In This Story
DXC Technology Company (DXC+1.11%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $3.2 billion from $3.4 billion in the same quarter the previous year. The decrease is attributed to a decline in both Global Business Services and Global Infrastructure Services revenues.
Costs of services for the quarter were $2.4 billion, representing 75% of revenues, compared to 77% in the same quarter of the previous year. This decrease in cost ratio is due to reductions in professional services and contractor-related expenses.
The company reported a net income of $45 million for the quarter, compared to $99 million in the previous year, with the decline attributed to restructuring costs and transaction-related expenses.
Interest expense decreased to $69 million from $78 million, primarily due to lower levels of asset financing and commercial paper liabilities.
Net cash provided by operating activities was $433 million, while cash used in investing and financing activities was $258 million and $189 million, respectively.
DXC had cash and cash equivalents of $1.2 billion as of September 30, 2024, with $0.6 billion held outside of the U.S.
The filing also details various financial agreements, including a receivables purchase agreement and amendments to its revolving credit facility.
DXC does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on cost optimization and strategic objectives, while managing risks related to cybersecurity, compliance, and market competition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DXC Technology Company quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.