basic Earnings Per Share $0.22
Diluted Earnings Per Share -$1.048M $0.21 $353.1K
COMMON SHARES
Basic Shares Outstanding 100.0 shares 140.9M shares
Diluted Shares Outstanding 144.8M shares

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.263B $1.111B $1.830B
YoY Change -30.98% -28.55% -23.53%
Cash & Equivalents $1.268B $448.0M $324.0M
Short-Term Investments
Other Short-Term Assets $116.0M $1.587B $361.0M
YoY Change -67.87% 247.26% 0.84%
Inventory $35.00M $34.00M
Prepaid Expenses $223.0M $390.0M
Receivables $3.263B $3.093B $1.670B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.250B $5.261B $3.861B
YoY Change -15.82% 43.47% -25.55%
LONG-TERM ASSETS
Property, Plant & Equipment $903.0M $3.937B $1.028B
YoY Change -12.16% 277.11% -39.24%
Goodwill $1.855B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $480.0M $1.800B $1.010B
YoY Change -52.48% 82.56% 1.0%
Total Long-Term Assets $5.413B $5.947B $4.128B
YoY Change 31.13% 44.38% -24.49%
TOTAL ASSETS
Total Short-Term Assets $3.250B $5.261B $3.861B
Total Long-Term Assets $5.413B $5.947B $4.128B
Total Assets $8.663B $11.21B $7.989B
YoY Change 8.44% 43.95% -25.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $410.0M $933.0M $211.0M
YoY Change 94.31% 211.0% -37.76%
Accrued Expenses $998.0M $1.080B $1.105B
YoY Change -9.68% 2.66% -32.83%
Deferred Revenue
YoY Change
Short-Term Debt $646.0M $622.0M $0.00
YoY Change
Long-Term Debt Due $55.00M $1.000M $760.0M
YoY Change -92.76% -99.89% 37.18%
Total Short-Term Liabilities $2.950B $4.994B $2.586B
YoY Change 14.08% 84.42% -18.93%
LONG-TERM LIABILITIES
Long-Term Debt $2.225B $392.0M $1.909B
YoY Change 16.55% -75.47% -12.03%
Other Long-Term Liabilities $271.0M $418.0M $818.0M
YoY Change -66.87% -50.12% -41.19%
Total Long-Term Liabilities $2.496B $810.0M $2.727B
YoY Change -8.47% -66.75% -23.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.950B $4.994B $2.586B
Total Long-Term Liabilities $2.496B $810.0M $2.727B
Total Liabilities $6.497B $5.804B $5.773B
YoY Change 12.54% 2.26% -21.17%
SHAREHOLDERS EQUITY
Retained Earnings -$170.0M
YoY Change
Common Stock $1.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $1.888B $992.0M $2.216B
YoY Change
Total Liabilities & Shareholders Equity $8.663B $11.21B $7.989B
YoY Change 8.44% 43.95% -25.01%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income -$37.00M $31.00M -$178.0M
YoY Change -79.21% -81.87% -43.31%
Depreciation, Depletion And Amortization $333.0M $164.0M $475.0M
YoY Change -29.89% -19.21% 99.58%
Cash From Operating Activities -$1.938B $563.0M -$268.0M
YoY Change 623.13% 361.48% -141.04%
INVESTING ACTIVITIES
Capital Expenditures -$105.0M -$112.0M -$165.0M
YoY Change -36.36% -42.56% 19.57%
Acquisitions
YoY Change
Other Investing Activities $365.0M $8.000M -$84.00M
YoY Change -534.52% -103.96% -327.03%
Cash From Investing Activities -$71.00M -$104.0M $48.00M
YoY Change -247.92% -73.8% -147.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.000M $6.000M
YoY Change -83.33%
Cash From Financing Activities 2.824B -304.0M 327.0M
YoY Change 763.61% 660.0% -1521.74%
NET CHANGE
Cash From Operating Activities -1.938B 563.0M -268.0M
Cash From Investing Activities -71.00M -104.0M 48.00M
Cash From Financing Activities 2.824B -304.0M 327.0M
Net Change In Cash 815.0M 155.0M 107.0M
YoY Change 661.68% -149.21% -79.77%
FREE CASH FLOW
Cash From Operating Activities -$1.938B $563.0M -$268.0M
Capital Expenditures -$105.0M -$112.0M -$165.0M
Free Cash Flow -$1.833B $675.0M -$103.0M
YoY Change 1679.61% 112.93% -113.02%

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CY2017Q1 dei Document Fiscal Period Focus
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CY2017Q1 dei Document Type
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10-Q
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CY2017Q1 dei Entity Central Index Key
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CY2017Q1 dei Trading Symbol
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DXC
CY2017Q1 dei Amendment Flag
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CY2017Q1 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <i>Credit Quality</i></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> Due to the homogenous nature of its leasing transactions, Everett manages its financing receivables on an aggregate basis when assessing and monitoring credit risk. Credit risk is generally diversified due to the large number of entities comprising Everett&#x2019;s customer base and their dispersion across many different industries and geographic regions. Everett evaluates the credit quality of an obligor at lease inception and monitors that credit quality over the term of a transaction.</p> </div>
CY2017Q1 dei Current Fiscal Year End Date
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Combined Financial Statements and accompanying notes. Actual results could differ materially from those estimates.</p> </div>
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Everett SpinCo, Inc.
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Parent does not expect complete resolution of any U.S. Internal Revenue Service audit cycle within the next 12 months. However, it is reasonably possible that certain federal, foreign and state tax issues may be concluded in the next 12 months, including issues involving resolution of certain intercompany transactions, joint and several tax liabilities and other matters.
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CY2017Q1 dxc Schedule Of Allowance For Doubtful Accounts Receivable Current Rollforward Tabletextblock
ScheduleOfAllowanceForDoubtfulAccountsReceivableCurrentRollforwardTabletextblock
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> The allowance for doubtful accounts related to accounts receivable and changes therein were as follows:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="78%"></td> <td valign="bottom" width="20%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"> <b>Three&#xA0;months&#xA0;ended</b><br /> <b>January&#xA0;31,&#xA0;2017</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" colspan="2" align="center"> <b>In&#xA0;millions</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Balance at beginning of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">29</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Provision for doubtful accounts</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(6</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Deductions, net of recoveries</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Balance at end of period</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">28</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div>
CY2017Q1 dxc Related Party Transaction Transfers To From Related Party Reported On Cash Flows Statement
RelatedPartyTransactionTransfersToFromRelatedPartyReportedOnCashFlowsStatement
-3019000000
CY2017Q1 dxc Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Transferred From Parent Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTransferredFromParentBeforeTax
369000000
CY2017Q1 dxc Other Comprehensive Income Amortization Of Defined Benefit Plan Actuarial Loss And Net Prior Service Cost Recognized In Net Periodic Pension Cost Tax
OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanActuarialLossAndNetPriorServiceCostRecognizedInNetPeriodicPensionCostTax
-2000000
CY2017Q1 dxc Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Transferred To Parent Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTransferredToParentBeforeTax
361000000
CY2017Q1 dxc Other Comprehensive Income Defined Benefit Plans Transferred From Parent Tax Portion During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansTransferredFromParentTaxPortionDuringPeriodTax
48000000
CY2017Q1 dxc Other Comprehensive Income Loss Defined Benefit Plans Transferred To Parent Tax Portion During Period Tax
OtherComprehensiveIncomeLossDefinedBenefitPlansTransferredToParentTaxPortionDuringPeriodTax
12000000
CY2017Q1 dxc Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Transferred To Parent Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTransferredToParentNetOfTax
349000000
CY2017Q1 dxc Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Transferred From Parent Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTransferredFromParentNetOfTax
321000000

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