- Revenues of $3.57 billion for Q3 FY23, down 12.8% as compared to prior year period, and down 3.8% on an organic basis
- Diluted Earnings Per Share was $0.25 and Non-GAAP Diluted Earnings Per Share was $0.95 in Q3 FY23
- Trailing twelve-month book-to-bill ratio of 1.06x and book-to-bill of 1.34x in the third quarter
- Q3 FY23 operating cash flow of $625 million, less capital expenditures of $162 million, resulted in $463 million of free cash flow
- Closed German banks sale for $323 million in cash on January 3rd, completing the $500 million portfolio shaping initiative. Executed $56 million of its $250 million asset sale target
- The Company expects to utilize excess cash to further delever the balance sheet and to execute share repurchases of $400 million to complete the $1 billion repurchase program
ASHBURN, Va. — (BUSINESS WIRE) — February 1, 2023 — Today, DXC Technology (NYSE: DXC) reported results for the third quarter of fiscal year 2023.
Mike Salvino, DXC Chairman, President and Chief Executive Officer commented: "I am very pleased with our strong third quarter results, where our execution drove strong bookings, along with Adjusted EBIT margin, Adjusted EPS, and free cash flow that all exceeded expectations. In addition, we continue to execute on our portfolio shaping initiatives, and intend to use our cash to reduce our debt, strengthen our investment grade profile, and to complete our $1 billion share repurchase program. We have created momentum, and we believe that the business is heading to an inflection at the end of FY23. Getting to this point was no small task, and my management team and I are proud of the quality company we have created, and we are clear and excited about delivering the business we envisioned in FY24."
Financial Highlights(1) |
|
Q3 FY23 |
|
Q3 FY22 |
||||
Revenue |
|
$ |
3,566 |
|
|
$ |
4,089 |
|
YoY Revenue Growth |
|
|
(12.8 |
)% |
|
|
(4.6 |
)% |
YoY Organic Revenue Growth(2) |
|
|
(3.8 |
)% |
|
|
(1.4 |
)% |
|
|
|
|
|
||||
Net Income |
|
$ |
61 |
|
|
$ |
102 |
|
Net Income as a % of Sales |
|
|
1.7 |
% |
|
|
2.5 |
% |
|
|
|
|
|
||||
EBIT(2) |
|
$ |
117 |
|
|
$ |
189 |
|
| EBIT Margin % (2) |
|
|
3.3 |
% |
|
|
4.6 |
% |
|
|
|
|
|
|
||||
| Adjusted EBIT (2) |
|
$ |
309 |
|
|
$ |
355 |
|
| Adjusted EBIT Margin % (2) |
|
|
8.7 |
% |
|
|
8.7 |
% |
|
|
|
|
|
|
||||
| Earnings Per Share (Diluted) |
|
$ |
0.25 |
|
|
$ |
0.38 |
|
| Non-GAAP EPS (Diluted) (2) |
|
$ |
0.95 |
|
|
$ |
0.92 |
|
|
|
|
|
|
|
||||
| Book-to-Bill (TTM) |
|
1.06x |
|
1.08x |
||||
| Book-to-Bill |
|
1.34x |
|
1.23x |
||||
| (1) In millions, except per-share amounts and numbers presented as percentages and ratios |
||||||||
| (2) Reconciliation of GAAP to Non-GAAP measures provided in Non-GAAP Results. |
||||||||
