DXC Technology Company (NYSE:DXC) Q1 2021 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 04:45 pm ET

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DXC Technology Company (NYSE:DXC) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the DXC Technology's First Quarter Fiscal Year '21 Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Shailesh Murali. Please go ahead, sir.

Executive
Shailesh Murali

Thank you, and good afternoon, everyone. I'm pleased that you are joining us for DXC Technology's first quarter fiscal year 2021 earnings call. Our speakers on today's call will be Mike Salvino, our President and Chief Executive Officer; and Paul Saleh, our Chief Financial Officer. This call is being webcast at dxc.com/investorrelations and the webcast includes slides that will accompany the discussion today. After the call, we will post these slides on our Investor Relations section of DXC's website.

Slide 2 informs our participants that DXC technology's presentation includes certain non-GAAP financial measures and certain further adjustments to these measures, which we believe provide useful information to our investors. In accordance with SEC rules, we have provided a reconciliation of these measures to their respective and most directly comparable GAAP measures. These reconciliations can be found in tables included in today's earnings release.

On Slide 3, you will see that certain comments we make on this call will be forward-looking. These statements are subject to known and unknown risks and uncertainties, which would cause actual results to differ materially from those expressed on the call. A discussion of these risks and uncertainties is included in our annual report on Form 10-K and other SEC filings. I would like to remind our listeners that DXC Technology assumes no obligation to update the information presented on the call except as required by law.

And now I'd like to introduce DXC Technology's President and CEO, Mike Salvino. Mike?

Executive
Mike Salvino

Thank you, Shailesh, and I appreciate everyone joining the call today. I hope you and your families are doing well as we all continue to navigate through the COVID-19 pandemic. I'm going to start today's call by giving you an update on our Q1 performance and how we are progressing on our transformation journey to position DXC for growth. Paul will then share our financials for Q1, our guidance for Q2 and update you all on our strategic alternatives, including the recent sale of our health care provider software business. Then I will make some closing remarks before opening the call up for questions.

I was very pleased with our performance during the quarter, which has allowed us to have a strong start to FY '21. Our revenues came in higher than we thought in May, highlighting the resiliency of our business during COVID-19. Margins also came in higher, underscoring the effectiveness of our program to optimize costs. And our book-to-bill for the quarter was 1.2 times, underscoring that we are successfully bringing the new DXC, which focuses on our customers and our people to the market. This new approach is allowing us to cross-sell our capabilities to our existing customers, win new logos and renew existing work. Our results in Q1 show that DXC is very relevant