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 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.
MRW, a top provider of urgent transport services in Spain, has entered a five-year contract with DXC Technology to modernize its IT systems using hybrid cloud technologies. This transformation aims to enhance the speed and agility of MRW's delivery services while bolstering cybersecurity protections for 70 million shipments annually. The deployment will leverage Kubernetes containers for improved application management and a cost-effective pay-per-use model. The collaboration will also establish an immutable backup system to safeguard against ransomware attacks.
DXC Technology (NYSE: DXC) announced the appointment of Carrie W. Teffner to its Board of Directors, effective April 20, 2022. She will also serve on the Audit Committee. Teffner is recognized for her extensive experience in strategic financial management, having previously held significant roles in well-known firms such as Crocs and PetSmart. Chairman Ian Read emphasized her tracking record as a vital asset in shaping DXC's future and supporting CEO Mike Salvino in executing the company's transformation journey.
DXC Technology (NYSE: DXC) has been recognized as a Leader in the Everest Group's 2022 PEAK Matrix® for Life and Pensions Insurance Business Process Services. This acknowledgment emphasizes DXC's commitment to the life and pensions sector, particularly through its strategic focus on business process services and innovative platforms like DXC Assure for Life and Wealth. The company has strengthened its North American presence and demonstrated its capability in handling various insurance blocks. DXC has held the Leader position for seven consecutive years, reflecting its sustained excellence in the market.
DXC Technology (NYSE: DXC) has committed to setting near-term company-wide emission reductions aligned with the Science Based Targets initiative (SBTi). The company aims for a 55% reduction in greenhouse gas emissions by 2025 from its fiscal year 2019 baseline, pending SBTi approval. Joining over 2,000 global firms, DXC emphasizes its sustainable practices, including renewable energy use and waste reduction. COO Chris Drumgoole stated this commitment is an investment in the future and part of DXC's transition to a virtual-first company with a focus on employee flexibility and sustainability.
DXC Technology has secured a $37 million contract with Her Majesty’s Passport Office (HMPO) to enhance IT infrastructure, effective from April 2022. This five-year agreement builds on a twelve-year relationship, allowing DXC to provide essential support in digital platform services, addressing the increasing demand for British passports. HMPO issues between 6 and 7 million passports annually, emphasizing the importance of reliable IT operations. Both organizations aim to improve service efficiency and security for UK citizens through this partnership.