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DXC Technology Company reports developments across enterprise technology services for global enterprises and public-sector organizations. Its news centers on quarterly results, bookings, margins, cash flow, segment performance and share repurchases, alongside updates in Managed Infrastructure Services, Application Modernization and Industry-Specific Software Solutions.
Company announcements also cover AI-led managed services and consulting initiatives, including DXC OASIS, Assure Smart Apps built on ServiceNow, Consulting & Engineering Services updates, partnerships, investor conference participation, and reporting structure across Consulting & Engineering Services, Global Infrastructure Services and Insurance Services.
DXC Technology (NYSE: DXC) will participate in the Baird Global Consumer, Technology, and Service Conference on June 6, 2022. John Sweeney, Vice President of Investor Relations, is set to present at 10:15 AM EDT. The presentation will be available on DXC's investor webpage. DXC Technology assists global organizations in managing critical systems while modernizing IT and ensuring security across various cloud environments. For comprehensive information, visit DXC.com.
On June 2, 2022, DXC Technology announced a multiyear contract with DIRECTV to enhance and modernize its IT systems. The partnership, extending over 25 years, focuses on IT outsourcing services that upgrade infrastructure and program management. This initiative aims to reduce costs, improve automation and security, and enhance reliability in billing and customer management systems. Additionally, it supports cloud migration and infrastructure modernization to drive customer retention and expansion opportunities.
DXC Technology (NYSE: DXC) will attend the Cowen Technology Conference on June 2, 2022. The Chief Financial Officer, Ken Sharp, is set to engage in a fireside chat at 9:40 AM ET. This event will be accessible via the 'Events and Presentations' section of DXC's investor website, ensuring stakeholders can stay informed. DXC Technology, a Fortune 500 leader, supports global companies by modernizing IT and optimizing data architectures.
DXC Technology, alongside Lloyd's and the International Underwriting Association, has announced a $465 million contract extension aimed at ensuring continuity for London market insurance customers during an ambitious IT transformation program. This agreement will facilitate the transition of approximately 400 insurance companies to a cloud-native platform on AWS, enhancing operational resilience and compliance with new industry regulations. The London insurance market represents 7.6% of the global commercial (re)insurance market, valued at over $110 billion.
DXC Technology has announced a $465 million contract extension with Lloyd's and the International Underwriting Association to support the digital transformation of the London insurance market. This initiative aims to transition approximately 400 insurance companies to a cloud-native digital platform, improving operational resilience and compliance with new regulations. The London market represents 7.6% of the global commercial reinsurance market, employing 47,000 people and generating over $110 billion in gross written premiums.
DXC Technology reported Q4 FY22 revenues of $4.01 billion, down 8.6% year-over-year, primarily due to the impact of the U.S. dollar's strength and the Ukraine conflict. Diluted EPS was $2.14, with a non-GAAP EPS of $0.84. The company achieved $4.8 billion in bookings, resulting in a book-to-bill ratio of 1.20x. Operating cash flow improved to $1.5 billion, yielding $743 million in free cash flow. Despite exiting the Russian market, which will reduce annual revenues by $140 million, DXC anticipates positive growth in FY24.
On May 24, 2022, DXC Technology announced a collaboration between its subsidiary Luxoft and CARIAD, Volkswagen Group's automotive software company. The partnership aims to develop a scalable automotive software platform, enhancing services like vehicle integration and software testing. The initiative also includes training thousands of CARIAD software engineers. This collaboration will accelerate the creation of innovative, connected driving experiences, driving value for customers and supporting data-driven business models across all Volkswagen brands.
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DXC Technology announced the retirement of Ian Read from its Board of Directors, effective July 26, 2022. Mike Salvino, the current president and CEO, will take on the role of board chairman, while David Herzog has been appointed as the lead independent director. Salvino praised Read for his leadership during DXC's Transformation Journey, enhancing the company's position. Herzog will reduce his other board commitments to focus on his new role at DXC. These leadership changes are aimed at continuing to drive value for shareholders.
DXC Technology (NYSE: DXC) will announce its financial results for the fourth quarter and the full fiscal year 2022 on May 25, 2022, at approximately 4:15 p.m. EDT. A conference call and webcast will follow at 5:00 p.m. EDT. Domestic callers can dial 888-330-2455 while international participants should call +1-240-789-2717, using passcode 4164760. The conference call replay will be available until June 1, 2022.
Details can be accessed via the Investor Relations website of DXC Technology.