1ST QUARTER FY 2017 EARNINGS PRESENTATION. August 8, 2016
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1 1ST QUARTER FY 2017 EARNINGS PRESENTATION August 8, 2016
2 Forward-Looking Statements All written or oral statements made by CSC at this meeting or in these presentation materials that do not directly and exclusively relate to historical facts constitute forward-looking statements. These statements represent CSC s expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. These statements are subject to risks, uncertainties, and other factors, many outside of CSC s control, that could cause actual results to differ materially from the results described in such statements. For a description of these factors, please see CSC s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. 2 August 8, 2016
3 Non-GAAP Reconciliations This presentation includes certain non-gaap financial measures such as operating income, adjusted operating income, operating and adjusted operating margin, commercial operating income, adjusted commercial operating income, commercial operating and adjusted commercial operating margin, earnings before interest and taxes (EBIT), EBIT margin, adjusted EBIT, adjusted EBIT margin. Also included are certain non-gaap results such as non-gaap income from continuing operations and non-gaap EPS from continuing operations and free cash flow. These non-gaap financial measures are not meant to be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States (GAAP). A reconciliation of non-gaap financial measures included in this presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP accompanies this presentation and is on our website at CSC management believes that these non-gaap financial measures provide useful information to investors regarding the Company s financial condition and results of operations as they provide another measure of the Company s profitability and ability to service its debt, and are considered important measures by financial analysts covering CSC and its peers. Selected references are made on a constant currency basis (cc) so that certain financial results can be viewed without the impact of fluctuations in foreign currency rates, thereby providing comparisons of operating performance from period to period. Financial results on a constant currency basis are non-gaap measures calculated by translating current period activity into U.S. dollars using the comparable prior period s currency conversion rates. This approach is used for all results where the functional currency is not the U.S. dollar. 3 August 8, 2016
4 1ST QUARTER FY 2017 EARNINGS PRESENTATION Mike Lawrie Chief Executive Officer
5 Key Messages 1 non-gaap EPS* of $0.53, up 13% YoY 2 commercial operating margin up YoY 3 revenue up YoY and sequentially, inclusive of acquisitions 4 Positive momentum in next-gen offerings 5 UXC and Xchanging integration underway; CSC/HPE-ES merger on track 6 FY17 non-gaap EPS* target of $2.75 $3.00 *Non-GAAP EPS from continuing operations excludes restructuring costs, transaction and integration-related costs, certain CSRA overhead costs, impact of transfer of U.S. Pension and OPEB assets to CSRA, SEC settlement-related items, and tax adjustment (see slides 7, for non-gaap reconciliations) 5 August 8, 2016
6 1ST QUARTER FY 2017 EARNINGS PRESENTATION Paul Saleh Chief Financial Officer
7 Reconciliation of Non-GAAP Results $M Except EPS GAAP Restructuring costs Transaction and integrationrelated costs Non-GAAP results (Loss) income from continuing operations, before taxes (36) (57) (70) 91 Income tax (benefit) expense (16) (12) (19) 15 (Loss) income from continuing operations (20) (45) (51) 76 Diluted EPS from continuing operations* $ (0.15) (0.32) (0.36) $ 0.53 $M Except EPS GAAP Restructuring costs Transaction and integrationrelated costs Certain CSRA overhead costs U.S. Pension and OPEB SEC settlementrelated items Tax adjustment Non-GAAP results Income from continuing operations, before taxes 72 - (3) (33) 14 (3) - 97 Income tax expense 7 - (1) (13) 5 (1) (14) 31 Income from continuing operations 65 - (2) (20) 9 (2) Diluted EPS from continuing operations* $ (0.01) (0.14) 0.06 (0.01) 0.10 $ 0.47 *EPS from continuing operations and per-share values of certain items may not sum to non-gaap EPS due to rounding 7 August 8, 2016
8 1st Quarter Results Revenue ($M) $ 1,930 $ 1,804 YoY Growth GAAP 7.0% YoY Growth cc 9.2% QoQ Growth GAAP 6.8% Adjusted Commercial Operating Income ($M)* Adjusted Commercial Operating Margin (%)* 8.3% 7.5% Adjusted Operating Income ($M)* Adjusted Operating Margin (%)* 7.5% 8.2% Adjusted EBIT ($M)* Adjusted EBIT Margin (%)* 5.5% 6.4% Non-GAAP Income from Continuing Operations ($M)* Non-GAAP EPS from Continuing Operations* $ 0.53 $ 0.47 Bookings ($B) $ 1.6 $ 2.2 *Non-GAAP results exclude, as applicable, restructuring costs, transaction and integration-related costs, certain CSRA overhead costs, impact of transfer of U.S. Pension & OPEB assets to CSRA, SEC settlement-related items, and tax adjustment (see slides 7, for non-gaap reconciliations) 8 August 8, 2016
9 Global Business Services (GBS) Revenue ($M) $ 1,049 $ 919 YoY growth - GAAP 14.1% YoY growth - cc 16.4% QoQ growth - GAAP 11.5% Operating Income ($M) Adjusted* Operating Margin (%) Adjusted* 10.5% 10.1% Bookings ($B) $ 0.7 $ 0.9 Revenue ($M) Growth in cc of 16.4% Adjusted OI Margin %* Bookings ($B) $919 $1, % 10.5% $0.9 $0.7 *Adjusted operating income and margin exclude, as applicable, restructuring costs, transaction and integration-related costs, and impact of transfer of U.S. Pension & OPEB assets to CSRA 9 August 8, 2016
10 Global Infrastructure Services (GIS) Revenue ($M) $ 881 $ 885 YoY growth - GAAP (0.5%) YoY growth - cc 1.7% QoQ growth - GAAP 1.7% Operating Income ($M) Adjusted* Operating Margin (%) Adjusted* 5.8% 4.9% Bookings ($B) $ 0.9 $ 1.4 Revenue ($M) Adjusted OI Margin %* Bookings ($B) Growth in cc of 1.7% $885 $ % 5.8% $1.4 $0.9 *Adjusted operating income and margin exclude, as applicable, restructuring costs, transaction and integration-related costs, and impact of transfer of U.S. Pension & OPEB assets to CSRA 10 August 8, 2016
11 Financial Highlights Cash Flow Performance Capital to Shareholders Capital Structure Free Cash Flow $32M $158M Cap Ex Including Capital Leases $148M $152M Cap Ex as a % of Revenue 7.7% 8.4% Dividends $20M $32M Share Repurchases 1.8M shares $118M Cash and Equivalents $1.0B $2.2B Net Debt-to-Total Capitalization Ratio 41.0% 7.4% 11 August 8, 2016
12 FY 2017 Targets Revenue Up low double digits (cc) Non-GAAP EPS from Continuing Operations $2.75 $3.00 Free Cash Flow 100%+ of Adj. Net Income 12 August 8, 2016
13 1ST QUARTER FY 2017 EARNINGS PRESENTATION Supplemental Information
14 Non-GAAP Reconciliation Operating Income ($M) Adjusted Operating income $ 144 $ 148 Restructuring costs (57) - Transaction and integration-related costs (35) - Certain CSRA overhead costs - (18) U.S. Pension and OPEB - 14 Operating income $ 52 $ 144 Corporate G&A (70) (57) Pension and OPEB actuarial and settlement losses (1) - Interest expense (25) (30) Interest income Other (expense) income, net (2) 4 (Loss) income from continuing operations, before taxes $ (36) $ 72 Earnings Before Interest and Taxes ($M) Adjusted EBIT $ 106 $ 116 Restructuring costs (57) - Transaction and integration-related costs (70) (3) Certain CSRA overhead costs - (33) U.S. Pension and OPEB - 14 SEC settlement-related items - (3) EBIT $ (21) $ 91 Interest expense (25) (30) Interest income Income tax benefit (expense) 16 (7) (Loss) income from continuing operations $ (20) $ 65 Income from discontinued operations, net of taxes Net (loss) income $ (20) $ 167 Operating Margin % Adjusted Operating margin 7.5% 8.2% Operating margin 2.7% 8.0% EBIT Margin % Adjusted EBIT margin 5.5% 6.4% EBIT margin (1.1%) 5.0% 14 August 8, 2016
15 Non-GAAP Results $M Except EPS GAAP Restructuring costs Transaction and integrationrelated costs Non-GAAP results Costs of services (excludes depreciation and amortization and restructuring costs) $ 1,421 $ - $ - $ 1,421 Selling, general and administrative (excludes depreciation and amortization, restructuring costs) (56) 249 (Loss) income from continuing operations, before taxes (36) (57) (70) 91 Income tax (benefit) expense (16) (12) (19) 15 (Loss) income from continuing operations (20) (45) (51) 76 Net (loss) income (20) (45) (51) 76 Less: net income attributable to noncontrolling interest, net of tax Net (loss) income attributable to CSC common stockholders $ (21) $ (45) $ (51) $ 75 Effective Tax Rate 44.4% 16.5% Basic EPS from continuing operations* $ (0.15) $ (0.32) $ (0.37) $ 0.54 Diluted EPS from continuing operations* $ (0.15) $ (0.32) $ (0.36) $ 0.53 Weighted average common shares outstanding for: Basic EPS Diluted EPS *EPS from continuing operations and per-share values of certain items may not sum to non-gaap EPS due to rounding 15 August 8, 2016
16 Non-GAAP Results $M Except EPS GAAP Certain CSRA overhead costs U.S. Pension and OPEB Transaction SEC settlementrelated items and integrationrelated costs Tax adjustment Non-GAAP results Costs of services (excludes depreciation and amortization and restructuring costs) $ 1,272 $ (17) $ 12 $ - $ - $ - $ 1,267 Selling, general and administrative (excludes depreciation and amortization and restructuring costs) 271 (16) 2 (3) (3) Income from continuing operations, before taxes 72 (33) 14 (3) (3) - 97 Income tax expense 7 (13) 5 (1) (1) (14) 31 Income from continuing operations 65 (20) 9 (2) (2) Net income 167 (20) 9 (2) (2) Less: net income attributable to noncontrolling interest, net of tax Net income attributable to CSC common stockholders $ 163 $ (20) $ 9 $ (2) $ (2) $ 14 $ 164 Effective Tax Rate 9.7% 32.0% Basic EPS from continuing operations* $ 0.47 $ (0.15) $ 0.07 $ (0.01) $ (0.01) $ 0.10 $ 0.48 Diluted EPS from continuing operations* $ 0.46 $ (0.14) $ 0.06 $ (0.01) $ (0.01) $ 0.10 $ 0.47 Weighted average common shares outstanding for: Basic EPS Diluted EPS *EPS from continuing operations and per-share values of certain items may not sum to non-gaap EPS due to rounding 16 August 8, 2016
17 Selected Cash Flow Items and Non-GAAP Reconciliation $M Net cash provided by operating activities $ 50 $ 362 Net cash used in investing activities* (524) (84) Acquisitions, net of cash acquired Business dispositions - (34) Payments on capital leases and other long-term asset financings (45) (69) Payments for transaction and integration-related costs Restructuring payments SEC settlement-related payments Sale of NPS accounts receivables - (233) Free cash flow $ 32 $ 158 *Excludes capital expenditures financed through CSC Finco and other investments 17 August 8, 2016
18 Bookings* $B 3.0 FY16 FY $2.2 $2.7 $ $0.9 $1.4 $1.6 $1.1 $ $0.7 $ $1.4 $0.7 $1.0 $1.2 $ Q2 FY16 Q3 FY16 Q4 FY16 GBS Global Business Services GIS Global Infrastructure Services *Segment bookings may not sum to total due to rounding 18 August 8, 2016
19 Non-GAAP and Other Definitions Operating income: Revenue less costs of services, depreciation and amortization expense, restructuring costs and segment selling, general and administrative (G&A) expenses. Operating income excludes corporate G&A, pension and OPEB actuarial and settlement losses Operating margin: Operating income as a percentage of revenue Adjusted operating income: Operating income excluding restructuring costs, transaction and integration-related costs, certain CSRA overhead costs, and U.S. Pension and OPEB Adjusted operating margin: Adjusted operating income as a percentage of revenue Commercial operating income: Operating income for the combined GBS and GIS segments Commercial operating margin: Commercial operating income as a percentage of revenue Adjusted commercial operating income: Adjusted operating income for the combined GBS and GIS segments Adjusted commercial operating margin: Adjusted commercial operating income as a percentage of revenue Earnings before interest and taxes (EBIT): Net income less income from discontinued operations, net of taxes, income tax benefit (expense), interest expense and interest income EBIT margin: EBIT as a percentage of revenue Adjusted EBIT: EBIT excluding the impact of certain items, including restructuring costs, transaction and integration-related costs, certain CSRA overhead costs, U.S. Pension and OPEB, and SEC settlement-related items Adjusted EBIT margin: Adjusted EBIT as a percentage of revenue Free cash flow: Equal to the sum of (1) operating cash flows, (2) investing cash flows, excluding business acquisitions, dispositions and investments (including short-term investments and purchase or sale of available for sale securities), and (3) payments on capital leases and other long-term asset financings. Free cash flow is further adjusted for certain infrequently occurring cash flow items, such as (i) payments for transaction and integration-related costs, (ii) restructuring payments, (iii) SEC settlement-related payments and (iv) cash receipts from the sale of accounts receivables Capital expenditure: Equal to sum of purchases of property, equipment, and software, and payments on outsourcing contracts, less proceeds from sales of assets and purchases made through CSC Finco, excluding prior year CSRA capital expenditures Net debt: Total debt, less cash and cash equivalents Net debt-to-total capitalization ratio: Calculated as the ratio of net debt to total capitalization 19 August 8, 2016
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