Nevada | 001-38033 | 61-1800317 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1775 Tysons Boulevard | ||
Tysons, Virginia | 22102 | |
(Address of Principal Executive Offices) | (Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description |
99.1 |
DXC TECHNOLOGY COMPANY | |||
Dated: | February 7, 2019 | By: | /s/ Paul N. Saleh |
Name: | Paul N. Saleh | ||
Title: | Executive Vice President and Chief Financial Officer |
Moved on Business Wire | |
February 7, 2019 |
• | Q3 earnings per share from continuing operations was $1.66, including the cumulative impact of certain items of $(0.57) per share, reflecting restructuring costs, transaction, separation and integration-related costs, amortization of acquired intangible assets, and a tax adjustment related to the U.S. tax reform |
• | Q3 non-GAAP earnings per share was $2.23 |
• | Q3 income from continuing operations was $466 million, including the cumulative impact of certain items of $(160) million, reflecting restructuring costs, transaction, separation and integration-related costs, amortization of acquired intangible assets, and a tax adjustment related to the U.S. tax reform |
• | Q3 non-GAAP income from continuing operations was $626 million |
• | Q3 EBIT of $523 million, adjusted for certain items is $840 million and adjusted EBIT margin was 16.2%, compared with 14.6% in the prior year |
• | Q3 net cash from operating activities was $186 million |
• | Q3 adjusted free cash flow was $503 million |
• | Q3 capital returned to shareholders included $54 million in dividends and $797 million in share repurchases |
• | Diluted earnings per share from continuing operations was $1.66 in the third quarter, including $(0.21) per share of restructuring costs, $(0.29) per share of transaction, separation and integration-related costs, $(0.35) per share of amortization of acquired intangible assets, and $0.28 per share of tax adjustment related to U.S. tax reform. This compares with $2.43 in the year ago period. |
• | Non-GAAP diluted earnings per share from continuing operations was $2.23. This compares with $1.86 in the year ago period. |
• | Revenue in the third quarter was $5,178 million. Revenue decreased 5.2% compared with $5,460 million in the prior year, and increased 3.3% compared with $5,013 million in the prior quarter. |
• | Income from continuing operations before income taxes was $469 million in the third quarter, including $(76) million of restructuring costs, $(107) million of transaction, separation and integration-related costs, and $(134) million of amortization of acquired intangibles. This compares with $341 million in the year ago period. |
• | Non-GAAP income from continuing operations before income taxes was $786 million compared with $751 million in the year ago period. |
• | Income from continuing operations was $466 million in the third quarter, including $(58) million of restructuring costs, $(81) million of transaction, separation and integration-related costs, $(98) million of amortization of acquired intangibles, and $77 million of tax adjustment related to U.S. tax reform. This compares with $706 million in the year ago period. |
• | Non-GAAP income from continuing operations was $626 million compared with $541 million in the year ago period. |
• | Adjusted EBIT was $840 million in the third quarter compared with $797 million in the prior year. Adjusted EBIT margin was 16.2% compared with 14.6% in the year ago quarter. |
• | Net cash provided by operating activities was $186 million in the third quarter, compared with $910 million in the year ago period. |
• | Adjusted free cash flow was $503 million in the third quarter. |
Three Months Ended | Nine Months Ended | |||||||||||||||
(in millions, except per-share amounts) | December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | ||||||||||||
Revenues | $ | 5,178 | $ | 5,460 | $ | 15,473 | $ | 16,149 | ||||||||
Costs of services | 3,725 | 4,051 | 11,110 | 12,230 | ||||||||||||
Selling, general and administrative | 491 | 447 | 1,500 | 1,484 | ||||||||||||
Depreciation and amortization | 508 | 440 | 1,463 | 1,264 | ||||||||||||
Restructuring costs | 76 | 210 | 418 | 585 | ||||||||||||
Interest expense | 81 | 73 | 249 | 220 | ||||||||||||
Interest income | (27 | ) | (27 | ) | (92 | ) | (59 | ) | ||||||||
Other income, net | (145 | ) | (75 | ) | (336 | ) | (291 | ) | ||||||||
Total costs and expenses | 4,709 | 5,119 | 14,312 | 15,433 | ||||||||||||
Income from continuing operations before income taxes | 469 | 341 | 1,161 | 716 | ||||||||||||
Income tax expense (benefit) | 3 | (365 | ) | 205 | (303 | ) | ||||||||||
Income from continuing operations | 466 | 706 | 956 | 1,019 | ||||||||||||
Income from discontinued operations, net of tax | — | 73 | 35 | 198 | ||||||||||||
Net income | 466 | 779 | 991 | 1,217 | ||||||||||||
Less: net income attributable to non-controlling interest, net of tax | 4 | 3 | 8 | 26 | ||||||||||||
Net income attributable to DXC common stockholders | $ | 462 | $ | 776 | $ | 983 | $ | 1,191 | ||||||||
Income per common share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 1.68 | $ | 2.46 | $ | 3.38 | $ | 3.48 | ||||||||
Discontinued operations | — | 0.26 | 0.12 | 0.70 | ||||||||||||
$ | 1.68 | $ | 2.72 | $ | 3.50 | $ | 4.18 | |||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 1.66 | $ | 2.43 | $ | 3.33 | $ | 3.43 | ||||||||
Discontinued operations | — | 0.25 | 0.12 | 0.68 | ||||||||||||
$ | 1.66 | $ | 2.68 | $ | 3.45 | $ | 4.11 | |||||||||
Cash dividend per common share | $ | 0.19 | $ | 0.18 | $ | 0.57 | $ | 0.54 | ||||||||
Weighted average common shares outstanding for: | ||||||||||||||||
Basic EPS | 275.66 | 285.38 | 280.47 | 284.70 | ||||||||||||
Diluted EPS | 278.99 | 289.77 | 284.70 | 289.53 |
As of | ||||||||
(in millions) | December 31, 2018 | March 31, 2018 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 2,475 | $ | 2,593 | ||||
Receivables and contract assets, net | 5,096 | 5,481 | ||||||
Prepaid expenses | 626 | 496 | ||||||
Other current assets | 325 | 469 | ||||||
Assets of discontinued operations | — | 581 | ||||||
Total current assets | 8,522 | 9,620 | ||||||
Intangible assets, net | 6,770 | 7,179 | ||||||
Goodwill | 7,593 | 7,619 | ||||||
Deferred income taxes, net | 407 | 373 | ||||||
Property and equipment, net | 3,186 | 3,363 | ||||||
Other assets | 2,393 | 2,404 | ||||||
Assets of discontinued operations - non-current | — | 3,363 | ||||||
Total Assets | $ | 28,871 | $ | 33,921 | ||||
Liabilities | ||||||||
Short-term debt and current maturities of long-term debt | $ | 1,580 | $ | 1,918 | ||||
Accounts payable | 1,345 | 1,513 | ||||||
Accrued payroll and related costs | 705 | 744 | ||||||
Accrued expenses and other current liabilities | 3,228 | 3,120 | ||||||
Deferred revenue and advance contract payments | 1,542 | 1,641 | ||||||
Income taxes payable | 122 | 127 | ||||||
Liabilities of discontinued operations | — | 789 | ||||||
Total current liabilities | 8,522 | 9,852 | ||||||
Long-term debt, net of current maturities | 5,980 | 6,092 | ||||||
Non-current deferred revenue | 273 | 795 | ||||||
Non-current income tax liabilities and deferred tax liabilities | 1,171 | 1,166 | ||||||
Other long-term liabilities | 1,569 | 1,723 | ||||||
Liabilities of discontinued operations - long-term | — | 456 | ||||||
Total Liabilities | 17,515 | 20,084 | ||||||
Total Equity | 11,356 | 13,837 | ||||||
Total Liabilities and Equity | $ | 28,871 | $ | 33,921 |
Nine Months Ended | ||||||||
(in millions) | December 31, 2018 | December 31, 2017 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 991 | $ | 1,217 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,514 | 1,387 | ||||||
Share-based compensation | 57 | 76 | ||||||
Gain on dispositions | (137 | ) | — | |||||
Unrealized foreign currency exchange (gains) losses | (32 | ) | 44 | |||||
Other non-cash charges, net | (21 | ) | 23 | |||||
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||
Increase in assets(1) | (1,012 | ) | (365 | ) | ||||
Decrease in liabilities | (325 | ) | (372 | ) | ||||
Net cash provided by operating activities | 1,035 | 2,010 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (219 | ) | (175 | ) | ||||
Payments for transition and transformation contract costs | (294 | ) | (259 | ) | ||||
Software purchased and developed | (183 | ) | (157 | ) | ||||
Cash acquired through Merger | — | 974 | ||||||
Payments for acquisitions, net of cash acquired | (332 | ) | (193 | ) | ||||
Business dispositions | (65 | ) | — | |||||
Cash collections related to deferred purchase price receivable (1) | 761 | 531 | ||||||
Proceeds from sale of assets | 283 | 29 | ||||||
Other investing activities, net | 9 | 20 | ||||||
Net cash (used in) provided by investing activities | (40 | ) | 770 | |||||
Cash flows from financing activities: | ||||||||
Borrowings of commercial paper | 1,853 | 1,822 | ||||||
Repayments of commercial paper | (1,853 | ) | (1,706 | ) | ||||
Repayment of borrowings under lines of credit | — | (335 | ) | |||||
Borrowings on long-term debt, net of discount | 1,646 | 621 | ||||||
Principal payments on long-term debt | (2,619 | ) | (1,291 | ) | ||||
Payments on capital leases and borrowings for asset financing | (710 | ) | (732 | ) | ||||
Borrowings for USPS spin transaction | 1,114 | — | ||||||
Proceeds from bond issuance | 753 | 647 | ||||||
Proceeds from stock options and other common stock transactions | 40 | 107 | ||||||
Taxes paid related to net share settlements of share-based compensation awards | (52 | ) | (75 | ) | ||||
Repurchase of common stock | (1,253 | ) | (66 | ) | ||||
Dividend payments | (159 | ) | (123 | ) | ||||
Other financing activities, net | 57 | (5 | ) | |||||
Net cash used in financing activities | (1,183 | ) | (1,136 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (66 | ) | 44 | |||||
Net (decrease) increase in cash and cash equivalents | (254 | ) | 1,688 | |||||
Cash and cash equivalents at beginning of year | 2,729 | 1,268 | ||||||
Cash and cash equivalents at end of period | $ | 2,475 | $ | 2,956 |
Segment Revenue | |||||||||||||
Three Months Ended | |||||||||||||
(in millions) | December 31, 2018 | December 31, 2017 | % Change | % Change in Constant Currency | |||||||||
Global Business Services | $ | 2,169 | $ | 2,315 | (6.3 | )% | (4.0)% | ||||||
Global Infrastructure Services | 3,009 | 3,145 | (4.3 | )% | (1.5)% | ||||||||
Total Revenues | $ | 5,178 | $ | 5,460 | (5.2 | )% | (2.6)% |
Nine Months Ended | |||||||||||||
(in millions) | December 31, 2018 | December 31, 2017 | % Change | % Change in Constant Currency | |||||||||
Global Business Services | $ | 6,493 | $ | 6,893 | (5.8 | )% | (5.2)% | ||||||
Global Infrastructure Services | 8,980 | 9,256 | (3.0 | )% | (2.4)% | ||||||||
Total Revenues | $ | 15,473 | $ | 16,149 | (4.2 | )% | (3.6)% |
Three Months Ended | Nine Months Ended | |||||||||||||||
(in millions) | December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | ||||||||||||
Profit | ||||||||||||||||
GBS profit | $ | 395 | $ | 423 | $ | 1,198 | $ | 1,066 | ||||||||
GIS profit | 528 | 450 | 1,475 | 1,171 | ||||||||||||
All other loss | (83 | ) | (76 | ) | (231 | ) | (130 | ) | ||||||||
Interest income | 27 | 27 | 92 | 59 | ||||||||||||
Interest expense | (81 | ) | (73 | ) | (249 | ) | (220 | ) | ||||||||
Restructuring costs | (76 | ) | (210 | ) | (418 | ) | (585 | ) | ||||||||
Transaction, separation and integration-related costs | (107 | ) | (83 | ) | (305 | ) | (273 | ) | ||||||||
Amortization of acquired intangible assets | (134 | ) | (134 | ) | (401 | ) | (389 | ) | ||||||||
Pension and OPEB actuarial and settlement losses | — | 17 | — | 17 | ||||||||||||
Income from continuing operations before income taxes | $ | 469 | $ | 341 | $ | 1,161 | $ | 716 | ||||||||
Segment profit margins | ||||||||||||||||
GBS | 18.2 | % | 18.3 | % | 18.5 | % | 15.5 | % | ||||||||
GIS | 17.5 | % | 14.3 | % | 16.4 | % | 12.7 | % |
• | Restructuring costs - reflects costs, net of reversals, related to workforce optimization and real estate charges. |
• | Transaction, separation and integration-related costs - reflects costs related to integration planning, financing, and advisory fees associated with the HPES Merger and other acquisitions and costs related to the separation of USPS. |
• | Amortization of acquired intangible assets - reflects amortization of intangible assets acquired through business combinations. |
• | Tax adjustment - reflects the estimated non-recurring benefit of the Tax Cuts and Jobs Act of 2017 for fiscal 2019, and the application of an approximate 28% tax rate for fiscal 2018, which is within the targeted effective tax rate range for the prior year. |
Three Months Ended | Nine Months Ended | |||||||||||||||
(in millions) | December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | ||||||||||||
Net income | $ | 466 | $ | 779 | $ | 991 | $ | 1,217 | ||||||||
Income from discontinued operations, net of taxes | — | (73 | ) | (35 | ) | (198 | ) | |||||||||
Income tax expense (benefit) | 3 | (365 | ) | 205 | (303 | ) | ||||||||||
Interest income | (27 | ) | (27 | ) | (92 | ) | (59 | ) | ||||||||
Interest expense | 81 | 73 | 249 | 220 | ||||||||||||
EBIT | 523 | 387 | 1,318 | 877 | ||||||||||||
Restructuring costs | 76 | 210 | 418 | 585 | ||||||||||||
Transaction, separation, and integration-related costs | 107 | 83 | 305 | 273 | ||||||||||||
Amortization of acquired intangible assets | 134 | 134 | 401 | 389 | ||||||||||||
Pension and OPEB actuarial and settlement losses | — | (17 | ) | — | (17 | ) | ||||||||||
Adjusted EBIT | $ | 840 | $ | 797 | $ | 2,442 | $ | 2,107 | ||||||||
Adjusted EBIT margin | 16.2 | % | 14.6 | % | 15.8 | % | 13.0 | % | ||||||||
EBIT margin | 10.1 | % | 7.1 | % | 8.5 | % | 5.4 | % |
(in millions) | Three Months Ended December 31, 2018 | Nine Months Ended December 31, 2018 | |||||||
Net cash provided by operating activities | $ | 186 | $ | 1,035 | |||||
Net cash provided by (used in) investing activities | 8 | (40 | ) | ||||||
Acquisitions, net of cash acquired | 289 | 332 | |||||||
Business dispositions | — | 65 | |||||||
Payments on capital leases and other long-term asset financings | (235 | ) | (710 | ) | |||||
Payments on transaction, separation and integration-related costs | 86 | 277 | |||||||
Payments on restructuring costs | 152 | 422 | |||||||
Sale of accounts receivables | 17 | (193 | ) | (1) | |||||
Adjusted free cash flow | $ | 503 | $ | 1,188 |
Three Months Ended December 31, 2018 | ||||||||||||||||||||||||
(in millions, except per-share amounts) | As Reported | Restructuring Costs | Transaction, Separation and Integration-Related Costs | Amortization of Acquired Intangible Assets | Tax Adjustment | Non-GAAP Results | ||||||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | $ | 3,725 | $ | — | $ | — | $ | — | $ | — | $ | 3,725 | ||||||||||||
Selling, general and administrative (excludes depreciation and amortization and restructuring costs) | 491 | — | (107 | ) | — | — | 384 | |||||||||||||||||
Income from continuing operations before income taxes | 469 | 76 | 107 | 134 | — | 786 | ||||||||||||||||||
Income tax expense | 3 | 18 | 26 | 36 | 77 | 160 | ||||||||||||||||||
Income from continuing operations | 466 | 58 | 81 | 98 | (77 | ) | 626 | |||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
Net income | 466 | 58 | 81 | 98 | (77 | ) | 626 | |||||||||||||||||
Less: net income attributable to non-controlling interest, net of tax | 4 | — | — | — | — | 4 | ||||||||||||||||||
Net income attributable to DXC common stockholders | $ | 462 | $ | 58 | $ | 81 | $ | 98 | $ | (77 | ) | $ | 622 | |||||||||||
Effective tax rate | 0.6 | % | 20.4 | % | ||||||||||||||||||||
Basic EPS from continuing operations | $ | 1.68 | $ | 0.21 | $ | 0.29 | $ | 0.36 | $ | (0.28 | ) | $ | 2.26 | |||||||||||
Diluted EPS from continuing operations | $ | 1.66 | $ | 0.21 | $ | 0.29 | $ | 0.35 | $ | (0.28 | ) | $ | 2.23 | |||||||||||
Weighted average common shares outstanding for: | ||||||||||||||||||||||||
Basic EPS | 275.66 | 275.66 | 275.66 | 275.66 | 275.66 | 275.66 | ||||||||||||||||||
Diluted EPS | 278.99 | 278.99 | 278.99 | 278.99 | 278.99 | 278.99 |
Nine Months Ended December 31, 2018 | ||||||||||||||||||||||||
(in millions, except per-share amounts) | As Reported | Restructuring Costs | Transaction, Separation and Integration-Related Costs | Amortization of Acquired Intangible Assets | Tax Adjustment | Non-GAAP Results | ||||||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | $ | 11,110 | $ | — | $ | — | $ | — | $ | — | $ | 11,110 | ||||||||||||
Selling, general and administrative (excludes depreciation and amortization and restructuring costs) | 1,500 | — | (305 | ) | — | — | 1,195 | |||||||||||||||||
Income from continuing operations before income taxes | 1,161 | 418 | 305 | 401 | — | 2,285 | ||||||||||||||||||
Income tax expense | 205 | 100 | 72 | 101 | 44 | 522 | ||||||||||||||||||
Income from continuing operations | 956 | 318 | 233 | 300 | (44 | ) | 1,763 | |||||||||||||||||
Income from discontinued operations, net of tax | 35 | — | — | — | — | 35 | ||||||||||||||||||
Net income | 991 | 318 | 233 | 300 | (44 | ) | 1,798 | |||||||||||||||||
Less: net income attributable to non-controlling interest, net of tax | 8 | — | — | — | — | 8 | ||||||||||||||||||
Net income attributable to DXC common stockholders | $ | 983 | $ | 318 | $ | 233 | $ | 300 | $ | (44 | ) | $ | 1,790 | |||||||||||
Effective Tax Rate | 17.7 | % | 22.8 | % | ||||||||||||||||||||
Basic EPS from continuing operations | $ | 3.38 | $ | 1.13 | $ | 0.83 | $ | 1.07 | $ | (0.16 | ) | $ | 6.26 | |||||||||||
Diluted EPS from continuing operations | $ | 3.33 | $ | 1.12 | $ | 0.82 | $ | 1.05 | $ | (0.15 | ) | $ | 6.16 | |||||||||||
Weighted average common shares outstanding for: | ||||||||||||||||||||||||
Basic EPS | 280.47 | 280.47 | 280.47 | 280.47 | 280.47 | 280.47 | ||||||||||||||||||
Diluted EPS | 284.70 | 284.70 | 284.70 | 284.70 | 284.70 | 284.70 |
Three Months Ended December 31, 2017 | ||||||||||||||||||||||||||||
(in millions, except per-share amounts) | As Reported | Restructuring Costs | Transaction, Separation and Integration-Related Costs | Amortization of Acquired Intangible Assets | Pension and OPEB Actuarial and Settlement Gains | Tax Adjustment | Non-GAAP Results | |||||||||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | $ | 4,051 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,051 | ||||||||||||||
Selling, general and administrative (excludes depreciation and amortization and restructuring costs) | 447 | — | (83 | ) | — | — | — | 364 | ||||||||||||||||||||
Income from continuing operations before income taxes | 341 | 210 | 83 | 134 | (17 | ) | — | 751 | ||||||||||||||||||||
Income tax (benefit) expense | (365 | ) | — | — | — | — | 575 | 210 | ||||||||||||||||||||
Income from continuing operations | 706 | 210 | 83 | 134 | (17 | ) | (575 | ) | 541 | |||||||||||||||||||
Income from discontinued operations, net of tax | 73 | — | — | — | — | — | 73 | |||||||||||||||||||||
Net income | 779 | 210 | 83 | 134 | (17 | ) | (575 | ) | 614 | |||||||||||||||||||
Less: net income attributable to non-controlling interest, net of tax | 3 | — | — | — | 3 | |||||||||||||||||||||||
Net income attributable to DXC common stockholders | $ | 776 | $ | 210 | $ | 83 | $ | 134 | $ | (17 | ) | $ | (575 | ) | $ | 611 | ||||||||||||
Effective Tax Rate | (107.0 | )% | 28.0 | % | ||||||||||||||||||||||||
Basic EPS from continuing operations | $ | 2.46 | $ | 0.74 | $ | 0.29 | $ | 0.47 | $ | (0.06 | ) | $ | (2.01 | ) | $ | 1.89 | ||||||||||||
Diluted EPS from continuing operations | $ | 2.43 | $ | 0.72 | $ | 0.29 | $ | 0.46 | $ | (0.06 | ) | $ | (1.98 | ) | $ | 1.86 | ||||||||||||
Weighted average common shares outstanding for: | ||||||||||||||||||||||||||||
Basic EPS | 285.38 | 285.38 | 285.38 | 285.38 | 285.38 | 285.38 | 285.38 | |||||||||||||||||||||
Diluted EPS | 289.77 | 289.77 | 289.77 | 289.77 | 289.77 | 289.77 | 289.77 |
Nine Months Ended December 31, 2017 | ||||||||||||||||||||||||||||
(in millions, except per-share amounts) | As Reported | Restructuring Costs | Transaction, Separation and Integration-Related Costs | Amortization of Acquired Intangible Assets | Pension and OPEB Actuarial and Settlement Gains | Tax Adjustment | Non-GAAP Results | |||||||||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | $ | 12,230 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12,230 | ||||||||||||||
Selling, general and administrative (excludes depreciation and amortization and restructuring costs) | 1,484 | — | (273 | ) | — | — | — | 1,211 | ||||||||||||||||||||
Income from continuing operations before income taxes | 716 | 585 | 273 | 389 | (17 | ) | — | 1,946 | ||||||||||||||||||||
Income tax (benefit) expense | (303 | ) | — | — | — | — | 847 | 544 | ||||||||||||||||||||
Income from continuing operations | 1,019 | 585 | 273 | 389 | (17 | ) | (847 | ) | 1,402 | |||||||||||||||||||
Income from discontinued operations, net of tax | 198 | — | — | — | — | — | 198 | |||||||||||||||||||||
Net income | 1,217 | 585 | 273 | 389 | (17 | ) | (847 | ) | 1,600 | |||||||||||||||||||
Less: net income attributable to non-controlling interest, net of tax | 26 | — | — | — | — | — | 26 | |||||||||||||||||||||
Net income attributable to DXC common stockholders | $ | 1,191 | $ | 585 | $ | 273 | $ | 389 | $ | (17 | ) | $ | (847 | ) | $ | 1,574 | ||||||||||||
Effective Tax Rate | (42.3 | )% | 28.0 | % | ||||||||||||||||||||||||
Basic EPS from continuing operations | $ | 3.48 | $ | 2.05 | $ | 0.96 | $ | 1.37 | $ | (0.06 | ) | $ | (2.98 | ) | $ | 4.83 | ||||||||||||
Diluted EPS from continuing operations | $ | 3.43 | $ | 2.02 | $ | 0.94 | $ | 1.34 | $ | (0.06 | ) | $ | (2.93 | ) | $ | 4.75 | ||||||||||||
Weighted average common shares outstanding for: | ||||||||||||||||||||||||||||
Basic EPS | 284.70 | 284.70 | 284.70 | 284.70 | 284.70 | 284.70 | 284.70 | |||||||||||||||||||||
Diluted EPS | 289.53 | 289.53 | 289.53 | 289.53 | 289.53 | 289.53 | 289.53 |