Computer Sciences Corporation CSC
Q2 2011 Earnings Call Transcript
Operator: Good day, everyone and welcome to the CSC Fiscal Year 2011 Second Quarter Earnings Call. Today's call is being recorded. For opening remarks and introductions, I'd like to turn the call over to Mr. Bryan Brady, Vice President of Investor Relations. Please go ahead, sir.
Bryan Brady - VP, IR: Thank you, operator. Good morning, everyone, and a warm welcome to CSC's earnings call for the second quarter of fiscal year 2011. We issued our financial results earlier this morning, so hopefully you had a good opportunity to review them.
With me today are Mike Laphen, our Chairman and Chief Executive Officer; and Mike Mancuso, our Chief Financial Officer. As usual, the call is being webcast at csc.com and we've also posted slides to our website to accompany our discussion.
Moving to slide two, you'll see a reminder that statements made during this call that are not historical facts may be considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially. Additional information concerning these risks and uncertainties is contained in the Company's filings with the SEC. Copies of these filings are available from the SEC, from our website, and from our Investor Relations department.
On slide three you see our acknowledgement that CSC's presentation includes certain non-GAAP financial measures. In accordance with SEC rules, a reconciliation of these metrics to GAAP metrics is included in the tables of the earnings release and in the appendix to our slides. Both documents are available for your review at the Investor Relations section of the CSC website.
Finally, I'd like to remind our listeners that CSC assumes no obligation to update the information presented on this conference call, except, of course, as required by law.
Now, if you kindly move to slide number four, I am pleased to turn the call over to Mike Laphen.
Michael W. Laphen - Chairman, President and CEO: Thank you, Bryan. Good morning, ladies and gentlemen, and thank you for joining us today as we discuss our financial results for the second quarter. We ended our last earnings call indicating that we expected our second quarter revenue to be similar to that of the first quarter and that the majority of this year’s growth would occur in the second half. Consistent with that earlier view, we delivered modest sequential revenue growth in our second quarter. However, ongoing market improvements, the resolution of a protest on some key public sector awards and the ramp-up of new business initiated in the first half, all reinforce our belief that we will experience meaningful top line growth in our second half.
On the new business front, bookings strengthened to $4.5 billion for the quarter and $7.7 billion for the first half. Based on this first half performance as well as current activity we’ve increased our full year bookings estimate by $500 million.
Across our global commercial businesses, we see definite signs of recovery. Pipelines are building constructively, customers are actively engaging in the exploration of new initiatives, and most importantly buying decisions are being made.
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