3rd QUARTER FY 2016 EARNINGS PRESENTATION
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1 3rd QUARTER FY 2016 EARNINGS PRESENTATION 1
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
3 Non-GAAP Reconciliations This presentation includes certain non-gaap financial measures such as operating income, operating margin, adjusted operating income, adjusted 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. 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
4 3rd QUARTER FY 2016 EARNINGS PRESENTATION Mike Lawrie Chief Executive Officer 4
5 Key Messages Successfully completed separation of CSRA Making good progress on acquisition strategy Q3 FY16 non-gaap EPS* of $0.71 up 16% YoY Operating margin up YoY, strong bookings Positive momentum in next-gen offerings & partnerships FY16 target update *Non-GAAP EPS from continuing operations excludes certain CSRA overhead costs, impact of transfer of U.S. Pension & OPEB assets to CSRA, separation, restructuring & other transaction costs, net actuarial pension and OPEB gains/losses, and tax valuation allowance & adjustments (see slides 7, for non-gaap reconciliations) 5
6 3rd QUARTER FY 2016 EARNINGS PRESENTATION Paul Saleh Chief Financial Officer 6
7 Reconciliation of Non-GAAP Results Q3 FY16 and YTD FY16 $M Except EPS GAAP Income (loss) from continuing operations, before taxes Certain CSRA overhead costs U.S. Pension & OPEB Separation, restructuring & other transaction costs Q3 FY16 Pension & OPEB actuarial & settlement gains SEC settlementrelated items Tax valuation allowance & adjustments Non-GAAP results 78 (22) 10 (53) Income tax expense (benefit) 63 (8) 4 (17) Income (loss) from continuing operations Diluted EPS from continuing operations* 15 (14) 6 (36) 13 - (54) 100 $ 0.10 (0.10) 0.04 (0.25) (0.38) $ 0.71 $M Except EPS GAAP Income (loss) from continuing operations, before taxes Certain CSRA overhead costs U.S. Pension & OPEB Separation, restructuring & other transaction costs YTD FY16 Pension & OPEB actuarial & settlement gains SEC settlementrelated items Tax valuation allowance & adjustments Non-GAAP results 197 (88) 38 (83) 19 (5) Income tax expense (benefit) 31 (34) 15 (27) 6 (2) Income (loss) from continuing operations Diluted EPS from continuing operations* 166 (54) 23 (56) 13 (3) (10) 253 $ 1.17 (0.38) 0.16 (0.40) 0.09 (0.02) (0.07) $ 1.79 *EPS from continuing operations and per-share values of certain items may not add to non-gaap EPS due to rounding 7
8 3rd Quarter Results FY16 FY15 FY16 FY15 Revenue ($M) $ 1,750 $ 1,949 $ 5,299 $ 6,207 YoY Growth GAAP (10.2%) (14.6%) YoY Growth cc (4.9%) (7.2%)* QoQ Growth GAAP 0.3% Adjusted Operating Income ($M)** Adjusted Operating Margin (%)** 10.9% 8.9% 9.3% 7.9% Adjusted EBIT ($M)** Adjusted EBIT Margin (%)** 8.4% 7.0% 7.1% 5.8% Non-GAAP Income from Continuing Operations ($M)** Non-GAAP EPS from Continuing Operations** $ 0.71 $ 0.61 $ 1.79 $ 1.52 Bookings ($B) $ 2.7 $ 2.2 $ 6.3 $ 6.4 Q3 YTD * Adjusted for full impact of extra week in Q1 of fiscal 2015 **Non-GAAP and adjusted results exclude certain CSRA overhead costs, impact of transfer of U.S. Pension & OPEB assets to CSRA, separation, restructuring & other transaction costs, net actuarial pension and OPEB gains/losses, SEC settlement-related items, and tax valuation allowance & adjustments, as applicable (see slides 7, for non-gaap reconciliations) 8
9 Global Business Services (GBS) Q3 FY16 Q3 FY15 Revenue ($M) $ 886 $ 965 YoY growth - GAAP (8.2%) YoY growth - cc (2.5%) Operating Income ($M) Adjusted* Operating Margin (%) Adjusted* 13.1% 12.8% Bookings ($B) $ 1.6 $ 1.2 Year to Date Revenue ($M) OI Margin % Bookings ($B) Decline in cc of 3.5%** $3,056 $2, % 11.8%* $3.6 $3.2 YTD FY15 YTD FY16 YTD FY15 YTD FY16 YTD FY15 YTD FY16 *Adjusted Operating income and margin excludes impact of transfer of U.S. pension & OPEB assets to CSRA and separation, restructuring & other transaction costs **Adjusted for full impact of extra week in Q1 of fiscal
10 Global Infrastructure Services (GIS) Q3 FY16 Q3 FY15 Revenue ($M) $ 864 $ 984 YoY growth - GAAP (12.2%) YoY growth - cc (7.2%) Operating Income ($M) Adjusted* Operating Margin (%) Adjusted* 9.1% 6.4% Bookings ($B) $ 1.0 $ 1.0 Year to Date Revenue ($M) OI Margin % Bookings ($B) Decline in cc of 10.8%** $3,151 $2, % 7.1%* $2.8 $3.1 YTD FY15 YTD FY16 YTD FY15 YTD FY16 YTD FY15 YTD FY16 *Adjusted Operating income and margin excludes impact of transfer of U.S. pension & OPEB assets to CSRA and separation, restructuring & other transaction costs **Adjusted for full impact of extra week in Q1 of fiscal
11 Financial Highlights Capital Structure Cash and Equivalents Q3 FY16 $1.8B Net Debt to Capital Ratio 16.8% Capital to Shareholders Q3 FY16 Dividends $32M Special Dividend* Share Repurchases $1.5B 0.3M shares $10M *$313M paid by CSC 11
12 FY 2016 Targets Revenue Down mid-single digits (cc) Non-GAAP EPS from Continuing Operations * $2.40 $2.60 Free Cash Flow 100% of Adj. Net Income * Non-GAAP EPS from continuing operations excludes certain CSRA overhead costs, impact of transfer of U.S. Pension & OPEB assets to CSRA, separation, restructuring & other transaction costs, net actuarial pension and OPEB gains/losses, and tax valuation adjustments 12
13 3rd QUARTER FY 2016 EARNINGS PRESENTATION Supplemental Information 13
14 Q3 Non-GAAP Reconciliation Operating Income ($M) Q3 FY16 Q3 FY15 Adjusted operating income $ 190 $ 174 Certain CSRA overhead costs (12) (9) U.S. Pension & OPEB Separation, restructuring & other transaction costs (40) - Operating income $ 148 $ 178 Corporate G&A (58) (55) Pension & OPEB actuarial & settlement gains (losses) 19 (285) SEC settlement related charges - (195) Separation costs (2) - Interest expense (33) (32) Interest income 8 4 Other (expense) income, net (4) (1) Income from continuing operations before taxes $ 78 $ (386) Earnings Before Interest and Taxes ($M) Q3 FY16 Q3 FY15 Adjusted EBIT $ 147 $ 137 Certain CSRA overhead costs (22) (28) U.S. Pension & OPEB Separation, restructuring & other transaction costs (51) - Pension & OPEB actuarial & settlement gains (losses) 19 (285) SEC settlement related charges - (195) EBIT $ 103 $ (358) Interest expense (33) (32) Interest income 8 4 Income tax expense (63) 192 Income from continuing operations $ 15 $ (194) Margin % Q3 FY16 Q3 FY15 Revenue ($M) $ 1,750 $ 1,949 Adjusted operating margin 10.9% 8.9% Operating margin 8.5% 9.1% Adjusted EBIT margin 8.4% 7.0% EBIT margin 5.9% (18.4%) 14
15 YTD Non-GAAP Reconciliation Operating Income ($M) YTD FY16 YTD FY15 Adjusted operating income $ 494 $ 491 Certain CSRA overhead costs (48) (31) U.S. Pension & OPEB Separation, restructuring & other transaction costs (62) - Operating income $ 422 $ 498 Corporate G&A (171) (173) Pension & OPEB actuarial & settlement gains (losses) 19 (286) SEC settlement related charges - (195) Separation costs (10) - Interest expense (92) (96) Interest income Other (expense) income, net 3 (5) Income from continuing operations before taxes $ 197 $ (243) Earnings Before Interest and Taxes ($M) YTD FY16 YTD FY15 Adjusted EBIT $ 375 $ 362 Certain CSRA overhead costs (88) (80) U.S. Pension & OPEB Separation, restructuring & other transaction costs (81) - Pension & OPEB actuarial & settlement gains (losses) 19 (286) SEC settlement related charges - (195) EBIT $ 263 $ (161) Interest expense (92) (96) Interest income Income tax expense (31) 157 Income from continuing operations $ 166 $ (86) Margin % YTD FY16 YTD FY15 Revenue ($M) $ 5,299 $ 6,207 Adjusted operating margin 9.3% 7.9% Operating margin 8.0% 8.0% Adjusted EBIT margin 7.1% 5.8% EBIT margin 5.0% (2.6%) 15
16 Q3 FY16 Non-GAAP Results $M Except EPS GAAP Costs of services (excludes depreciation and amortization and restructuring costs) Certain CSRA overhead costs U.S. Pension & OPEB Separation, restructuring & other transaction costs Pension & OPEB actuarial & settlement gains Tax valuation allowance & adjustments Non-GAAP results $ 1,216 $ (7) $ 8 $ (5) $ 16 $ - $ 1,228 Selling, general and administrative (excludes restructuring costs) $ 257 $ (15) $ 2 $ (13) $ 3 $ - $ 234 Income (loss) from continuing operations, before taxes $ 78 $ (22) $ 10 $ (53) $ 19 $ - $ 124 Income tax expense (benefit) $ 63 $ (8) $ 4 $ (17) $ 6 $ 54 $ 24 Income (loss) from continuing operations $ 15 $ (14) $ 6 $ (36) $ 13 $ (54) $ 100 Net income (loss) $ 45 $ (14) $ 6 $ (36) $ 13 $ (54) $ 130 Less: net income attributable to noncontrolling interest, net of tax $ 2 $ - $ - $ - $ - $ - $ 2 Net income (loss) attributable to CSC common stockholders $ 43 $ (14) $ 6 $ (36) $ 13 $ (54) $ 128 Effective tax rate 80.6% 19.4% Basic EPS from continuing operations* $ 0.11 $ (0.10) $ 0.04 $ (0.26) $ 0.09 $ (0.39) $ 0.72 Diluted EPS from continuing operations* $ 0.10 $ (0.10) $ 0.04 $ (0.25) $ 0.09 $ (0.38) $ 0.71 Weighted average common shares outstanding for: Basic EPS Diluted EPS *EPS from continuing operations and per-share values of certain items may not add to non-gaap EPS due to rounding 16
17 YTD FY16 Non-GAAP Results $M Except EPS GAAP Costs of services (excludes depreciation and amortization and restructuring costs) Certain CSRA overhead costs U.S. Pension & OPEB Separation, restructuring & other transaction costs Pension & OPEB actuarial & settlement gains SEC settlementrelated items Tax valuation allowance & adjustments Non-GAAP results $ 3,725 $ (41) $ 32 $ (5) $ 16 $ - $ - $ 3,727 Selling, general and administrative (excludes restructuring costs) $ 789 $ (47) $ 6 $ (15) $ 3 $ (5) $ - $ 731 Income (loss) from continuing operations, before taxes $ 197 $ (88) $ 38 $ (83) $ 19 $ (5) $ - $ 316 Income tax expense (benefit) $ 31 $ (34) $ 15 $ (27) $ 6 $ (2) $ 10 $ 63 Income (loss) from continuing operations $ 166 $ (54) $ 23 $ (56) $ 13 $ (3) $ (10) $ 253 Net income (loss) $ 382 $ (54) $ 23 $ (56) $ 13 $ (3) $ (10) $ 469 Less: net income attributable to noncontrolling interest, net of tax $ 12 $ - $ - $ - $ - $ - $ - $ 12 Net income (loss) attributable to CSC common stockholders $ 370 $ (54) $ 23 $ (56) $ 13 $ (3) $ (10) $ 457 Effective tax rate 15.6% 19.9% Basic EPS from continuing operations* $ 1.19 $ (0.39) $ 0.17 $ (0.40) $ 0.09 $ (0.02) $ (0.07) $ 1.82 Diluted EPS from continuing operations* $ 1.17 $ (0.38) $ 0.16 $ (0.40) $ 0.09 $ (0.02) $ (0.07) $ 1.79 Weighted average common shares outstanding for: Basic EPS Diluted EPS *EPS from continuing operations and per-share values of certain items may not add to non-gaap EPS due to rounding 17
18 Bookings* $B 3.0 FY15 FY16 $ $2.2 $2.3 $ $1.2 $1.1 $0.9 $1.4 $ $ $1.0 $1.2 $1.4 $0.7 $ Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 GBS Global Business Services GIS Global Infrastructure Services *Segment bookings may not add to total due to rounding 18
19 Non-GAAP and Other Definitions Operating income: Revenue less costs of services, segment selling, general and administrative (SG&A) expenses, depreciation and amortization expense, and restructuring costs. Operating income excludes corporate G&A, actuarial and settlement charges related to CSC s pension and other post-employment benefit (OPEB) plans, and separation and restructuring costs Operating income margin: Operating income as a percentage of revenue Adjusted operating income: Operating income excluding certain CSRA overhead costs, U.S. Pension and OPEB, and separation, restructuring & other transaction costs Adjusted operating margin: Adjusted operating income as a percentage of revenue Earnings before interest and taxes (EBIT): Income from continuing operations less interest expense, interest income and income tax expense EBIT margin: EBIT as a percentage of revenue Adjusted EBIT: EBIT excluding the impact of certain items in the third quarter and first nine months of fiscal 2016, including certain CSRA overhead costs, U.S. Pension and OPEB, separation, restructuring & other transaction costs, SEC settlement related charges, and pension and OPEB actuarial & settlement gains (losses) Adjusted EBIT margin: Adjusted EBIT as a percentage of revenue Net debt: Calculated as the sum of long-term and short-term debt, less cash and cash equivalents Net debt to capital: Calculated as the ratio of net debt to capital (total debt plus equity) 19
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