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19 replies (most recent on top)
4bfp said "keep shrinking salaries " - obviously that does not apply to executive salary packages with Mikey and others exceeding Growth through underhand tactics like WFRs. Growth has been redefined as their wealth has increased.
No pay rise for few years means that as the cost of living increases then a larger chunk of take home pay is consumed by living expenses (excluding luxuries like Netflix and cable broadband). Meanwhile ML and his cronies are making lots of $$$$ accruing bonuses for WFR'ing decent employees and selling options for profit.
Some US staff have had to accept a pay cut if they want to keep there jobs. In the UK many folks have suffered pay cuts due to non payment of bonuses. In my case it was equivalent go a 20% pay cut. DXC also forced many suppliers to accept a 15% reduction in contractually agreed fees.
'Keep shrinking salaries...' Not aware of anyone who has actually had a pay cut?
-5% down.. after the DXC earnings call. keep cutting workforce, keep shrinking salaries and expecting the company to grow !!!
Give peanuts and you only get monkeys ...
What a waste of life listening the the Earnings Call, especially the BS fake news peddled by DXC. I would much rather watch sh-- on TV.
Revenues always fall under Lawrie. He is well known as a one trick pony. Cut, cut, cut. Shrink, shrink, shrink! He cannot grow a business, he is just a hatchet man. After consistently promising quarter after quarter that CSC was "entering the growth phase" the business just kept shrinking. In the end, the HPES deal came along to muddy the waters, but now it's business as usual. Cut, cut, cut, shrink, shrink, shrink...
If the company compares the 2019 fiscal year to the 2018 fiscal year with GAAA (Generally Accepted Accounting Principles) a year from now, investors will have something meaningful to review. The press release is full of disclaimers. I like how the company's goodwill suddenly increased in value from 1.855 billion to 9.652 billion!
This is the first time in 6 years under Lawrie that the market has nor reacted positively to one of his stage managed earnings calls! At least one big institutional investor has dumped DXC stock off the back of another quater of falling revenues. The stock is down nearly $15 over the last few days. It sems that folks are realising that Lawrie is unable to grow a business and are losing faith!
DXC full year revenues fell by more than 3.3% ($838,000,000) in FY18! That is the true like for like comparison. Almost everything in the earnings presentation is non-GAAP i.e. presented in a non standard, non-official manner. Mike Lawrie managed to shrink the business by bearly $1billion after 5 years having shrunk CSC quarter on quarter. He can cut but he cannot grow. Any fool can cut!
@2plq I agree regarding GAAP vs non-GAAP. GAAP comparisons aren't simple in this case. unfortunately. The financial years for CSC and HPE don't/didn't match so direct comparisons aren't possible.
To provide some basis for comparison, DXC has cooked up 'pro-forma combined company information' which makes certain assumptions, which may, or may not, be reasonable.
On this basis, revenue grew year-on-year, and GAAP net profit actually doubled compared with Q4 2017.
The real numbers are the GAAP numbers. All non- GAAP numbers are spun to the executive's taste rather than stautory format. How do total GAAP number of the 2 entities in March 2017 compare to Q4 close? The truth is out there! Everyone knows Lawrie cannot grow a business and the cuts can only yield upward share movement for so long. Time is nearly up...
Hate to say it but the numbers don’t look all that bad. The reward will be more wfr I’m sure.
It's just going to be a bunch of bull sh-- anyway, why waste your time
@1imm There are NOT DXC's numbers - Fortune have this wrong. The numbers DO come from a DXC Annual Report published in August 2017 so AFTER the merger, but the Report covers just ex-CSC only, for the year up to March 31st 2017.
See: http://assets1.dxc.technology/investor_relations/downloads/Annual_Report_2017_w10K.pdf
The 60,000 employee number comes from the same source.
FWIW, (post merger) DXC is actually profitable - YTD net profit is $1.191 Billion. However, merely making a profit is no longer sufficient in this strange world. A company also has to grow revenue, which DXC seems unable to do.
Wow, thanks for the Fortune.com link. Wonder how Micky and Pauly will explain this...
$ millions % change
Revenues ($M) $7,607 7.1%
Profits ($M) $-123.0 -149.0%
A minus, negativo, on the downside... Profit of minus $123,000,000.00. A 149.0% decrease
I need to get more alcohol and more pocorn for this conference call.
Don't think the 60,000 number quoted by Fortune is correct. DXC's public website quotes number of employees as 'some 150,000 employees worldwide'.
I suspect the 60,000 number is the number of employees within (ex) CSC.
1,70,000 employees to 60,000
That is the GROWTH made by DXC in one year
http://fortune.com/fortune500/dxc-technology/
http://fortune.com/fortune500/list/filtered?searchByName=DXC%20Technology