2021 Q2 Form 10-Q Financial Statement

#000168856821000057 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q4 2020 Q2
Revenue $4.141B $4.288B $4.502B
YoY Change -8.02% -14.6% -7.93%
Cost Of Revenue $3.255B $3.333B $3.629B
YoY Change -10.31% -12.91% 0.19%
Gross Profit $886.0M $955.0M $873.0M
YoY Change 1.49% -20.02% -31.15%
Gross Profit Margin 21.4% 22.27% 19.39%
Selling, General & Admin $383.0M $517.0M $539.0M
YoY Change -28.94% -0.19% 6.31%
% of Gross Profit 43.23% 54.14% 61.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $427.0M $481.0M $496.0M
YoY Change -13.91% -0.41% 4.64%
% of Gross Profit 48.19% 50.37% 56.82%
Operating Expenses $383.0M $517.0M $539.0M
YoY Change -28.94% -89.44% -88.49%
Operating Profit $332.0M $300.0M $190.0M
YoY Change 74.74% -43.18% -70.86%
Interest Expense $62.00M $82.00M $106.0M
YoY Change -41.51% -11.83% 16.48%
% of Operating Profit 18.67% 27.33% 55.79%
Other Income/Expense, Net
YoY Change
Pretax Income $424.0M $1.978B -$225.0M
YoY Change -288.44% 1457.48% -209.22%
Income Tax $142.0M $875.0M -$26.00M
% Of Pretax Income 33.49% 44.24%
Net Earnings $278.0M $1.098B -$205.0M
YoY Change -235.61% 1239.02% -225.77%
Net Earnings / Revenue 6.71% 25.61% -4.55%
Basic Earnings Per Share $1.09 $4.32 -$0.81
Diluted Earnings Per Share $1.07 $4.29 -$0.81
COMMON SHARES
Basic Shares Outstanding 254.7M shares 254.3M shares 253.6M shares
Diluted Shares Outstanding 260.3M shares 255.8M shares 253.6M shares

Balance Sheet

Concept 2021 Q2 2020 Q4 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.460B $3.919B $5.509B
YoY Change -55.35% 53.09% 194.91%
Cash & Equivalents $2.460B $3.919B $5.509B
Short-Term Investments
Other Short-Term Assets $341.0M $470.0M $261.0M
YoY Change 30.65% 36.63% -27.5%
Inventory
Prepaid Expenses $659.0M $586.0M $667.0M
Receivables $4.081B $4.130B $4.271B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.541B $9.105B $10.71B
YoY Change -29.58% 11.27% 30.74%
LONG-TERM ASSETS
Property, Plant & Equipment $4.140B $4.780B $5.105B
YoY Change -18.9% -6.55% 40.71%
Goodwill $639.0M $736.0M $2.057B
YoY Change -68.94% -87.74% -76.64%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.421B $4.679B $4.199B
YoY Change 5.29% 23.59% 18.68%
Total Long-Term Assets $13.33B $14.53B $17.19B
YoY Change -22.46% -32.16% -29.53%
TOTAL ASSETS
Total Short-Term Assets $7.541B $9.105B $10.71B
Total Long-Term Assets $13.33B $14.53B $17.19B
Total Assets $20.87B $23.63B $27.89B
YoY Change -25.19% -20.15% -14.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $857.0M $852.0M $1.522B
YoY Change -43.69% -45.94% 0.33%
Accrued Expenses $3.060B $3.285B $2.756B
YoY Change 11.03% 4.65% -13.42%
Deferred Revenue $1.032B $1.102B $1.030B
YoY Change 0.19% 3.09% -35.99%
Short-Term Debt $237.0M $112.0M $967.0M
YoY Change -75.49% -86.16% 37.36%
Long-Term Debt Due $220.0M $252.0M $283.0M
YoY Change -22.26% -15.15% -13.98%
Total Short-Term Liabilities $7.406B $8.270B $8.325B
YoY Change -11.04% -5.85% -10.85%
LONG-TERM LIABILITIES
Long-Term Debt $4.116B $5.444B $10.33B
YoY Change -60.17% -25.58% 30.93%
Other Long-Term Liabilities $1.619B $1.354B $1.277B
YoY Change 26.78% -0.88% -9.43%
Total Long-Term Liabilities $5.735B $6.798B $11.61B
YoY Change -50.61% -21.69% 24.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.406B $8.270B $8.325B
Total Long-Term Liabilities $5.735B $6.798B $11.61B
Total Liabilities $15.48B $17.64B $22.95B
YoY Change -32.55% -13.95% 7.45%
SHAREHOLDERS EQUITY
Retained Earnings -$5.045B -$4.533B -$5.386B
YoY Change -6.33% 178.44% -1190.28%
Common Stock $3.000M $3.000M $3.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $168.0M $156.0M $154.0M
YoY Change 9.09% 3.31% 3.36%
Treasury Stock Shares 2.697M shares 2.411M shares 2.292M shares
Shareholders Equity $5.077B $5.655B $4.593B
YoY Change
Total Liabilities & Shareholders Equity $20.87B $23.63B $27.89B
YoY Change -25.19% -20.15% -14.38%

Cashflow Statement

Concept 2021 Q2 2020 Q4 2020 Q2
OPERATING ACTIVITIES
Net Income $278.0M $1.098B -$205.0M
YoY Change -235.61% 1239.02% -225.77%
Depreciation, Depletion And Amortization $427.0M $481.0M $496.0M
YoY Change -13.91% -0.41% 4.64%
Cash From Operating Activities -$29.00M -$197.0M $119.0M
YoY Change -124.37% -141.3% -280.3%
INVESTING ACTIVITIES
Capital Expenditures $98.00M -$219.0M $95.00M
YoY Change 3.16% 35.19% -9.52%
Acquisitions $0.00 $10.00M
YoY Change -100.0% -99.48%
Other Investing Activities -$6.000M $4.953B -$9.000M
YoY Change -33.33% 5593.1% -25.0%
Cash From Investing Activities $311.0M $4.734B -$61.00M
YoY Change -609.84% -6412.0% -96.65%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $53.00M
YoY Change -100.0% 3.92%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $352.0M $3.500B $1.084B
YoY Change -67.53% 112.97%
Cash From Financing Activities -$866.0M -3.708B $1.786B
YoY Change -148.49% 372.36% 101.35%
NET CHANGE
Cash From Operating Activities -$29.00M -197.0M $119.0M
Cash From Investing Activities $311.0M 4.734B -$61.00M
Cash From Financing Activities -$866.0M -3.708B $1.786B
Net Change In Cash -$508.0M 829.0M $1.830B
YoY Change -127.76% -316.45% -277.5%
FREE CASH FLOW
Cash From Operating Activities -$29.00M -$197.0M $119.0M
Capital Expenditures $98.00M -$219.0M $95.00M
Free Cash Flow -$127.0M $22.00M $24.00M
YoY Change -629.17% -96.56% -114.04%

Facts In Submission

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CY2020Q2 dxc Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Disposal Group Discontinued Operations And Exchange Rate Effect
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CY2021Q2 dxc Increase Decrease In Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Classified As Held For Sale
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CY2020Q2 dxc Increase Decrease In Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Classified As Held For Sale
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q2 us-gaap Profit Loss
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CY2021Q2 us-gaap Use Of Estimates
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Use of EstimatesThe preparation of the financial statements, in accordance with GAAP, requires the Company’s management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expense during the reporting period. The Company bases its estimates on assumptions regarding historical experience, currently available information, and anticipated developments that it believes are reasonable and appropriate. However, because the use of estimates involves an inherent degree of uncertainty, actual results could differ from those estimates. The severity, magnitude and duration, as well as the economic consequences of the coronavirus disease 2019 (“COVID-19”) crisis, are uncertain, rapidly changing and difficult to predict. Therefore, accounting estimates and assumptions may change over time in response to the COVID-19 crisis and may change materially in future periods. Estimates are used for, but are not limited to, contracts accounted for using the percentage -of-completion method, cash flows used in the evaluation of impairment of goodwill and other long-lived assets, reserves for uncertain tax positions, valuation allowances on deferred tax assets, loss accruals for litigation, and obligations related to our pension plans. In the opinion of the Company’s management, the accompanying financial statements contain all adjustments necessary, including those of a normal recurring nature, to fairly present the financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year.
CY2020Q4 us-gaap Repayments Of Long Term Debt
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CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Earnings Per Share Diluted
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CY2021Q2 us-gaap Lease Cost
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CY2020Q2 us-gaap Lease Cost
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CY2020Q2 us-gaap Operating Lease Payments
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52000000 USD
CY2020Q2 dxc Rightof Use Asset Obtainedin Exchangefor Operating Lease Liability Netof Lease Reclassification
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275000000 USD
CY2021Q2 dxc Lessee Lease Reclassificationof Operatingto Finance Lease
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CY2021Q1 us-gaap Operating Lease Right Of Use Asset
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P4Y9M18D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P4Y10M24D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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114000000 USD
CY2021Q2 dxc Lessee Operating Lease Liabilitytobe Paidafter Year Four
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CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2020Q2 us-gaap Finance Lease Right Of Use Asset Amortization
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