1st QUARTER FY 2012 PRESENTATION. August 10, 2011

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1 1st QUARTER FY 2012 EARNINGS PRESENTATION August 10,

2 All written or oral statements t t 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 within the meaning of the Private Securities Litigation Reform Act of 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 subsequently filed Form 10-Qs. 1st Quarter FY 2012 Earnings Presentation 2

3 This presentation ti includes certain non-gaap financial i measures, such as operating income, operating margin, operating costs, free cash flow and free cash flow as a percentage of net income attributable to CSC common shareholders. h These non-gaap financial i 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 measure calculated and presented in accordance with GAAP is set forth elsewhere in this presentation and 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. 1st Quarter FY 2012 Earnings Presentation 3

4 1st QUARTER FY 2012 EARNINGS Mike Laphen Chairman, President, and Chief Executive Officer 4

5 FY 2012 Message isoft Acquisition NHS Status t New Business Bookings Financial Results 1st Quarter FY 2012 Earnings Presentation 5

6 1st QUARTER FY 2012 EARNINGS Mike Mancuso Vice President and Chief Financial i Officer 6

7 1st Quarter FY 2012 Revenue Year-over-Year Growth Operating Income Margin Program Impacts Effective Tax Rate Improvements 1st Quarter FY 2012 Earnings Presentation 7

8 New Business Bookings $B FY11* FY $3.3 $0.9 $1.2 $1.2 $4.6 $0.9 $4.5 $1.6 $6.0 $2.8 $2.4 $2.3 $2.9 $0.9 $1.4 $0.9 $0.9 $0.5 $2.0 $0.9 $1.8 $0.8 $1.0 $0.5 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Estimate BSS NPS Business Solutions and Services North American Public Sector Managed Services Sector Q2 Qualified 50% (excluding down-selects) Down-Select to One Scheduled for Award in Q2 Quarter to Date Awards *FY11 numbers were recast to reflect change in bookings policy 1st Quarter FY 2012 Earnings Presentation 8

9 1st Quarter EPS* $1.50 $1.25 $1.00 ETR at (84)% Programs/ Other Actual $0.75 $0.50 $0.25 Guidance 5/25/11 $0.65 to $0.70 $1.18 $0.0 Programs/ Other *EPS from continuing operations 1st Quarter FY 2012 Earnings Presentation 9

10 Revenue by Lines of Business 1st Quarter* Q1 FY12 YoY Growth $M Q1 FY12 BSS Revenue (GAAP) (CC) 24% NPS NPS $ 1,484 (2.4)% (2.4)% 36% 1, % (5.7)% BSS % 8.0% 40% Corporate and Elim. (31) Total $ 4, % (1.6)% Q1 FY11 BSS 21% NPS 39% $M Q1 FY11 Revenue NPS $ 1,520 1,598 40% BSS 821 Corporate and Elim. (29) Total $ 3,910 BSS NPS Business Solutions and Services North American Public Sector Managed Services Sector *Percentages exclude Corp. and other eliminations 1st Quarter FY 2012 Earnings Presentation 10

11 Operating Income by Lines of Business 1st Quarter Q1 FY12 4.5% $M Q1 FY12 4.5% BSS NPS $ % 9 NPS BSS % Corporate and Elim. (4) Total $ % Q1 FY11 7.1% $M Q1 FY11 BSS 7.1% 6.8% NPS $ 128 NPS % BSS % Corporate and Elim. (15) Total $ 277 BSS NPS Business Solutions and Services North American Public Sector Managed Services Sector 1st Quarter FY 2012 Earnings Presentation 11

12 Profit and Loss Statement 1st Quarter $M Q1 FY12 Actual Q1 FY11 Actual Favorable/ (Unfavorable) Total Revenue $ 4,033 $ 3,910 $ 123 OI (97) OI Margin 4.46% 7.08% -262 bps Corporate G&A (18) Net Interest Expense Other Income, Net (5) (3) 2 Income from Continuing Operations Before Taxes (110) Tax Rate -84.2% 31.3% 115.3% Net Income Attributable to CSC Common Shareholders Diluted EPS from Continuing Operations (GAAP) $ 1.18 $ 0.89 $ st Quarter FY 2012 Earnings Presentation 12

13 Selected Balance Sheet Items (End of Quarter) $M Assets FY12 FY11 Cash and Cash Equivalents $ 1,666 $ 2,435 Accounts Receivable* 3,860 3,769 Prepaids/WIP 2,062 1,883 Goodwill , ,784 PP&E, Net 2,513 2,243 Liabilities and Equity Accounts Payable $ 483 $ 410 Other Accrued Expenses 1,232 1,153 Deferred Revenue 880 1,099 Total Interest-Bearing Debt 2,848 3,814 Equity 7,771 6,552 Total Debt/Capital 26.8% 36.8% Net Debt/Capital 11.1% 13.3% *Excludes tax receivables of: Q1 FY11 $62M, Q1 FY12 $192M 1st Quarter FY 2012 Earnings Presentation 13

14 Days Sales Outstanding (DSO)* Days Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Four-Quarter DSO Average *DSO excludes tax receivables 1st Quarter FY 2012 Earnings Presentation 14

15 EPS Guidance Full Year* ETR at 20% Programs/ Legal Fees/ Other isoft $0.82 ($0.27) ~ ($0.55) $4.70 $5.25 $4.70 to to to $4.80 $5.35 $4.80 Programs/ Revised Guidance Revised Guidance Oh Other (excluding isoft) Guidance 5/25/11 (excluding isoft) *EPS from continuing operations 1st Quarter FY 2012 Earnings Presentation 15

16 Earnings per Share (EPS)* $5.0 $4.5 $4.0 $3.5 FY11 Actuals FY12 Actuals + Estimate $3.0 $2.5 $2.0 $1.5 $1.0 $4.51 $4.70 $4.80 $0.5 $0.0 $ $0.89 $1.05 $1.08 ** Q1 Actual Q2 Estimate Full Year Estimate isoft Q2 ~ ($0.30) to ($0.50) Q2 Range with isoft $0.58 to $0.78 *EPS from continuing operations **Excluding isoft 1st Quarter FY 2012 Earnings Presentation 16

17 Updated FY 2012 Guidance Excluding isoft Including isoft New Business Bookings ~ $17B ~ $17B Revenue $16.5B $17.0B $16.5B $17.0B Operating Income Margin % % EPS $5.25 $5.35 $4.70 $4.80 Free Cash Flow >90% of NI* >90% of NI* *Net Income attributable to CSC Common Shareholders 1st Quarter FY 2012 Earnings Presentation 17

18 Supplemental Information 18

19 Currency Comparison Q1 FY12 Full Year % Revenue Q1 FY12 Avg. Rates (US $) YoY 08/08 Spot Rates (US $) YoY* US $ 60% British Pounds 11% % % Euros 10% % % Australian $ 7% % % Danish Kroner 4% % % All Others 9% 100% Revenue Impact Pts** ~5 pts ~3 pts *Change in average full-year rate assumes 08/08 spot rates applied to Q2 through Q4 **Revenue Impact Pts includes impact from all currencies 1st Quarter FY 2012 Earnings Presentation 19

20 FY11 Revenue by Lines of Business* BSS BSS BSS BSS 21% NPS 22% NPS 22% NPS 23% NPS 39% 38% 37% 36% 40% 40% 41% 41% $M Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 $M $M $M Revenue Revenue Revenue Revenue NPS $ 1,520 NPS $ 1,509 NPS $ 1,470 NPS $ 1,503 1,598 1,581 1,653 1,751 BSS 821 BSS 869 BSS 899 BSS 981 Corporate Corporate Corporate Corporate (29) (24) (27) and Elim. and Elim. and Elim. and Elim. (33) Total $3,910 Total $3,935 Total $3,995 Total $4,202 BSS NPS Business Solutions and Services North American Public Sector Managed Services Sector *Percentages exclude Corp. and other eliminations Revenue from continuing operations 1st Quarter FY 2012 Earnings Presentation 20

21 Selected Cash Flow Items 1st Quarter $M Q1 FY12 Q1 FY11 Net Income $ 185 $ 148 Depreciation and Other Cash Flow from Earnings Change in Working Capital (536) (489) Operating Cash Flow (46) (60) Capital Expenditures* Free Cash Flow $ (409) $ (318) % of Net Income Attributable to CSC Common Shareholders -223% -222% *Capital expenditures figures include payments for capital leases and other long-term financings and exclude cash used/received for acquisitions/dispositions 1st Quarter FY 2012 Earnings Presentation 21

22 Non-GAAP Reconciliation Operating Income $M Q1 FY12 Q1 FY11 Operating Income $ 180 $ 277 Corporate G&A (54) (36) Interest Expense (42) (41) Interest Income 12 8 Other Income, Net 5 3 Income from Continuing Operations Before Taxes $ 101 $ 211 1st Quarter FY 2012 Earnings Presentation 22

23 Non-GAAP Reconciliation (Cont d) Free Cash Flow $M* Q1 FY12 Q1 FY11 Free Cash Flow $ (409) $ (318) Net Cash Used in Investing Activities Acquisitions, Net of Cash Acquired (8) (4) Payment on Capital Leases and Other Long-Term Asset Financing 37 9 Net Cash Provided by Operating Activities $ (46) $ (60) Operating Costs $M Q1 FY12 Q1 FY11 Operating Costs $ 3,853 $ 3,633 Corporate G&A Interest Expense Interest ti Income (12) (8) Other Income, Net (5) (3) Total Costs and Expenses $ 3,932 $ 3,699 *Capital lease payments, repayments of obligations related to assets acquired under long-term financing arrangements, and proceeds from the sale of P&E (included in investing activities) are included in the calculation of Free Cash Flow 1st Quarter FY 2012 Earnings Presentation 23

24 Net Debt Reconciliation $M Q1 FY12 Q1 FY11 Debt Short-Term Borrowing $ 272 $ 22 Long-Term, Current Maturities Long-Term 2,418 3,735 Total Debt $ 2,848 $ 3,814 Cash 1,666 2,435 Net Debt $ 1,182 $ 1,379 Total Equity $ 7,771 $ 6,552 Capital $ 10,619 $ 10,366 Debt to Capital 26.8% 36.8% Net Debt to Capital 11.1% 13.3% 1st Quarter FY 2012 Earnings Presentation 24

25 Components of Operating Costs $M Q1 FY12 Q1 FY11 Cost of Services $ 3,365 $ 3,170 Percentage of Revenue 83.4% 81.1% SG&A (excluding Corp. G&A) Percentage of Revenue 5.2% 5.3% Depreciation and Amortization Percentage of Revenue 6.9% 6.5% Operating Costs 3,853 3,633 Percentage of Revenue 95.5% 5% 92.9% 9% Corporate G&A Percentage of Revenue 1.3% 0.9% 1st Quarter FY 2012 Earnings Presentation 25

26 Non-GAAP and Other Definitions Operating Cost: Equal to the sum of (1) cost of services, (2) business units SG&A, (3) depreciation and amortization Operating Income: Revenue minus operating cost, before corporate G&A expenses Operating Income Margin: Operating Income as a percentage of Revenue DSO: Total receivables at quarter end divided by revenue per day. Revenue per day equals total revenues for the last quarter divided by the number of days in the fiscal quarter. Total receivables includes unbilled receivables but excludes tax receivables Free Cash Flow: Equal to the sum of (1) operating cash flows, (2) investing cash flows, excluding business acquisitions and dispositions, purchase, or sale of available-for-sale securities, (3) payment on capital leases and other long-term asset financing Net Debt: Calculated as the sum of long-term and short-term debt, less cash and marketable securities Net Debt to Capital: Calculated as the ratio of net debt to capital (total debt plus equity) 1st Quarter FY 2012 Earnings Presentation 26

27 1st Quarter FY 2012 Earnings Presentation 27

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