US SEC says IT services firm DXC made 'misleading' non-GAAP disclosures

WASHINGTON :The U.S. Securities and Exchange Commission said on Tuesday that IT services firm DXC Technology had made misleading disclosures about its non-GAAP financial performance in multiple reporting periods from 2018 until early 2020.

DXC materially increased its reported non-GAAP net income by negligently misclassifying tens of millions of dollars of expenses as non-GAAP adjustments, the SEC added. "DXC Technology has resolved this legacy matter, which related to the presentation of non-GAAP M&A costs principally related to the 2017 merger that formed DXC," the company said in an emailed statement on Tuesday."Our current management team has pro-actively clarified its disclosure, reduced these non-GAAP costs and cooperated fully with the SEC, and is happy to put this matter behind us," the company added on Tuesday.

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US SEC charges IT services firm DXC for 'misleading' non-GAAP disclosuresWASHINGTON: The US Securities and Exchange Commission said on Tuesday it charged IT services firm DXC Technology with making misleading disclosures about its non-GAAP financial performance in multiple reporting periods from 2018 until early 2020. 'Without admitting or denying the findings in the order, DXC
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