Revenue Performance - Q4 FY24 revenue was 3.39billion,down5.73.386 billion, a decrease from 3.591billioninQ42023[32]−Full−yearrevenuefor2024was13.667 billion, down from 14.430billionin2023[32]−TotalrevenuegrowthforFY24isprojectedat−5.3(1.10), while non-GAAP diluted EPS was 0.97,aboveguidance[4][8]−NetlossforQ42024was200 million, compared to a net loss of 756millioninQ42023[32]−Full−yearnetincomefor2024was91 million, a significant improvement from a net loss of 568millionin2023[32]−NetincomeforFY24was86 million, compared to a net loss of 566millioninFY23[48]−AdjustedEBITforFY24was1,016 million, slightly lower than FY23's 1,157million[48]−EBITmarginforFY24was1.4185 million, compared to a reported net loss of 195million[43]−Non−GAAPdilutedEPSforQ12024was0.97, compared to a reported diluted EPS of (1.10)[43]−Non−GAAPnetincomeforFY2024was615 million, compared to a reported net income of 86million[43]−Non−GAAPdilutedEPSforFY2024was3.13, compared to a reported diluted EPS of 0.46[43]−Non−GAAPnetincomeattributabletoDXCcommonstockholderswas233 million for Q1 2023, with a diluted EPS of 1.02[45]CashFlowandLiquidity−Q4FY24freecashflowwas155 million, with full-year free cash flow reaching 756million[4][13]−FY25freecashflowisprojectedtobeapproximately400 million[15] - Free cash flow is used to evaluate cash available for debt repayment, share repurchases, and business investments[29] - Net cash provided by operating activities for the twelve months ended March 31, 2024, was 1,361million,comparedto1,415 million in the same period last year[35] - Net cash used in investing activities for the twelve months ended March 31, 2024, was 491million,comparedto635 million in the same period last year[35] - Cash and cash equivalents decreased to 1.224billionasofMarch31,2024,from1.858 billion in 2023[34] Segment Performance - GBS segment revenue was 1.71billion,down2.21.67 billion, down 9.0% YoY, with a segment profit margin of 7.4%[11] - Cloud Infrastructure & ITO revenue was 1.19billion,down6.6835 million, down from 912millioninthepreviousyear[37]−GISsegmentprofitforthetwelvemonthsendedMarch31,2024,was437 million, compared to 507millionintheprioryear[37]−GBSsegmentprofitmarginforthetwelvemonthsendedMarch31,2024,was12.2111 million in restructuring costs in fiscal 2024, down from 216millioninfiscal2023[37]−RestructuringcostsforQ12024were20 million[43] - Restructuring costs in FY24 were 111million,downfrom216 million in FY23[48] - Transaction, separation and integration-related costs in FY24 were 7million,downfrom16 million in FY23[48] Non-GAAP Measures - Non-GAAP measures include EBIT, adjusted EBIT, and non-GAAP diluted EPS to provide supplemental operating performance information[23] - Non-GAAP effective tax rate for Q1 2024 was 29.7%, compared to a reported effective tax rate of 36.9%[43] - Non-GAAP effective tax rate for FY 2024 was 34.0%, compared to a reported effective tax rate of 21.1%[43] - Effective tax rate for Q1 2023 was 34.8% on a GAAP basis and 23.1% on a non-GAAP basis[45] Pension and OPEB - Pension and OPEB actuarial and settlement losses for the twelve months ended March 31, 2024, were 445million,significantlylowerthanthe1,431 million in the previous year[37] - Pension and OPEB actuarial and settlement gains for Q1 2024 were 445million[43]−PensionandOPEBactuarialandsettlementlossesinFY24were445 million, significantly lower than FY23's 1,431million[48]ShareRepurchasesandInvestments−Thecompanyrepurchased898 million worth of common stock in fiscal 2024, up from 669millioninfiscal2023[35]−Thecompanyreportedanetgainof115 million from the disposition of insignificant businesses and strategic investments in fiscal 2024[42] - Gains and losses on disposition of businesses in FY24 were a loss of 115million,comparedtoalossof190 million in FY23[48] Balance Sheet and Liabilities - Total assets decreased to 13.871billionin2024from15.845 billion in 2023[34] - Total liabilities decreased to 10.805billionin2024from12.025 billion in 2023[34] - Interest expense in FY24 increased to 298millionfrom200 million in FY23[48] - Amortization of acquired intangible assets in FY24 was 354million,downfrom402 million in FY23[48] - Amortization of acquired intangible assets for Q1 2024 was $88 million[43] Book-to-Bill Ratio - Q4 FY24 book-to-bill ratio was 0.94x, with a trailing twelve-month book-to-bill of 0.91x[4] Guidance and Projections - FY25 guidance projects organic revenue growth between (6.0)% and (4.0)%[15] - FY25 adjusted EBIT margin is expected to be between 6.0% and 7.0%[15] Weighted Average Shares - Weighted average common shares outstanding for diluted EPS in Q1 2024 was 183.47 million[43] - Weighted average common shares outstanding for diluted EPS in Q1 2023 was 227.58 million[45]
DXC Technology(DXC)2024-05-16 20:21