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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) has renewed its IT outsourcing contract with SEG Automotive Germany GmbH for five years. This partnership allows DXC to manage SEG's data center, facilitating the optimization of IT investments and a shift towards cloud solutions. The management will leverage a hybrid strategy, combining DXC’s virtual private cloud and Microsoft Azure, aiming for cost savings and enhanced operational efficiency. SEG anticipates a 20% reduction in system costs, highlighting DXC's expertise and understanding of its business needs.
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DXC Technology has been ranked number one for customer satisfaction in Spain's 2020 IT Outsourcing Study, conducted by Whitelane Research, moving up from second place in 2019. This recognition highlights the 'new DXC' and its commitment to outstanding service delivery. The study evaluated over 620 IT sourcing relationships and recognized DXC for its leadership in IT outsourcing and cloud capabilities. Notably, 84% of surveyed companies identified DXC as a leading national provider of public cloud services, reflecting its ability to support clients in cloud transformation journeys.
DXC Technology has forged a partnership with Infinia ML to enhance its machine learning and data analytics capabilities. This collaboration aims to automate document processing, improve IT system performance, and provide advanced AI auditing to ensure optimal functioning. The initiative focuses on delivering innovative, data-driven solutions, including natural language processing and behavior prediction, to enhance customer support and operational efficiency. The partnership signals DXC's commitment to leveraging advanced technologies to drive business results and improve client experiences.
DXC Technology has appointed Ken Sharp as the new executive vice president and chief financial officer, effective November 30, 2020. Sharp brings extensive experience from Northrop Grumman and previous roles at Leidos and Computer Sciences Corporation. Reporting to Mike Salvino, DXC's president and CEO, Sharp will oversee the company's global financial strategy, accounting, and investor relations. Sharp's appointment aims to enhance DXC's transformation journey, as expressed by both Sharp and Salvino.
DXC Technology (NYSE: DXC) reported second quarter fiscal year 2021 results with revenue of $4.55 billion and non-GAAP diluted EPS of $0.64, exceeding expectations. The company improved margins sequentially, achieving a book-to-bill ratio of 1.1x. DXC completed the $5 billion sale of its U.S. State and Local Health and Human Services business and paid down $3.5 billion in debt. However, the company reported a net loss of $246 million due to restructuring and other special items. Adjusted free cash flow was $237 million.
DXC Technology (NYSE: DXC) will release its financial results for the second quarter of fiscal 2021 on November 5, 2020, at approximately 4:15 p.m. EST. Following this, a conference call will be hosted at 4:45 p.m. EST, with dial-in numbers provided for domestic and international callers. The passcode for the call is 8144357. A webcast and presentation slides will be accessible on DXC's Investor Relations website. A replay will be available until November 12, 2020, and a transcript will also be posted on the website.
DXC Technology has finalized the sale of its U.S. State and Local Health and Human Services business to Veritas Capital, creating Gainwell Technologies. The transaction, worth $5 billion, will allow DXC to reduce its debt by approximately $3.5 billion, resulting in a total debt of about $6 billion and net debt of about $3 billion post-transaction. This strategic move aims to enhance DXC's financial flexibility and focus on core operations, signaling a new chapter for both DXC and Gainwell.